财华社集团(08317) - 2025 - 年度业绩

Company Profile Finet Group Limited (08317.HK) provides diverse financial and investment services in Hong Kong and China, including financial information, brokerage, and property investment, having terminated its loan business this year - The company was incorporated in the Cayman Islands, later re-domiciled to Bermuda, and its shares are listed on GEM (stock code: 08317)[9] - Principal businesses include financial information, advertising and investor relations services, technology solutions, brokerage, underwriting and asset management services, and property investment[9] - The loan business was terminated during the current year[9] - The Group's headquarters are in Hong Kong, with offices in Beijing and Shenzhen[10] Company Information This section details Finet Group Limited's board members, company secretary, authorized representatives, compliance officer, auditor, registered and head office addresses, website, principal bankers, and stock code, along with changes in committee memberships - The Board of Directors includes Ms. Lo Yuk Yee (Chairperson and Executive Director), Mr. Tai Kwok Leung (Executive Director), and Independent Non-executive Directors Mr. Wong Wai Kin, Mr. Li Chi Hung, and Mr. Tsui Chor Lik (the latter two with appointment changes)[12] - Membership of the Audit, Remuneration, Nomination, and Corporate Governance Committees changed during the reporting period, reflecting adjustments to board composition and governance structure[12] - The Company Secretary is Ms. Cheung Yin, and the Auditor is Ascent Partners CPA Limited[13] - The Company's stock code is 08317, and its website is **www.finet.hk**[13](index=13&type=chunk) Financial Highlights For the year ended March 31, 2025, Group revenue decreased by 22.5% to HK$10,414 thousand, while loss attributable to owners significantly narrowed by approximately 50% to HK$4,261 thousand, with total assets slightly down but net current assets up 37.6% Financial Highlights for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,414 | 13,433 | -22.5% | | Loss for the year attributable to owners of the Company | (4,261) | (8,497) | -49.9% | | Profit for the year attributable to non-controlling interests | 1,194 | 1,216 | -1.8% | | Total assets | 64,774 | 66,114 | -2.0% | | Total liabilities | 23,950 | 22,272 | +7.5% | | Net assets | 40,824 | 43,842 | -6.9% | | Cash and cash equivalents | 9,199 | 8,551 | +7.6% | | Basic and diluted loss per share (HK cents) | 0.43 | 0.91 | -52.8% | Chairman's Statement The Chairman's Statement reviews the Group's performance and strategic adjustments amid Hong Kong's economic transformation and Web3.0 development, highlighting its embrace of digital economy and virtual asset opportunities, AI-powered content creation, and plans to expand into Greater Bay Area and family office services for new revenue growth - Hong Kong's economy is moving towards full recovery, with Web3.0 and virtual asset development presenting significant business opportunities, and the company is preparing to launch more educational courses on digital asset trading and tokenized financing products[15][16] - As a leading provider of investor education and information, the Group leverages AI software to enhance content production, delivering extensive, timely, and accurate financial information, with products focused on short videos, articles, financial data, and analytical reports[17] - For the year ended March 31, 2025, turnover was approximately HK$10,414,000, with steady performance[18] - Future strategies include serving Greater Bay Area investors interested in the Hong Kong financial market, leveraging cross-border financial information service advantages, and collaborating with Invest Hong Kong and other institutions to provide professional services for family offices establishing in Hong Kong as new revenue growth drivers[19] - The Group will increase investment in AI technology, recruit more foreign language editors, and produce more international short videos to meet global new media platform display requirements[20] Management Discussion and Analysis This section details the Group's business overview, financial performance, liquidity, financial resources and capital structure, contingent liabilities, significant investments and disposals, exchange rate risk, employees and remuneration, dividends, and future outlook, noting a 22.5% revenue decrease due to reduced advertising and investor relations services, but a significant narrowing of losses, alongside the disposal of seven inactive subsidiaries and increased bank borrowings - Advertising and investor relations business remains the primary revenue source, with securities brokerage and asset management business revenue significantly increasing to approximately HK$3,002,000 (2024: approximately HK$6,000)[21][25] - For the year ended March 31, 2025, revenue was approximately HK$10,414,000, a year-on-year decrease of approximately 22.5%, primarily due to reduced advertising and investor relations service income[27] - Loss for the year decreased, with consolidated loss attributable to owners of the Company being approximately HK$4,261,000 (2024: approximately HK$8,497,000)[28] - Net current assets increased by 37.6% to HK$29,846 thousand, total assets slightly decreased by 2.0%, and total liabilities increased by 7.5%[29] - The Group disposed of seven inactive subsidiaries, including Finet Asset Management, Finet Corporate Finance, and Finet Finance, to the ultimate controlling shareholder, Ms. Lo, for HK$1 per share[36] - As of March 31, 2025, the Group had 40 full-time employees (2024: 52), with employee benefit expenses decreasing by approximately 17.8%[39][40] - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[43] - In the future, the Group will continue to consolidate its leading position in financial news services, strengthen its market share in the Chinese and Hong Kong media industries, and develop its investor relations business, covering listed companies and pre-IPO projects[45] Board of Directors This section details the biographies of Finet Group Limited's Board members, including Executive Directors Ms. Lo Yuk Yee and Mr. Tai Kwok Leung, and Independent Non-executive Directors Mr. Wong Wai Kin, Mr. Wong Kwok Yin (resigned), Mr. Li Chi Hung (appointed), and Mr. Tsui Chor Lik (appointed), who collectively possess extensive experience in investment, finance, accounting, corporate finance, and education - Ms. Lo Yuk Yee (Chairperson) has over 30 years of experience in cutting-edge technology, venture capital, biotechnology, internet, and finance industries, and serves as an independent non-executive director for other listed companies[48] - Mr. Tai Kwok Leung possesses experience in accounting, corporate finance, and investment, holding SFC Type 1, 4, and 9 regulated activity licenses, and serves as an independent non-executive director for several listed companies[49] - Mr. Wong Wai Kin is a practicing accountant with over 38 years of professional experience in accounting, auditing, taxation, and corporate finance[50] - Mr. Li Chi Hung is a qualified music therapist with experience in biotechnology and international trade, holding an MBA and a Master of Arts in Music Therapy[54][55] - Mr. Tsui Chor Lik has extensive experience in cross-border education resource integration and high-end talent strategic planning, holding a Ph.D. in Physics[57] Corporate Governance Report This report outlines Finet Group Limited's corporate governance practices, covering board structure, director securities dealing rules, committee operations (Audit, Remuneration, Nomination, Corporate Governance), board diversity and nomination policies, director training, auditor's remuneration, risk management and internal controls, whistleblowing and anti-corruption policies, insider information handling, and shareholder rights, demonstrating the company's commitment to high transparency, accountability, and integrity - The Company has complied with all Corporate Governance Code principles and applicable provisions of the GEM Listing Rules, and adopted the required dealing standards for directors' securities transactions[60][61] - The Board held three meetings during the reporting period, with good attendance from directors, and is responsible for overall management, strategy approval, and oversight of management[64][65] - The Audit, Remuneration, Nomination, and Corporate Governance Committees have all been established and fulfilled their duties in accordance with the GEM Listing Rules, ensuring the effectiveness of financial reporting, remuneration, director nominations, and corporate governance[68][71][72][73] - The Company has adopted Board Diversity and Director Nomination Policies to ensure a balanced mix of skills, experience, and diverse perspectives on the Board, and has achieved gender diversity on the Board[75][80] - The Board is responsible for assessing and determining the nature and extent of risks, ensuring the establishment and maintenance of effective risk management and internal control systems, with the Audit Committee reviewing their effectiveness annually[90] - The Company has adopted Whistleblowing and Anti-Corruption Policies, committed to maintaining the highest levels of openness, integrity, and accountability, and has established an Inside Information Disclosure Policy to ensure fair and timely information dissemination[93][94][95] - Shareholders may request an extraordinary general meeting in writing and submit written inquiries to the Company, with all resolutions to be voted on by poll[99][100] Directors' Report The Directors' Report provides a business review, details of principal properties, key risks and uncertainties, legal and regulatory compliance, employee and customer relations, results and appropriations, financial summary, share capital changes, listed shares trading, pre-emptive rights, borrowings and interest capitalization, public float, directors' biographies, remuneration, service agreements, share and related share interests, major shareholders' interests, connected transactions, and auditor changes for the year ended March 31, 2025 - The Group's principal business review is elaborated in the Management Discussion and Analysis section[106] - The Group faces risks from intense competition in the media business and a downturn in financial markets, which it will address by improving its website and mobile applications, recruiting experienced journalists, and strengthening risk management[109] - The Group has complied with relevant laws and regulations and maintains good relationships with employees and customers, motivating employees through career development and communication channels, and obtaining customer feedback[110][111] - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[113] - As of March 31, 2025, Ms. Lo Yuk Yee held 67.38% of the Company's issued shares through beneficial ownership and interests in controlled corporations[126] - Major shareholders include Maxx Capital holding 59.45% of shares, Broadgain International Limited holding 7.06%, and Wang Yuan holding 5.85%[128] - For the year ended March 31, 2025, the auditor changed from Crowe (HK) CPA Limited to Ascent Partners CPA Limited due to a failure to reach a consensus on audit fees[140] Environmental, Social and Governance Report This report discloses Finet Group Limited's Environmental, Social, and Governance (ESG) performance, covering environmental protection, social responsibility, and governance, demonstrating the Group's commitment to sustainable development, reducing environmental impact, safeguarding employee rights, providing training, and adhering to anti-corruption and product responsibility regulations, with detailed social performance data including employee composition, turnover, and training - The Group is committed to sustainable development, complies with environmental laws and regulations, and encourages employees to commute green, reduce business travel, use eco-friendly transportation and cleaning agents to reduce emissions[146][149] Greenhouse Gas Emissions for the Year Ended March 31, 2025 | GHG Emission Type | 2025 (kg CO2e) | 2024 (kg CO2e) | | :--- | :--- | :--- | | Scope 1 Direct Emissions | Zero | Zero | | Scope 2 Indirect Emissions | 75,378.2 | 87,302.8 | | Total | 75,378.2 | 87,302.8 | | Intensity (per employee) | 1,884.5 | 1,678.9 | - The Group manages waste and conserves resources through measures such as paperless office, using recycled paper, and eco-friendly procurement[153][159] - The Group complies with the Employment Ordinance and Labor Law, has established an Employee Handbook, safeguarding employee remuneration and benefits, attendance and leave, recruitment and promotion, and anti-discrimination, while providing a safe and healthy working environment[162][163][164][165][166][168] - The Group provides comprehensive induction training and continuous professional development, strictly prohibits child and forced labor, and is committed to delivering quality products and services, protecting customer privacy and intellectual property rights[169][170][171] - The Group strictly complies with anti-corruption, bribery, extortion, fraud, and money laundering laws and regulations, and encourages employees to participate in community and charitable activities[173][176] Summary of Social Performance Data for the Year Ended March 31, 2025 | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Employees | 40 | 52 | | Turnover Rate | 50.7% | 51.6% | | Percentage of Employees Trained | 8% | 13% | | Average Training Hours for Female Employees | 64.0 | 9.0 | | Average Training Hours for Male Employees | 63.0 | 7.4 | | Average Training Hours for Management | 95.0 | 11.0 | | Average Training Hours for General Employees | 190 | 27.5 | Independent Auditor's Report Independent auditor Ascent Partners CPA Limited issued an unmodified opinion on Finet Group Limited's consolidated financial statements for the year ended March 31, 2025, affirming they present a true and fair view of the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, also highlighting investment property valuation as a key audit matter and outlining auditor responsibilities - The auditor issued an unmodified opinion on the consolidated financial statements, deeming them true and fair and in compliance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[179] - Investment property valuation was identified as a key audit matter due to its significance to the financial statement balances and the material judgments involved in fair value determination[181][182] - The auditor's procedures included understanding management's review process of the valuer's work, assessing the valuer's competence, discussing valuation techniques and input data, and evaluating the reasonableness of key input data[186] - Directors are responsible for preparing true and fair consolidated financial statements and for internal controls; the auditor's objective is to obtain reasonable assurance and identify material misstatements[188][190] Consolidated Statement of Profit or Loss For the year ended March 31, 2025, Group revenue from continuing operations was HK$10,414 thousand, a 22.5% year-on-year decrease, with loss before tax from continuing operations significantly narrowing to HK$3,267 thousand (2024: HK$9,289 thousand), and loss attributable to owners of the Company substantially reduced to HK$4,261 thousand from HK$8,497 thousand last year Key Data from Consolidated Statement of Profit or Loss for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,414 | 13,433 | -22.5% | | Other income and other losses, net | 6,565 | 6,622 | -0.9% | | Employee benefit expenses | (11,172) | (13,595) | -17.8% | | Reversal (provision) for impairment loss on trade receivables | 1,685 | (3,731) | N/A | | Finance costs | (329) | (160) | +105.6% | | Loss before tax from continuing operations | (3,267) | (9,289) | -64.8% | | Income tax credit | 205 | 2,016 | -89.8% | | Loss for the year from continuing operations | (3,062) | (7,273) | -57.9% | | Loss for the year | (3,067) | (7,281) | -57.9% | | Loss for the year attributable to owners of the Company | (4,261) | (8,497) | -49.9% | | Basic and diluted loss per share (HK cents) | (0.43) | (0.91) | -52.8% | Consolidated Statement of Comprehensive Income For the year ended March 31, 2025, the Group's loss for the year was HK$3,067 thousand, with other comprehensive income primarily comprising exchange differences on translation of foreign operations' financial statements, amounting to HK$49 thousand (2024: HK$-115 thousand), and total comprehensive expense for the year significantly reduced to HK$3,018 thousand from HK$7,396 thousand last year Key Data from Consolidated Statement of Comprehensive Income for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Loss for the year | (3,067) | (7,281) | | Exchange differences arising on translation of financial statements of foreign operations | 49 | (115) | | Total comprehensive expense for the year | (3,018) | (7,396) | | Total comprehensive expense for the year attributable to owners of the Company | (4,212) | (8,612) | | Total comprehensive income for the year attributable to non-controlling interests | 1,194 | 1,216 | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HK$64,774 thousand, a slight decrease from last year, with non-current assets primarily comprising HK$23,556 thousand in investment properties, net current assets significantly increasing to HK$29,846 thousand, and total liabilities at HK$23,950 thousand, including new secured borrowings of HK$10,515 thousand Key Data from Consolidated Statement of Financial Position as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | NON-CURRENT ASSETS | | | | | Property, plant and equipment | 557 | 790 | -29.4% | | Right-of-use assets | 2,340 | 4,806 | -51.3% | | Investment properties | 23,556 | 23,900 | -1.4% | | CURRENT ASSETS | | | | | Trade receivables | 1,808 | 5,836 | -69.0% | | Amounts due from related companies | 26,163 | 20,383 | +28.4% | | Cash and cash equivalents | 9,199 | 8,551 | +7.6% | | CURRENT LIABILITIES | | | | | Trade payables | 1,966 | 2,795 | -29.6% | | Contract liabilities | 67 | 1,805 | -96.3% | | Loan from a shareholder | — | 3,600 | -100.0% | | Borrowings | 385 | — | N/A | | NON-CURRENT LIABILITIES | | | | | Borrowings | 10,130 | — | N/A | | Deferred tax liabilities | 5,500 | 5,705 | -3.6% | | TOTAL | | | | | Total assets | 64,774 | 66,114 | -2.0% | | Total liabilities | 23,950 | 22,272 | +7.5% | | Net assets | 40,824 | 43,842 | -6.9% | - As of March 31, 2025, the Group incurred new secured bank borrowings of HK$10,515 thousand, collateralized by investment properties and the personal guarantee of Ms. Lo, the ultimate controlling shareholder[196][392][395] Consolidated Statement of Changes in Equity For the year ended March 31, 2025, equity attributable to owners of the Company decreased from HK$49,318 thousand at the beginning of the year to HK$45,106 thousand, primarily due to a loss for the year of HK$4,261 thousand, while non-controlling interests improved from HK$-5,476 thousand to HK$-4,282 thousand Consolidated Statement of Changes in Equity for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company at beginning of year | 49,318 | 25,746 | | (Loss) profit for the year | (4,261) | (8,497) | | Exchange differences arising on translation of foreign operations | 49 | (115) | | Shares issued after rights issue | — | 33,327 | | Transaction costs attributable to share issue after rights issue | — | (1,143) | | Reversal of lapsed share-based payments | — | — | | Equity attributable to owners of the Company at end of year | 45,106 | 49,318 | | Non-controlling interests at end of year | (4,282) | (5,476) | | Total equity at end of year | 40,824 | 43,842 | Consolidated Statement of Cash Flows For the year ended March 31, 2025, net cash outflow from operating activities was HK$2,145 thousand (2024: net inflow of HK$1,382 thousand), net cash outflow from investing activities was HK$24 thousand, and net cash inflow from financing activities was HK$3,133 thousand, primarily due to new borrowings of HK$11,082 thousand offsetting repayment of shareholder loans and lease liabilities, with cash and cash equivalents increasing to HK$9,199 thousand at year-end Key Data from Consolidated Statement of Cash Flows for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Net cash (used in) from operating activities | (2,145) | 1,382 | | Net cash (used in) from investing activities | (24) | 101 | | Net cash from (used in) financing activities | 3,133 | (801) | | Net increase in cash and cash equivalents | 964 | 682 | | Cash and cash equivalents at end of year | 9,199 | 8,551 | - Operating cash flow shifted from a net inflow to a net outflow, primarily impacted by changes in trade receivables and an increase in amounts due from related companies[202] - Financing cash flow shifted from a net outflow to a net inflow, mainly due to new borrowings of HK$11,082 thousand and the repayment of a HK$3,600 thousand loan from a shareholder[203] Notes to the Consolidated Financial Statements This section provides detailed notes to the consolidated financial statements, covering the Group's general information, accounting policies, financial risk management, key estimates, and detailed breakdowns of income, expenses, assets, liabilities, equity, and cash flows, along with disclosures on related party transactions and contingent liabilities 16.1 General Information Finet Group Limited, incorporated in the Cayman Islands and re-domiciled to Bermuda, is listed on GEM, with Ms. Lo Yuk Yee as the ultimate controlling party, primarily engaged in financial information, advertising, investor relations, technology solutions, brokerage, underwriting, asset management, and property investment, having terminated its loan business this year - The Company was incorporated in the Cayman Islands, later re-domiciled to Bermuda, and its shares have been listed on GEM since January 7, 2005[204][205] - The ultimate controlling party is Ms. Lo Yuk Yee, the Company's Chairperson and Executive Director[204] - Principal businesses include financial information, advertising, investor relations services, technology solutions, brokerage, underwriting, asset management, and property investment, with the loan business terminated during the current year[205] 16.2 Basis of Preparation The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, comply with GEM Listing Rules and the Hong Kong Companies Ordinance disclosure requirements, and are presented on a historical cost basis, except for investment properties measured at fair value - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and comply with the disclosure requirements of the GEM Listing Rules and the Hong Kong Companies Ordinance[207] - Except for investment properties measured at fair value, the statements are prepared on a historical cost basis[208] 16.3 Application of New and Revised Hong Kong Financial Reporting Standards The Group has adopted revised Hong Kong Financial Reporting Standards effective on or after April 1, 2024, including amendments related to lease liabilities in a sale and leaseback and classification of liabilities as current or non-current, which had no significant impact on current or prior period financial performance or position, while newly issued but not yet effective standards, such as HKFRS 18, are not expected to materially affect financial position, though presentation and disclosure impacts are still being assessed - The Group has adopted revised Hong Kong Financial Reporting Standards effective on or after April 1, 2024, but these had no significant impact on financial performance or position[211] - Newly issued but not yet effective HKFRS 18 (Presentation and Disclosure in Financial Statements) is not expected to have a significant impact on financial position, but its presentation and disclosure impacts are still being assessed[212][214] 16.4 Significant Accounting Policies This section details the Group's accounting policies for consolidation, separate financial statements, foreign currency translation, property, plant and equipment, investment properties, impairment of non-financial assets, investments and other financial assets, offsetting financial instruments, trade receivables, cash and cash equivalents, trade and other payables, borrowings, borrowing costs, current and deferred income tax, employee benefits, share-based payments, provisions, revenue recognition, interest income, leases, contingent liabilities and assets, government grants, contract assets and liabilities, and related party transactions - The Group consolidates or de-consolidates subsidiaries upon gaining or losing control, and attributes profit or loss and comprehensive income of subsidiaries[218] - Foreign currency transactions are translated at exchange rates on transaction dates, with exchange gains and losses recognized in the consolidated statement of profit or loss; financial statements of foreign operations are translated at closing or average exchange rates[221][223] - Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment, with depreciation calculated using the straight-line method; investment properties are accounted for at fair value[224][227] - Financial assets are classified as measured at fair value through other comprehensive income or profit or loss, or at amortized cost, with expected credit losses assessed on a forward-looking basis[229][231][235][237][238] - Revenue is recognized when control over goods or services is transferred to the customer, primarily from financial information, advertising, investor relations services, brokerage, underwriting and asset management services, and investment property rentals[262][265][267][268][269] - Leases are recognized as right-of-use assets and corresponding liabilities, measured on a present value basis, and depreciated or recognized as expenses over the lease term[271][275] - Related party transactions are broadly defined to include control or joint control, significant influence, key management personnel, and entities within the same group[285][286] 16.5 Financial Risk Management The Group faces market risks (foreign currency and interest rate risks), credit risk, and liquidity risk, with foreign currency risk primarily from RMB-denominated investment property income deemed immaterial by management, interest rate risk considered insignificant due to low bank balance rates, credit risk managed through regular recoverability reviews, continuous monitoring of receivables, and an expected credit loss model, and liquidity risk managed by maintaining sufficient reserves and borrowing facilities - The Group faces market risks (foreign currency and interest rate risks), credit risk, and liquidity risk, with an overall risk management program designed to mitigate potential adverse effects[287] - Foreign currency risk primarily arises from RMB-denominated investment property income, but management considers the net impact immaterial, with no formal hedging policy currently in place[288] - Interest rate risk is not significant due to low interest rates on bank balances, and management will closely monitor it[289] - Credit risk is managed through regular reviews of financial asset recoverability, continuous monitoring of receivable balances, and the application of an expected credit loss model (including probability of default, loss given default, and exposure at default)[290][291][292][299][300] Loss Allowance for Trade Receivables as of March 31, 2025 | Trade Receivables (excluding related companies) | 0–30 Days (HK$ thousand) | 31–60 Days (HK$ thousand) | 61–90 Days (HK$ thousand) | 91–120 Days (HK$ thousand) | Over 120 Days (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 Gross Carrying Amount | 57 | 15 | 11 | 116 | 7,898 | 8,097 | | 2025 Total Loss Allowance | 16 | 10 | 8 | 98 | 7,898 | 8,030 | | 2025 Expected Credit Loss Rate | 28.38% | 62.32% | 73.51% | 84.99% | 100% | | | 2024 Gross Carrying Amount | 1,191 | — | — | 40 | 9,361 | 10,592 | | 2024 Total Loss Allowance | 339 | — | — | 37 | 9,361 | 9,737 | | 2024 Expected Credit Loss Rate | 28.47% | — | — | 92.92% | 100% | | Expected Credit Loss Allowance for Trade Receivables and Amounts Due from Related Companies as of March 31, 2025 | Metric | Trade Receivables (HK$ thousand) | Amounts Due from Related Companies (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | | April 1, 2023 | 6,854 | 1,625 | 8,479 | | Increase in loss allowance recognized in profit or loss during the year | 3,731 | 889 | 4,620 | | March 31, 2024 and April 1, 2024 | 9,737 | 2,514 | 12,251 | | (Decrease) increase in loss allowance recognized in profit or loss during the year | (1,685) | 552 | (1,133) | | March 31, 2025 | 8,030 | 3,066 | 11,096 | - Liquidity risk is managed by maintaining sufficient reserves and borrowing facilities, continuously monitoring cash flows, and matching the maturity profiles of financial assets and liabilities[304] Maturity Analysis of Financial Liabilities as of March 31, 2025 | Type of Liability | On demand or within 1 year (HK$ thousand) | Over 1 year but within 2 years (HK$ thousand) | Over 2 years but within 5 years (HK$ thousand) | Total Undiscounted Cash Flows (HK$ thousand) | Carrying Amount (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 | | | | | | | Trade payables | 1,966 | — | — | 1,966 | 1,966 | | Accrued expenses and other payables | 3,552 | — | — | 3,552 | 3,552 | | Borrowings | 726 | 713 | 10,517 | 11,956 | 10,515 | | Lease liabilities | 2,381 | — | — | 2,381 | 2,350 | | 2024 | | | | | | | Trade payables | 2,795 | — | — | 2,795 | 2,795 | | Accrued expenses and other payables | 3,503 | — | — | 3,503 | 3,503 | | Amount due to a related company | 5 | — | — | 5 | 5 | | Loan from a shareholder | 3,600 | — | — | 3,600 | 3,600 | | Lease liabilities | 3,240 | 1,829 | — | 5,069 | 4,859 | - The Group monitors capital using the capital gearing ratio, which was 8.98% as of March 31, 2025 (2024: not applicable)[307] 16.6 Critical Accounting Estimates and Judgments Financial statement preparation involves significant management accounting estimates and judgments regarding investment property fair value, financial asset impairment, and impairment of property, plant and equipment and right-of-use assets, which are based on past experience, market conditions, and forward-looking projections, and may be materially affected by changes in assumptions - The fair value of investment properties is determined annually by independent professional valuers, assessed based on market conditions and assumptions[313] - Financial asset impairment provisions are based on assumptions regarding default risk and expected credit loss rates, requiring management judgment based on historical records, market conditions, and forward-looking estimates[314] - Impairment assessment for property, plant and equipment and right-of-use assets involves judgment, including factors affecting asset value, support for recoverable amounts, and key assumptions such as future cash flow projections and discount rates[315] 16.7 Revenue For the year ended March 31, 2025, the Group's total revenue was HK$10,414 thousand, comprising HK$5,925 thousand from advertising and investor relations services, HK$3,002 thousand from brokerage and underwriting commissions (a significant year-on-year increase), and HK$1,298 thousand from investment property rental income, with most revenue recognized at a point in time Revenue Analysis for the Year Ended March 31, 2025 | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Service income from providing financial information services | 189 | 212 | -10.8% | | Advertising and investor relations service income | 5,925 | 12,018 | -50.7% | | Commission income from brokerage and underwriting services | 3,002 | 6 | +49933.3% | | Investment property rental income | 1,298 | 1,197 | +8.4% | | Total | 10,414 | 13,433 | -22.5% | - Of the revenue from contracts with customers, HK$8,927 thousand was recognized at a point in time, and HK$189 thousand was recognized over time[316] 16.8 Other Income and Other Losses, Net For the year ended March 31, 2025, the Group's other income and other losses, net, amounted to HK$6,565 thousand, largely consistent with HK$6,622 thousand in the prior year, primarily comprising HK$6,335 thousand in income from shared administrative expenses and a HK$344 thousand loss from fair value changes of investment properties (2024: HK$3,360 thousand) Other Income and Other Losses, Net for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | 13 | 27 | | Income from shared administrative expenses | 6,335 | 9,077 | | Fair value changes of investment properties | (344) | (3,360) | | Net gain on disposal of property, plant and equipment | 1 | 152 | | Government grants | — | 395 | | Miscellaneous income | 560 | 331 | | Total | 6,565 | 6,622 | - Loss from fair value changes of investment properties significantly decreased from HK$3,360 thousand in 2024 to HK$344 thousand in 2025[318] 16.9 Segment Information The Group has identified three continuing reportable segments: financial information, advertising and investor relations services; securities business; and property investment business, with the loan business discontinued, reporting revenues of HK$6,114 thousand from financial information, advertising and investor relations, HK$3,002 thousand from securities, and HK$1,298 thousand from property investment for the year ended March 31, 2025, with HK$8,971 thousand from Hong Kong and HK$1,443 thousand from China - The Group has identified three continuing reportable segments: financial information, advertising and investor relations services business, securities business, and property investment business; the loan business has been discontinued[320][321] Segment Revenue for the Year Ended March 31, 2025 | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Financial information, advertising and investor relations services business | 6,114 | 12,230 | | Securities business | 3,002 | 6 | | Property investment business | 1,298 | 1,197 | | Total | 10,414 | 13,433 | Revenue by Geographical Region for the Year Ended March 31, 2025 | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 8,971 | 11,701 | | China | 1,443 | 1,732 | | Total | 10,414 | 13,433 | - As of March 31, 2025, revenue from customers C1, D1, E1, and F2 each exceeded 10% of the Group's total sales[329] 16.10 Finance Costs For the year ended March 31, 2025, the Group's finance costs were HK$329 thousand, an increase of 105.6% from HK$160 thousand in the prior year, primarily due to increased interest expenses on borrowings Finance Costs for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on borrowings | 138 | — | N/A | | Interest expense on lease liabilities | 191 | 160 | +19.4% | | Total | 329 | 160 | +105.6% | 16.11 Loss Before Tax from Continuing Operations For the year ended March 31, 2025, loss before tax from continuing operations was HK$3,267 thousand, with major expenses including HK$3,783 thousand for depreciation of right-of-use assets, HK$350 thousand for auditor's remuneration, and HK$134 thousand for expenses related to short-term lease payments Components of Loss Before Tax from Continuing Operations for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Expenses relating to short-term lease payments | 134 | 290 | | Depreciation of property, plant and equipment | 268 | 263 | | Depreciation of right-of-use assets | 3,783 | 3,889 | | Direct operating expenses arising from investment properties that generated rental income | 118 | 120 | | Auditor's remuneration | 350 | 500 | 16.12 Income Tax Credit For the year ended March 31, 2025, the Group received an income tax credit of HK$205 thousand (2024: HK$2,016 thousand), primarily from deferred tax credits, with no tax provision made for Hong Kong and PRC subsidiaries due to absence of assessable profits, and deferred tax assets unrecognized due to uncertainty regarding future utilization of tax benefits Income Tax Credit for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deferred tax | (205) | (2,016) | | Income Tax Credit | (205) | (2,016) | - No tax provision was made for Hong Kong and PRC subsidiaries due to the absence of assessable profits[333] - Deferred tax assets were not recognized due to uncertainty regarding future utilization of tax benefits, including unutilized tax losses of approximately HK$206,412 thousand in Hong Kong and approximately HK$26,926 thousand in the PRC[396] 16.13 Loss Per Share For the year ended March 31, 2025, basic and diluted loss per share was 0.43 HK cents (2024: 0.91 HK cents), reflecting a significant narrowing of loss, with no dilutive effect from share options this year as their exercise price exceeded the Company's share price Loss Per Share for the Year Ended March 31, 2025 | Metric | 2025 (HK cents) | 2024 (HK cents) (Restated) | | :--- | :--- | :--- | | Basic loss per share (from continuing operations) | (0.43) | (0.91) | | Basic loss per share (from discontinued operations) | — | — | | Basic Loss Per Share | (0.43) | (0.91) | | Diluted loss per share | (0.43) | (0.91) | - For the years ended March 31, 2025 and 2024, no dilutive effect arose from the Company's share options as their exercise price was higher than the Company's share price[337] 16.14 Employee Benefit Expenses For the year ended March 31, 2025, the Group's total employee benefit expenses, including directors' and chief executive's emoluments, amounted to HK$11,172 thousand, a 17.8% decrease from HK$13,595 thousand in the prior year, primarily comprising HK$10,374 thousand in salaries and allowances and HK$748 thousand in defined contribution plan contributions Employee Benefit Expenses for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and allowances | 10,374 | 12,487 | -17.0% | | Defined contribution plan contributions | 748 | 1,018 | -26.5% | | Others | 50 | 90 | -44.4% | | Total | 11,172 | 13,595 | -17.8% | 16.15 Directors' and Chief Executive's Emoluments For the year ended March 31, 2025, total emoluments for directors and the chief executive amounted to HK$2,442 thousand (2024: HK$1,758 thousand), with Ms. Lo Yuk Yee's emoluments being HK$1,818 thousand, and the Chief Executive position remaining vacant with its functions shared among Board members Directors' and Chief Executive's Emoluments for the Year Ended March 31, 2025 | Name of Director | Fees (HK$ thousand) | Salaries, allowances and benefits in kind (HK$ thousand) | Defined contribution scheme contributions (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | 2025 | | | | | | Ms. Lo Yuk Yee | — | 1,800 | 18 | 1,818 | | Mr. Tai Kwok Leung | 240 | 240 | — | 480 | | Mr. Wong Wai Kin | — | — | — | — | | Mr. Wong Kwok Yin | 60 | — | — | 60 | | Mr. Yu Kai Yiu | 49 | — | — | 49 | | Mr. Li Chi Hung | 35 | — | — | 35 | | Total | 384 | 2,040 | 18 | 2,442 | | 2024 | | | | | | Ms. Lo Yuk Yee | — | 1,332 | 18 | 1,350 | | Mr. Tai Kwok Leung | 49 | — | — | 49 | | Ms. Chan Wai Kit | 95 | — | — | 95 | | Mr. Wu Chun Yuk | 103 | — | 4 | 107 | | Mr. Wong Wai Kin | — | — | — | — | | Mr. Wong Kwok Yin | 60 | — | — | 60 | | Mr. Yu Kai Yiu | 73 | — | — | 73 | | Mr. Chu Ka Chung | 24 | — | — | 24 | | Total | 404 | 1,332 | 22 | 1,758 | - The Chief Executive position is vacant, with its functions and responsibilities shared among the Board members[342] 16.16 Five Highest Paid Individuals For the year ended March 31, 2025, the Group's five highest paid individuals included two directors, with the remaining three non-director individuals receiving total emoluments of HK$949 thousand (2024: HK$1,786 thousand) Emoluments of Five Highest Paid Individuals (Non-Directors) for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and allowances | 896 | 1,717 | | Defined contribution plan contributions | 53 | 69 | | Total | 949 | 1,786 | - The number of individuals with emoluments ranging from HK$0 to HK$1,000,000 was 3 in 2025 and 4 in 2024[346] 16.17 Property, Plant and Equipment As of March 31, 2025, the Group's net book value of property, plant and equipment was HK$557 thousand, a decrease from HK$790 thousand last year, primarily comprising leasehold improvements, computer equipment, furniture and fixtures, office equipment, and motor vehicles Net Book Value of Property, Plant and Equipment as of March 31, 2025 | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Leasehold improvements | 174 | 337 | | Computer equipment | 191 | 217 | | Furniture and fixtures | 8 | 21 | | Office equipment | 125 | 155 | | Motor vehicles | 59 | 60 | | Total | 557 | 790 | 16.18 Leases As of March 31, 2025, the Group's right-of-use assets (office properties) had a carrying amount of HK$2,340 thousand, with lease liabilities of HK$2,350 thousand, and during the year, depreciation of right-of-use assets was HK$3,783 thousand and interest expense on lease liabilities was HK$191 thousand, with the Group leasing multiple office properties typically for 1 to 2 years Lease-Related Amounts as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Right-of-use assets (office properties) | 2,340 | 4,806 | | Lease liabilities (current) | 2,350 | 3,060 | | Lease liabilities (non-current) | — | 1,799 | | Total Lease Liabilities | 2,350 | 4,859 | Lease-Related Profit or Loss Amounts for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 3,783 | 3,889 | | Interest expense (included in finance costs) | 191 | 160 | | Expenses relating to short-term leases | 134 | 290 | - The Group leases multiple office properties, typically with fixed lease terms of 1 to 2 years, and lease liabilities do not include any renewal or termination options[350] 16.19 Investment Properties As of March 31, 2025, the Group's investment properties had a carrying amount of HK$23,556 thousand, a slight decrease from HK$23,900 thousand last year, primarily due to a HK$344 thousand loss from fair value changes, with these properties located in China, having lease terms of 10 to 50 years, and pledged as collateral for bank borrowings Carrying Amount of Investment Properties as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | At beginning of year | 23,900 | 27,260 | | Fair value changes | (344) | (3,360) | | At end of year | 23,556 | 23,900 | - Investment properties are located in China, with lease terms ranging from 10 to 50 years[353] - As of March 31, 2025, investment properties with a fair value of HK$23,556 thousand were pledged as collateral for the Group's bank borrowings of HK$10,515 thousand[355] - The fair value of investment properties is determined using the direct comparison method, with market unit prices ranging from approximately HK$46,000 to HK$48,000 per square meter[354] 16.20 Intangible Assets As of March 31, 2025, the Group's intangible assets had a carrying amount of zero (2024: zero), primarily comprising trading rights on the Stock Exchange and Hong Kong Futures Exchange Limited, with an impairment loss of HK$950 thousand recognized due to actual performance falling below expectations in 2024 - As of March 31, 2025, the carrying amount of intangible assets was zero, primarily consisting of trading rights on the Stock Exchange and Hong Kong Futures Exchange Limited[360] - For the year ended March 31, 2024, an impairment loss of approximately HK$950 thousand on intangible assets was recognized, primarily due to actual performance falling below management's expectations, leading to a significant decrease in commission and brokerage income and net profit margin[361] 16.21 Statutory Deposits and Other Assets As of March 31, 2025, the Group's total statutory deposits and other assets amounted to HK$155 thousand, consistent with last year, primarily including Stock Exchange compensation fund deposits, HKSCC guarantee fund and admission fees, and stamp duty deposits Statutory Deposits and Other Assets as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | The Stock Exchange of Hong Kong Limited — Compensation fund deposit | 50 | 50 | | Hong Kong Securities Clearing Company Limited — Guarantee fund | 50 | 50 | | Hong Kong Securities Clearing Company Limited — Admission fee | 50 | 50 | | Stamp duty deposit | 5 | 5 | | Total | 155 | 155 | 16.22 General Information of Subsidiaries This section details the Group's subsidiaries as of March 31, 2025, including their place of incorporation, principal business, share capital, and effective equity interest, noting the Group controls the structured entity Shenzhen Finet Think Tank Information Technology Co., Ltd. through contractual arrangements (exclusive call option agreement, nominee agreement, and consultancy and service agreement) for consolidation purposes, and discloses financial details of Modern Television Limited, a non-wholly owned subsidiary with significant non-controlling interests - The Group owns multiple subsidiaries primarily engaged in media, financial information, investment holding, brokerage, underwriting, and asset management services[363][364][365] - The Group controls the structured entity Shenzhen Finet Think Tank Information Technology Co., Ltd. through contractual arrangements, including an exclusive call option agreement, nominee agreement, and consultancy and service agreement, leading to the consolidation of its financial results[366][367][368][370][372] - Modern Television Limited is a non-wholly owned subsidiary with significant non-controlling interests, in which the Company indirectly holds a 50% equity interest, and its profit for the year in 2025 was HK$2,388 thousand[375][376] 16.23 Disposal of Subsidiaries For the year ended March 31, 2025, the Group disposed of its entire equity interest in seven inactive subsidiaries to the ultimate controlling shareholder, Ms. Lo, for a consideration of HK$1 per share, with these subsidiaries having zero net assets at the disposal date and generating no cash inflow/outflow - The Group disposed of its entire equity interest in seven inactive subsidiaries (including Finet Asset Management, Finet Corporate Finance, Finet Finance, etc.) to the ultimate controlling shareholder, Ms. Lo[377] - The disposal consideration was HK$1 per share, with these subsidiaries having zero net assets at the disposal date and generating no cash inflow/outflow[377] 16.24 Discontinued Operations The Group discontinued its loan business segment during the current year due to unfavorable external conditions, continuous losses, and no revenue generation, resulting in a loss for the year from discontinued operations of HK$5 thousand (2024: HK$8 thousand) for the year ended March 31, 2025 - The Group discontinued its loan business segment during the current year due to unfavorable external conditions, continuous losses, and no revenue generation[378] Loss from Discontinued Operations for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Administrative expenses | (5) | (8) | | Loss before tax from discontinued operations | (5) | (8) | | Income tax | — | — | | Loss and total comprehensive expense for the year from discontinued operations | (5) | (8) | 16.25 Trade Receivables As of March 31, 2025, the Group's net trade receivables significantly decreased to HK$1,808 thousand from HK$5,836 thousand last year, with approximately HK$1,741 thousand (2024: HK$4,981 thousand) related to associated companies, and the aging of trade receivables primarily concentrated in over 90 days Trade Receivables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Gross trade receivables | 9,838 | 15,573 | | Less: Impairment loss allowance for trade receivables | (8,030) | (9,737) | | Net | 1,808 | 5,836 | - Approximately HK$1,741 thousand (2024: HK$4,981 thousand) of trade receivables are related to associated companies[380] Aging Analysis of Trade Receivables as of March 31, 2025 | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 Days | 41 | 852 | | 31–60 Days | 6 | — | | 61–90 Days | 3 | — | | Over 90 Days | 1,758 | 4,984 | | Total | 1,808 | 5,836 | 16.26 Prepayments, Deposits and Other Receivables As of March 31, 2025, the Group's total prepayments, deposits, and other receivables amounted to HK$849 thousand, a decrease from HK$1,525 thousand last year, primarily including HK$650 thousand in utilities and other deposits Prepayments, Deposits and Other Receivables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Prepayments | 46 | 253 | | Utilities and other deposits | 650 | 1,245 | | Other receivables | 153 | 27 | | Total | 849 | 1,525 | 16.27 Amounts Due From/(To) Related Companies As of March 31, 2025, the Group's net amounts due from related companies increased to HK$26,163 thousand from HK$20,383 thousand last year, primarily from companies beneficially owned by the ultimate controlling shareholder, Ms. Lo, such as International Finet, Maxx Capital Finance, China-Hong Kong Gold Stock Exchange, and HK100 Research Centre, all being unsecured, interest-free, and repayable on demand Amounts Due from Related Companies as of March 31, 2025 | Name of Related Company | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | International Finet Limited | 2,094 | 1,442 | | Maxx Capital Finance Limited | 5,608 | 4,371 | | China-Hong Kong Gold Stock Exchange Holdings Limited | 4,650 | 3,049 | | Finet Jinsheng Investment Management (Zhuhai) Co., Ltd. | 928 | 927 | | HK100 Research Centre Limited | 11,135 | 9,792 | | HK100 Limited | 19 | 19 | | PR Smart Limited | 1,647 | 783 | | Wai Hip International Investment Limited | 81 | — | | China-Hong Kong Financial Group Limited | 1 | — | | Total amounts due from related companies | 29,229 | 22,897 | | Less: Impairment loss allowance for amounts due from related companies | (3,066) | (2,514) | | Net | 26,163 | 20,383 | - All amounts due from/to related companies are unsecured, interest-free, and repayable/settled on demand[385] 16.28 Cash and Cash Equivalents As of March 31, 2025, the Group's cash and cash equivalents increased to HK$9,199 thousand from HK$8,551 thousand last year, with bank balances earning interest at floating rates and primarily held with reputable banks Cash and Cash Equivalents as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank and cash in hand | 9,199 | 8,551 | - Bank balances earn interest at floating rates based on daily bank deposit rates and are primarily held with reputable banks[386] - Cash and cash equivalents denominated in RMB amounted to HK$1,355 thousand (2024: HK$348 thousand)[387] 16.29 Trade Payables As of March 31, 2025, the Group's total trade payables decreased to HK$1,966 thousand from HK$2,795 thousand last year, comprising HK$147 thousand due to clients from securities brokerage business and HK$1,819 thousand in other trade payables, with the latter primarily concentrated in over 90 days Trade Payables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables from securities brokerage business — Clients | 147 | 168 | | Other trade payables | 1,819 | 2,627 | | Total | 1,966 | 2,795 | Aging Analysis of Other Trade Payables as of March 31, 2025 | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 Days | 30 | 86 | | 31–60 Days | 30 | 103 | | 61–90 Days | 59 | 63 | | Over 90 Days | 1,700 | 2,375 | | Total | 1,819 | 2,627 | 16.30 Contract Liabilities As of March 31, 2025, the Group's contract liabilities significantly decreased to HK$67 thousand from HK$1,805 thousand last year, primarily comprising advances received for advertising and investor relations services, with HK$1,805 thousand of revenue recognized during the current year Contract Liabilities as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Contract liabilities | 67 | 1,805 | - Contract liabilities include advances received for providing advertising and investor relations services, with HK$1,805 thousand of revenue recognized during the current year[390] 16.31 Accrued Expenses and Other Payables As of March 31, 2025, the Group's total accrued expenses and other payables amounted to HK$3,552 thousand, largely consistent with HK$3,503 thousand last year, primarily comprising HK$2,940 thousand in accrued expenses and HK$596 thousand in rental deposits received Accrued Expenses and Other Payables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Rental deposits received | 596 | 488 | | Other payables | 16 | 63 | | Accrued expenses | 2,940 | 2,952 | | Total | 3,552 | 3,503 | 16.32 Borrowings As of March 31, 2025, the Group incurred new secured borrowings of HK$10,515 thousand (2024: zero), with a current portion of HK$385 thousand and a non-current portion of HK$10,130 thousand, maturing on September 30, 2029, bearing a fixed annual interest rate of 3.00%, and collateralized by investment properties and the personal guarantee of Ms. Lo, the ultimate controlling shareholder Borrowings as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Secured borrowings | 10,515 | — | | Classified as: Current | 385 | — | | Classified as: Non-current | 10,130 | — | - The borrowings have a final maturity date of September 30, 2029, and bear interest at a fixed annual rate of 3.00%[392] - The borrowings are secured by the Group's investment properties with a fair value of approximately HK$23,556 thousand and the personal guarantee of Ms. Lo, the ultimate controlling shareholder[395] 16.33 Deferred Tax Liabilities As of March 31, 2025, the Group's deferred tax liabilities were HK$5,500 thousand, a slight decrease from HK$5,705 thousand last year, primarily arising from property revaluation, with deferred tax assets unrecognized due to uncertainty regarding future utilization of tax benefits, including substantial unutilized tax losses in Hong Kong and China Movement in Deferred Tax Liabilities as of March 31, 2025 | Metric | Property revaluation (HK$ thousand) | | :--- | :--- | | April 1, 2023 | 7,721 | | Credited to profit or loss | (2,016) | | March 31, 2024 and April 1, 2024 | 5,705 | | Credited to profit or loss | (205) | | March 31, 2025 | 5,500 | - Deferred tax assets were not recognized due to uncertainty regarding future utilization of tax benefits, including unutilized tax losses of approximately HK$206,412 thousand in Hong Kong and approximately HK$26,926 thousand in the PRC[396] 16.34 Share Capital As of March 31, 2025, the Company's issued and fully paid share capital was HK$9,998 thousand, comprising 999,808,161 shares, consistent with last year, following the issuance of 333,269,387 ordinary shares through a rights issue in 2024, generating total p