Financial Performance - Total revenue for Q3 2023 was HKD 1,852,000, a decrease of 54.5% compared to HKD 4,076,000 in Q3 2022[3] - Net loss before tax for Q3 2023 was HKD 1,694,000, slightly improved from a loss of HKD 1,761,000 in Q3 2022[3] - Total comprehensive income for the nine months ended September 30, 2023, was HKD 8,611,000, compared to a loss of HKD 4,953,000 in the same period of 2022[4] - The company recorded a net profit from discontinued operations of HKD 26,402,000 for the nine months ended September 30, 2023[4] - The total comprehensive loss for Q3 2023 was HKD (1,661,000), slightly improved from HKD (1,668,000) in Q3 2022[4] - As of September 30, 2023, the company reported a total loss of HKD 17,868,000 for the nine-month period, compared to a loss of HKD 5,068,000 for the same period in 2022, indicating a significant increase in losses[18] - The company recorded a net loss of approximately HKD 8,896,000 for the nine months ended September 30, 2023, compared to a loss of HKD 4,088,000 in the same period of 2022[29] - The total comprehensive income for the nine months ended September 30, 2023, was approximately HKD 8,500,000, compared to a total comprehensive loss of approximately HKD 5,100,000 for the same period in 2022[44] Operational Costs - The cost of materials and consumables used decreased to HKD 3,398,000 for the nine months, down from HKD 1,859,000 in the same period last year[3] - Employee costs for the nine months decreased to HKD 3,597,000 from HKD 4,143,000 in the previous year[3] - The cost of materials and supplies increased from approximately HKD 1,900,000 for the nine months ended September 30, 2022, to approximately HKD 3,400,000 for the same period in 2023[39] - Employee costs for the nine months ended September 30, 2023, were approximately HKD 3,600,000, compared to HKD 4,100,000 for the same period in 2022, showing no significant change[40] - Depreciation expenses increased from approximately HKD 1,100,000 for the nine months ended September 30, 2022, to approximately HKD 1,700,000 for the same period in 2023, primarily due to new restaurant acquisitions[41] Financial Health - The company's total liabilities exceeded total assets by HKD 6,657,000 as of September 30, 2023, compared to HKD 15,773,000 as of December 31, 2022, reflecting worsening financial health[18] - Cash and cash equivalents were reported at HKD 465,000 as of September 30, 2023, down from HKD 1,636,000 a year earlier, highlighting liquidity challenges[18] - The company faced ongoing operational losses and negative cash flow due to COVID-19 restrictions, impacting its ability to meet payroll and lease obligations[18] - The company’s management is assessing its ability to continue as a going concern, considering the significant uncertainties regarding future cash flows and operational viability[19] Strategic Initiatives - The company has taken measures to alleviate liquidity pressure and improve financial conditions, including seeking external financial support and operational improvements[19] - The company’s operational strategy includes potential acquisitions and expansion in the restaurant and online wine sales sectors to enhance revenue streams[11] - The group is exploring new business opportunities in Southeast Asia, where demand for quality dining is increasing and costs are more competitive compared to Hong Kong[50] - The company is taking cautious measures to control costs while seeking new business opportunities both locally and overseas[50] Shareholder Information - The company has entered into a placement agreement to issue up to 276,480,000 shares at a price of HKD 0.013 per share, potentially raising approximately HKD 3.6 million[53] - The net proceeds from the placement are estimated to be around HKD 3.5 million, intended for general working capital[53] - As of September 30, 2023, Lazarus Securities Pty Ltd and JSS Group each hold 461,888,000 shares, representing approximately 33.41% of the company's holdings[63] - Axis Motion Limited holds 230,400,000 shares, accounting for approximately 16.67% of the company's holdings[63] - Focus Dynamics Group Berhad owns 192,000,000 shares, which is about 13.89% of the company's holdings[63] Compliance and Governance - The company has complied with the corporate governance code as per GEM Listing Rules, except for the combined roles of Chairman and CEO held by the same individual[71] - The Audit and Risk Management Committee consists of three independent non-executive directors, ensuring compliance with applicable laws and regulations[73] - The company confirmed that the financial reporting for the nine months ending September 30, 2023, adhered to applicable accounting principles and regulations[73] - There were no disclosures of interests or potential conflicts of interest from directors or major shareholders as of September 30, 2023[67] - The company has not issued or granted any convertible securities, options, or similar rights during the nine months ending September 30, 2023[66] Legal Matters - The group is facing several lawsuits related to overdue rent and salaries, which have been accounted for in other payables and accrued expenses[57] - The liquidation of a wholly-owned subsidiary, Jun Kai, has been initiated, but it has not significantly impacted the core business operations or financial condition of the company[51] Dividend Information - The company has not declared or paid any dividends for the nine months ended September 30, 2023, consistent with the same period in 2022[27] - As of September 30, 2023, the group did not declare or recommend any dividends to shareholders, consistent with the same period in 2022[47] Recovery Outlook - The group's operations are recovering from the negative impacts of COVID-19, with improved revenue and reduced net losses compared to the previous year, although the recovery speed is slower than expected[48] - The group remains optimistic about the overall recovery of the restaurant industry as Hong Kong and the world return to normalcy post-COVID-19[50]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Top Standard Corporation （於開曼群島註冊成立的有限公司） （股份代號：8510） 截至二零二三年九月三十日止九個月的 第三季度業績公告 Top Standard Corporation（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司截至二零二三年九月三十日止九個月的未經審核第三季度業績。 本公告列載本公司二零二三年第三季度報告（「二零二三年第三季度報告」）全文， 符合聯交所GEM證券上市規則（「GEM上市規則」）中有關第三季度業績初步公告 附載資料的相關要求。載有GEM上市規則規定資料的二零二三年第三季度報告的 印刷版本，將於適當時候以GEM上市規則所規定方式寄發予本公司股東。 承董事會命 Top Standard Corporation 主席兼執行董事 祝嘉輝 香港，二零二三年十一月十四日 於本公告日期，執行董事為祝嘉輝先生及應勤民先生；獨 ...

Financial Performance - The group recorded unaudited revenue of approximately HKD 6,000,000 for the six months ended June 30, 2023, an increase of about 150% compared to HKD 2,400,000 for the same period in 2022[4] - The group reported an unaudited profit attributable to owners of approximately HKD 10,500,000 for the six months ended June 30, 2023, compared to an unaudited loss of HKD 2,900,000 for the same period in 2022[4] - For the three months ended June 30, 2023, the group recorded unaudited revenue of approximately HKD 2,300,000, representing a 28.4% increase from HKD 1,800,000 in the same period of 2022[4] - The group incurred an unaudited loss attributable to owners of approximately HKD 1,200,000 for the three months ended June 30, 2023, a decrease from a loss of HKD 2,000,000 in the same period of 2022[4] - The total comprehensive income for the six months ended June 30, 2023, was HKD 10,272,000, compared to a total comprehensive loss of HKD 3,285,000 for the same period in 2022[6] - The company reported a net loss of HKD 15,952,000 for the six months ended June 30, 2023, compared to a loss of HKD 2,893,000 in the previous year, reflecting a significant increase in losses[14] - The company achieved a profit of approximately HKD 10,200,000 for the six months ended June 30, 2023, compared to a loss of approximately HKD 3,300,000 for the same period in 2022[81] Revenue Breakdown - Revenue from restaurant services for the six months ended June 30, 2023, was HKD 5,813,000, an increase from HKD 2,392,000 in the same period of 2022[32] - Online wine sales revenue increased to HKD 181,000 for the six months ended June 30, 2023, compared to HKD 20,000 in the same period of 2022[32] - The total revenue for the six months ended June 30, 2023, was HKD 5,994,000, up from HKD 2,412,000 in the same period of 2022[32] - Revenue from continuing operations for the first half of 2023 was HKD 5,994,000, compared to HKD 2,412,000 in the same period of 2022, representing a growth of 148%[39] Costs and Expenses - The group’s employee costs for the six months ended June 30, 2023, were HKD 2,685,000, an increase from HKD 2,053,000 in the same period of 2022[5] - The company’s total comprehensive income for the period was HKD (2,869,000), compared to HKD (3,285,000) in the previous year, indicating a slight improvement in overall financial performance[14] - Employee costs increased from approximately HKD 2,100,000 for the six months ended June 30, 2022, to approximately HKD 2,700,000 for the same period in 2023, reflecting the hiring of new staff for the new restaurants[77] - Depreciation expenses rose to approximately HKD 1,000,000 for the six months ended June 30, 2023, compared to HKD 300,000 for the same period in 2022, primarily due to property and equipment acquisitions for new restaurants[79] Assets and Liabilities - As of June 30, 2023, non-current assets increased to HKD 7,438,000 from HKD 7,101,000 in December 2022, representing a growth of approximately 4.73%[11] - Current assets decreased significantly to HKD 1,491,000 from HKD 3,011,000, a decline of about 50.54%[11] - Total liabilities decreased to HKD 11,208,000 from HKD 21,553,000, indicating a reduction of approximately 48.00%[12] - The total liabilities of the group exceeded total assets by HKD 5,001,000 as of June 30, 2023, down from HKD 15,773,000 as of December 31, 2022[27] - The company’s total assets were approximately HKD 8,900,000, down from approximately HKD 10,100,000 as of December 31, 2022[85] Cash Flow - The net cash from operating activities for the six months ended June 30, 2023, was HKD 1,963,000, down from HKD 7,415,000 in the same period of 2022, a decrease of about 73.51%[17] - Cash and cash equivalents decreased to HKD 293,000 from HKD 4,563,000, a decline of approximately 93.58%[19] - Cash and cash equivalents were HKD 331,000 as of June 30, 2023, significantly down from HKD 1,179,000 as of December 31, 2022, insufficient to cover current liabilities[27] - The company’s cash and bank balances decreased to approximately HKD 300,000 as of June 30, 2023, from approximately HKD 1,200,000 as of December 31, 2022[85] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules, except for the dual role of the chairman and CEO[117] - The Audit and Risk Management Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2023[119] - The board of directors did not recommend the payment of an interim dividend for the six months ending June 30, 2023[95] Business Strategy and Outlook - The group is actively restructuring its business to reduce the financial burden of underperforming subsidiaries, having terminated several operations as of December 31, 2022[27] - The group is exploring alternative financing solutions and/or restructuring to address its financial difficulties[31] - The board believes that the group will have sufficient working capital to meet its financial obligations for the next twelve months, contingent on achieving its plans and obtaining external financial support[28] - The company remains optimistic about the recovery of the restaurant industry as Hong Kong and the world return to normalcy post-COVID-19, while continuing to explore new business opportunities[102] Shareholder Information - As of June 30, 2023, Mr. Zhu Jiafei holds a 33.41% interest in the company through JSS Group Corporation[105] - As of June 30, 2023, Lazarus Securities Pty Ltd and JSS Group each hold 461,888,000 shares, representing approximately 33.41% of the company's holdings[110] - Axis Motion Limited holds 230,400,000 shares, accounting for 16.67% of the company's holdings[110] - Focus Dynamics Group Berhad owns 192,000,000 shares, which is about 13.89% of the company's holdings[110] Legal and Regulatory Matters - The company has received several lawsuits and claims related to unpaid rent and salaries, with potential additional interest and penalties due to delayed settlements[93] - No significant post-reporting date events or major litigations against the company during the reporting period[67][68] - No significant events requiring disclosure occurred after June 30, 2023, up to the report date[120]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Top Standard Corporation （於開曼群島註冊成立的有限公司） （股份代號：8510） 截至二零二三年六月三十日止六個月的 中期業績公告 Top Standard Corporation（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司截至二零二三年六月三十日止六個月的未經審核中期業績。 本公告列載本公司二零二三年度中期業績報告（「中期報告」）全文，符合聯交所 GEM證券上市規則（「GEM上市規則」）中有關中期業績初步公告附載資料的相關 要求。載有GEM上市規則規定資料的中期報告的印刷版本，將於適當時候以GEM 上市規則所規定方式寄發予本公司股東。 承董事會命 Top Standard Corporation 主席兼執行董事 祝嘉輝 香港，二零二三年八月十四日 於本公告日期，執行董事為祝嘉輝先生及應勤民先生；獨立非執行董事為王青雲 先生、鄧照明先生及 ...

Revenue and Profitability - Revenue for the first quarter of 2023 was HKD 3,691,000, a significant increase from HKD 619,000 in the same period of 2022, representing a growth of 495%[5] - Other income increased to HKD 313,000 from HKD 154,000 year-over-year, marking a growth of 103.9%[5] - The net profit for the period, including discontinued operations, was HKD 11,518,000, a turnaround from a loss of HKD 936,000 in the same quarter of 2022[5] - The total comprehensive income for the period was HKD 11,445,000, compared to a comprehensive loss of HKD 936,000 in the same quarter of 2022[5] - For the three months ended March 31, 2023, the company recorded revenue of approximately HKD 3,700,000, a significant increase from HKD 600,000 for the same period in 2022, primarily due to improved bar performance and revenue from new restaurants "Sushi Miao (Hong Kong)" and "Sushi Miao (Singapore)"[33] - The total profit and comprehensive income for the three months ended March 31, 2023, was approximately HKD 11,500,000, compared to a loss of approximately HKD 900,000 for the same period in 2022[44] Losses and Expenses - The group reported a loss before tax of HKD 14,884,000, compared to a loss of HKD 935,000 in the previous year, indicating a deterioration in performance[5] - The company incurred a loss from continuing operations of HKD 14,884,000 for the three months ended March 31, 2023, compared to a loss of HKD 845,000 for the same period in 2022[27] - The group incurred total expenses of HKD 1,526,000 in other expenses, up from HKD 455,000 in the prior year, reflecting increased operational costs[5] - Employee costs increased to approximately HKD 1,800,000 for the three months ended March 31, 2023, up from HKD 800,000 for the same period in 2022, mainly due to new hires at the new restaurants[38] - The company reported a net other loss of approximately HKD 13,300,000 for the three months ended March 31, 2023, attributed to the write-off of receivables from the subsidiary Jun Kai[36] Financial Position and Liquidity - As of March 31, 2023, the company's current liabilities exceeded its current assets by HKD 8,022,000, indicating a deterioration in liquidity compared to HKD 18,542,000 as of December 31, 2022[18] - The total liabilities of the company exceeded its total assets by HKD 3,828,000 as of March 31, 2023, compared to HKD 15,773,000 as of December 31, 2022[18] - The company had cash and cash equivalents of HKD 251,000 as of March 31, 2023, a decrease from HKD 1,179,000 as of December 31, 2022, insufficient to cover all current liabilities[18] - The company has taken measures to alleviate liquidity pressure, including restructuring its business and seeking alternative financing solutions[21] Dividends and Shareholder Information - The company did not declare or recommend any dividends for the three months ended March 31, 2023, consistent with the same period in 2022[26] - The company has not declared or proposed any dividends for the three months ended March 31, 2023, consistent with the same period in 2022[48] - The group’s major shareholder, Mr. Zhu Jia Hui, holds approximately 33.41% of the company's shares[58] - Axis Motion Limited and Focus Dynamics Group Berhad hold 16.67% and 13.89% of the shares, respectively[63] Legal and Operational Challenges - The company is actively working with legal counsel to resolve claims related to unpaid rent and salaries, which may significantly impact its ability to continue operations[21] - The company has been involved in several claims related to overdue rent and salaries, with management and legal advisors working to resolve these cases[29] - The subsidiary Jun Kai was granted a winding-up order on March 22, 2023, and its assets and liabilities were removed from the group's consolidated financial statements as of March 31, 2023[51] - The winding-up order for Jun Kai has no significant impact on the core business operations and financial condition of the group[53] - The group has received multiple lawsuits related to overdue rent and salaries, which have been recognized in other payables and accrued expenses[56] Corporate Governance and Compliance - The company has adopted a code of conduct for directors' securities trading, with no non-compliance reported for the three months ending March 31, 2023[68] - The audit and risk management committee consists of three independent non-executive directors, ensuring compliance with applicable laws and regulations[72] - The company has adhered to the corporate governance code, with the chairman also serving as the CEO, which the board believes is in the best interest of the group[70] - The financial reporting for the three months ending March 31, 2023, was reviewed and confirmed to comply with applicable accounting principles and regulations[72] - The company plans to maintain its corporate governance practices in line with GEM listing rules and will review its structure as necessary[70] - The board consists of individuals with diverse professional backgrounds, including three independent non-executive directors, ensuring a balance of power and authority[70] Future Outlook - The company continues to focus on restaurant operations and online wine sales, indicating a strategic emphasis on these business segments moving forward[11] - The management believes that the restaurant business will recover as COVID-19 is being managed appropriately, and is focused on reducing the financial burden of underperforming subsidiaries[21] - The group remains optimistic about the recovery of the entire restaurant business as Hong Kong and the world return to normal life post-COVID-19[50] Audit and Reporting - The audit and risk management committee is responsible for reviewing the financial reporting process and internal control systems[72] - The company will publish its financial report on the HKEX website and its own website for at least seven days from the publication date[73] - The company has not engaged in any activities subject to continuous disclosure requirements under GEM listing rules[67]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Top Standard Corporation （於開曼群島註冊成立的有限公司） （股份代號：8510） 截至二零二三年三月三十一日止三個月的 第一季度業績公告 Top Standard Corporation（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司截至二零二三年三月三十一日止三個月的未經審核第一季度業績。 本公告列載本公司二零二三年第一季度報告（「二零二三年第一季度報告」）全文， 符合聯交所GEM證券上市規則（「GEM上市規則」）中有關第一季度業績初步公告 附載資料的相關要求。載有GEM上市規則規定資料的二零二三年第一季度報告的 印刷版本，將於適當時候以GEM上市規則所規定方式寄發予本公司股東。 承董事會命 Top Standard Corporation 主席兼執行董事 祝嘉輝 香港，二零二三年五月十五日 於本公告日期，執行董事為祝嘉輝先生及應勤民先生； ...

Financial Performance - Total revenue for the year ended December 31, 2022, was approximately HKD 12,500,000, an increase from HKD 6,600,000 for the year ended December 31, 2021[10]. - Total comprehensive expenses for the year ended December 31, 2022, were approximately HKD 8,800,000, compared to HKD 3,100,000 for the year ended December 31, 2021[10]. - The company reported a net income of approximately HKD 30.27 million for the year ended December 31, 2022, compared to HKD 44.19 million for the previous year, reflecting a decrease of about 31.5%[64]. - Basic loss per share for the year ended December 31, 2022, was approximately HKD 0.54, compared to HKD 0.25 for the year ended December 31, 2021, consistent with the increase in total losses and comprehensive expenses[26]. - Total losses and comprehensive expenses for the year ended December 31, 2022, amounted to approximately HKD 8,800,000, up from HKD 3,100,000 for the year ended December 31, 2021, reflecting the cumulative impact of various factors and the transition from profit to loss in discontinued operations[25]. Revenue Drivers - The increase in revenue was primarily due to the acquisition of "The Code" bar and the establishment of new restaurants MEW (Hong Kong) and MEW (Singapore)[15]. - The acquisition of "The Code" bar contributed to the overall revenue increase for the fiscal year[15]. - The revenue from continuing operations increased, and losses decreased, indicating positive signals from the strategy of exploring new business opportunities[42]. - The subsidiary Xxperience Lifestyle restaurant in Singapore contributed approximately HKD 1,200,000 in revenue during the year[162]. Cost and Expenses - Employee costs for the year ended December 31, 2022, were approximately HKD 5,400,000, up from HKD 3,400,000 for the year ended December 31, 2021[17]. - The cost of raw materials and consumables increased from approximately HKD 1,200,000 for the year ended December 31, 2021, to approximately HKD 4,200,000 for the year ended December 31, 2022[16]. - Other expenses rose from approximately HKD 4,400,000 for the year ended December 31, 2021, to approximately HKD 7,800,000 for the year ended December 31, 2022, mainly due to the full-year contributions from "The Code" and "MOW" and new restaurant contributions[24]. Assets and Liabilities - As of December 31, 2022, the group's total assets were approximately HKD 10,100,000, down from HKD 16,700,000 as of December 31, 2021, with total liabilities and shareholders' deficit amounting to approximately HKD 25,900,000 and HKD 15,800,000, respectively[28]. - The group's interest-bearing loans totaled approximately HKD 343,000 as of December 31, 2022, a significant increase from HKD 50,000 as of December 31, 2021, with a bank overdraft interest rate of 14.13%[33]. - The group's current liabilities exceeded current assets by HKD 18,542,000 as of December 31, 2022, compared to HKD 3,396,000 a year earlier[157]. - The total liabilities of the group exceeded total assets by HKD 15,773,000 as of December 31, 2022, up from HKD 6,984,000 in the previous year[157]. Business Strategy and Outlook - The company remains optimistic about the recovery of the restaurant industry as Hong Kong and the world return to normalcy post-COVID-19[11]. - The company plans to continue exploring new business opportunities to diversify and stabilize its revenue sources[11]. - The management is actively seeking potential expansion opportunities in Hong Kong and overseas to diversify and stabilize revenue sources[42]. - The group anticipates improvement in the overall economic environment and the food and beverage business as the impact of COVID-19 diminishes, aiming to recover from past challenges[42]. - The company has opened new restaurants, including "Sushi Miao (Hong Kong)" and "Sushi Miao (Singapore)" as part of its expansion strategy[57]. Governance and Compliance - The company has established a whistleblowing policy for employees and business associates to report fraud or unethical behavior, ensuring confidentiality and anonymity[181]. - The anti-corruption policy mandates compliance with relevant laws and outlines integrity requirements for all directors and employees[182]. - The company has complied with all relevant laws and regulations without any significant violations during the year[101]. - The board has established mechanisms to ensure independent viewpoints are maintained within its operations[136]. - The company has adopted the GEM Listing Rules as its own code of conduct for securities trading by directors and employees[138]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of its business and strategies[194]. - The company has reviewed the implementation and effectiveness of its shareholder communication policy for the year ending December 31, 2022, concluding that the policy is effective[194]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting within two months of submission[197]. - The company's articles of association have been amended to comply with GEM listing rules and to allow for hybrid or electronic meetings[200].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Top Standard Corporation （於開曼群島註冊成立的有限公司） （股份代號：8510） 截至二零二二年十二月三十一日止年度之 年度業績公告 Top Standard Corporation（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司截至二零二二年十二月三十一日止年度的經審核年度業績。 本公告列載本公司二零二二年度全年業績報告（「年報」）全文，符合聯交所GEM 證券上市規則（「GEM上市規則」）中有關年度業績初步公告附載資料的相關要求。 載有GEM上市規則規定資料的年報的印刷版本，將於適當時候以GEM上市規則 所規定方式寄發予本公司股東。 承董事會命 Top Standard Corporation 主席兼執行董事 祝嘉輝 香港，二零二三年三月三十一日 於本公告日期，執行董事為祝嘉輝先生及應勤民先生；獨立非執行董事為王青雲 先生、鄧照明先生及葉祺 ...

Financial Performance - For the nine months ended December 31, 2020, the total revenue was approximately HKD 21,900,000, a decrease from approximately HKD 36,500,000 for the previous fiscal year[12]. - The total comprehensive income for the same period was approximately HKD 14,200,000, compared to total expenses of approximately HKD 94,000,000 for the previous fiscal year[12]. - The total comprehensive income for the nine months ended December 31, 2020, was approximately HKD 14,200,000, a significant turnaround from a loss of about HKD 94,000,000 for the year ended March 31, 2020[29]. - Basic earnings per share for the nine months ended December 31, 2020, was approximately HKD 0.0153, compared to a loss of about HKD 0.1177 per share for the year ended March 31, 2020[30]. - As of December 31, 2020, the group reported a loss of HKD 2,717,000 for the nine months, compared to a loss of HKD 31,259,000 for the previous fiscal year[179]. Impact of COVID-19 - The decline in revenue was primarily due to the ongoing impact of COVID-19, which led to reduced customer traffic and consumption sentiment in the restaurant industry[13]. - The company estimates that the impact of COVID-19 will depend on the effectiveness of preventive measures and the duration of the pandemic[57]. - The COVID-19 pandemic significantly impacted the company's restaurant business, with ongoing monitoring of its effects on operations and financial status[132]. Cost Control and Operational Measures - The company has intensified cost control measures related to raw material procurement and other operational costs, resulting in a downward trend in various costs[13]. - The cost of raw materials and consumables decreased from approximately HKD 12,700,000 to about HKD 6,800,000 due to reduced usage caused by COVID-19 and changes in the fiscal year-end[20]. - Employee costs reduced from approximately HKD 12,900,000 to about HKD 9,100,000, primarily due to a decrease in employee numbers and salary adjustments[21]. - Cost reduction measures were implemented, including adjustments to employee numbers and operating costs to enhance sustainability[59]. - The management is committed to maintaining profitability and market competitiveness through ongoing cost control and exploration of new opportunities[14]. Business Strategy and Development - The company is currently establishing a distribution network and researching the implementation of an online sales platform for food and beverages[13]. - The company will continue to explore new business opportunities to maintain market position and diversify revenue sources[14]. - The group plans to establish an online platform to sell and distribute premium Japanese beef and wine, anticipating immediate cash flow from this new business[183]. - The company is actively controlling costs related to raw material procurement and operations in response to the impact of COVID-19, which has begun to show positive results[57]. Financial Position and Assets - The total assets as of December 31, 2020, were approximately HKD 12,700,000, an increase from about HKD 9,000,000 as of March 31, 2020[37]. - The group’s cash and bank balances increased to approximately HKD 9,000,000 from about HKD 1,200,000 as of March 31, 2020[37]. - The total liabilities of the group exceeded total assets by HKD 15,758,000 as of December 31, 2020, compared to HKD 64,978,000 for the previous fiscal year[179]. - The group has cash and cash equivalents of HKD 9,024,000, which, combined with the new loan, supports operational sustainability[183]. Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[134]. - The board of directors consists of two executive directors and three independent non-executive directors as of the report date[145]. - The company has adopted mandatory trading standards for directors in compliance with GEM listing rules, confirming adherence to these standards for the nine months ending December 31, 2020[162]. - The board regularly reviews the delegation of authority and responsibilities to ensure effective governance[164]. Legal and Compliance Issues - The company has received multiple lawsuits related to overdue rent and salaries, which have been recognized in other payables and accrued expenses[50]. - The company faced claims totaling HKD 629,404 related to unpaid director fees as of February 1, 2021[130]. - A claim of HKD 2,777,566 was made by Times Square Limited regarding unpaid rent and related expenses on February 16, 2021[130]. - There are no significant legal proceedings or arbitrations involving the company as of December 31, 2020[123]. Risk Management - The company has established a risk management policy and formal risk assessment system, identifying key risks annually that may impact operations[188]. - The board reviewed the effectiveness of the risk management and internal control systems and found them to be effective and adequate[192]. - The internal audit function is managed by the company secretary and the financial director, reporting at least annually to the board[191]. Shareholder Information - The board of directors did not recommend the payment of a final dividend for the nine months ended December 31, 2020[52]. - The company has maintained at least 25% of its issued shares held by the public as of December 31, 2020[136]. - The company has not established any equity-linked agreements that would lead to the issuance of shares as of December 31, 2020[109].

Financial Performance - The group recorded unaudited revenue of approximately HKD 13,500,000 for the six months ended September 30, 2020, a decrease of about 48.7% compared to HKD 26,300,000 for the same period in 2019[3]. - For the three months ended September 30, 2020, the group reported unaudited revenue of approximately HKD 5,200,000, down 53.6% from HKD 11,200,000 in the same period of 2019[3]. - The group achieved an unaudited profit attributable to owners of the company of approximately HKD 21,400,000 for the six months ended September 30, 2020, compared to a loss of HKD 20,500,000 in 2019[3]. - The unaudited profit attributable to owners for the three months ended September 30, 2020, was approximately HKD 18,600,000, compared to a loss of about HKD 7,500,000 in the same period of 2019[3]. - Total comprehensive income for the six months ended September 30, 2020, was HKD 21,304,000, compared to a total comprehensive loss of HKD 20,486,000 in 2019[5]. - The group reported a net loss for the six months ended September 30, 2020, of HKD 20,486,000, compared to a loss of HKD 6,027,000 for the same period in 2019, indicating a significant increase in losses[12]. - The company reported a profit of HKD 643,000 from restaurant operations for the six months ended September 30, 2020, compared to a loss of HKD 16,122,000 in the same period of 2019[33]. - The group reported a pre-tax profit of HKD 21,416,000 for the six months ended September 30, 2020, compared to a pre-tax loss of HKD 20,486,000 for the same period in 2019[25]. Revenue and Operations - Revenue from restaurant operations for the six months ended September 30, 2020, was HKD 13,546,000, a decrease of 48.6% compared to HKD 26,307,000 for the same period in 2019[23]. - The group's total revenue for the six months ended September 30, 2020, was HKD 22,846,000, down from HKD 60,935,000 in the same period of 2019, representing a decline of 62.5%[25]. - The operating segment "銅鑼灣三希樓" generated revenue of HKD 13,546,000 for the six months ended September 30, 2020, while the "心齋台北" segment reported revenue of HKD 1,678,000[25]. - Membership fee income for the six months ended September 30, 2020, was HKD 38,000, consistent with the previous year[23]. - The group reported a total of HKD 2,226,000 in other income for the six months ended September 30, 2020[25]. Financial Position - The group reported a net current liability of HKD 22,023,000 as of September 30, 2020, compared to HKD 50,862,000 as of March 31, 2020[6]. - The total assets less current liabilities amounted to HKD (19,663,000) as of September 30, 2020, compared to HKD (45,422,000) as of March 31, 2020[6]. - The group’s total liabilities as of September 30, 2020, were HKD 25,774,000, compared to HKD 64,086,000 as of March 31, 2020[8]. - As of September 30, 2020, the company reported a total equity of HKD 8,582,000, a decrease from HKD 11,923,000 as of March 31, 2019, reflecting a decline of approximately 28.5%[10]. - The total liabilities exceeded total assets by HKD 25,774,000 as of September 30, 2020, compared to HKD 64,086,000 as of March 31, 2020, indicating a reduction in financial distress[16]. - The group’s total liabilities and shareholders' deficit amounted to approximately HKD 31.7 million as of September 30, 2020, down from approximately HKD 73.1 million as of March 31, 2020[81]. Cash Flow and Financing - The company raised a total of HKD 17,008,000 from a share placement completed on September 4, 2020, aimed at repaying existing debts and supporting further operations[20]. - Cash and cash equivalents decreased by HKD 58,000, ending at HKD 1,129,000 as of September 30, 2020, compared to HKD 10,609,000 at the end of the previous year[12]. - The company reported a net cash outflow from operating activities of HKD 4,740,000 for the six months ended September 30, 2020, an improvement from HKD 6,027,000 in the prior year[12]. - The company’s financing activities generated a net cash inflow of HKD 5,059,000 for the six months ended September 30, 2020, compared to HKD 8,182,000 in the previous year[12]. - The company completed a share subscription on November 10, 2020, raising a net amount of HKD 14,500,000 for debt repayment and future operations[57]. - The company issued 160,000,000 new shares at a price of HKD 0.112 per share, raising approximately HKD 17,000,000 in net proceeds[44]. - The actual net proceeds from the share issuance amounted to approximately HKD 42.3 million, which is lower than the estimated figure in the prospectus[75]. Cost Management - The cost of materials and supplies used decreased to approximately HKD 4,100,000, down about 50.6% from approximately HKD 8,300,000 in the previous year[64]. - Employee costs decreased to approximately HKD 6,400,000, a reduction of about 37.9% from approximately HKD 10,300,000 for the same period in 2019[65]. - Rental and related expenses decreased to approximately HKD 1,400,000, down about 33.3% from approximately HKD 2,100,000 in the previous year[68]. - The company is actively controlling costs related to raw materials and rental expenses, which constitute a large portion of its operating costs[102]. Strategic Decisions - The company sold four restaurants in June and July 2020 to focus financial resources on developing existing restaurants and businesses[60]. - The company disposed of its wholly-owned subsidiary, which operated the "浪人" brand restaurant, for a total consideration of HKD 1 due to the impact of political activities and COVID-19[89]. - The company entered into agreements to sell its subsidiaries Dalaran Group Limited, Higher Top Limited, and Xunhai Limited for a total consideration of HKD 1 each due to the impact of political activities and COVID-19[91][92][92]. - The company sold four underperforming restaurants to focus financial resources on developing existing restaurants and adjusting operational costs[104]. Market Conditions and Risks - The COVID-19 pandemic significantly impacted the company's financial performance, leading to reduced customer traffic and overall consumption sentiment in the restaurant industry[63]. - The impact of COVID-19 on the company's operations and financial performance remains uncertain, with ongoing monitoring and assessment of market developments[103]. - The company faces significant risks from reliance on the Hong Kong market, where all revenue was generated, and potential economic downturns due to external events[99]. - The company’s management is negotiating with suppliers and landlords to find feasible measures to navigate the challenging environment[103]. Corporate Governance - The audit and risk management committee consists of three independent non-executive directors, ensuring compliance with applicable laws and regulations[123]. - The company has adopted a code of conduct for securities trading by directors, with no reported non-compliance during the reporting period[119]. - The company has complied with the corporate governance code, with the chairman also serving as the CEO, which the board believes is in the best interest of the group[121]. - The executive directors are Mr. Zhu Jiafei and Mr. Ying Qinnian, with independent non-executive directors including Mr. Wang Qingyun, Mr. Deng Zhaoming, and Mr. Ye Qizhi[127]. Shareholder Information - As of September 30, 2020, JSS Group holds 461,888,000 shares, representing approximately 48.11% of the company[114]. - The company issued 192,000,000 subscription shares at a price of HKD 0.077 per share, increasing the issued share capital by about 16.67%[125]. - The total amount raised from the subscription was approximately HKD 14,780,000, with a net amount of HKD 14,500,000 after expenses[125]. - The board of directors did not recommend an interim dividend for the six months ended September 30, 2020[95].