Recent Updates — HCHL
Happy City Holdings announced that Ms. Suk Yee, Kwan resigned as Chief Executive Officer and Executive Director on October 21, 2026, effective October 31, due to personal reasons. The Board appointed Mr. Feng Wang as the new CEO on the same date, also effective October 31. Mr. Wang will not receive additional compensation for his role as CEO; he continues to be paid an annual salary of HK$180,000 (approximately US$22,951) in his capacity as Chair of the Board and Executive Director under a separate agreement dated September 14, 2026. Ms. Kwan confirmed there are no disagreements with the Company or its management regarding her departure. Happy City Holdings Limited operates in the real estate development sector.
Happy City Holdings Limited announced the resignation of Tak Shing Lam as Chairperson of the Board and Executive Director, effective September 18, 2026. Lam confirmed no disagreements with management. The Board appointed Feng Wang as the new Chairperson and Executive Director, also effective September 18, 2026. Wang, who has served on the subsidiary's board since February 9, 2026, received an annual salary of HK$180,000 (approximately US$22,951) under a new employment agreement dated September 14, 2026. Wang brings over 15 years of experience in equity capital market advisory services across multiple sectors including retail, technology, and healthcare. Happy City Holdings Limited operates in the real estate development industry.
Happy City Holdings Limited announced that the board accepted the resignation of Mr. Yiu Wai Ming as an independent director and chair of the compensation committee, effective August 31, 2026. The resignation was due to other professional commitments and not related to any disagreement with management or operations. Following this departure, the board consists of five directors, including three independent directors, maintaining compliance with Nasdaq listing rules. Mr. Kwok Ho Pan will assume the role of chair of the compensation committee on the same effective date. The company operates in the real estate development and investment industry.
Happy City Holdings Limited reported a net loss of US$2,618,817 for the six months ended February 28, 2026, compared to net income of US$284,988 in the prior year period. Revenue declined 44.2% to US$2,321,605 due to reduced customer demand and competition from Shenzhen dining options. The company closed its Kwun Tong and Mong Kok restaurants in May and July 2026, respectively, citing sustained operating losses. Management entered into a Standby Equity Purchase Agreement for up to US$20 million and acquired Wing Shing International Consultancy Limited by issuing 1,312,487 shares valued at US$2,598,726. Happy City Holdings Limited operates all-you-can-eat hotpot restaurants in Hong Kong.
On August 14, 2026, Happy City Holdings Limited entered into a share purchase agreement to acquire the entire issued share capital of Wing Shing International Consultancy Limited. The company will issue 1,312,487 Class A Ordinary Shares at US$1.98 per share, representing an aggregate consideration of US$2,598,726. Upon completion, these shares will constitute approximately 6.9% of the Company’s enlarged issued Class A Ordinary Shares. The acquisition aims to expand Happy City's business model beyond traditional dine-in operations into B2B, corporate, and institutional food service markets by integrating Wing Shing's catering management platform. This strategic move is intended to diversify revenue streams and capture recurring commercial contracts through operational synergies in supply chain and logistics. Happy City Holdings Limited operates in the restaurant and hospitality industry.
On July 27, 2026, the board of directors accepted the resignation of Mr. Ho Wai Alan, Chung from his position as an independent director and from his roles as chair of the nominating committee and member of the audit and compensation committees, effective July 31, 2026. Mr. Chung resigned to pursue other professional business, with no disagreements cited. Following the departure, the board comprises six directors, including four independent directors, with committee compositions remaining intact. Mr. Liu Sicheng assumes the role of nominating committee chair effective July 31, 2026. Happy City Holdings Limited operates in the real estate development and investment industry.