Financial Performance - Revenue for the three months ended June 30, 2020, was HKD 14,226,000, a decrease of 58.5% compared to HKD 34,223,000 for the same period in 2019[4] - Other income increased significantly to HKD 1,937,000 from HKD 96,000 year-on-year[4] - The group reported a profit of HKD 2,724,000 for the period, compared to a loss of HKD 7,519,000 in the same quarter of 2019[4] - Basic and diluted earnings per share for the period were HKD 0.32, compared to a loss per share of HKD 0.94 in the previous year[6] - Total comprehensive income for the period was HKD 2,565,000, compared to a total comprehensive loss of HKD 7,519,000 in the prior year[4] - The total profit and comprehensive income for the three months ended June 30, 2020, was HKD 2,600,000, compared to a loss of HKD 7,500,000 for the same period in 2019, marking a turnaround from loss to profit[36] Cost Management - The group has reduced its employee costs from approximately HKD 14,900,000 in the three months ended June 30, 2019, to approximately HKD 7,100,000, a decrease of about 52.2%[32] - The cost of materials and consumables used decreased from approximately HKD 11,400,000 in the three months ended June 30, 2019, to approximately HKD 4,100,000, a reduction of about 64.2%[31] - Rental and related expenses decreased from approximately HKD 3,100,000 to approximately HKD 900,000, a reduction of about 71.7% for the three months ended June 30, 2020[35] Business Operations - The company continues to operate in the food and beverage service sector, with no changes in its core business strategy noted[10] - The group expects to receive HKD 28,800,000 from investors for debt repayment and future operations, as stated in the announcement on June 26, 2020[18] - The group has taken measures to alleviate liquidity pressure, including seeking alternative financing and negotiating with bondholders to extend maturity dates[18] - The group plans to focus its financial resources on developing existing restaurants and businesses after selling the underperforming "浪人" brand restaurant[27] - The company is actively monitoring the impact of COVID-19 on its operations and financial performance, with measures in place to control costs and improve efficiency[40] Shareholder Information - Mr. Zhu Jia Hui holds 458,088,000 shares, representing 57.26% of the issued share capital[53] - Mr. Zhu Jian Yuan owns 5,000,000 shares, accounting for 0.63% of the issued share capital[53] - JSS Group, fully owned by Mr. Zhu Jia Hui, holds approximately 57.26% of the company's issued share capital[53] - J & W Group, fully owned by Mr. Zhu Jian Yuan, holds about 0.63% of the company's issued share capital[53] - Ms. Zhu Zheng Xiu Man, spouse of Mr. Zhu Jian Yuan, holds 5,000,000 shares, equivalent to 0.63% of the issued share capital[56] Corporate Governance - The company has adopted a code of conduct regarding securities trading by directors, with no reported non-compliance during the three months ending June 30, 2020[64] - The Audit and Risk Management Committee consists of three independent non-executive directors, ensuring compliance with applicable laws and regulations[68] - The committee reviewed the unaudited first-quarter results for the period ending June 30, 2020, confirming adherence to applicable accounting principles and stock exchange regulations[68] Dividends and Investments - The group has not declared or proposed any dividends for the three months ended June 30, 2020, consistent with the same period in 2019[24] - The company did not declare or recommend any dividends for the three months ended June 30, 2020, consistent with the previous year[38] - The company has no significant investments as of June 30, 2020[49] Mergers and Acquisitions - There were no significant mergers or acquisitions reported in the current quarter[10] - The group has sold one restaurant and subsequently sold three underperforming restaurants in July 2020, aiming to improve cash flow and reduce debt burden[41] - The estimated net liabilities of Dalaran Group Limited, sold for HKD 1, was approximately HKD 7,100,000 as of June 30, 2020[43] - The estimated net liabilities of Higher Top Limited, also sold for HKD 1, was approximately HKD 4,700,000 as of June 30, 2020[46] - The estimated net liabilities of Xunhai Limited, sold for HKD 1, were approximately HKD 18,300,000 as of June 30, 2020[47] Financial Reporting - The group has applied all new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the reported financial information[19] - The financial report will be published on the GEM website and the company's official website for at least seven days from the publication date[70]

Financial Performance - Total revenue for the year ended March 31, 2020, was approximately HKD 96.6 million, a decrease of about 25.2% from HKD 129.2 million in the previous year[9]. - The total loss and comprehensive expenses amounted to approximately HKD 93.3 million, significantly up from HKD 37.7 million in the previous year[9]. - The revenue decline was primarily due to the impact of social events since June 2019 and the outbreak of COVID-19[10]. - The group's revenue decreased from approximately HKD 129.2 million for the year ended March 31, 2019, to approximately HKD 96.6 million for the year ended March 31, 2020, representing a decline of about 25.2%[15]. - Total loss and comprehensive expenses increased from approximately HKD 37.7 million to approximately HKD 93.2 million, an increase of about HKD 55.5 million, driven by the aforementioned factors[23]. - Basic loss per share increased from approximately HKD 0.047 to approximately HKD 0.117, an increase of about HKD 0.070, consistent with the growth in total loss and comprehensive expenses[24]. - The group incurred a loss of approximately HKD 93,303,000 for the year ending March 31, 2020[178]. Cost Management - The company has intensified cost control measures on raw material procurement and other operational costs, with a downward trend in various costs starting to reflect the effectiveness of these measures[10]. - The company will continue to implement measures to control costs and improve efficiency to maintain profitability and market competitiveness[11]. - The cost of raw materials and consumables decreased from approximately HKD 45.8 million to approximately HKD 34.1 million, a reduction of about 25.6%, primarily due to decreased revenue and enhanced cost control[16]. - Employee costs decreased from approximately HKD 53.4 million to approximately HKD 45.3 million, a decline of about 15.1%, attributed to a reduction in employee numbers and adjustments in salary levels[17]. - The group faces risks related to rental expenses, raw material costs, and employee costs, which constitute a large portion of its operating costs[44]. Share Issuance and Financial Position - The net proceeds from the share issuance during the IPO were approximately HKD 42.3 million, which will be utilized according to the business strategies outlined in the prospectus[14]. - The actual net proceeds from the share issuance were approximately HKD 42.3 million, lower than the estimated figure in the prospectus, with actual usage adjusted accordingly[25]. - As of March 31, 2020, the group's total assets were approximately HKD 9.0 million, down from approximately HKD 65.0 million in the previous year, with a current ratio of approximately 0.1 times[29]. - The total borrowings as of March 31, 2020, were approximately HKD 2.6 million, significantly reduced from approximately HKD 21.5 million in the previous year, with an effective annual interest rate of 6.50%[33]. - The group is actively seeking potential buyers or investors for underperforming restaurants and is considering placing new shares to improve cash flow and reduce debt burden[43]. Corporate Governance - The board of directors consists of four executive directors and three independent non-executive directors, ensuring a diverse range of business experience and expertise[143]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[139]. - The audit and risk management committee has reviewed the accounting principles and policies adopted by the group for the financial year ending March 31, 2020[128]. - The company encourages continuous professional development for directors to ensure they are updated on the latest regulatory developments and the group's performance[147]. - The board confirmed that there are no significant uncertainties regarding the company's ability to continue as a going concern[173]. Impact of COVID-19 - The group’s operations are significantly impacted by COVID-19, with management implementing cost control measures that are beginning to show results[43]. - The company’s future performance is significantly influenced by the impact of COVID-19, with ongoing monitoring of market developments and financial implications[125]. - Management is negotiating with bondholders to extend the maturity of two unsecured bonds totaling HKD 12,000,000 to alleviate immediate debt burdens[180]. Management and Experience - Dr. Chen has over 20 years of experience in the oil and gas industry and business management[53]. - Mr. Yao has approximately 30 years of experience in the construction industry, overseeing compliance and corporate governance matters[54]. - Mr. Chan has around 20 years of business management experience, previously serving as General Manager at a plastic and hardware products company[55]. - Mr. Wang has nearly 30 years of experience in auditing, internal control, financial management, and capital markets[56]. - Mr. Zhu has over 10 years of experience in accounting and auditing, currently serving as the Group's Financial Director[59]. Legal and Compliance - The company has complied with all relevant laws and regulations affecting its business operations during the reporting period[120]. - There are no significant legal proceedings or arbitrations involving the company as of March 31, 2020[119]. - The company confirmed compliance with the non-competition agreement as of March 31, 2020[109]. Employee and Operational Metrics - As of March 31, 2020, the total number of full-time and part-time employees was 137, a decrease from 241 in 2019[92]. - Total employee costs, including director remuneration, amounted to approximately HKD 45.3 million for the year ended March 31, 2020, down from approximately HKD 53.4 million in 2019[92]. - The company has not reported any distributable reserves as of March 31, 2020, compared to approximately HKD 3.6 million in the previous year[80].

Financial Performance - For the three months ended December 31, 2019, the company's revenue was HKD 23,405,000, a decrease of 30.2% compared to HKD 33,569,000 for the same period in 2018[2]. - For the nine months ended December 31, 2019, the company's revenue was HKD 84,340,000, down 9.4% from HKD 92,747,000 in the same period of 2018[2]. - The company reported a net loss of HKD 6,299,000 for the three months ended December 31, 2019, compared to a loss of HKD 8,572,000 for the same period in 2018, representing a 26.5% improvement[2]. - The net loss for the nine months ended December 31, 2019, was HKD 26,785,000, which is a 12.4% increase from a loss of HKD 23,794,000 in the same period of 2018[2]. - Basic loss per share for the three months ended December 31, 2019, was HKD 0.79, an improvement from HKD 1.07 in the same period of 2018[2]. - Basic loss per share for the nine months ended December 31, 2019, was HKD 3.35, compared to HKD 2.98 for the same period in 2018[2]. - The total comprehensive loss attributable to owners of the company for the nine months ended December 31, 2019, was HKD 26,785,000, compared to HKD 23,836,000 for the same period in 2018[3]. - The company's accumulated losses as of December 31, 2019, reached HKD 90,738,000, reflecting the ongoing financial challenges faced[3]. Revenue and Cost Analysis - The company's food and beverage revenue for the three months ended December 31, 2019, was HKD 23,255,000, down from HKD 33,380,000 in the same period of 2018, representing a decrease of approximately 30.3%[15]. - For the nine months ended December 31, 2019, the company's revenue decreased by approximately HKD 8,400,000, or 9.1%, to HKD 84,300,000 from HKD 92,700,000 for the same period in 2018[19]. - The cost of materials and consumables used decreased to approximately HKD 28,800,000 for the nine months ended December 31, 2019, from HKD 33,400,000 in the same period of 2018, a reduction of about 13.5%[21]. - Employee costs slightly decreased to approximately HKD 38,100,000 for the nine months ended December 31, 2019, compared to HKD 38,400,000 in the same period of 2018[22]. - Depreciation increased significantly to approximately HKD 18,600,000 for the nine months ended December 31, 2019, from HKD 5,900,000 in the same period of 2018, an increase of approximately 214.7%[23]. - Rental and related expenses decreased sharply to approximately HKD 6,200,000 for the nine months ended December 31, 2019, from HKD 22,500,000 in the same period of 2018, a reduction of about 72.5%[24]. Operational Changes and Future Outlook - The decrease in revenue was primarily attributed to recent social events in Hong Kong since June 2019[20]. - The overall economic environment in Hong Kong is expected to remain unstable in the second half of the fiscal year, posing challenges for the group[28]. - Management has intensified control over raw material procurement and other operational costs, with a downward trend in various costs starting to reflect the effectiveness of these measures[28]. - The group has ceased operations of a Japanese restaurant in Central due to intense competition and relocated a vegetarian restaurant to a less competitive area, anticipating improved performance post-relocation[28]. - The group is optimistic about restaurant performance and aims to overcome current obstacles and achieve breakthroughs in the near future[28]. - The group is actively seeking opportunities to expand its restaurant network and geographic coverage[28]. Corporate Governance and Compliance - The company has a share capital of HKD 8,000,000 and a share premium of HKD 60,304,000 as of December 31, 2019[3]. - Major shareholders include JSS Group with 486,720,000 shares (60.84%) and J & W Group with 61,568,000 shares (7.70%) as of December 31, 2019[36]. - The company adopted HKFRS 16 "Leases" effective from April 1, 2019, which impacted the measurement of lease liabilities and right-of-use assets[14]. - As of December 31, 2019, the group did not hold any significant investments or contingent liabilities[31][32]. - No significant events requiring disclosure occurred after December 31, 2019, up to the report date[29]. - The company did not purchase, sell, or redeem any of its listed securities during the nine months ending December 31, 2019[40]. - There are no known interests held by directors or major shareholders that would create a conflict of interest with the group's business as of December 31, 2019[41]. - The company has adopted a code of conduct for directors' securities trading, compliant with GEM Listing Rules, with no non-compliance reported as of December 31, 2019[45]. - The Audit and Risk Management Committee, consisting of three independent non-executive directors, is responsible for monitoring compliance with applicable laws and regulations, reviewing internal control reports, and overseeing financial reporting processes[48]. - The company has confirmed compliance with the corporate governance code, with no deviations reported except for the dual role of the chairman and CEO, which the board believes serves the best interests of the group[47]. - The unaudited third-quarter results for the nine months ending December 31, 2019, were reviewed and confirmed to comply with applicable accounting principles and regulations[50].

Financial Performance - The group recorded unaudited revenue of approximately HKD 60,900,000 for the six months ended September 30, 2019, an increase of about 3.0% compared to HKD 59,200,000 for the same period in 2018[3]. - The group reported an unaudited loss attributable to owners of the company of approximately HKD 20,500,000 for the six months ended September 30, 2019, compared to a loss of HKD 15,200,000 for the same period in 2018[3]. - For the three months ended September 30, 2019, the group recorded unaudited revenue of approximately HKD 26,700,000, a decrease of 7.9% from HKD 29,000,000 for the same period in 2018[3]. - The group incurred a loss before tax of approximately HKD 20,486,000 for the six months ended September 30, 2019, compared to a loss of HKD 15,222,000 for the same period in 2018[4]. - The basic loss per share for the six months ended September 30, 2019, was HKD 2.56, compared to HKD 1.90 for the same period in 2018[4]. - The total comprehensive loss increased from approximately HKD 15,200,000 to approximately HKD 20,500,000, an increase of about HKD 5,300,000[78]. - The company reported a loss attributable to owners of the company of HKD 20,486,000 for the six months ended September 30, 2019, compared to a loss of HKD 15,222,000 in the same period of 2018, reflecting a deterioration of 34.8%[52]. - Basic and diluted loss per share for the six months ended September 30, 2019, was HKD 2.56, compared to HKD 1.90 for the same period in 2018, indicating a decline of 34.7%[52]. Assets and Liabilities - The total assets less current liabilities amounted to HKD 52,999,000 as of September 30, 2019, compared to HKD 21,224,000 as of March 31, 2019[5]. - The group’s total liabilities increased to HKD 49,386,000 as of September 30, 2019, compared to HKD 43,821,000 as of March 31, 2019[6]. - The group’s equity attributable to owners of the company decreased to HKD 7,814,000 as of September 30, 2019, from HKD 11,923,000 as of March 31, 2019[6]. - The company’s current liabilities exceeded current assets by approximately HKD 25,533,000 as of September 30, 2019[19]. - The group’s bank borrowings totaled approximately HKD 9.2 million as of September 30, 2019, down from HKD 23 million as of March 31, 2019[86]. - The group’s asset-liability ratio was approximately 1.2 times as of September 30, 2019, compared to 1.9 times as of March 31, 2019[86]. Cash Flow and Financing - The group’s cash and cash equivalents increased to HKD 10,609,000 as of September 30, 2019, from HKD 1,875,000 as of March 31, 2019[5]. - The company recorded a net cash inflow from financing activities of HKD 8,182,000 for the reporting period[12]. - Total bank borrowings and overdrafts amounted to HKD 9,251,000, with plans to repay within the next twelve months[19]. - The actual net proceeds from the share offering amounted to approximately HKD 42.3 million, which is lower than the estimated figure in the prospectus[82]. - The financing costs for the period were HKD 1,410,000, contributing to the overall financial burden on the company[34]. - The financing costs for the six months ended September 30, 2019, amounted to HKD 1,410,000, compared to HKD 338,000 in the same period of 2018, representing a substantial increase of 317.7%[47]. Revenue Streams - Restaurant service revenue for the six months ended September 30, 2019, was HKD 59,563 thousand, a slight increase from HKD 58,812 thousand in the same period of 2018[31]. - Membership fee income increased to HKD 452 thousand for the six months ended September 30, 2019, compared to HKD 366 thousand in the same period of 2018[31]. - The group reported a total revenue of HKD 60,935 thousand for the six months ended September 30, 2019, up from HKD 59,178 thousand in the previous year[31]. - Revenue from external customers for the six months ended September 30, 2019, was HKD 60,935,000, an increase from HKD 59,178,000 in the same period of 2018, representing a growth of 2.96%[43]. - The "三希樓" segment generated external revenue of HKD 36,492,000, while the "心齋" segment contributed HKD 3,867,000, and "浪人中環" generated HKD 1,726,000[34]. - The "滿江紅" segment reported external revenue of HKD 6,481,000, and the "食材貿易" segment contributed HKD 920,000, highlighting diverse revenue streams[34]. Operational Costs - Employee costs rose from approximately HKD 24,300,000 for the six months ended September 30, 2018, to approximately HKD 27,500,000 for the six months ended September 30, 2019, an increase of about 12.9%[72]. - Depreciation expenses surged from approximately HKD 3,600,000 to approximately HKD 12,300,000, marking an increase of about 242.8%[73]. - Rental and related expenses decreased significantly from approximately HKD 14,400,000 to approximately HKD 4,700,000, a reduction of about 67.1%[74]. - The company’s total expenses for materials and consumables slightly decreased from approximately HKD 21,400,000 to approximately HKD 21,300,000, a reduction of about 0.4%[71]. Corporate Governance - The company has adopted a code of conduct for directors' securities trading, compliant with GEM Listing Rules, with no non-compliance reported for the six months ending September 30, 2019[117]. - 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[118]. - The Audit and Risk Management Committee, composed of three independent non-executive directors, has been established to oversee compliance with applicable laws and regulations[120]. - The committee has reviewed the unaudited interim results for the six months ending September 30, 2019, confirming compliance with applicable accounting principles and regulations[120]. Future Outlook - The overall economic environment in Hong Kong is expected to remain unstable in the second half of the fiscal year, posing challenges for the company[100]. - The company has intensified control over raw material procurement and other operational costs, leading to a downward trend in various costs[100]. - The company is optimistic about the performance of its restaurants and aims to overcome current challenges and achieve breakthroughs in the near future[100]. - The company is actively seeking opportunities to expand its restaurant network and considering the possibility of geographic expansion[100].

Financial Performance - Revenue for the three months ended June 30, 2019, was HKD 34,223,000, an increase of 13.6% compared to HKD 30,160,000 for the same period in 2018[3] - Other income increased to HKD 96,000 from HKD 45,000, representing a growth of 113.3% year-over-year[3] - The pre-tax loss for the period was HKD 7,519,000, compared to a loss of HKD 6,239,000 in the previous year, representing a deterioration of 20.5%[3] - The total comprehensive loss for the period was HKD 7,519,000, compared to HKD 6,245,000 in the same period last year, indicating an increase of 20.4%[3] - Basic loss per share was HKD 0.94, compared to HKD 0.78 for the same period in 2018, reflecting a decline of 20.5%[3] - The total loss for the three months ended June 30, 2019, increased to approximately HKD 7,519,000 from HKD 6,245,000 for the same period in 2018[30] Cost and Expenses - The cost of materials and consumables used was HKD 11,399,000, up from HKD 10,770,000, indicating an increase of 5.8%[3] - Employee costs rose to HKD 14,892,000 from HKD 12,244,000, reflecting a 21.6% increase[3] - Depreciation expenses surged to HKD 6,149,000 from HKD 1,765,000, marking a significant increase of 248.5%[3] - The cost of materials used increased by approximately 5.6% to about HKD 11,400,000 from HKD 10,800,000, attributed to operations at the new restaurants[25] - Rental and related expenses decreased by approximately 55.1% to about HKD 3,100,000 from HKD 6,900,000, mainly due to new accounting standards[29] Business Operations - The company continues to focus on providing catering services, with no new products or technologies mentioned in the report[7] - The increase in revenue was primarily due to contributions from two new restaurants, "Man Jiang Hong" in Tsim Sha Tsui and "Xin Zhai" in Taipei, generating approximately HKD 4,000,000 and HKD 2,900,000 respectively[24] - Employee costs rose by approximately 22.1% to about HKD 14,900,000 from HKD 12,200,000, mainly due to hiring for the new restaurants[26] - Depreciation expenses surged by approximately 238.9% to about HKD 6,100,000 from HKD 1,800,000, influenced by renovations and the adoption of new accounting standards[28] - The company did not declare any dividends for the three months ended June 30, 2019, consistent with the same period in 2018[17] - The relocation of "Xin Zhai" in Central is expected to benefit the company by reducing competition and attracting new customers, with reopening planned for August 2019[34] Shareholder Information - Mr. Zhu Jia Hui holds 486,720,000 shares, representing approximately 60.84% of the issued share capital[40] - Mr. Zhu Jian Yuan holds 56,640,000 shares, representing approximately 7.08% of the issued share capital[40] - JSS Group, owned by Mr. Zhu Jia Hui, holds 486,720,000 shares, accounting for 60.84% of the company[45] - J & W Group, owned by Mr. Zhu Jian Yuan, holds 56,640,000 shares, accounting for 7.08% of the company[45] Corporate Governance - The company has adopted a code of conduct regarding securities transactions by directors, compliant with GEM Listing Rules[53] - The company confirmed compliance with the corporate governance code as per GEM Listing Rules[54] - No directors or major shareholders were found to have interests in any business that competes directly or indirectly with the company[49] - The company has established an Audit and Risk Management Committee consisting of three independent non-executive directors to oversee compliance with applicable laws and regulations[56] - The Audit and Risk Management Committee is responsible for reviewing the financial reporting process, risk management procedures, and internal control systems[56] - The company confirmed that the unaudited first-quarter results for the three months ended June 30, 2019, were prepared in accordance with applicable accounting principles and regulations[58] - The chairman and CEO, Mr. Zhu Jiafei, holds both positions to ensure effective implementation of the company's business strategies[55] - The board believes that having Mr. Zhu in both roles is in the best interest of the group, given his deep understanding and extensive experience in the business[55] - The board consists of executive directors and independent non-executive directors, ensuring a balance of power and authority[55] - The company is committed to reviewing its governance structure periodically based on current circumstances[55] - The Audit and Risk Management Committee will consider matters related to external auditors and other responsibilities assigned by the board[56] - The company aims to maintain compliance with the corporate governance code while ensuring effective decision-making processes[55] Miscellaneous - As of June 30, 2019, the company had no significant investments held[37] - The company reported that there were no significant contingent liabilities as of June 30, 2019[38] - There were no purchases, sales, or redemptions of the company's listed securities during the three months ended June 30, 2019[48] - The company will publish its reports on the GEM website and its own website for at least seven days from the publication date[60]

Financial Performance - The total revenue for the fiscal year ending March 31, 2019, was approximately HKD 129.2 million, an increase from HKD 116.1 million in 2018[8]. - The total loss and comprehensive expenses amounted to approximately HKD 37.7 million, significantly up from HKD 21.9 million in 2018, primarily due to new restaurant operating costs and increased employee expenses[8]. - The company reported a revenue increase of approximately HKD 13,100,000, growing from about HKD 116,100,000 in the previous year to approximately HKD 129,200,000, representing an 11.3% growth[12]. - Revenue contributions from new restaurants, including HKD 6,900,000 from "Mian Jiang Hong" in Tsim Sha Tsui and HKD 3,500,000 from "Xin Zhai" in Taipei, significantly boosted overall income[14]. - The total comprehensive loss increased by approximately HKD 15,800,000, from about HKD 21,900,000 to approximately HKD 37,700,000[22]. - Basic loss per share increased from approximately HKD 0.035 to about HKD 0.047, reflecting the overall increase in losses[23]. Operating Costs and Expenses - The increase in operating costs is attributed to the launch of new restaurants, including "Man Jiang Hong" in Tsim Sha Tsui and "Xinzai" in Taipei[8]. - Employee costs rose from approximately HKD 41,300,000 to about HKD 53,400,000, marking a 29.3% increase, primarily due to hiring for new restaurants[16]. - The cost of raw materials and consumables increased by approximately 32.0%, from about HKD 34,700,000 to approximately HKD 45,800,000, driven by the operations of new restaurants[15]. - Depreciation expenses surged by 59.6%, increasing from about HKD 5,700,000 to approximately HKD 9,100,000, due to renovations of new restaurant properties[18]. - Other expenses nearly doubled, rising by 97.4% from approximately HKD 7,700,000 to about HKD 15,200,000, largely due to legal and professional fees post-IPO[21]. Capital and Funding - The company raised approximately HKD 42.3 million from its IPO, which strengthened its financial position for further expansion in the restaurant business[7]. - The net proceeds from the share offering amounted to approximately HKD 42,300,000, which will be allocated according to the adjusted business strategies outlined in the prospectus[25]. - The company plans to utilize the net proceeds for various purposes, including HKD 10,000,000 for the establishment of "Mian Jiang Hong" and HKD 7,800,000 for "Xin Zhai" in Taipei[27]. Assets and Liabilities - As of March 31, 2019, the total assets of the group were approximately HKD 65 million, down from HKD 89.1 million in 2018, with total liabilities and equity at approximately HKD 53.1 million and HKD 11.9 million respectively[29]. - The current ratio as of March 31, 2019, was approximately 0.5, a decrease from 1.5 in 2018[29]. - The net cash used in operating activities was approximately HKD 23.1 million, with bank balances and cash at approximately HKD 1.9 million, down from HKD 52.1 million in 2018[29]. - The total borrowings as of March 31, 2019, were approximately HKD 23 million, compared to HKD 21.7 million in 2018, with interest rates ranging from 3.4% to 6.4%[34]. - The group has committed future minimum lease payments under operating leases amounting to approximately HKD 52.4 million as of March 31, 2019, up from HKD 42.3 million in 2018[37]. Business Operations and Strategy - The company operates six restaurants in Hong Kong, including brands such as "Sanxi Lou," "Xinzai," and "Man Jiang Hong," catering to diverse culinary preferences[9]. - The company is actively seeking opportunities to expand its restaurant network, indicating a focus on growth and market expansion[9]. - The company has diversified its revenue sources through a multi-brand strategy, allowing it to serve different customer tastes and preferences[9]. - The company has ceased operations at its "Ronin Central" restaurant, repurposing the location for "Xinzai Central"[9]. - The group plans to relocate its restaurant "Shin Zai" to a new property, with renovations expected to be completed by August 2019, aiming to enhance customer retention and attract new clients[45]. Corporate Governance and Management - The company has a strong focus on compliance and corporate governance, with independent directors providing independent advice to the board[55]. - The management team includes individuals with diverse backgrounds in finance, management, and engineering, enhancing the company's strategic capabilities[60]. - The company is committed to expanding its market presence and enhancing operational efficiency through experienced leadership[59]. - The board includes members with significant experience in various sectors, ensuring a well-rounded approach to business strategy and governance[54]. - The company has established three board committees: Audit and Risk Management Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of governance[140]. Employee and Stakeholder Relations - The total number of full-time and part-time employees as of March 31, 2019, was 241, an increase from 229 in 2018[96]. - Total employee costs, including director remuneration, amounted to approximately HKD 53.4 million for the year ended March 31, 2019, compared to approximately HKD 41.3 million in 2018[96]. - The company maintains effective communication and good relationships with key stakeholders, including employees, customers, and suppliers[124]. Compliance and Risk Management - The company has established a risk management policy and formal risk assessment system to identify and manage risks[180]. - The internal control system was reviewed and deemed effective, with no significant deficiencies identified as of March 31, 2019[185]. - The external auditor provided audit services amounting to approximately HKD 520,000 and non-audit services totaling HKD 20,000 for the fiscal year ending March 31, 2019[190]. - The company has complied with all relevant laws and regulations affecting its business operations during the reporting period[122]. Shareholder Information - The board of directors did not recommend the payment of a final dividend for the year ended March 31, 2019[41]. - The company confirmed that the financial statements for the year ending March 31, 2019, fairly reflect the group's performance and cash flow[174]. - The company has maintained at least 25% of its total issued shares held by the public as of March 31, 2019, in compliance with GEM listing rules[133].

Revenue Performance - Revenue for the three months ended December 31, 2018, was HKD 33,569,000, representing an increase of 2.6% compared to HKD 32,731,000 for the same period in 2017[5] - Revenue for the nine months ended December 31, 2018, was HKD 92,747,000, up 14.3% from HKD 81,220,000 in the same period of 2017[5] - For the nine months ended December 31, 2018, the company's revenue increased by approximately 14.2% to about HKD 92,700,000 from HKD 81,200,000 for the same period in 2017[19] Losses and Financial Performance - The group reported a loss before tax of HKD 8,572,000 for the three months ended December 31, 2018, compared to a profit of HKD 16,000 for the same period in 2017[5] - The total comprehensive loss for the nine months ended December 31, 2018, was HKD 23,836,000, compared to a loss of HKD 10,671,000 for the same period in 2017[5] - The company reported a loss attributable to owners of approximately HKD 23,800,000 for the nine months ended December 31, 2018, compared to a loss of HKD 10,700,000 for the same period in 2017[25] Earnings Per Share - Basic loss per share for the three months ended December 31, 2018, was HKD 1.07, compared to HKD 0.09 for the same period in 2017[5] Expenses - The group incurred employee costs of HKD 14,024,000 for the three months ended December 31, 2018, an increase of 26.9% from HKD 11,061,000 in the same period of 2017[5] - Employee costs rose to approximately HKD 38,400,000 for the nine months ended December 31, 2018, compared to HKD 28,200,000 for the same period in 2017[23] - The cost of materials and consumables used increased significantly to approximately HKD 33,400,000 for the nine months ended December 31, 2018, up from HKD 21,800,000 for the same period in 2017[22] - The group’s rental and related expenses for the three months ended December 31, 2018, were HKD 8,151,000, up 22.1% from HKD 6,680,000 in the same period of 2017[5] - Rental and related expenses increased to approximately HKD 22,500,000 for the nine months ended December 31, 2018, from HKD 16,900,000 for the same period in 2017[24] Dividends - The group has not declared or proposed any dividends for the nine months ended December 31, 2018[15] Equity and Shareholding - The total equity attributable to owners of the company as of December 31, 2018, was HKD 26,004,000, down from HKD 49,840,000 as of April 1, 2018[6] - As of December 31, 2018, JSS Group Corporation holds 486,720,000 shares, representing 60.84% of the company's total shares[36] - J & W Group Limited owns 56,640,000 shares, accounting for 7.08% of the company's total shares[39] - The total number of shares held by major shareholders includes JSS Group, J & W Group, and Oxlo Corporation, all classified as "long position"[39] Corporate Governance - The company has adopted a code of conduct regarding securities trading by directors, compliant with GEM Listing Rules[46] - There were no reported non-compliance situations regarding the trading standards for directors as of December 31, 2018[46] - The company has confirmed compliance with the corporate governance code as per GEM Listing Rules Appendix 15[47] - No interests were disclosed by directors or major shareholders that could lead to conflicts of interest with the company's business[42] - The company has established an Audit and Risk Management Committee consisting of three independent non-executive directors to oversee compliance with applicable laws and regulations[49] - The Audit and Risk Management Committee is responsible for reviewing the financial reporting process, risk management procedures, and internal control systems[49] Business Strategy and Expansion - The group continues to focus on expanding its restaurant services and enhancing customer experience[9] - The company successfully raised approximately HKD 43,200,000 through a public offering and placement upon listing on GEM on February 13, 2018[20] - The company plans to use part of the listing proceeds to cover the opening costs of the re-launched "Man Jiang Hong" restaurant in Tsim Sha Tsui and to establish a new "Xin Zai" restaurant in Taipei, Taiwan[29] - The company is actively seeking suitable locations in Hong Kong to establish new "Xin Zai" restaurants and plans to relocate some existing restaurants[30] - The company has intensified its marketing efforts, utilizing part of the listing proceeds for this purpose to enhance brand recognition and competitiveness in the restaurant industry[29] Reporting and Compliance - The company confirmed that the unaudited third-quarter results for the nine months ending December 31, 2018, were prepared in accordance with applicable accounting principles and regulations[51] - The chairman and CEO, Mr. Zhu Jiafei, holds both positions to ensure effective implementation of the company's business strategies[48] - The board believes that having Mr. Zhu in both roles is in the best interest of the group, given his deep understanding and extensive experience in the business[48] - The board consists of individuals with diverse professional backgrounds, including three independent non-executive directors, ensuring a balance of power and authority[48] - The company will publish its reports on the GEM website and its own website for at least seven days from the report date[53] Share Transactions - No shares or securities were purchased, sold, or redeemed by the company or its subsidiaries during the nine months ending December 31, 2018[41] - The company has not issued or granted any convertible securities, options, or similar rights during the same period[41]