GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資該等公司的潛 在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所 主板買賣的證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券 會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，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報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。 本報告的資料乃遵照《聯交所GEM證券上市規則》（「GEM上市規則」）而刊載， 旨在提供有關Top Standard Corporation（「本公司」）的資料；本公司董事（「董 事」）就本報告的資料共同及個別承擔全部責任。各董事作出一切合理查詢後確 認，就彼等所深知及確信，本報告所載資料在各重大方面均準確完整，並無誤 導或欺詐成分，及並無遺漏任何其他事項，以致本報告所載任何陳述或本報告 產生誤導。 董事會（「董事會」）謹此呈報，本公司及其附屬公司（統稱「本集團」） ...

Top Standard Corporation （於開曼群島註冊成立的有限公司） 股份代號：8510 中期報告 2022 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）的特 色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資該等公司的潛 在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所 主板買賣的證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券 會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，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報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。 本報告的資料乃遵照《聯交所GEM證券上市規則》（「GEM上市規則」）而刊載， 旨在提供有關Top Standard Corporation（「本公司」，連同其附屬公司，「本集 團」）的資料；本公司董事（「董事」）就本報告的資料共同及個別承擔全部責任。 各董事作出一切合理查詢後確 ...

Top Standard Corporation （於開曼群島註冊成立的有限公司） 股份代號：8510 2021 年 報 香港聯合交易所有限公司（「聯交所」） GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波動 風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照《聯交所 GEM 證券上市規則》（「GEM 上市規則」）而刊載，旨在提供有關 Top Standard Corporation（「本公司」，連同其附屬公司，「本集團」或「我們」）的資料；本公司董事（「董事」）就本報告的資料共同 及個別承擔全部責任。各董事作出一切合理查詢後確認，就彼等所深知 ...

2021 第三季度 業績報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資該等公司的潛 在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所 主板買賣的證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券 會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，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報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。 本報告的資料乃遵照《聯交所GEM證券上市規則》（「GEM上市規則」）而刊載， 旨在提供有關Top Standard Corporation（「本公司」）的資料；本公司董事（「董 事」）就本報告的資料共同及個別承擔全部責任。各董事作出一切合理查詢後確 認，就彼等所深知及確信，本報告所載資料在各重大方面均準確完整，並無誤 導或欺詐成分，及並無遺漏任何其他事項，以致本報告所載任何陳述或本報告 ...

2021 中期報告 INTERIM REPORT 2021 中期報告 TOP STANDARD CORPORATION 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資該等公司的潛 在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於聯交所 主板買賣的證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券 會有高流通量的市場。 於截至二零二一年六月三十日止六個月： 於截至二零二一年六月三十日止三個月： 中期報告 2021 • TOP STANDARD CORPORATION 2 • 本集團錄得未經審核收益約16,800,000港 元（ 二 零 二 零 年： 14,700,000港元），較截至二零二零年六月三十日止相應期間增加約 14.3%；及 • 本集團錄得未經審核本公司擁有人應佔虧損約1,000,000港元（二零 二零年：50,700,000港元）。 • 本集團錄得未經審核收益約8,700,000港元（二零 ...

2021 第一季度 業績報告 TOP STANDARD CORPORATION • 第一季度業績報告 2021 1 董事會（「董事會」）宣佈，本公司及其附屬公司（統稱「本集團」）截至二零二一 年三月三十一日止三個月之未經審核簡明綜合業績，連同二零二零年同期之未 經審核比較數字載列如下： 未經審核簡明綜合損益及其他全面收入表 截至二零二一年三月三十一日止三個月 截至三月三十一日 | | | 止三個月 | | | --- | --- | --- | --- | | | | 二零二一年 | 二零二零年 | | | | 千港元 | 千港元 | | | 附註 | 未經審核 | 未經審核 | | 持續經營業務 | | | | | 收入 | 5 | 8,022 | 6,308 | | 其他收入 | | 531 | 116 | | 其他虧損 | | (21) | – | | 已使用原材料及耗材 | | (2,449) | (2,288) | | 員工成本 | | (3,577) | (2,866) | | 物業及設備折舊 | | – | (818) | | 使用權資產折舊 | | – | (863) | | 以下各項的減值虧 ...

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].

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].