Financial Performance - The group recorded unaudited revenue of approximately HKD 125.4 million for the nine months ended December 31, 2021, representing an increase of approximately 100.1% compared to the same period in 2020[8]. - The group achieved an unaudited profit of approximately HKD 17.7 million for the nine months ended December 31, 2021, compared to a loss of HKD 14.3 million in the same period of 2020[8]. - For the three months ended December 31, 2021, the group reported revenue of HKD 34.4 million, up from HKD 18.9 million in the same quarter of 2020, marking an increase of approximately 81.9%[9]. - The gross profit for the nine months ended December 31, 2021, was HKD 24.7 million, compared to HKD 11.4 million for the same period in 2020, reflecting a growth of approximately 116.5%[9]. - The group reported a net profit of HKD 17.7 million for the nine months ended December 31, 2021, compared to a net loss of HKD 14.3 million in the same period of 2020[9]. - Basic and diluted earnings per share for the nine months ended December 31, 2021, were HKD 4.4 cents, compared to a loss of HKD 3.6 cents in the same period of 2020[9]. - Total comprehensive income for the nine months ended December 31, 2021, was approximately HKD 17.7 million, an improvement from a total comprehensive loss of about HKD 14.3 million in the same period of 2020[45]. Revenue Breakdown - For the nine months ended December 31, 2021, total revenue was HKD 125,404,000, up 100.0% from HKD 62,662,000 in the same period of 2020[15]. - Major customer A contributed HKD 20,669,000 to total revenue for the nine months ended December 31, 2021, while customer B contributed HKD 19,468,000, reflecting strong customer reliance[17]. - Revenue from the United States for the nine months ended December 31, 2021, was HKD 55,692,000, an increase of 58.5% from HKD 35,211,000 in the same period of 2020[18]. - The revenue breakdown by product category for the nine months ended December 31, 2021, included outerwear at HKD 31.1 million (24.8%), knit shirts at HKD 14.6 million (11.6%), and sweaters at HKD 33.1 million (26.4%) among others[33]. Expenses and Costs - Financing costs for the nine months ended December 31, 2021, totaled HKD 964,000, an increase of 33.7% compared to HKD 721,000 in the same period of 2020[22]. - Sales and distribution expenses increased by approximately 15.5% to about HKD 5.7 million in 2021 from HKD 4.9 million in 2020, driven by salary increases and additional personnel in the Australian office[41]. - Administrative expenses decreased by approximately 19.0% to about HKD 16.1 million in 2021 from HKD 19.9 million in 2020, mainly due to voluntary reductions in employee costs[42]. - The company’s employee costs for the nine months ended December 31, 2021, amounted to approximately HKD 15.1 million, down from HKD 18.3 million in the same period of 2020[28]. - The company’s depreciation expenses for property, plant, and equipment decreased from HKD 1.2 million in the nine months ended December 31, 2020, to HKD 0.9 million in the same period of 2021[28]. Other Income and Gains - The company reported other income of HKD 120,000 for the nine months ended December 31, 2021, a decrease of 93.4% from HKD 1,828,000 in the same period of 2020[20]. - The company recorded a net gain of HKD 15,236,000 from other income and losses for the nine months ended December 31, 2021, compared to a loss of HKD 2,190,000 in the same period of 2020[21]. - The company recorded other gains of approximately HKD 15.2 million for the nine months ended December 31, 2021, compared to other losses of about HKD 2.2 million in the same period of 2020, mainly due to property sale gains[40]. Shareholder Information - As of December 31, 2021, Mr. Leung and Ms. Tam each hold 280,000,000 shares, representing 70% of the company's issued share capital through Giant Treasure[48]. - Giant Treasure is the beneficial owner of 280,000,000 shares, accounting for 70% of the issued shares of the company[50]. - No other individuals or entities were reported to hold 5% or more of the voting shares as of December 31, 2021[51]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors, ensuring compliance with applicable accounting standards and GEM listing rules[58]. - The board believes that the deviation from the corporate governance code regarding the separation of the roles of chairman and CEO is appropriate given Mr. Leung's long-term leadership since 2008[56]. - The company has adopted a code of conduct for securities transactions by directors, which meets or exceeds the required standards[55]. - The audit committee has reviewed the quarterly report and the unaudited consolidated results for the nine months ending December 31, 2021, confirming adequate disclosure[58]. Future Outlook - The company is evaluating the potential impact of new accounting standards that have not yet come into effect, which may affect future financial reporting[14]. - The company plans to focus on developing the Australian market and reallocating resources from the U.S. to Australia, aligning with global trends towards sustainable product development[47]. - There is no mention of market expansion or acquisitions in the current report, indicating a focus on existing operations and customer relationships[16]. - No significant events occurred after December 31, 2021, that would impact the company's operations and financial performance[57].

Financial Performance - The group recorded unaudited revenue of approximately HKD 91.0 million for the six months ended September 30, 2021, representing an increase of approximately 108.0% compared to the same period in 2020[7]. - The group reported an unaudited profit of approximately HKD 0.5 million for the six months ended September 30, 2021, compared to a loss of HKD 7.2 million in the same period of 2020[7]. - The gross profit for the six months ended September 30, 2021, was HKD 15.65 million, up from HKD 8.31 million in the same period of 2020, indicating a significant improvement in profitability[8]. - The company achieved a turnaround with a profit attributable to owners of approximately HKD 0.5 million, compared to a loss of HKD 7.2 million in the previous year[48]. - The total comprehensive income for the period was HKD 521,000, compared to a total comprehensive loss of HKD 7,153,000 in the prior period, reflecting a turnaround in performance[11]. - The company reported a pre-tax profit of HKD 334,000 for the six months ended September 30, 2021, compared to a loss of HKD 235,000 in the same period of 2020[26]. Revenue and Sales - Revenue from product sales for the six months ended September 30, 2021, reached HKD 91,036,000, compared to HKD 43,759,000 in the same period of 2020, marking an increase of 108%[24]. - Revenue from external customers for the three months ended September 30, 2021, was HKD 62,501,000, a significant increase from HKD 26,569,000 in the same period of 2020, representing a growth of 135%[21]. - The total sales volume for finished products was 852,863 units, up from 419,836 units in the same period last year, indicating a significant increase in demand[52]. - The sales of outerwear accounted for 27.9% of total revenue, while the sales of T-shirts represented 11.2%[49]. Assets and Liabilities - The total assets as of September 30, 2021, amounted to HKD 83.37 million, compared to HKD 56.71 million as of March 31, 2021[9]. - The current liabilities increased to HKD 64.50 million as of September 30, 2021, from HKD 45.11 million as of March 31, 2021[10]. - The net current assets as of September 30, 2021, were HKD 18.86 million, compared to HKD 11.60 million as of March 31, 2021, reflecting improved liquidity[10]. - The company had a total equity of HKD 19,904,000 as of September 30, 2021, down from HKD 36,038,000 a year earlier, primarily due to accumulated losses[11]. - The group’s debt-to-equity ratio was approximately 97.3% as of September 30, 2021, compared to 136.1% as of March 31, 2021[67]. Cash Flow and Financing - Operating cash flow for the six months ended September 30, 2021, was HKD 13,350,000, a significant increase from a cash outflow of HKD 9,678,000 in the previous year[12]. - Cash and cash equivalents increased to HKD 24.13 million as of September 30, 2021, from HKD 10.27 million as of March 31, 2021, showing improved cash flow management[9]. - The company’s cash flow from investing activities showed a net inflow of HKD 8,855,000, compared to an outflow of HKD 9,077,000 in the previous year[12]. - The company’s financing activities resulted in a net cash outflow of HKD 148,000, compared to an outflow of HKD 3,550,000 in the previous year, indicating improved financing efficiency[12]. Expenses - The employee costs, including director remuneration, for the six months ended September 30, 2021, were HKD 10,149,000, down from HKD 12,130,000 in the same period of 2020[28]. - Administrative expenses decreased from approximately HKD 13.4 million for the six months ended September 30, 2020, to approximately HKD 11.4 million for the six months ended September 30, 2021, representing a reduction of about 15.3%[60]. - Financing costs increased by approximately 44.4%, from about HKD 0.4 million for the six months ended September 30, 2020, to about HKD 0.6 million for the six months ended September 30, 2021, primarily due to increased bank borrowings for operational funding[61]. Inventory and Trade Receivables - The group’s inventory as of September 30, 2021, was HKD 3.17 million, indicating the company is managing its stock levels effectively[9]. - Total trade receivables as of September 30, 2021, amounted to HKD 32,437,000, an increase of 41.2% from HKD 23,014,000 as of March 31, 2021[33]. Shareholder Information - Major shareholders, Giant Treasure, hold 280 million shares, representing 70% of the issued share capital[87]. - The company has not engaged in any arrangements allowing directors or their close associates to purchase shares or debt securities for profit during the six months ending September 30, 2021[90]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated results for the six months ending September 30, 2021, ensuring compliance with applicable accounting standards and GEM listing rules[98]. - The executive directors as of the report date include Mr. Liang Guoxiong and Ms. Tan Shufen, with independent non-executive directors being Ms. Zhang Huimin, Mr. Liu Youzhuan, and Mr. Li Guanting[99].

Financial Performance - The group recorded unaudited revenue of approximately HKD 28.5 million for the three months ended June 30, 2021, representing an increase of about 66.0% compared to HKD 17.2 million for the same period in 2020[8]. - The unaudited loss for the same period was approximately HKD 1.4 million, a decrease of 68.5% from a loss of HKD 4.5 million in the prior year[8]. - Gross profit for the three months ended June 30, 2021, was HKD 5.3 million, compared to HKD 3.0 million for the same period in 2020[9]. - The group reported a net loss attributable to owners of approximately HKD 1.4 million for the period, compared to HKD 4.5 million in the same period last year[9]. - The basic and diluted loss per share for the period was HKD 0.4 cents, improved from HKD 1.1 cents in the prior year[9]. - The total loss attributable to owners improved from about HKD 4.5 million to about HKD 1.4 million, mainly due to increased revenue and gross margin[42]. Revenue Breakdown - Major clients contributing over 10% of total revenue included Client A with HKD 5,684,000 and Client C with HKD 5,568,000, while Client B contributed HKD 4,530,000 in the previous year[19]. - Revenue from the United States was HKD 10,132,000, a decrease of 9% from HKD 11,133,000 in the same period last year[21]. - The company's revenue for the three months ended June 30, 2021, was HKD 28,535,000, a significant increase of 66.3% compared to HKD 17,190,000 for the same period in 2020[17]. Expenses and Costs - The group incurred selling and distribution expenses of HKD 1.9 million, up from HKD 1.5 million in the previous year[9]. - Administrative expenses decreased to HKD 5.6 million from HKD 6.3 million year-on-year[9]. - Employee costs, including salaries and wages, totaled HKD 5,091,000, down from HKD 5,932,000 in the previous year, indicating a reduction in workforce expenses[23]. - Selling and distribution expenses increased by approximately 28.5% from about HKD 1.5 million to about HKD 1.9 million, attributed to salary increases and a rise in procurement staff numbers[38]. - Financing costs increased by approximately 70.3% from about HKD 0.2 million to about HKD 0.3 million, due to increased bank borrowings for operational funding[40]. Dividends - The board of directors did not recommend any dividend payment for the three months ended June 30, 2021, consistent with the previous year[8]. - The company did not declare any dividends for the three months ended June 30, 2021[26]. - The company did not recommend any dividend for the three months ended June 30, 2021[43]. Equity and Financial Position - The total equity attributable to owners as of June 30, 2021, was HKD 17.96 million, down from HKD 31.52 million a year earlier[10]. - The company's cash and cash equivalents as of June 30, 2021, were not disclosed in the provided content, indicating a need for further financial details in future reports[10]. Compliance and Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules, with a noted deviation regarding the separation of the roles of Chairman and CEO[52]. - The company has established an audit committee consisting of three independent non-executive directors, with Liu Youzhuan appointed as the chairman[55]. - The audit committee reviewed the unaudited condensed consolidated financial results for the three months ended June 30, 2021, confirming compliance with applicable accounting standards and GEM Listing Rules[56]. Future Outlook - The company aims to strengthen sales and focus on sustainable development, producing high-quality sports and activewear as part of its future strategy[44]. - The company is currently evaluating the potential impact of future new and revised standards on its financial performance and position[16]. Other Financial Details - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2021, with no significant impact on the financial statements reported[16]. - The deferred tax recognized for the period was HKD 133,000, compared to HKD 41,000 in the previous year[7]. - The tax rate for the company's subsidiaries in China is 25% as per the Corporate Income Tax Law[25]. - Other income rose by approximately 12.2% from about HKD 49,000 to about HKD 55,000, primarily due to an increase in bank interest income[36]. - Other gains increased from about HKD 0.4 million to about HKD 0.9 million, mainly due to the reversal of impairment losses on trade receivables[37].

Financial Performance - The company recorded revenue of approximately HKD 94.5 million for the year, a decrease of about 12.6% from HKD 108.2 million in the previous year due to the impact of COVID-19 and conservative purchasing attitudes from customers [9]. - The gross profit decreased from approximately HKD 19.0 million in the previous year to about HKD 16.4 million, with the gross profit margin slightly increasing from 17.6% to approximately 17.4% [19]. - The loss attributable to the owners of the company decreased from approximately HKD 17.0 million in the previous year to HKD 16.7 million, a reduction of HKD 0.3 million, primarily due to government subsidies related to employment support [19]. - Total revenue for the year ended March 31, 2021, was approximately HKD 94.5 million, a decrease of about 12.6% from HKD 108.2 million in 2020 [22]. - Total sales volume for the year was 895,299 units, down from 1,038,310 units in the previous year, representing a decrease of approximately 13.8% [23]. - The average selling price of jackets increased by 24.0% to HKD 205.4, while T-shirts saw a decrease of 18.0% to HKD 58.2 [25]. - Cost of sales decreased by approximately 12.4% to about HKD 78.1 million from HKD 89.2 million in the previous year [27]. - Other income increased significantly to approximately HKD 2.8 million from HKD 0.2 million, primarily due to government subsidies [29]. - Administrative expenses decreased by about 5.1% to HKD 26.4 million from HKD 27.9 million, attributed to reductions in salaries and professional fees [32]. - The company reported a loss before tax of HKD 16,724,000, slightly improved from a loss of HKD 16,900,000 in 2020 [188]. - Net loss for the year was HKD 16,691,000, compared to a net loss of HKD 16,991,000 in the prior year, indicating a 1.8% improvement [188]. Business Strategy and Market Position - The company established a representative office in Melbourne, Australia, to capitalize on growth opportunities in the Australian market [10]. - The company plans to invest more resources in developing sustainable clothing products to meet the demand for sustainability, particularly in Australia and Europe [13]. - The company aims to mitigate global travel restrictions by establishing representative offices in its three main markets: the United States, Europe, and Australia [13]. - The company does not own its own brand and produces all products according to specifications and requirements provided by customers [17]. - The company’s revenue primarily comes from providing clothing supply chain management services, including product development and logistics arrangements [17]. - The company’s main customers are primarily European, American, and Australian clothing retail brands [17]. - The company is focused on diversifying its business and financial risks in response to the challenges posed by the COVID-19 pandemic [13]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, ensuring transparency and accountability [71]. - The board believes that the dual role of the chairman and CEO held by Mr. Leung provides strong and consistent leadership, benefiting the company's business outlook [71]. - The company has established an insider information policy and regularly reminds directors and employees to comply with all related policies [73]. - The board consists of executive directors and independent non-executive directors, ensuring a balanced governance structure [73]. - The company has a compliance officer to oversee adherence to regulatory requirements and internal policies [69]. - The company has a financial director with over 20 years of experience in accounting, auditing, and taxation, enhancing financial oversight [65]. - The operations director has over 27 years of marketing experience in the apparel industry, contributing to strategic business management [66]. - The company has a company secretary with extensive experience in accounting and finance, ensuring proper governance practices [68]. - The company has maintained good corporate governance policies and procedures since its listing, which is essential for effective management and business growth [70]. - The company has confirmed that all directors have complied with the required standards for securities trading during the year [72]. - The board has appointed at least three independent non-executive directors, constituting over one-third of the board, with at least one possessing appropriate professional qualifications or expertise in accounting or related financial management [75]. - The board held a total of 5 meetings during the year to review the group's financial and operational performance, with all executive directors attending all meetings [76]. - The audit committee, consisting of three independent non-executive directors, held six meetings to review the financial reporting process and discuss audit and internal control matters [81]. - The remuneration committee conducted two meetings to review and subsequently approve the remuneration of executive directors and senior management [85]. - The company has established three board committees (audit, remuneration, and nomination) to oversee specific aspects of the group's affairs and assist in executing its responsibilities [80]. - The board is responsible for the overall management of the company, ensuring high levels of corporate governance and compliance with legal and regulatory requirements [77]. - All directors participated in continuous professional development programs to enhance their knowledge and skills relevant to their roles [78]. Risk Management and Compliance - The company has established an internal control system to safeguard shareholder investments and assets, ensuring effective and efficient operations while minimizing risks [103]. - The board has engaged an external consultant for independent internal control reviews, which will be conducted annually and reported to the audit committee and management [103]. - The company has implemented measures to ensure compliance with corporate governance codes and regulations [97]. - The group faces significant credit risk from customers and relies on several major clients without long-term contracts, which could adversely affect business and financial performance [128]. - The group is exposed to intense competition from manufacturers in South Asia and Southeast Asia, which may negatively impact profitability and financial performance if not managed effectively [128]. - A substantial portion of the group's suppliers are located in China, making the business vulnerable to any adverse changes in China's economic, political, or social conditions [128]. - The group has established stable, long-term relationships with suppliers and has maintained a reliable strategic partnership with major clients over the years [127]. - The group has complied with relevant laws and regulations that significantly impact its business operations [126]. Shareholder Information - The group reported a total trade receivables value of approximately HKD 23,014,000, with an expected credit loss provision of HKD 1,137,000 [173]. - The management assesses the recoverability of trade receivables based on various factors, including customer credit status and historical settlement records [173]. - The group has approximately HKD 10,370,000 available for distribution to ordinary shareholders as retained earnings as of March 31, 2021 [137]. - As of March 31, 2021, the company has 280,000,000 shares held by major shareholders, representing approximately 70% of the issued share capital [148]. - The major shareholders, Mr. Leung and Ms. Tam, each hold a 50% beneficial interest in Giant Treasure Development Limited, which owns the 280,000,000 shares [148]. - The company has confirmed that there were no other interests or short positions held by directors or major executives in the company or its affiliates as of March 31, 2021 [149]. - The company has maintained a public float of at least 25% of its total issued share capital as of the report date [157]. - The company has adopted a dividend policy that considers financial conditions, capital and debt levels, future cash needs, and market conditions when deciding on dividend payments [115]. - The company does not recommend paying dividends for the current year, indicating a focus on capital management [121]. Audit and Financial Reporting - The audit committee reviewed the consolidated financial statements for the year ended March 31, 2021, and confirmed compliance with applicable reporting standards and GEM listing rules [164]. - The independent auditor for the year was Guo Wei CPA Limited, which will be proposed for reappointment at the upcoming annual general meeting [165]. - Revenue recognition for apparel supply chain management services was identified as a key audit matter due to its significant impact on the overall financial performance [170]. - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, reflecting a true and fair view of the group's financial position as of March 31, 2021 [167]. - The audit opinion confirms that the financial statements do not contain any material misstatements due to fraud or error [180]. - The board is responsible for ensuring the financial statements are free from material misstatement and for maintaining adequate internal controls [178]. - The expected credit loss assessment involves significant management judgment and estimation, which is closely monitored by the auditors [173]. - The group has a maximum credit period of 90 days for trade receivables, which is regularly evaluated by management [173]. - The audit procedures included sampling sales transactions to assess the appropriateness of revenue recognition timing [171].

Financial Performance - The group recorded unaudited revenue of approximately HKD 62.7 million for the nine months ended December 31, 2020, a decrease of about 32.0% compared to HKD 92.1 million for the same period in 2019[11] - The unaudited loss for the nine months ended December 31, 2020, was approximately HKD 14.3 million, compared to an unaudited loss of HKD 11.0 million for the same period in 2019[11] - For the three months ended December 31, 2020, the group reported unaudited revenue of HKD 18.9 million, compared to HKD 13.3 million for the same period in 2019[12] - The gross profit for the nine months ended December 31, 2020, was HKD 11.4 million, down from HKD 15.6 million in the same period of 2019[12] - The group incurred a pre-tax loss of HKD 14.5 million for the nine months ended December 31, 2020, compared to a pre-tax loss of HKD 11.0 million for the same period in 2019[12] - The basic and diluted loss per share for the nine months ended December 31, 2020, was HKD 3.6, compared to HKD 2.8 for the same period in 2019[12] - The total equity attributable to owners of the company as of December 31, 2020, was HKD 21.7 million, down from HKD 42.0 million as of December 31, 2019[13] - The group reported other comprehensive loss of HKD 14.3 million for the nine months ended December 31, 2020[13] - The group reported a loss before tax of HKD 14,344,000 for the nine months ended December 31, 2020, compared to a loss of HKD 11,036,000 for the same period in 2019, representing an increase in loss of approximately 30%[26] - The basic loss per share for the nine months ended December 31, 2020, was HKD 35.86, compared to HKD 27.59 for the same period in 2019[26] - Total loss increased from approximately HKD 11.0 million for the nine months ended December 31, 2019, to approximately HKD 14.3 million for the nine months ended December 31, 2020, mainly due to a significant decrease in revenue[43] Revenue and Sales - Revenue from goods sales for the nine months ended December 31, 2020, was HKD 62,662,000, a decrease of 32% compared to HKD 92,149,000 for the same period in 2019[18] - The company’s revenue decline was primarily attributed to conservative procurement attitudes from clients and the impact of the COVID-19 pandemic[29] - The revenue from outerwear products accounted for 37.4% of total revenue in 2020, down from 48.8% in 2019[29] - Total sales volume decreased to 604,486 units for the nine months ended December 31, 2020, compared to 867,839 units for the same period in 2019[31] - The average selling price of jackets increased by 20.7% to HKD 208.0 in 2020, while the average selling price of T-shirts decreased by 27.8% to HKD 54.6[33] Expenses and Losses - The group experienced a significant increase in sales costs, totaling HKD 51.2 million for the nine months ended December 31, 2020, compared to HKD 76.6 million for the same period in 2019[12] - Sales and distribution expenses decreased by approximately 14.3% to about HKD 4.9 million for the nine months ended December 31, 2020, primarily due to travel restrictions caused by the COVID-19 pandemic[39] - Administrative expenses decreased from approximately HKD 21.2 million for the nine months ended December 31, 2019, to approximately HKD 19.9 million for the nine months ended December 31, 2020, a reduction of about 6.4%[40] - Financing costs increased from approximately HKD 0.6 million for the nine months ended December 31, 2019, to approximately HKD 0.7 million for the nine months ended December 31, 2020, primarily due to increased bank borrowings for operational funding[41] - The group recognized a loss of HKD 1,690,000 in depreciation of property, plant, and equipment for the nine months ended December 31, 2020[20] - The group incurred a loss of HKD 1,004,000 in bad debt write-offs for the nine months ended December 31, 2020[20] - The company experienced other losses of approximately HKD 2.2 million for the nine months ended December 31, 2020, compared to other income of about HKD 0.9 million in the same period in 2019[38] Government Support and Other Income - Other income for the nine months ended December 31, 2020, totaled HKD 1,828,000, significantly up from HKD 125,000 in the same period of 2019[19] - The group received government subsidies amounting to HKD 1,767,000 for the nine months ended December 31, 2020[19] - Other income increased to approximately HKD 1.8 million for the nine months ended December 31, 2020, from about HKD 0.1 million in the same period in 2019, mainly due to subsidies received under the employment support scheme[37] Dividends and Shareholder Information - The board does not recommend the payment of any dividends for the nine months ended December 31, 2020[11] - The company will not declare a dividend for the nine months ended December 31, 2020[45] - Major shareholders, Mr. Leung and Ms. Tam, each hold 280,000,000 shares, representing 70% of the company, through Giant Treasure Development Limited[47] Corporate Governance and Compliance - The company has appointed Da You Financing Limited as its compliance advisor as per GEM Listing Rule 6A.19[55] - The board has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, with an exception for Rule A.2.1 regarding the separation of the roles of Chairman and CEO[56] - The company has adopted a code of conduct for securities transactions by directors, which meets the required standards of GEM Listing Rules 5.48 to 5.67, and no non-compliance has been reported as of December 31, 2020[57] - The audit committee, consisting of three independent non-executive directors, has reviewed the quarterly report and the unaudited consolidated results for the nine months ended December 31, 2020, confirming compliance with applicable accounting standards and GEM Listing Rules[60] Future Outlook - The company anticipates no short-term or long-term liquidity issues and will closely monitor developments related to the COVID-19 pandemic[44] - The company plans to focus on developing the Australian market, investing more resources to acquire new customers and build its brand image[46] Events After Reporting Period - There have been no significant events after December 31, 2020, that would impact the group's operations and financial performance[58]

Financial Performance - The group recorded unaudited revenue of approximately HKD 43.8 million for the six months ended September 30, 2020, a decrease of about 44.5% compared to HKD 78.9 million for the same period in 2019[6]. - The unaudited loss for the six months ended September 30, 2020, was approximately HKD 7.2 million, compared to a loss of HKD 5.2 million for the same period in 2019[6]. - The company reported a total comprehensive loss of HKD 7,153,000 for the six months ended September 30, 2020, compared to a loss of HKD 5,154,000 for the same period in 2019, indicating a year-over-year increase in losses of approximately 38.7%[9]. - Revenue from external customers for the six months ended September 30, 2020, was HKD 43,759,000, down 44.6% from HKD 78,854,000 in the same period of 2019[19]. - The total sales volume for the group was 419,836 units, down from 738,553 units in the previous year, representing a decline of approximately 43.2%[51]. Profitability and Margins - The group's gross profit for the six months ended September 30, 2020, was HKD 8.3 million, down from HKD 12.7 million in the same period of 2019, reflecting a gross margin decline[7]. - Overall gross margin increased from 16.1% for the six months ended September 30, 2019, to approximately 19.0% for the same period in 2020, primarily due to competitive pricing from suppliers[48]. - The gross profit decreased from approximately HKD 12.7 million in the previous year to about HKD 8.3 million, while the gross profit margin increased from approximately 16.1% to 19.0%[55]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 29.3 million as of September 30, 2020, down from HKD 36.5 million as of March 31, 2020[8]. - The group's cash and cash equivalents decreased to HKD 11.1 million as of September 30, 2020, compared to HKD 16.9 million as of March 31, 2020[8]. - The group reported a net current asset value of HKD 18.8 million as of September 30, 2020, down from HKD 25.0 million as of March 31, 2020[8]. - The total equity attributable to the owners of the company was HKD 28.9 million as of September 30, 2020, compared to HKD 36.0 million as of March 31, 2020[8]. - The company's total equity decreased to HKD 28,885,000 as of September 30, 2020, from HKD 47,916,000 as of September 30, 2019, representing a decline of approximately 39.8%[9]. Cash Flow - Cash used in operating activities was HKD 9,678,000 for the six months ended September 30, 2020, an improvement from HKD 11,557,000 in the same period of 2019, reflecting a decrease of about 16.2%[10]. - The net cash used in financing activities was HKD 3,550,000 for the six months ended September 30, 2020, compared to HKD 12,985,000 in the same period of 2019, showing a significant reduction of approximately 72.6%[11]. - The company’s cash and cash equivalents decreased by HKD 20,064,000 during the period, compared to a decrease of HKD 24,533,000 in the prior year, indicating a 18.2% improvement in cash flow management[11]. Customer and Revenue Details - Major customers contributing over 10% of total revenue included Customer A with HKD 10,549,000 and Customer B with HKD 10,360,000 for the six months ended September 30, 2020, down from HKD 17,197,000 and HKD 22,005,000 respectively in 2019[17]. - Revenue from product sales for the three months ended September 30, 2020, was HKD 26,569,000, a decline of 45.5% year-over-year[22]. Expenses - The total employee costs for the six months ended September 30, 2020, were HKD 12,130,000, compared to HKD 11,603,000 in the same period of 2019[28]. - Selling and distribution expenses decreased by approximately 6.0% to about HKD 3.2 million due to travel restrictions caused by COVID-19[58]. - Administrative expenses decreased by approximately 5.6% to about HKD 13.4 million, mainly due to reduced legal and professional fees[59]. Financing and Borrowings - The company’s bank borrowings increased to HKD 4,000,000 during the period, up from HKD 2,000,000 in the previous year, indicating a strategy to enhance liquidity[11]. - Bank borrowings and overdrafts amounted to HKD 17,845 thousand as of September 30, 2020, compared to HKD 6,740 thousand as of March 31, 2020[39]. - The debt-to-equity ratio increased to approximately 62.6% as of September 30, 2020, from 19.7% as of March 31, 2020, primarily due to interest-bearing loans rising from HKD 6.7 million to HKD 17.8 million[66]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, except for deviation from code provision A.2.1, where the roles of Chairman and CEO are held by the same individual, Mr. Leung[89]. - The company has established an audit committee consisting of three independent non-executive directors, with Mr. Lau as the chairman, responsible for reviewing and monitoring the financial reporting process[94]. - The audit committee has reviewed the unaudited condensed consolidated results for the six months ending September 30, 2020, and found them to comply with applicable accounting standards and GEM Listing Rules[95].

Financial Performance - The group recorded unaudited revenue of approximately HKD 17.2 million for the three months ended June 30, 2020, a decrease of about 42.5% compared to HKD 29.9 million for the same period in 2019[6]. - The unaudited loss for the three months ended June 30, 2020, was approximately HKD 4.5 million, compared to a loss of HKD 5.4 million for the same period in 2019[6]. - Gross profit for the three months ended June 30, 2020, was HKD 2.987 million, down from HKD 4.907 million in the same period of 2019[7]. - Revenue from goods sold for the three months ended June 30, 2020, was HKD 17,190,000, a decrease of 42.6% compared to HKD 29,886,000 for the same period in 2019[13]. - The group reported a net loss before tax of HKD 4,522,000 for the three months ended June 30, 2020, compared to a loss of HKD 5,401,000 for the same period in 2019, indicating an improvement[18]. - Total loss attributable to owners decreased from approximately HKD 5.4 million for the three months ended June 30, 2019, to about HKD 4.5 million for the same period in 2020[36]. Expenses - The group incurred selling and distribution expenses of HKD 1.471 million for the three months ended June 30, 2020, compared to HKD 1.650 million in the same period of 2019[7]. - Administrative expenses decreased to HKD 6.286 million for the three months ended June 30, 2020, from HKD 7.106 million in the same period of 2019[7]. - The cost of sales for the three months ended June 30, 2020, was HKD 13,443,000, down from HKD 24,325,000 in the same period of 2019, reflecting a reduction of 44.7%[15]. - Employee costs, including directors' remuneration, totaled HKD 5,932,000 for the three months ended June 30, 2020, slightly up from HKD 5,643,000 in 2019[15]. - The sales cost decreased from approximately HKD 25.0 million in 2019 to about HKD 14.2 million in 2020, a reduction of approximately 43.1%[28]. - Administrative expenses decreased from approximately HKD 7.1 million in 2019 to about HKD 6.3 million in 2020, a reduction of approximately 11.5%[33]. - The sales and distribution expenses decreased from approximately HKD 1.7 million in 2019 to about HKD 1.5 million in 2020, a decrease of approximately 10.8%[32]. Dividends - The board of directors did not recommend the payment of any dividend for the three months ended June 30, 2020, consistent with the previous year[6]. - The group did not recommend any dividend for the three months ended June 30, 2020[19]. - No dividends were recommended for the three months ended June 30, 2020, consistent with the previous year[37]. Equity and Share Information - The total equity attributable to owners of the company as of June 30, 2020, was HKD 31.516 million, down from HKD 47.675 million as of June 30, 2019[8]. - The basic and diluted loss per share for the three months ended June 30, 2020, was HKD 1.1, compared to HKD 1.4 for the same period in 2019[7]. - The weighted average number of ordinary shares used to calculate basic loss per share was 400,000, unchanged from the same period in 2019[18]. Market and Sales Performance - The total sales volume for the three months ended June 30, 2020, was 138,939 units, a decrease from 194,217 units in 2019[25]. - The revenue breakdown by product category showed that jackets accounted for 56.6% of total revenue in 2020, down from 68.4% in 2019[22]. - The average selling price of jackets increased by 2.0% to HKD 186.9, while the average selling price of sweaters decreased by 45.0% to HKD 56.7[26]. - The proportion of revenue from the Australian market increased from 11.5% in 2019 to 16.3% in the fiscal year ended March 31, 2020[38]. Other Income and Taxation - Other income for the three months ended June 30, 2020, was HKD 49, slightly down from HKD 59 in the same period of 2019[7]. - Other income decreased by approximately 16.9% to about HKD 49,000 from HKD 59,000 in the previous year, primarily due to a reduction in interest income[30]. - Income tax credit for the three months ended June 30, 2020, was approximately HKD 41,000, compared to an income tax expense of about HKD 84,000 for the same period in 2019[35]. - The group has not made any provisions for Hong Kong profits tax, Chinese corporate income tax, or other overseas subsidiary taxes due to the absence of taxable profits during the period[17]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, except for deviation from code provision A.2.1 regarding the separation of roles of Chairman and CEO[48]. - The company has established an audit committee consisting of three independent non-executive directors, ensuring compliance with applicable accounting standards and GEM Listing Rules[51]. - There were no known business interests or potential conflicts of interest involving directors or major shareholders during the reporting period[46]. Future Outlook - The company will allocate more resources to strengthen growth in the Australian market, focusing on sustainable development concepts[38]. - The company will maintain a cautious approach in the uncertain European and American markets while preparing for potential demand rebounds[38]. Miscellaneous - The group recorded a net foreign exchange loss of HKD 9,000 for the three months ended June 30, 2020, compared to a gain of HKD 121,000 in the same period of 2019[14]. - The depreciation of property, plant, and equipment was HKD 458,000 for the three months ended June 30, 2020, compared to HKD 429,000 in 2019[15]. - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from April 1, 2020, with no significant impact on the financial statements[12]. - No purchases, sales, or redemptions of the company's listed securities occurred during the three months ended June 30, 2020[45]. - The company has not established any arrangements that would benefit directors or their close associates through the acquisition of shares or bonds during the reporting period[44]. - No significant matters affecting the group have been disclosed post-reporting period up to the report date[50].

Financial Performance - The company recorded revenue of approximately HKD 108.2 million for the fiscal year, a decrease of 10.7% compared to HKD 121.2 million in the previous year[8]. - The sales volume for the year was 1,038,310 units, slightly down from 1,052,546 units in the previous year[8]. - Gross profit decreased from approximately HKD 20.4 million in the previous year to about HKD 19.0 million this year[16]. - The loss attributable to the owners of the company increased from approximately HKD 13.5 million to HKD 17.0 million, an increase of about 26.3%[16]. - The group's revenue for the year was approximately HKD 108.2 million, a decrease of about 10.7% from HKD 121.2 million in the previous year[17]. - The gross profit for the same period was HKD 19.01 million, resulting in a gross margin of 17.6%, compared to 16.9% in the previous year[45]. - The net loss attributable to the company's owners for the year was HKD 16.99 million, compared to a loss of HKD 13.46 million in the previous year[45]. - The company reported a loss before tax of HKD 16,900,000, compared to a loss of HKD 13,221,000 in the previous year, indicating a deterioration in financial performance[181]. - The net loss for the year was HKD 16,991,000, an increase of 26.5% from HKD 13,458,000 in 2019[181]. - Basic and diluted loss per share was HKD 4.25, compared to HKD 3.40 in the previous year, reflecting a higher loss per share[181]. Cost and Expenses - Gross margin improved from approximately 16.9% in the previous year to about 17.6% this year, primarily due to competitive pricing from suppliers[8]. - Selling and distribution expenses increased by approximately 12.8% to about HKD 7.3 million, mainly due to salary increases and hiring of sales representatives in France and Australia[26]. - Administrative expenses rose by about 33.4% to HKD 27.9 million, primarily due to increased annual compensation for administrative staff and directors[27]. - Financing costs increased by approximately 51.9% to about HKD 0.8 million, attributed to increased bank borrowings for operational funding[29]. - The total employee cost for the year was approximately HKD 24.2 million, an increase from HKD 15.3 million in the previous year, with a total of 50 employees as of March 31, 2020[44]. Market and Operational Environment - The operational environment remains challenging due to ongoing uncertainties in international trade and the impact of COVID-19 on the global economy[10]. - The company anticipates a conservative purchasing attitude from customers due to the uncertain business environment, potentially leading to a decline in revenue[50]. - Major markets, including the USA, Europe, and Australia, are expected to recover by mid-2020, with local representatives ready to respond quickly to customer needs[50]. - The company plans to expand its local office in Australia to align with the market's rapid recovery[50]. - The impact of COVID-19 on the company's financials is considered impractical to estimate at this stage, with ongoing monitoring of the situation[51]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, ensuring transparency and accountability[67]. - The board believes that good corporate governance provides a necessary framework for effective management, successful business growth, and a robust corporate culture[67]. - The independent non-executive directors are responsible for providing independent judgment on the group's strategy, performance, resources, and ethical standards[58][60]. - The company has maintained a commitment to good corporate governance policies and procedures since its listing[67]. - The board consists of three independent non-executive directors, ensuring a diverse range of business experience and knowledge[73]. Risk Management - The company faces significant risks including customer credit risk and reliance on major customers without long-term contracts[120]. - The group reported a total trade receivables amounting to approximately HKD 14,762,000, with an expected credit loss provision of about HKD 2,951,000[167]. - The management assesses the recoverability of trade receivables based on various factors, including credit status and aging of receivables, which involves significant judgment[168]. Environmental and Social Responsibility - The group has implemented environmental measures to minimize operational impact, adhering to all relevant laws and regulations regarding health and safety[158]. - The group plans to continue seeking better environmental measures and promoting environmental awareness within the organization[158]. Shareholder Communication - The company has adopted a shareholder communication policy to provide information and facilitate active participation by shareholders[108]. - Multiple communication channels have been established for shareholders and investors, including annual meetings, reports, and the company website[108]. Financial Position - Total assets decreased from HKD 73,910,000 in 2019 to HKD 41,411,000 in 2020, a decline of 44%[182]. - The company's total equity decreased from HKD 53,070,000 in 2019 to HKD 36,038,000 in 2020, a decline of 32.2%[182]. - Cash and cash equivalents decreased from HKD 39,469,000 in 2019 to HKD 16,937,000 in 2020, a drop of 57.0%[182]. - The company’s total equity as of March 31, 2020, was HKD 36,038,000, down from HKD 53,070,000 the previous year, reflecting a decline of approximately 32%[186]. Share Issuance and Capital Structure - The company issued new shares in the previous year, raising HKD 58,000,000, which was not repeated in the current year[188]. - The company has a total of 280,000,000 shares held by Giant Treasure, representing approximately 70% of the issued share capital[143]. - The company has maintained a public float of at least 25% of its total issued share capital throughout the year[152].

Financial Performance - The group recorded unaudited revenue of approximately HKD 92.1 million for the nine months ended December 31, 2019, a decrease of about 3.9% compared to HKD 95.9 million for the same period in 2018[11]. - The group reported an unaudited loss of approximately HKD 11.0 million for the nine months ended December 31, 2019, compared to an unaudited loss of HKD 9.6 million for the same period in 2018[11]. - For the three months ended December 31, 2019, the group recorded revenue of HKD 13.3 million, down from HKD 17.7 million in the same period of 2018[12]. - The gross profit for the nine months ended December 31, 2019, was HKD 15.6 million, compared to HKD 14.4 million for the same period in 2018, reflecting an increase of approximately 8.0%[12]. - The basic and diluted loss per share for the nine months ended December 31, 2019, was HKD 2.8, compared to HKD 2.4 for the same period in 2018[12]. - The total sales volume for the nine months ended December 31, 2019, was 867,839 units, slightly down from 871,339 units in the same period of 2018[46]. - The company's loss attributable to owners increased from approximately HKD 9.6 million for the nine months ended December 31, 2018, to about HKD 11.0 million for the same period in 2019[62]. Expenses and Costs - Administrative expenses increased to HKD 21.2 million for the nine months ended December 31, 2019, compared to HKD 13.1 million for the same period in 2018, representing a rise of approximately 62.5%[12]. - The group incurred employee costs of HKD 18,197,000 for the nine months ended December 31, 2019, compared to HKD 9,577,000 for the same period in 2018[31]. - Selling and distribution expenses rose by approximately 17.4% from about HKD 4.9 million in 2018 to approximately HKD 5.7 million in 2019, attributed to salary increases and business expansion[55]. - Financing costs increased by approximately 78.9% from about HKD 0.3 million in 2018 to approximately HKD 0.6 million in 2019, primarily due to increased bank borrowings for operational funding[59]. Dividends and Equity - The board of directors did not recommend any dividend payment for the nine months ended December 31, 2019, consistent with the previous year[11]. - The total equity attributable to owners of the company as of December 31, 2019, was HKD 42.0 million, down from HKD 58.3 million at the beginning of the period[13]. - The company did not declare any dividends for the nine months ended December 31, 2019, compared to no dividends declared in 2018[63]. Market and Operational Insights - The group faced adverse impacts from conservative purchasing practices of U.S. clients and changes in business strategies of French clients[41]. - The group recorded rapid growth in the Australian market for the nine months ending December 31, 2019[64]. - A subsidiary has been established in Australia to enhance and explore further growth opportunities in that market[64]. - The group has representative offices in its main markets: the United States, France, and Australia, aiming for quick and efficient local customer response[64]. - Despite the signing of the US-China Phase One trade agreement, uncertainties from the trade dispute still pose challenges to the group[64]. - The recent outbreak of the coronavirus, particularly affecting suppliers in China, may impact the group's performance[64]. Accounting and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and have not been reviewed by the company's auditors[16]. - The group adopted HKFRS 16 on April 1, 2019, affecting the accounting for leases[19]. - The incremental borrowing rate applied to lease liabilities on April 1, 2019, was 2.74%[24]. - Lease liabilities are measured at the present value of remaining lease payments[25]. - The group expects that the adoption of HKFRS 16 will not have a significant impact on its financial statements, although it may have a substantial effect starting from April 1, 2019[28]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results for the nine months ended December 31, 2019, and found them compliant with applicable accounting standards and GEM Listing Rules[83]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, except for deviation from code A.2.1 regarding the separation of the roles of Chairman and CEO[78]. - The company has established a code of conduct for securities transactions by directors, which meets the required standards of GEM Listing Rules[79]. - The company did not purchase, sell, or redeem any of its listed securities during the nine months ended December 31, 2019[80]. Other Information - The group experienced a foreign exchange loss of HKD 10,000 related to overseas operations during the reporting period[12]. - The group’s auditor's remuneration increased to HKD 450,000 for the nine months ended December 31, 2019, from HKD 300,000 for the same period in 2018[31]. - The group’s tax expenses for the nine months ended December 31, 2019, included a deferred tax expense of HKD 74,000, compared to HKD 369,000 for the same period in 2018[34]. - Other income decreased by approximately 26.5% from about HKD 0.2 million in 2018 to approximately HKD 0.1 million in 2019, mainly due to a reduction in miscellaneous income[53]. - No significant events occurred after December 31, 2019, that would impact the group's operations and financial performance[82]. - The group will prudently and conservatively utilize the net proceeds from the share offering as stated in the prospectus[64].

Financial Performance - The group recorded unaudited revenue of approximately HKD 78.9 million for the six months ended September 30, 2019, an increase of about 0.9% compared to HKD 78.2 million for the same period in 2018[11]. - The group reported an unaudited loss of approximately HKD 5.2 million for the six months ended September 30, 2019, compared to a loss of HKD 5.1 million for the same period in 2018[11]. - Gross profit for the six months ended September 30, 2019, was HKD 12.66 million, compared to HKD 11.63 million for the same period in 2018, reflecting an increase of approximately 8.9%[12]. - The basic and diluted loss per share for the six months ended September 30, 2019, was HKD 1.3 cents, unchanged from the same period in 2018[12]. - The company reported a net loss of HKD 5,140,000 for the six months ended September 30, 2019, compared to a loss of HKD 5,125,000 for the same period in 2018, indicating a slight increase in losses[14]. - For the six months ended September 30, 2019, total revenue from goods sold was HKD 78,854,000, an increase from HKD 78,177,000 in the same period of 2018[59]. - The company's revenue from sales of goods for the six months ended September 30, 2019, was HKD 63,232,000, a decrease from HKD 64,060,000 in 2018, representing a decline of approximately 1.3%[10]. - Total comprehensive loss increased slightly from approximately HKD 5.1 million for the six months ended September 30, 2018, to approximately HKD 5.2 million for the six months ended September 30, 2019, primarily due to increased personnel costs[112]. Cash Flow and Liquidity - The group’s cash and cash equivalents decreased to HKD 26.42 million as of September 30, 2019, from HKD 39.47 million as of March 31, 2019[13]. - Cash used in operating activities for the six months ended September 30, 2019, was HKD 12,625,000, significantly higher than HKD 4,625,000 in the previous year, reflecting increased operational costs[16]. - The company’s cash balance at the end of the reporting period was HKD 14,945,000, down from HKD 40,457,000 at the end of September 2018[18]. - The company reported a net cash outflow from financing activities of HKD 12,796,000 for the six months ended September 30, 2019, compared to a net inflow of HKD 39,037,000 in the previous year[16]. - The company’s investment activities generated a net cash inflow of HKD 906,000 for the six months ended September 30, 2019, compared to a net cash outflow of HKD 465,000 in the previous year[16]. Assets and Liabilities - The total assets less current liabilities amounted to HKD 48.32 million as of September 30, 2019, down from HKD 53.43 million as of March 31, 2019[13]. - The group’s total equity attributable to owners decreased to HKD 47.92 million as of September 30, 2019, from HKD 53.07 million as of March 31, 2019[13]. - The total non-current assets as of September 30, 2019, were HKD 11,613,000, down from HKD 12,475,000 as of March 31, 2019[59]. - The total amount of trade payables as of September 30, 2019, was HKD 10,375,000, a decrease from HKD 13,523,000 as of March 31, 2019, representing a decline of approximately 23.8%[80]. - The bank borrowings as of September 30, 2019, were HKD 11,769,000, a decrease from HKD 12,691,000 as of March 31, 2019[81]. - The debt-to-equity ratio was 24.6% as of September 30, 2019, compared to 23.9% as of March 31, 2019, indicating a stable financial condition[117]. Expenses - The group incurred administrative expenses of HKD 14.22 million for the six months ended September 30, 2019, compared to HKD 7.32 million for the same period in 2018, indicating an increase of approximately 94.5%[12]. - The total employee costs for the six months ended September 30, 2019, amounted to HKD 11,603,000, significantly higher than HKD 4,801,000 in 2018, indicating an increase of approximately 142%[10]. - The total finance costs for the six months ended September 30, 2019, were HKD 399,000, an increase from HKD 238,000 in the same period of 2018[63]. - Financing costs rose by approximately 67.6%, from about HKD 0.2 million for the six months ended September 30, 2018, to approximately HKD 0.4 million for the six months ended September 30, 2019, attributed to increased bank borrowings for operational funding[109]. - Income tax expenses decreased by approximately 89.4%, from about HKD 490,000 for the six months ended September 30, 2018, to approximately HKD 53,000 for the six months ended September 30, 2019, consistent with a reduction in taxable profits[111]. Revenue Sources - Revenue from the United States for the six months ended September 30, 2019, was HKD 47,169,000, up from HKD 44,593,000 in 2018, reflecting a growth of approximately 3.9%[56]. - Customer A's revenue decreased to HKD 22,005,000 for the six months ended September 30, 2019, from HKD 28,700,000 in 2018, representing a decline of about 23.3%[54]. - Total revenue from jackets accounted for 50.6% of total revenue in 2019, down from 58.5% in 2018[94]. - The sales volume of finished products decreased to 738,553 units for the six months ended September 30, 2019, compared to 742,913 units for the same period in 2018[97]. - The average selling price of outerwear increased by 13.6% to HKD 174.7 in 2019 from HKD 153.8 in 2018[99]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated results for the six months ending September 30, 2019, and found them compliant with applicable accounting standards and GEM listing rules[150]. - The company has adopted and complied with the corporate governance code as per GEM listing rules, with a noted deviation regarding the separation of the roles of chairman and CEO[145]. - The company has appointed a compliance advisor, and as of September 30, 2019, there were no interests held by the advisor or its associates in the company's securities[144]. - The company has adopted a code of conduct for securities transactions by directors, which complies with the required standards of the GEM listing rules[146]. - The company has not disclosed any significant contracts entered into by directors or their close associates that would be material to the group's business during the six months ending September 30, 2019[138]. Risks and Future Plans - The group faces major risks including customer credit risk and reliance on key customers, which could adversely affect its business and financial performance[133]. - The group plans to establish a local office in Australia to expand its market presence in the coming months[131]. - The group is adopting a cautious approach in utilizing the net proceeds due to the ongoing US-China trade disputes, which have significantly impacted its operations[131]. - The group has incurred significant adverse effects due to the ongoing trade disputes, leading to a prudent and conservative approach in its business development plans[132]. - The group will continue to monitor operational performance closely and may adjust the timing and scope of the application of net proceeds as necessary[132].