* Happy City Holdings posted a net loss of **US$2.62 million** for the six months ended Feb. 28, 2026, swinging from net income. * Revenue fell **44.2%** to **US$2.32 million**, due to weaker demand tied to Shenzhen dining competition and shifting customer behavior. * Operating loss widened to **US$2.55 million**, while gross margin turned negative to **-22.7%** from **25.2%**. * Marketing expense climbed **87.3%** to **US$127,428**; administrative pay jumped to **US$564,166** on higher bonuses. * Signed a **US$20 million** standby equity purchase agreement; later shut Kwun Tong and Mong Kok restaurants, citing sustained operating losses.
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