浙江联合投资(08366) - 2023 - 中期财报

GEM Market Characteristics and Disclaimer The report introduces the GEM market's high-risk nature for small and medium-sized companies, emphasizing potential volatility and liquidity issues, while clarifying that company directors are solely responsible for the report's accuracy - The GEM market targets high-investment-risk small and medium-sized companies, potentially facing high market volatility and low liquidity[1][2][6] - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this report's content; company directors bear full responsibility for its accuracy and completeness[3][4][6] Financial Highlights Revenue grew significantly by 45.4% to HK$67.3 million for the six months ended October 31, 2022, driven by slope works, while loss attributable to owners narrowed to HK$1.6 million 2022 Half-Year Key Financial Data | Metric | Six Months Ended October 31, 2022 (HK$ Million) | Six Months Ended October 31, 2021 (HK$ Million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 67.3 | 46.3 | +45.4% | | Loss Attributable to Owners of the Company | 1.6 | 4.2 | -61.9% | | Basic Loss Per Share (HK Cents) | 0.10 | 0.27 | -62.96% | | Interim Dividend | Not Recommended | Nil | - | Management Discussion and Analysis This section reviews the Group's business, financial position, liquidity, and capital resources, highlighting significant revenue growth and narrowed losses despite market competition and rising costs, alongside negative equity and reduced cash Business Review and Outlook The Group, primarily engaged in Hong Kong construction, anticipates increased demand for slope works from government projects, maintaining cautious optimism despite intense competition and rising subcontracting costs impacting profit margins - The Group's core business involves slope works, foundation works, and general construction in Hong Kong, with its main operating subsidiary, Co-Prosperity Construction Limited, being an approved specialist contractor for public works[13][16] - The Hong Kong construction market faces intense competition and rising operating costs, particularly subcontracting fees, which pressure profit margins[14][16][19][24] - The Hong Kong government's continuous increase in infrastructure projects, especially the Landslip Prevention and Mitigation Programme, is expected to boost demand for slope works, leading the Board to be cautiously optimistic[15][17] Financial Review Total revenue increased by 45.4% to HK$67.3 million, driven by slope works, with gross profit rising to HK$1.0 million and gross margin to 1.6%, while loss attributable to owners narrowed to HK$1.6 million 2022 Half-Year Financial Performance Comparison | Metric | Six Months Ended October 31, 2022 (HK$ Million) | Six Months Ended October 31, 2021 (HK$ Million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 67.3 | 46.3 | +45.4% | | Slope Works Revenue | 67.2 | 46.1 | +45.8% | | Foundation Works Revenue | 0.1 | 0.1 | 0% | | Gross Profit | 1.0 | 0.5 | +100% | | Gross Margin | 1.6% | 1.2% | +0.4 percentage points | | Direct Costs | 66.3 | 45.7 | +45.1% | | Other Income | 1.5 | 0.6 | +150% | | Administrative Expenses | 3.9 | 5.3 | -26.4% | | Finance Costs | 0.2 | 0.1 | +100% | | Loss Attributable to Owners of the Company | 1.6 | 4.2 | -61.9% | - The increase in other income was primarily due to government subsidies and the reversal of a former employee legal claim dispute case[28][33] - The decrease in administrative expenses was mainly due to lower total staff costs and rental expenses[29][34] Liquidity, Financial and Capital Resources As of October 31, 2022, equity attributable to owners deteriorated to negative HK$20.8 million, with cash and bank balances decreasing to HK$8.1 million, and a negative debt-to-equity ratio reflecting an equity deficit 2022 Half-Year Liquidity and Capital Resources | Metric | October 31, 2022 (HK$ Million) | April 30, 2022 (HK$ Million) | Change (HK$ Million) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | -20.8 | -19.2 | -1.6 | | Cash and Bank Balances | 8.1 | 44.8 | -36.7 | | Debt-to-Equity Ratio | -104.0% | -317.7% | +213.7 percentage points | - The Group's debt-to-equity ratio was negative due to an equity deficit at the end of the reporting period[42][47] - At the end of the reporting period, the Group had no asset pledges or significant capital commitments[40][43][46][48] Going Concern Despite net liabilities, losses, and operating cash outflows, the Board adopted the going concern basis and implemented measures to improve working capital and liquidity - The Board acknowledges the net liabilities, losses, and operating cash outflows during the period[49][54] - The Board has adopted the going concern basis and implemented measures to improve working capital and liquidity[49][54] Foreign Exchange Risk The Group's assets and liabilities are primarily denominated in Hong Kong Dollars, resulting in no significant foreign exchange risk exposure - The Group's assets and liabilities are primarily denominated in Hong Kong Dollars, with no significant foreign exchange risk exposure[50][55] Significant Investments Held, Material Acquisitions or Disposals of Subsidiaries and Affiliated Companies As of October 31, 2022, the Group had no other significant investments or capital asset plans beyond those disclosed - As of October 31, 2022, the Group had no other significant investments or capital asset plans[51][56] Contingent Liabilities As of October 31, 2022, the Group had no significant contingent liabilities - As of October 31, 2022, the Group had no significant contingent liabilities[52][57] Employees and Remuneration Policy As of October 31, 2022, the Group had 47 employees, with remuneration policies based on market levels, individual performance, and experience, including salaries and bonuses - As of October 31, 2022, the Group had 47 employees (including directors), an increase from 46 as of April 30, 2022[53][58] - Remuneration policy is determined by market levels, employee performance, qualifications, and experience, including salaries, bonuses, and retirement benefits[53][58] Disclosure of Interests This section details interests and short positions of directors, chief executives, and substantial shareholders, noting no relevant interests for directors and significant holdings by Emperor Securities Limited (50.21%) and Mr. Zhang Yan (10.02%) Directors' and Chief Executives' Interests and Short Positions in Shares, Underlying Shares and Debentures As of October 31, 2022, directors, chief executives, and their associates had no disclosable interests or short positions in the company's shares or debentures - As of October 31, 2022, directors, chief executives, and their associates had no disclosable interests or short positions in the company's shares, underlying shares, or debentures[60][63] Directors' Rights to Acquire Shares or Debentures of the Company During the six months ended October 31, 2022, neither the company nor its subsidiaries entered into arrangements for directors to acquire benefits through shares or debt securities - During the reporting period, neither the company nor its subsidiaries entered into any arrangements enabling directors to acquire benefits through the acquisition of company shares or debt securities[61][64] - Directors, their spouses, or minor children had no rights to subscribe for company shares or debt securities, nor did they exercise any such rights[61][64] Directors' Interests in Contracts During the reporting period, neither the company nor its associated entities entered into any material contracts where directors had a direct or indirect material interest - During the reporting period, neither the company nor its associated parties entered into any material contracts in which any director had a material interest[62][65] Substantial Shareholders and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures As of October 31, 2022, Emperor Securities Limited and its associates held 50.21% of the company's shares, while Mr. Zhang Yan held 10.02% Substantial Shareholder Holdings (As of October 31, 2022) | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Emperor Securities Limited | Beneficial Owner | 792,000,000 | 50.21% | | Emperor Capital Group Limited | Interest of Controlled Corporation | 792,000,000 | 50.21% | | Albert Yeung Capital Holdings Limited | Interest of Controlled Corporation | 792,000,000 | 50.21% | | CDM Trust & Board Services AG | Trustee of a Discretionary Trust | 792,000,000 | 50.21% | | Dr. Yeung Sau Shing, Albert | Founder of a Discretionary Trust | 792,000,000 | 50.21% | | Ms. Luk Siu Man, Semon | Interest of Spouse | 792,000,000 | 50.21% | | Mr. Zhang Yan | Beneficial Owner | 158,000,000 | 10.02% | Other Information This section details corporate governance, securities transactions, and dividend policy, noting no competing interests, no listed securities transactions, compliance with the Corporate Governance Code (with one deviation), and the Audit Committee's review of results Competing Interests During the reporting period, directors, controlling shareholders, and substantial shareholders had no competing interests or conflicts of interest with the Group's business - During the reporting period, directors, controlling shareholders, and substantial shareholders and their associates had no competing interests or concerns regarding conflicts of interest[73][79] Purchase, Sale or Redemption of the Company's Listed Securities During the reporting period and up to the report date, neither the company nor its subsidiaries purchased, sold, or redeemed any company securities - During the reporting period and up to the report date, neither the company nor its subsidiaries purchased, sold, or redeemed any company securities[74][80] Disclosure of Changes in Information of Director No changes in directors' information have occurred since the date of the 2022 annual report, in accordance with GEM Listing Rule 17.50A(1) - No changes in directors' information have occurred since the date of the 2022 annual report[75][81] Corporate Governance Code The company complied with the Corporate Governance Code, except for a deviation from provision A.2.1 regarding directors' legal action insurance, which expired on August 11, 2022 - The company complied with the Corporate Governance Code, but deviated by not arranging appropriate insurance for directors' legal actions, with coverage expiring on August 11, 2022[76][77][82] Code of Conduct Regarding Securities Transactions by Directors The Group adopted a stringent code of conduct for directors' securities transactions, and all directors confirmed compliance during the reporting period - The Group has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance with it[78][83] Dividends The Board does not recommend the payment of any interim dividend for the six months ended October 31, 2022 - The Board does not recommend the payment of an interim dividend for the six months ended October 31, 2022[84][88] Share Option Scheme The company adopted a share option scheme on October 15, 2015, and as of October 31, 2022, no share options remained unexercised - The company adopted a share option scheme in 2015, and as of October 31, 2022, no share options remained unexercised[85][89] Audit Committee The Audit Committee, established on October 14, 2015, and chaired by Mr. Fu Yan Ming, reviewed and approved the unaudited consolidated results, confirming compliance with accounting standards and disclosure requirements - The Audit Committee comprises three independent non-executive directors, with Mr. Fu Yan Ming as chairman, possessing accounting professional qualifications[86][90] - The Audit Committee reviewed the unaudited consolidated results for the period and deemed them compliant with accounting standards and disclosure requirements[87][90] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) This statement presents the unaudited consolidated profit or loss for the three and six months ended October 31, 2022, showing significant revenue growth and a substantial narrowing of losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (HK$ Thousand) | Metric | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 43,391 | 21,182 | 67,307 | 46,258 | | Direct Costs | (42,638) | (20,775) | (66,260) | (45,711) | | Gross Profit | 753 | 407 | 1,047 | 547 | | Other Income | 1,082 | 550 | 1,475 | 630 | | Administrative Expenses | (2,142) | (2,502) | (3,947) | (5,290) | | Finance Costs | 141 | (93) | (179) | (93) | | Loss Before Income Tax | (166) | (1,638) | (1,604) | (4,206) | | Income Tax Expense | – | – | – | – | | Loss and Total Comprehensive Expense for the Period | (166) | (1,638) | (1,604) | (4,206) | | Loss and Total Comprehensive Expense for the Period Attributable to Owners of the Company | (166) | (1,638) | (1,604) | (4,206) | | Basic and Diluted Loss Per Share (HK Cents) | (0.01) | (0.10) | (0.10) | (0.27) | Condensed Consolidated Statement of Financial Position (Unaudited) This statement presents the unaudited consolidated financial position as of October 31, 2022, showing decreased assets, expanded net liabilities, and negative equity attributable to owners of HK$20.8 million Condensed Consolidated Statement of Financial Position Summary (HK$ Thousand) | Metric | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Non-Current Assets | | | | Property, Plant and Equipment | 163 | 302 | | Current Assets | | | | Trade and Other Receivables | 21,033 | 16,512 | | Contract Assets | 3,377 | 9,500 | | Tax Recoverable | 278 | 278 | | Cash and Cash Equivalents | 8,086 | 44,770 | | Current Liabilities | | | | Trade and Other Payables | 47,057 | 85,574 | | Amount Due to Related Company | 6,657 | 4,969 | | Tax Payable | 45 | 37 | | Net Position | | | | Net Current Liabilities | (20,985) | (19,520) | | Net Liabilities | (20,822) | (19,218) | | Equity | | | | Share Capital | 15,772 | 15,772 | | Reserves | (36,594) | (34,990) | | Equity Attributable to Owners of the Company | (20,822) | (19,218) | Condensed Consolidated Statement of Changes in Equity (Unaudited) This statement outlines the unaudited consolidated changes in equity for the six months ended October 31, 2022, showing increased accumulated losses and expanded negative equity attributable to owners Condensed Consolidated Statement of Changes in Equity Summary (HK$ Thousand) | Metric | Share Capital | Share Premium | Share-based Payment Reserve | Merger Reserve | Retained Earnings/(Accumulated Losses) | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 30, 2021 (Audited) | 15,772 | 72,131 | 7,962 | 18,001 | (125,720) | (11,854) | | Loss for the Period | – | – | – | – | (4,206) | (4,206) | | Total Comprehensive Expense for the Period | – | – | – | – | (4,206) | (4,206) | | Release of Forfeited Share Options Reserve | – | – | (7,962) | – | 7,962 | – | | October 31, 2021 (Unaudited) | 15,772 | 72,131 | – | 18,001 | (121,964) | (16,060) | | April 30, 2022 (Audited) | 15,772 | 72,131 | – | 18,001 | (125,122) | (19,218) | | Loss for the Period | – | – | – | – | (1,604) | (1,604) | | Total Comprehensive Expense for the Period | – | – | – | – | (1,604) | (1,604) | | October 31, 2022 (Unaudited) | 15,772 | 72,131 | – | 18,001 | (126,726) | (20,822) | - Share-based payment reserve represents the estimated fair value of share options granted in exchange for services, recognized over the relevant vesting period[99] - Merger reserve represents the difference between the share capital issued by the company for acquiring a subsidiary and the total capital of the acquired subsidiary at the time of reorganization[99] Condensed Consolidated Statement of Cash Flows (Unaudited) This statement presents the unaudited consolidated cash flows for the six months ended October 31, 2022, showing a net cash inflow from operations but a net cash outflow from financing, resulting in a HK$36.7 million net decrease in cash Condensed Consolidated Statement of Cash Flows Summary (HK$ Thousand) | Metric | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 2,728 | (8,135) | | Net Cash Used In Investing Activities | – | – | | Net Cash (Used In)/From Financing Activities | (39,412) | 14,056 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (36,684) | 5,921 | | Cash and Cash Equivalents at Beginning of Period | 44,770 | 25,183 | | Cash and Cash Equivalents at End of Period | 8,086 | 31,104 | - Net cash outflow from financing activities was primarily due to repayment of approximately HK$41.1 million to a director of a subsidiary[101] Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering company information, basis of preparation, accounting policies, financial item analysis, and related party transactions 1. Corporate Information The company, incorporated in the Cayman Islands in 2015 and listed on GEM, experienced a significant change in controlling shareholder, with Emperor Securities Limited becoming the direct controller - The company was incorporated in the Cayman Islands on May 20, 2015, and listed on the GEM of the Hong Kong Stock Exchange on November 2, 2015[102][103] - Due to enforcement actions, the company's controlling shareholder changed, with Emperor Securities Limited becoming the direct controlling company and Albert Yeung Capital Holdings Limited becoming the ultimate controlling company[102][103] - The Group primarily undertakes slope works, foundation works, and other general construction projects in Hong Kong[105][108] 2. Basis of Preparation Interim financial information is prepared under HKAS 34 and GEM Listing Rules on a historical cost basis, with the Board adopting a going concern basis despite net loss and liabilities - Interim financial information is prepared in accordance with HKAS 34 and GEM Listing Rules, using the historical cost convention[106][107][109][115][116] - Despite the Group's net loss, net current liabilities, and net liabilities, the Board adopted the going concern basis and implemented measures to improve its financial position[114][117] 3. Application of New and Amendments to HKFRSs The Group applied new and amended HKFRSs for the first time this interim period, with no significant impact on financial position, performance, or disclosures - The Group first applied several new and amended Hong Kong Financial Reporting Standards, but these had no significant impact on its financial position and performance[119][121] 4. Revenue and Other Income For the six months ended October 31, 2022, total revenue was HK$67.3 million, primarily from slope works, with other income of HK$1.5 million from government grants and a dispute reversal Revenue and Other Income Details (HK$ Thousand) | Item | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Revenue | | | | | | Slope Works | 43,341 | 21,119 | 67,257 | 46,119 | | Foundation Works | 50 | 63 | 50 | 139 | | Other Income | | | | | | Government Grants | 176 | – | 289 | – | | Miscellaneous Income | 906 | 550 | 1,186 | 630 | - The increase in other income was primarily due to government grants (related to the Employment Support Scheme) and the reversal of a former employee legal claim dispute amount[127] 5. Segment Information The Group considers its Hong Kong slope and foundation works as a single operating segment, thus no segment or geographical information is presented, with Customer A and B being major revenue contributors - The Group treats its Hong Kong slope works and foundation works businesses as a single operating segment, thus no segment information is presented[128][130] - Due to business concentration in Hong Kong, no geographical segment information is presented[129][131] Major Customer Revenue (HK$ Thousand) | Customer | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | | Customer A | 28,147 | 6,757 | | Customer B | 29,919 | 35,523 | 6. Finance Costs For the six months ended October 31, 2022, finance costs were HK$0.179 million, primarily interest on amounts due to a related company, an increase from the prior year Finance Costs Details (HK$ Thousand) | Item | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Interest on Amount Due to Related Company | (141) | 93 | 179 | 93 | 7. Loss Before Income Tax For the six months ended October 31, 2022, loss before income tax was HK$1.604 million, primarily driven by staff costs, depreciation, lease expenses, and HK$66.26 million in subcontracting expenses Loss Before Income Tax Composition (HK$ Thousand) | Item | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Total Staff Costs | 1,197 | 1,177 | 2,293 | 3,027 | | Depreciation of Property, Plant and Equipment | 67 | 124 | 139 | 266 | | Expenses Relating to Short-term Leases | 113 | 257 | 225 | 521 | | Subcontracting Expenses (Included in Direct Costs) | 42,638 | 20,775 | 66,260 | 45,711 | 8. Income Tax Expense Hong Kong's two-tiered profits tax system applies 8.25% to the first HK$2 million of profits and 16.5% thereafter; no tax provision was made due to no assessable profits or offset by tax losses - Hong Kong profits tax operates on a two-tiered system, with the first HK$2 million of profits taxed at 8.25% and the remainder at 16.5%[139][141] - For the six months ended October 31, 2022, the Group made no provision for Hong Kong profits tax due to no assessable profits or full offset by tax losses[140][141] 9. Dividend The Board does not recommend the payment of an interim dividend for the six months ended October 31, 2022 - The Board does not recommend the payment of an interim dividend for the six months ended October 31, 2022[143] 10. Loss Per Share For the six months ended October 31, 2022, basic and diluted loss per share attributable to owners narrowed to HK$0.0010, with no dilutive effects from potential ordinary shares Loss Per Share Calculation (HK$ Thousand/Thousand Shares) | Metric | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company Used in Calculating Basic and Diluted Loss Per Share | (166) | (1,638) | (1,604) | (4,206) | | Weighted Average Number of Ordinary Shares Used in Calculating Basic and Diluted Loss Per Share | 1,577,200 | 1,577,200 | 1,577,200 | 1,577,200 | | Basic and Diluted Loss Per Share (HK Cents) | (0.01) | (0.10) | (0.10) | (0.27) | - Basic and diluted loss per share were identical for both periods due to the absence of potential ordinary shares with dilutive effects[146][147] 11. Property, Plant and Equipment During the review period, the Group did not acquire any property, plant, and equipment - During the review period, the Group did not acquire any property, plant, and equipment[147][148] 12. Trade and Other Receivables As of October 31, 2022, total trade and other receivables increased to HK$21.033 million, with trade receivables at HK$10.698 million and an increase in overdue amounts Trade and Other Receivables Analysis (HK$ Thousand) | Item | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Trade Receivables (Net of Allowance for Credit Losses) | 10,698 | 12,746 | | Other Receivables | 13 | 20 | | Prepayments and Deposits | 10,322 | 3,746 | | Total | 21,033 | 16,512 | - The Group typically offers credit terms of 21 to 60 days to customers[151][152] Trade Receivables Aging Analysis (HK$ Thousand) | Aging | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | 0–30 Days | 9,359 | 12,634 | | 31–60 Days | – | – | | 61–90 Days | – | – | | Over 90 Days | 1,339 | 112 | 13. Trade and Other Payables As of October 31, 2022, total trade and other payables significantly decreased to HK$47.057 million, primarily due to repayments to a director of a subsidiary Trade and Other Payables Analysis (HK$ Thousand) | Item | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Trade Payables | 18,281 | 19,272 | | Retention Payables | 2,572 | 2,452 | | Accrued Expenses and Other Payables | 26,204 | 63,850 | | Total | 47,057 | 85,574 | - Accrued expenses and other payables significantly decreased, primarily due to repayment of approximately HK$41.1 million to a director of a subsidiary[157] Trade Payables Aging Analysis (HK$ Thousand) | Aging | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | 0–30 Days | 8,198 | 19,189 | | 31–60 Days | – | – | | 61–90 Days | 9,979 | – | | Over 90 Days | 104 | 83 | 14. Amount Due to Related Company As of October 31, 2022, the company owed approximately HK$6.657 million to a related company at 12% interest, repayable on demand, with the lender now a fellow subsidiary - As of October 31, 2022, the company owed approximately HK$6.657 million to a related company, bearing 12% annual interest and repayable on demand[159][161] - Due to a change in controlling shareholder, the financial institution providing the loan has become a fellow subsidiary of the company[159][161] 15. Share Capital As of October 31, 2022, authorized share capital was 2,000,000 thousand shares (HK$0.01 par value), with issued and fully paid capital of 1,577,200 thousand shares (HK$15,772 thousand), unchanged from April 30, 2022 Share Capital Structure (Thousand Shares/HK$ Thousand) | Item | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Number of Authorized Ordinary Shares (HK$0.01 Each) | 2,000,000 | 2,000,000 | | Nominal Value of Authorized Share Capital | 20,000 | 20,000 | | Number of Issued and Fully Paid Ordinary Shares (HK$0.01 Each) | 1,577,200 | 1,577,200 | | Nominal Value of Issued and Fully Paid Share Capital | 15,772 | 15,772 | 16. Related Party Transactions The Group engaged in a short-term lease transaction with Mars Glare Limited, paying HK$0.22 million, which is a fully exempted continuing connected transaction Related Party Transactions (HK$ Thousand) | Name of Related Party | Nature | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | | Mars Glare Limited | Expenses Relating to Short-term Leases | 220 | 218 | - This transaction is considered a continuing connected transaction but has been fully exempted from the disclosure requirements of the GEM Listing Rules[166][169] 17. Events After Reporting Period No significant events occurred after the reporting period ended on October 31, 2022 - No significant events occurred after the reporting period ended on October 31, 2022[167][170] 18. Approval and Authorisation for Issue of Interim Financial Information The interim financial information was approved and authorized for issue by the Board of Directors on December 14, 2022 - The interim financial information was approved and authorized for issue by the Board of Directors on December 14, 2022[168][170]