Bright Smart Securities & Commodities Group Limited — Annual Report 2013

Jul 8, 2013

Contents 目錄

Corporate Information	公司資料	2
Major Accomplishments	大事記	4
Branch Network	分行網絡	8
Awards	獎項	10
Financial Highlights	財務摘要	12
Chairman's Statement	主席報告	13
Management Discussion and Analysis	管理層討論與分析	20
Biographies of Directors and Senior Management	董事及高級管理層之簡歷	40
Corporate Governance Report	企業管治報告	46
Directors' Report	董事會報告	59
Independent Auditor's Report	獨立核數師報告書	81
Consolidated Statement of Comprehensive Income	綜合全面收益表	83
Consolidated Statement of Financial Position	綜合財務狀況表	84
Statement of Financial Position	財務狀況表	86
Consolidated Statement of Changes in Equity	綜合權益變動表	87
Consolidated Cash Flow Statement	綜合現金流量表	88
Notes to the Financial Statements	財務報表附註	89

Corporate Information 公司資料

EXECUTIVE DIRECTORS

Mr. Yip Mow Lum (Chairman) Mr. Chan Kai Fung (Chief Executive Officer) Mr. Kwok Sze Chi Mr. Chan Wing Shing, Wilson

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Yu Yun Kong Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

AUTHORISED REPRESENTATIVES

Mr. Chan Kai Fung Mr. Chan Wing Shing, Wilson

COMPANY SECRETARY

Mr. Chan Kwan Pak

MEMBERS OF AUDIT COMMITTEE

Mr. Yu Yun Kong (Chairman) Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

MEMBERS OF REMUNERATION COMMITTEE

Mr. Yu Yun Kong (Chairman) Mr. Yip Mow Lum Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

MEMBERS OF NOMINATION COMMITTEE

Mr. Yip Mow Lum (Chairman) Mr. Yu Yun Kong Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

REGISTERED OFFICE

Floor 4, Willow House Cricket Square P.O. Box 2804 Grand Cayman KY1-1112 Cayman Islands

執行董事

葉茂林先生(主席) 陳啟峰先生(行政總裁) 郭思治先生 陳永誠先生

獨立非執行董事

余韌剛先生 司徒維新先生 凌國輝先生

授權代表

陳啟峰先生 陳永誠先生

公司秘書

陳筠柏先生

審核委員會成員

余韌剛先生(主席) 司徒維新先生 凌國輝先生

薪酬委員會成員

余韌剛先生(主席) 葉茂林先生 司徒維新先生 凌國輝先生

提名委員會成員

葉茂林先生(主席) 余韌剛先生 司徒維新先生 凌國輝先生

註冊辦事處

Floor 4, Willow House Cricket Square P.O. Box 2804 Grand Cayman KY1-1112 Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

10th Floor and 27th Floor, Wing On House 71 Des Voeux Road Central Central, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

HONG KONG SHARE REGISTRAR

Tricor Investor Services Limited 26th Floor, Tesbury Centre 28 Queen's Road East Wanchai, Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited Bank of Communications Co., Ltd. Hong Kong Branch China Construction Bank (Asia) Corporation Limited Chong Hing Bank Limited DBS Bank (Hong Kong) Limited Hang Seng Bank Limited Industrial and Commercial Bank of China (Asia) Limited Standard Chartered Bank (Hong Kong) Limited The Bank of East Asia, Limited The Hong Kong and Shanghai Banking Corporation Limited Wing Hang Bank, Limited

AUDITOR

KPMG Certified Public Accountants

WEBSITE

http://www.bsgroup.com.hk

總辦事處及主要營業地點

香港中環 德輔道中71號 永安集團大廈10樓及27樓

主要股份過戶登記處

Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

香港股份過戶登記處

卓佳證券登記有限公司 香港灣仔 皇后大道東28號 金鐘匯中心26樓

主要往來銀行

中國銀行(香港)有限公司 交通銀行股份有限公司香港分行 中國建設銀行(亞洲)股份有限公司 創興銀行有限公司 星展銀行(香港)有限公司 恒生銀行有限公司 中國工商銀行(亞洲)有限公司 渣打銀行(香港)有限公司 東亞銀行有限公司 香港上海滙豐銀行有限公司 永亨銀行有限公司

核數師

畢馬威會計師事務所 執業會計師

網站

http://www.bsgroup.com.hk

Major Accomplishments 大事記

2012

April 四月

• • Launched the new website with online customer services and live "Bright Smart Finance Channel", providing all-weather interactive experience 24 hours a day for its clients.
• 全新網站面世,提供在線客戶服務和直播「耀才財經 台」,24小時全天候互動體驗。
• • "BS Pre-IPO Trading Centre" commenced operation officially, as one of the very few Hong Kong securities houses capable of providing pre-listing trading for new shares.
• 「耀才新股交易中心」正式投入服務,是本港極少數 能提供新股掛牌前暗盤交易之券商。
• • As the first securities house sponsored by the Hong Kong Stock Exchange for organizing the "2012 HSI Volatility Index Futures Competition", which we received popular responses.
• 首間證券行獲港交所贊助舉辦「2012年恒指波幅指數 期貨比賽」,反應熱烈。

May 五月

• • Wanchai Branch commenced operation officially.
• 灣仔新分行正式投入服務。

June 六月

• • Following the operation of the mobile securities trading platform, its mobile futures trading platform was successfully launched as well.
• 繼證券流動交易平台後,期貨流動交易平台亦相繼推 出。

August 八月

• • Mei Foo Branch and Hung Hom Branch commenced operation officially.
• 美孚及紅磡新分行正式投入服務。

Mei Foo Branch 美孚分行

Hung Hom Branch 紅磡分行

September 九月

• • Chairman Mr. Yip Mow Lum purchased a sizeable shop in Jordan under his private spending as the Group's Kowloon Headquarters and reserve as backup support centre.
• 主席葉茂林先生私人購入佐敦巨舖,作本集團九龍區 總部以及後備支援中心。
• • Kowloon City Branch commenced operation, thus further increasing the total number of branches.
• 九龍城分行投入服務,分行數目進一步增加。

October 十月

• • Innovated the "Installment Margin Scheme", allowing its clients to purchase stocks first and repay in installment.
• 首創「股票分期供款計劃」,為客戶提供股票先買後 供按揭借貸。

November 十一月

• • Being selected by the Shanghai Stock Exchange as the Hong Kong security house designated for visit and communication, further elevating its corporate reputation and reflecting the general recognization of its unique development model among its peers in the industry.
• 獲上海交易所選為指定參觀交流之香港券商,反映公 司知名度進一步提升,獨特發展模式被行內廣泛認 可。

5

耀才證券金融集團有限公司 • 二零一二/ 一三年年報

Major Accomplishments 大事記

2013

February 二月

• To express appreciation to its clients, over one thousand clients were invited to enjoy free movies at a cinema in Causeway Bay with the management during the Chinese New Year.
• 回饋客戶,新年期間於銅鑼灣影院包場請客戶睇戲, 逾千名客戶參加與管理層共歡。
• Chairman Mr. Yip Mow Lum contributed out of his own pocket a reward of 4.75 million shares of Bright Smart for the outstanding staff, with the annual bonus and the annual lucky draw, the total awards to staff amounted to over HK\$10 million.
• 主席葉茂林先生私人送贈475萬股耀才證券股票予傑 出員工,加上年終花紅和周年抽獎,合共送出逾千萬 港元回饋員工。

March 三月

• Kowloon Headquarters with a floor area of 20,000 square feet commenced operation officially to serve its clients 7-day a week.
• 佔地兩萬呎的九龍區總部正式投入服務,並實施七天 營業。

• Being licensed by the Securities and Futures Commission to carry out Type 3 (Leveraged Foreign Exchange Trading) regulated activity.
• 獲香港證監會發出第三類(槓桿式外匯交易)牌照。

April 四月

• • To go in line with the After-Hour Futures Trading launched by the Hong Kong Stock Exchange, "Bright Smart After-Hour Futures Trading Cup" and seminars on After-Hour Futures Trading were organized, which successfully increased its market share of After-Hour Futures Trading.
• 為配合港交所推出夜市期貨,舉辦「耀才夜期盃」及 夜期教學講座,成功提升夜期成交市場佔有率。

	Branch Network
分行網絡

Hong Kong 香港

1	Hong Kong Head Office 香港總辦事處	10th Floor, Wing On House, 71 Des Voeux Road, Central 中環德輔道中71號永安集團大廈10樓全層	T:(852) 2532 7888
2	Sales & Customer Services Department 銷售及客戶服務部	27th Floor, Wing On House, 71 Des Voeux Road, Central 中環德輔道中71號永安集團大廈27樓	T:(852) 2537 1371
3	Central Branch 中環分行	Mezzanine Floor, Peter Building, 58–60 Queen's Road, Central 中環皇后大道中58–60號振邦大廈閣樓	T:(852) 3961 6688
4	Wanchai Branch 灣仔分行	1st Floor, Henning House, No. 385–391 Hennessy Road, Wanchai 灣仔軒尼詩道385–391號軒寧大廈1樓全層	T:(852) 3127 0888
5	North Point Branch 北角分行	Shop 201–202, 2nd Floor, Olympia Plaza, 255 King's Road, North Point 北角英皇道255號國都廣場2字樓1–2號舖	T:(852) 3180 7428
6	Quarry Bay Branch 鰂魚涌分行	Shop 7, G/F and Mezzanine Floor, Tak Lee Building, 993 King's Road, Quarry Bay 鰂魚涌英皇道993號得利樓地下7號舖及閣樓全層	T:(852) 3550 7888

Kowloon 九龍

7	Kowloon Headquarters 九龍區總部	Shop 7 on G/F, Whole of Mezzanine Floor and Whole of 1st Floor, Honour House, Nos. 375–381, Nathan Road, Kowloon 九龍彌敦道375–381號金勳大廈地下7號舖、閣樓及1樓全層	T:(852) 3604 1888
8	Mongkok Branch 旺角分行	Whole of 1st Floor, Golden Hill Commercial Building, 39–41 Argyle Street, Mongkok 旺角亞皆老街39–41號金山商業大廈1樓全層	T:(852) 3188 0928
9	Sham Shui Po Branch 深水埗分行	Basement, G/F & Cockloft, 39 Yen Chow Street, Sham Shui Po 深水埗欽州街39號舖地下	T:(852) 3666 5688
10	Kwun Tong Branch 觀塘分行	Shop 18, G/F, Cambridge Building, 10 Tung Ming Street, Kwun Tong 觀塘通明街10號金橋華廈18號舖地下	T:(852) 3768 0888
11	Mei Foo Branch 美孚分行	Shop 79 and 80 of Podium Floor, No. 51–53 Broadway Street, Mei Foo Sun Chuen Phase 3, Mei Foo 美孚百老匯街51–53號美孚新村第3期平台79–80號舖	T:(852) 3120 0388
12	Kowloon City Branch 九龍城分行	Shop 4 on G/F & Shops 5 & 6 on 1st Floor, The Prince Place, No. 398 Prince Edward Road West, Kowloon 九龍城太子道西398號御•太子地下4號舖及1樓5–6號舖	T:(852) 3921 3388
13	Hung Hom Branch 紅磡分行	G/F, 103 Wuhu Street, Hung Hom 紅磡蕪湖街103號舖地下	T:(852) 3127 9288
	New Territories 新界
14	Tsuen Wan Branch 荃灣分行	Flat A & B, 12/F., Hang Sang Tsuen Wan Building, 289 Sha Tsui Road, Tsuen Wan 荃灣沙咀道289號恒生荃灣大廈12樓A&B室	T:(852) 3929 2798
15	Tai Wai Branch 大圍分行	Shop A, G/F & Portion of the Yard, 66 Tai Wai Road, Tai Wai 大圍大圍道66號華美樓地下A舖	T:(852) 3763 3488
16	Tai Po Branch 大埔分行	G/F & Cockloft, 141–145 Kwong Fuk Road, Tai Po 大埔廣福道141–145號舖地下及閣樓	T:(852) 3763 3388
17	Yuen Long Branch 元朗分行	Shop 5, G/F, 26 Fook Tak Street 22 Tung Lok Street, Yuen Long 元朗福德街26號及同樂街22號地下第5舖	T:(852) 3926 2688

18 Sheung Shui Branch Unit 2007–2009, 20/F, Landmark North, 39 Lung Sum Avenue, Sheung Shui T:(852) 3768 7188 上水分行 上水龍琛路39號上水廣場20樓2007–2009室

Awards 獎項

Bright Smart Securities adhered to the business principle of "Integrity, Faithfulness, Fairness, Conscience and Customer Foremost" and robustly provides unparalleled services and strong sense of commitment in fulfilling corporate social responsibility, the Group has been highly recognized and accredited with numerous awards these years.

耀才證券秉承「心正、意誠、公平、良知和以客為先」的宗旨, 憑藉卓越的服務表現,以及履行社會企業責任,獲得外界認 同,多年來獲獎無數。

Awards

Financial Highlights 財務摘要

(Unit: HK\$'000, unless stated otherwise) (單位:港幣千元,除非特別說明)

	Year ended 31 March 截至三月三十一日止年度
		2013	2012	Increase
		二零一三年	二零一二年	增加
Turnover	營業額	273,281	228,707	19.5%
Other revenue	其他收益	57,724	36,972	56.1%
Profit from operations	經營溢利	123,959	85,892	44.3%
Profit before taxation	除稅前溢利	107,151	73,351	46.1%
Profit attributable to equity	權益股東應佔溢利
shareholders		92,226	60,636	52.1%
Basic earnings per share (HK cents)	每股基本盈利(港仙)	10.18	8.92	14.1%
Diluted earnings per share (HK cents)	每股攤薄盈利(港仙)	10.17	8.89	14.4%
Final dividend per share (HK cents)	每股末期股息(港仙)	2.7	1.8	50.0%

Bright Smart Securities & Commodities Group Limited • Annual Report 2012/13

Chairman's Statement 主席報告

With the world financial market turmoil, the rapid growth in Asia economy brought about innovative operating concept, products, and services for the financial sector in Hong Kong. Confronted with challenges and opportunities, the Group adhered to the business philosophy of "integrity, faithfulness, fairness, conscience and customer foremost" and robustly expanded its business irrespective of difficult market with the number of branches increased to 16 (excluding the head office in Central) and aggregated customers accounts exceeding 90,000, thus successfully seizing market shares and awareness. In future, the Group will build on the prudent strategies to proactively make plans for diversification and optimized expansion in a bid to consolidate the strength.

世界金融市場動盪,亞洲經濟的迅速增長,為香港的金融業帶來創新的經營概念、產品和服 務。面對挑戰和機遇並存,本集團本著「心正、意誠、公平、良知和以客為先」的宗旨,無懼 艱難市況茁壯擴張,目前分行總數已達 16間(不包括中環總行),客戶總數已衝破 90,000,成 功搶佔市場份額和知名度。未來,本集團會在謹慎的基礎上,積極作多元化和優化擴展計劃, 鞏固實力。

Chairman's Statement 主席報告

I am pleased to present the annual results of Bright Smart Securities & Commodities Group Limited (the "Company") and its subsidiaries (collectively the "Group") for the year ended 31 March 2013 (the "Year"). Notwithstanding various uncertain factors, including weak global economic growth and unresolved European debt crisis, the Group continued to expand its operation scale, attract new customers and launch financial products to keep up with times. These initiatives brought about remarkable results to the shareholders with turnover and net profit hitting record high and a surge in the number of customers, and proved the correctness of the Group's deployments and strategies.

Despite changes and challenges in the business environment, the Group continued to expand during the Year. With well-considered deployments, the Group made satisfactory progress in expanding its branch network, its visibility was greatly enhanced, and its fast expanding customer base grew significantly from prior year's 60,000 to over 90,000, along with a substantial growth in turnover as well. Encouragingly, the Group recorded an annual turnover of HK\$273.3 million, rising by 19.5% over the year ended 31 March 2012 (the "Prior Year"). Profit attributable to equity shareholders was HK\$92.2 million, representing a significant increase of 52.1% over the Prior Year. Basic earnings per share were approximately HK10.18 cents (2012: HK8.92 cents), representing a year-on-year growth of 14.1%. The board of directors of the Company (the "Board") proposed a final dividend of HK2.7 cents per share (2012: HK1.8 cents per share) for the Year.

During the first half of the Year, destabilizing factors, including global investment volatility, the debt crisis looming over global economy, Cyprus economic crisis, U.S. presidential election and "fiscal cliff", Japan's quantitative easing policy, and national leader shift in Mainland, rendered the market lack of investment directions. The

本人欣然提呈耀才證券金融集團有限公司(「本公 司」)及其附屬公司(「統稱「本集團」)截至二零 一三年三月三十一日止年度(「本年度」)之年度業 績。儘管環球經濟增長疲弱、歐債危機未解決及 諸多不明朗因素影響,本集團仍積極壯大規模, 不斷吸納新客戶和推出與時並進的金融產品,為 股東帶來令人振奮的成績表,總營業額及純利再 創高峰,客戶人數亦大幅飆升,證明本集團的部 署和策略完全正確。

雖然經營環境波動及面對重重挑戰,仍無阻本年 度本集團的拓展步伐,經過深思熟慮部署,本集 團擴展分行策略取得驕人成果,除知名度大大提 升外,客戶總數亦由上年度6萬個大幅飆升至逾9 萬個,連帶營業額亦強勁增長。本集團錄得年度 營業額273.3百萬港元,較截至二零一二年三月 三十一日止年度(「上年度」)上升19.5%,成績令 人鼓舞。權益股東應佔溢利為92.2百萬港元,較 上年度大幅增加52.1%。每股基本盈利約為10.18 港 仙( 二 零 一 二 年:8.92港 仙 ), 同 比 上 升 14.1%。本公司董事會(「董事會」)建議就本年度 派發末期股息每股2.7港仙(二零一二年:每股1.8 港仙)。

期內上半年環球投資市場反覆,債務危機困擾全 球經濟,塞浦路斯陷入經濟危機,美國總統大選 及「財政懸崖」,日本推行量化寬鬆政策,內地適 逢國家領導人換班年,這些不穩定因素令市場缺 乏投資方向,經濟增長放緩亦對券商帶來前所未

主席報告

economic slowdown brought unprecedented challenges to securities firms. It was not until September that the market started to stabilize. After the European Central Bank announced to purchase European debts via Outright Monetary Transactions (OMT) and the United States launched a third round of "quantitative easing" (QE3), Hong Kong stocks resumed its rally. Moreover, with suppress policies for property markets by Hong Kong and the Mainland, capitals urgently needed to find investment markets, injecting vitality to stock and FX markets. Afterwards, the market became more buoyant, and the Group's securities broking, margin financing and futures broking businesses recorded steady growth.

In spite of a challenging business environment, the Group continues to adopt prudent and optimistic alternatives, and capitalizes on good opportunities and explores new businesses and new customers amidst the downturn market with a view to enhancing the Group's market position in finance services sector. In order to improve competitive advantages, the Group invested in improvement in basic equipments and customer services. During the Year, the Group actively opened 5 new branches in prime locations, totaling its number of branches to 16 (excluding the head office in Central), including the Jordan Branch purchased at HK\$180 million under my private spending, built as the Group's Kowloon Headquarters and backup support centre occupying twenty thousand square feet. The Kowloon Headquarters can accommodate 60 comfortable and spacious separate seats and provide 7-day a week service, to bring unprecedented considerate experience for local customers and make concrete arrangements for the gradual opening up of capital outflow in the Mainland. In addition to the above self-financed property, Wanchai Branch, Kowloon City Branch, Mei Foo Branch and Hung Hom Branch were also put into use, becoming the most effective platforms for attracting new customers. In virtue of the aggressive expansion plan, the Group not only enhanced its visibility but also successfully seized market shares, with total number of client accounts expected to reach 100,000 within a short period of time.

有的挑戰。直至去年九月市場喘定,歐洲央行宣 佈採取直接貨幣交易(OMT)買歐債,以及美國推 出第三輪量化寬鬆政策(QE3),令港股重拾升勢。 中港相繼打壓樓市,令資金急需於資本市場找出 路,為股匯市場注入生氣。市場交投轉趨暢旺, 本集團的證券經紀、孖展借貸和期貨經紀業務均 錄得穩健增長。

然而,儘管營商環境充滿挑戰,本集團繼續採取 審慎樂觀方案,把握良機,在逆市開拓新業務與 新客源,以提高本集團於金融服務業之市場地位。 為提升本集團競爭優勢,本集團一直投資改善基 礎設備及客戶服務體驗。本年度內,本集團積極 在黃金地段開拓5家新分店,令分店數目突破16 家(不包括中環總行),包括本人私人斥資1.8億港 元購入的佐敦巨舖,已打造成佔地兩萬呎的九龍 區總部以及後備支援中心,九龍區總部可容納60 個舒適寬敞的獨立座位,並實施7天營業,為區 內客人帶來前所未有的貼心體驗,也為內地逐步 開放資金自由流出作出具體部署。除了這自資物 業,其餘投入服務的分行有灣仔、九龍城、美孚 及紅磡,成為吸納新客戶的最有效平台。積極的 擴張計劃令本集團知名度與競爭力加強外,實際 上亦成功搶佔市場佔有率,客戶總數短期內可望 突破10萬。

Chairman's Statement 主席報告

To cater to a sizable customer base, we certainly continue to expand diversified financial products that can lead investment trend. The Group, in close line with investment pulse, launched a variety of products and services even beyond the imagination of investors. In the view of the high property prices in the Year and the public's difficulties to increase in the property market, the Group unprecedentedly launched the "Installment Margin Scheme" under which customers can bargain hunting favorite stocks and then pay in installments, allowing customers to flexibly utilize their funds while having an early start. The Plan was well received by customers and various parties since its launch, and has successfully attracted new customers to open accounts.

As online trading has become the new investment trend coupled with HKEx's implementation of the second phase of trading hour extension, the Group introduced brand new website and online trading system, to offer customers around-the-clock online trading services and investment information. Customers can now view demo videos on account opening, stock withdrawal/deposit and voice-based order placing in Hong Kong stock market simply by browsing our website on PC or mobile; in this way, customers can now open accounts even without stepping outside their house. In addition, online customer service is available throughout the process, to provide customers with assured, secure and fast one-stop online investment interactive experience. Meanwhile, through the Bright Smart Finance Channel, the Group could promptly inform customers of the latest thorough information about global investment.

The Group provides powerful financial information to help customers make informed investment decisions. The Group promotes the "Bright Smart" brand name to the rest of the world by taking advantage of webcast at Bright Smart Finance Channel, the Group's flagship information platform. To tap into the financial markets in the Mainland, the Group provides one-stop financial services for Mainland investors. Capitalizing on its solid financial position, quality customer services, superior commission policy, reliable trading platform and good reputation, the Group is well equipped to explore the financial markets of the Mainland.

有了龐大的客戶基礎,當然也不能缺少多元化和 帶領投資潮流的金融產品。本集團緊捉投資脈搏, 推出合符甚至超越投資者想像的各種產品及服務。 考慮到去年樓價高企市民入市困難,本集團破天 荒推出首創「股票分期供款計劃」,客戶可以趁低 吸納心儀股票,再分期供款,令客戶在靈活運用 資金之餘也能早著先機。此計劃推出以來廣受客 戶歡迎,獲得各方好評,同時亦為本集團帶來新 開立帳戶,成功突圍。

鑑於網上交易已成為投資趨勢,加上第二階段延 長交易時段已經實行,本集團的嶄新網站及網上 交易系統,為客戶提供24小時全天候網上交易平 台與投資資訊。透過在互聯網和手機上網瀏覽, 客戶可觀賞到中港開戶、提存股票、語音互聯網 落盤等操作的示範影片,連開戶都可以足不出戶, 全程有在線客戶服務提供協助,享受安心、安全 又快捷的一條龍式網上投資互動新體驗。本集團 網站連結直播的《耀才財經台》,讓客戶得到最快 最新最全面的環球投資訊息。

本集團提供強勢的金融資訊,讓客戶作出投資決 定時能穩操勝券。旗下《耀才財經台》資訊平台同 時也是旗艦宣傳工具,以網絡平台將本集團的品 牌輸出至世界各地。看好中國金融市場的黃金機 遇,本集團為國內投資者提供一站式的金融服務。 憑藉雄厚的資本實力、優質的客戶服務、進取的 佣金優惠策略、穩健的交易平台及良好信譽等優 勢,本集團已擁有進駐內地金融市場的各方面條 件。

During the Year, the Group achieved another important breakthrough. The Group was licensed to carry out Type 7 (Providing Automated Trading Services) regulated activities by Securities and Futures Commission of Hong Kong, and officially launched the "BS Pre-IPO Trading Centre" in April 2013, ranking among a few Hong Kong securities houses that can provide new shares pre-listing trading. The regulatory approval fully reflects that the Group's operation scale, stability of online trading platform, and comprehensive risk management system are leading in the industry.

Despite uncertainties in the economic outlook, the HKEx still explored possibilities of tapping new businesses, wherein the HKEx implemented the After-Hour Futures Trading in April, a move most supported by securities traders in the Year. To promote After-Hour Futures Trading and teaching, the Group specially convened the "Bright Smart After-Hour Futures Trading Cup" investment competition, and the winner could receive a bonus of up to HK\$500,000. All branches responded enthusiastically and extended business hours to provide services for investors. The After-Hour Futures Trading could facilitate investors to make immediate hedging and arbitrage in the event of sudden changes in external market conditions, thereby avoiding risks. As a result, only within just a few months after the launch of this service, the Group has obtained satisfactory market share of approximately 13%, with futures commission income increasing significantly and the single-day trading volume calculated by the number of contracts hitting a new recordhigh since its commencement of business.

As a result of rapid expansion in global financial market, the study on diversifying financial products became an important factor to enhance the Group's competitiveness. Last year, the Group launched the services for trading China "B" shares, Singapore stocks and Taiwan stocks and introduced more global futures products, such as FX futures and agricultural commodity futures, providing a one-stop shop for trading financial products while laying a foundation for the Group's internationalization. The Group plans to further expand its core business. the Group will continue to actively explore business opportunities for RMB financial products.

本集團於本年度取得之另一項重大突破,是成功 獲取香港證監會發出「提供自動化交易服務」(第7 類受規管活動)牌照,並於本年度四月份宣佈正式 推出「耀才新股交易中心」,成為香港極少數可提 供新股暗盤交易之證券行。得到監管機構的認可, 充份反映本集團的營運規模、網上交易平台的穩 定性,以及完善的風險管理制度均傲視同儕。

雖然經濟前景存在不明朗因素,但港交所仍不忘 研究開拓新生意可能性,當中最引來券商支持的 可謂在今年四月開設夜市期貨。本集團為推動夜 期交易和教學,特別舉行「耀才夜期盃」投資比賽, 勝出者更可獲高達港幣500,000港元獎金。全線 分行一呼百應,延長營業時間,為投資者提供服 務。夜期有助於外圍市況突變時,投資者可在風 險管理上作出即時對沖和套戥,故推出夜期短短 數個月,本集團夜期交易錄得理想市場佔有率約 13%,期貨業務佣金收入大增,更破了開業以來 按張數計算的單日交易量記錄。

環球金融市場急速擴張,研究多元化金融產品成 為本集團提升競爭力的重要因素。本集團去年內 推出中國B股、新加坡股及台股買賣,同時增加 更多環球期貨產品如外匯期貨及農產品期貨等等, 為客戶提供一站式金融產品買賣服務,為本集團 國際化的發展道路奠定基石。本集團計劃進一步 擴充核心業務,並積極研究人民幣金融產品的商 機。

Chairman's Statement 主席報告

As to investor education, leveraging on its close relations with major regulatory agencies, the Group from time to time organizes seminars in collaboration with HKEx and major financial institutions to update investors on the latest market developments. In addition, the Group is selected by Shanghai Stock Exchange as the local securities trader for designated visits and exchanges; during the Year, Shanghai Stock Exchange dispatched personnel to inspect the Group's head office and branches, reflecting that the Group's unique development pattern has become an industrial benchmark. The Group's Marketing Director, Mr. Kwok Sze Chi was awarded "Most Influential Hong Kong Stock Analyst" reward in "Annual Financial Rankings 2012" by the wellknown financial website cnfol.com, to honor his investment analysis articles getting highest Click Through Rate (CTR).

Furthermore, in association with the launch of HSI Volatility Index Futures by HKEx, the Group organized "2012 HSI Volatility Index Futures Competition" under the sponsorship of the HKEx in April 2012 to familiarize investors with such products through mock trading. Such activities were well received among investors and reached its maximum capacity with 949 contestants.

PROSPECTS

International stock market and global economies are affected by the uncertainties, such as the subprime mortgage crisis, USA's credit squeeze and stress from global inflation. Despite such facts, the Group still holds cautious optimism over the Hong Kong's economy prospects, and yet is confident in substantial business opportunities for the forward-looking enterprises to tap on. The Group has made appropriate preparations to cope with the relevant developments and seize the opportunities presented forthwith.

In order to absorb new clients, enlarge its market share and enhance its brand image, the Group will continue to look for suitable locations for business development and branch network expansion, aiming at a territory-wide brand network that covers the 18 districts of Hong Kong. As China has emerged as a major economic power in the international arena, the Group will strive to develop the Mainland market and commit more resources to attract customers in the Mainland, so as to increase revenue streams. The Group's powerful and reliable online trading platform allows the Group to offer onestop financial services to Mainland investors. The Group adheres to its favorable commission policy which will also help lure more PRC customers and gain a foothold in the Mainland.

With the commitment to serve customers as the top priority, the Group will continue to adhere to its stated strategy of product diversification with a view to meeting customers' requirements and develop new income streams. In March 2012, the Group was licensed to carry out Type 9 (Asset Management) regulated activity in the same month, and is now formulating the plan to introduce investors and launch the Group's first fund product. As to the global products, the Group is rolling out the leveraged forex trade, bullion products as well as Japan stock trading, so as to generate new sources of income.

在投資者教育方面,本集團與各大監管機構關係 密切,經常與港交所、大型金融機構合辦講座, 向投資者提供市場最新資訊。此外,本集團又獲 上海交易所選為指定參觀交流之本地券商,期內 派員到集團總行及旗下分行考察觀摩,反映公司 獨特發展模式已成為業界效法指標。本集團市務 總監郭思治去年更榮獲國內知名財經網站《中金在 線》頒發「2012年度財經排行榜」之「最具影響力 港股分析師」大獎,表揚他發表的投資分析獲得最 高點擊率。

此外,為配合港交所推出波幅指數期貨,本集團 獲港交所贊助,於二零一二年四月份舉辦「2012 恒指波幅指數期貨比賽」,讓投資者透過模擬買賣 從而對該產品更為熟悉。而有關活動亦獲得投資 者的熱烈支持,參加人數更達比賽上限949人。

展望

儘管次按危機、美國信貸相應緊縮及全球通脹壓 力等不明朗因素,繼續影響國際股市及環球經濟, 本集團對香港經濟前景依然抱謹慎樂觀態度,並 深信仍有大量商機有待前瞻性企業發掘。本集團 已作出妥善準備,配合相關發展,把握隨之而湧 現之機遇。

為吸納新客戶,提高市場佔有率及品牌形象,本 集團將繼續物色合適地點擴展業務及分行網絡, 目標分行網絡延伸至全港十八區。與此同時,隨 著中國成為國際間舉足輕重的重要經濟體,本集 團未來會致力開拓國內市場,計劃投放更多資源 吸納內地客戶,從而增加收入來源。本集團擁有 強大穩健的網絡交易平台,能為國內投資者提供 一站式的金融服務,加上一直貫徹的佣金優惠政 策,相信能有效吸納更多國內客戶,有助本集團 拓展國內市場。

抱著以客為先之理念,本集團將繼續策略性地發 展多元化產品及服務,務求迎合客戶各種需求, 拓展新收入來源。本集團於二零一二年三月獲發 「提供資產管理」(第9類受規管活動)牌照,現正 研究計劃向專業投資者提供全權委託經營帳戶及 推出本集團首隻基金產品。環球產品方面,本集 團正計劃推出槓桿式外匯、現貨金及日股買賣等 業務,為未來開闢新收入來源。

19

Being a socially responsible enterprise, the Group spares efforts to contribute to the community and actively participates in charitable activities, which will benefit the entire community. During the Year, the Group co-hosted with Joyful (Mental Health) Foundation and sponsored the "Joyful Charity Run to Ocean Park" and "Joyful Charity Raffle Ticket" to raise funds for the promotion of mental health education and drive home the importance of sports to mental health. Besides, the Group has been awarded the "Caring Company" logo by The Hong Kong Council of Social Service (HKCSS) for four years consecutively. In the Prior Year, in order to recognize the Group's continuous efforts and commitment to the living standard in the community, the Group was awarded "Hong Kong Outstanding Enterprise 2012" by Economic Digest and "Hexun Best Futures Company 2012" by hexun.com, respectively.

This year witnessed the challenges that the Group experienced. Due to the teamwork and dedication by the management and employees, the Group's business and income streams were diversified so as to intensify the Group's brand and market position. We are confident that we continue to enhance the investment returns to the shareholders. I am committed to cooperate with the Board of Directors and senior management in good faith and formulate development policies which advance steadily and keep abreast with the times and guide the Group to make greater achievements with a view to becoming a diversified and international finance services institution.

High calibers is the key to achieve the Group's objective, I am hereby willing to share achievements and results with employees with having given 4,750,000 shares in Bright Smart Securities in individual's name to employees with outstanding performance or with 30 years of services this year, coupled with year end bonus and anniversary lucky draw, an aggregated amount of exceeding 10 million dollars is feedback to employees who has made joint efforts. Last but not least, I take this opportunity to thanks all employees for their efforts and hardworking and extend sincere appreciation to all shareholders and customers for their support.

Yip Mow Lum	主席
Chairman	葉茂林
Hong Kong	香港
18 June 2013	二零一三年六月十八日

作為一家肩負社會責任的企業,本集團更不忘回 饋社會,積極參與慈善活動,惠澤社群。本年度, 本集團與心晴行動慈善基金合辦及贊助「心晴行 動飛躍海洋公園慈善跑」及「心晴幸運慈善獎券義 賣」等活動,為推廣情緒健康教育籌募經費,向公 眾宣揚運動對情緒健康的重要性,極具意思。此 外,本集團已連續第四年獲香港社會服務聯會 (HKCSS)頒發「商界展關懷」標誌,去年並分別榮 獲香港《經濟一週》頒發「2012年香港傑出企業」, 以及中國著名財經資訊網站《和訊網》頒發「2012 年和訊最佳期貨公司」,嘉許本集團不斷改善社會 生活付出之努力及肩負之承擔。

本集團經歷充滿挑戰之一年。有幸得到各管理層 及員工發揮之團隊精神及努力工作,令本集團業 務及收益來源更多元化,鞏固本集團品牌及市場 地位。本集團有信心繼續提升股東之投資回報。 本人承諾與董事會及高級管理層衷誠合作,制定 穩中求進,與時並俱的發展方針,帶領本集團取 得更大成就,目標成為國際性多元化的金融服務 機構。

優質人才班底乃實現本集團目標之關鍵,本人樂 意與員工分享成果,於本年度以個人名義將總數 475萬股耀才證券股份送贈予一眾傑出及服務 三十年之員工,加上年終花紅和周年抽獎,合共 送出了過千萬元回饋共同努力的員工。最後,本 人藉此機會向全體員工付出之努力及辛勤,以及 全體股東和客戶對本集團之支持致以衷心謝意。

Management Discussion and Analysis 管理層討論與分析

As online trading has become the new investment trend, the Group introduced brand new websites and reliable online trading system, to offer customers around-the-clock online trading services and investment information.

網上交易已成為投資新趨勢,本集團的嶄新網站,及穩健的網上 交易系統,為客戶提供 24小時全天候網上交易平台與投資資訊。

MARKET OVERVIEW

During the Year under review, as a result of unpredictable changes hovering over the global economy, coupled with the unresolved debt crisis plaguing Europe, the investing sentiment towards capital market in Hong Kong was also affected. The Hang Seng Index swung between gains and losses, and began to plunge in May, hitting an allyear low of 18,056 points on 4 June 2012, all of which were contributed by the following factors, including uncertainties overshadowing the fiscal cliff in America, the winner of French presidential election (Hollande, rather than Sarkozy) holding the view of anti-austerity, the nationalization of the Spanish banking conglomerate Bankia, and the concerns over the hard landing in China's economy. In the second half of the Year, all central banks across the world opened the floodgates. In September, the European Central Bank announced the Outright Monetary Transaction program to purchase European bonds, and America escalated a third round of Quantitative Easing, resulting in a continued influx of hot money into Hong Kong and boosting the property market. Assured by the political stability after the 18th National Congress, investors regained their confidence, and the Hong Kong stock market resumed rally, climbing up to 22,000 points in November.

In conclusion, the Hang Seng Index opened at 20,556 points on 2 April 2012 and closed at 22,300 points on 28 March 2013, representing an accumulated increase of 8.5% in the period.

市場回顧

回顧本年度,環球經濟波譎雲詭,歐債危機懸而 未解,影響本港資本市場投資氣氛。美國財政懸 崖陰霾未除,反對緊縮的奧朗德擊敗薩爾科齊出 任法國總統、西班牙大型銀行Bankia被國有化, 加上憂慮內地經濟硬著陸等因素拖累,恒指走勢 反覆,五月開始急瀉,跌至二零一二年六月四日 全年低位18,056點。下半年環球央行齊齊放水, 九月歐洲央行宣佈採取直接貨幣交易(OMT)購買 歐債,美國推出第三輪量化寬鬆政策(QE3)後又再 加碼,令熱錢持續湧向香港,帶動樓市暢旺,加 上內地「十八大」後局面喘定,投資者回復信心, 港股重拾升勢,十一月升穿22,000點關口。

綜合而言,恒生指數由二零一二年四月二日開市 的20,556點,調整至二零一三年三月二十八日的 22,300點,期內累計升幅為8.5%。

Management Discussion and Analysis 管理層討論與分析

Hong Kong stocks showed volatility during the Year. Negative sentiment dragged down the average daily turnover to HK\$56.46 billion, down 15.2% over the Prior Year. The average daily numbers of derivatives contracts traded on the Hong Kong Futures Exchange Limited and stock options contracts traded on the Stock Exchange were 264,266 and 237,920 (2012: 271,669 and 287,561) respectively. The initial public offering ("IPO") market has also been affected by the market conditions, and several listing applicants failed to activate their IPOs as scheduled or scaled down the size of their fundraising exercises. The number of companies having obtained listing on the Main Board and GEM (excluding those companies which transferred their listings from GEM to the Main Board) during the Year was 55 (2012: 94), and funds raised by way of IPO were approximately HK\$250.7 billion, representing a decrease of 0.4% as compared to HK\$251.8 billion in the Prior Year. As a result of the market fluctuation in the Prior Year, new IPO activities were stagnant, causing HKEx to lose its top global position in terms of fund-raising through new listings. In the fourth quarter, however, the investment market started warming up, evidenced by the successful listing of heavyweight shares of PICC Group (1339) in early December last year. Besides ranking fourth in the global IPO market, HKEx reported a slight decrease of approximately 0.5% in the annual gross proceeds. In March this year, the listing of Oi Wah Pawnshop (1319) and Xinchen China Power (1148) also recorded outstanding subscription over-allotment, warming up new IPOs in the new year. Looking into 2013, it's generally considered that the IPO funds or the number of new IPOs are expected to outperform those in 2012. A variety of new IPOs plan to raise funds of over HK\$10 billion, proving that Hong Kong remains an influential international fundraising centre.

本年度港股表現反覆,投資氣氛回落至平均每日 交易額564.6億港元,較上年度下跌15.2%。香港 期貨交易有限公司之衍生產品合約及聯交所之股 票期權合約每日平均成交張數分別為264,266張 及237,920張(二零一二年:271,669張及287,561 張)。新股市場方面,受市況影響,多家準上市企 業未有如期啟動首次公開招股活動或縮減集資規 模,本年度於主板及創業板新上市公司(不包括創 業板轉主板之公司)數目為55間(二零一二年:94 間),首次公開招股集資額約2,507億港元,較上 年度首次公開招股集資額2,518億港元縮減0.4%。 去年受市況波動影響,新股上市活動一度停滯, 令港交所未能蟬聯全球新股集資冠軍,但第四季 起投資市場開始轉旺,其中大型新股人保集團 (1339)成功在去年十二月初掛牌,除帶領本港在 全球新股集資市場中,排名第四,亦令全年總集 資額只微跌近半個百分點。今年三月掛牌的藹華 押業(1319) 、新晨動力(1148)也錄得不俗的超額 認購,為新年度新股上市熱潮熱身。展望2013 年,市場普遍預期不論是集資額或是新股集資數 目,均勝於2012年,多家計劃集資逾百億元的新 股正啟動上市程序,足證香港並未喪失舉足輕重 的國際融資中心優勢。

23

In the domestic market, the central government relinquished its growth rate target of 8%, and the economic growth decelerated accordingly. In the fourth quarter, however, the manufacturing sector showed signs of growth while the A-share market also bounced back from the bottom, exiting from years of weak market.

Looking into 2013 to 2014, issues related to the European debt remain to be solved, and Obama, reelected as US president, will address fiscal issues as his primary task, including a new deficit reduction plan implemented in 2013, resulting in a watch-and-see market that brings impact to the American economy. In addition, the market again shifts its focus on when the Federal Reserve will tighten its monetary policies. The volatility in the overseas market and the oscillating exporting statistics in mainland and Hong Kong lead to one question as to whether the economy in mainland will decelerate. All of these phenomena in question are the indicators of the performance of Hong Kong stocks. However, with the ample liquidity in the market maintained, the market investors generally remain positive about the prospect and outlook of the Hong Kong stocks.

至於內地市場,中央已放棄保八,經濟增長放緩, 儘管如此,製造業在第四季度見增長跡象,A股 市場也打破多年積弱的困局,谷底回升。

展望二零一三╱一四年度,歐債問題仍有待解決, 美國總統奧巴馬連任首要任務是處理國內財政問 題,並於二零一三年推出新的削赤方案,市場觀 望對美國經濟帶來的衝擊。此外,市場焦點再次 放在美國聯儲局何時收緊貨幣政策。外圍波動, 內地和本港出口數字亦見反覆,內地經濟增長會 否減速,均成為主導港股表現的導向儀。不過, 市場資金流動性仍然充裕,市場人士普遍對港股 前景展望仍保持審慎樂觀。

OPERATING RESULTS

For the year ended 31 March 2013, the Group's turnover significantly increased by 19.5% to HK\$273.3 million (2012: HK\$228.7 million), hitting its record high. Profit attributable to equity shareholders was HK\$92.2 million (2012: HK\$60.6 million), representing a sharp increase of 52.1% when compared with the Prior Year. The Group's impressive results for the Year were mainly attributable to the following facts. The management maintained its aggressive expansion and continued its expansion of branch network during the Year. The Group also upheld its philosophy of innovation and transformation to introduce products through innovation and provide better services. Thus, the customer base expanded rapidly, contributing to a significant increase of commission income from brokerage against the downward market trend and promoting profit growth. Basic earnings per share were HK10.18 cents (2012: HK8.92 cents) and the diluted earnings per share were HK10.17 cents (2012: HK8.89 cents). The Board proposed a final dividend of HK2.70 cents (2012: HK1.80 cents) per share for the Year.

經營業績

截至二零一三年三月三十一日止年度,本集團營 業額創歷史新高,錄得273.3百萬港元(二零一二 年:228.7百萬港元),較上年度大幅增長19.5%; 權益股東應佔溢利為92.2百萬港元(二零一二年: 60.6百萬港元),較上年度飆升52.1%。本年度創 下佳績,主要由於管理層積極進取的擴展步伐, 年內分行網絡不斷擴張,配合本集團創新求變的 精神,產品推陳出新,服務力臻完善,客戶基礎 迅速擴大,帶動經紀佣金收入逆市大幅上升,推 動盈利增長。每股基本盈利為10.18港仙(二零 一二年:8.92港仙),而每股攤薄盈利為10.17港 仙(二零一二年:8.89港仙)。董事會建議就本年 度派發末期股息每股2.70港仙(二零一二年:1.80 港仙)。

Turnover

TURNOVER

During the period under review, the Hong Kong stocks had a mixed performance with a drop of 15.2% in the average daily trading volume to HK\$56.46 billion. However, by capitalizing on its aggressive marketing strategies, well-established branch networking, and a sizeable client base, the Group reported a substantial growth both in its turnover and in the commission from the securities and futures brokerage businesses for the period. During the Year, the Group proactively continued to expand against the market conditions with five more new branches opened for business, including the Jordan branch purchased by Chairman Mr. Yip Mow Lum through his private investment of HK\$180 million. The Jordan branch was built into Bright Smart's Kowloon headquarters with an area of 20,000 square feet, improving and optimizing the branch network of the Group. As a result, the total number of branches increased to 16, excluding the Central head office. Currently, the Group has ten selected branches operating seven-day services, one of which is Bright Smart's Kowloon headquarters in Jordan. Such services will enable customers to open new accounts, make inquiries, and settle and subscribe new shares during the weekends and public holidays while improving our customer service quality and enhancing our communication with clients.

By leveraging on a sizable customer base, the Group is committed to introducing diversified financial products and services that can keep up with times and lead investment trend. In view of the high property prices in the Year and the public's difficulties to invest in the property market, the Group initiated the "Installment Margin Scheme" in an unprecedented manner, under which customers can bargain hunting favorite stocks and then pay in installments, allowing customers to flexibly utilize their funds while having an early start. The Plan was well received by customers. Moreover, the Group has been licensed to carry out Type 7 (Providing Automated Trading Services) regulated activities by the Securities and Futures Commission of Hong Kong, and officially launched the "BS Pre-IPO Trading Centre" in April 2013, ranking among a few Hong Kong securities houses that can provide new shares pre-listing trading.

營業額

回顧期內,港股表現反覆,平均每日交易額大跌 15.2%,至564.6億港元,但本集團憑藉積極進取 的市場策略,完善的分行網絡及龐大的客戶規模, 期內營業額大幅上升,證券及期貨經紀業務的佣 金同步大幅增加。本年度,本集團積極逆市擴充, 五家新分行先後投入服務,包括由主席葉茂林先 生私人斥資1.8億港元購入的佐敦巨舖,已打造成 佔地兩萬呎的耀才九龍區總部,令本集團的分行 網絡更臻完善與優化,分行總數增加至16間(中 環總行不計算在內)。目前,本集團已有十間特選 分行實施七天營業(包括佐敦的耀才九龍區總部), 方便客戶於假日前往分行辦理開立新戶口、查詢、 交收及認購新股等事宜,提升客戶服務質素,加 強與客戶之間的溝通。

憑藉龐大的客戶基礎,本集團銳意推出與時俱進、 領導潮流的多元化金融產品與服務,包括有見去 年樓市高企,市民入市困難,破天荒推出首創的 「股票分期供款計劃」,令客戶趁低吸納心儀股票 再分期供款,靈活運用資金之餘也能早著先機, 此計劃廣受好評。另外,本集團成功獲取香港證 監會發出「提供自動化交易服務」(第7類受規管活 動)牌照,並於本年度四月份正式推出「耀才新股 交易中心」,成為香港極少數可提供新股暗盤交易 之證券行。

Management Discussion and Analysis

管理層討論與分析

Total Number of Client Accounts 客戶總數

The strategy of expanding branches yielded triumphant results. During the Year, the total number of newly opened client accounts was 28,783 (after deducting the closed accounts) (2012: 28,096), further adding up to the total number of 89,260 client accounts as of 31 March 2013. This represented a significant increase of 47.6% as compared against that of 60,477 client accounts as of 31 March 2012. Among the newly-opened client accounts, 26,777 were from the branches, accounting for 93.0% of the newly-opened client accounts during the Year.

擴展分行策略取得驕人成果,本年度,本集團新 開立戶口共28,783個(已扣減結束賬戶之客戶)(二 零一二年:28,096個),令其客戶總數進一步由二 零一二年三月三十一日的60,477個,大幅增長 47.6%至二零一三年三月三十一日的89,260個。 新開立戶口中,來自分行的佔26,777個,佔本年 度新開立戶口93.0%。

During the Year, the turnover attributable to the branches was HK\$170.0 million (2012: HK\$110.3 million), representing a remarkable increase of 54.1% over the Prior Year with 62.2% (2012: 48.2%) surge in the percentage of total turnover.

本年度,分行錄得營業額170.0百萬港元(二零 一二年:110.3百萬港元),較上年度大幅增長 54.1%,佔總營業額比例增至62.2%(二零一二 年:48.2%)。

Turnover distribution from head office and branches 來自總行及分行營業額分佈

A summary of the revenue from different business segments of the Group is set out below: 本集團各業務分部之收益概要載列如下:

	2013 二零一三年 HK\$'000 千港元	Year ended 31 March 截至三月三十一日止年度 Proportion of total turnover 佔總營業額 之比例 %	2012 二零一二年 HK\$'000 千港元	Proportion of total turnover 佔總營業額 之比例 %	Increment 增加 %
Commission income from: 來自以下各項之 佣金收入: 證券經紀 • Securities brokerage • 香港期貨及期權 • Hong Kong futures and • 經紀 options brokerage 環球期貨經紀 • Global futures brokerage • 股票期權經紀 • Stock options brokerage • 首次公開發售經紀 • IPO brokerage •	123,923 60,593 24,633 3,426 3,617	45.4% 22.2% 9.0% 1.3% 1.3%	113,388 48,012 16,459 2,569 3,507	49.6% 21.0% 7.2% 1.1% 1.5%	9.3% 26.2% 49.7% 33.4% 3.1%
孖展融資利息收入 Interest income from margin financing 首次公開發售融資 Interest income from IPO financing 利息收入	55,883 1,206	20.4% 0.4%	43,967 805	19.2% 0.4%	27.1% 49.8%
	273,281	100%	228,707	100%	19.5%

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耀才證券金融集團有限公司 • 二零一二/ 一三年年報

Management Discussion and Analysis

管理層討論與分析

Turnover breakdown by business segments 按業務分部劃分之營業額

I. Securities brokerage

The Group's commission income from securities brokerage for the Year was HK\$123.9 million (2012: HK\$113.4 million), an increase of 9.3% over the Prior Year, accounting for 45.4% (2012: 49.6%) of the total turnover. During the Year, the Stock Exchange recorded a total transaction value of HK\$13,832.3 billion (2012: HK\$16,303.1 billion), representing a year-on-year decline of approximately 15.2%. In contrast, the Group significantly outperformed the market, recording an increase in commission income from securities brokerage against the downward market trend. The Group also gained market share growth during the Year, and the rank in the Group B also rose.

As to the global securities segment, following the introduction of trading Singapore stocks, China's B stocks, and Taiwan stocks last year, the Group also introduced the US stocks margin financing services, providing margin financing for the designated US stocks at a maximum margin ratio of 70%. During the Year, the Group introduced its unprecedented "Installment Margin Scheme" and "BS Pre-IPO Trading Centre". Being wellrecognized in the market, these spurred the rapid growth of new accounts, expanding the revenue stream of the Group. To lay a solid foundation for the Group to penetrate into the international market, the Group will vigorously continue to explore the business opportunities arising from the RMB-based financial products.

I. 證券經紀

本集團於本年度之證券經紀佣金收入錄得 123.9百萬港元(二零一二年:113.4百萬港 元 ), 較 上 年 度 增 加9.3%, 佔 總 營 業 額 45.4%(二零一二年:49.6%)。年內聯交所 錄得成交金額138,323億港元(二零一二年: 163,031億港元),同比下跌約15.2%。相對 而言,本集團證券經紀佣金收入逆市錄得增 長,遠優於大市表現,而年內本集團的市場 佔有率亦錄得增長,在B組的排名亦同步躍 升。

環球證券方面,本集團繼上年度推出新加坡 股、中國B股及台股買賣後,又推出美股孖 展融資服務,為指定美股提供孖展交易,最 高可按七成。本集團更在年內推出首創的「股 票分期供款計劃」及「耀才新股交易中心」, 大獲好評,刺激開戶人數飆升,為本集團開 拓新收入來源。為邁向國際化奠定基石,本 集團將繼往開來,積極研究人民幣金融產品 的商機。

Commission income from securities brokerage of the Group 本集團證券經紀佣金收入

Transaction amount of the Hong Kong stock market 香港股票市場成交金額

II. Hong Kong futures and options brokerage

The Group's commission income from Hong Kong futures and options brokerage for the Year was HK\$60.6 million (2012: HK\$48.0 million), a significant increase of 26.2% over the Prior Year, accounting for 22.2% (2012: 21.0%) of the total turnover.

II. 香港期貨及期權經紀

本集團於本年度錄得香港期貨及期權經紀佣 金收入60.6百萬港元(二零一二年:48.0百 萬港元),較上年度大幅增長26.2%,佔總 營業額22.2%(二零一二年:21.0%)。

Following the launch of the After-Hour Futures Trading in April, the Group promoted After-Hour futures trading and teaching and specially convened the "Bright Smart After-Hour Futures Trading Cup" investment competition with the aim to capturing the market, and the winner could receive a bonus of up to HK\$500,000, which were well received by customers. All branches responded enthusiastically and extended business hours to provide services for investors. The After-Hour Futures Trading could facilitate investors to make immediate hedging and arbitrage in the event of sudden changes in external market conditions, thereby avoiding risks. As a result, within just a few months after the launch of this service, the Group has obtained a satisfactory market share of approximately 13%, with futures commission income increasing significantly and the single-day trading volume calculated by the number of contracts hitting a new record high since its commencement of business.

III. Global futures brokerage

The volatile global markets prompted trading of global futures deemed as a hedging tool, leading to more frequent trading activities and fuelling the active growth of the global futures market with a growing number of clients. Accordingly the commission income from global futures brokerage for the Year recorded HK\$24.6 million (2012: HK\$16.5 million), significantly up 49.7% from the Prior Year, accounting for 9.0% (2012: 7.2%) of the total turnover.

今年四月開始增設夜市期貨,本集團為搶攻 有關市場,推動夜期交易和教學,特別舉行 「耀才夜期盃」投資比賽,勝出者可獲高達 500,000港元獎金,反應熱烈。全線分行更 一呼百應,延長營業時間,為投資者提供服 務。夜期有助於外圍市況突變時,投資者可 在風險管理上作出即時對沖和套戥,夜期推 出短短數個月,本集團夜期交易錄得理想市 場佔有率約13%,期貨業務佣金收入大增, 更破了開業以來按張數計算的單日交易量記 錄。

III. 環球期貨經紀

環球市場波動,投資者視環球期貨為對沖工 具,買賣更見頻密,刺激本集團環球期貨的 交投更趨活躍,加上客戶人數增加,本年度 環球期貨經紀佣金收入較上年度大幅增長 49.7%至24.6百萬港元(二零一二:16.5百 萬港元),佔總營業額9.0%(二零一二年: 7.2%)。

IV. Stock options brokerage

To meet customer needs, the Group has introduced the trading service for Hong Kong stock options since August 2010, recording an income of HK\$3.4 million during the Year (2012: HK\$2.6 million), accounting for 1.3% (2012: 1.1%) of the total turnover. Stock option is a highly leveraged investment product, thus the Group will closely monitor the margin levels maintained in stock options accounts and adjust according to market conditions to ensure proper risk management.

V. Margin financing

During the Year, the Group's interest income from margin financing was HK\$55.9 million (2012: HK\$44.0 million), a significant increase of 27.1% over the Prior Year, accounting for 20.4% (2012: 19.2%) of the total turnover. The Group's average monthly margin financing amount increased substantially by 39.2% from approximately HK\$970 million last year to approximately HK\$1,350 million during the Year. The Group has always been providing competitive margin ratios in order to attract more clients to buy stocks through margin financing.

During the Year, the Group issued rights shares on the basis of the allotment of one rights share for every two existing shares, broadening the financial resources that would provide ample funds for the growth of margin financing business.

The Group implemented the effective credit control process. Despite substantial growth in the margin financing amount, the Group did not have any record of bad debts over the past years.

VI. IPO brokerage and IPO financing

In recent years, as a result of the unsatisfactory performance of newly listed shares and investors' lukewarm interest in subscription, competition grew intense in the IPO financing market. However, by capitalizing on its competitive margin financing interest rate and quality services, the Group achieved outstanding performance in the IPO market. The Group's interest income from IPO financing increased by 49.8% to HK\$1.2 million (2012: HK\$0.8 million), while the commission income from IPO brokerage was HK\$3.6 million (2012: HK\$ 3.5 million), representing a year-on-year increase of 3.1%.

IV. 股票期權經紀

為配合客戶需求,本集團二零一零年八月起 提供香港股票期權買賣服務,本年度錄得收 入3.4百 萬 港 元(二 零 一 二 年:2.6百 萬 港 元 ), 佔 總 營 業 額1.3%( 二 零 一 二 年: 1.1%)。股票期權為高槓桿的投資產品,本 集團嚴謹監察股票期權戶口的按金水平,並 根據市況作出調整,以妥善控制風險。

V. 孖展融資

本集團於本年度錄得孖展融資利息收入為 55.9百 萬 港 元(二 零 一 二 年:44.0百 萬 港 元),較上年度大幅增加27.1%,佔總營業 額20.4%(二零一二年:19.2%),本集團的 平均每月孖展融資額亦由上年度的約970百 萬港元大幅增加39.2%至本年度的約1,350 百萬港元。本集團一向提供具競爭力的孖展 利率,吸引更多客戶以孖展方式買賣股票。

年內,本集團以二供一的形式進行供股,增 強了本集團之財政資源,為本集團壯大孖展 融資業務提供充裕資金。

本集團實施有效的信貸監控程序,即使孖展 融資額大幅增加,本集團於過往幾年間並無 錄得任何壞賬。

VI. 首次公開發售經紀及首次公開發售融資

近年,新股表現未如理想,投資者認購氣氛 未見熱烈,首次公開發售融資市場競爭激 烈,惟本集團憑著具競爭力的孖展融資利息 及優質的服務,在首次公開發售市場得到理 想表現,首次公開發售融資利息收入上升 49.8%至1.2百萬港元(二零一二年:0.8百 萬港元),而來自首次公開發售經紀業務佣 金錄得收入3.6百萬港元(二零一二年:3.5 百萬港元),按年上升3.1%。

Management Discussion and Analysis

管理層討論與分析

Operating Expenses and Net Profit Margin

In line with the fast-growing business, the Group's operating expenses increased as well. During the Year, the Group incurred operating expenses of HK\$224.2 million (2012: HK\$191.6 million), representing a year-on-year increase of 17.0%. The increase in operating expenses was mainly attributable to the rising staff costs and business-related expenses as a result of the Group's business expansion and the launch of new businesses during the Year. However, the Group is committed to implementing efficient cost control measures, bringing the Group's net profit margin up to 33.7% (2012: 26.5%).

A breakdown of the operating expenses is set out below:

經營開支及純利率

隨著業務迅速發展,本集團的經營開支亦相應增 加,本年度的經營開支為224.2百萬港元(二零 一二年:191.6百萬港元),按年增加17.0%。經 營開支增長主要由於本年度本集團規模擴充及開 展新業務,以致員工成本及業務相關開支上升。 惟本集團致力實施強效的成本控制措施,令本集 團的純利率增加至33.7%(二零一二年:26.5%)。

經營開支明細如下:

		2013 二零一三年 HK\$'000 千港元	Year ended 31 March 截至三月三十一日止年度 2012 二零一二年 HK\$'000 千港元	Increment 增加 %
Staff costs Depreciation Finance costs Advertising and promotion expenses Handling and settlement expenses Information and communication expenses	員工成本 折舊 財務成本 廣告及宣傳開支 手續費及結算費用 資訊及通訊開支	85,078 12,857 16,807 7,892 22,242 21,037	74,720 10,588 12,541 6,955 18,409 20,507	13.9% 21.4% 34.0% 13.5% 20.8% 2.6%
Rentals, rates and building management fee Legal and professional fees Miscellaneous expenses	租金、差餉及樓宇管理費 法律及專業費用 雜項開支	36,574 3,007 18,704 224,198	29,045 2,961 15,842 191,568	25.9% 1.6% 18.1% 17.0%

FUTURE PLANS

HKEx has been proactively developing its trading platform. In addition to the extension of trading hours and the research on new RMB structured products, functional enhancement of the trading system, and alliance with overseas financial markets, HKEx launched the After-Hour Futures Trading with a view to consolidating the leading position of Hong Kong as an international financial centre. As one of the premier securities houses in Hong Kong, the Group is famous for its aggressive exploration of diversified products and services. Looking into the future, the Group will vigorously expand its operation scale to attract more customers, promote After-Hour Futures Trading, penetrate into the mainland market by recruiting professionals, and introduce new services that offer prompt and up-to-date market information. In doing so, the Group will capture rare opportunities in the market and satisfy different customer demands. The Group will aggressively yet prudently implement plans for diversification and optimal expansion in order to further increase its market share by providing customers with more value-added services.

FULL PENETRATION INTO THE MARKET

Fluctuation in the overseas market undoubtedly affected the ambitious expansion of the local securities sector. In spite of this, the Group deeply believes in the overriding importance of capturing opportunities arising from the threats as well as huge development potential in the current market, thus strategically increasing its market penetration in broad and profound senses. In the broad sense, the Group will aggressively explore potential areas for new branches. Through the network upgrade and integration, the Group aims to attract new customers, and further consolidate its position in the securities market in Hong Kong by extending its branch network to all the eighteen districts in Hong Kong.

In the profound sense, the Group will aggressively explore the international market by introducing the diversified and up-to-date investment products to the global market, and improve its professional expertise for the ever-changing capital market. As China is playing a decisive role in the international economies, the Group is committed to expanding its domestic market in future by deploying more resources to attract mainland customers, which is expected to generate considerable income for the Group.

未來計劃

港交所一直積極開發交易平台,除了延長交易時 段和研究新增人民幣結構產品、提升交易系統功 能、與海外金融市場聯盟等,期內更增設期貨夜 市,藉以鞏固香港作為國際金融中心的領導地位。 本集團作為香港首屈一指的本地證券金融集團, 憑積極開發多元化產品及服務而享負盛名。展望 未來,本集團將致力擴充規模吸納客戶,推廣夜 期和吸納專才拓展內地市場,以及推出迅速及貼 市的新服務,務求抓緊寶貴的市場機遇,滿足不 同客戶需要。本集團會在謹慎基礎上,積極作多 元化和優化擴展計劃,以求進一步擴大市場佔有 率,為客戶提供更多增值服務。

滲透市場無孔不入

外圍市況波動無疑打擊本地證券業的拓展雄心, 但本集團相信危中有機、掌握先機的硬道理,深 信目前市場仍有龐大的發展空間,故積極透過廣 化和深化策略增加本集團於市場滲透率。廣化方 面,本集團積極物色潛力地區開設分行,也會透 過整合強化分行網絡,目標是延伸分行網絡至全 港十八區,吸納新客,進一步鞏固本集團在香港 證券市場之地位。

至於深化,本集團正積極邁向國際化,而面向環 球市場推出多元化和貼市的投資產品,加強專業 性以針對變化萬千的資本市場隨著中國成為國際 間舉足輕重的重要經濟體系,本集團未來會致力 開拓國內市場,計劃投放更多資源吸納內地客戶, 冀為本集團帶來可觀收入。

Management Discussion and Analysis 管理層討論與分析

Trading securities online has become an investment trend. In view of this and given the second phase of trading hour extension in effect, the Group already has made its brand new website offer customers an around-the-clock online trading platform and investment information. In addition, the Group is optimistic about the opportunities from online trading through smart phones. The access to the internet and mobile network make it whenever and wherever possible for the customers to comfortably enjoy one-stop online investment service that is safe and fast. Meanwhile, through the live broadcasting of Bright Smart Finance Channel linked with our website, the Group could promptly inform customers of the latest and comprehensive information about global investment.

With the RMB internationalization accelerating, RMB-denominated bonds and other RMB-denominated products, in particularly the first RMB futures, are launched in Hong Kong market. In consideration of these, the Group is extremely keen on the launch of stocks with dual currencies and dual stock codes, as the Group is attracting new mainland customers. During the Year, the Group was selected as a designated local dealer for visiting and exchanging by the Shanghai Stock Exchange, proving its fast growth in recent years is recognized by relevant institutions in the mainland.

In addition, the Group's celebrity stock commentator, Mr. Kwok Sze Chi (executive director and marketing director of the Group) was selected by cnfol.com last year as the most influential Hong Kong stock commentator in 2012. It is believed that his regular attendance at seminars and speech exchanges in the mainland, along with improvement in the Group's one-stop platform, will benefit the future business growth and enhance profitability of the Group.

看準網上交易已成為投資趨勢,加上第二階段延 長交易時段已經實行,本集團的嶄新網站為客戶 提供24小時全天侯網上交易平台與投資資訊,本 集團更特別看好智能手機網上交易的商機,透過 在互聯網和手機上網,客戶可隨時隨地享受安心、 安全又快捷的一條龍式網上投資互動新體驗。本 集團網站連結直播的《耀才財經台》,讓客戶得到 最快最新最全面的環球投資資訊。

鑑於人民幣國際化進程加快,人民幣國債及人民 幣計價產品,甚至首隻人民幣期貨在本港推出, 本集團在吸納內地新客戶之餘,更熱烈期待「雙幣 雙股」的推出。今年,本集團獲上海交易所選為指 定參觀交流之本地證券行,足證本集團近幾年快 速成長已獲內地相關機構認同。

再者,本集團旗下星級股評人郭思治先生(本集團 執行董事兼市務總監),去年獲中金在線選為 2012年最具影響力港股分析師,相信藉他定期到 內地進行演講交流,加上集團一站式完善平台, 有利未來業務增長及加強盈利能力。

DIVERSIFICATION OF PRODUCT PORTFOLIO

In March 2012, the Group was licensed to carry out Type 7 (Providing Automated Trading Services) regulated activities by Securities and Futures Commission of Hong Kong, and officially launched the "BS Pre-IPO Trading Centre" in April 2012, ranking among a few Hong Kong securities houses that can provide new shares pre-listing trading. In addition, the Group was licensed to carry out Type 9 (Asset Management) regulated activities in the same month. Currently, the Group is exploring its plan to offer professional investors discretionary accounts and its first fund products. Regarding global products, the Group started providing margin loans for US stocks in April 2012, and currently plans to provide such services as leveraged foreign exchange trading, bullion trading and Japan stock trading. These new services are expected to bring the Group business opportunities featured with synergic effects and generate considerable revenues.

24-HOUR ONLINE FUTURES TRADING

Given HKEx planned to launch the operation of After-Hour Futures Trading in the second half of 2012, the Group took concrete actions to provide customers with the around-the-clock online futures trading services and improve its service quality. The Group is of the view that the online trading has become the epochal trend. Thus, the Group has invested substantial resources in improving the online trading platform and smart phone apps, and holds free Saturday and Sunday lectures on electronic order placing at its branches. These initiatives enable the customers to grasp the latest market information, and assist a large number of investors in making wise investment decision.

CONCLUSION

Leveraging on its energetic marketing and development strategies, the Group was able to achieve rapid business growth against adversities, and become the industry benchmark by offering a variety of new services, ranking amongst one of the few profitable securities houses in the industry during the Year. Looking ahead, in the broad and profound senses, the Group will increase its market share by aggressive expansion, while broadening revenue streams by further diversifying various financial products. With well-designed strategies for new businesses, the Group will promptly seize opportunities. Through effective cost control to enhance its overall profitability and operating efficiency, the Group will stay ahead of the changing market to generate satisfactory returns for the shareholders of the Company. The Group is aiming at becoming one of the most sizeable and powerful securities dealers in the country.

豐富產品種類

本集團於二零一二年三月,成功獲香港證監會發 出「提供自動化交易服務」(第7類受規管活動)牌 照,並於二零一二年四月份宣佈正式推出「耀才新 股交易中心」,成為香港極少數可提供新股暗盤交 易之證券行。此外,本集團於同月獲發「提供資產 管理」(第9類受規管活動)牌照,現正研究計劃向 專業投資者提供全權委託經營帳戶及推出本集團 首隻基金產品。環球產品方面,本集團於二零 一二年四月增設美股孖展借貸服務,目前正計劃 推出槓桿式外匯、現貨金、日股買賣等業務,藉 著新業務預期為本集團帶來更多具有協同效應之 商機及可觀收入。

二十四小時網上期貨交易

二零一二年下半年,港交所計劃開設收市後期貨 交易時段,本集團已採取實質行動,為客戶提供 二十四小時網上期貨交易服務,提供更完善的服 務。本集團認為網上交易已成為時代大趨勢,故 此將投放大量資源完善旗下網上交易平台和智能 手機軟件,各分行周六、日更舉辦免費電子落盤 教學講座,使客戶充份掌握最新之市場資訊,協 助廣大投資者作出明智投資決定。

總結

本年度,本集團憑藉積極進取的業務推廣政策及 拓展策略,成功在逆市中突圍,實現業務高速增 長,而推出的種種嶄新服務亦成為行業指標,成 為業內少數能錄得理想盈利之證券金融集團。展 望將來,本集團銳意廣化和深化兩方面發展,一 方面透過積極拓張分店增加市場佔有率,另一方 面將進一步拓展各類金融業產品以增加收入來源。 隨著本集團精心部署之新業務策略,及時把握商 機,透過強效的成本控制措施,致力提升整體盈 利能力及營運效率,以駕馭市場變化,繼續為股 東帶來理想回報,本公司正朝著晉身為全國最具 規模與實力的券商之目標邁進。

Capital Structure, Liquidity and Financial Resources

The Group financed its operations with shareholders' equity, cash generated from operation and bank borrowings.

The Group maintained a strong cash position. Its bank deposits, bank balances and cash amounted to HK\$381.5 million as at 31 March 2013 (2012: HK\$397.1 million).

The Group had total bank borrowings of HK\$1,690.0 million as at 31 March 2013 (2012: HK\$425.0 million) which are primarily at fixed rates. The bank borrowings were primarily collateralised by its margin clients' securities pledged to the Group. As at 31 March 2013, unutilised facilities amounted to HK\$983.0 million. The Group's gearing ratio, which is total bank borrowings divided by the total shareholders' equity, was 223.1% (2012: 86.1%).

As at 31 March 2013, the net current assets of the Group increased by 48.9% to HK\$684.1 million (2012: HK\$459.3 million). The Group's current ratio, which is current assets divided by current liabilities, was 1.28 (2012: 1.42) as at 31 March 2013.

The Group actively and regularly reviews and manages its capital structure and adjusts it in light of changes in economic conditions. For the licensed subsidiaries, the Group ensures each of them maintains a liquid capital level adequate to support the level of activities with a sufficient buffer to accommodate increases in liquidity requirements arising from potential increases in the level of business activities. During the Year, all the licensed subsidiaries complied with the liquid capital requirements under the Securities and Futures (Financial Resources) Rules ("FRR").

Charges on Assets

No asset of the Group was subject to any charge as at 31 March 2013 and 2012.

資本結構、流動資金及財務資源

本集團以股東權益、經營業務產生之現金及銀行 借貸為其營運提供資金。

本集團維持強勁現金狀況。於二零一三年三月 三十一日,其銀行存款、銀行結餘及現金為381.5 百萬港元(二零一二年:397.1百萬港元)。

於二零一三年三月三十一日,本集團之總銀行借 貸為1,690.0百萬港元(二零一二年:425.0百萬港 元),主要按固定息率計算。銀行借貸主要以其孖 展客戶抵押予本集團之證券作抵押。於二零一三 年三月三十一日,未動用融資為983.0百萬港元。 本集團之資產負債比率(按總銀行借貸除以總股東 權益計算)為223.1%(二零一二年:86.1%)。

於二零一三年三月三十一日,本集團之流動資產 淨值增加48.9%至684.1百萬港元(二零一二年: 459.3百萬港元)。於二零一三年三月三十一日本 集團之流動比率(按流動資產除以流動負債計算) 為1.28倍(二零一二年:1.42倍)。

本集團積極定期檢討及管理資本結構,並因應經 濟環境之轉變對資本結構作出調整。就持牌附屬 公司而言,本集團確保各附屬公司均保持資金靈 活周轉,足以支持業務經營,以及在業務活動可 能轉趨頻繁而引致對流動資金之需求上升時亦能 應付自如。於本年度,所有持牌附屬公司均遵守 證券及期貨(財政資源)規則(「財政資源規則」)項 下之流動資金規定。

資產抵押

於二零一三年及二零一二年三月三十一日,本集 團之資產並無受限於任何抵押。

Contingent Liabilities

As at 31 March 2013, subsidiaries of the Company engaging in securities and futures broking have secured banking facilities from authorised institutions for a total amount of HK\$993.0 million (2012: HK\$623.0 million). The Company has issued corporate guarantees for a total principal amount of HK\$993.0 million (2012: HK\$623.0 million) for these facilities. As at 31 March 2013, the subsidiary has utilised HK\$710.0 million of these aggregate banking facilities (2012: HK\$325.0 million).

As at 31 March 2013, the Directors did not consider it probable that a claim will be made against the Company under any of the guarantees. The Company has not recognised any deferred income in respect of the guarantees as their fair value cannot be reliably measured and the transaction price was nil.

Operating Lease Commitments and Capital Commitments

The operating lease commitments as at 31 March 2013 were approximately HK\$101.1 million (2012: HK\$36.3 million). The capital commitments as at 31 March 2013 were approximately HK\$8.4 million (2012: HK\$1.6 million).

Employees and Remuneration Policies

As at 31 March 2013, the Group had a work force of 245 employees (2012: 236 employees). Staff costs, excluding Directors' emoluments, amounted to approximately HK\$77.4 million for the Year (2012: HK\$68.3 million). The Group's remuneration policy aims to offer competitive remuneration packages to recruit, retain and motivate competent employees. The Group believes the remuneration packages are reasonable and competitive and in line with market trends. The Group has put in place a share option scheme and a bonus scheme for its executives and employees in a bid to provide a competitive remuneration package for the Group's long term growth and development. The Group also provides appropriate training and development programmes to its employees to enhance the staff's work ability and personal effectiveness.

或然負債

於二零一三年三月三十一日,本公司從事證券及 期貨經紀業務之附屬公司自一間認可機構取得銀 行融資合共993.0百萬港元(二零一二年:623.0 百萬港元)。本公司已就該等融資發出本金總額 993.0百萬港元(二零一二年:623.0百萬港元)之 公司擔保。於二零一三年三月三十一日,附屬公 司已動用該等銀行融資總額之710.0百萬港元(二 零一二年:325.0百萬港元)。

於二零一三年三月三十一日,董事認為不太可能 就任何擔保針對本公司作出任何申償。由於擔保 之公平值不能可靠計量及交易價為零,故本公司 並無就該等擔保確認任何遞延收入。

經營租約承擔及資本承擔

於二零一三年三月三十一日,經營租約承擔約為 101.1百萬港元(二零一二年:36.3百萬港元)。於 二零一三年三月三十一日,資本承擔約為8.4百萬 港元(二零一二年:1.6百萬港元)。

僱員及薪酬政策

於二零一三年三月三十一日,本集團共有245名 僱員(二零一二年:236名僱員)。本年度之員工 成本(不包括董事酬金)約為77.4百萬港元(二零 一二年:68.3百萬港元)。本集團之薪酬政策旨在 提供具競爭力之薪酬福利,以吸引、挽留及激勵 能幹之僱員。本集團相信該等薪酬福利屬合理及 具競爭力,且符合市場趨勢。本集團已為其行政 人員及僱員設立一項購股權計劃及獎金計劃,藉 此提供具競爭力之薪酬福利,以達致本集團之長 期增長及發展。本集團亦向其僱員提供適當培訓 及發展計劃,以提升員工之工作能力及個人效能。

Significant Acquisition and Disposal of Subsidiaries

During the Year, the Group did not make any significant acquisition or disposal of subsidiaries.

Litigation

The legal case regarding a defamation claim between Bright Smart Securities International (H.K.) Limited, a wholly owned subsidiary of the Group, and Chief Securities Limited, was settled on 23 April 2013. The settlement amount was recognised as a liability at the end of the reporting period.

RISK MANAGEMENT

Credit risk

The Group's credit risk is primarily attributable to amounts due from clients, brokers and clearing houses. Management has a credit policy in place and the exposure to the credit risk is monitored on an ongoing basis.

In respect of amounts due from clients, individual credit evaluations are performed on all clients including cash and margin clients. Cash clients are required to place deposits as prescribed in the Group's credit policy before execution of any purchase transactions. Receivables due from cash clients are due within the settlement period commonly adopted in the relevant market convention, which is usually within a few days from the trade date. Because of the prescribed deposit requirements and the short settlement period involved, the credit risk arising from the amounts due from cash clients is considered low. The Group normally obtains liquid securities and/or cash deposits as collateral for providing margin financing to its clients. Margin loans due from margin clients are repayable on demand. For commodities and futures broking, an initial margin is required prior to opening transaction. Market conditions and adequacy of securities collateral and margin deposits of each margin account and futures account are monitored by the management on a daily basis. Margin calls and forced liquidation are made where necessary.

In respect of amounts receivable from brokers and clearing houses, credit risks are considered low as the Group normally enters into transactions with brokers and clearing houses which are registered with regulatory bodies and enjoy sound reputation in the industry.

重大收購及出售附屬公司

本年度,本集團並無任何重大收購或出售附屬公 司。

訴訟

本集團附屬公司之一耀才證券國際(香港)有限公 司與致富證券有限公司之誹謗訴訟,已於二零 一三年四月二十三日達成和解。該訴訟之賠償金 額已於報告期末確認為負債。

風險管理

信貸風險

本集團之信貸風險主要來自應收客戶、經紀及結 算所之賬款。管理層訂有信貸政策,並持續監控 信貸風險。

就應收客戶賬款方面,所有客戶(包括現金及孖展 客戶)均須接受個別信貸評估。於執行任何購買交 易前,現金客戶須按本集團之信貸政策向指定戶 口存款。應收現金客戶款項乃於相關市場慣例普 遍採用之結算期內到期,一般為交易日後數天內。 基於指定存款規定及所涉及結算期短,故應收現 金客戶賬款產生之信貸風險甚微。本集團一般會 向其客戶取得流動證券及╱或現金存款作為向其 客戶提供孖展融資之抵押品。應收孖展客戶之孖 展貸款須應要求償還。就商品及期貨經紀業務而 言,於開倉前須支付基本按金。管理層會每日監 察市況以及各孖展賬戶及期貨賬戶之證券抵押品 及保證金是否足夠,如有需要,會追繳保證金及 強行斬倉。

由於本集團一般與已向監管機構註冊並於業內享 有良好聲譽之經紀及結算所進行交易,故應收經 紀及結算所賬款之信貸風險甚低。

39

The Group has no significant concentration of credit risk as credits are granted to a large population of clients.

The Group does not provide any other guarantees which would expose the Group to credit risk.

Liquidity risk

Individual operating entities within the Group are responsible for their own cash management, including the raising of loans to cover expected cash demands, and to ensure compliance with FRR. The Group's policy is to regularly monitor its liquidity requirement and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term.

Interest rate risk

The Group charges interest on its margin clients on the basis of its cost of funding plus a mark-up. Financial assets such as margin loans and deposits with banks and financial liabilities such as bank loans and loan from a related company are primarily at fixed rates. The Group's income and operating cash flows are not subject to significant interest rate risk.

Foreign currency risk

The Group is exposed to currency risk primarily arising from financial instruments that are denominated in United States dollars ("USD") and Renminbi ("RMB"). As the Hong Kong dollar ("HKD") is pegged to the USD, the Group considers the risk of movements in exchange rates between the HKD and the USD to be insignificant. In respect of financial instruments denominated in RMB, the Group ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances. The management monitors all the foreign currency positions on a daily basis.

由於本集團向眾多客戶提供信貸,故並無重大集 中信貸風險。

本集團並無提供任何其他擔保,致令本集團面對 信貸風險。

流動資金風險

本集團內個別經營實體負責各自之現金管理,包 括籌措貸款應付預期現金需要,並確保符合財政 資源規則。本集團之政策為定期監管流動資金需 要,並遵守借貸契諾,確保維持足夠現金儲備及 來自大型財務機構之充足承諾融資額度,以應付 長短期流動資金需要。

利率風險

本集團按其資金成本另加漲價向孖展客戶收取利 息。財務資產(如孖展貸款及銀行存款)及財務負 債(如銀行貸款及來自一家關連公司之貸款)主要 按固定息率計息。本集團之收入及經營現金流量 並無面對重大利率風險。

外匯風險

本集團所承受外匯風險主要源自美元(「美元」)及 人民幣(「人民幣」)計值之金融工具。由於港元與 美元掛鈎,故本集團認為,港元與美元之間匯率 變動風險輕微。就以人民幣計值之金融工具而言, 本集團在有需要的情況下按即期匯率購入或出售 外幣以處理短期之不平衡情況,藉以確保風險淨 額維持可接受之水平。管理層每日監控所有外匯 持倉。

Biographies of Directors and Senior Management 董事及高級管理層之簡歷

Front row left to right 前排左至右:

• Mr. YU Yun Kong (Independent Non-executive Director) Mr. LING Kwok Fai, Joseph (Independent Non-executive Director)
• Mr. CHAN Kai Fung (Executive Director & Chief Executive Officer) Mr. YIP Mow Lum (Executive Director & Chairman)
• Mr. KWOK Sze Chi (Executive Director & Marketing Director) Mr. SZETO Wai Sun (Independent Non-executive Director)
• 余韌剛先生(獨立非執行董事) 凌國輝先生(獨立非執行董事) 陳啟峰先生(執行董事兼行政總裁)
• 葉茂林先生(執行董事兼主席) 郭思治先生(執行董事兼市務總監) 司徒維新先生(獨立非執行董事)

Back row left to right 後排左至右:

• Ms. LI Wan Mei (Chief Financial Officer) Mr. CHAN Kwan Pak (Company Secretary) Mr. HUI Yik Bun (Assistant Sales Director)
• Mr. WONG Wing Man (Head of Information Technology) Mr. CHAN Wing Shing, Wilson (Executive Director & Dealing Director)
• Ms. YIP Wing Yan, Jacquelyn (Managing Director)
• 李韻媚小姐(財務總監) 陳筠栢先生(公司秘書) 許繹彬先生(助理銷售總監) 黃穎文先生(資訊科技部主管)
• 陳永誠先生(執行董事兼交易總監) 葉頴恩小姐(董事總經理)

EXECUTIVE DIRECTORS

Mr. YIP Mow Lum

Executive Director & Chairman

(Appointed as a director on 4 August 2009 and elected as the Chairman on 4 August 2010)

Aged 61, is the founder, the Chairman of the Board and the controlling shareholder of the Company. Mr. Yip is also the Chairman of the Nomination Committee and a member of the Remuneration Committee of the Company. He is responsible for the formulation of corporate strategies, overseeing operations and the overall steering of the Group's management. Mr. Yip has solid experience in brokerage industry and investment and has over 20 years' management experience in securities and futures brokerage. He is a director of Bright Smart Asset Management Limited ("Bright Smart Asset Management"), Bright Smart Forex Limited ("Bright Smart Forex"), Bright Smart Global Bullion Limited ("Bright Smart Global Bullion"), Bright Smart Futures & Commodities Company Limited ("Bright Smart Futures"), Bright Smart Securities International (H.K.) Limited ("Bright Smart Securities") and Bright Smart Investment Holdings Limited ("Bright Smart Investment"). Mr. Yip is a responsible officer recognized by the Securities & Futures Commission of Hong Kong ("SFC") for engaging in the Type 2 (dealing in futures contracts) regulated activity. He is the sole director of New Charming Holdings Limited, the controlling shareholder of the Company and the uncle of Mr. Chan Wing Shing, Wilson, one of the Executive Directors of the Company and the father of Ms. Yip Wing Yan, Jacquelyn, the Managing Director of the Group.

Mr. CHAN Kai Fung

Executive Director & Chief Executive Officer (Appointed as a director on 4 August 2009 and designated as an executive director on 4 August 2010)

Aged 46, is an Executive Director and a Chief Executive Officer with overall responsibility for the business and operations of the Group. Mr. Chan has over 20 years' management experience in securities and futures businesses, and specialized in IPO financing project. He is also a director of Bright Smart Asset Management, Bright Smart Forex, Bright Smart Global Bullion, Bright Smart Futures, Bright Smart Securities and Bright Smart Investment. Before joining the Group, Mr. Chan was a director of Coin Fall Limited (a securities brokerage company) and Lucky Man Properties Limited as well as the administration manager of Maxview Enterprises Limited.

執行董事

葉茂林先生 執行董事及主席 (於二零零九年八月四日獲委任為董事 並於二零一零年八月四日獲推選為主席)

61歲,為本公司創辦人、董事會主席及控股股 東。葉先生亦為本公司提名委員會主席及薪酬委 員會成員。彼負責制定公司策略、監察營運及監 督本集團之整體管理工作。葉先生於經紀業及投 資方面具備豐富知識,並擁有超過20年管理證券 及期貨經紀業務之經驗。彼為耀才資產管理有限 公司(「耀才資產管理」)、耀才環球外匯有限公司 (「耀才環球外匯」)、耀才環球金業有限公司(「耀 才環球金業」)、耀才期貨及商品有限公司(「耀才 期貨」)、耀才證券國際(香港)有限公司(「耀才證 劵」)及耀才投資控股有限公司(「耀才投資」)之董 事。葉先生為香港證券及期貨事務監察委員會(「香 港證監會」)認可第二類(期貨合約交易)受規管活 動之負責人員。彼為本公司控股股東,新長明控 股有限公司,之唯一董事,以及本公司另一名執 行董事陳永誠先生之舅父和本集團董事總經理葉 頴恩小姐之父親。

陳啟峰先生 執行董事及行政總裁 (於二零零九年八月四日獲委任為董事 並於二零一零年八月四日獲指定為執行董事)

46歲,為本公司執行董事及行政總裁,負責本集 團整體業務及營運。陳先生於證券及期貨業積逾 20年之管理經驗,專長於首次公開發售融資項 目。陳先生亦為耀才資產管理、耀才環球外匯、 耀才環球金業、耀才期貨、耀才證劵及耀才投資 之董事。加入本集團前,陳先生曾任湧金有限公 司(一所證券經紀公司)及大富地產有限公司之董 事及萬景企業有限公司之行政部經理。

Biographies of Directors and Senior Management 董事及高級管理層之簡歷

Mr. KWOK Sze Chi

Executive Director & Marketing Director (Appointed on 4 August 2010)

Aged 58, celebrity stock commentator, an Executive Director of the Company and the Marketing Director of the Group with responsibilities for the formulation of marketing strategy of the Group, the management of analysts team as well as the marketing and business development of Bright Smart Securities and Bright Smart Futures. Mr. Kwok has over 30 years' experience in securities and futures businesses and has expertise in marketing strategy, securities analysis and corporate management. Mr. Kwok is also a director of Bright Smart Asset Management, an independent non-executive director of Victory City International Holdings Limited (a listed company in Hong Kong) and has been a director of The Institute of Securities Dealers Limited and a vice chairman of The Hong Kong Institute of Financial Analysts and Professional Commentators Limited since 2001 and 2004 respectively. Prior to joining the Group, Mr. Kwok has held senior positions in Peace Town Securities Limited and Cheerful Securities Limited. He is a responsible officer recognized by the SFC for engaging in the Type 1 (dealing in securities), Type 4 (advising on securities), Type 7 (providing automated trading services) and Type 9 (asset management) regulated activities. He is also a representative recognized by the SFC for engaging in the Type 2 (dealing in futures contracts) regulated activity.

Mr. CHAN Wing Shing Wilson

Executive Director & Dealing Director (Appointed on 4 August 2010)

Aged 48, is an Executive Director of the Company and the Dealing Director of the Group in charge of the daily dealing operations of Bright Smart Securities and Bright Smart Futures. Mr. Chan is also a director of Bright Smart Securities and Bright Smart Futures. He has over 15 years' experience in securities and futures businesses and is a responsible officer recognized by the SFC for engaging in the Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 7 (providing automated trading services) regulated activities. Mr. Chan is the nephew of Mr. Yip, the founder, the Chairman of the Board and the controlling shareholder of the Company and the cousin of Ms. Yip Wing Yan, Jacquelyn, the Managing Director of the Group.

郭思治先生

執行董事及市務總監 (於二零一零年八月四日獲委任)

58歲,知名股評專家,為本公司之執行董事及本 集團之市務總監,負責制定本集團市場策略、管 理分析員團隊以及耀才證券及耀才期貨之市場推 廣及業務發展。郭先生於證券及期貨業積逾30年 經驗,在市場策略、證券分析及企業管理方面具 備專業知識。郭先生亦為耀才資產管理之董事、 冠華國際控股有限公司(一所香港上市公司)之獨 立非執行董事以及自二零零一年及二零零四年起 分別擔任證券商協會有限公司董事及香港專業財 經分析及評論家協會副會長。加入本集團前,郭 先生於平和證券有限公司及時富證券有限公司任 職高層。彼為香港證監會認可第一類(證券交易)、 第四類(就證券提供意見)、第七類(提供自動化交 易服務)及第九類(提供資產管理)受規管活動之負 責人員,並為香港證監會認可第二類(期貨合約交 易)受規管活動之持牌代表。

陳永誠先生

執行董事及交易總監 (於二零一零年八月四日獲委任)

48歲,為本公司之執行董事及本集團之交易總 監,負責監督耀才證券及耀才期貨之日常交易運 作。陳先生亦為耀才證券及耀才期貨之董事。彼 於證券及期貨業積逾15年經驗並為香港證監會認 可第一類(證券交易)、第二類(期貨合約交易)、 第四類(就證券提供意見)、第五類(就期貨合約提 供意見)及第七類(提供自動化交易服務)受規管活 動之負責人員。陳先生為本公司創辦人、董事會 主席及控股股東葉先生之外甥,以及本集團董事 總經理葉頴恩小姐之表哥。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. YU Yun Kong Independent Non-executive Director (Appointed on 4 August 2010)

Aged 47, is an Independent Non-executive Director, the Chairman of the Audit Committee and the Remuneration Committee and a member of the Nomination Committee of the Company. Mr. Yu is a practising certified public accountant with over 20 years' experience in public accounting practice. He is a fellow member of the Association of Chartered Certified Accountants and a member of the Hong Kong Institute of Certified Public Accountants.

Mr. SZETO Wai Sun

Independent Non-executive Director (Appointed on 4 August 2010)

Aged 54, is an Independent Non-executive Director, a member of the Audit Committee, the Nomination Committee and the Remuneration Committee of the Company. Mr. Szeto holds a Bachelor's Degree in Laws (Hons) and a Postgraduate Certificate in Laws from The University of Hong Kong. He was admitted as a solicitor in Hong Kong in 1985 and worked in a number of law firms in Hong Kong including Chan & Co., Y. T. and Cheung & Co., Edmund before becoming a partner in Szeto W.S. & Lee. Mr. Szeto obtained the Professional Certificate in Chinese Civil & Commercial Law, a course which was jointly organised by Tsinghua University in the PRC and the School of Professional and Continuing Education of The University of Hong Kong in 2002.

Mr. LING Kwok Fai Joseph

Independent Non-executive Director (Appointed on 4 August 2010)

Aged 57, is an Independent Non-executive Director, a member of the Audit Committee, the Nomination Committee and the Remuneration Committee of the Company. Mr. Ling has over 17 years' experience in accounting, finance and administration and has been a director and the company secretary of a charitable organisation since 2004. Mr. Ling joined Midland Realty (Holdings) Limited in 1990 and was the executive director when he left the company in 1997. Prior to that, he was a controller of Hong Kong Telephone Company Limited and has also worked at Chase Manhattan Bank and the First National Bank of Boston in accounting field. Mr. Ling is an associate member of the Institute of Chartered Secretaries and Administrators and the Hong Kong Institute of Company Secretaries.

獨立非執行董事

余韌剛先生 獨立非執行董事 (於二零一零年八月四日獲委任)

47歲,本公司之獨立非執行董事、審核委員會及 薪酬委員會主席以及提名委員會成員。余先生為 執業會計師,於會計界積逾20年執業經驗。彼為 英國特許公認會計師公會資深會員及香港會計師 公會會員。

司徒維新先生

獨立非執行董事 (於二零一零年八月四日獲委任)

54歲,為本公司之獨立非執行董事、審核委員 會、提名委員會及薪酬委員會成員。司徒先生持 有香港大學法律榮譽學士學位及法律專業證書。 彼於一九八五年取得香港執業律師資格,並曾在 陳應達律師事務所及張恩純、葉健民律師行等多 家香港律師行任職,其後自行執業成為司徒維新 律師行合夥人。司徒先生於二零零二年取得中國 清華大學與香港大學專業進修學院合辦之中國民 商法專業課程進修結業證書。

凌國輝先生

獨立非執行董事 (於二零一零年八月四日獲委任)

57歲,為本公司之獨立非執行董事、審核委員 會、提名委員會及薪酬委員會成員。凌先生於會 計、財務及行政方面積逾17年經驗並自二零零四 年起出任一家慈善組織之董事兼公司秘書。凌先 生於一九九零年加入美聯物業(集團)有限公司, 於一九九七年離職時為該公司之執行董事。在此 之前,彼曾任香港電話有限公司總監及於美國大 通銀行及波士頓第一國民銀行擔任會計工作。凌 先生為英國特許秘書及行政人員公會及香港公司 秘書公會會員。

Biographies of Directors and Senior Management 董事及高級管理層之簡歷

SENIOR MANAGEMENT

Ms. YIP Wing Yan, Jacquelyn

Managing Director (Joined the Group in May 2012)

Aged 32, is the Managing Director of the Group with the responsibilities for overseeing the Group's daily internal operation and devising key strategies for future development plan. Lead, coordinate and give advices to various departments to provide optimum supports and quality services. She holds a Bachelor's Degree in Business Administration (major in Accounting) from City University of Hong Kong. Ms. Yip is the daughter of Mr. Yip, the founder, the Chairman of the Board and the controlling shareholder of the Company and the cousin of Mr. Chan Wing Shing, Wilson, one of the Executive Directors of the Company.

Mr. WONG Wing Man

Head of Information Technology (Joined the Group in March 2009)

Aged 42, is the Head of the Information Technology with the responsibilities for the formulation of information technology strategy as well as administration and development of the information technology system of the Group. Mr. Wong holds a Bachelor Degree in Engineering from The University of Hong Kong. He has over 20 years' experience in design and development of trading system. Prior to joining the Group, Mr. Wong was the chief technology officer of Ayers Solutions Limited where he was responsible for developing its flagship software product — Ayers GTS online securities/futures trading system.

Ms. LI Wan Mei

Chief Financial Officer (Joined the Group in November 2008)

Aged 29, is the Chief Financial Officer in charge of the overall financial and accounting management of the Group. Ms. Li has over 7 years' accounting experience, including three years' experience gained in PricewaterhouseCoopers. She holds a Bachelor's Degree (first class honours) in Business Administration from the Lingnan University and is a member of the Hong Kong Institute of Certified Public Accountants.

高級管理層

葉頴恩小姐 董事總經理 (於二零一二年五月加入本集團)

32歲,本集團之董事總經理,負責監督本集團之 日常內部營運及為未來發展計劃制訂主要策略。 領導、協調多個部門並給予意見,以提供最適度 之支持及優質服務。彼持有香港城市大學工商管 理學士學位,主修會計學。葉小姐為本公司創辦 人、董事會主席兼控股股東葉先生之女兒,亦為 本公司其中一名執行董事陳永誠先生之表妹。

黃穎文先生

資訊科技部主管 (於二零零九年三月加入本集團)

42歲,為本集團之資訊科技部主管,負責制定本 集團資訊科技策略以及資訊科技系統之行政及開 發。黃先生持有香港大學工程學士學位。彼擁有 超過20年設計及開發交易系統之經驗。加入本集 團前,黃先生曾任艾雅斯資訊科技有限公司技術 總監,負責開發其旗艦軟件產品 — Ayers GTS網 上證券╱期貨交易系統。

李韻媚小姐

財務總監 (於二零零八年十一月加入本集團)

29歲,為本集團之財務總監,負責本集團之整體 財務及會計管理工作。彼擁有超過7年之會計經 驗,包括三年於羅兵咸永道會計師事務所之經驗。 彼持有嶺南大學工商管理學士(一級榮譽)學位並 為香港會計師公會會員。

Mr. HUI Yik Bun, Edmond

Assistant Sales Director (Joined the Group in May 2010)

Aged 39, is the Assistant Sales Director of the Group with the responsibilities for leading the sales team and promotion work. Mr. Hui has over 18 years of experience in securities and futures businesses, and has worked in departments related to securities and futures in a number of firms. Mr. Hui has expertise in brokerage operation, sales management and market operation of securities and futures businesses, particularly with over 10 years' experience in frontline branch management. Prior to this existing position, Mr. Hui served as District manager managing branches' operations and supervising over 70 officers. Mr. Hui is also a responsible officer recognized by the SFC for engaging in the Type 1(dealing in securities) and Type 2 (dealing in futures contracts) regulated activities.

Mr. Chan Kwan Pak

Company Secretary (2 February 2011-28 May 2012; re-appointed on 16 October 2012)

Aged 56, is a member of the Institute of Chartered Secretaries and Administrators and Hong Kong Institute of Chartered Secretaries, a fellow member of the Association of Chartered Certified Accountants and a member of the Hong Kong Institute of Certified Public Accountants. Mr. Chan has extensive experience in company secretarial practices in respect of listed companies.

許繹彬先生 助理銷售總監 (於二零一零年五月加入本集團)

39歲,為本集團之助理銷售總監,負責管理本集 團所有銷售團隊之銷售及推廣工作。許先生於證 券及期貨業積逾18年經驗,曾任職多個相關證券 及期貨業部門,熟悉證券及期貨各部門的運作, 專長負責管理銷售及市場營運,並擁有超過10年 分行管理經驗。許先生被委任助理銷售總監之前, 為本集團區域經理,管理分行營運及監督超過70 名分行員工。彼為香港證監會認可第一類(證券交 易)及第二類(期貨合約交易)受規管活動之負責人 員。

陳筠栢先生

公司秘書 (二零一一年二月二日至二零一二年五月二十八 日;二零一二年十月十六日再獲委任)

56歲,為英國特許秘書及行政人員公會及香港特 許秘書公會會員,亦為英國特許公認會計師公會 資深會員及香港會計師公會會員,具有豐富之上 市公司秘書實務經驗。

CORPORATE GOVERNANCE PRACTICES

The Board is committed to ensuring high standards of corporate governance practices and believes that they are essential for maintaining and promoting investors' confidence. The Board reviews its corporate governance practices from time to time in order to meet public and shareholders' expectations and to comply with increasingly stringent regulatory requirements, as well as to fulfill its commitment for excellence in corporate governance.

The Corporate Governance Code ("CG Code") issued by The Stock Exchange of Hong Kong Limited (the "Stock Exchange") sets out two levels of corporate governance practices, namely, mandatory code provisions that listed companies must comply with or explain their non-compliance; and recommended best practices that listed companies are encouraged to comply with but need not disclose any non-compliance. Throughout the year ended 31 March 2013, the Company has fully complied with the mandatory code provisions of the CG Code.

BOARD OF DIRECTORS

The Board's primary responsibilities are to formulate the Company's long-term corporate strategy, oversee the management of the Group, evaluate the performance of the Group and assess the achievement of targets periodically set by the Board. In addition, the Board has established three Board Committees, namely, the Audit Committee, the Nomination Committee and the Remuneration Committee; and has delegated to these Board Committees various responsibilities as set out in their respective terms of reference.

企業管治常規

董事會恪守維持高水平之企業管治常規之承諾, 並堅信此對於維持及提高投資者之信心至為重要。 為達到公眾及股東之期望,符合日趨嚴謹之監管 要求,以及實踐董事會對堅守優越企業管治之承 諾,董事會時刻檢討集團之企業管治常規。

聯交所發出之企業管治常規守則(「企業管治守則」) 載有兩個層次之企業管治常規,包括:強制守則 條文 — 上市公司必須遵守,或對任何不遵守之情 況作出解釋;及建議最佳常規 — 鼓勵上市公司加 以遵守,但毋須披露不遵守之情況。截至二零 一三年三月三十一日止,本公司完全遵守企業管 治守則之強制守則條文。

董事會

董事會之主要職責為制定本公司之長期公司策略、 監督本集團之管理、評估本集團之表現及評核能 否達到董事會定期設定之目標。此外,董事會已 成立三個董事會轄下之委員會,包括審計委員會、 提名委員會及薪酬委員會,並按該等委員會之職 權範圍,將不同責任轉授該等委員會負責。

BOARD COMPOSITION

The Board comprises seven Directors, of whom more than one-third are non-executive and independent of the management. The Board is collectively responsible for promoting the success of the Company by directing and supervising the Company's affairs. The Board has a balance of skills and experience appropriate for the requirements of the Group's businesses. As at 31 March 2013, four of the Directors are executive, namely, Mr. Yip Mow Lum (Chairman), Mr. Chan Kai Fung (CEO), Mr. Kwok Sze Chi and Mr. Chan Wing Shing, Wilson; and three of the Directors are independent non-executive, namely, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph. The biographical details of the Directors are set out in the "Biographies of Directors and Senior Management" section of this annual report.

During the year ended 31 March 2013, the Board at all times met the minimum requirements of the Rules Governing the Listing of Securities (the "Listing Rules") on the Stock Exchange relating to the appointment of at least three independent non-executive directors, and complied with the requirement that these should include one such director with appropriate professional qualifications of accounting or related financial management expertise. Both Mr. Yu Yun Kong and Mr. Ling Kwok Fai, Joseph have the appropriate professional qualifications and experience in the financial matters required. Pursuant to the requirement in the Listing Rules, the Company has received written confirmation from each of the independent non-executive Directors of his independence from the Company.

Mr. Chan Wing Shing, Wilson is a nephew of Mr. Yip Mow Lum. Mr. Yip Mow Lum, Mr. Chan Kai Fung, Mr. Kwok Sze Chi and Mr. Chan Wing Shing, Wilson are directors of a subsidiary or several subsidiaries of the Company. Save as disclosed above, there are no other relationships between the Board members, including financial, business, family or other material/relevant relationships.

The Company has arranged for Directors' Liability Insurance Policy for indemnifying their liabilities arising from corporate activities. The coverage and the amount insured under such policy are reviewed annually by the Company.

董事會組成

董事會由七名董事組成,超過三分之一之董事為 非執行董事,並且獨立於管理層。透過指示並監 督本公司之事務,董事會共同負責推動本公司之 成功發展。董事會擁有本集團業務所需之各種合 適技能及經驗。於二零一三年三月三十一日,四 名董事會成員為執行董事,分別為葉茂林先生(主 席)、陳啟峰先生(行政總裁)、郭思治先生及陳永 誠先生,另外三名董事會成員為獨立非執行董事, 分別為余韌剛先生、司徒維新先生及凌國輝先生。 各董事之簡歷載於本年報「董事及高級管理層之 簡歷」一節。

於截至二零一三年三月三十一日止年度,董事會 一直符合香港聯合交易所有限公司證券上市規則 (上市規則)對委任最少三名獨立非執行董事之最 低要求,並遵守當中應包括一名具備適當之專業 會計資格或相關財務管理專長之董事之規定。余 韌剛先生及凌國輝先生均具備所需之適當專業資 格及財務事宜方面之經驗。根據上市規則之規定, 本公司已收到各獨立非執行董事就其獨立性而向 本公司發出之書面確認。

陳永誠先生為葉茂林先生之外甥。葉茂林先生、 陳啟峰先生、郭思治先生及陳永誠先生為本公司 一間或數間附屬公司之董事。除上述披露外,董 事會成員間並無任何關係,包括財務、業務、家 屬或其他重大或相關關係。

本公司已為各董事會成員購買董事責任保險,以 保障其因企業行為而引起之賠償責任,本公司均 會為該保險的保額及保障範圍進行年度檢討。

BOARD PRACTICES

The Board holds at least four regular meetings each year at approximately quarterly intervals to discuss the Group's business development, operations and financial performance. Notice of at least fourteen days is given to all Directors for all regular Board meetings. All regular Board meetings adhere to a formal agenda in which a schedule of matters is addressed to the Board. All Directors have access to the Board papers and related materials, and are provided with adequate information which enables the Board to make informed decisions on the matters to be discussed and considered at the Board meetings. Minutes of Board meetings are kept by the Company Secretary and are open for inspection by any Director at any reasonable time on reasonable notice. To facilitate the decisionmaking process, the Directors are free to have access to the management for enquiries and to obtain further information, when required, and the Directors can obtain independent professional advice at the Company's expense.

During the year ended 31 March 2013, 9 full Board meetings and two general meetings, ie. the annual general meeting ("AGM") and an extraordinary general meeting ("EGM"), were held. Details of the attendance of the Directors to the Board meetings and general meetings are as follows:

董事會常規

董事會每年最少舉行四次定期會議,約每季舉行 一次,討論本集團之業務發展、營運及財務表現。 就董事會所有定期會議,全體董事均會獲發最少 十四天通知。所有定期董事會會議均設有正式議 程,具體列出待議事項供董事會審議。全體董事 均有權查閱董事會文件及有關材料,並會獲提供 充分資料,使董事會可就提呈董事會會議討論及 省覽之事項作出知情決定。董事會會議記錄由公 司秘書備存,任何董事可藉發出合理通知而於任 何合理時間查閱董事會會議記錄。為加快決策程 序,董事可於需要時隨時聯絡管理層以查詢並索 取進一步資料,董事亦可諮詢獨立專業人士之意 見,費用由本公司承擔。

截至二零一三年三月三十一日止年度,董事會已 舉行九次全體董事會會議及二次股東大會,包括 周年股東大會及特別股東大會。董事於董事會會 議及股東大會之出席率詳情如下:

		Number of full Board Meetings attended 出席全體董事會	Attendance rate	Number of general meetings attended 出席股東大會	Attendance rate
Name of Director	董事名稱	會議之次數	出席率	之次數	出席率
Executive Directors: Mr. YIP Mow Lum Mr. CHAN Kai Fung	執行董事: 葉茂林先生 陳啟峰先生	9/9 9/9	100% 100%	1/2 2/2	50% 100%
Mr. KWOK Sze Chi	郭思治先生	9/9	100%	2/2	100%
Mr. CHAN Wing Shing, Wilson	陳永誠先生	6/9	67%	1/2	50%
Independent Non-executive Directors:	獨立非執行董事:
Mr. YU Yun Kong	余韌剛先生	8/9	89%	2/2	100%
Mr. SZETO Wai Sun	司徒維新先生	7/9	78%	2/2	100%
Mr. LING Kwok Fai, Joseph	凌國輝先生	9/9	100%	2/2	100%

CONTINUOUS PROFESSIONAL DEVELOPMENT

All Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains informed and relevant. In the year ended 31 March 2013, the Company arranged for the Directors a seminar on the update of the Listing Rules and the disclosure of inside information conducted by the Hong Kong Institute of Directors. As part of an ongoing process of directors' training, the Directors are updated with latest developments regarding the Listing Rules and other applicable regulatory requirements from time to time to ensure compliance of the same by all Directors.

持續專業發展

本公司鼓勵董事參與持續專業發展,以發展及更 新彼等的知識及技能。於截至二零一三年三月 三十一日止年度,本公司就上市規則的更新事項 及內幕消息披露為董事安排參與由香港董事學會 舉辦的研討會。作為董事持續培訓過程的一部份, 董事獲不時更新有關上市規則及其他適用監管規 定的最新發展以確保全體董事均遵守該等規定。

ACCESS TO INFORMATION BY DIRECTORS

In respect of regular Board meetings, and so far as practicable in all other cases, an agenda and accompanying Board papers are sent in full to all Directors in a timely manner. Notice of at least 14 days is given for a regular Board meeting to give all Directors an opportunity to attend. For all other Board meetings and Board committee meetings, reasonable notice is given.

All Directors are entitled to have access to Board papers, minutes and related materials at all times. From April 2012 onwards, all Directors have been provided, on a monthly basis, with the Group's management information updates to keep them informed of the Group's affairs and facilitate them to discharge their duties under the Listing Rules.

With effect from 1 April 2012, the Company provides all Directors with monthly updates on the Company's performance, financial position and prospects.

董事獲取資料的權利

就董事會定期會議而言,在實際可行的所有其他 情況下,所有董事均會及時獲送呈會議議程及附 帶的全部董事會文件。董事會定期會議的通告至 少於14日前發出,以便全體董事皆有機會出席。 其他董事會會議會發出合理通告。

全體董事均有權可於所有時間查閱董事會文件、 會議記錄及相關材料。由二零一二年四月起,全 體董事每月均獲提供本集團最新管理資料,令彼 等得悉本集團的事務,協助彼等履行上市規則下 的責任。

自二零一二年四月一日起,本公司每月向全體董 事提供有關本公司表現、財務狀況及前景的最新 資料。

APPOINTMENT AND RE-ELECTION OF DIRECTORS

Each of the Executive Directors has entered into a service agreement with the Company for an initial fixed term of three years with effect from 25 August 2010, which will automatically be renewable for one successive year, and will continue thereafter unless and until terminated by either party giving the other prior notice in writing (not less than three months' notice for Mr. Yip Mow Lum and Mr. Chan Kai Fung; and not less than twelve months' notice for Mr. Chan Wing Shing, Wilson and Mr. Kwok Sze Chi). They are subject to retirement from office by rotation at annual general meetings in accordance with the articles of association of the Company ("Articles of Association").

CG Code provision A.4.1 stipulates that non-executive directors should be appointed for a specific term subject to re-election. The Independent Non-executive Directors of the Company are appointed for a specific term. Mr. Yu Yun Kong and Mr. Ling Kwok Fai, Joseph have been appointed for a fixed term of three years with effect from 25 August 2010 and Mr. Szeto Wai Sun for a fixed term of one year with effect from 25 August 2010, which has been extended for further two years afterwards. Either the Company or any of the three Independent Non-executive Directors may terminate the service by giving the other party three months' prior notice in writing. All three Independent Non-executive Directors are subject to retirement by rotation and are eligible for re-election at the annual general meetings of the Company according to the provisions of the Articles of Association.

According to the Articles of Association, at each annual general meeting of the Company, one-third of the current Directors, or if there are not three or a multiple of three, then the number nearest to but not less than one-third, should retire from office by rotation at least once every three years. A retiring Director shall be eligible for reelection. Further, any Director appointed to fill a casual vacancy or as an addition to the Board should hold office only until the first general meeting of the Company after his appointment and shall be subject to re-election at such meeting.

委任及重選董事

各執行董事已與本公司訂立服務協議,初步固定 年期由二零一零年八月二十五日起計為期三年, 可自動續期一年及於其後繼續生效,除非及直至 任何一方向對方發出事先書面通知(就葉茂林先生 及陳啟峰先生而言不少於三個月通知;而就陳永 誠先生及郭思治先生而言不少於十二個月通知)終 止為止。彼等須按本公司之組織章程細則(「組織 章程細則」)之規定於股東週年大會上輪值告退。

企業管治守則條文A.4.1規定,非執行董事之委任 應有指定任期,並須接受重新選舉。本公司獨立 非執行董事之委任具有指定任期,余韌剛先生及 凌國輝先生之固定任期由二零一零年八月二十五 日起計為期三年,而司徒維新先生之固定任期則 由二零一零年八月二十五日起計為期一年及已伸 延兩年固定任期。本公司或三名獨立非執行董事 之任何一人均可透過向對方發出三個月之事先書 面通知終止服務。三名獨立非執行董事須根據組 織章程細則之條文輪值告退及合資格於本公司之 股東週年大會上膺選連任。

根據組織章程細則,在本公司每屆股東週年大會 上,三分之一現任董事,或倘人數並非三或三之 倍數,則最接近三分之一,但不少於三分之一人 數之董事須最少每三年輪值退任一次。退任董事 可合資格膺選連任。此外,任何獲委任以填補臨 時空缺或增加董事會名額之董事,應僅任職至彼 獲委任後本公司首次舉行之股東大會為止,並須 於該大會上接受重新選舉。

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. All the Directors have confirmed that they have complied with the required standard set out in the Model Code throughout the year ended 31 March 2013.

COMPLIANCE MANUAL

To ensure the Company operates according to the highest standards of ethical conduct and professional competence, all Directors, management and staff are required to strictly follow the Company's compliance manual ("Compliance Manual") which places them under specific obligations as to the ethics and principles by which the Company's business is conducted. With reference to the applicable regulatory guidelines and other industry best practices, the Compliance Manual sets out ethical standards and values on topics such as staff dealing in securities, anti-money laundering and personal benefits.

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

CG Code provision A.2.1 stipulates that the roles of chairman and CEO should be separate and should not be performed by the same individual. To balance power and authority, Mr. Yip Mow Lum acts as the Chairman of the Company, and Mr. Chan Kai Fung acts as the CEO of the Company.

Their respective responsibilities are clearly established. The Chairman is responsible for ensuring that the Board properly discharges its responsibilities and conforms to good corporate governance practices and procedures. In addition, as the Chairman of the Board, he is also responsible for ensuring that all Directors are properly briefed on issues arising at Board meetings and that all Directors receive adequate, complete and reliable information in a timely manner. The CEO is responsible for day-to-day management of the Group's business, including the implementation of significant strategies formulated by the Board.

證券交易之標準守則

本公司已採納上市規則附錄10所載上市發行人董 事進行證券交易之標準守則(「標準守則」)作為董 事進行證券交易之行為守則。全體董事均已確認, 彼等於截至二零一三年三月三十一日止年度內, 一直遵守標準守則所訂之標準。

合規手冊

為確保本公司以最高道德水平及專業操守經營, 全體董事、管理層及員工均須嚴格遵守本公司之 合規手冊(「合規手冊」),當中列明彼等在本公司 經營業務所依據之道德及原則方面之具體責任。 參照適用監管指引及其他行業最佳常規,合規手 冊載有員工買賣證券、反洗黑錢及私人利益等項 目的道德標準及價值觀。

主席及行政總裁

企業管治守則條文A.2.1規定,主席與行政總裁之 角色應有區分,不應由一人同時兼任。為平衡權 力及權限,葉茂林先生現時擔任本公司之主席, 而陳啟峰先生現時擔任本公司之行政總裁。

彼等各自之責任均有清楚界定。主席負責確保董 事會適當地履行其職能,貫徹良好企業管治常規 及程序。此外,作為董事會主席,彼亦負責確保 所有董事均適當知悉董事會會議上審議之事項, 及時得到完備、可靠及充足之信息,而行政總裁 則負責本集團業務之日常管理,包括實行董事會 制定之重要策略。

COMMITTEES OF THE BOARD

Audit Committee

The Audit Committee currently comprises three members, all of whom are Independent Non-executive Directors, namely, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph, none of whom are involved in the day-to-day management of the Company. Mr. Yu Yun Kong is the Chairman of the Audit Committee.

The Audit Committee is responsible for reviewing the Company's financial information (including the Company's financial statements, annual reports, interim reports and major comments on financial reporting contained in the financial statements and reports), examining and studying the Company's financial reporting system and procedures for internal supervision and control, and making recommendations to the Board on matters regarding the appointment of external auditors and the fixing of the audit fee, etc.

The work performed by the Audit Committee during the year ended 31 March 2013 included the review and, where applicable, approval of:

• • the audited financial statements of the Company for the year ended 31 March 2012;
• • the interim financial statements of the Company for the six months ended 30 September 2012; and
• • the internal control system.

Two Audit Committee meetings were held in the year ended 31 March 2013. Attendance records of relevant Directors are set out as follows:

董事會轄下之委員會

審核委員會

審核委員會現由三名成員組成,全部均為獨立非 執行董事,分別為余韌剛先生、司徒維新先生及 凌國輝先生,彼等並無參與本公司之日常管理。 余韌剛先生為審核委員會之主席。

審核委員會負責審閱本公司之財務資料(包括本公 司之財務報表、年度報告、中期報告及有關財務 報表及報告所載之財務申報之主要意見)、檢視及 研究本公司之財務申報系統及進行內部監督及監 控之程序,就委任外聘核數師及審核費等事宜向 董事會提供建議。

審核委員會於截至二零一三年三月三十一日止年 度之工作主要包括審議及(如適用)審批:

• 本公司截至二零一二年三月三十一日止之經 審核財務報表;
• 本公司截至二零一二年九月三十日止之中期 財務報表;及
• 內部控制系統。

審核委員會於截至二零一三年三月三十一日止年 度共召開兩次會議,有關董事的出席率詳列如下:

Name of Director	董事姓名	Number of meetings attended 出席會議之次數	Attendance rate 出席率
Mr. YU Yun Kong (Chairman)	余韌剛先生(主席)	2/2	100%
Mr. SZETO Wai Sun	司徒維新先生	1/2	50%
Mr. LING Kwok Fai, Joseph	凌國輝先生	2/2	100%

The Audit Committee has recommended to the Board that KPMG, Certified Public Accountants ("KPMG"), be nominated for reappointment as the external auditor of the Company at the forthcoming annual general meeting of the Company.

審核委員會已向董事會建議,在本公司應屆股東 週年大會上提名續聘執業會計師畢馬威會計師事 務所(「畢馬威」)為本公司之外聘核數師。

Nomination Committee

The Nomination Committee comprises four members, including Mr. Yip Mow Lum, Chairman of the Board, together with three Independent Non-executive Directors, namely, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph. Mr. Yip Mow Lum is the Chairman of the Nomination Committee.

T h e N o m i n a t i o n C o m m i t t e e w a s e s t a b l i s h e d t o m a k e recommendations for all appointments, re-designations and reappointments of Directors to the Board. It is also responsible for determining the independence of each Independent Non-executive Director and conducting a formal assessment on the effectiveness of the Board as a whole, as well as determining the contribution of each Director to the effectiveness of the Board. In evaluating the Board's performance, the Nomination Committee considers a number of factors, including appropriate professional knowledge and industry experience, personal ethics, integrity and personal skills, as well as time commitments of members. The Nomination Committee meets at least once a year to review the structure, size and composition of the existing Board, and to recommend to the Board the structure, size and composition (including the skills, knowledge and experience) of the Board members and senior staff of the Company.

The work performed by the Nomination Committee during the year ended 31 March 2013 included the review and, where applicable, approval of composition of the Board and its committees.

One Nomination Committee meeting was held in the year ended 31 March 2013. Attendance records of relevant Directors are set out as follows:

提名委員會

提名委員會由四名成員組成,包括董事會主席葉 茂林先生及三名獨立非執行董事余韌剛先生、司 徒維新先生及凌國輝先生。葉茂林先生為提名委 員會主席。

成立提名委員會旨在就董事之一切委任、調任及 續任事項向董事會提供建議。提名委員會亦負責 釐定各獨立非執行董事之獨立性,對董事會整體 工作之成效進行正式評核以及釐定各董事對促進 董事會有效工作所作之貢獻。於評估董事會之表 現時,提名委員會考慮多項因素,包括合適專業 知識及行業經驗、個人操守、誠信、個人才能及 成員所投入時間。提名委員會每年最少舉行一次 會議,以檢討現任董事會之架構、人數及組成, 並就董事會成員及本公司高層人員之架構、人數 及組成(包括其技能、知識及經驗)向董事會提供 建議。

提名委員會於截至二零一三年三月三十一日止年 度之工作主要包括審議及(如適用)審批董事會及 其委員會之組成。

提名委員會於截至二零一三年三月三十一日止年 度共召開一次會議,有關董事的出席率詳列如下:

		Number of meetings attended	Attendance rate
Name of Director	董事姓名	出席會議之次數	出席率
Mr. YIP Mow Lum (Chairman)	葉茂林先生(主席)	1/1	100%
Mr. YU Yun Kong	余韌剛先生	1/1	100%
Mr. SZETO Wai Sun	司徒維新先生	0/1	0%
Mr. LING Kwok Fai, Joseph	凌國輝先生	1/1	100%

Corporate Governance Report 企業管治報告

Remuneration Committee

The Remuneration Committee currently comprises four members, namely, Mr. Yip Mow Lum, Chairman of the Board, and three Independent Non-executive Directors, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph. Mr. Yu Yun Kong is the chairman of the Remuneration Committee.

The duties of the Remuneration Committee include making recommendations to the Board on the remuneration policy and structure of the Directors and senior management, approving the remuneration, determining the remuneration packages of all Directors and senior management and approving the compensation to Directors and senior management on termination or dismissal, provided that no Director was involved in deciding his own remuneration.

Details of the amount of Directors' emoluments during the year ended 31 March 2013 are set out in note 8 to the financial statements in this annual report. The emolument policy of the employees of the Group is set up on the basis of their merit, qualifications and competence, as well as market trend. The Directors' emoluments are determined with reference to the Company's operating results, individual performance and the prevailing market rates. The work performed by the Remuneration Committee during the year ended 31 March 2013 included the review and, where applicable, approval of remuneration scheme of the Group; and revision of the remuneration of all of the Directors.

One Remuneration Committee meeting was held in the year ended 31 March 2013. Attendance records of relevant Directors are set out as follows:

薪酬委員會

薪酬委員會現由由四位成員組成,包括主席葉茂 林先生及三名獨立非執行董事余韌剛先生、司徒 維新先生及凌國輝先生組成。余韌剛先生為薪酬 委員會主席。

薪酬委員會之職責包括就董事及高級管理層之薪 酬政策及架構向董事會提供建議、批准薪酬、釐 定全體董事及高級管理層之薪酬福利,以及批准 董事及高級管理層終止受聘或被免職時獲發之賠 償,惟董事不得參與決定其自身薪酬。

於截至二零一三年三月三十一日止年度之董事酬 金詳情載於本年報財務報表附註8。本集團僱員之 酬金政策乃按彼等之功績、資歷及能力以及市場 趨勢而訂立。董事酬金乃參考本公司之經營業績、 個人表現及現行市場水平而釐定。薪酬委員會於 截至二零一三年三月三十一日止年度之工作主要 包括審議及(如適用)審批本集團之薪酬制度及所 有董事酬金。

薪酬委員會於截至二零一三年三月三十一日止年 度共召開一次會議,有關董事的出席率詳列如下:

Name of Director	董事姓名	Number of meetings attended 出席會議之次數	Attendance rate 出席率
Mr. YU Yun Kong (Chairman)	余韌剛先生(主席)	1/1	100%
Mr. YIP Mow Lum	葉茂林先生	1/1	100%
Mr. SZETO Wai Sun	司徒維新先生	0/1	0%
Mr. LING Kwok Fai, Joseph	凌國輝先生	1/1	100%

ACCOUNTABILITY AND AUDIT

The Board is responsible for overseeing the preparation of financial statements for each financial period, which give a true and fair view of the state of affairs of the Company, and of the results and cash flow for that period. In preparing the financial statements for the year ended 31 March 2013, the Board has selected suitable accounting policies and has applied them consistently, adopted appropriate Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards which are pertinent to its operations and relevant to the financial statements, made judgments and estimates that are prudent and reasonable, and has prepared the financial statements on a going concern basis.

COMPANY SECRETARY

Mr. Chan Kwan Pak, the Company Secretary, is a fellow member of the Association of Chartered and Certified Accountants and a member of the Institute of Chartered Secretaries and Administrators. He reports to Mr. Chan Kai Fung, CEO and Executive Director, and assists the Board in functioning effectively and efficiently. All the Directors have access to the advice and services of the Company Secretary at any time in relation to their duties and operation of the Board. During the year ended 31 March 2013, he undertook not less than 15 hours of professional training to update his skill and knowledge.

EXTERNAL AUDITOR

During the year ended 31 March 2013, KPMG, the external auditor of the Group, provided the following services to the Group:

問責及審核

董事會負責監察各財政期間之財務報表之編製工 作,有關財務報表須真實及公平地反映本公司之 事務狀況及該期間之業績及現金流量。編製截至 二零一三年三月三十一日止年度之財務報表時, 董事會已選擇並貫徹採用合適之會計政策、採納 與集團業務及財務報表有關之適當香港財務報告 準則及香港會計準則、作出審慎合理之判斷及估 計,並已按持續經營基準編製財務報表。

公司秘書

公司秘書陳筠栢先生為特許公認會計師公會資深 會員及特許秘書及行政人員公會會員。彼向行政 總裁兼執行董事陳啟峰先生匯報,及協助董事會 有效及高效運作。所有董事均可隨時就其職責及 董事會營運事宜向公司秘書尋求意見及服務。於 截至二零一三年三月三十一日止年度,公司秘書 已參與不少於15個小時的專業培訓,以更新其技 能及知識。

外聘核數師

截至二零一三年三月三十一日止年度,本集團之 外聘核數師畢馬威向本集團提供以下服務:

		HK\$'000
Service rendered	所提供服務	千港元
Audit services	審核服務
Annual audit	年度審核	1,117
Non-audit services	非年度審核
Interim review	中期審閱	202
Taxation service	稅務服務	37
Total	總計	1,356

INTERNAL CONTROL AND RISK MANAGEMENT

The Board is responsible for safeguarding the shareholders' investment and the Group's assets as well as for achieving the objectives of the Group. Thus, a comprehensive internal control system is established and implemented throughout the Group during the year ended 31 March 2013 to meet the Group's particular needs and the risks to which it is exposed, and by its nature can only provide reasonable, but not absolute assurance against misstatement or loss.

The Board confirms that it has reviewed the effectiveness of the system of internal control of the Company and its subsidiaries for the year ended 31 March 2013 and that it considers that the system is reasonably effective and adequate. The review covered all material controls including financial, operational and compliance controls and the risk management function, as well as the adequacy of resources, qualifications and experience of staff of the Group's accounting and financial reporting function, and their training programmes and budget.

SHAREHOLDERS' RIGHTS

Shareholders are entitled to convene an extraordinary general meeting and propose a person for election as a director. Please see the detailed procedures as follows:

• the way in which shareholders can convene an extraordinary general meeting:

Any shareholder(s) holding, at the date of deposit of the requisition, not less than 10% of the paid up capital of the Company may request the Board of Directors to convene an extraordinary general meeting. The requisition, duly signed by the shareholder(s) concerned, must clearly state the objects of the meeting and must be deposited at the head office of the Company at 10/F, Wing On House, 71 Des Voeux Road Central, Central, Hong Kong. The Company would take appropriate actions and make necessary arrangements in accordance with the requirements under Article 64 of the Company's Articles of Association once a valid requisition is received.

內部監控及風險管理

董事會負責保障股東之投資及本集團之資產以及 達至本集團之目標。因此,本集團已建立一套完 善 之 內 部 監 控 系 統 並 於 截 至 二 零 一 三 年 三 月 三十一日止年度持續實行該系統,以符合本集團 特定需要及應付本集團面對之風險。因其性質使 然,此系統僅就任何失實陳述或損失提供合理但 非絕對之保證。

董事會確認已檢討截至二零一三年三月三十一日 止年度本公司及其附屬公司之內部監控系統之成 效;董事會認為該系統合理有效及足夠。有關檢 討工作涵蓋所有關鍵監控層面,包括財務、營運 及合規監控以及風險管理職能,以及本集團負責 會計及財務申報職能之員工所獲得之資源、資歷 及經驗,以及有關員工之培訓計劃及預算是否足 夠。

股東權利

股東有權召開股東特別大會及提名任何人士參與 董事選舉。詳細程序請參見下文:

• 股東召開股東特別大會的方式:

任何於寄存有關要求當日持有本公司已繳足 股本不低於10%的股東可要求董事會召開 股東特別大會。經由該股東正式簽署的請求 書須述明會議目的,並須交到本公司總辦事 處(香港中環德輔道中71號永安集團大廈10 樓)。於收到有效請求書後,本公司將按本 公司組織章程細則第64條的規定採取適當 行動,並作出必要安排。

• the procedure for Director's nomination and election by shareholders:

If a shareholder wishes to propose a person other than a retiring Director for election as a Director at a general meeting, the shareholder should lodge at the head office of the Company at 10/F, Wing On House, 71 Des Voeux Road Central, Central, Hong Kong (a) a notice signed by such shareholder (other than the proposed person) duly qualified to attend and vote at the meeting of his/her intention to propose such person for election; (b) a notice signed by the proposed person indicating his/her willingness to be elected together with the information as required to be disclosed under Rule 13.51(2) of the Listing Rules; and (c) a written consent by the proposed person for the publication of his/her personal data.

The period during which the aforesaid notices may be given within the period of not less than 7 days commencing no earlier than the day after the dispatch of the notice of the meeting appointed for such election and ending no later than 7 days prior to the date of such meeting. The Company would take appropriate actions and make necessary arrangements once valid notices are received.

Shareholders are welcome to send in any written enquiries to the Board for the attention of the Company Secretary by post to the head office of the Company at 10/F, Wing On House, 71 Des Voeux Road Central, Central, Hong Kong. The Company Secretary would direct the enquiries received to appropriate Board Member(s) or the Chairman of the Board Committee(s) who is in charge of the areas of concern referred therein for further handling. The Board, assisted by the Company Secretary, would make its best efforts to ensure that all such enquiries are addressed in a timely manner.

• 股東提名選舉董事的程序:

如股東有意於股東大會上提名某位人士(退 任董事除外)參選為董事,該股東應向本公 司的總辦事處(香港中環德輔道中71號永安 集團大廈10樓)提交(a)一份由該名有權參加 股東大會並可於會上投票的股東(被提名人 士除外)簽署的通告,以表明其就建議該名 人士參選的意願、(b)一份由被提名人士簽署 的通告,以表示其參選意向並列載按《上市 規則》第13.51(2)條規定須予披露的資料及(c) 被提名人士同意公布其個人資料的同意書。

上述通告可於該有關股東大會之通告寄發翌 日開始計算,且不遲於該股東大會舉行日期 7天前結束,該期間至少應為7天。於收到 該等有效通告後,本公司將採取適當行動及 作出必要安排。

本公司歡迎股東向董事會提出任何書面查詢,股 東可將該等查詢透過郵遞至本公司總辦事處:香 港中環德輔道中71號永安集團大廈10樓公司秘書 收。公司秘書將把收到的查詢直接轉達予有關的 董事會成員或負責該等事務的相關董事會附屬委 員會主席以作跟進處理。董事會在公司秘書協助 下,將盡最大努力確保即時處理所有查詢。

INVESTOR RELATIONS

In order to develop and maintain a continuing investors' relationship with the Company's shareholders, the Company has compiled a Shareholders Communication Policy and established various channels of communication with its shareholders, such as publication of interim and annual reports, press releases and announcements of the latest development of the Company in a timely manner. The annual general meetings provide an opportunity for shareholders to exchange views with the Board. The Chairman and members of different Committees are available to answer shareholders' questions. Moreover, resolutions are proposed at annual general meetings on each substantially separate issue, including the election of individual Directors and details of the proposed resolutions are set out in a circular.

The financial and other information relating to the Group has been published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.bsgroup.com.hk).

投資者關係

為與本公司股東發展及維繫持續之投資者關係, 本公司已制定股東通訊政策及建立多個渠道與股 東溝通,如刊發中期報告及年報,就本公司之最 新發展適時地發出新聞稿及公佈。股東亦可藉股 東週年大會與董事會交換意見。主席以及各委員 會之成員會親自解答股東之提問。此外,於股東 週年大會上將就各項重要議題(包括個別董事之選 舉)提呈決議案。所提呈決議案之詳情會載於通函 內。

有 關 本 集 團 之 財 務 及 其 他 資 料 已 登 載 於 聯 交 所 網 站(www.hkexnews.hk)及 本 公 司 網 站 (www.bsgroup. com.hk)。

Directors' Report 董事會報告

59

Directors' Report 董事會報告

The Board of Directors is pleased to present their report together with the audited consolidated financial statements of the Company and its subsidiaries (the "Group") for the year ended 31 March 2013.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding, while the principal activity of the Group is the provision of financial services, including securities broking, margin financing and commodities and futures broking.

ANALYSIS OF OPERATIONS

Details of the analysis of the Group's turnover and profit for the year contributed by operating segments are set out in note 12 to the financial statements.

FINANCIAL STATEMENTS

The profit of the Group for the year ended 31 March 2013 and the state of the Company's and the Group's affairs as at that date are set out in the financial statements on pages 83 to 151.

TRANSFER TO RESERVES

Profits attributable to shareholders of the Company (the "Shareholders") before dividend is HK\$92,226,158 (2012: HK\$60,635,866) which have been transferred to reserves. Details of movements in reserves of the Group and the Company during the year are set out in the consolidated statement of changes in equity and note 24(a) to the financial statements respectively.

DIVIDENDS

The Board of Directors recommended a final dividend of HK2.7 cents per share, subject to the approval of shareholders at the forthcoming annual general meeting to be held on Thursday, 8 August 2013. If approved, the final dividend will be paid on Thursday, 29 August 2013 to the shareholders whose names appear on the Register of Members of the Company on Tuesday, 20 August 2013.

董事會謹此提呈截至二零一三年三月三十一日止 年度之董事會報告及本公司及其附屬公司(「本集 團」)之經審核綜合財務報表。

主要業務

本公司之主要業務為投資控股,而本集團之主要 業務則為提供金融服務,包括證券經紀、孖展融 資以及商品及期貨經紀。

業務分析

本集團本年度按經營範圍劃分之營業額及溢利之 分析載於財務報表附註12。

財務報表

本集團截至二零一三年三月三十一日止年度之溢 利以及本公司及本集團於該日之事務狀況載於財 務報表第83至151頁。

轉撥至儲備

本 公 司 股 東(「股 東」)應 佔 扣 除 股 息 前 溢 利 為 92,226,158港元(二零一二年:60,635,866港元)。 該溢利已轉撥至儲備。年內,本集團及本公司之 儲備變動詳情分別載於綜合權益變動表及財務報 表附註24(a)。

股息

董事會建議派發末期股息每股2.7港仙,惟必須待 股東於二零一三年八月八日(星期四)舉行之股東 週年大會上批准後方可作實。如獲批准,是項末 期股息將於二零一三年八月二十九日(星期四)向 於二零一三年八月二十日(星期二)名列本公司股 東名冊內之股東派發。

CLOSURE OF REGISTER OF MEMBERS FOR ENTITLEMENT TO ATTEND AND VOTE AT ANNUAL GENERAL MEETING

The Register of Members of the Company will be closed, for the purpose of determining shareholders' entitlement to attend and vote at the meeting, from Tuesday, 6 August 2013 to Thursday, 8 August 2013 (both days inclusive), during which period no transfer of shares will be registered. In order to attend and vote at the meeting, shareholders should ensure that all transfer documents, accompanied by the relevant share certificates, are lodged with the Company's branch share registrar in Hong Kong, Tricor Investor Services Limited, at 26th Floor, Tesbury Centre, 28 Queen's Road East, Wanchai, Hong Kong for registration, not later than 4:30 p.m. on Monday, 5 August 2013. The Annual General Meeting of the Company will be held at 10:00 a.m. on Thursday, 8 August 2013.

CLOSURE OF REGISTER OF MEMBERS FOR ENTITLEMENT TO FINAL DIVIDEND

The Register of Members of the Company will be closed, for the purpose of determining shareholders' entitlement to the proposed final dividend, from Friday, 16 August 2013 to Tuesday, 20 August 2013 (both days inclusive), during which period no transfer of shares will be registered. In order to qualify for the proposed final dividend, shareholders should ensure that all transfer documents, accompanied by the relevant share certificates, are lodged with the Company's branch share registrar in Hong Kong, Tricor Investor Services Limited, at 26th Floor, Tesbury Centre, 28 Queen's Road East, Wanchai, Hong Kong for registration, not later than 4:30 p.m. on Thursday, 15 August 2013. Shares of the Company will be traded ex-dividend as from Wednesday, 14 August 2013.

SHARE CAPITAL

Details of the movements in the share capital of the Company are set out in note 24(a) to the financial statements.

SHARE PREMIUM AND RESERVES

Movements in the share premium and reserves of the Group and the Company during the year are set out in the consolidated statement of changes in equity and note 24(a) to the financial statements respectively.

暫停辦理股份過戶登記手續以確定享 有出席股東週年大會並可於會上投票 之權利

本公司將由二零一三年八月六日(星期二)至八月 八日(星期四)(包括首尾兩天)暫停辦理股份過戶 登記,以確定有權參加大會並可於會上投票的股 東名單,期間將不會辦理股份過戶手續。股東如 欲參加大會並於會上投票,須於二零一三年八月 五日(星期一)下午四時三十分前,將股票連同所 有過戶文件一並送交本公司香港股份過戶登記分 處卓佳證券登記有限公司,地址為香港灣仔皇后 大道東二十八號金鐘匯中心二十六樓,辦理過戶 登記手續。本公司股東週年大會將於二零一三年 八月八日(星期四)上午十時正舉行。

暫停辦理股份過戶登記手續以確定享 有收取末期股息之權利

本公司將由二零一三年八月十六日(星期五)至八 月二十日(星期二)(包括首尾兩天)暫停辦理股份 過戶登記,以確定有權收取所建議的末期股息的 股東名單,期間將不會辦理股份過戶手續。股東 如欲收取所建議的末期股息,須於二零一三年八 月十五日(星期四)下午四時三十分前,將股票連 同所有過戶文件一併送交本公司香港股份過戶登 記分處卓佳證券登記有限公司,地址為香港灣仔 皇后大道東二十八號金鐘匯中心二十六樓,辦理 過戶登記手續。本公司股份將由二零一三年八月 十四日(星期三)起除息。

股本

本公司之股本變動詳情載於財務報表附註24(a)。

股份溢價及儲備

年內,本集團及本公司之股份溢價及儲備變動分 別載於綜合權益變動表及財務報表附註24(a)。

DISTRIBUTABLE RESERVES

As at 31 March 2013, the reserves of the Company available for distribution to shareholders amounted to approximately HK\$280.7 million (2012: HK\$193.6 million).

DONATIONS

Charitable donations made by the Group during the Year amounted to HK\$160,000 (2012: HK\$239,000).

FIXED ASSETS

Details of the movements in fixed assets of the Group are set out in note 13 to the financial statements.

FIVE-YEAR FINANCIAL SUMMARY

A summary of the results, assets and liabilities of the Group for the last five years ended 31 March 2013 are set out in the "Five-year Financial Summary" section on page 152 of this annual report.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company's Articles of Association or the relevant laws of the Cayman Islands which would oblige the Company to offer new shares on a pro-rata basis to its existing shareholders.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S SHARES

During the year, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's listed securities, other than as an agent for clients of the Company or its subsidiaries.

可供分派儲備

於二零一三年三月三十一日,本公司可分派予股 東之儲備約為280.7百萬港元(二零一二年:193.6 百萬港元)。

捐款

本年度,本集團作出之慈善捐款達160,000港元 (二零一二年:239,000港元)。

固定資產

本集團固定資產之變動詳情載於財務報表附註13。

財務概要

本集團截至二零一三年三月三十一日止過往五個 財政年度之業績、資產及負債概要載於本年報第 152頁之「五年財務摘要」一節。

優先購股權

本公司組織章程細則或開曼群島法例並無載列本 公司須按比例向現有股東發售新股份之優先購股 權之規定。

購買、銷售或贖回本公司之股份

年內,本公司或其附屬公司概無購買、出售或贖 回任何本公司之股份,惟作為本公司或其附屬公 司客戶之代理者除外。

SHARE OPTION SCHEME

On 4 August 2010, the Company conditionally approved and adopted a share option scheme (the "Scheme") for the purpose of enabling the Group to grant share options (the "Options") to selected participants as incentives or rewards for their contribution to the Group. The major terms of the Scheme are set out as follows:

• (i) The participants included any employees (whether full time or part time), executives and officers (including Executive and Nonexecutive Directors), shareholders, suppliers, customers, consultants, advisors, business or joint venture partners, franchisees, contractors, agents or representatives of any members of the Group;
• (ii) The maximum number of shares which may be allotted and issued upon exercise of all Options to be granted under the Scheme and any other share option scheme of the Group must not in aggregate exceed 10% of the shares in issue as at the Listing Date (the "Scheme Mandate Limit") provided that the Company may seek approval from its shareholders in general meeting to refresh the Scheme Mandate Limit. The maximum number of shares which may be allotted and issued upon exercise of all Options to be granted under the Scheme was 66,680,000 shares. However, the maximum number of shares which may be allotted and issued upon exercise of all outstanding Options granted and yet to be exercised under the Scheme and any other options granted and yet to be exercised under any other share option scheme shall not exceed 30% of the Company's issued share capital from time to time;
• (iii) No Options may be granted to any one person such that the total number of shares issued and to be issued upon exercise of Options granted and to be granted to that person in any 12-month period up to the date of the latest grant exceeds 1% of the Company's issued share capital from time to time;
• (iv) There is no minimum period for which an Option must be held before it can be exercised save as determined by the Board of the Company and provided in the offer of grant of Options;

購股權計劃

於二零一零年八月四日,本公司有條件性批准及 採納一項購股權計劃(「該計劃」),以使本集團可 授出購股權(「購股權」)予選定參與者,作為激勵 或回報彼等對本集團所作之貢獻。該計劃之主要 條款載列如下:

• (i) 參與者包括本集團任何成員公司之任何僱員 (不論全職或兼職)、行政及高級人員(包括 執行及非執行董事)、股東、供應商、顧客、 顧問、諮詢人士、業務或合營夥伴、特許經 營商、承包商、代理或代表;
• (ii) 因行使根據該計劃及本集團任何其他購股權 計劃將予授出之所有購股權而可能配發及發 行之最高股份數目,合共不得超過於上市日 期 已 發 行 股 份 數 目 之10%(「計 劃 授 權 上 限」),惟本公司可於股東大會尋求其股東批 准更新計劃授權上限。因行使根據該計劃將 予授出之所有購股權而可能配發及發行之最 高股份數目為66,680,000股股份。然而,可 能因悉數行使根據該計劃已授出但尚未行使 之購股權及根據任何其他購股權計劃已授出 但尚未行使之任何其他購股權而配發及發行 之最高股份數目,不得超過本公司不時已發 行股本之30%;
• (iii) 倘任何一名人士因行使在截至最後授出日期 止任何12個月期間內已獲授及將獲授之購 股權,而已發行及將予發行之股份總數超過 本公司不時已發行股本1%,則不得向該名 人士授出任何購股權;

• (iv) 除本公司董事會釐定及授出購股權要約所規 定外,於購股權可獲行使前並無必須持有購 股權之最短期限;

• (v) Subject to the terms of the Scheme where any offer of an Option is proposed to be made to any Director, Chief Executive or Substantial Shareholder of the Company or any of their respective associates, such offer must first be approved by the Independent Non-executive Directors; where any grant of Options to a Substantial Shareholder or an Independent Nonexecutive Director, or any of their respective associates, would result in the shares issued and to be issued upon exercise of all Options already granted and to be granted (including Options exercised, cancelled and outstanding) to such person in the 12-month period up to and including the date of such grant:

• • representing in aggregate over 0.1% of the shares in issue; and
• • having an aggregate value, based on the closing price of the shares at the date of each offer, in excess of HK\$5 million;

then such further grant of Options must be approved by shareholders;

(vi) An offer of the grant of an Option shall remain open for acceptance by the grantee for a period of 28 days from the offer date. An Option shall have been accepted by the grantee and to have taken effect when the duplicate offer letter comprising acceptance of the offer of the Option duly signed by the grantee together with a remittance in favour of the Company of HK\$1 by way of consideration for the grant thereof is received by the Company on or before 30 days after the offer date. Such remittance shall in no circumstances be refundable;

• (v) 根據該計劃條款,向任何本公司董事、主要 行政人員或主要股東或彼等各自之任何聯繫 人士建議提呈之任何購股權,必須經獨立非 執行董事事先批准;倘向主要股東或獨立非 執行董事或彼等各自之任何聯繫人士授出購 股權,將致使該人士於截至授出日期止12 個月期間(包括授出日期當日)因行使所有已 獲授及將獲授之購股權(包括已行使、已註 銷及尚未行使購股權)而已發行及將予發行 之股份:
• 合共超過已發行股份之0.1%;及
• 根據各授出日期股份之收市價計算, 總值超過5百萬港元;

則進一步授出之購股權必須經股東批准;

(vi) 提呈授出之購股權可由提呈日期起計28日 期間內供承授人接納。當本公司於提呈日期 後30日或之前收到一式兩份由承授人正式 簽署構成接納提呈購股權之提呈函件連同支 付本公司之款項1港元作為獲授購股權之代 價後,則購股權已獲承授人接納及已生效。 上述款項在任何情況下均不可退還;

Directors' Report 董事會報告

• (vii) The Board shall not make an offer to grant any Option under the Scheme after a price sensitive event has occurred or a price sensitive matter has been the subject of a decision until such price sensitive information has been announced in accordance with the requirements of the Listing Rules. In particular, no Option shall be granted on any day on which the Company's financial results are published and (a) during the period of 60 days immediately preceding the publication date of its annual results or, if shorter, the period from the end of the relevant financial year up to the publication date of the results; and (b) during the period of 30 days immediately preceding the publication date of its quarterly results (if any) and half-year results or, if shorter, the period from the end of the relevant quarterly or half-year period up to the publication date of the results;
• (viii) The exercise price of an Option shall not be less than whichever is the highest of:
• • the nominal value of a share;
• • the closing price of a share as stated in the Stock Exchange's daily quotations sheet on the offer date; and
• • the average closing price of a share as stated in the Stock Exchange's daily quotation sheets for the five business days immediately preceding the offer date;
• (ix) The life of the Scheme is effective for 10 years from 25 August 2010.

Other particulars of the Scheme are set out in note 25 to the financial statements.

(vii) 董事會於可能影響股價之事件發生後,或已 就可能影響股價之事項作出決定時,不得根 據該計劃建議授出任何購股權,直至該等可 能影響股價的資料根據上市規則規定公布為 止。尤其是,於本公司刊發任何財務業績當 日及(a)緊接其全年業績刊發日期前60日期 間,或(倘屬較短期間)有關財政年度年結日 至業績刊發日期止期間;及(b)緊接其季度 業績(如有)及半年業績刊發日期前30日期 間,或(倘屬較短期間)有關季度或半年期間 結算日至業績刊發日期止期間內,概不得授 出購股權;

(viii) 購股權之行使價須不低於以下最高者:

• 股份面值;
• 股份於提呈日期在聯交所每日報價表 所列收市價;及
• 緊接提呈日期前五個營業日股份於聯 交所每日報價表所列平均收市價;
• (ix) 該計劃之有效期由二零一零年八月二十五日 起為期十年。

該計劃之其他詳細資料載於財務報表附註25。

The following table discloses details of the Company's outstanding Options held by the Directors, certain employees, consultants and contractors of the Company under the Scheme and its movement during the year ended 31 March 2013:

下表披露本公司董事、若干僱員、顧問及承包商 根據該計劃持有本公司之未行使購股權及截至二 零一三年三月三十一日止之年度之變動詳情:

	Options held at 1 April 2012 於二零一二年 四月一日 持有之 購股權	Options granted during the Year 本年度內 授出之 購股權	Options exercised during the Year 本年度內行使 之購股權	Options cancelled during the Year 本年度內註銷 之購股權	Options lapsed during the Year 本年度內失效 之購股權	Options adjusted during the Year (Note) 本年度內 調整之 購股權 (附註)	Options held at 31 March 2013 於二零一三年 三月三十一日 持有之 購股權	Original exercise Price (Note) 原本行使價 (附註) HK\$ 港元	Adjusted exercise price (Note) 經調整行使價 (附註) HK\$ 港元	Date of grant 授出日期	Exercise period 行使期	Vesting conditions 歸屬條件
Executive Directors: 執行董事: Mr. Yip Mow Lum 葉茂林先生	–	–	–	–	–	–	–	–	–	–	–	–
Mr. Chan Kai Fung 陳啟峰先生	2,000,000	–	(2,068,000)	–	–	68,000	–	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無
Mr. Kwok Sze Chi 郭思冶先生	2,000,000	–	–	–	–	68,000	2,068,000	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無
Mr. Chan Wing Shing, Wilson 陳永誠先生	400,000	–	(213,600)	–	–	13,600	200,000	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無
Independent Non– Executive Directors: 獨立非執行董事: Mr. Yu Yun Kong 余韌剛先生	666,000	–	–	–	–	22,644	688,644	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無

Directors' Report 董事會報告

	Options held at 1 April 2012 於二零一二年 四月一日 持有之 購股權	Options granted during the Year 本年度內 授出之 購股權	Options exercised during the Year 本年度內行使 之購股權	Options cancelled during the Year 本年度內註銷 之購股權	Options lapsed during the Year 本年度內失效 之購股權	Options adjusted during the Year (Note) 本年度內 調整之 購股權 (附註)	Options held at 31 March 2013 於二零一三年 三月三十一日 持有之 購股權	Original exercise Price (Note) 原本行使價 (附註) HK\$ 港元	Adjusted exercise price (Note) 經調整行使價 (附註) HK\$ 港元	Date of grant 授出日期	Exercise period 行使期	Vesting conditions 歸屬條件
Independent Non– Executive Directors: 獨立非執行董事: Mr. Szeto Wai Sun 司徒維新先生	666,000	–	–	–	–	22,644	688,644	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年	Nil 無
Mr. Ling Kwok Fai, Joseph 凌國輝先生	666,000	–	–	–	–	22,644	688,644	0.69	0.67	13/10/2011 二零一一年 十月十三日	十月十二日 13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無
Employees 僱員	6,370,000	–	(2,553,440)	–	(856,120)	193,800	3,154,240	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無
Consultants and Contractors 顧問及承包商	3,500,000	–	(2,068,000)	–	(500,000)	102,000	1,034,000	0.69	0.67	13/10/2011 二零一一年 十月十三日	13/10/2011– 12/10/2013 二零一一年 十月十三日至 二零一三年 十月十二日	Nil 無
	16,268,000	–	(6,903,040)	–	(1,356,120)	513,332	8,522,172

Notes:

The exercise price and the number of Options were adjusted with effect from 6 August 2012, upon allotment and issue of rights shares to the shareholders of the Company, as announced by the Company on 3 August 2012.

As at 31 March 2013, Options to subscribe for a total of 8,522,172 shares granted by the Company pursuant to the Scheme remained valid and outstanding and the Options representing approximately 0.8% of the total number of issued shares as at the date of this report.

附註:

誠如本公司於二零一二年八月三日所公布,於向本公司 股東配發及發行供股股份後,本公司購股權之行使價及 數目已予以調整,自二零一二年八月六日起生效。

於二零一三年三月三十一日,本公司根據該計劃 授出以認購合共8,522,172股股份之購股權仍然有 效及尚未行使,而該等購股權佔本報告日期已發 行股份總數約0.8%

SUBSIDIARIES

Details of the Company's subsidiaries as at 31 March 2013 are set out in note 18(a) to the financial statements.

MAJOR CUSTOMERS

During the year ended 31 March 2013, the percentage of the Group's turnover attributable to the Group's largest client and the five largest clients in aggregate were 1.9% and 6.0% respectively. The Group's principal activities are providing securities, commodities and futures brokerage services. In the Board's opinion, the Group has no major suppliers due to the nature of the Group's principal activities of providing securities, commodities and futures brokerage services.

During the year ended 31 March 2013, none of the Directors or any of their associates or any shareholders which to the best knowledge of the Directors, who own more than 5% of the Company's issued share capital, had any interest in any of the Group's five largest customers.

DIRECTORS' INTERESTS IN COMPETING BUSINESS

As at 31 March 2013, none of the Directors is interested in any business, apart from the Group's businesses, which competes or is likely to compete, either directly or indirectly, with the businesses of the Group.

RETIREMENT SCHEME

The Group has a Mandatory Provident Fund Scheme. Particulars of the Mandatory Provident Fund Scheme is set out in note 22 to the financial statements.

REMUNERATION POLICY

The primary goal of our policy for remuneration packages is to ensure that the Directors are fairly rewarded and that they receive appropriate incentives to maintain high standards of performance.

Details of the Director's emoluments and the five highest paid individuals of the Group for the year ended 31 March 2013 are set out in notes 8 and 9 to the financial statements.

附屬公司

於二零一三年三月三十一日本公司附屬公司之詳 情載於財務報表附註18(a)。

主要客戶

於截至二零一三年三月三十一日止年度,本集團 最大客戶及五大客戶合共佔本集團之營業額分別 1.9%及6.0%。本集團之主要業務為提供證券、 商品及期貨經紀服務。董事會認為,基於本集團 之主要業務為提供證券、商品及期貨經紀服務, 因此本集團並無主要供應商。

於截至二零一三年三月三十一日止年度,據董事 所知,概無董事或任何彼等之聯繫人士或任何股 東(擁有本公司已發行股本超過5%者)於本集團 任何五大客戶中擁有權益。

董事於競爭業務中之權益

於二零一三年三月三十一日,概無董事於任何直 接或間接與本集團業務構成競爭或會構成競爭之 業務(惟本集團之業務除外)中擁有任何權益。

退休計劃

本集團設有強制性公積金計劃。強制性公積金計 劃詳情載於財務報表附註22。

薪酬政策

本公司薪酬政策之主要目的旨在確保董事獲得公 平報酬及適當激勵,以保持高水準表現。

截至二零一三年三月三十一日之董事薪酬及本集 團五位最高薪酬人士之詳情載於財務報表附註8 及9。

Directors' Report 董事會報告

DIRECTORS

The Directors of the Company during the Year and up to the date of this report were:

Executive Directors:

Mr. Yip Mow Lum (Chairman) Mr. Chan Kai Fung (Chief Executive Officer) Mr. Kwok Sze Chi Mr. Chan Wing Shing, Wilson

Independent Non-executive Directors:

Mr. Yu Yun Kong Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

In accordance with the Company's Articles of Association, Mr. Chan Kai Fung, Mr. Chan Wing Shing, Wilson and Mr. Ling Kwok Fai, Joseph will retire at the forthcoming annual general meeting. All of them being eligible, will offer themselves for re-election.

The biographical details of the Directors and senior management of the Company at the date of this annual report are set out in the "Biographies of Directors and Senior Management" section on pages 40 to 45 of this annual report.

DIRECTORS' SERVICE AGREEMENTS

No Director offering for re-election at the forthcoming annual general meeting has a service contract with the Company or its subsidiaries which is not determinable by the employing company within one year or with payment of compensation other than statutory compensation.

DIRECTORS' INTERESTS IN CONTRACTS OF SIGNIFICANCE

Save for the contracts described under the section headed "Connected Transactions/Continuing Connected Transactions" below, no contracts of significance in relation to the Group's business to which the Company, its holding company or any of its subsidiaries or fellow subsidiaries was a party and in which a Director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the Year or at any time during the Year.

董事

年內及直至本報告日期,本公司之董事為:

執行董事:

葉茂林先生(主席) 陳啟峰先生(行政總裁) 郭思治先生 陳永誠先生

獨立非執行董事:

余韌剛先生 司徒維新先生 凌國輝先生

根據本公司組織章程細則,陳啟峰先生、陳永誠 先生及凌國輝先生將於應屆股東週年大會上退任。 彼等均符合資格並願意膺選連任。

於本年報日期,本公司之董事及高級管理層之簡 歷載於本年報第40至45頁之「董事及高級管理層 之簡歷」一節。

董事之服務協議

所有在即將舉行之股東週年大會上膺選連任之董 事,均未與本公司或其附屬公司訂立任何於一年 內不能終止,或除正常法定補償外還須支付任何 補償方可終止之服務合約。

董事於重大合約之權益

除下文「關連交易╱持續關連交易」一節所述合約 外,於年終或本年度任何時間,本公司、其控股 公司、或其任何附屬公司或各同系附屬公司概無 就本集團業務訂立任何董事直接或間接擁有重大 權益之合約。

CONNECTED TRANSACTIONS/CONTINUING CONNECTED TRANSACTIONS

1. Tenancy Agreements

The Group had entered into several tenancy agreements (as the tenant) with some connected persons, which constituted continuing connected transactions of the Group under the Listing Rules:

關連交易╱持續關連交易

1. 租賃協議

本集團(作為租戶)與關連人士訂立若干租賃 協議,此等租賃協議構成上市規則項下本集 團之持續關連交易:

Transaction 交易 (Note 1) (附註1)	Name of counterparty 交易對方 (Note 2) (附註2)	Term of agreement 協議年期	Address of premises 物業地址	Amount for the Year 本年度總額 HK\$ 港元
Tenancy made on 1 June 2010 (monthly rental: HK\$670,000) (Note 3) 於二零一零年六月一日訂立之租約 (月租:670,000 港元) (附註3)	Victory Beauty Limited as the landlord 冬勝有限公司作為業主	9 June 2010 to 31 March 2013 二零一零年六月九日至 二零一三年三月三十一日	10/F, Wing On House, 71 Des Voeux Road Central, Central, Hong Kong 香港中環德輔道中71號 永安集團大廈10樓	7,867,097
Tenancy made on 1 March 2010 (monthly rental: HK\$160,000) 於二零一零年三月一日訂立之租約 (月租:160,000 港元)	Well Point Limited as the landlord 泓鼎有限公司作為業主	1 March 2010 to 28 February 2013 二零一零年三月一日至 二零一三年二月二十八日	Mezzanine Floor, Peter Building, 58-60 Queen's Road Central, 13-17 Stanley Street, Central, Hong Kong 香港中環士丹利街13-17號 皇后大道中58-60號 振邦大廈閣樓	1,688,296
Tenancy made on 15 February 2013 (monthly rental: HK\$300,000) (Note 4) 於二零一三年二月十五日訂立 之租約(月租:300,000 港元) (附註4)	Well Point Limited as the landlord 泓鼎有限公司作為業主	1 March 2013 to 31 March 2013 二零一三年三月一日至 二零一三年三月三十一日	Mezzanine Floor, Peter Building, 58-60 Queen's Road Central, 13-17 Stanley Street, Central, Hong Kong 香港中環士丹利街 13-17號皇后大道中 58-60 號振邦大廈閣樓	300,000
Tenancy made on 15 April 2010 (monthly rental: HK\$90,000) (Note 5) 於二零一零年四月十五日訂立 之租約(月租:90,000 港元) (附註5)	Sea Magic Limited as the landlord 妙詩有限公司作為業主	15 April 2010 to 31 March 2013 二零一零年四月十五日至 二零一三年三月三十一日	G/F. & Cockloft, Nos. 141-145 Kwong Fuk Road, Tai Po, New Territories, Hong Kong 香港新界大埔廣福道 141–145 號地下及閣樓	1,052,113

Directors' Report 董事會報告

Transaction 交易 (Note 1) (附註1)	Name of counterparty 交易對方 (Note 2) (附註2)	Term of agreement 協議年期	Address of premises 物業地址	Amount for the Year 本年度總額 HK\$ 港元
Tenancy made on 28 February 2011 (monthly rental: HK\$90,000) (Note 6A) 於二零一一年二月二十八日訂立 之租約(月租:90,000港元) (附註6A)	Top Sunshine Development Limited as the landlord 冠旭發展有限公司 作為業主	16 March 2011 to 15 March 2014 (Note 6B) 二零一一年三月十六日至 二零一四年三月十五日 (附註6B)	1/F, Golden Hill Commercial Building, Nos. 39-41 Argyle Street, Kowloon, Hong Kong 香港九龍亞皆老街 39-41號金山商業大廈1樓	1,080,000
Tenancy made on 13 October 2011 (monthly rental: HK\$105,000) (Note 7) 於二零一一年十月十三日訂立之租約 (月租:105,000 港元) (附註7)	Resultever Limited as the landlord Resultever Limited 作為業主	13 October 2011 to 31 March 2013 二零一一年 十月十三日至 二零一三年 三月三十一日	Cockloft no. 1-6 & Shop No. 7 on G/F, Tak Lee Building, No. 993 King's Road, Quarry Bay, Hong Kong 香港鰂魚涌英皇道 993 號 得利樓1-6 號閣樓及 7號地舖	1,190,000
Tenancy made on 16 October 2012 (monthly rental: HK\$660,000) (Note 8) 於二零一二年十月十六日訂立 之租約(月租:660,000 港元) (附註8)	Fortunate State Limited as the landlord 展耀有限公司作為業主	17 October 2012 to 16 October 2015 二零一二年 十月十七日至 二零一五年 十月十六日	Shop 7, G/F, Whole of Mezzanine Floor and 1st Floor of Honour House, Nos 375-381, Nathan Road, Kowloon 九龍彌敦道375-381號 金勳大廈地下7號舖、 閣樓及1樓全層	3,507,167

TOTAL 16,684,673

總計

Notes:

1. Each an associate of Mr. Yip Mow Lum, Chairman, Executive

Director and controlling shareholder of the Company ("Mr. Yip").

1. Monthly rental was exclusive of management fees and rates.

2. 1. Tenancy was renewed on 15 February 2013 with a term of agreement from 1 April 2013 to 31 March 2016 (monthly rental: HK\$800,000).
3. 1. Tenancy was renewed on 15 February 2013 with a term of agreement from 1 April 2013 to 31 March 2016 (monthly rental: HK\$300,000).

附註:

• 1. 月租不包括管理費及差餉。
• 1. 各自為本公司主席、執行董事兼控股股東 葉茂林先生(「葉先生」)之聯繫人士。
• 1. 於二零一三年二月十五日續訂租約,協議 年期為二零一三年四月一日至二零一六年 三月三十一日(月租:800,000港元)。
• 1. 於二零一三年二月十五日續訂租約,協議 年期為二零一三年四月一日至二零一六年 三月三十一日(月租:300,000港元)。
• 1. Tenancy was renewed on 15 February 2013 with a term of agreement from 1 April 2013 to 31 March 2016 (monthly rental: HK\$130,000).
• 6A. The existing tenancy was superseded by a new tenancy on 15 February 2013 with a term of agreement from 1 April 2013 to 31 March 2016 (monthly rental: HK\$135,000). Save for the extension of the term and increase in monthly rental, the other material terms and conditions of the new tenancy remain the same as the existing tenancy.
• 6B. The period relevant to the continuing connected transaction commenced from 30 December 2011.
• 1. Tenancy was renewed on 15 February 2013 with a term of agreement from 1 April 2013 to 31 March 2016 (monthly rental: HK\$130,000).
• 1. A supplemented agreement was entered on 15 February 2013, which extended the expiry date of the existing tenancy from 16 October 2015 to 31 March 2016 (monthly rental: HK\$660,000).
• 1. The annual cap for the Year was HK\$17,080,000 and thereunder for each of the three financial years ending 31 March 2014, 2015 and 2016 are HK\$25,860,000, HK\$25,860,000 and HK\$25,860,000 respectively.
• 1. 於二零一三年二月十五日續訂租約,協議 年期為二零一三年四月一日至二零一六年 三月三十一日(月租:130,000港元)。
• 6A. 現有租約於二零一三年二月十五日被一新 租約所取代,協議年期為二零一三年四月 一日至二零一六年三月三十一日(月租: 135,000港元)。除續延租期及增加每月租 金外,新租約之其他重大條款及條件維持 與現有租約相同。
• 6B. 有關持續關連交易由二零一一年十二月 三十日開始。
• 1. 於二零一三年二月十五日續訂租約,協議 年期為二零一三年四月一日至二零一六年 三月三十一日(月租:130,000港元)。
• 1. 於二零一三年二月十五日訂立補充協議, 將現有租約之屆滿日期由二零一五年十月 十六日續延至二零一六年三月三十一日(月 租:660,000港元)。
• 1. 本年度之年度上限為17,080,000港元,而 截至二零一四年、二零一五年及二零一六年 三月三十一日止三個財政年度各年之每年上 限 分 別 為25,860,000港 元、25,860,000港 元及25,860,000港元。

Directors' Report 董事會報告

2. Financial Services Agreements 2. 金融服務協議

Name of connected person 關連人士姓名	Annual cap 年度上限	Amount for the Year 本年度金額 HK\$ 港元	Payment from/ to the Group 本集團支付╱ 付予本集團之金額	Maximum amount for the Year 本年度 最高金額 HK\$ 港元	Amount for the Year 本年度總額 HK\$ 港元
Mr. Yip and his associates being his sons and certain private companies controlled by Mr. Yip, together as "Mr. Yip's Group" 葉先生及其聯繫人士(即其兒子及 葉先生控制之若干私人公司), 統稱「葉先生集團」	IPO Annual Cap 首次公開發售年度上限 Margin Annual Cap 孖展年度上限	221,600,000 31,200,000	Advance from the Group 本集團之墊款 Advance from the Group 本集團之墊款 Interest paid to the Group 支付予本集團之利息	105,338,718 502,467	23,406
Madam Hung Seu Ying ("Madam Hung") 熊少英女士(「熊女士」)	IPO Annual Cap 首次公開發售年度上限 Margin Annual Cap 孖展年度上限	24,600,000 82,400,000	Advance from the Group 本集團之墊款 Advance from the Group 本集團之墊款 Interest paid to the Group 支付予本集團之利息	— —	—
Mr. Chan Wing Shing, Wilson ("Mr. Wilson Chan") and his associate being his wife, together as "Mr. Wilson Chan's Group" 陳永誠先生(「陳永誠先生」」)及 其聯繫人士(即其妻子),統稱 「陳永誠先生集團」	IPO Annual Cap 首次公開發售年度上限 Margin Annual Cap 孖展年度上限	20,000,000 #	Advance from the Group 本集團之墊款 Advance from the Group 本集團之墊款 Interest paid to the Group 支付予本集團之利息	836,348 —	214
Sub-total of Mr. Yip's Group, Madam Hung and Mr. Wilson Chan's Group (together "Mr. Yip's Family")	IPO Annual Cap 首次公開發售年度上限 Margin Annual Cap 孖展年度上限	266,200,000 113,600,000	Advance from the Group 本集團之墊款 Advance from the Group 本集團之墊款	105,338,718 502,467
葉先生集團、熊女士及陳永誠先生 集團,統稱「 葉先生家族」小計			Interest paid to the Group 支付予本集團之利息		23,620

Name of connected person 關連人士姓名	Annual cap 年度上限	Amount for the Year 本年度金額 HK\$ 港元	Payment from/ to the Group 本集團支付╱ 付予本集團之金額	Maximum amount for the Year 本年度 最高金額 HK\$ 港元	Amount for the Year 本年度總額 HK\$ 港元
Mr. Chan Kai Fung ("Mr. KF Chan") and his associates being his wife	IPO Annual Cap 首次公開發售年度上限	49,900,000	Advance from the Group 本集團之墊款	23,845,512
and sister, together as "Mr. KF Chan's Group" 陳啟峰先生(「陳啟峰先生」)及 其聯繫人(士即其妻子及胞姊), 統稱「陳啟峰先生集團」	Margin Annual Cap 孖展年度上限	1,400,000	Advance from the Group 本集團之墊款 Interest paid to the Group 支付予本集團之利息	1,289,373	11,539
Mr. Kwok Sze Chi ("Mr. Kwok") 郭思治先生(「郭先生」)	IPO Annual Cap 首次公開發售年度上限	20,000,000	Advance from the Group 本集團之墊款	1,831,780
	Margin Annual Cap 孖展年度上限	#	Advance from the Group 本集團之墊款 Interest paid to the Group 支付予本集團之利息	669,657 (Note 2) (附註2)	2,669
# The annual cap is set at the de minimis threshold.			年度上限定於最低豁免額。 #
Notes:			附註:
1. Mr. Yip, Mr. Wilson Chan, Mr. KF Chan and Mr. Kwok are Executive Directors of the Company. Madam Hung is a director of Bright Smart Investment Holdings Limited and Bright Smart Securities International (H.K.) Limited and mother of Mr. Yip. Mr. Wilson Chan is a nephew of Mr. Yip.			1. 生為葉先生之外甥。	葉先生、陳永誠先生、陳啟峰先生及郭先 生為本公司執行董事。熊女士為耀才投資 控股有限公司董事、耀才證券國際(香港) 有限公司董事及葉先生之母親。陳永誠先
2. The Directors, including the independent non-executive Directors, were of the opinion that the transaction was on normal commercial terms where all of the applicable percentage ratios (other than the profits ratio) on an annual basis calculated under the Listing Rules were less than 5% and the annual consideration was less than HK\$1,000,000. The transaction was thus exempted from the reporting, annual review announcement and independent shareholders' approval requirements pursuant to			2.	董事(包括獨立非執行董事)認為,該項交 易是按一般商業條款進行,所有在年度基 礎上根據上市條例計算之適用百分比率(除 盈利比率外)均少於5﹪,且年度代價少於 1,000,000港元。因此,該項交易可獲豁免 遵守上市規則第14A.3(3)(c)條之申報、年度 審核、公佈及獨立股東批准之規定。

Rule 14A.33(3)(c) of the Listing Rules.

Directors' Report 董事會報告

3. Brokerage Services Agreements

The aggregate amount of brokerage commission income paid by the relevant connected persons for the brokerage services provided by the Group for the Year are set out as below:

3. 經紀服務協議

本年度,相關關連人士就本集團提供之經紀 服務所付經紀佣金收入總額載列如下:

本年度經紀佣金收入不超過1.49百萬港元。

Name of connected person 關連人士姓名	Annual Cap 年度上限 HK\$ 港元	Amount for the Year 本年度總額 HK\$ 港元
Mr. Yip's Group 葉先生集團	#	181,493
Madam Hung 熊女士	1,050,000	–
Mr. Wilson Chan's Group 陳永誠先生集團	#	1,012
Sub-total of Mr. Yip's Family 葉先生家族小計	1,490,000	182,505
Mr. KF Chan's Group 陳啟峰先生集團	#	52,838
Mr. Kwok 郭先生	#	17,549
# The annual cap is set at the de minimis threshold	年度上限定於最低豁免額 #
Note: The amounts of brokerage commission income payable for the Year by (i) Madam Hung did not exceed HK\$1.05 million; (ii) except for Madam Hung, each of the other connected persons did not exceed the de minimis threshold; and (iii) Mr. Yip's Family	附註:(i)熊女士應付之本年度經紀佣金收入不超 過1.05百萬港元;(ii)除熊女士外,其他關 連人士各自所付之本年度經紀佣金收入不 超過最低豁免額;及(iii)葉先生家族所付之

did not exceed HK\$1.49 million.

4. Shareholder's financial assistance

On 13 June 2012, Bright Smart Securities International (H.K.) Limited ("BSSI"), an indirect wholly-owned subsidiary of the Company, entered into a new loan facility letter with China Finance (Worldwide) Limited ("CFW"), a company which is 100% beneficially owned by Mr. Yip, for provision of an increased revolving loan facility from HK\$310,000,000 to HK\$600,000,000 by CFW to BSSI for BSSI's general working capital purpose. The maximum loan amount drawn during the Year is HK\$410,000,000 (2012: HK\$280,000,000). Interest expense of HK\$3,270,149 was paid to CFW during the Year (2012: HK\$3,145,095). The loan bears interest at HIBOR plus 2.75% per annum, is unsecured and repayable on demand. As at 31 March 2013, BSSI has drawn HK\$100,000,000 (2012: HK\$180,000,000) under this facility.

The Directors, including the Independent Non-executive Directors, were of the opinion that the entering into the aforesaid facility letter and the transactions contemplated thereunder were on normal commercial terms and were fair and reasonable and was for the benefit of the Group and no security over the assets of the Group was granted in respect of the transactions. The transactions were thus exempted from the reporting, announcement and independent shareholders' approval requirements pursuant to Rule 14A .65(4) of the Listing Rules

5. Annual review of the continuing connected transactions

The Independent Non-executive Directors had reviewed the above continuing connected transactions and confirmed that the transactions were:

• (a) entered into in the ordinary and usual course of business of the Group;
• (b) conducted on normal commercial terms or on terms no less favorable to the Group than terms available to or from independent third parties; and

4. 股東之財務資助

於二零一二年六月十三日,耀才證券國際(香 港)有限公司(「耀才證券」,本公司之間接全 資附屬公司)與中國財務(國際)有限公司(「中 國財務」,葉先生全資實益擁有之公司)簽訂 新貸款融資函件,內容有關中國財務向耀才 證券提供循環貸款融資由310,000,000港元 增 至600,000,000港 元, 用 作 一 般 營 運 資 金。年內所提取最高貸款額為410,000,000 港 元( 二 零 一 二 年:280,000,000港 元 )。 年內向中國財務支付利息開支3,270,149港 元(二零一二年:3,145,095港元)。貸款按 香港銀行同業拆息加2.75%年利率計息, 為無抵押及須按要求償還。於二零一三年 三月三十一日,耀才證券已根據貸款融資 提 取 共100,000,000港 元( 二 零 一 二 年: 180,000,000港元)。

董事(包括獨立非執行董事)認為,訂立上述 融資函件及其項下擬進行之交易乃根據一般 商業條款訂立,並屬公平合理,且符合本集 團利益,以及並無就該等交易抵押本公司資 產。因此,該等交易可獲豁免遵守上市規則 第14A.65(4)條之申報、公佈及獨立股東批 准之規定。

5. 持續關連交易之年度檢討

獨立非執行董事已檢討上述持續關連交易並 確認該等交易:

• (a) 於本集團之日常及一般業務過程中訂 立;
• (b) 按一般商業條款或按不遜於本集團給 予或來自獨立第三者之條款進行;及

Directors' Report 董事會報告

(c) entered into in accordance with the relevant agreements governing them on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole.

The Company's auditor was engaged to report on the Group's continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information" and with reference to Practice Note 740 "Auditor's Letter on Continuing Connected Transactions under the Hong Kong Listing Rules" issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued his unqualified letter containing his findings and conclusions in respect of the continuing connected transactions disclosed by the Group in accordance with Main Board Listing Rule 14A.38. A copy of the auditor's letter has been provided by the Company to the Stock Exchange.

RELATED PARTY TRANSACTIONS

Details of the material related party transactions undertaken by the Group in its normal course of business are set out in note 29 to the consolidated financial statements. Those related party transactions which constituted connected transactions/continuing connected transactions under the Listing Rules, which are set out in the section headed "Connected Transactions/Continuing Connected Transactions" on pages 69 to 76, have complied with Chapter 14A of the Listing Rules.

(c) 根據相關監管協議,按公平合理及符 合本公司股東整體利益之條款訂立。

本公司核數師已獲委聘,以根據香港核證委 聘準則第3000號「審核或審閱過去財務資料 以外之核證委聘」,並參照香港會計師公會 頒佈之實務說明第740號「關於香港《上市規 則》所述持續關連交易的核數師函件」就本集 團之持續關連交易作出報告。根據主板上市 規則第14A.38條,核數師已就其對本集團 所披露之持續關連交易之審查結果及結論, 發出載有其無保留意見之函件。本公司已向 聯交所提交核數師函件副本。

關連人士交易

本集團於日常業務過程中進行之重大關連人士交 易之詳情載於綜合財務報表附註29內。根據上市 規則構成關連交易╱持續關連交易(載於第69至 76頁「關連交易╱持續關連交易」一節)之該等關 連人士交易已遵守上市規則第14A章。

DIRECTORS' AND CHIEF EXECUTIVE OFFICER'S INTERESTS IN SHARES AND UNDERLYING SHARES

As at 31 March 2013, the Directors and the Chief Executive Officer of the Company and their respective associates had the following interests in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company pursuant to section 352 of the Securities and Futures Ordinance (the "SFO") or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code"):

(A) Interests in shares and underlying shares of the Company

董事及行政總裁於股份及相關股份之 權益

於二零一三年三月三十一日,本公司董事及行政 總裁及彼等各自之聯繫人於本公司之股份及相關 股份中擁有以下權益,而該等權益是根據《證券及 期貨條例》第352條規定須備存之登記冊內記錄或 根據《上市發行人董事進行證券交易之標準守則》 (「標準守則」)須知會本公司及香港聯合交易所有 限公司(「聯交所」)之權益:

(A) 於本公司股份及相關股份之權益

Mr. Yip Mow Lum (Note) Interest in a controlled Long position 675,000,000 葉茂林先生(附註) 好倉 corporation 受控法團權益 Mr. Yip Mow Lum Beneficial owner Long position 79,618,000 葉茂林先生 實益擁有人 好倉 Mr. Chan Kai Fung Beneficial owner Long position 834,000 陳啟峰先生 實益擁有人 好倉 Mr. Kwok Sze Chi Beneficial owner Long position 300,000 郭思治先生 實益擁有人 好倉	Name of Director 董事姓名	Nature of interest 權益性質	Long/ short positions 好╱淡倉	Number of shares 股份數目	Approximate percentage of the issued share capital 佔已發行股本之 概約百分比 (%)
					65.5%
					7.7%
					0.08%
					0.03%

Note: The 675,000,000 shares were held by New Charming Holdings Limited, a company wholly owned by Mr. Yip Mow Lum, the Chairman of the Board. Therefore, Mr. Yip Mow Lum is deemed to be interested in these shares.

Save as disclosed above, as at 31 March 2013, none of the Directors or the Chief Executive Officer of the Company or their respective associates had any interest or short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

附註:675,000,000股股份由新長明控股有限公司 (董事會主席葉茂林先生全資擁有之公司) 持有。因此,葉茂林先生被視為於該等股 份中擁有權益。

除上文披露外,於二零一三年三月三十一 日,本公司各董事、行政總裁或彼等各自之 聯繫人士概無在本公司或其任何相關法團(按 《證券及期貨條例》第XV部所指之定義)之股 份、相關股份或債券中擁有任何權益或淡 倉,而該等權益或淡倉是根據《證券及期貨 條例》第352條規定須備存之登記冊內所記 錄,或根據標準守則須知會本公司及聯交所 之權益。

(B) Share options

The interests of the Directors and Chief Executive Officer in the share options of the Company are detailed in the section headed "Share Option Scheme" on page 62 to 66 of this annual report.

Save as disclosed above, at no time during the Year, the Directors and Chief Executive Officer (including their spouses and children under 18 years of age) had any interest in, or had been granted, or exercised, any rights to subscribe for shares (or warrants or debentures, if applicable) of the Company or its associated corporations required to be disclosed pursuant to the SFO.

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS IN THE SHARE CAPITAL OF THE COMPANY

As at 31 March 2013, the interests of substantial shareholders in the shares or the underlying shares of the Company which were required to be notified to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO, or which were required to be recorded in the register required to be kept by the Company under section 336 of the SFO were as follows:

(B) 購股權

董事及行政總裁於本公司購股權之權益於第 62至66頁「購股權計劃」一節詳述。

除上文所披露外,於年內任何時間,各董事 及行政總裁(包括彼等之配偶及未滿18歲之 子女)概無擁有、獲授或行使任何根據《證券 及期貨條例》須予披露可認購本公司或其相 聯法團股份(或認股權證或債券,如適用)之 權利。

主要股東於本公司股本中之權益及淡 倉

於二零一三年三月三十一日,根據《證券及期貨條 例》第XV部第2及第3分部須知會本公司,或須記 錄於根據《證券及期貨條例》第336條規定須備存 之登記冊之本公司股份或相關股份之主要股東權 益如下:

Name of shareholder 股東名稱	Nature of interest 權益性質	Long/ short positions 好╱淡倉	Number of shares 股份數目	Approximate percentage of the issued share capital 佔已發行股本之 概約百分比 (%)
New Charming Holdings Limited 新長明控股有限公司	Beneficial owner 實益擁有人	Long position 好倉	675,000,000	65.5%
Mr. Yip Mow Lum (Note) 葉茂林先生(附註)	Interest in a controlled corporation 受控法團權益	Long position 好倉	675,000,000	65.5%
Mr. Yip Mow Lum 葉茂林先生	Beneficial owner 實益擁有人	Long position 好倉	79,618,000	7.7%

Notes:The 675,000,000 shares were held by New Charming Holdings Limited, a company wholly owned by Mr. Yip Mow Lum, the Chairman of the Board. Therefore, Mr. Yip Mow Lum is deemed to be interested in these shares.

附註: 675,000,000股股份由新長明控股有限公司(董事 會主席葉茂林先生全資擁有之公司)持有。因此, 葉茂林先生被視為於該等股份中擁有權益。

79

Save as disclosed above, as at 31 March 2013, there was no other person who had any interest or short position in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO, or as otherwise notified to the Company and the Stock Exchange.

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the Board of Directors, as at the date of this report, there has been sufficient public float of more than 25% of the Company's issued shares as required under the Listing Rules.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the Year.

CORPORATE GOVERNANCE

Principal corporate governance practices adopted by the Company are set out in the "Corporate Governance Report" section on pages 46 to 58 of this annual report.

CONFIRMATION OF INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has received from each of the Independent Nonexecutive Directors an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all of the Independent Non-executive Directors to be independent.

INDEPENDENT AUDITOR

The financial statements for the year ended 31 March 2013 have been audited by Messrs. KPMG, who will retire at the conclusion of the forthcoming annual general meeting. Messrs. KPMG, being eligible, will offer themselves for re-appointment. A resolution for the re-appointment of Messrs. KPMG as the independent auditor of the Company will be proposed at the forthcoming annual general meeting.

除上文披露外,於二零一三年三月三十一日,概 無其他人士於本公司股份或相關股份中,擁有根 據《證券及期貨條例》第XV部第2及第3分部規定 須向本公司披露,或已記錄於根據《證券及期貨條 例》第336條規定須備存之登記冊,或須以其他方 式知會本公司及聯交所之任何權益或淡倉。

充足公眾持股量

根據本公司可取得之公開資料及據董事會所知, 截至本報告日期,本公司已發行股份中有超過 25%由公眾持有,符合上市規則所規定之充足公 眾持股量要求。

管理合約

本年度內並無訂立或存續與本公司整體或任何重 要業務有關之管理及行政合約。

企業管治

本公司所採納之主要企業管治常規載於本年報第 46至58頁之「企業管治報告」一節。

獨立非執行董事之獨立性確認

本公司已接獲各獨立非執行董事之年度確認書, 確認彼等符合上市規則第3.13條之獨立性。本公 司認為全體獨立非執行董事均為獨立人士。

獨立核數師

截至二零一三年三月三十一日止年度之財務報表 已獲畢馬威會計師事務所審核,畢馬威會計師事 務所將於應屆股東週年大會結束時退任,惟合資 格並願意膺選連任。董事會將於應屆股東週年大 會上,提呈續聘畢馬威會計師事務所為本公司核 數師之決議案。

PROFESSIONAL TAX ADVICE RECOMMENDED

If the shareholders of the Company are unsure about the taxation implications of purchasing, holding, disposing of, dealing in, or the exercise of any rights in relation to the shares of the Company, they are advised to consult an expert.

BOARD OF DIRECTORS' RESPONSIBILITIES FOR THE ACCOUNTS

The Board of Directors is responsible for the preparation of accounts for each financial period, which gives a true and fair view of the state of affairs of the Group and of the results and cash flows for that period. In preparing these accounts for the year ended 31 March 2013, the Board of Directors has selected suitable accounting policies and applied them consistently, made judgments and estimates that are prudent and reasonable, and has prepared the accounts on a going concern basis. The Board of Directors is responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Group.

On behalf of the Board

Chan Kai Fung Executive Director & Chief Executive Officer

Hong Kong 18 June 2013

建議之專業稅務意見

如本公司股東未能確定購買、持有、出售、處理 或行使本公司有關股份之任何權利之稅務影響, 謹請彼等諮詢專業人士。

董事會對賬目的職責

董事會須負責編製各財政期間能真實及公平地反 映本集團之事務狀況、該期間業績及現金流量之 賬目。於編製截至二零一三年三月三十一日止年 度之賬目時,董事會已選取並貫徹應用合適之會 計政策、作出審慎合理之判斷及估計,並已按持 續經營基準編製賬目。董事會負責保存適當之會 計紀錄,以能隨時合理準確地披露本集團之財務 狀況。

代表董事會

陳啟峰 執行董事兼行政總裁

香港 二零一三年六月十八日

Independent auditor's report to the shareholders of Bright Smart Securities & Commodities Group Limited (Incorporated in the Cayman Islands with limited liability)

We have audited the consolidated financial statements of Bright Smart Securities and Commodities Group Limited ("the Company") and its subsidiaries (together "the Group") set out on pages 83 to 151, which comprise the consolidated and company statements of financial position as at 31 March 2013, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Directors' responsibility for the consolidated FInancial statements

The directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of Hong Kong Companies Ordinance and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. This report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

致耀才證券金融集團有限公司股東之 獨立核數師報告 (於開曼群島註冊成立之有限公司)

本核數師(以下簡稱「我們」)已審計列載於第83至 151頁耀才證券金融集團有限公司(「貴公司」)及

其附屬公司(以下統稱「貴集團」)的綜合財務報表, 此綜合財務報表包括於二零一三年三月三十一日 的綜合財務狀況表及 貴公司的財務狀況表,截 至該日止年度的綜合全面收益表、綜合權益變動 表和綜合現金流量表以及主要會計政策概要及其 他附註解釋資料。

董事就綜合財務報表須承擔的責任

貴公司的董事須負責根據香港會計師公會頒佈的 《香港財務報告準則》及香港《公司條例》的披露要 求編製綜合財務報表,以令綜合財務報表作出真 實而公平的反映及落實其認為編製綜合財務報表 所必要的內部控制,以使綜合財務報表不存在由 於欺詐或錯誤而導致的重大錯誤陳述。

核數師的責任

我們的責任是根據我們的審計對該等綜合財務報 表作出意見。我們僅向整體股東報告。除此以外, 我們的報告不可用作其他用途。我們概不就本報 告的內容,對任何其他人士負責或承擔法律責任。

我們已根據香港會計師公會頒佈的《香港審計準則》 進行審計。該等準則要求我們遵守道德規範,並 規劃及執行審計,以合理確定綜合財務報表是否 不存在任何重大錯誤陳述。

Independent Auditor's Report 獨立核數師報告

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 March 2013 and of the Group's profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

KPMG

Certified Public Accountants

8th Floor, Prince's Building 10 Chater Road Central, Hong Kong

18 June 2013

審計涉及執行程序以獲取有關綜合財務報表所載 金額及披露資料的審計憑證。所選定的程序取決 於核數師的判斷,包括評估由於欺詐或錯誤而導 致綜合財務報表存在重大錯誤陳述的風險。在評 估該等風險時,核數師考慮與該公司編製綜合財 務報表以作出真實而公平的反映相關的內部控制, 以設計適當的審計程序,但目的並非對公司內部 控制的有效性發表意見。審計亦包括評價董事所 採用會計政策的合適性及作出會計估計的合理性, 以及評價綜合財務報表的整體列報方式。

我們相信,我們所獲得的審計憑證能充足和適當 地為我們的審計意見提供基礎。

意見

我們認為,該等綜合財務報表已根據《香港財務報 告準則》真實而公平地反映 貴公司及 貴集團於 二零一三年三月三十一日的事務狀況及截至該日 止年度的 貴集團溢利及現金流量,並已按照香 港《公司條例》的披露要求妥為編製。

畢馬威會計師事務所 執業會計師

香港中環 遮打道10號 太子大廈8樓

二零一三年六月十八日

Consolidated Statement of Comprehensive Income 綜合全面收益表

For the year ended 31 March 2013 (Expressed in Hong Kong dollars) 截至二零一三年三月三十一日止年度(以港元列示)

		Note 附註	2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Turnover	營業額	3	273,280,728	228,707,159
Other revenue Other net gain/(loss)	其他收益 其他收益╱(虧損)淨額	4 5	57,723,850 345,002	36,971,598 (759,801)
Staff costs Depreciation Other operating expenses	員工成本 折舊 其他經營開支	6(b) 6(c)	331,349,580 (85,077,866) (12,856,938) (109,456,073)	264,918,956 (74,719,545) (10,588,179) (93,719,607)
Profit from operations	經營溢利		123,958,703	85,891,625
Finance costs Profit before taxation	財務成本 除稅前溢利	6(a) 6	(16,807,289) 107,151,414	(12,541,095) 73,350,530
Income tax Profit and total comprehensive income attributable to equity shareholders for the year	所得稅 權益股東應佔年內溢利 及全面收益總額	7	(14,925,256) 92,226,158	(12,714,664) 60,635,866
Earnings per share	每股盈利
Basic (cents)	基本(仙)	11	10.18	8.92
Diluted (cents)	攤薄(仙)	11	10.17	8.89

The notes on pages 89 to 151 form part of these financial statements. Details of dividends declared for the year are set out in note 24(b)(i).

第89至151頁之附註構成此等財務報表其中部分。 年內宣派股息之詳情載於附註24(b)(i)。

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 March 2013 (Expressed in Hong Kong dollars) 於二零一三年三月三十一日(以港元列示)

			2013	2012
			二零一三年	二零一二年
		Note	\$	\$
		附註	元	元
Non-current assets	非流動資產
Fixed assets	固定資產	13	25,708,281	26,197,007
Deferred tax assets	遞延稅項資產	23(b)(ii)	315,065	–
Other non-current assets	其他非流動資產	14	47,425,157	8,490,032
Total non-current assets	非流動資產總值		73,448,503	34,687,039
Current assets	流動資產
Accounts receivable	應收賬款	15	2,705,904,441	1,145,959,330
Other receivables, deposits and	其他應收款項、按金
prepayments	及預付款項	16	25,768,968	12,479,669
Cash and cash equivalents	現金及現金等價物	17(a)	381,477,585	397,052,989
Total current assets	流動資產總值		3,113,150,994	1,555,491,988
Current liabilities	流動負債
Accounts payable	應付賬款	19	614,390,402	469,737,171
Accrued expenses and other payables	應計開支及其他應付款項	20	21,574,316	17,687,699
Bank loans	銀行貸款	21	1,690,000,000	425,000,000
Current taxation	即期稅項	23(a)	3,132,700	3,763,141
Amount due to a related company	應付一家關連公司款項	29(c)(iv)	100,000,000	180,000,000
Total current liabilities	流動負債總額		2,429,097,418	1,096,188,011
Net current assets	流動資產淨值		684,053,576	459,303,977
Total assets less current liabilities	資產總值減流動負債		757,502,079	493,991,016
Non-current liability	非流動負債
Deferred tax liabilities	遞延稅項負債	23(b)(ii)	26,377	192,551
NET ASSETS	資產淨值		757,475,702	493,798,465

Bright Smart Securities & Commodities Group Limited • Annual Report 2012/13

			2013	2012
			二零一三年	二零一二年
		Note	\$	\$
		附註	元	元
EQUITY	權益
Share capital	股本	24	309,340,812	204,846,600
Share premium	股份溢價	24	250,318,615	181,907,382
Merger reserve	合併儲備	24	(19,999,991)	(19,999,991)
Share option reserve	購股權儲備	24	1,687,341	3,427,420
Retained profits	保留溢利		216,128,925	123,617,054
TOTAL EQUITY	權益總值		757,475,702	493,798,465

Consolidated Statement of Financial Position 綜合財務狀況表

85

Approved and authorised for issue by the board of directors on 18 June 2013.

經董事會於二零一三年六月十八日批准並授權 刊發。

Directors 董事

Yip Mow Lum Chan Kai Fung 葉茂林 陳啟峰

The notes on pages 89 to 151 form part of these financial statements. 第89至151頁之附註構成此等財務報表其中部分。

Statement of Financial Position 財務狀況表

At 31 March 2013 (Expressed in Hong Kong dollars) 於二零一三年三月三十一日(以港元列示)

			2013	2012
		Note 附註	二零一三年 \$ 元	二零一二年 \$ 元
Non-current asset	非流動資產
Investment in subsidiaries	於附屬公司之投資	18	3,804,037	4,089,750
Total non-current assets	非流動資產總值		3,804,037	4,089,750
Current assets	流動資產
Amounts due from subsidiaries Cash and cash equivalents	應收附屬公司款項 現金及現金等價物	18(b) 17(a)	661,040,877 7,019,340	395,999,992 3,058,959
Total current assets	流動資產總值		668,060,217	399,058,951
Current liabilities	流動負債
Other payables Amounts due to subsidiaries Bank loans	其他應付款項 應付附屬公司款項 銀行貸款	20 18(b) 21	27,022 66,000 80,000,000	17,325 1,271,713 –
Total current liabilities	流動負債總額		80,093,022	1,289,038
Net current assets	流動資產淨值		587,967,195	397,769,913
NET ASSETS	資產淨值		591,771,232	401,859,663
EQUITY	權益
Share capital Share premium Share option reserve Retained profits	股本 股份溢價 購股權儲備 保留溢利	24 24 24	309,340,812 250,318,615 1,687,341 30,424,464	204,846,600 181,907,382 3,427,420 11,678,261
TOTAL EQUITY	權益總值		591,771,232	401,859,663

Directors 董事

Approved and authorised for issue by the board of directors on 18 June 2013.

經董事會於二零一三年六月十八日批准並授權 刊發。

rip Mow Lum
苍茶林

Yip Mow Lum Chan Kai Fung 葉茂林 陳啟峰

Consolidated Statement of Changes in Equity 綜合權益變動表

For the year ended 31 March 2013 (Expressed in Hong Kong dollars) 截至二零一三年三月三十一日止年度(以港元列示)

			Share	Share	Merger	Share option	Retained	Total
			capital	premium	reserve	reserve	profits	equity
			股本	股份溢價	合併儲備	購股權儲備	保留溢利	權益總值
		Note 附註	\$ 元	\$ 元	\$ 元	\$ 元	\$ 元	\$ 元
Balance at 1 April 2011	於二零一一年四月一日
	之結餘		203,904,600	192,255,508	(19,999,991)	2,749,525	62,669,491	441,579,133
Changes in equity for the year	截至二零一二年
ended 31 March 2012:	三月三十一日止年度
	之權益變動:
Dividend paid during the year	年內派付股息	24(b)(ii)	–	(12,234,276)	–	–	–	(12,234,276)
Shares issued under share	購股權計劃項下
option scheme Profit and total comprehensive	已發行股份 年內溢利及全面收益總額	24(c)(ii)	942,000	1,886,150	–	(661,550)	–	2,166,600
income for the year			–	–	–	–	60,635,866	60,635,866
Equity-settled share-based	權益結算以股份
payments	為基礎之款項		–	–	–	1,339,445	311,697	1,651,142
Balance at 31 March 2012	於二零一二年
	三月三十一日之結餘		204,846,600	181,907,382	(19,999,991)	3,427,420	123,617,054	493,798,465
Balance at 1 April 2012	於二零一二年四月一日 之結餘		204,846,600	181,907,382	(19,999,991)	3,427,420	123,617,054	493,798,465
Changes in equity for the year	截至二零一三年
ended 31 March 2013:	三月三十一日止年度 之權益變動:
Dividend paid during the year	年內派付股息	24(b)(ii)	–	(18,436,194)	–	–	–	(18,436,194)
Shares issued under share	購股權計劃項下
option scheme	已發行股份 供股項下已發行股份	24(c)(ii)	2,070,912	4,008,491	–	(1,454,366)	–	4,625,037
Shares issued under rights issue Share issuance costs	股份發行成本	24(c)(i) 24(c)(i)	102,423,300 –	85,352,750 (2,513,814)	– –	– –	– –	187,776,050 (2,513,814)
Profit and total comprehensive	年內溢利及全面收益總額
income for the year Equity-settled share-based	權益結算以股份		–	–	–	–	92,226,158	92,226,158
payments	為基礎之款項		–	–	–	(285,713)	285,713	–
Balance at 31 March 2013	於二零一三年

The notes on pages 89 to 151 form part of these financial statements. 第89至151頁之附註構成此等財務報表其中部分。

Consolidated Cash Flow Statement 綜合現金流量表

For the year ended 31 March 2013 (Expressed in Hong Kong dollars) 截至二零一三年三月三十一日止年度(以港元列示)

			2013	2012
		Note	二零一三年 \$	二零一二年 \$
		附註	元	元
Operating activities	經營活動
Cash (used in)/generated from operations 經營業務(所用)╱所得現金		17(b)	(1,354,466,805)	289,214,946
Hong Kong Profits Tax paid	已付香港利得稅		(16,036,936)	(9,609,384)
Net cash (used in)/generated from operating activities	經營活動(所用)╱所得 現金淨額		(1,370,503,741)	279,605,562
Investing activities	投資活動
Payment for purchase of fixed assets	購買固定資產付款		(12,922,198)	(14,210,677)
Proceeds from sale of fixed assets	銷售固定資產所得款項		–	270,000
Interest received	已收利息		28,206,745	14,138,618
Net cash generated from	投資活動所得現金淨額
investing activities			15,284,547	197,941
Financing activities	融資活動
Proceeds from/(repayment of) bank loans	銀行貸款所得款項╱(還款)		1,265,000,000	(390,000,000)
(Repayment of)/proceeds from a related	一家關連公司貸款(還款)╱
company loan Dividend paid	所得款項 已付股息		(80,000,000) (18,436,194)	180,000,000 (12,234,276)
Interest paid	已付利息		(16,807,289)	(12,541,095)
Proceeds from exercise of shares option	行使購股權所得款項		4,625,037	2,166,600
Proceeds from rights issue Payment of share issuance costs	供股項下所得款項 支付股份發行成本		187,776,050 (2,513,814)	– –
Net cash generated from/(used in)	融資活動所得╱(所用)
financing activities	現金淨額		1,339,643,790	(232,608,771)
Net (decrease)/increase in cash	現金及現金等價物(減少)╱
and cash equivalents	增加淨額		(15,575,404)	47,194,732
Cash and cash equivalents at 1 April	於四月一日之現金
	及現金等價物		397,052,989	349,858,257
Cash and cash equivalents at	於三月三十一日之現金
31 March	及現金等價物	17(a)	381,477,585	397,052,989

The notes on pages 89 to 151 form part of these financial statements. 第89至151頁之附註構成此等財務報表其中部分。

Notes to the Financial Statements 財務報表附註

1 GENERAL INFORMATION

Bright Smart Securities & Commodities Group Limited ("the Company") was incorporated in the Cayman Islands on 4 August 2009 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The registered office of the Company is Floor 4, Willow House, Cricket Square, P.O. Box 2804, Grand Cayman KY1-1112, Cayman Islands. The consolidated financial statements for the year ended 31 March 2013 comprise the Company and its subsidiaries (together referred to as the "Group").

The principal activity of the Company is investment holding. The principal activities and other particulars of its subsidiaries are set out in note 18 to the financial statements.

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of compliance

These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs"), which collective term includes all applicable individual HKFRSs, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. A summary of the significant accounting policies adopted by the Group is set out below.

1 一般資料

耀才證券金融集團有限公司(「本公司」)於二 零零九年八月四日根據開曼群島法例第22 章公司法(一九六一年第三法例,經綜合及 修訂)在開曼群島註冊成立為獲豁免有限公 司。本公司之註冊辦事處為Floor 4, Willow House, Cricket Square, P.O. Box 2804, Grand Cayman KY1–1112, Cayman Islands。截至二 零一三年三月三十一日止年度之綜合財務報 表涵蓋本公司及其附屬公司(統稱「本集團」)。

本公司之主要業務為投資控股。其附屬公司 之主要業務及其他詳情載於財務報表附註 18。

2 重大會計政策

(a) 合規聲明

此等財務報表已遵照香港會計師公會 (「香港會計師公會」)頒佈之所有適用 《香港財務報告準則》(「香港財務報告 準則」,包括所有適用之個別《香港財 務報告準則》、《香港會計準則》(「香港 會計準則」)及詮釋)、香港公認會計原 則及香港《公司條例》之披露規定編製。 此等財務報表亦符合《香港聯合交易所 有限公司證券上市規則》之適用披露規 定。本集團採納之重大會計政策概要 載於下文。

(a) Statement of compliance (Continued)

The HKICPA has issued several amendments to HKFRSs that are first effective for the current accounting period of the Group and the Company. Of these, the following developments are relevant to the Group's financial statements:

• Amendments to HKFRS 7, Financial instruments: Disclosures — Transfers of financial assets
• Amendments to HKAS 12, Income taxes Deferred tax: Recovery of underlying assets

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.

The impacts of the developments are discussed below:

— Amendments to HKAS 12 and Amendments to HKFRS 7 have not yet had a material impact on the Group's financial statements as these changes will first be effective as and when the Group enters into a relevant transaction.

2 重大會計政策(續)

• (a) 合規聲明(續) 香港會計師公會已頒佈香港財務報告 準則之若干修訂,該等修訂準則於本 集團及本公司當前會計期間首次生效。 其中以下變動與本集團之財務報表有 關:
• 香港財務報告準則第7號(修訂 本)金融工具:披露 — 金融資產 轉讓
• 香港會計準則第12號(修訂本) 所得稅 — 遞延稅項:相關資產 的收回

本集團並無應用任何於本會計期間尚 未生效之新訂準則或詮釋。

該等變動之影響載述如下:

— 香港會計準則第12號(修訂本) 及香港財務報告準則第7號(修 訂本)並未對本集團之財務報表 產生重大影響,而該等變動將於 本集團訂立相關交易時首次生 效。

(b) Basis of preparation of the financial statements The measurement basis used in the preparation of the financial statements is the historical cost basis.

The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.

(c) Basis of consolidation

(i) Subsidiaries

Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account.

An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment.

2 重大會計政策(續)

(b) 財務報表編製基準 財務報表按歷史成本法之計量基準編 製。

按照香港財務報告準則編製財務報表 要求管理層作出判斷、估計及假設, 該等判斷、估計及假設會影響政策應 用及所呈報之資產、負債、收入及開 支金額。此等估計及相關假設乃基於 過往經驗及在有關情況下相信為合理 之其他各項因素得出,所得結果乃用 作判斷目前顯然無法通過其他來源獲 得資產與負債賬面值之依據。實際結 果或會有別於此等估計。

此等估計及相關假設會持續檢討。倘 會計估計之修訂僅對作出修訂之年度 產生影響,則有關修訂只會在該年度 內確認;倘有關修訂對當前及未來年 度均產生影響,則會同時在作出該修 訂年度及未來年度確認。

(c) 綜合賬目基準

(i) 附屬公司 附屬公司指本集團控制之實體。 倘本集團有權支配實體之財務及 經營政策,藉此自其活動中取得 利益,則存在控制權。在評估控 制權時,會考慮目前可行使之潛 在表決權。

於附屬公司之投資自控制權開始 當日綜合計入綜合財務報表,直 至控制權終止當日為止。集團內 結餘及交易以及集團內交易所產 生之任何未變現溢利,在編製綜 合財務報表時全數對銷。集團內 交易所產生之未變現虧損僅在並 無出現減值證據之情況下以與未 變現收益相同之方式予以對銷。

(c) Basis of consolidation (Continued)

(i) Subsidiaries (Continued)

In the Company's statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 2(f)), unless the investment is classified as held for sale.

(ii) Business combinations involving entities under common control

The consolidated financial statements incorporate the financial statements of the combining entities or businesses as if they had been combined from the date when the combining entities or business first came under the control of the controlling parties.

The net assets of the combining entities or business are recognised at the carrying values prior to the common control combination.

The consolidated financial statements include the results of each of the combining entities or business from the earliest date presented or since the date when combining entities or business first came under the control of the controlling parties, where this is a shorter period, regardless of the date of the common control combination.

The comparative amounts in the consolidated financial statements are presented as if the entities or businesses had been combined at the previous reporting date or when they first came under control of the controlling parties, whichever is shorter.

2 重大會計政策(續)

• (c) 綜合賬目基準(續)
• (i) 附屬公司(續) 除非投資分類為可供出售,否則 於本公司之財務狀況表內,於附 屬公司之投資乃按成本減減值虧 損列賬(見附註2(f))。
• (ii) 涉及共同控制實體之業務合併

綜合財務報表包含合併實體或業 務之財務報表,猶如該等實體或 業務自控制方首次控制合併實體 或業務當日起經已合併。

合併實體或業務之資產淨值於共 同控制合併前以賬面值確認。

綜合財務報表包括各合併實體或 業務自呈列最早日期起,或自控 制方首次控制合併實體或業務當 日起(不論共同控制合併之日期) 之較短期間之業績。

綜合財務報表呈列之比較金額按 猶如實體或業務於上一個報告日 期或首次受控制方控制時(以較 短者為準)經已合併之基準呈列。

(d) Fixed assets

Fixed assets are stated in the consolidated statement of financial position at cost less accumulated depreciation and impairment losses (see note 2(f)(ii)).

Gains or losses arising from the retirement or disposal of an item of fixed assets are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal.

Depreciation is calculated to write off the cost of items of fixed assets, less their estimated residual value, if any, using the straight-line method over their estimated useful lives as follows:

— Leasehold improvements	Shorter of the unexpired term of lease and 3 years	— 裝修	未屆滿租期及3年 (以較短期為準)
— Motor vehicles	5 years	— 汽車	5年
— Office equipment	5 years	— 辦公室設備	5年
— Furniture and fixtures	5 years	— 傢具及裝置	5年
— Computers and software	5 years	— 電腦及軟件	5年

Both the useful life of an asset and its residual value, if any, are reviewed annually.

2 重大會計政策(續)

(d) 固定資產 固定資產按成本減累計折舊及減值虧 損(見附註2(f)(ii))於綜合財務狀況表列 賬。

報廢或出售固定資產項目所產生之損 益以該項目的出售所得款項淨額與其 賬面值之間之差額釐定,並於報廢或 出售當日在損益確認。

固定資產折舊以固定資產項目成本減 其估計剩餘價值(如有)撇銷,並以直 線法按其預計可用年限計算如下:

— 汽車	5年
— 辦公室設備	5年
— 傢具及裝置	5年
— 電腦及軟件	5年

資產之可使用年限及其剩餘價值(如有) 會每年進行檢討。

(e) Operating lease charges

Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases. Where the Group has the use of assets under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease terms, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in which they are incurred.

(f) Impairment of assets

(i) Impairment of investments in subsidiaries and accounts receivable and other receivables

Investments in subsidiaries and accounts receivable and other receivables that are carried at cost or amortised cost are reviewed at each reporting date to determine whether there is objective evidence of impairment. Objective evidence of impairment includes observable data that comes to the attention of the Group about one or more of the following loss events:

• significant financial difficulty of the debtor;
• a breach of contract, such as a default or delinquency in interest or principal payments;
• it becoming probable that the debtor will enter bankruptcy or other financial reorganisation; and
• significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor.

2 重大會計政策(續)

(e) 經營租約支出

凡並無將擁有權之絕大風險及回報轉 讓予本集團之租賃,均分類為經營租 約。倘本集團使用經營租約下之資產, 則根據租約支付之款項會於租期所涵 蓋之會計期間,以等額分期於損益中 扣除,除非有其他基準更能代表租賃 資產所產生之利益模式則屬例外。獲 取之租約優惠於損益確認為淨租金總 額之組成部分。或然租金於其產生之 會計期間內於損益中扣除。

(f) 資產減值

• (i) 於附屬公司之投資以及應收賬款 及其他應收款項減值 按成本或攤銷成本列賬之於附屬 公司之投資、應收賬款及其他應 收款項於各報告日期審閱,以確 定有否客觀減值證據。客觀減值 證據包括本集團需留意有關一項 或多項以下虧損事項之可觀察數 據:
• 債務人之重大財務困難;
• 違約行為,如拖欠或未能 償還利息或本金;
• 債務人極有可能進行破產 或其他財務重組;及
• 科技、市場、經濟或法律 領域之重大變動對債務人 產生不利影響。

(f) Impairment of assets (Continued)

(i) Impairment of investments in subsidiaries and accounts receivable and other receivables (Continued)

If any such evidence exists, any impairment loss is determined and recognised as follows:

• For investments in subsidiaries, the impairment loss is measured by comparing the recoverable amount of the investment with its carrying amount in accordance with note 2(f)(ii). The impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount in accordance with note 2(f)(ii).
• For accounts receivable and other receivables carried at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets), where the effect of discounting is material. This assessment is made collectively where financial assets carried at amortised cost share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group.

2 重大會計政策(續)

• (f) 資產減值(續)
• (i) 於附屬公司之投資以及應收賬款 及其他應收款項減值(續)

倘存在任何該等證據,任何減值 虧損釐定及確認如下:

• 就 於 附 屬 公 司 之 投 資 而 言,減值虧損乃根據附註 2(f)(ii)所述按投資之可收回 金額與其賬面值之差額計 量。倘根據附註2(f)(ii)所述 用於釐定可收回金額之估 計出現有利變動,則會撥 回減值虧損。
• 就按攤銷成本列賬之應收 賬 款 及 其 他 應 收 款 項 而 言,倘貼現影響重大,減 值虧損按資產賬面值與估 計未來現金流量現值之差 額,按財務資產原先實際 利率(即初步確認該等資產 時計算之實際利率)貼現計 算。倘按攤銷成本列賬之 財務資產承擔之風險特徵 相近(如逾期狀況相似)及 並未個別評估為出現減值 等,則會以集體形式進行 評估。經集體評估為減值 之財務資產之未來現金流 量乃以信貸風險特徵類似 該集合組別之資產之過往 虧損經驗為依據。

(f) Impairment of assets (Continued)

• (i) Impairment of investments in subsidiaries and accounts receivable and other receivables (Continued)
• (Continued)

If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset's carrying amount exceeding that which would have been determined had no impairment loss been recognised in prior periods.

(ii) Impairment of fixed assets

Internal and external sources of information are reviewed at each reporting date to identify indications that fixed assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased.

If any such indication exists, the asset's recoverable amount is estimated.

• Calculation of recoverable amount

The recoverable amount of an asset is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit).

2 重大會計政策(續)

• (f) 資產減值(續)
• (i) 於附屬公司之投資以及應收賬款 及其他應收款項減值(續)

— (續) 倘於往後期間之減值虧損 金額減少,而有關減幅客 觀上與確認減值虧損後發 生之事件有關,則減值虧 損會於損益撥回。減值虧 損之撥回不應導致資產賬 面值超過其在過往期間並 無確認減值虧損時原應釐 定之金額。

(ii) 固定資產減值 源自內部及外部之資料乃於各報 告日期審閱,以識別固定資產可 能出現減值或過往確認之減值虧 損不再存在或可能已減少之跡 象。

倘存在任何該等跡象,則會估計 資產之可收回金額。

•

計算可收回金額 資產之可收回金額為其公 平值減銷售成本及使用價 值兩者之較高者。於評估 使用價值時,估計未來現 金流量採用反映貨幣時間 價值及資產特定風險之現 時市場評估之稅前貼現率 貼現至其現值。倘資產所 產生現金流入很大程度上 並非獨立於其他資產所產 生者,則就獨立產生現金 流入之最小一組資產(即現 金產生單位)釐定可收回金 額。

• (f) Impairment of assets (Continued)
• (ii) Impairment of fixed assets (Continued)
  • • Recognition of impairment losses An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated to reduce the carrying amount of the assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs to sell, or value in use, if determinable.
  • • Reversals of impairment losses An impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. A reversal of impairment loss is limited to the asset's carrying amount that would have been determined had no impairment loss been recognised in prior periods. Reversals of impairment losses are credited to profit or loss in the period in which the reversals are recognised.

(g) Accounts receivable and other receivables

Accounts receivable and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less allowance for impairment of doubtful debts (see note 2(f)(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts (see note 2(f)(i)).

2 重大會計政策(續)

(f) 資產減值(續) (ii) 固定資產減值(續)

•

•

• 確認減值虧損 倘資產或其所屬現金產生 單位之賬面值超過其可收 回金額,則於損益確認減 值虧損。就現金產生單位 確 認 之 減 值 虧 損 予 以 分 配,以按比例扣減單位(或 一組單位)之資產賬面值, 惟資產賬面值將不會調減 至低於其個別公平值減銷 售成本或使用價值(如可釐 定)。
• 撥回減值虧損 倘用以釐定可收回金額之 估計出現有利變動,則會 撥回減值虧損。撥回減值 虧損限於過往期間並無確 認減值虧損時原應釐定之 資產賬面值。減值虧損撥 回於確認撥回期間計入損 益。

(g) 應收賬款及其他應收款項

應收賬款及其他應收款項初步按公平 值確認,其後則使用實際利率法按攤 銷成本扣除呆賬減值撥備列賬(見附註 2(f)(i)),惟倘若應收款項為給予關連人 士之無固定還款期免息貸款,或貼現 影響並不重大者則除外。於該等情況 下,應收款項按成本扣除呆賬減值撥 備列賬(見附註2(f)(i))。

財務報表附註

(h) Accounts payable and other payables

Accounts payable and other payables are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

(i) Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

(j) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, and demand deposits with banks.

(k) Employee benefits

• (i) Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees.
• (ii) Contributions to Mandatory Provident Funds as required under the Hong Kong Mandatory Provident Fund Schemes Ordinance are recognised as an expense in profit or loss as incurred.

2 重大會計政策(續)

(h) 應付賬款及其他應付款項 應付賬款及其他應付款項初步按公平 值確認,其後則按攤銷成本列賬,惟 倘若貼現影響並不重大,則按成本列 賬。

(i) 計息借貸

計息借貸初步以公平值減應佔交易成 本確認。在初步確認後,計息借貸按 攤銷成本列賬,而初步確認金額與贖 回價值之間之任何差額連同任何應付 利息及費用在借貸期間以實際利率法 在損益確認。

(j) 現金及現金等價物 現金及現金等價物包括銀行及手頭現 金以及活期銀行存款。

(k) 僱員福利

• (i) 薪金、年終花紅、有薪年假、向 定額供款退休計劃作出之供款及 非貨幣福利成本於僱員提供相關 服務之年度計算。
• (ii) 根據香港《強制性公積金計劃條 例》規定向強制性公積金作出之 供款於產生時在損益確認為開 支。

(k) Employee benefits (Continued)

(iii) The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in a share option reserve within equity. The fair value is measured at the grant date using the Black-Scholes model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.

Where the Company enters into equity-settled share-based payment arrangements involving employees of subsidiaries, the cost is recognised in "Investment in subsidiaries" and credited to the "Share option reserve" over the vesting period. The equity amount is recognised in the capital reserve until either the option is exercised (when it is transferred to the share premium account) or the vested option expires (when it is released directly to retained profits).

(l) Income tax

Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

2 重大會計政策(續)

(k) 僱員福利(續)

(iii) 授予僱員購股權之公平值確認為 僱員成本,相應之增加會於權益 內之購股權儲備反映。公平值在 授出日期採用柏力克 — 舒爾斯 模式,經考慮授出購股權之條款 及條件而計量。倘僱員須符合歸 屬條件才有權無條件行使購股 權,則購股權之估計總公平值會 於考慮購股權將歸屬之可能性後 在歸屬期內分攤。

倘本公司訂立之權益結算以股份 為基礎之付款安排涉及附屬公司 僱員,有關成本會於歸屬期內在 「於附屬公司之投資」內確認,並 撥入「購股權儲備」。股本金額乃 於資本儲備內確認,直至購股權 獲行使(轉撥至股份溢價賬)或歸 屬 權 已 屆 滿(直 接 撥 入 保 留 溢 利)。

(l) 所得稅

本年度之所得稅包括即期稅項及遞延 稅項資產與負債變動。即期稅項及遞 延稅項資產與負債變動在損益確認, 惟涉及於其他全面收益或直接於權益 確認之項目,其相關稅款分別在其他 全面收益或直接於權益確認。

即期稅項指就本年度應課稅收入採用 於報告日期已頒布或實質頒布之稅率 計算之預期應繳稅項,以及就過往年 度應繳稅項所作之任何調整。

(l) Income tax (Continued)

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised.

2 重大會計政策(續)

(l) 所得稅(續) 遞延稅項資產及負債分別來自可扣稅 及應課稅暫時差額,即就財務申報目 的之資產及負債賬面值與其稅基之間 之差額。遞延稅項資產亦源自未動用 稅項虧損及未動用稅項抵免。

除若干有限例外情況外,所有遞延稅 項負債及遞延稅項資產(僅限於有可能 用以抵銷日後應課稅溢利之部分)均予 確認。可支持確認源自可扣稅暫時差 額之遞延稅項資產之未來應課稅溢利 包括撥回現有應課稅暫時差額產生之 款項,惟該等差額須與同一徵稅機關 及同一應課稅實體有關,並預期會於 預料撥回可扣稅暫時差額之同一期間 或遞延稅項資產所產生稅項虧損可往 撥回或結轉之期間內撥回。該項準則 亦適用於釐定現有應課稅暫時差額可 否支持確認未動用稅項虧損及稅項抵 免所產生遞延稅項資產,即該等差額 倘與同一徵稅機關及同一應課稅實體 有關時將予以計入,並預期於稅項虧 損或稅項抵免可予使用之一段期間或 多段期間撥回。

(l) Income tax (Continued)

The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future.

The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are not discounted.

The carrying amount of a deferred tax asset is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised.

2 重大會計政策(續)

(l) 所得稅(續) 確認遞延稅項資產及負債之有限例外

情況包括:不可扣稅商譽產生之暫時 差額、初步確認不影響會計或應課稅 溢利之資產或負債(不屬業務合併之部 分)以及與投資於附屬公司有關之暫時 差額;如屬應課稅差額,以本集團可 控制撥回時間及不大可能在可預見未 來撥回差額為限;或如屬可扣稅差額, 則以可能在未來撥回差額為限。

已確認遞延稅項金額按資產及負債賬 面值之預期變現或結算方式,採用報 告日期已頒布或實質頒布之稅率計算。 遞延稅項資產及負債均不予貼現。

遞延稅項資產賬面值於各報告日期檢 討,倘不再可能備有足夠應課稅溢利 可供動用相關稅務利益,則須削減遞 延稅項資產賬面值。倘很可能有足夠 應課稅溢利,則會撥回有關減額。

派付股息所產生額外所得稅乃於確認 支付相關股息之負債時確認。

(l) Income tax (Continued)

Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities if the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:

• • in the case of current tax assets and liabilities, the Group intends either to settle on a net basis, or to r e a l i s e t h e a s s e t a n d s e t t l e t h e l i a b i l i t y simultaneously; or
• • in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:
• • the same taxable entity; or
• • different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously.

(m) Provisions and contingent liabilities

Provisions are recognised for other liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

2 重大會計政策(續)

• (l) 所得稅(續) 即期稅項結餘及遞延稅項結餘以及其 變動乃分開各自呈列,且不予抵銷。 倘本集團有法定行使權以即期稅項資 產抵銷即期稅項負債,且符合以下附 帶條件,可以即期稅項資產及遞延稅 項資產分別抵銷即期稅項負債及遞延 稅項負債:
• 就即期稅項資產及負債而言,本 集團計劃按淨額基準結算,或在 變現資產之同時清償負債;或
• 就遞延稅項資產及負債而言,倘 該等資產及負債與同一稅務機關 就下列任何實體徵收之所得稅有 關:
  • 同一應課稅實體;或
  • 不同應課稅實體,而該等 實體計劃在預期有大額遞 延稅項負債或資產須予清 償 或 收 回 之 各 個 未 來 期 間,按淨額基準變現即期 稅項資產及清償即期稅項 負債,或同時進行變現及 清償。

(m) 撥備及或然負債

於本集團須就過往事件承擔法律或推 定責任,而履行該責任很可能須流出 經濟利益,且能夠作出可靠估計時, 將就不確定時間或款額之其他負債確 認撥備。倘貨幣時間價值重大,則按 預計履行責任所需開支之現值撥備。

(m) Provisions and contingent liabilities (Continued) Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or nonoccurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

(n) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows:

(i) Brokerage commission income

Brokerage commission income is recognised on a trade date basis when the relevant transactions are executed. Volume rebate to customers is recognised as a reduction in brokerage commission income when payment of the rebate is probable and the amounts can be estimated reliably. The fair value of the consideration received or receivable in respect of the initial trade under customer loyalty programmes is allocated between the award credits and other components of the trade by reference to their relative fair value. The award credits are deferred and revenue is recognised only when the Group fulfils its obligation to provide free or discounted brokerage services.

(ii) Interest income

Interest income is recognised as it accrues using the effective interest method.

(iii) Handling and settlement fee income Handling and settlement fee income are recognised

when the related services are rendered.

2 重大會計政策(續)

(m) 撥備及或然負債(續)

倘需要經濟利益流出之可能性不大, 或無法對有關款額作出可靠估計,則 會將該責任披露為或然負債,惟該等 經濟利益流出之機會極低則除外。除 非經濟利益流出之可能性極低,否則 視乎某宗或多宗未來事件是否發生方 可確定是否存在之潛在責任,亦會披 露為或然負債。

(n) 收益確認

收益乃按已收或應收代價之公平值計 量。當經濟利益可能流入本集團,加 上收益及成本(如適用)能可靠計量時, 將按以下方式於損益內確認收益:

• (i) 經紀佣金收入 經紀佣金收入乃於進行相關交易 時按交易日基準確認。向客戶提 供大額交易回贈乃於可支付有關 回贈且有關金額能可靠計量時確 認為經紀佣金收入扣減。於長期 客戶計劃項下進行首宗交易之已 收或應收代價之公平值乃按其各 自之公平值分配至積分獎賞及其 他交易部分。積分獎賞均遞延入 賬,只於本集團履行責任提供免 費或優惠經紀服務時方確認收 益。
• (ii) 利息收入 利息收入按實際利率法於產生時 確認。
• (iii) 手續費及結算費用收入 手續費及結算費用收入於提供相 關服務時確認。

(o) Translation of foreign currencies

Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of reporting period. Exchange gains and losses are recognised in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates.

(p) Fiduciary activities

The Group commonly acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of its customers. These assets arising thereon are excluded from the consolidated financial statements, as they are not assets of the Group.

(q) Related parties

• (i) A person, or a close member of that person's family, is related to the Group if that person:
• (1) has control or joint control over the Group;
• (2) has significant influence over the Group; or
• (3) is a member of the key management personnel of the Group or the Group's parents.

2 重大會計政策(續)

(o) 外幣換算 本年度之外幣交易按交易日之匯率換 算。以外幣結算之貨幣資產及負債則 按呈報期間結束時之匯率換算。匯兌 盈虧於損益確認。

以外幣按歷史成本計算之非貨幣資產 及負債使用交易日之匯率換算。

(p) 信託活動

本集團一般擔任信託人,及以導致代 客戶持有或配售資產之其他受託身分 行事。由於就此產生之該等資產並非 本集團資產,故並無包括於綜合財務 報表內。

(q) 關連人士

• (i) 倘屬以下人士,則該人士或該人 士之近親與本集團有關連:
• (1) 控制或共同控制本集團;
• (2) 對本集團有重大影響;或
• (3) 為本集團或本集團母公司 之主要管理人員。

(q) Related parties (Continued)

• (ii) An entity is related to the Group is any of the following conditions applies:
• (1) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
• (2) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
• (3) Both entities are joint ventures of the same third party.
• (4) One entity is a joint venture of a third entity and the other entity is an associate of the third party.
• (5) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group.
• (6) The entity is controlled or jointly controlled by a person identified in (i).
• (7) A person identified in (i)(1) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

2 重大會計政策(續)

• (q) 關連人士(續)
• (ii) 倘符合下列任何條件,則該實體 與本集團有關連:
  • (1) 該實體與本集團屬同一集 團之成員公司(即各母公 司、附屬公司及同系附屬 公司之間互有關連)。
  • (2) 一間實體為另一實體之聯 營公司或合營企業(或為該 另一實體所屬集團旗下成 員公司之聯營公司或合營 企業)。
  • (3) 兩間實體均為同一第三方 之合營企業。
  • (4) 一間實體為第三方實體之 合營企業,而另一實體為 該第三方實體之聯營公司。
  • (5) 實體為本集團或與本集團 有關連之實體就僱員利益 設立之離職後福利計劃。
  • (6) 實體受(i)項所識別人士控 制或共同控制。
  • (7) (i)(1)項所識別人士對實體 有重大影響力或屬該實體 (或該實體之母公司)之主 要管理層成員。

任何人士之近親是指與該實體交 易時預期可影響該名人士或受該 人士影響之家庭成員。

(r) Segment reporting

Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are identified from the financial information provided regularly to the Group's most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group's various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

3 TURNOVER

The principal activities of the Group are securities broking, margin financing and commodities and futures broking.

Turnover represents the brokerage commission from securities, commodities and futures broking and interest income from margin and initial public offering ("IPO") financings as follows:

2 重大會計政策(續)

(r) 分部報告 經營分部及綜合財務報表所呈報之各 分部項目金額,乃根據就分配資源予 本集團各業務及地區分部及評估其表 現而定期提供予本集團最高行政管理 人員之財務資料確定。

就財務報告而言,個別重要經營分部 不會綜合呈報,除非此等分部具有類 似經濟特徵以及在產品及服務性質、 生產程序性質、客戶類型或類別、分 銷產品或提供服務所採用之方式及監 管環境性質方面類似。倘個別並非屬 重大之經營分部共同存在上述大部分 特徵,則可綜合計算。

3 營業額

本集團主要業務為證券經紀、孖展融資以及 商品及期貨經紀。

營業額指來自證券、商品及期貨經紀之經紀 佣金、孖展融資及首次公開發售(「首次公開 發售」)融資所得利息收入如下:

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Brokerage commission Interest income from margin financing Interest income from IPO financing	經紀佣金 孖展融資利息收入 首次公開發售融資利息收入	216,191,555 55,883,172 1,206,001	183,935,190 43,967,010 804,959
		273,280,728	228,707,159

The Group's customer base is diversified and no customer had transactions which exceeded 10% of the Group's revenue.

本集團客戶基礎甚廣,概無與單一客戶進行 之交易超過本集團收益10%。

4 OTHER REVENUE

4 其他收益

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Interest income from	利息收入來自
— Authorised institutions	— 認可機構	18,812,335	7,660,724
— Others	— 其他	9,394,410	6,477,894
		28,206,745	14,138,618
Handling and settlement fees	手續費及結算費用	28,556,742	22,502,663
Sundry income	雜項收入	960,363	330,317
		57,723,850	36,971,598

5 OTHER NET GAIN/(LOSS)

5 其他收益╱(虧損)淨額

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Net foreign exchange gain Loss on disposal of fixed assets Error trades arising from securities, commodities and futures dealings Others	外匯收益淨額 出售固定資產虧損 證券、商品及期貨交易之 錯誤交易 其他	1,284,644 (553,986) (133,942) (251,714)	960,175 (1,053,050) (666,926) –
		345,002	(759,801)

Notes to the Financial Statements

財務報表附註

6 PROFIT BEFORE TAXATION

6 除稅前溢利

Profit before taxation is arrived at after charging:

除稅前溢利已扣除下列各項:

				2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
(a)	Finance costs	(a)	財務成本
	Interest expense on		以下各項利息開支
	— Bank loans for IPO financing		— 首次公開發售融資之
	— Other bank loans and overdrafts		銀行貸款 — 其他銀行貸款及透支	741,317 12,795,823	357,021 7,818,316
	— Loans from related companies		— 來自關連公司貸款	3,270,149	4,365,758
				16,807,289	12,541,095
(b)	Staff costs	(b)	員工成本
	Salaries, allowances and benefits in kind		薪金、津貼及實物福利	72,952,155	62,552,331
	Discretionary bonuses		酌情花紅	9,453,056	8,309,853
	Contributions to Mandatory		強積金供款
	Provident Fund			2,672,655	2,206,219
	Equity-settled share-based payments		權益結算以股份為 基礎之款項	–	1,651,142
				85,077,866	74,719,545
(c)	Other operating expenses	(c)	其他經營開支
	Advertising and promotion expenses		廣告及宣傳開支	7,892,008	6,954,804
	Auditors' remuneration		核數師酬金	1,319,166	1,546,335
	Commission expense to		海外經紀佣金開支
	overseas brokers		手續費及結算費用	6,565,433	4,523,084
	Handling and settlement expenses Information and communication		資訊及通訊開支	22,242,487	18,409,221
	expenses			21,037,196	20,507,433
	Legal and professional fees		法律及專業費用	3,006,766	2,961,321
	Operating lease payments		經營租約付款
	— property rentals		— 物業租金	32,945,974	25,988,199
	Rates and building management fees Miscellaneous expenses		差餉及樓宇管理費 雜項開支	3,627,683 10,819,360	3,056,999 9,772,211
				109,456,073	93,719,607

財務報表附註

7 INCOME TAX IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(a) Taxation in the consolidated statement of comprehensive income represents:

Current tax — Hong Kong Profits Tax	即期稅項 — 香港利得稅
Provision for the year	年內撥備		15,242,758	11,922,321
Under-provision in respect of prior years	過往年度撥備不足		163,737	1,114,851
Deferred tax	遞延稅項		15,406,495	13,037,172
Origination and reversal of temporary differences (note 23(b))	暫時差額之來源及撥回 (附註23(b))		(481,239)	(322,508)
			14,925,256	12,714,664
The provision for Hong Kong Profits Tax for the year ended 31 March 2013 is calculated at 16.5% (2012: 16.5%) of the estimated assessable profits for the year.		算。	截至二零一三年三月三十一日止年度 之香港利得稅撥備按年內估計應課稅 溢利16.5%(二零一二年:16.5%)計

		2013	2012
		二零一三年	二零一二年
		\$	\$
		元	元
Current tax — Hong Kong Profits Tax	即期稅項 — 香港利得稅
Provision for the year	年內撥備	15,242,758	11,922,321
Under-provision in respect of prior years	過往年度撥備不足	163,737	1,114,851
		15,406,495	13,037,172
Deferred tax	遞延稅項
Origination and reversal of temporary	暫時差額之來源及撥回
differences (note 23(b))	(附註23(b))	(481,239)	(322,508)
		14,925,256	12,714,664

(a) 綜合全面收益表之稅項指:

7 INCOME TAX IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Continued)

• 7 綜合全面收益表之所得稅(續)
• (b) Reconciliation between tax expense and accounting profit at applicable tax rates:
• (b) 按適用稅率計算之稅項開支與會計 溢利對賬:

		2013 二零一三年	2012 二零一二年
		\$	\$
		元	元
Profit before taxation	除稅前溢利	107,151,414	73,350,530
Notional tax on profit before taxation,	按16.5%(二零一二年:
calculated at 16.5% (2012: 16.5%)	16.5%)計算之除稅前
	溢利名義稅項	17,679,983	12,102,838
Tax effect of non-deductible expenses	不可扣稅開支之稅務影響	161,807	466,786
Tax effect of non-taxable revenue	毋須課稅收益之稅務影響	(3,161,319)	(1,418,019)
Tax effect of unused tax losses	未確認未動用稅項虧損之
not recognised	稅務影響	153,488	303,814
Under-provision in respect of prior years	過往年度撥備不足	163,737	1,114,851
Others	其他	(72,440)	144,394
Actual tax expense	實際稅項開支	14,925,256	12,714,664

8 DIRECTORS' REMUNERATION

Directors' remuneration disclosed pursuant to section 161 of the Hong Kong Companies Ordinance is as follows:

8 董事酬金

根據香港公司條例第161條披露之董事酬金 如下:

			2013
					二零一三年
						Equity
			Salaries,			settled
			allowances		Contributions	share-based
			and benefits		to Mandatory	payments
		Directors'	in kind	Discretionary	Provident	權益結算
		fees	薪金、津貼	bonuses	Fund	以股份為基礎	Total
		董事袍金	及實物福利	酌情花紅	強積金供款	之款項	總計
		\$	\$	\$	\$	\$	\$
		元	元	元	元	元	元
Yip Mow Lum	葉茂林	–	3,260,000	–	14,500	–	3,274,500
Chan Kai Fung	陳啟峰	–	1,452,000	206,302	14,500	–	1,672,802
Kwok Sze Chi	郭思治	–	1,332,000	193,158	14,500	–	1,539,658
Chan Wing Shing, Wilson	陳永誠	–	665,600	99,668	14,500	–	779,768
Yu Yun Kong	余韌剛	155,659	–	–	–	–	155,659
Szeto Wai Sun	司徒維新	133,666	–	–	–	–	133,666
Ling Kwok Fai, Joseph	凌國輝	111,666	–	–	–	–	111,666
Total	總計	400,991	6,709,600	499,128	58,000	–	7,667,719

			2012
					二零一二年	Equity-settled
			Salaries,			share-based
			allowances			payments
			and benefits		Contributions to	(Note)
		Directors'	in kind	Discretionary	Mandatory	權益結算
		fees	薪金、津貼	bonuses	Provident Fund	以股份	Total
		董事袍金	及實物福利	酌情花紅	強積金供款	為基礎之款項	總計
						(附註)
		\$	\$	\$	\$	\$	\$
		元	元	元	元	元	元
Yip Mow Lum	葉茂林	–	1,540,000	–	12,000	–	1,552,000
Chan Kai Fung	陳啟峰	–	1,440,000	201,951	12,000	166,740	1,820,691
Kwok Sze Chi	郭思治	–	1,320,000	185,122	12,000	166,740	1,683,862
Chan Wing Shing, Wilson	陳永誠	–	660,000	108,893	12,000	33,348	814,241
Yu Yun Kong	余韌剛	150,507	–	–	–	55,524	206,031
Szeto Wai Sun	司徒維新	129,000	–	–	–	55,524	184,524
Ling Kwok Fai, Joseph	凌國輝	107,505	–	–	–	55,524	163,029
Total	總計	387,012	4,960,000	495,966	48,000	533,400	6,424,378

8 DIRECTORS' REMUNERATION (Continued)

No director received any emoluments from the Group as an inducement to join or leave the Group or compensation for loss of office and, no director waived or has agreed to waive any emoluments.

Note: These represented the estimated value of share options granted to the directors under the Company's share option scheme. The value of these share options was measured according to the Group's accounting policies for share-based payment transactions as set out in note 2(k)(iii).

The details of these benefits in kind, including the principal terms and number of options granted, are disclosed under the paragraph "Share option scheme" in the directors' report and note 25.

9 INDIVIDUAL WITH HIGHEST EMOLUMENTS

Of the five individuals with the highest emoluments, two (2012: three) are directors whose emoluments are disclosed in note 8. The aggregate of the emoluments in respect of the other three (2012: two) individuals are as follows:

8 董事酬金(續)

概無董事自本集團收取任何酬金,作為加盟 或離開本集團之獎金或離職補償,亦無董事 放棄或同意放棄任何酬金。

附註:該等款項指根據本公司購股權計劃授予董 事購股權之估計價值。該等購股權之價值 乃根據附註2(k)(iii)所載本集團有關以股份 為基礎之款項交易之會計政策計算。

該等實物福利(包括授出之購股權主要條款 及數目)之詳情於董事會報告「購股權計劃」 一段及附註25披露。

9 最高薪酬人士

五名最高薪酬人士中包括兩名(二零一二年: 三名)董事,彼等之酬金於附註8披露。餘 下三名(二零一二年:兩名)人士之酬金總額 如下:

		2013 二零一三年	2012 二零一二年
		\$	\$
		元	元
Salaries, allowances and benefits in kind	薪金、津貼及實物福利	5,670,225	3,077,500
Discretionary bonuses	酌情花紅	309,666	383,381
Contributions to Mandatory Provident Fund	強積金供款	31,000	12,000
Equity-settled share-based payments	權益結算以股份為基礎之款項	–	206,703
		6,010,891	3,679,584

9 INDIVIDUAL WITH HIGHEST EMOLUMENTS (Continued)

The emoluments of the three (2012: two) individuals with the highest emoluments are within the following bands:

9 最高薪酬人士(續)

	該三名(二零一二年:兩名)最高薪酬人士之
酬金介乎以下範圍:

		Numbers of individuals 人數
		2013 二零一三年	2012 二零一二年
Nil to \$1,000,000	零至1,000,000元	–	1
\$1,000,001 to \$1,500,000	1,000,001元至1,500,000元	–	–
\$1,500,001 to \$2,000,000	1,500,001元至2,000,000元	2	–
\$2,000,001 to \$2,500,000	2,000,001元至2,500,000元	–	–
\$2,500,001 to \$3,000,000	2,500,001元至3,000,000元	1	1

No emoluments have been paid to these individuals as an inducement to join or upon joining the Group or as compensation for loss of office during the financial year.

10 PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF THE COMPANY

The consolidated profit attributable to equity shareholders of the Company includes a loss of \$53,797 (2012: a loss of \$78,781) which has been dealt with in the financial statements of the Company.

11 EARNINGS PER SHARE

The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the Company for the year ended 31 March 2013 of \$92,226,158 (2012: \$60,635,866), and the weighted average number of shares in issue during the year ended 31 March 2013 of 906,394,671 (2012: 679,946,372).

The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of the Company for the year ended 31 March 2013 of \$92,226,158 (2012: \$60,635,866) and the weighted average number of shares in issue and the effect of deemed issue of shares under the Company's share option scheme (note 25) during the year ended 31 March 2013 of 906,688,474 (2012: 681,823,449).

於財政年度內概無向該等人士支付任何酬金 作為加盟本集團或於加入時之獎金或作為離 職補償。

10 本公司權益股東應佔溢利

本公司權益股東應佔綜合溢利包括一筆為數 53,797元之虧損(二零一二年:虧損78,781 元),此虧損已於本公司財務報表處理。

11 每股盈利

每股基本盈利乃按截至二零一三年三月 三十一日止年度本公司權益股東應佔溢利 92,226,158元(二零一二年:60,635,866元) 及截至二零一三年三月三十一日止年度已發 行股份加權平均數906,394,671股(二零一二 年:679,946,372股)計算。

每股攤薄盈利乃按截至二零一三年三月 三十一日止年度之本公司權益股東應佔溢利 92,226,158元(二零一二年:60,635,866元) 以及截至二零一三年三月三十一日止年度已 發行股份加權平均數及視作根據本公司購股 權 計 劃 發 行 股 份( 附 註25)之 影 響 之 906,688,474股(二零一二年:681,823,449 股)計算。

12 SEGMENT REPORTING

The Group manages its businesses by divisions, which are organised by business lines. In a manner consistent with the way in which information is reported internally to the Group's most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following two reportable segments. No operating segments have been aggregated to form the following reportable segments.

• • Securities broking provision of broking services in securities traded in Hong Kong and selected overseas markets, and margin financing services to those broking clients.
• • Commodities and futures broking provision of broking services in commodities and futures contracts traded in Hong Kong and selected overseas markets.

(a) Segment results, assets and liabilities

For the purposes of assessing segment performance and allocating resources between segments, the Group's senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases:

Segment assets include all tangible assets and current assets with the exception of deferred tax assets and other corporate assets. Segment liabilities include trade creditors and accruals attributable to the activities of the individual segments.

The measure used for reporting segment profit is earnings before finance costs and taxes ("EBIT"). To arrive at EBIT, the Group's earnings are further adjusted for items not specifically attributed to individual segments, such as corporate administration costs.

12 分部報告

本集團按業務類別劃分之分部管理其業務。 本集團按與就資源分配及表現評估向本集團 最高行政管理人員內部呈報資料一致方式呈 列以下兩個可報告分部。概無合併經營分部 以組成下列可報告分部。

• 證券經紀 提供於香港及特定海外市 場買賣之證券經紀服務及向經紀客戶 提供孖展融資服務。
• 商品及期貨經紀 提供於香港及特定 海外市場買賣之商品及期貨合約之經 紀服務。

(a) 分部業績、資產及負債

為評估分部表現及於各分部間分配資 源,本集團最高行政管理人員按以下 基準監察各可報告分部應佔業績、資 產及負債:

分部資產包括所有有形資產及流動資 產,惟遞延稅項資產及其他公司資產 除外。分部負債包括個別分部活動應 佔之交易應付賬款及應計開支。

就報告分部溢利採用之計量標準為除 財務成本及稅項前之盈利(「EBIT」)。 於得出EBIT時,本集團盈利就並無指 定歸屬個別分部之項目(如公司行政成 本)作出進一步調整。

12 SEGMENT REPORTING (Continued)

12 分部報告(續)

(b) 分部資料

(b) Segment information

		Securities broking 證券經紀 \$ 元	2013 二零一三年 Commodities and futures broking 商品及 期貨經紀 \$ 元	Total 總計 \$ 元
Revenue from external customers:	來自外界客戶之收益:
— Brokerage commission — Interest income from	— 經紀佣金 — 孖展融資利息收入	130,965,150	85,226,405	216,191,555
margin financing — Interest income from	— 首次公開發售融	55,875,265	7,907	55,883,172
IPO financing	資利息收入	1,206,001	–	1,206,001
Consolidated turnover Handling and settlement fees	綜合營業額 手續費及結算費用	188,046,416 28,517,342	85,234,312 39,400	273,280,728 28,556,742
Reportable segment revenue	可報告分部收益	216,563,758	85,273,712	301,837,470
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	100,810,090	24,047,082	124,857,172
Depreciation for the year Other interest income	年內折舊 其他利息收入	(12,762,465) 24,370,088	(16,673) 3,791,614	(12,779,138) 28,161,702
Finance costs Additions to non-current	財務成本 年內添置之非流動	(16,814,183)	(5,983)	(16,820,166)
segment assets during the year	分部資產	12,194,148	144,550	12,338,698
Reportable segment assets	可報告分部資產	2,833,976,604	331,879,514	3,165,856,118
Reportable segment liabilities	可報告分部負債	(2,219,260,483)	(225,455,866)	(2,444,716,349)

Notes to the Financial Statements

財務報表附註

12 SEGMENT REPORTING (Continued)

(b) Segment information (Continued)

(b) 分部資料(續)

		Securities	2012 二零一二年 Commodities and futures broking
		broking	商品及	Total
		證券經紀	期貨經紀	總計
		\$	\$	\$
		元	元	元
Revenue from external customers:	來自外界客戶之收益:
— Brokerage commission — Interest income from	— 經紀佣金 — 孖展融資利息收入	119,464,277	64,470,913	183,935,190
margin financing		43,967,010	–	43,967,010
— Interest income from	— 首次公開發售融
IPO financing	資利息收入	804,959	–	804,959
Consolidated turnover	綜合營業額	164,236,246	64,470,913	228,707,159
Handling and settlement fees	手續費及結算費用	22,482,493	20,170	22,502,663
Reportable segment revenue	可報告分部收益	186,718,739	64,491,083	251,209,822
Reportable segment profit	可報告分部溢利(EBIT)
(EBIT)		39,627,130	49,182,647	88,809,777
Depreciation for the year	年內折舊	(10,373,721)	(12,089)	(10,385,810)
Other interest income	其他利息收入	13,100,832	1,036,782	14,137,614
Finance costs	財務成本	(12,541,095)	–	(12,541,095)
Additions to non-current segment assets	年內添置之非流動 分部資產
during the year		13,987,141	–	13,987,141
Reportable segment assets	可報告分部資產	1,376,915,135	210,302,736	1,587,217,871
Reportable segment liabilities	可報告分部負債	(990,107,029)	(104,131,143)	(1,094,238,172)

¹² 分部報告(續)

12 SEGMENT REPORTING (Continued)

• 12 分部報告(續)
• (c) Reconciliation of reportable segment profit, assets and liabilities
• (c) 可報告分部溢利、資產及負債之對 賬

		2013	2012
		二零一三年	二零一二年
		\$	\$
		元	元
Profit	溢利
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	124,857,172	88,809,777
Finance costs	財務成本	(16,820,166)	(12,541,095)
Unallocated corporate expenses	未分配公司開支	(885,592)	(2,918,152)
Consolidated profit before taxation	綜合除稅前溢利	107,151,414	73,350,530
Assets	資產
Reportable segment assets	可報告分部資產	3,165,856,118	1,587,217,871
Elimination of inter-segment receivable	對銷分部間應收款項	(9,714,821)	(6,137,151)
Deferred tax assets	遞延稅項資產	315,065	–
Unallocated corporate assets	未分配公司資產	30,143,135	9,098,307
Consolidated total assets	綜合資產總值	3,186,599,497	1,590,179,027
Liabilities	負債
Reportable segment liabilities	可報告分部負債	(2,444,716,349)	(1,094,238,172)
Elimination of inter-segment payable	對銷分部間應付款項	98,798,392	1,881,968
Current taxation	即期稅項	(3,132,700)	(3,763,141)
Deferred tax liabilities	遞延稅項負債	(26,377)	(192,551)
Unallocated corporate liabilities	未分配公司負債	(80,046,761)	(68,666)
Consolidated total liabilities	綜合負債總額	(2,429,123,795)	(1,096,380,562)

Notes to the Financial Statements

財務報表附註

13 FIXED ASSETS 13 固定資產

		Leasehold improvements 裝修	Motor vehicles 汽車	Office equipment 辦公室設備	Furniture and fixtures 傢具及裝置	Computers and software 電腦及軟件	Total 總計
		\$	\$	\$	\$	\$	\$
		元	元	元	元	元	元
Cost:	成本:
At 1 April 2011	於二零一一年四月一日	15,792,710	578,700	10,432,756	6,882,355	9,318,687	43,005,208
Additions	添置	9,305,851	–	1,533,334	680,332	2,691,160	14,210,677
Disposals	出售	(681,641)	(400,000)	–	(263,571)	(223,535)	(1,568,747)
At 31 March 2012	於二零一二年三月三十一日	24,416,920	178,700	11,966,090	7,299,116	11,786,312	55,647,138
At 1 April 2012	於二零一二年四月一日	24,416,920	178,700	11,966,090	7,299,116	11,786,312	55,647,138
Additions	添置	4,377,411	–	1,864,003	2,200,187	4,480,597	12,922,198
Disposals	出售	(1,475,603)	–	(548,206)	(788,396)	–	(2,812,205)
At 31 March 2013	於二零一三年三月三十一日	27,318,728	178,700	13,281,887	8,710,907	16,266,909	65,757,131
Accumulated depreciation:	累積折舊:
At 1 April 2011	於二零一一年四月一日	8,765,808	58,232	3,618,551	3,100,543	3,564,515	19,107,649
Charge for the year	年內開支	5,336,832	82,417	1,906,244	1,072,190	2,190,496	10,588,179
Written back on disposals	於出售時撥回	(133,003)	(66,670)	–	(30,857)	(15,167)	(245,697)
At 31 March 2012	於二零一二年三月三十一日	13,969,637	73,979	5,524,795	4,141,876	5,739,844	29,450,131
At 1 April 2012	於二零一二年四月一日	13,969,637	73,979	5,524,795	4,141,876	5,739,844	29,450,131
Charge for the year	年內開支	6,863,077	35,748	2,154,079	1,245,345	2,558,689	12,856,938
Written back on disposals	於出售時撥回	(1,371,969)	–	(306,478)	(579,772)	–	(2,258,219)
At 31 March 2013	於二零一三年三月三十一日	19,460,745	109,727	7,372,396	4,807,449	8,298,533	40,048,850
Net book value:	賬面淨值:
At 31 March 2013	於二零一三年三月三十一日	7,857,983	68,973	5,909,491	3,903,458	7,968,376	25,708,281
At 31 March 2012	於二零一二年三月三十一日	10,447,283	104,721	6,441,295	3,157,240	6,046,468	26,197,007

14 OTHER NON-CURRENT ASSETS

14 其他非流動資產

	2013	2012
	二零一三年	二零一二年
	\$	\$
	元	元
Statutory deposits with exchanges and	交易及結算所之法定按金
clearing houses	47,425,157	8,490,032

15 ACCOUNTS RECEIVABLE

15 應收賬款

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Accounts receivable from	應收賬款來自
— Cash clients	— 現金客戶	178,006,165	110,688,229
— Margin clients	— 孖展客戶	2,128,166,918	893,571,157
— Clearing houses	— 結算所	352,886,741	127,318,844
— Brokers and dealers	— 經紀及交易商	47,783,066	15,345,484
Less: allowance for doubtful debts	減:呆賬撥備	(938,449)	(964,384)
		2,705,904,441	1,145,959,330

(a) Ageing analysis

The ageing analysis of accounts receivable from cash clients as of the end of the reporting period is as follows:

(a) 賬齡分析

於報告期末之應收現金客戶賬款賬齡 分析如下:

		2013 二零一三年	2012 二零一二年
		\$	\$
		元	元
Current	即期	41,878,559	38,637,877
Less than 1 month past due	逾期少於1個月	104,579,633	59,540,934
1 to 3 months past due	逾期1至3個月	27,401,692	6,738,631
More than 3 months past due	逾期多於3個月	4,146,281	5,770,787
Amounts past due	逾期金額	136,127,606	72,050,352
		178,006,165	110,688,229

119

耀才證券金融集團有限公司 • 二零一二/ 一三年年報

15 ACCOUNTS RECEIVABLE (Continued)

(a) Ageing analysis (Continued)

Accounts receivable from cash clients relate to a wide range of customers for whom there was no recent history of default. These receivables are fully secured by their portfolio of securities, at 31 March 2013, the total market value of their portfolios of securities was \$973,014,735 (2012: \$790,914,839). Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are considered fully recoverable.

Margin loans due from margin clients are current and repayable on demand. Margin clients are required to pledge securities collateral to the Group in order to obtain credit facilities for securities trading. The amount of credit facilities granted to them is determined by the discounted value of securities accepted by the Group. At 31 March 2013, the total market value of securities pledged as collateral in respect of the loans to margin clients was approximately \$5,809,289,258 (2012: \$2,941,959,839).

Accounts receivable from clearing houses, brokers and dealers are current. These represent (1) pending trades arising from the business of dealing in securities, which are normally due within a few days after the trade date and (2) margin deposits arising from the business of dealing in futures contracts.

Further details on the Group's credit policy are set out in note 27(a).

15 應收賬款(續)

(a) 賬齡分析(續) 應 收 現 金 客 戶 賬 款 涉 及 多 名 近 期 並無欠款記錄之客戶。該等應收款項 由其組合證券作抵押,於二零一三年 三月三十一日,其組合證券之總市值 為973,014,735元( 二 零 一 二 年: 790,914,839元)。根據過往經驗,管 理層相信毋須就該等結餘作出減值撥 備,原因為信貸質素並無重大變動及 有關結餘被視為可全數收回。

應收孖展客戶之孖展貸款為即期及須 按要求償還。孖展客戶須向本集團抵 押證券抵押品,以就證券交易獲取信 貸融資。授予彼等之信貸融資金額按 本集團接納之證券貼現價值釐定。於 二零一三年三月三十一日,就孖展客 戶獲授貸款已抵押證券作為抵押品之 市值總額約為5,809,289,258元(二零 一二年:2,941,959,839元)。

應收結算所、經紀及交易商之賬款為 即期,有關賬款來自(1)買賣證券業務 之待結算買賣交易,一般於交易日後 數日內到期,及(2)買賣期貨合約業務 之孖展保證金。

本集團信貸政策之進一步詳情載於附 註27(a)。

15 ACCOUNTS RECEIVABLE (Continued)

(b) Impairment of margin clients and brokers and dealers receivable

Impairment losses in respect of margin clients and brokers and dealers receivables are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the impairment loss is written off against margin clients and brokers and dealers receivables directly (see note 2(f)(i)).

The movement in the allowance for doubtful debts during the year is as follows:

15 應收賬款(續)

(b) 應收孖展客戶以及經紀及交易商款 項減值

應收孖展客戶以及經紀及交易商款項 之減值虧損以撥備賬記賬,惟本集團 確信可收回款項的可能性不大者除外, 在此情況下,減值虧損直接與應收孖 展客戶以及經紀及交易商應收款項撇 銷(見附註2(f)(i))。

呆賬撥備之年內變動如下:

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
At 1 April	於四月一日	964,384	–
Impairment loss recognised	已確認減值虧損	–	964,384
Amounts recovered	已收回金額	(25,935)	–
At 31 March	於三月三十一日	938,449	964,384

At 31 March 2013, the Group's margin clients and brokers and dealers receivables of \$938,449 (2012: \$964,384) was determined to be impaired. The impaired receivables related to margin clients and brokers and dealers that were in financial difficulties and management assessed that only a portion of the receivables is expected to be recovered.

於二零一三年三月三十一日,本集團 之孖展客戶以及經紀及交易商之應收 款項938,449元(二零一二年:964,384 元)已確認為已減值。已減值應收款項 與財政出現困難之孖展客戶以及經紀 及交易商有關,管理層預期僅可收回 部分應收款項。

Notes to the Financial Statements 財務報表附註

16 OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

16 其他應收款項、按金及預付款項

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Rental and utility deposits	租金及水電費按金	12,979,735	8,370,302
Prepayments	預付款項	3,387,483	2,451,894
Other receivables	其他應收款項	9,401,750	1,657,473
		25,768,968	12,479,669

Included in the above balances are amounts of \$13,378,109 and \$9,478,094 as at 31 March 2013 and 2012 respectively which are expected to be recovered in more than one year.

於二零一三年及二零一二年三月三十一日, 計入上述結餘之款項分別為13,378,109元及 9,478,094元預期將於一年後收回。

17 CASH AND CASH EQUIVALENTS

(a) Cash and cash equivalents comprise:

17 現金及現金等價物

(a) 現金及現金等價物包括:

		The Group 本集團			The Company 本公司
		2013	2012	2013	2012
		二零一三年	二零一二年	二零一三年	二零一二年
		\$	\$	\$	\$
		元	元	元	元
Deposits with banks	銀行存款	156,265,525	249,483,240	–	17,952
Cash at bank and in hand	銀行及手頭現金	225,212,060	147,569,749	7,019,340	3,041,007
		381,477,585	397,052,989	7,019,340	3,058,959

The Group maintains segregated accounts with authorised institutions to hold client money in the normal course of business.

At 31 March 2013, client money maintained in segregated accounts not otherwise dealt with in the financial statements amounted to \$2,475,985,754 (2012: \$1,744,633,782).

本集團於認可機構設有獨立賬戶,於 日常業務過程中持有客戶資金。

於二零一三年三月三十一日,存置於 獨立賬戶且並無於財務報表其他部分 處理之客戶資金合共為2,475,985,754 元(二零一二年:1,744,633,782元)。

17 CASH AND CASH EQUIVALENTS (Continued)

17 現金及現金等價物(續)

• (b) Reconciliation of profit before taxation to cash (used in)/generated from operations:
• (b) 除稅前溢利與經營業務(所用)╱所 得現金之對賬:

		2013	2012
		二零一三年	二零一二年
		\$	\$
		元	元
Profit before taxation	除稅前溢利	107,151,414	73,350,530
Adjustments for:	就以下各項作出調整:
Depreciation	折舊	12,856,938	10,588,179
Finance costs	財務成本	16,807,289	12,541,095
Interest income (excluding interest	利息收入(不包括孖展融資
income from margin and	及首次公開發售融資之
IPO financings)	利息收入)	(28,206,745)	(14,138,618)
Loss on disposals of fixed assets	出售固定資產之虧損	553,986	1,053,050
Equity-settled share-based payments	權益結算以股份為基礎
	之款項	–	1,651,142
Changes in working capital:	營運資金變動:
(Increase)/decrease in	其他非流動資產(增加)╱
other non-current assets	減少	(38,935,125)	13,378,891
(Increase)/decrease in	應收賬款(增加)╱減少
accounts receivable		(1,559,945,111)	198,677,265
(Increase)/decrease in other receivables,	其他應收款項、按金及
deposits and prepayments	預付款項(增加)╱減少 應付賬款增加╱(減少)	(13,289,299)	405,819
Increase/(decrease) in accounts payable Increase/(decrease) in accrued expenses	應計開支及其他應付款項	144,653,231	(6,228,904)
and other payables	增加╱(減少)	3,886,617	(2,063,503)
Cash (used in)/generated from operations	經營業務(所用)╱所得現金	(1,354,466,805)	289,214,946

Notes to the Financial Statements 財務報表附註

18 INVESTMENT IN SUBSIDIARIES

18 於附屬公司之投資

						The Company 本公司
					2013 二零一三年	2012 二零一二年 \$ \$
	Unlisted shares, at cost Capital contribution	注資	非上市股份,成本值		元 780 3,803,257	元 780 4,088,970
(a)	Capital contribution represents the fair value of share options granted to the employees of a subsidiary of the Company in accordance with the accounting policy set out in note 2(k)(iii). At 31 March 2013, the Company had direct or indirect interests in the following subsidiaries, all of which are private companies, particulars of which are set out below:			(a) 下:	3,804,037 公司附屬公司僱員之購股權公平值。	4,089,750 注資為根據附註2(k)(iii)所載會計政策授予本 於二零一三年三月三十一日,本公司 於以下附屬公司擁有直接或間接權益, 該等附屬公司均為私人公司,詳情如
	Name of company 公司名稱	Place and date of incorporation 註冊成立地點及日期	Issued and fully paid-up capital 已發行及繳足股本	Direct 直接	Attributable equity interest 應佔股本權益 Indirect 間接	Principal activities 主要業務
	Bright Smart Investment Holdings Limited 耀才投資控股有限公司	British Virgin Islands (BVI)/ 22 October 2009 英屬處女群島╱ 二零零九年 十月二十二日	US\$100 at US\$1 per share 100美元, 每股面值1美元	100%	–	Investment holding 投資控股
	Bright Smart Asset Management Limited 耀才資產管理有限公司	Hong Kong/ 18 August 2011 香港╱二零一一年 八月十八日	HK\$5,000,000 at HK\$1 per share 5,000,000港元, 每股面值1港元	–	100%	Inactive 暫無營業

18 INVESTMENT IN SUBSIDIARIES (Continued)

(a) (Continued)

18 於附屬公司之投資(續)

			(a) (續)
Name of company 公司名稱	Place and date of incorporation 註冊成立地點及日期	Issued and fully paid-up capital 已發行及繳足股本	Attributable equity interest 應佔股本權益 Direct 直接	Indirect 間接	Principal activities 主要業務
Bright Smart Futures & Commodities Co., Ltd 耀才期貨及商品有限公司	Hong Kong/ 14 November 1995 香港╱一九九五年 十一月十四日	HK\$44,000,000 at HK\$1 per share 44,000,000港元, 每股面值1港元	–	100%	Commodities and futures broking 商品及期貨經紀
Bright Smart Forex Limited (formerly known as Bright Smart FX & Bullion Limited) 耀才環球外匯有限公司 (前稱耀才外匯黃金 有限公司)	Hong Kong/ 23 April 2012 香港╱二零一二年 四月二十三日	HK\$30,000,000 at HK\$1 per share 30,000,000港元, 每股面值1港元	–	100%	Inactive 暫無營業
Bright Smart Global Bullion Limited 耀才環球金業有限公司	Hong Kong/ 10 October 2012 香港╱二零一二年 十月十日	HK\$10,000 at HK\$1 per share 10,000港元, 每股面值1港元	–	100%	Inactive 暫無營業
Bright Smart Investment Consultancy (China) Company Limited 耀才投資諮詢顧問(中國) 有限公司	Hong Kong/ 9 November 2010 香港╱二零一零年 十一月九日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Investment holding 投資控股
Bright Smart Securities International (H.K.) Limited 耀才證券國際(香港)有限公司	Hong Kong/ 10 August 1998 香港╱一九九八年 八月十日	HK\$481,000,000 at HK\$1 per share 481,000,000港元, 每股面值1港元	–	100%	Securities broking and margin financing 證券經紀及孖展融資
Everlasting Source Limited 粵彩有限公司	Hong Kong/ 8 December 2010 香港╱二零一零年 十二月八日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Administrative Services 行政服務

Notes to the Financial Statements 財務報表附註

18 INVESTMENT IN SUBSIDIARIES (Continued)

18 於附屬公司之投資(續)

(a) (Continued)

(a) (續)

Name of company 公司名稱	Place and date of incorporation 註冊成立地點及日期	Issued and fully paid-up capital 已發行及繳足股本	Attributable equity interest 應佔股本權益		Principal activities 主要業務
			Direct 直接	Indirect 間接
Glow Dragon Limited 晴龍有限公司	Hong Kong/ 21 January 2010 香港╱二零一零年 一月二十一日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Administrative Services 行政服務
Huge Dynasty Limited 展躍有限公司	Hong Kong/ 13 January 2010 香港╱二零一零年 一月十三日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Administrative Services 行政服務
Ideal Magic Limited 裕驊有限公司	Hong Kong/ 13 January 2010 香港╱二零一零年 一月十三日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Administrative services 行政服務
Merit Act Limited 浤烽有限公司	Hong Kong/ 3 November 2009 香港╱二零零九年 十一月三日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Administrative services 行政服務
Victor Tone Limited 圍通有限公司	Hong Kong/ 21 January 2010 香港╱二零一零年 一月二十一日	HK\$1 at HK\$1 per share 1港元, 每股面值1港元	–	100%	Administrative services 行政服務
耀才商務諮詢(深圳)有限公司 (Note)(附註)	People's Republic of China/ 10 January 2011 中華人民共和國╱ 二零一一年一月十日	HK\$1,000,000 1,000,000港元	–	100%	Inactive 暫無營業

Note: It is registered as a wholly-foreign-owned enterprise under the People's Republic of China.

附註:此公司乃於中華人民共和國註冊為一 間外商獨資企業。

18 INVESTMENT IN SUBSIDIARIES (Continued)

(b) Amounts due from/(to) subsidiaries

As at 31 March 2013 and 2012, the amounts due from/ (to) subsidiaries were unsecured, interest-free and repayable on demand, except for the amount due from a subsidiary of \$80,000,000 as at 31 March 2013 was unsecured, repayable on demand and bore interest at HIBOR+ 2.25% per annum. The carrying amount approximates to its fair value as at the reporting date.

18 於附屬公司之投資(續)

(b) 應收╱(付)附屬公司款項 除於二零一三年三月三十一日為數 80,000,000元之應收一間附屬公司款 項為無抵押、須按要求償還及按香港 銀行同業拆息加2.25%年利率計息外, 於 二 零 一 三 年 及 二 零 一 二 年 三 月 三十一日,應收╱(付)附屬公司款項 均為無抵押、免息及須按要求償還。 賬面值與其於報告日期之公平值相若。

19 ACCOUNTS PAYABLE

19 應付賬款

			The Group 本集團
		2013	2012
		二零一三年	二零一二年
		\$	\$
		元	元
Accounts payable	應付賬款
— Cash clients	— 現金客戶	136,237,319	66,866,180
— Margin clients	— 孖展客戶	359,275,331	161,168,878
— Clearing houses	— 結算所	90,171,405	241,702,113
— Brokers	— 經紀商	28,706,347	–
		614,390,402	469,737,171

All of the accounts payable are aged and due within one month or on demand.

所有應付賬款之賬齡為一個月內及於一個月 內到期或須應要求償還。

Notes to the Financial Statements 財務報表附註

20 應計開支及其他應付款項 20 ACCRUED EXPENSES AND OTHER PAYABLES

			The Group 本集團
		2013	2012
		二零一三年	二零一二年
		\$	\$
		元	元
Commission rebate payable	應付佣金回贈	5,768,842	4,139,055
Accrued bonuses	應計花紅	2,670,938	3,018,516
Stamp duty, trading levy and	應付印花稅、交易徵費及交易費
trading fee payables		4,221,519	3,182,719
Other payables	其他應付款項	8,913,017	7,347,409
		21,574,316	17,687,699

			The Company 本公司
		2013	2012
		二零一三年	二零一二年
		\$	\$
		元	元
Other payables	其他應付款項	27,022	17,325

All accrued expenses and other payables are expected to be settled or recognised as income within one year.

預期所有應計開支及其他應付款項將於一年 內償還或確認為收入。

21 BANK LOANS

secured.

21 銀行貸款

			The Group		The Company
		本集團			本公司
		2013	2012	2013	2012
		二零一三年	二零一二年	二零一三年	二零一二年
		\$	\$	\$	\$
		元	元	元	元
Bank loans	銀行貸款	1,690,000,000	425,000,000	80,000,000	–

All the bank loans are repayable within one year and classified as current liabilities. The carrying amounts of the bank borrowings approximate their fair value.

The bank loans as at 31 March 2013 are interest-bearing at 1.74% (2012: 2.05%) per annum. Securities collateral deposited by the Group's margin clients was re-pledged to banks to secure these loan facilities. The fair value of the collateral re-pledged to banks as at 31 March 2013 amounted to \$2,687,047,150 (2012: \$916,921,500). Such banking facilities amounted to \$2,378,000,000 (2012: \$2,073,000,000) and were utilised to the extent of \$1,610,000,000 (2012: \$425,000,000).

The remaining bank loans amounted to \$80,000,000 were not

所有銀行貸款須於一年內償還及分類為流動 負債。銀行借貸之賬面值與其公平值相若。

於二零一三年三月三十一日之銀行貸款按年 利率1.74%(二零一二年:2.05%)計息。本 集團之孖展客戶所存置證券抵押品再抵押予 銀行,以取得有關貸款融資。於二零一三年 三月三十一日,再抵押予銀行之抵押品公平 值 合 共 為2,687,047,150元( 二 零 一 二 年: 916,921,500元 )。 有 關 銀 行 融 資 合 共 為 2,378,000,000元(二零一二年:2,073,000,000 元),已動用1,610,000,000元(二零一二年: 425,000,000元)。

餘下80,000,000元銀行貸款為無抵押借貸。

22 EMPLOYEE RETIREMENT BENEFITS — DEFINED CONTRIBUTION RETIREMENT PLAN

The Group operates a Mandatory Provident Fund Scheme ("the MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance and not previously covered by the defined benefit retirement plan. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees' relevant income, subject to a cap of monthly relevant income of \$25,000. Contributions to the plan vest immediately.

23 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(a) Current taxation in the consolidated statement of financial position represents:

22 僱員退休福利 — 定額供款退休 計劃

本集團根據香港強制性公積金計劃條例為根 據香港僱傭條例於司法權區聘用及以往不受 定額福利退休計劃保障之僱員設立強制性公 積金計劃(「強積金計劃」)。強積金計劃為定 額供款退休計劃,由獨立信託人管理。根據 強積金計劃,僱主及其僱員各自須按僱員相 關收入之5%向計劃作出供款,惟以每月相 關收入25,000元為上限。計劃供款即時歸 屬。

23 綜合財務狀況表之所得稅

(a) 綜合財務狀況表之即期稅項指:

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Provision for Hong Kong Profits Tax	年內香港利得稅撥備
for the year		15,242,758	11,922,321
Provisional Profits Tax paid	已付暫繳利得稅	(12,110,058)	(8,159,180)
		3,132,700	3,763,141

131

Notes to the Financial Statements

財務報表附註

23 綜合財務狀況表之所得稅(續) 23 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(b)(i)Deferred tax assets and liabilities represents:

(Continued)

The components of deferred tax (assets)/liabilities recognised in the consolidated statement of financial position and the movements during the year are as follows:

(b)(i) 遞延稅項資產及負債指:

於綜合財務狀況表確認之遞延稅項(資 產)╱負債組成部分及年內變動如下:

				Depreciation allowance in excess of
		Prepaid bonuses	Accrued bonuses	the related depreciation	Total
		預付花紅 \$	應計花紅 \$	超出相關折舊 之折舊撥備 \$	總計 \$
Deferred tax (assets)/ liabilities arising from:	就以下各項產生之 遞延稅項 (資產)╱負債:	元	元	元	元
At 1 April 2011 (Credited)/charged to	於二零一一年四月一日 於損益(計入)╱	131,312	(652,054)	1,035,801	515,059
profit or loss (note 7(a))	扣除(附註7(a))	(16,500)	153,999	(460,007)	(322,508)
At 31 March 2012	於二零一二年 三月三十一日	114,812	(498,055)	575,794	192,551
At 1 April 2012 Charged/(credited) to	於二零一二年四月一日 於損益扣除╱	114,812	(498,055)	575,794	192,551
profit or loss (note 7(a))	(計入)(附註7(a))	5,501	57,350	(544,090)	(481,239)
At 31 March 2013	於二零一三年 三月三十一日	120,313	(440,705)	31,704	(288,688)

(b)(ii) Reconciliation to the statement of financial position

(b)(ii) 財務狀況表之對賬

	2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
已於財務狀況表中確認之 Net deferred tax asset recognised in 遞延稅項資產淨值 the statement of financial position 已於財務狀況表中確認之 Net deferred tax liabilities recognised in 遞延稅項負債淨值 the statement of financial position	(315,065) 26,377	– 192,551
	(288,688)	192,551

24 CAPITAL, RESERVES AND DIVIDENDS

(a) Movement in components of equity

The reconciliation between the opening and closing balances of each component of the Group's consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company's individual components of equity between the beginning and the end of the year are set out below:

24 資本、儲備及股息

本公司

(a) 權益組成部分之變動 本集團綜合權益各組成部分期初與期 末結餘之對賬載於綜合權益變動表。 本公司各個權益組成部分於本年度期 初及期末間之變動詳情載列如下:

					(Accumulated losses)/
		Share	Share	Share option	retained
		capital	premium	reserve	profits	Total
					(累計虧損)╱
		股本	股份溢價	購股權儲備	保留溢利	總計
		\$	\$	\$	\$	\$
		元	元	元	元	元
At 1 April 2011	於二零一一年四月一日	203,904,600	192,255,508	2,749,525	(482,958)	398,426,675
Dividend paid during the year	年內派付股息	–	(12,234,276)	–	–	(12,234,276)
Shares issued under	購股權計劃項下已發行股份
share option scheme		942,000	1,886,150	(661,550)	–	2,166,600
Profit and total comprehensive income for the year	年內溢利及全面收益總額	–	–	–	12,161,219	12,161,219
Equity-settled share-based	權益結算以股份為基礎
transactions	之交易	–	–	1,339,445	–	1,339,445
At 31 March 2012	於二零一二年三月三十一日	204,846,600	181,907,382	3,427,420	11,678,261	401,859,663
At 1 April 2012	於二零一二年四月一日	204,846,600	181,907,382	3,427,420	11,678,261	401,859,663
Dividend paid during the year	年內派付股息	–	(18,436,194)	–	–	(18,436,194)
Shares issued under	購股權計劃項下已發行股份
share option scheme		2,070,912	4,008,491	(1,454,366)	–	4,625,037
Shares issued under right issue 供股項下已發行股份		102,423,300	85,352,750	–	–	187,776,050
Share issuance costs	股份發行成本	–	(2,513,814)	–	–	(2,513,814)
Profit and total comprehensive	年內溢利及全面收益總額
income for the year		–	–	–	18,746,203	18,746,203
Equity settled share based transactions	權益結算以股份為基礎之交易	–	–	(285,713)	–	(285,713)
At 31 March 2013	於二零一三年三月三十一日	309,340,812	250,318,615	1,687,341	30,424,464	591,771,232

The Company

24 CAPITAL, RESERVES AND DIVIDENDS (Continued)

(b) Dividends

(b)(i) Dividends payable to equity shareholders of the Group attributable to the year

Dividends declared in respect of the current year are as follows:

24 資本、儲備及股息(續)

(b) 股息 (b)(i) 本集團權益股東應佔本年度應付 股息

本年度已宣派股息如下:

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Final dividend proposed after the end of the reporting period of 2.7 cents per ordinary share (2012: 1.8 cents per ordinary share) (2013: 1,031,136,040 shares; 2012: 682,822,000 shares)	於報告期末後建議末期 股息每股普通股2.7仙 (二零一二年:每股 普通股1.8仙) (二零一三年: 1,031,136,040股; 二零一二年:
	682,822,000股)	27,840,673	12,290,796
The final dividend proposed after the end of the reporting period is subject to approval of the shareholders at the forthcoming annual general meeting of the Company and has not been recognised as a liability at the end of the reporting period.		債。	報告期末後建議末期股息須待股 東於本公司應屆股東週年大會上 批准且並無於報告期末確認為負
(b)(ii) Dividends payable to equity shareholders of the Group attributable to the previous financial year, approved and paid during the year:		(b)(ii) 本集團權益股東應佔上一財政年 付):	度之應付股息(年內已批准及支
		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Final dividend in respect of previous financial year, approved and paid	上一財政年度之末期股息 每股普通股1.8仙

during the year, of 1.8 cents per ordinary share (2012: 1.8 cents per ordinary share) (2013: 1,024,233,000 shares,

2012: 679,682,000 shares)

(年內已批准及支付) (二零一二年:每股 普通股1.8仙) (二零一三年: 1,024,233,000股, 二零一二年: 679,682,000股) 18,436,194 12,234,276

Notes to the Financial Statements 財務報表附註

133

耀才證券金融集團有限公司 • 二零一二/ 一三年年報

24 CAPITAL, RESERVES AND DIVIDENDS

24 資本、儲備及股息(續)

(Continued)

(c) Share capital

(c) 股本

		2013 二零一三年		2012
		No. of shares 股份數目	Nominal value 面值 \$ 元	二零一二年 No. of shares 股份數目	Nominal value 面值 \$ 元
Authorised:	法定:
At 1 April and 31 March	於四月一日及 三月三十一日	2,000,000,000	600,000,000	2,000,000,000	600,000,000
Issued and fully paid:	已發行及繳足:
At 1 April	於四月一日	682,822,000	204,846,600	679,682,000	203,904,600
Shares issued under rights issue (note (i)) Shares issued under share	供股項下已發行股份 (附註(i)) 根據購股權計劃項下	341,411,000	102,423,300	–	–
option scheme (note (ii))	已發行股份(附註(ii))	6,903,040	2,070,912	3,140,000	942,000
At 31 March	於三月三十一日	1,031,136,040	309,340,812	682,822,000	204,846,600

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

(i) Issue of new shares under the rights issue

On 6 August 2012, the Company completed a rights issue to raise \$187,776,050 by issuance of 341,411,000 rights shares at a price of \$0.55 per share. After deducting the expenses in connection with the rights issue amounting to \$2,513,814, the net proceeds from issuance of ordinary shares is \$185,262,236.

普通股持有人有權收取不時宣派之股 息及有權於本公司大會就每股股份投 一票。就本公司餘下資產而言,所有 普通股均享有同等地位。

(i) 根據供股發行新股份 於二零一二年八月六日,本公司 完成一項供股,通過按每股0.55 元之價格發行341,411,000股供 股股份集資187,776,050元。扣 除有關供股開支2,513,814元後, 發 行 普 通 股 所 得 款 項 淨 值 為 185,262,236元。

24 CAPITAL, RESERVES AND DIVIDENDS (Continued)

(c) Share capital (Continued)

(ii) Shares issued under the share option scheme during the year are summarised as follows:

24 資本、儲備及股息(續)

(c) 股本(續)

(ii) 年內購股權計劃項下已發行股份 概述如下:

		Number of share options exercised 獲行使購股權 數目	Consideration 代價 \$	Share capital 股本 \$	Share premium 股份溢價 \$	Share option reserve 購股權儲備 \$
			元	元	元	元
New shares issued due to exercise of share options for the year ended 31 March 2013	截至二零一三年 三月三十一日止年度 因行使購股權而發行 之新股份	6,903,040	4,625,037	2,070,912	4,008,491	(1,454,366)
New shares issued due to exercise of share options for the year ended 31 March 2012	截至二零一二年 三月三十一日止年度 因行使購股權而發行 之新股份	3,140,000	2,166,600	942,000	1,886,150	(661,550)

(iii) Terms of unexpired and unexercised share options at the end of the reporting period

(iii) 於報告期末尚未屆滿及尚未行使 之購認股權期限

Exercise period 行使期		Exercise price 行使價	2013 二零一三年 Number of share options 購股權數目	2012 二零一二年 Number of share options 購股權數目
13 October 2011 to 12 October 2013 13 October 2011 to 12 October 2013	二零一一年十月十三日至 二零一三年十月十二日 二零一一年十月十三日至 二零一三年十月十二日	\$0.69 \$0.67	– 8,522,172	16,268,000 –
			8,522,172	16,268,000

24 CAPITAL, RESERVES AND DIVIDENDS (Continued)

(d) Nature and purpose of reserve

(i) Share premium

Under the Companies Law of the Cayman Islands, the share premium account of the Company may be applied for payment of distributions or dividends to shareholders provided that immediately following the date on which the distribution or dividend is proposed to be paid, the Company is able to pay its debts as they fall due in the ordinary course of business.

(ii) Merger reserve

On 29 June 2010, the Company acquired the entire issued share capital of Bright Smart Futures & Commodities Co., Ltd, Bright Smart Securities International (H.K.) Limited and Merit Act Limited through Bright Smart Investment Holdings Limited from their respective shareholders. The difference between the nominal value of the share capital of the subsidiaries acquired as a result of the restructuring exercise and the nominal value of the share capital of the Company issued in exchange thereof is treated as an equity movement and recorded in "Merger reserve".

(iii) Share option reserve

The share option reserve comprises the fair value of the actual number of unexercised share options granted under the share option scheme recognised in accordance with the accounting policy adopted for share-based payments in note 2(k)(iii).

(iv) Distributability of reserve

The reserves of the Company are distributable to the equity shareholders subject to the provisions of the Company's Memorandum and Articles of Association and provided that immediately following the distribution the Company is able to pay its debts as they fall due in the ordinary course of business.

At 31 March 2013, the aggregate amount of reserves available for distribution to equity shareholders of the Company was \$280,743,079 (2012: \$193,585,643).

24 資本、儲備及股息(續)

(d) 儲備性質及目的

(i) 股份溢價 根據開曼群島公司法,本公司之 股份溢價賬可用作支付應派付予 股東之分派或股息,惟緊隨擬支 付分派或派付股息日期後,本公 司仍可在日常業務過程中償付其 到期債務。

(ii) 合併儲備

於二零一零年六月二十九日,本 公司透過耀才投資控股有限公司 向耀才期貨及商品有限公司、耀 才證券國際(香港)有限公司及浤 烽有限公司之有關股東收購該等 公司之全部已發行股本。因重組 活動被收購之附屬公司之股本面 值與本公司發行之股本面值(作 為代價)兩者之差額視作權益變 動處理,並記錄在「合併儲備」 內。

• (iii) 購股權儲備 購股權儲備包括根據附註2(k)(iii) 內以股份為基礎之款項採用之會 計政策確認根據購股權計劃授予 之未行使購股權實際數目之公平 值。
• (iv) 分派儲備 根據本公司之組織章程大綱及細 則條文,並在緊隨作出分派後本 公司可償還於一般日常業務過程 中到期債務之前提下,本公司可 向權益股東分派儲備。

於二零一三年三月三十一日,可 供分派予本公司權益股東之儲備 總 金 額 為280,743,079元( 二 零 一二年:193,585,643元)。

24 CAPITAL, RESERVES AND DIVIDENDS

(Continued)

(e) Capital management

The Group's primary objective when managing capital is to safeguard the Group's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost. In addition, certain subsidiaries of the Group licensed by the Securities and Futures Commission ("SFC") are obliged to meet the regulatory liquid capital requirements under the Securities and Futures (Financial Resources) Rules ("FRR") at all times.

The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and make adjustments to the capital structure in light of changes in economic conditions. For the licensed subsidiaries, the Group ensures each of them maintains a liquid capital level adequate to support the level of activities with sufficient buffer to accommodate for increases in liquidity requirements arising from potential increases in the level of business activities. During the financial year, all the licensed subsidiaries complied with the liquid capital requirements under the FRR at all times.

24 資本、儲備及股息(續)

(e) 資本管理

本集團管理資本之首要目標為保障本 集團持續經營之能力,透過因應風險 水平為產品及服務定價以及以合理成 本取得融資,繼續為股東帶來回報及 為其他權益持有人帶來利益。此外, 獲證券及期貨事務監察委員會(「證監 會」)認可發牌之本集團若干附屬公司 須於任何時候符合證券及期貨(財政資 源)規則(「財政資源規則」)項下之監管 流動資金規定。

本集團積極及定期檢討及管理資本結 構,在可能伴隨較高借貸水平之較高 股東回報與穩健資本狀況帶來之好處 及保障之間取得平衡,並因應經濟環 境之轉變對資本結構作出調整。就持 牌附屬公司而言,本集團確保各附屬 公司均保持資金靈活周轉,足以支持 業務經營,以及在業務活動可能轉趨 頻繁而引致對流動資金之需求上升時 亦能應付自如。於財政年度的任何時 候,所有持牌附屬公司均遵守財政資 源規則項下之流動資金規定。

25 EQUITY-SETTLED SHARE-BASED PAYMENTS

The Company has a share option scheme which was adopted on 4 August 2010 by a resolution of the board of directors of the Company whereby the employee, consultants, contractors and directors of the Group are entitled to the share option scheme. The options granted have no vesting condition and are then exercisable within a period of two years. Each option gives the holder the right to subscribe for one ordinary share of the Company.

25 權益結算以股份為基礎之款項

本公司設有一項購股權計劃,於二零一零年 八月四日由本公司董事會通過決議案採納, 本集團僱員、顧問、承包商及董事有權參與 購股權計劃。授出之購股權並無歸屬條件及 可於兩年期內行使。每份購股權賦予持有人 權利認購一股本公司普通股。

(a) 購股權數目及加權平均行使價如

下:

(a) The number and weighted average exercise prices of share options are as follows:

		2013 二零一三年		2012 二零一二年
			Weighted		Weighted
		Number of	average	Number of	average
		share	exercise	share	exercise
		options	price	options	price
			加權平均		加權平均
		購股權數目	行使價	購股權數目	行使價
			\$		\$
			元		元
Outstanding at the beginning	年初尚未行使
of the year		16,268,000	0.69	18,348,000	1.12
Granted during the year	年內授出	–	–	19,578,000	0.69
Exercised during the year	年內行使	(6,903,040)	0.67	(3,140,000)	0.69
Cancelled during the year	年內註銷	–	–	(16,268,000)	1.12
Lapsed during the year	年內失效	(1,356,120)	0.69	(2,250,000)	1.09
Adjustment for rights issue	供股調整	513,332	0.67	–	–
Outstanding at the end	年終尚未行使
of the year		8,522,172	0.67	16,268,000	0.69
Exercisable at the end	年終可予行使
of the year		8,522,172	0.67	16,268,000	0.69

The options outstanding at 31 March 2013 had an exercise price of \$0.67 (2012: \$0.69) and a weighted average remaining contractual life of 6 months (2012: 1.5 years).

於二零一三年三月三十一日尚未行使 之購股權行使價為0.67元(二零一二 年:0.69元),而加權平均餘下訂約年 期為6個月(二零一二年:1.5年)。

25 EQUITY-SETTLED SHARE-BASED PAYMENTS (Continued) 25 權益結算以股份為基礎之款項(續)

(b) Modification of the share option — change of exercise price and expiry date

On 13 October 2011, the Board approved a board resolution to cancel all remaining 16,268,000 share options granted on 25 February 2011 with an exercise price of \$1.12 and grant new options to the same grantees in exchange therefore with an exercise price of \$0.69. This was effectively a modification to the share option scheme reducing the exercise price for the share options granted on 25 February 2011 from \$1.12 to \$0.69. The expiry date for the share options was amended to 12 October 2013. The reduction of exercise price and the amendment of expiry date of the above share options resulted in an incremental fair value of \$1,356,263 at the modification date. The incremental fair value was recognised as an equity-settled share-based payment expense during the previous financial year.

(b) 購股權修訂 — 行使價及到期日變 更

於二零一一年十月十三日,董事會批 准董事會決議案,註銷所有於二零 一一年二月二十五日授出之餘下共 16,268,000份購股權,其行使價為1.12 元,而向相同承授人授予新購股權以 作交換,其行使價為0.69元,因而導 致就購股權計劃作出有效修訂,將於 二零一一年二月二十五日授出之購股 權行使價由1.12元下調至0.69元。購 股權之到期日修訂為二零一三年十月 十二日。上述購股權行使價下調及到 期日修訂導致公平值於修改日期增加 1,356,263元。公平值之增加於上一財 政年度內確認為權益結算以股份為基 礎之款項開支。

25 權益結算以股份為基礎之款項(續) 25 EQUITY-SETTLED SHARE-BASED PAYMENTS (Continued)

(c) Adjustments to exercise price and number of shares options due to the rights issue

Upon completion of the rights issue on 6 August 2012, the exercise price and the number of shares to be issued and allotted under the outstanding share options had been adjusted pursuant to the terms of the share option scheme and the supplementary guidance issued by the Stock Exchange on 5 September 2005 regarding the adjustment of share options under Rule 17.03(13) of the Listing Rules. The adjustments to the exercise price and the number of the shares falling to be issued under the outstanding share options are as follows with effect from 6 August 2012 upon the Company's allotment and issue of the rights shares pursuant to the rights issue:

(c) 因供股而對購股權行使價及數目進 行之調整

於二零一二年八月六日完成供股後, 根據購股權計劃條款及聯交所於二零 零五年九月五日頒佈有關根據上市規 則第17.03(13)條購股權調整之補充指 引,據尚未行使購股權將予發行及配 發之購股權行使價及數目已予以調整。 根據供股於本公司配發及發行供股股 份時自二零一二年八月六日生效,據 尚未行使購股權將予發行之購股權行 使價及數目之調整如下:

		Before completion of the rights issue 供股完成前		After completion of the rights issue 供股完成後
Date of grant of the share options	Exercise period	Exercise price per share	Number of shares falling to be issued 將發行股份	Adjusted exercise price per Share 經調整每股	Adjusted number of shares falling to be issued 經調整將發行
授出購股權日期	行使期	每股行使價 \$ 元	數目	行使價 \$ 元	股份數目
13 October 2011 二零一一年十月十三日	13 October 2011 to 12 October 2013 二零一一年十月十三日至	0.69	15,098,000	0.67	15,611,332

二零一三年十月十二日

26 COMMITMENTS

(i) Capital commitments

The capital commitments as at 31 March 2013 not provided for in the financial statement were as follows:

26 承擔

(i) 資本承擔

於二零一三年三月三十一日尚未撥備 至財務報表之資本承擔如下:

		2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
Contracted for	已訂約	8,421,848	1,572,525

(ii) Operating lease commitments

At 31 March 2013, the total future minimum lease payments under non-cancellable operating lease on properties are payable as follows:

(ii) 經營租賃承擔

於二零一三年三月三十一日,根據物 業之不可撤銷經營租約項下之未來最 低租賃款項總額須於下列期間支付:

		2013 二零一三年	2012 二零一二年
		\$	\$
		元	元
Within one year	一年內	37,831,632	28,162,913
After one year but within five years	一年後但於五年內	63,236,674	8,100,269
		101,068,306	36,263,182
The Group leases a number of properties under operating		本集團根據經營租約租賃多項物業。

leases. The leases typically run for an initial period of one year to four years, with an option to renew the leases when all terms are renegotiated. None of the leases includes contingent rentals.

本集團根據經營租約租賃多項物業。 該等租約一般初步為期一年至四年, 可選擇重新商定所有條款予以重續。 租約概不包括或然租金。

27 Financial risk management and fair values

Exposure to credit, liquidity, interest rate and foreign currency risks arises in the normal course of the Group's business. The Group's exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.

(a) Credit risk

The Group's credit risk is primarily attributable to accounts receivable due from clients, brokers and clearing houses. Management has a credit policy in place and the exposure to the credit risk is monitored on an on-going basis.

In respect of accounts receivable due from clients, individual credit evaluations are performed on all clients including cash and margin clients. Cash clients are required to place deposits as prescribed by the Group's credit policy before execution of any purchase transactions. Receivables due from cash clients are due within the settlement period commonly adopted by the relevant market convention, which is usually within a few days from the trade date. Because of the prescribed deposit requirements and the short settlement period involved, credit risk arising from the accounts receivable due from cash clients is considered small. The Group normally obtains liquid securities and/or cash deposits as collateral for providing margin financing to its clients. Margin loans due from margin clients are repayable on demand. For commodities and futures broking, initial margin is required before opening of a trading position. Market conditions and adequacy of securities collateral and margin deposits of each margin account and futures account are monitored by management on a daily basis. Margin calls and forced liquidation are made where necessary.

27 財務風險管理及公平值

本集團之日常業務中產生信貸、流動資金、 利率及外匯風險。下文載述本集團所面對之 該等風險及本集團就管理此等風險所採取之 財務風險管理政策及慣例。

(a) 信貸風險

本集團之信貸風險主要來自應收客戶、 經紀及結算所之賬款。管理層訂有信 貸政策,並持續監控信貸風險。

就應收客戶賬款方面,所有客戶(包括 現金及孖展客戶)均須接受個別信貸評 估。於執行任何購買交易前,現金客 戶須按本集團之信貸政策規定存款。 應收現金客戶款項乃於相關市場慣例 普遍採用之結算期內到期,一般為交 易日後數天內。基於指定存款規定及 所涉及結算期短,故應收現金客戶賬 款產生之信貸風險甚微。本集團一般 會向其客戶取得流動證券及╱或現金 存款作為向其客戶提供孖展融資之抵 押品。應收孖展客戶之孖展貸款須應 要求償還。就商品及期貨經紀業務而 言,於開倉前須支付基本按金。管理 層會每日監察市況以及各孖展賬戶及 期貨賬戶之證券抵押品及保證金是否 足夠,如有需要,會追繳保證金及強 行斬倉。

(a) Credit risk (Continued)

In respect of accounts receivable from brokers and clearing houses, credit risks are considered low as the Group normally enters into transactions with brokers and clearing houses which are registered with regulatory bodies and with sound reputation in the industry.

The Group has no significant concentration of credit risk as credits are granted to a large population of clients.

The maximum exposure to credit risk without taking account of any collateral held is represented by the carrying amount of each financial asset in the statement of financial position. The Group does not provide any other guarantees which would expose the Group to credit risk.

(b) Liquidity risk

Individual operating entities within the Group are responsible for their own cash management, including the raising of loans to cover expected cash demands, and to ensure compliance with FRR. The Group's policy is to regularly monitor its liquidity requirement and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term.

The Group's policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash and funding in the short and longer term. All of the Group's liabilities are expected to be settled within one year. Except for bank loans, the carrying amounts of all financial liabilities equal the contractual undiscounted cash outflow. The contractual undiscounted cash outflow of bank loans and loan from a related company as at 31 March 2013 amounted to \$1,790,295,823 (2012: \$605,395,808).

27 財務風險管理及公平值(續)

(a) 信貸風險(續) 由於本集團一般與已向監管機構註冊 並於業內享有良好聲譽之經紀及結算 所進行交易,故應收經紀及結算所賬 款之信貸風險甚低。

由於本集團向眾多客戶提供信貸,故 並無重大集中信貸風險。

最高信貸風險(並無計及任何所持抵押 品)指財務狀況表內各財務資產之賬面 值。本集團並無提供任何其他擔保, 致令本集團面對信貸風險。

(b) 流動資金風險

本集團內個別經營實體負責各自之現 金管理,包括籌措貸款應付預期現金 需要,並確保符合財政資源規則。本 集團之政策為定期監察其流動資金需 要,並遵守借貸契諾,確保維持足夠 現金儲備及來自大型財務機構之充足 承諾融資額度,以應付長短期流動資 金需要。

本集團之政策為定期監管當前及預期 流動資金需要,確保維持足夠現金及 資金儲備應付長短期需要。本集團之 所有負債預期將於一年內償付。除銀 行貸款外,所有財務負債之賬面值均 與已訂約未貼現現金流出量相等。於 二零一三年三月三十一日,銀行貸款 及來自一家關連公司之貸款之已訂約 未貼現現金流出量為1,790,295,823元 (二零一二年:605,395,808元)。

(c) Interest rate risk

(i) Interest rate profile

The Group charges interest on its margin clients on the basis of its cost of funding plus a mark-up. Financial assets such as margin loans and deposit with banks and financial liabilities such as bank loans and loan from a related party are primarily at fixed rates. The Group's income and operating cash flows are not subject to significant interest rate risk.

The interest rate profile of the Group at the reporting date is as follows:

27 財務風險管理及公平值(續)

(c) 利率風險

(i) 利率組合

本集團按其資金成本另加漲價向 孖展客戶收取利息。財務資產 (如孖展貸款及銀行存款)及財務 負債(如銀行貸款及來自一關連 方之貸款)主要按固定息率計 息。本集團之收入及經營現金流 量並無面對重大利率風險。

下表載列本集團於報告日期之利 率組合:

			2013 二零一三年	2012 二零一二年
		Effective		Effective
		interest rate	\$	interest rate	\$
		實際利率	元	實際利率	元
Assets	資產
Deposits with banks	銀行存款	0.001–3.2%	156,265,525	0.001–1.4%	249,483,240
Margin loans	孖展貸款	3.0–4.88%	2,127,786,534	3.88–4.88%	893,164,838
			2,284,052,059		1,142,648,078
Liabilities	負債
Bank loans	銀行貸款	1.74%	1,690,000,000	2.05%	425,000,000
Loan from a related company	來自一家關連公司	2.85%	100,000,000	2.55%	180,000,000
	之貸款
			1,790,000,000		605,000,000

(c) Interest rate risk (Continued)

(ii) Sensitivity analysis

As at 31 March 2013, if interest rates had been 100 basis points higher with all other variables held constant, the Group's profit before taxation would have increased by approximately \$4,900,000 (2012: \$5,400,000).

As at 31 March 2013, if interest rates had been 1 basis point lower with all other variables held constant, the Group's profit before taxation would have decreased by approximately \$49,000 (2012: \$54,000).

The increased/decreased profit before taxation results mainly from higher/lower interest income from deposits with banks and margin loans and higher/lower interest expense on bank loans and loan from a related company. Other components of equity would not be significantly affected by the changes in interest rates.

The sensitivity analysis above indicates the instantaneous change in the Group's profit before taxation that would arise assuming that the change in interest rates had occurred at the reporting dates and had been applied to re-measure those financial instruments held by the Group which expose the Group to interest rate risk at the reporting dates. The analysis is performed on the same basis for 2012.

27 財務風險管理及公平值(續)

(c) 利率風險(續)

(ii) 敏感度分析

於二零一三年三月三十一日,在 所有其他變數維持不變之情況 下,倘利率上調100個基點,則 本集團之除稅前溢利應增加約 4,900,000元( 二 零 一 二 年: 5,400,000元)。

於二零一三年三月三十一日,在 所有其他變數維持不變之情況 下,倘利率下調1個基點,則本 集 團 之 除 稅 前 溢 利 應 減 少 約 49,000元(二零一二年:54,000 元)。

除稅前溢利增加╱減少主要由於 銀行存款及孖展貸款之利息收入 增加╱減少及銀行貸款以及來自 一家關連公司之貸款利息開支增 加╱減少所致。權益之其他組成 部分不會受利率變動而有重大影 響。

上述敏感度分析顯示假設利率變 動於報告日期出現,且已應用於 重新計算本集團所持有於報告日 期須面對利率風險之金融工具, 對本集團之除稅前溢利所造成即 時變動。分析乃按與二零一二年 之相同基準進行。

27 Financial risk management and fair

values (Continued)

(d) Foreign currency risk

The Group is exposed to currency risk primarily arising from financial instruments that are denominated in United States dollars ("USD") and Renminbi. As the Hong Kong dollar ("HKD") is pegged to the USD, the Group considers the risk of movements in exchange rates between the HKD and the USD to be insignificant. In respect of financial instruments denominated in other currencies, the Group ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances. The management monitors all the foreign currency positions on a daily basis.

Exposure to currency risk and sensitivity analysis

The Group's significant net exposure to Renminbi at the reporting date and the estimated impact to the Group's profit/(loss) for the year had the foreign exchange rates of Renminbi changed at that date are illustrated below. In this respect, it is assumed that the pegged rate between the HKD and the USD would be materially unaffected by any changes in movement in value of the USD against other currencies.

27 財務風險管理及公平值(續)

(d) 外匯風險

本集團所承受外匯風險主要源自以美 元(「美元」)及人民幣計值之金融工具。 由於港元(「港元」)與美元掛鈎,本集 團認為,港元與美元之匯率變動風險 輕微。就以其他貨幣計值之金融工具 而言,本集團在有需要的情況下按即 期匯率購入或出售外幣以處理短期之 不平衡情況,藉以確保風險淨額維持 於可接受之水平。管理層每日監控所 有外匯持倉。

外幣風險承擔及敏感度分析

倘報告日期之人民幣匯率有所變動, 本集團於報告日期就人民幣所承受重 大風險淨額,以及其對本集團年內之 溢利╱(虧損)之估計影響列示如下。 就此而言,已假設港元與美元匯率掛 鈎不會因美元兌其他貨幣匯價之任何 變動而受到重大影響。

		2013			2012
		二零一三年			二零一二年
			Effect on			Effect on
		Appreciation/	profit after		Appreciation/	profit after
	Net assets	(depreciation)	tax and	Net assets	(depreciation)	tax and
	in foreign	in foreign	retained	in foreign	in foreign	retained
	currency	currency	profits	currency	currency	profits
			對除稅後溢利			對除稅後溢利
	以外幣計算之	外幣升值╱	及保留溢利	以外幣計算之	外 幣 升 值 ╱( 貶	及保留溢利
	資產淨值	(貶值)	之影響	資產淨值	值)	之影響
	\$	%	\$	\$	%	\$
	元		元	元		元
人民幣 Renminbi	12,974,435	5	648,722	6,860,309	5	343,015
		(5)	(648,722)		(5)	(343,015)

(d) Foreign currency risk (Continued)

Exposure to currency risk and sensitivity analysis (Continued)

The sensitivity analysis assumes that the change in foreign exchange rates had been applied to re-measure those financial instruments which expose the Group to foreign currency risk at the reporting date. The analysis is performed on the same basis for 2012.

(e) Fair values

All financial assets and liabilities are carried at amounts not materially different from their fair values as at 31 March 2013 and 2012.

28 Contingent liabilities

As at the end of the reporting period, subsidiaries of the Company engaging in securities and futures broking have secured banking facilities from an authorised institution for a total amount of \$993,000,000 (2012: \$623,000,000). The Company has issued corporate guarantees for a total principal amount of \$993,000,000 (2012: \$623,000,000) for these facilities. As at 31 March 2013, the subsidiary has utilised \$710,000,000 of these aggregate banking facilities (2012: \$325,000,000).

As at the end of the reporting period, the directors do not consider it probable a claim will be made against the Group under any of the guarantees. The Group has not recognised any deferred income in respect of the guarantees as their fair value cannot be reliably measured and the transaction price was nil.

27 財務風險管理及公平值(續)

(d) 外匯風險(續) 外幣風險承擔及敏感度分析(續)

敏感度分析已假設外幣匯率之變動已 應用於重新計量於報告日期導致本集 團面臨外匯風險之金融工具。該項分 析乃採用與二零一二年相同之基準進 行。

(e) 公平值

於 二 零 一 三 年 及 二 零 一 二 年 三 月 三十一日,所有財務資產及負債之賬 面值與公平值並無重大差異。

28 或然負債

於報告期末,從事證券及期貨經紀之本公司 附屬公司自認可機構取得有抵押銀行融資合 共993,000,000元( 二 零 一 二 年: 623,000,000元)。本公司已就該等融資發出 本金總額為993,000,000元(二零一二年: 623,000,000元)之公司擔保。於二零一三年 三月三十一日,附屬公司已動用該等銀行融 資 總 額710,000,000元( 二 零 一 二 年: 325,000,000元)。

於報告期末,董事認為就任何擔保對本集團 提出任何申索的機會不大。由於擔保之公平 值不能可靠計量及交易價為零,故本集團並 無就該等擔保確認任何遞延收入。

29 Material related party transactions

In addition to the related party information disclosed elsewhere in the financial statements, the Group entered into the following material related party transactions.

(a) Key management personnel remuneration

Remuneration for key management personnel of the Group, including amounts paid to the Company's directors as disclosed in note 8 and certain of the highest paid employees as disclosed in note 9, is as follows:

29 重大關連人士交易

除財務報表其他部分披露之關連人士資料 外,本集團訂有下列重大關連人士交易。

(a) 主要管理人員薪酬

本集團主要管理人員之薪酬(包括附註 8所披露向本公司董事及附註9所披露 向若干最高薪酬僱員支付之金額)如 下:

		2013 二零一三年 \$	2012 二零一二年 \$
		元	元
Directors' fees	董事袍金	400,991	387,012
Salaries, allowances and benefits in kind	薪金、津貼及實物福利	13,849,536	9,326,904
Discretionary bonuses	酌情花紅	1,028,850	914,350
Contributions to Mandatory	強積金供款
Provident Fund		130,693	81,000
Equity-settled share-based payments	權益結算以股份為基礎之款項	–	733,489

Total remuneration is included in "staff costs" (see note 6(b)).

(b) Balances with related parties

(i) As at 31 March 2013, the Group had accounts receivable from related parties of \$654,455 (2012: \$Nil) and accounts payable due to related parties of \$924,264 (2012: \$5,192,421) respectively which was arising from the Group's ordinary course of business in securities broking, margin financing and commodities and futures broking. Accounts receivable/payable from/to related parties are set at the same terms as those normally offered to third party clients.

薪酬總額計入「員工成本」(見附註 6(b))。

15,410,070 11,442,755

(b) 與關連人士之結餘

(i) 於二零一三年三月三十一日,本 集 團 應 收 關 連 人 士 之 賬 款 為 654,455元(二零一二年:零)及 應付關連人士之賬款為924,264 元(二零一二年:5,192,421元), 分別來自本集團日常業務中所進 行之證券經紀、孖展融資以及商 品與期貨經紀業務。應收關連人 士之賬款╱應付關連人士賬款與 一般提供予第三方客戶者條款相 同。

耀才證券金融集團有限公司 • 二零一二/ 一三年年報

149

29 重大關連人士交易(續)

(b) Balances with related parties (Continued)

(ii) As at 31 March 2013, included in the other receivables, deposits and prepayments were rental and office management deposits of \$6,849,640 (2012: \$3,562,373) which had been made to related companies owned by a director of the Company. These amounts were unsecured, interestfree and repayable upon expiry of the respective leases.

(c) Other transactions with related parties

29 Material related party transactions

(Continued)

• (i) Brokerage income of \$252,892 (2012: \$591,338) was received from the directors of the Company, their close family members and related companies owned by a director of the Company in the ordinary course of the Group's business of securities broking and commodities and futures broking. Commission rates are set at the same level as those normally offered to third party clients.
• (ii) Rental expenses of \$16,684,673 (2012: \$11,940,161) paid to related companies owned by a director of the Company, were charged at a rate mutually agreed between the parties involved with reference to market rates.
• (iii) The total future minimum lease payment under non-cancellable operating lease on properties are payable to related companies owned by a director of the Company as follows:

(b) 與關連人士之結餘(續)

(ii) 於二零一三年三月三十一日,其 他應收款項、按金及預付款項中 有6,849,640元( 二 零 一 二 年: 3,562,373元)屬於向本公司一名 董事擁有之關連公司支付之租金 及辦公室管理按金。此等款項為 無抵押及免息,並將於個別租約 屆滿時償還。

(c) 與關連人士之其他交易

• (i) 經紀收入252,892元(二零一二 年:591,338元)乃本集團日常業 務中進行證券經紀以及商品及期 貨經紀業務而向本公司董事、彼 等之家族成員及本公司一名董事 擁有之關連公司收取。佣金收費 定於一般向第三方客戶提供之相 同水平。
• (ii) 已付一名本公司董事擁有之關連 公 司 之 租 金 開 支16,684,673元 (二零一二年:11,940,161元)乃 按訂約方參考市場租值後互相協 定之租值計算。
• (iii) 根據不可撤回經營租約就物業應 付本公司一名董事擁有之關連公 司之未來最低租賃款項總額如 下:

	2013 二零一三年 \$ 元	2012 二零一二年 \$ 元
一年內 Within one year After one year but within five years一年後但於五年內	25,860,000 51,720,000	13,220,000 1,035,000
	77,580,000	14,255,000

財務報表附註

29 重大關連人士交易(續) 29 Material related party transactions (Continued)

(c) Other transactions with related parties (Continued)

(iv) On 13 June 2012, Bright Smart Securities International (H.K.) Limited ("BSSI"), an indirect wholly-owned subsidiary of the Company, entered into a new loan facility letter with China Finance (Worldwide) Limited ("CFW"), a company which is 100% beneficially owned by the controlling shareholder of the Company, for provision of an increased revolving loan facility from \$310,000,000 to \$600,000,000 by CFW to BSSI for general working capital purposes. Interest expense of \$3,270,149 was paid to CFW during the year (2012: \$3,145,095). The loan bears interest at HIBOR plus 2.75% per annum, is unsecured and repayable on demand. As at 31 March 2013, BSSI has drawn \$100,000,000 (2012: \$180,000,000) under the facility.

30 Immediate and ultimate holding company

The directors consider the immediate parent and ultimate holding company of the Company as at 31 March 2013 to be New Charming Holdings Limited which was incorporated on 6 July 2009 in the British Virgin Islands under the laws of the British Virgin Islands and beneficially owned by Mr. Yip Mow Lum. New Charming Holdings Limited does not produce financial statements available for public use.

• (c) 與關連人士之其他交易(續)
• (iv) 於二零一二年六月十三日,耀才 證 券 國 際( 香 港 )有 限 公 司 (「BSSI」,本公司之間接全資附屬 公司)與中國財務(國際)有限公 司(「中國財務」,本公司之控股 股東全資實益擁有之公司)簽訂 一份新貸款融資函件,內容有關 中國財務向BSSI提供循環貸款融 資, 由310,000,000元 增 加 至 600,000,000元,用作一般營運 資金。年內向中國財務支付利息 開支3,270,149元(二零一二年: 3,145,095元)。貸款按香港銀行 同業拆息加2.75%年利率計息, 為無抵押及須按要求償還。於二 零一三年三月三十一日,BSSI根 據該融資已提取100,000,000元 (二零一二年:180,000,000元)。

30 直接及最終控股公司

董事認為,於二零一三年三月三十一日,本 公司之直接母公司及最終控股公司為新長明 控股有限公司,該公司乃於二零零九年七月 六日在英屬處女群島根據英屬處女群島之法 例註冊成立,並由葉茂林先生實益擁有。新 長明控股有限公司並無編製可供公眾使用之 財務報表。

31 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 March 2013

Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and five new standards which are not yet effective for the year ended 31 March 2013 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group.

31 於截至二零一三年三月三十一日 止年度已頒佈但尚未生效之修 訂、新準則及詮釋可能產生之影 響

截至此等財務報表刊發日期,香港會計師公 會已頒佈下列於截至二零一三年三月三十一 日止年度尚未生效且並無於此等財務報表中 採納之若干修訂及五項新準則,包括以下與 本集團有關者。

	Effective for accounting periods beginning on or after 於下列日期或之後開始 之會計期間生效
Amendments to HKAS 1, P r e s e n t a t i o n o f f i n a n c i a l s t a t e m e n t s — Presentation of items of other comprehensive income 香港會計準則第1號之修訂,財務報表之呈報 — 其他全面收益項目之呈報	1 July 2012 二零一二年七月一日
HKFRS 10, Consolidated financial statements	1 January 2013
香港財務報告準則第10號,綜合財務報表	二零一三年一月一日
Revised HKAS 19, Employee benefits	1 January 2013
香港會計準則第19號(經修訂),僱員福利	二零一三年一月一日
HKFRS 9, Financial instruments	1 January 2015
香港財務報告準則第9號,金融工具	二零一五年一月一日

The Group is in the process of making an assessment of what the impact of these amendments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the Group's results of operations and financial position.

本集團正在評估該等修訂在首次應用期間預 期產生之影響。迄今,結論為採納上述各項 不大可能對本集團之經營業績及財務狀況造 成重大影響。

Five-year Financial Summary 五年財務摘要

		Year ended 31 March
				截至三月三十一日止年度
Results	業績	2013	2012	2011	2010	2009
		二零一三年	二零一二年	二零一一年	二零一零年	二零零九年
		HK\$'000	HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元	千港元
Turnover	營業額	273,281	228,707	188,202	140,240	78,743
Profit before taxation	除稅前溢利	107,151	73,351	48,635	72,211	25,011
Income tax	所得稅	(14,925)	(12,715)	(8,017)	(11,927)	(3,876)
Profit for the year	年內溢利	92,226	60,636	40,618	60,284	21,135

		As at 31 March 於三月三十一日
Assets and Liabilities	資產及負債	2013	2012	2011	2010	2009
		二零一三年	二零一二年	二零一一年	二零一零年	二零零九年
		HK\$'000	HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元	千港元
Current assets	流動資產	3,113,151	1,555,492	1,709,199	930,086	388,651
Non-current assets	非流動資產	73,448	34,687	45,766	12,239	9,486
Total assets	資產總值	3,186,599	1,590,179	1,754,965	942,325	398,137
Current liabilities	流動負債	2,429,097	1,096,188	1,312,871	790,273	190,032
Non-current liabilities	非流動負債	26	193	515	–	288
Total liabilities	負債總值	2,429,123	1,096,381	1,313,386	790,273	190,320
Net assets	資產淨值	757,476	493,798	441,579	152,052	207,817

The results and summary of assets and liabilities for the years ended 31 March 2009 and 2010 which were extracted from the Company's prospectus dated 12 August 2010 have been prepared on a combined basis to indicate the results of the Group as if the group structure, at the time when the Company's shares were listed on the Stock Exchange, had been in existence throughout those years.

截至二零零九年及二零一零年三月三十一日止年 度之業績及資產及負債摘要(摘錄自本公司於二零 一零年八月十二日刊發之招股章程)乃根據綜合基 準編製,以顯示本集團之業績(猶如本公司股份於 聯交所上市時本集團架構於整個相關年度已存在)。