[Performance Highlights](index=3&type=section&id=HIGHLIGHTS) This section provides a concise overview of the Group's key financial performance indicators for the nine months ended December 31, 2021 Performance Highlights for the Nine Months Ended December 31, 2021 | Metric | For the Nine Months Ended December 31, 2021 | For the Nine Months Ended December 31, 2020 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 191.0 million | Approx. HKD 180.8 million | ▲ 5.6% | | Gross Margin | Approx. 2.8% | Approx. 1.7% | ▲ 1.1 percentage points | | Loss Attributable to Owners of the Company | Approx. HKD 0.8 million | Approx. HKD 3.0 million | ▼ 73.3% | | Dividends | Not Recommended | N/A | - | [Financial Statements](index=4&type=section&id=FINANCIAL%20STATEMENTS) This section presents the Group's unaudited condensed consolidated financial statements, including the statement of profit or loss, statement of changes in equity, and accompanying notes [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the nine months ended December 31, 2021, the Group's revenue increased by 5.6% to HKD 191.0 million, with gross profit significantly rising to HKD 5.428 million, and loss for the period narrowing to HKD 0.833 million due to increased gross profit and reduced administrative expenses Key Data from Consolidated Statement of Profit or Loss (For the Nine Months Ended December 31) | Item | 2021 (HKD '000) | 2020 (HKD '000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 190,952 | 180,798 | ▲ 5.6% | | Gross Profit | 5,428 | 3,053 | ▲ 77.8% | | Administrative and Other Operating Expenses | (6,349) | (7,855) | ▼ 19.2% | | Loss Before Tax | (833) | (3,705) | ▼ 77.5% | | Total Loss for the Period | (833) | (2,986) | ▼ 72.1% | | Basic Loss Per Share (HK cents) | (0.21) | (0.75) | Narrowed by 72% | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) As of December 31, 2021, the Group's total equity slightly decreased to HKD 54.325 million from HKD 55.158 million on April 1, 2021, primarily due to the HKD 0.833 million loss recorded during the period Summary of Changes in Equity (For the Nine Months Ended December 31, 2021) | Item | Amount (HKD '000) | | :--- | :--- | | As at April 1, 2021 (Audited) | 55,158 | | Loss and Total Comprehensive Loss for the Period | (833) | | As at December 31, 2021 (Unaudited) | 54,325 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides key notes to the financial statements, covering general information, accounting policies, revenue breakdown, expense details, taxation, loss per share calculation, and dividend policy, with the Group's principal business being the sale of diesel and related products in Hong Kong, generating almost all revenue from Hong Kong, and no dividends declared during the period [1. General Information](index=6&type=section&id=1.%20GENERAL%20INFORMATION) Sun Kong Holdings Limited, an investment holding company incorporated in the Cayman Islands and listed on GEM since January 8, 2019, primarily engages in the sale of diesel and related products in Hong Kong - The Group's principal business is the sale of diesel and related products in Hong Kong[15](index=15&type=chunk) [2. Basis of Preparation and Principal Accounting Policies](index=7&type=section&id=2.%20BASIS%20OF%20PREPARATION%20AND%20PRINCIPAL%20ACCOUNTING%20POLICIES) These unaudited interim financial statements, reviewed by the Audit Committee, are prepared in accordance with Hong Kong Financial Reporting Standards, with accounting policies consistent with the annual financial statements as of March 31, 2021, and the adoption of new/revised standards having no significant impact on the Group's financial position - The accounting policies adopted in these interim financial statements are consistent with those in the previous annual financial statements, and the adoption of new accounting standards has had no significant impact[25](index=25&type=chunk)[27](index=27&type=chunk) [3. Revenue](index=9&type=section&id=3.%20REVENUE) For the nine months ended December 31, 2021, the Group's total revenue was HKD 191.0 million, with diesel sales of HKD 190.6 million accounting for the vast majority, and all revenue from customer contracts generated in Hong Kong Revenue Breakdown (For the Nine Months Ended December 31) | Revenue Source | 2021 (HKD '000) | 2020 (HKD '000) | | :--- | :--- | :--- | | Diesel Sales | 190,556 | 180,190 | | AdBlue Sales | 396 | 333 | | Ancillary Transportation Services | – | 275 | | **Total** | **190,952** | **180,798** | [4. Loss Before Tax](index=10&type=section&id=4.%20LOSS%20BEFORE%20TAX) During the reporting period, the Group's finance costs increased to HKD 0.193 million from HKD 0.149 million in the prior period, while staff costs totaled approximately HKD 5.374 million, up from HKD 4.957 million, and depreciation of property, plant and equipment slightly decreased - For the nine months ended December 31, 2021, finance costs increased by **29.5%** year-on-year to **HKD 0.193 million**[36](index=36&type=chunk) - Staff costs (including directors' emoluments) increased by **8.4%** year-on-year from **HKD 4.957 million** to **HKD 5.374 million**[36](index=36&type=chunk) [5. Taxation](index=11&type=section&id=5.%20TAXATION) No Hong Kong profits tax provision was made for the Group during the reporting period due to the absence of assessable profits, contrasting with a deferred tax credit of HKD 0.719 million in the prior period - For the three and nine months ended December 31, 2021, no Hong Kong profits tax was incurred as the Group had no assessable profits[39](index=39&type=chunk) [6. Loss Per Share](index=12&type=section&id=6.%20LOSS%20PER%20SHARE) For the nine months ended December 31, 2021, basic and diluted loss per share significantly narrowed to **0.21 HK cents** from **0.75 HK cents** in the prior period, calculated based on a weighted average of **400 million** ordinary shares with no potential ordinary shares issued during the period Loss Per Share Calculation | Item | For the Nine Months Ended December 31, 2021 | For the Nine Months Ended December 31, 2020 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (HKD '000) | (833) | (2,986) | | Weighted Average Number of Ordinary Shares | 400,000,000 | 400,000,000 | [7. Dividends](index=12&type=section&id=7.%20DIVIDENDS) The Board does not recommend the payment of any dividend for the nine months ended December 31, 2021 - The Board does not recommend the payment of dividends for the nine months ended December 31, 2021[43](index=43&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides a detailed discussion and analysis of the Group's business operations, financial performance, and future outlook [Business Review and Future Prospects](index=13&type=section&id=BUSINESS%20REVIEW%20AND%20FUTURE%20PROSPECTS) The Group, primarily engaged in diesel sales in Hong Kong to logistics and construction companies, faced increased procurement costs due to volatile crude oil prices and reduced demand from cross-border logistics due to restrictions, though partially offset by local construction recovery, with future focus on cash flow management amid ongoing COVID-19 uncertainties - Significant fluctuations in crude oil prices led to a substantial increase in diesel procurement costs, putting pressure on operating cash flow[48](index=48&type=chunk) - Cross-border transportation services were restricted due to COVID-19 related customs clearance arrangements, resulting in reduced diesel demand from the logistics sector[49](index=49&type=chunk) - The recovery of Hong Kong's local construction industry stimulated a rebound in diesel demand for construction machinery[50](index=50&type=chunk) - The Group will continue to closely monitor the pandemic's development, focusing on cash flow management, and preparing for business recovery[56](index=56&type=chunk) [Financial Review](index=14&type=section&id=FINANCIAL%20REVIEW) During the review period, the Group's revenue grew by **5.6%** to **HKD 191.0 million**, primarily driven by a **71.3%** increase in average diesel selling price offsetting a **38.1%** volume decrease, leading to a **4.4%** rise in cost of sales, an improved gross margin from **1.7%** to **2.8%**, a **20.3%** reduction in administrative and other operating expenses, and a significant narrowing of net loss from **HKD 3.0 million** to **HKD 0.8 million** [Revenue](index=14&type=section&id=Revenue) For the nine months ended December 31, 2021, the Group's total revenue increased by **5.6%** to **HKD 191.0 million**, primarily driven by a **71.3%** surge in average diesel selling price, which offset a **38.1%** decline in diesel sales volume, with diesel sales remaining the absolute revenue pillar, accounting for **99.8%** Sales Volume and Average Selling Price Changes (For the Nine Months Ended December 31) | Product | Metric | 2021 | 2020 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Diesel | Sales Volume (million liters) | 43.2 | 69.8 | ▼ 38.1% | | | Average Selling Price (HKD/liter) | 4.42 | 2.58 | ▲ 71.3% | | AdBlue | Sales Volume (thousand liters) | 101.6 | 71.5 | ▲ 42.1% | | | Average Selling Price (HKD/liter) | 3.90 | 4.65 | ▼ 16.1% | [Cost of sales](index=15&type=section&id=Cost%20of%20sales) During the reporting period, cost of sales increased by **4.4%** to **HKD 185.5 million**, aligning with revenue growth, with diesel costs comprising **97.1%** of total cost of sales, and the average unit procurement cost of diesel rising by **68.8%** year-on-year, consistent with market trends - Diesel costs accounted for **97.1%** of total cost of sales, amounting to **HKD 180.1 million**[71](index=71&type=chunk) - The average unit procurement cost of diesel increased by **68.8%** from **HKD 2.47 per liter** to **HKD 4.17 per liter**[71](index=71&type=chunk) [Gross profit and gross profit margin](index=17&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Benefiting from revenue growth outpacing cost increases, the Group's gross profit surged by **74.2%** from **HKD 3.1 million** to **HKD 5.4 million**, consequently improving the gross margin from **1.7%** to **2.8%** compared to the prior period Gross Profit and Gross Profit Margin Performance (For the Nine Months Ended December 31) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Gross Profit | Approx. HKD 5.4 million | Approx. HKD 3.1 million | | Gross Margin | Approx. 2.8% | Approx. 1.7% | [Administrative and other operating expenses](index=17&type=section&id=Administrative%20and%20other%20operating%20expenses) The Group effectively controlled operating costs, with administrative and other operating expenses decreasing by **20.3%** year-on-year from **HKD 7.9 million** to **HKD 6.3 million** - Administrative and other operating expenses decreased by **20.3%** from **HKD 7.9 million** in the prior period to **HKD 6.3 million**[80](index=80&type=chunk) [Loss for the period](index=18&type=section&id=Loss%20for%20the%20period) Overall, due to increased gross profit and continuous reduction in operating costs, the Group's net loss for the reporting period significantly narrowed by **73.3%** from **HKD 3.0 million** in the prior period to **HKD 0.8 million** - Net loss decreased from **HKD 3.0 million** to **HKD 0.8 million**, narrowing by **73.3%** year-on-year, primarily attributable to increased gross profit and decreased operating costs[87](index=87&type=chunk) [Capital expenditure and Dividend](index=18&type=section&id=Capital%20expenditure%20and%20Dividend) During the reporting period, the Group's capital expenditure was approximately **HKD 1.1 million**, primarily for the purchase of diesel tank trucks, representing a **62.1%** significant decrease from **HKD 2.9 million** in the prior period, and the Board did not recommend any dividend payment - Capital expenditure decreased by **62.1%** year-on-year to **HKD 1.1 million**, primarily for the purchase of diesel tank trucks[86](index=86&type=chunk) - The Board does not recommend the payment of any dividend for the nine months ended December 31, 2021[88](index=88&type=chunk) [Events after the Reporting Period](index=18&type=section&id=Events%20after%20the%20Reporting%20Period) As of December 31, 2021, the Group could not reliably estimate the ultimate financial impact of the COVID-19 pandemic, and management believes no significant events have occurred after the reporting period that would materially affect the Group's financial performance and operations - Management believes that no significant events requiring disclosure have occurred since December 31, 2021, that could materially affect the Group's financial performance[85](index=85&type=chunk) [Other Important Information](index=19&type=section&id=OTHER%20IMPORTANT%20INFORMATION) This section covers additional crucial information, including the use of proceeds, environmental policies, interests of directors and substantial shareholders, and corporate governance practices [Use of Proceeds](index=19&type=section&id=USE%20OF%20PROCEEDS) The company's net proceeds from listing were approximately **HKD 34.8 million**, with **HKD 27.2 million** utilized and **HKD 7.6 million** remaining unused as of December 31, 2021, primarily allocated for purchasing diesel tank trucks (**HKD 2.6 million**) and upgrading IT systems (**HKD 5.0 million**), expected to be fully utilized by March 31, 2023 Use of Net Proceeds (As of December 31, 2021) | Purpose | Revised Allocation (HKD million) | Actual Utilization (HKD million) | Unutilized Amount (HKD million) | Expected Full Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Purchase of Diesel Tank Trucks | 15.0 | 12.4 | 2.6 | By March 31, 2023 | | Expansion of Workforce | 1.7 | 1.7 | – | N/A | | Upgrade of Information Technology System | 5.0 | – | 5.0 | By March 31, 2023 | | Working Capital | 13.1 | 13.1 | – | N/A | | **Total** | **34.8** | **27.2** | **7.6** | | - Due to project delays, the remaining funds for purchasing diesel tank trucks and upgrading IT systems are now expected to be fully utilized by March 31, 2023[98](index=98&type=chunk) [Environment Policies and Performance](index=21&type=section&id=ENVIRONMENT%20POLICIES%20AND%20PERFORMANCE) The Group prioritizes environmental protection, implementing measures to reduce air pollutant emissions and prevent oil product leaks in compliance with Hong Kong's environmental laws and regulations, with no prosecutions or penalties for environmental breaches as of the reporting date - The Group has implemented various environmental protection measures and continuously monitors its operations to ensure compliance, with no record of violations as of the reporting date[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk) [Interests of Directors, Executives, and Substantial Shareholders](index=22&type=section&id=Interests%20of%20Directors,%20Executives,%20and%20Substantial%20Shareholders) As of December 31, 2021, Mr. Lo Ming Yik, Chairman and Executive Director, held **62.78%** of the issued share capital through his wholly-owned company, Fully Fort Group Limited, with no other directors, executives, or substantial shareholders holding disclosable interests or short positions - Mr. Lo Ming Yik, the Chairman of the Board, holds **62.78%** of the company's shares through a controlled corporation[112](index=112&type=chunk)[116](index=116&type=chunk) - Substantial shareholder Fully Fort Group Limited beneficially owns **62.78%** of the company's shares, being wholly-owned by Mr. Lo Ming Yik[119](index=119&type=chunk)[120](index=120&type=chunk) [Corporate Governance](index=25&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code in Appendix 15 of the GEM Listing Rules during the reporting period, establishing Audit, Nomination, and Remuneration Committees with independent non-executive directors playing key roles, and confirming no competing business from controlling shareholders or directors, while maintaining sufficient public float - The company has adopted a share option scheme, but no share options were granted, exercised, or cancelled during the reporting period[124](index=124&type=chunk)[125](index=125&type=chunk) - The company has established Audit, Nomination, and Remuneration Committees, whose composition and terms of reference comply with corporate governance requirements[133](index=133&type=chunk)[135](index=135&type=chunk)[142](index=142&type=chunk) - The company complied with the provisions of the Corporate Governance Code throughout the reporting period and maintained a sufficient public float[151](index=151&type=chunk)[156](index=156&type=chunk)

Performance Highlights [Performance Highlights](index=3&type=section&id=HIGHLIGHTS) The Group achieved a significant turnaround to profitability for the six months ended September 30, 2021, with total revenue up 6.1%, gross margin doubling to 3.5%, and a net profit of approximately HKD 0.3 million compared to a prior-year loss of HKD 1.2 million, with no interim dividend declared 2021/2022 Interim Performance Highlights | Metric | For the Six Months Ended September 30, 2021 | For the Six Months Ended September 30, 2020 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 133.2 million | Approx. HKD 125.5 million | ▲ 6.1% | | Gross Margin | Approx. 3.5% | Approx. 1.7% | ▲ 1.8 percentage points | | Profit (Loss) Attributable to Owners of the Company | Profit Approx. HKD 0.3 million | Loss Approx. HKD 1.2 million | Turned to Profit | | Proposed Dividend | Not Declared | N/A | - | Condensed Consolidated Financial Statements [Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the six months ended September 30, 2021, the company reported revenue of HKD 133 million, up 6.1%, with gross profit significantly increasing to HKD 4.59 million from HKD 2.07 million, leading to a net profit of HKD 0.25 million and basic earnings per share of 0.06 HK cents, reversing a prior-year loss of HKD 1.21 million Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended September 30) | Item | 2021 (HKD thousands) | 2020 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 133,165 | 125,476 | ▲ 6.1% | | Gross Profit | 4,594 | 2,071 | ▲ 121.8% | | Profit (Loss) Before Tax | 250 | (1,613) | Turned to Profit | | Profit (Loss) for the Period | 250 | (1,211) | Turned to Profit | | Basic Earnings (Loss) Per Share | 0.06 HK cents | (0.30) HK cents | Turned to Profit | [Statement of Financial Position](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of September 30, 2021, the company reported total assets of HKD 76.335 million, total liabilities of HKD 20.927 million, and net assets of HKD 55.408 million, a slight increase from March 31, 2021, with net current assets stable at HKD 46.257 million, and significant growth in trade receivables and payables indicating business expansion Summary of Statement of Financial Position | Item | September 30, 2021 (HKD thousands) | March 31, 2021 (HKD thousands) | | :--- | :--- | :--- | | **Non-current Assets** | 9,227 | 9,687 | | **Current Assets** | 67,108 | 55,185 | | Of which: Trade Receivables | 65,609 | 50,058 | | **Current Liabilities** | 20,851 | 9,415 | | Of which: Trade Payables | 10,623 | 5,033 | | **Net Current Assets** | 46,257 | 45,770 | | **Non-current Liabilities** | 76 | 299 | | **Net Assets** | 55,408 | 55,158 | | **Total Equity** | 55,408 | 55,158 | [Statement of Changes in Equity](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) For the six months ended September 30, 2021, the company's total equity increased from HKD 55.158 million at the beginning of the period to HKD 55.408 million at the end, with this increase solely attributable to the HKD 0.25 million net profit recorded during the period, and no other equity movements - The increase in total equity during the period was solely attributable to the **HKD 0.25 million** profit recorded for the period[13](index=13&type=chunk) [Statement of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) During the reporting period, the company's operating cash flow turned to a net outflow of HKD 3.804 million from a prior-year net inflow of HKD 1.869 million, with investing activities showing a net outflow of HKD 1.031 million, resulting in a negative cash and cash equivalents balance of HKD 4.266 million at period-end primarily due to increased bank overdrafts Condensed Consolidated Statement of Cash Flows (For the Six Months Ended September 30) | Item | 2021 (HKD thousands) | 2020 (HKD thousands) | | :--- | :--- | :--- | | Net Cash From Operating Activities | (3,804) | 1,869 | | Net Cash Used in Investing Activities | (1,031) | (1,877) | | Net Cash Used in Financing Activities | (217) | (209) | | Net Decrease in Cash and Cash Equivalents | (5,052) | (217) | | Cash and Cash Equivalents at End of Period | (4,266) | 409 | Notes to the Condensed Consolidated Financial Statements [General Information and Accounting Policies](index=8&type=section&id=1.%20GENERAL%20INFORMATION%20%26%202.%20BASIS%20OF%20PREPARATION) Sun Kong Holdings Limited, incorporated in the Cayman Islands, primarily sells diesel and related products in Hong Kong, and its unaudited interim financial statements have been reviewed by the audit committee and prepared in accordance with HKAS 34 'Interim Financial Reporting,' maintaining consistent accounting policies with the prior year's financial statements - The company's principal business is the sale of **diesel and related products** in Hong Kong[17](index=17&type=chunk)[20](index=20&type=chunk) - These condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'**[22](index=22&type=chunk) [Revenue and Segment Information](index=11&type=section&id=3.%20REVENUE%20AND%20SEGMENT%20INFORMATION) All company revenue is derived from a single operating segment in Hong Kong, the sale of diesel and related products, with diesel sales contributing HKD 132.9 million, or 99.8% of total revenue, for the six months ended September 30, 2021 Revenue Composition (For the Six Months Ended September 30) | Revenue Source | 2021 (HKD thousands) | 2020 (HKD thousands) | | :--- | :--- | :--- | | Diesel Sales | 132,912 | 125,095 | | AdBlue Sales | 253 | 201 | | Ancillary Transportation Services | – | 180 | | **Total** | **133,165** | **125,476** | - The Group has only one operating and reportable segment, which is the sale of **diesel and related products** in Hong Kong[36](index=36&type=chunk) [Other Income](index=12&type=section&id=4.%20OTHER%20INCOME) During the reporting period, other income significantly decreased from HKD 1.246 million in the prior period to HKD 0.02 million, primarily due to the absence of government grants related to the 'Employment Support Scheme' received in the previous year - Other income significantly decreased, primarily due to **HKD 1.246 million** in government grants received in the prior period, with no such income in the current period[40](index=40&type=chunk) [Taxation](index=14&type=section&id=6.%20TAXATION) No Hong Kong profits tax provision was made as the Group incurred a tax loss during the reporting period, and entities in the Cayman Islands and British Virgin Islands are exempt from income tax - No Hong Kong profits tax provision was made as the Group incurred a **tax loss** for the six months ended September 30, 2021[46](index=46&type=chunk) [Dividends](index=15&type=section&id=7.%20DIVIDENDS) The Board does not recommend the payment of any dividend for the six months ended September 30, 2021, consistent with the prior period's policy - The Board does not recommend the payment of any dividend for the six months ended **September 30, 2021**[50](index=50&type=chunk) [Earnings (Loss) Per Share](index=15&type=section&id=8.%20EARNINGS%20(LOSS)%20PER%20SHARE) For the six months ended September 30, 2021, basic earnings per share were 0.06 HK cents, calculated based on a net profit of HKD 0.25 million and 400 million weighted average ordinary shares, compared to a loss of 0.30 HK cents per share in the prior period, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share Calculation | Item | For the Six Months Ended September 30, 2021 | For the Six Months Ended September 30, 2020 | | :--- | :--- | :--- | | Profit (Loss) Attributable to Shareholders (HKD thousands) | 250 | (1,211) | | Weighted Average Number of Ordinary Shares | 400,000,000 | 400,000,000 | [Trade Receivables](index=18&type=section&id=11.%20TRADE%20RECEIVABLES) As of September 30, 2021, net trade receivables increased to HKD 65.609 million from HKD 50.058 million on March 31, with an increase in receivables over 90 days, and high credit risk concentration as the top five customers accounted for 81% of total receivables - Trade receivables increased from **HKD 50.058 million** to **HKD 65.609 million**[70](index=70&type=chunk) - Credit risk is concentrated, with the largest customer and top five customers accounting for **38%** and **81%** respectively of total trade receivables[74](index=74&type=chunk) [Banking Facility](index=23&type=section&id=19.%20BANKING%20FACILITY) As of September 30, 2021, the Group had a HKD 5 million banking facility, with HKD 4.978 million utilized as bank overdrafts, leaving only HKD 0.022 million unutilized, indicating a very high credit facility utilization rate - As of September 30, 2021, the Group had a banking facility of **HKD 5 million**, with an unutilized amount of **HKD 0.022 million**[99](index=99&type=chunk)[100](index=100&type=chunk) [Events After Reporting Period](index=24&type=section&id=20.%20EVENTS%20AFTER%20REPORTING%20PERIOD) Subsequent to the reporting period, the company's wholly-owned subsidiary, Wing Ko, secured new general banking facilities totaling HKD 11 million from Bank of China (Hong Kong), comprising a HKD 6 million 96-month installment loan and a HKD 5 million renewed bank overdraft, which will significantly improve the company's liquidity position - Subsequent to the reporting period, the company secured new banking facilities totaling **HKD 11 million**, including a **HKD 6 million** installment loan and a **HKD 5 million** bank overdraft[102](index=102&type=chunk)[103](index=103&type=chunk) Management Discussion and Analysis [Business Review and Future Prospects](index=25&type=section&id=BUSINESS%20REVIEW%20%26%20FUTURE%20PROSPECTS) The Group, primarily selling diesel in Hong Kong to logistics and construction companies, faced reduced demand due to volatile crude oil prices and COVID-19 restrictions, but a recovery in local construction activities supported performance, leading to a turnaround to profitability, with future uncertainties from COVID-19 remaining a key challenge requiring close cash flow management for post-pandemic recovery - The Group primarily engages in the sale of **diesel and related products** in Hong Kong, with customers mainly comprising logistics and construction companies[105](index=105&type=chunk) - Significant fluctuations in crude oil prices and the impact of the **COVID-19 pandemic** on cross-border transportation reduced diesel demand from the logistics industry[106](index=106&type=chunk)[107](index=107&type=chunk) - The recovery of Hong Kong's construction industry stimulated a rebound in diesel demand, helping the company achieve a net profit of approximately **HKD 0.3 million** for the six months ended September 30, 2021, compared to a net loss of **HKD 1.2 million** in the prior period[108](index=108&type=chunk)[111](index=111&type=chunk) [Financial Review](index=26&type=section&id=FINANCIAL%20REVIEW) The period's financial performance was driven by 'price up, volume down': despite a 35.8% decrease in diesel sales volume, a 65.7% surge in average selling price boosted total revenue by 6.1% to HKD 133.2 million, with gross margin improving from 1.7% to 3.5% and gross profit increasing by 119.0% to HKD 4.6 million, culminating in a net profit of HKD 0.3 million Sales Volume and Selling Price Changes (For the Six Months Ended September 30) | Item | 2021 | 2020 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Diesel Sales Volume | 31.6 million liters | 49.2 million liters | ▼ 35.8% | | Average Diesel Selling Price | HKD 4.21/liter | HKD 2.54/liter | ▲ 65.7% | - The average unit procurement cost of diesel increased by **61.9%** year-on-year, from **HKD 2.44/liter** to **HKD 3.95/liter**[125](index=125&type=chunk) - Gross profit increased by **119.0%** from **HKD 2.1 million** to **HKD 4.6 million**, with gross margin improving from **1.7%** to **3.5%**[132](index=132&type=chunk) - Administrative and other operating expenses decreased by **10.42%** year-on-year, primarily due to a reduction in bad debt provision[133](index=133&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of September 30, 2021, the Group maintained a sound financial position with net current assets of HKD 46.3 million and a current ratio of 3.2, indicating strong short-term solvency, while a low gearing ratio of 9.0% reflected minimal leverage, with financial resources primarily derived from shareholders' funds Key Liquidity and Capital Resources Indicators (As of September 30, 2021) | Metric | Value | | :--- | :--- | | Net Current Assets | Approx. HKD 46.3 million | | Cash and Bank Balances | Approx. HKD 0.7 million | | Current Ratio | Approx. 3.2 | | Gearing Ratio | Approx. 9.0% | [Use of Proceeds](index=33&type=section&id=USE%20OF%20PROCEEDS) The company, listed in January 2019, had net proceeds of approximately HKD 34.8 million, with HKD 27.2 million utilized and HKD 7.6 million remaining unutilized as of September 30, 2021, noting delays in funds for diesel tank lorries and IT system upgrades, with all unutilized amounts expected to be fully deployed by March 31, 2023 Use of Net Proceeds from Listing (As of September 30, 2021) | Purpose | Revised Allocation (HKD millions) | Actual Usage (HKD millions) | Unutilized (HKD millions) | Expected Full Utilization Date | | :--- | :--- | :--- | :--- | :--- | | Purchase of Diesel Tank Lorries | 15.0 | 12.4 | 2.6 | By March 31, 2023 | | Expansion of Workforce | 1.7 | 1.7 | – | N/A | | Upgrade of Information Technology System | 5.0 | – | 5.0 | By March 31, 2023 | | Working Capital | 13.1 | 13.1 | – | N/A | | **Total** | **34.8** | **27.2** | **7.6** | | Other Information [Interests of Directors and Substantial Shareholders](index=36&type=section&id=Interests%20of%20Directors%20and%20substantial%20shareholders) As of September 30, 2021, Mr. Lo Ming Yik, Chairman and Executive Director, held 251,110,000 shares, representing 62.78% of the issued share capital, through his wholly-owned company Fully Fort Group Limited, making him the controlling shareholder - Executive Director Mr. Lo Ming Yik holds **62.78%** of the company's shares through his wholly-owned company, **Fully Fort Group Limited**[180](index=180&type=chunk)[182](index=182&type=chunk) [Share Option Scheme](index=38&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on December 11, 2018, with no options granted, exercised, lapsed, or cancelled during the reporting period or up to the reporting date, and no outstanding share options as of September 30, 2021 - There was no activity under the share option scheme during the reporting period, and no outstanding share options at period-end[190](index=190&type=chunk) [Corporate Governance](index=39&type=section&id=Corporate%20Governance) The company is committed to maintaining high corporate governance standards, complying with the GEM Listing Rules' Corporate Governance Code, and has established audit, nomination, and remuneration committees, with the unaudited condensed consolidated financial statements for the period reviewed by the audit committee - The company has established an **Audit Committee**, a **Nomination Committee**, and a **Remuneration Committee**, each comprising three independent non-executive directors[198](index=198&type=chunk)[200](index=200&type=chunk)[209](index=209&type=chunk) - This interim financial report is unaudited but has been reviewed by the **Audit Committee**[199](index=199&type=chunk)[218](index=218&type=chunk)

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

Financial Performance - The Group recorded a revenue of approximately HK$240.1 million for the year ended 31 March 2021, representing a decrease of approximately HK$111.0 million or 31.6% compared to HK$351.1 million for the year ended 31 March 2020[14]. - Loss attributable to the owners of the Company was approximately HK$7.5 million for the year ended 31 March 2021, a decrease of approximately HK$9.2 million from a profit of approximately HK$1.7 million for the year ended 31 March 2020[14]. - Revenue from the sale of diesel oil accounted for approximately HK$239.4 million, representing approximately 99.7% of the Group's total revenue for the year ended 31 March 2021[36]. - The sales quantity of diesel oil increased by approximately 7.5% from 81.0 million litres for the year ended 31 March 2020 to 87.1 million litres for the year ended 31 March 2021[38]. - The average selling price of diesel oil decreased by approximately 36.0% from HK$4.30 per litre for the year ended 31 March 2020 to HK$2.75 per litre for the year ended 31 March 2021[42]. - The Group's cost of sales was approximately HK$238.0 million for the year ended 31 March 2021, representing a decrease of 29.7% from HK$338.5 million for the year ended 31 March 2020[44]. - The average unit purchase cost of diesel oil decreased by 35.0% from approximately HK$4.08 per litre for the year ended 31 March 2020 to approximately HK$2.65 per litre for the year ended 31 March 2021[45]. - The Group's gross profit decreased by approximately HK$10.5 million or approximately 83.3%, from HK$12.6 million for the year ended 31 March 2020 to HK$2.1 million for the year ended 31 March 2021[52]. - The net profit margin for the year ended 31 March 2021 was negative 3.12%, compared to a positive 0.48% for the year ended 31 March 2020[58]. - The Group's current ratio was approximately 5.9 as at 31 March 2021, calculated by current assets of approximately HK$55.2 million over current liabilities of approximately HK$9.4 million[60]. - The Group recorded net current assets of approximately HK$45.7 million as at 31 March 2021[59]. - The gearing ratio of the Group as at 31 March 2021 was 2.3%, compared to nil in 2020[66]. Operational Challenges - The Company acknowledges the challenges faced in 2020 due to the COVID-19 pandemic, which disrupted business activities and affected market conditions[14]. - The uncertainty regarding the containment of the COVID-19 pandemic has made the Group's operating environment extremely challenging, prompting a focus on cash flow management and business plan adjustments[29]. - The market demand for diesel oil from the logistics sector was reduced due to the impact of COVID-19 and related anti-epidemic measures[23]. Business Strategy and Future Plans - The Company aims to maintain a steady business scale and improve operational efficiency while adapting to new challenges[17]. - The Group plans to implement business strategies step by step to strengthen its position as an established diesel oil provider in Hong Kong[17]. - The Company is committed to creating long-term shareholder value through its strategic initiatives[17]. - The report emphasizes the importance of operational flexibility in response to market volatility[17]. - The Group has no future plans for material investments or capital assets as of the date of this report[84]. Corporate Governance - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended March 31, 2021[115]. - The Group's corporate governance practices are based on the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules, emphasizing the importance of sound governance for growth and shareholder interests[114]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[122]. - The Board has established three committees: the Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the Company's affairs[132]. - The Company has a strong corporate governance structure to ensure effective oversight of management[158]. - The roles of Chairman and Chief Executive Officer are separated to ensure effective corporate governance[158]. Employee and Manpower Management - The Group has expanded its manpower, with total staff costs for the year ended 31 March 2021 amounting to approximately HK$7.3 million, up from HK$6.6 million in the previous year[108]. - The Group hired one senior accountant and one administrative staff member to support its expanding business[101]. - As of 31 March 2021, the Group engaged a total of 27 employees, an increase from 24 employees as of 31 March 2020[108]. - Total employee costs for the year ended March 31, 2021, were approximately HK$7.3 million, compared to approximately HK$6.6 million for the year ended March 31, 2020, reflecting an increase of about 10.61%[111]. Financial Management and Capital Expenditure - The Group maintained a healthy liquidity position throughout the year ended March 31, 2021, by adopting prudent financial management approaches[75]. - Capital expenditure for the Group decreased by approximately HK$2.6 million or 45.6% to approximately HK$3.1 million compared to the previous year, primarily related to the purchase of diesel tank wagons[83]. - The total actual use of net proceeds up to 31 March 2021 was HK$26.1 million, leaving an unutilized amount of HK$8.7 million[104]. - The net proceeds from the share offer amounted to approximately HK$34.8 million after deducting underwriting commissions and other listing expenses[102]. - As of 31 March 2021, the actual use of net proceeds included HK$11.3 million for the purchase of diesel tank wagons, with an unutilized amount of HK$3.7 million expected to be fully utilized by 31 March 2023[104]. Risk Management - The Group's reliance on a single oil supplier in Hong Kong poses a risk of disruption to diesel oil transportation services[72]. - The Group's earnings and financial condition may be adversely affected by incorrect oil and gas price assumptions used to evaluate projects[72].

[Financial Highlights](index=3&type=section&id=Highlights) The company experienced a significant decline in revenue and gross margin, resulting in a net loss for the nine months ended December 31, 2020 Key Performance Indicators for the Nine Months Ended December 31, 2020 | Metric | Nine Months 2020 | Nine Months 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | approximately **HKD 180.8 million** | approximately **HKD 299.4 million** | -39.6% | | Gross Margin | approximately **1.7%** | approximately **3.8%** | -2.1 percentage points | | (Loss)/Profit Attributable to Owners of the Company | Loss of approximately **HKD 3.0 million** | Profit of approximately **HKD 4.2 million** | -171.4% | - The Board does not recommend the payment of any dividend for the nine months ended December 31, 2020[8](index=8&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the income statement, equity changes, and explanatory notes [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group transitioned from profit to loss, with revenue decreasing by **39.6%** to **HKD 180.8 million** and gross profit declining by **72.8%** to **HKD 3.05 million**, resulting in a net loss of **HKD 2.99 million** Consolidated Statement of Profit or Loss (For the Nine Months Ended December 31) | Item | 2020 ('000 HKD) | 2019 ('000 HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | **180,798** | **299,381** | -39.6% | | Gross Profit | **3,053** | **11,245** | -72.8% | | (Loss)/Profit Before Tax | **(3,705)** | **4,794** | From Profit to Loss | | (Loss)/Profit and Total Comprehensive (Loss)/Income for the Period | **(2,986)** | **4,221** | From Profit to Loss | | Basic (Loss)/Earnings Per Share (HK cents) | **(0.75)** | **1.06** | From Profit to Loss | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The Group's total equity decreased from **HKD 62.66 million** to **HKD 59.68 million** as of December 31, 2020, primarily due to a **HKD 2.99 million** loss for the period Summary of Changes in Equity | Item | Amount ('000 HKD) | | :--- | :--- | | As at April 1, 2020 (Audited) | **62,661** | | Loss and Total Comprehensive Loss for the Period | **(2,986)** | | As at December 31, 2020 (Unaudited) | **59,675** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's core business of selling diesel and related products in Hong Kong, with **99.7%** of revenue from diesel sales, and confirm no dividend recommendation for the period - The Group is principally engaged in the sale of diesel and related products in Hong Kong[15](index=15&type=chunk) Revenue Composition for the Nine Months Ended December 31, 2020 | Revenue Source | Amount ('000 HKD) | % of Total Revenue | | :--- | :--- | :--- | | Diesel Sales | **180,190** | **99.7%** | | AdBlue Sales | **333** | **0.2%** | | Ancillary Transportation Services | **275** | **0.1%** | | **Total** | **180,798** | **100%** | - The Board does not recommend the payment of any dividend for the nine months ended December 31, 2020[44](index=44&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, future outlook, and detailed financial analysis for the reporting period [Business Review](index=13&type=section&id=Business%20Review) The Group faced significant challenges due to the COVID-19 pandemic, leading to reduced diesel demand from cross-border transportation and construction, resulting in substantial revenue and profit decline despite competitive pricing - The Group's principal business is the sale of diesel and related products in Hong Kong, primarily to logistics and construction companies[48](index=48&type=chunk) - The COVID-19 pandemic led to economic contraction, tightened customs clearance measures between Hong Kong and mainland China, severely impacting cross-border transportation services and reducing diesel demand from the logistics sector[49](index=49&type=chunk)[50](index=50&type=chunk) - Hong Kong government's anti-epidemic measures caused suspension of construction projects, leading to uncertain demand for diesel used in construction machinery[53](index=53&type=chunk) - Despite offering competitive prices to maintain sales volume, declining gross margins and increasing operating costs resulted in a net loss for the reporting period[54](index=54&type=chunk) [Future Prospects](index=14&type=section&id=Future%20Prospects) The Group will closely monitor the COVID-19 pandemic, prioritize cash flow management, adjust business plans for operational stability, and prepare for business recovery while ensuring employee safety - The Group will closely monitor the development of the COVID-19 pandemic, prioritize cash flow management, integrate resources, and adjust business plans to prepare for business recovery[55](index=55&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) The Group's financial performance significantly declined, with total revenue down **39.6%** to **HKD 180.8 million** due to a **41.1%** drop in average diesel selling price, leading to a **72.3%** gross profit decrease and a net loss of **HKD 3.0 million** [Revenue, Sales Volume and Selling Price](index=15&type=section&id=Revenue%2C%20Sales%20quantity%20and%20Selling%20price) For the nine months ended December 31, 2020, Group revenue decreased by **39.6%** to **HKD 180.8 million**, primarily due to a **41.1%** drop in average diesel selling price to **HKD 2.58 per liter**, despite a **2.9%** increase in sales volume Changes in Diesel Sales Volume and Selling Price (For the Nine Months) | Metric | 2020 | 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sales Volume | **69.8 million liters** | **67.8 million liters** | +2.9% | | Average Selling Price | **HKD 2.58/liter** | **HKD 4.38/liter** | -41.1% | [Cost of Sales](index=16&type=section&id=Cost%20of%20sales) Cost of sales decreased by **38.3%** to **HKD 177.7 million**, aligning with revenue decline, as average unit diesel procurement cost fell by **40.6%** in line with market trends - Cost of sales decreased by **38.3%** to **HKD 177.7 million**, consistent with the decline in revenue[69](index=69&type=chunk) - The average unit procurement cost of diesel decreased by **40.6%** from approximately **HKD 4.16 per liter** to approximately **HKD 2.47 per liter**, consistent with market trends[70](index=70&type=chunk) [Gross Profit and Gross Profit Margin](index=17&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Gross profit significantly decreased by **72.3%** to **HKD 3.1 million**, and gross margin sharply declined from **3.8%** to **1.7%** due to competitive pricing in a challenging business environment Changes in Gross Profit and Gross Profit Margin (For the Nine Months) | Metric | 2020 | 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Gross Profit | approximately **HKD 3.1 million** | approximately **HKD 11.2 million** | -72.3% | | Gross Margin | approximately **1.7%** | approximately **3.8%** | -2.1 percentage points | [Loss for the Period](index=19&type=section&id=Loss%20for%20the%20period) The Group recorded a net loss of approximately **HKD 3.0 million** for the period, a **171.4%** decrease from the prior year's net profit of approximately **HKD 4.2 million**, due to adverse business conditions and increased operating costs - For the nine months ended December 31, 2020, the Group recorded a net loss of approximately **HKD 3.0 million**, compared to a net profit of approximately **HKD 4.2 million** in the prior year, representing a **171.4%** decrease[92](index=92&type=chunk) [Use of Proceeds](index=20&type=section&id=Use%20of%20Proceeds) Of the **HKD 34.8 million** net proceeds from the January 2019 listing, **HKD 25.9 million** has been utilized as of December 31, 2020, with the remaining **HKD 8.9 million** for diesel tank trucks and IT system upgrades expected to be fully deployed by March 31, 2021 Use of Net Proceeds (As at December 31, 2020) | Purpose | Revised Allocation (million HKD) | Actual Use (million HKD) | Unutilized Amount (million HKD) | Expected Full Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Purchase of Diesel Tank Trucks | **15.0** | **11.1** | **3.9** | Before March 31, 2021 | | Manpower Expansion | **1.7** | **1.7** | **0** | N/A | | Upgrade of Information Technology System | **5.0** | **0** | **5.0** | Before March 31, 2021 | | Working Capital | **13.1** | **13.1** | **0** | N/A | | **Total** | **34.8** | **25.9** | **8.9** | | [Other Information](index=22&type=section&id=Other%20Information) This section provides details on directors' and shareholders' interests and the company's adherence to corporate governance principles [Interests of Directors and Shareholders](index=23&type=section&id=Interests%20of%20Directors%20and%20Shareholders) As of December 31, 2020, Chairman and Executive Director Mr. Lo Ming Yik held **62.78%** of the company's issued share capital through Fully Fort Group Limited, with no other directors or major shareholders having disclosable interests - Company Chairman Mr. Lo Ming Yik holds **62.78%** of the company's shares through his wholly-owned company, Fully Fort[116](index=116&type=chunk)[118](index=118&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) The company complied with the GEM Listing Rules' Corporate Governance Code during the period, establishing audit, nomination, and remuneration committees with compliant compositions, and the audit committee reviewed the unaudited condensed consolidated financial statements - The company has established an Audit Committee, Nomination Committee, and Remuneration Committee, with compositions compliant with Listing Rules requirements[134](index=134&type=chunk)[141](index=141&type=chunk)[147](index=147&type=chunk) - The unaudited condensed consolidated financial statements for the quarter have been reviewed by the Audit Committee[135](index=135&type=chunk) - The company complied with the provisions of the Corporate Governance Code throughout the reporting period and maintained sufficient public float[154](index=154&type=chunk)[155](index=155&type=chunk)

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

Sun Kong Holdings Limited 申港控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號: 8631 2020/2021 First Quarterly Report 第一季度報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential ris ...

Sun Kong Holdings Limited 申港控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號: 8631 2019/2020 Annual Report 年報 CHARACTERISTICS OF GEM ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of i ...

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

Sun Kong Holdings Limited 申港控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號: 8631 2019/2020 Interim Report 中期報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of inve ...