Bright Smart Securities & Commodities Group Limited

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Contents 目錄

Corporate Information	公司資料	2
Major Accomplishments	大事記	5
Branch Network	分行網絡	16
Awards	獎項	18
Financial Highlights	財務摘要	20
Chairman’s Statement	主席報告	21
Management Discussion and Analysis	管理層討論與分析	33
Biographies of Directors and Senior Management	董事及高級管理層之簡歷	58
Environmental, Social and Governance Report	環境、社會及管治報告	65
Corporate Governance Report	企業管治報告	77
Directors’ Report	董事會報告	95
Independent Auditor’s Report	獨立核數師報告	115
Consolidated Statement of Comprehensive Income	綜合全面收益表	122
Consolidated Statement of Financial Position	綜合財務狀況表	123
Consolidated Statement of Changes in Equity	綜合權益變動表	125
Consolidated Cash Flow Statement	綜合現金流量表	126
Notes to the Financial Statements	財務報表附註	128
Five-year Financial Summary	五年財務摘要	224

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Information 公司資料

EXECUTIVE DIRECTORS

Mr. Yip Mow Lum (Chairman) Mr. Hui Yik Bun (Chief Executive Officer) 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. Hui Yik Bun 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

執行董事

葉茂林先生（主席）許繹彬先生（行政總裁）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

許繹彬先生陳永誠先生

公司秘書

陳筠栢先生

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

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Information 公司資料

MEMBERS OF RISK MANAGEMENT COMMITTEE

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

REGISTERED OFFICE

P.O. Box 31119 Grand Pavilion, Hibiscus Way 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

10th Floor and 23rd Floor, Wing On House 71 Des Voeux Road Central Central, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

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

風險管理委員會成員

余韌剛先生（主席）葉茂林先生許繹彬先生司徒維新先生凌國輝先生

註冊辦事處

P.O. Box 31119 Grand Pavilion, Hibiscus Way 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands

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23樓

主要股份過戶登記處

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

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Information 公司資料

HONG KONG SHARE REGISTRAR

Tricor Investor Services Limited Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited Bank of Communications Co., Ltd. Hong Kong Branch China CITIC Bank International Limited China Construction Bank (Asia) Corporation Limited China Merchants Bank Co., Ltd., Hong Kong Branch China Minsheng Banking Corp., Ltd., Hong Kong Branch Chong Hing Bank Limited CMB Wing Lung Bank Limited Dah Sing Bank, Limited DBS Bank (Hong Kong) Limited Fubon Bank (Hong Kong) Limited Hang Seng Bank Limited Industrial and Commercial Bank of China (Asia) Limited OCBC Wing Hang Bank Limited Shanghai Commercial Bank Limited The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited

AUDITOR

KPMG Certified Public Accountants

Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance

WEBSITE

https://www.bsgroup.com.hk

香港股份過戶登記處

卓佳證券登記有限公司香港皇后大道東183號合和中心54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信銀行（國際）有限公司中國建設銀行（亞洲）股份有限公司招商銀行股份有限公司香港分行中國民生銀行股份有限公司香港分行創興銀行有限公司招商永隆銀行有限公司大新銀行有限公司星展銀行（香港）有限公司富邦銀行（香港）有限公司恒生銀行有限公司中國工商銀行（亞洲）有限公司華僑永亨銀行有限公司上海商業銀行有限公司東亞銀行有限公司香港上海滙豐銀行有限公司

核數師

畢馬威會計師事務所執業會計師按照財務匯報局條例註冊之公眾利益實體核數師

網站

https://www.bsgroup.com.hk

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Major Accomplishments 大事記

2019 二零一九年

April

4月

➢ Two state-of-the-ar t mobile trading applications (apps), namely BS Securities (Baobao) and BS Futures (Doudou), have been well received by the market and were downloaded over 30,000 times in the first month since their launch in early February 2019. In recognition of its outstanding results in the development of these two trading apps, the Group won the “Outstanding Stock and Futures Trading App Development Award” in the 19th Capital Outstanding Enterprise Awards granted by CAPITAL

自二零一九年二月初推出「耀才證券（寶寶）」和「耀才期貨（豆豆）」兩大頂尖交易手機應用程式 (APP) 後，轉瞬間備受市場好評，首月下載量即已突破三萬，更榮獲《資本雜誌》舉辦之「第十九屆資本傑出企業成就獎」頒發「傑出股票及期貨交易App程式研發」獎，以表彰本集團於兩大交易 APP 研發上取得的卓越成效

➢ To express gratitude to both the frontline and back office staff for their hard work and contributions to the steady growth of the Group’s profit, Ms. Yip Wing Yan, Jacquelyn, the Assistant to Chairman of the Group, organised and held a staff barbecue to show appreciation to the entire staff, boost their morale and forge closer internal relationships

為答謝一眾前線後防員工一直為本集團默默耕耘，令本集團盈利得以保持穩健增長，集團主席助理葉頴恩全力策劃及籌辦「耀才 BB『燒』同樂日」慰勞全體員工，藉此強化員工士氣，促進企業內部關係更融洽

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Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, received the award from Mr. Jimmy Kwok (left), the chairman of Federation of Hong Kong Industries (FHKI) 香港工業總會主席郭振華先生（左）頒授殊榮予本集團執行董事兼行政總裁許繹彬先生

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Ms. Yip Wing Yan, Jacquelyn (front row, sixth from left), the Assistant to Chairman of the Group, organised the staff barbecue with lucky draw and group games that brought cheer to the staff

集團主席助理葉頴恩小姐（前排左六）策動「耀才BB『燒』同樂日」，並大搞抽獎及團體遊戲，一眾員工雀躍萬分

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Major Accomplishments 大事記

May 5月

➢ To support charities, Mr. Yip Mow Lum, the Chairman of the Group, donated over HK$1 million to charities by making a gift of HK$300,000 to the Community Chest of Hong Kong and placing a successful bid of nearly HK$800,000 for a precious fish maw in a charity auction named Renowned Chefs for the Chest Charity Dinner — Greater Bay Area Night
集團主席葉茂林先生為善不甘後人，不但慷慨捐款三十萬港元予香港公益金，更在「名廚薈萃為公益晚宴之大灣區之夜」上參與慈善拍賣，豪斥近八十萬港元投得名貴花膠，合共捐出逾百萬港元

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Mr. Yip Mow Lum (third from left), the Chairman of the Group, participated and placed a successful bid of nearly HK$800,000 for a precious fish maw in a charity auction named Renowned Chefs for the Chest Charity Dinner — Greater Bay Area Night

集團主席葉茂林先生（左三）參與「名廚薈萃為公益晚宴之大灣區之夜」之慈善拍賣，豪斥近八十萬港元投得名貴花膠

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On behalf of the Group, Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, handed a cheque to Mr. Stan Tang, the chairman of the organising committee of Community for the Chest on TV, on stage at the Community Chest Charity Show 2019 集團執行董事兼行政總裁許繹彬先生於「公益金萬眾同心50年」電視籌款活動上，代表集團上台頒贈支票予「萬眾同心公益金」籌委會主席鄧耀昇先生

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Major Accomplishments 大事記

➢ Organised by Bright Smart in collaboration with the Chicago Mercantile Exchange (CME), an investment seminar about the stock and property markets of Hong Kong and the United States was attended by an audience of over 1,000 investors. The seminar analyzed the future trends of Hong Kong’s stock and property markets as well as the US stock market in order to help investors devise their investment plans for the second half of the year
耀才夥拍芝加哥商品交易所合辦《港美股樓大拆解》過千人投資講座，為一眾投資者分析本港股市、樓市以及美股市場的前瞻走勢，助投資者部署下半年的投資策略

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Several experts were invited to speak to over 1,000 investors at the investment seminar about the stock and property markets of Hong Kong and the United States organised by Bright Smart in collaboration with CME. From left: Mr. Chik Yiu Fai, Stanley, the head of the Group’s research department, Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, Ms. Rachel Wong, the Manager of Client Development & Sales-Retail of CME, Mr. Jonathan Ng, the “US Stock Captain”, Dr. Jacinto M L Tong, the ViceChairman and Chief Executive Officer of Gale Well Group, and Mr. Wong Kwok Ying, Alex, the director of asset management of Ample Capital

耀才夥拍芝加哥商品交易所合辦《港美股樓大拆解》過千人投資講座，邀請多位投資專家擔任主講嘉賓。左起：集團研究部總監植耀輝先生、集團執行董事兼行政總裁許繹彬先生、芝商所零售業務客戶發展與銷售經理王聞惠小姐、美股隊長吳瑞麟先生、紀惠集團副主席及行政總裁湯文亮博士、豐盛金融資產管理董事黃國英先生

➢ Bearing its corporate social responsibility in mind, the Group continued to make contributions to charities and has been named a Caring Company by the Hong Kong Council of Social Service (HKCSS) for 9 consecutive years
本集團不忘履行社會企業責任，致力為慈善業務作出貢獻，連續九年榮膺由《香港社會服務聯會》（社聯）頒發的「商界展關懷」的獎項

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Major Accomplishments 大事記

➢ With professional services and great strength, the Group was granted the J u n d i n g Awa rd fo r c o m p re h e n s i ve securities brokers in Hong Kong by two media in China, namely Securities Times and Quanshang CN. Being the first award under the Junding Awards designated for Hong Kong, this award was granted by an expert panel comprised of representatives from regulators and major players in the industry. Winning this award demonstrated the market’s recognition of the brand name of the Group’s broking services
本集團憑着專業的服務及雄厚的實力，榮獲由內地媒體《證券時報》及《券商中國》頒發「香港全能證券經紀商君鼎獎」。該獎項更首次增設香港區大獎，並由監管機構及業界代表組成專家評審委員會，本集團有幸成為箇中得獎企業獲此殊榮，足證集團在經紀業務服務品牌上備受肯定

June

6月

➢ In active support of charities, the Group donated a seven-digit amount to Caritas Hong Kong with the aim of spurring donations and services and enlisting every little help from the public to advance the cause of love
本集團為善最樂，慷慨捐贈七位數字金額的善款鼎力贊助香港明愛，藉此呼籲社會大眾共襄善舉，集腋成裘，實行出錢出力弘揚愛心

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Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, received the award from a representative of Securities Times, a mainland media 集團執行董事兼行政總裁許繹彬先生從內地媒體《證券時報》之頒獎代表手上接受獎項

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Being generous in spirit, the Group, donated a sevendigit amount to Caritas Hong Kong. Cardinal John Tong Hon (fourth from left) took a picture with public benefactors including Mr. Yip Mow Lum (third from the left), the Chairman of the Group, and Dr. Jacinto M L Tong (fifth from left)

本集團為慈善毫不吝嗇，慷慨捐贈七位數字金額的善款予香港明愛，圖為集團主席葉茂林先生（左三）與湯漢樞機（左四）及湯文亮博士（左五）等一眾社會賢達合照

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Major Accomplishments 大事記

➢ The Group is a longtime supporter of a healthy lifestyle. With the aim of supporting the development of squash, advocating an active and healthy lifestyle and promoting the philosophy and practice of “lifetime sports”, the Group title-sponsored the Bright Smart Securities Hong Kong Squash Championships 2019 again during the year in full support of Hong Kong Squash for the third consecutive year since 2017
本集團一直提倡健康生活，自二零一七年起連續三年鼎力支持香港壁球總會，今年再度冠名贊助「耀才證券香港壁球錦標賽2019」，以此推動壁球運動的發展，以及推廣運動建立健康人生，培養「終身運動」的思想和習慣

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Mr. Hui Yik Bun (fourth from right), the executive director and Chief Executive Officer of the Group, and Mr. Duncan Chiu (third from right) presented awards to the winners of the Bright Smart Securities Hong Kong Squash Championships 2019

集團執行董事兼行政總裁許繹彬先生（右四）及丘達根先生（右三）頒授獎項予「耀才證券香港壁球錦標賽2019」之優勝者

July 7月

➢ In collaboration with Samsung Asset Management, the Group organised the Stock, Residential Property, Shop, Fortunetelling and ETF Investment Conference, which was a multi-disciplinary event that comprehensively analyzed the momentum and trends in the investment market. This event attracted an audience of nearly 500 and the response was overwhelming 本集團與三星資產運用合作，再度跨界舉辦《2019下半年「股、樓、舖、玄、 ETF 投資攻略大型講座》，與投資者以不同的角度一同分析投資市場的動態和走勢，吸引近五百名觀眾參加，反應熱烈

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Prominent experts from a wide range of disciplines spoke at this conference organised by the Group in collaboration with Samsung Asset Management. From left: Mr. Chik Yiu Fai, Stanley, the head of the Group’s research department, Mr. Thomas Lam, the executive director and Head of Valuation & Advisory of Knight Frank, Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, Master Szeto Ken, an expert in Chinese astrology, fortune-telling, rites and feng shui, Ms. Joanne Siu, the ETF Sales Director of Samsung Asset Management, and Prof. Chong Tai Leung, Terence, an associate professor of Economics, The Chinese University of Hong Kong

本集團與三星資產運用合辦大型講座，雲集各界重量級名家，左起：集團研究部總監植耀輝先生、萊坊高級董事及估價及諮詢主管林浩文先生、集團執行董事兼行政總裁許繹彬先生、六壬玄術法科風水師傅司徒法基先生、三星資產運用 ETF 業務銷售總管蕭曉婷小姐、香港中文大學經濟學系副教授莊太量先生

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Major Accomplishments 大事記

November 11月

➢ The Group held a press conference in relation to Bright Smart’s latest strategies and economic forecast for 2020 as well as the results of its retail investor survey. At this press conference, the Group unveiled its groundbreaking strategies for 2020, announced the results of its large-scale retail investor survey and revealed its latest forecast for the stock and futures market in 2020. The conference was attended and widely reported and covered by many well known media in China and Hong Kong

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本集團舉行「2020年耀才最新攻勢、經濟前

瞻暨散戶民意調查結果媒體發佈會」，於會上揭曉集團二零二零年震撼性的最新攻勢，並公佈大型散戶民意調查結果，以及披露二零二零年股票及期貨市場的最新走勢前瞻。是次發佈會獲中港大部分知名傳媒機構出席，發表內容亦獲媒體廣泛報道

December

12月

➢ F a m o u s f o r i t s q u a l i t y, t a i l o r e d , comprehensive and professional services, the Group received the Hong Kong Outstanding Enterprise Award for the eighth consecutive year as well as the Extraordinary Enterprise Award for its years of outstanding achievements from Economic Digest, thereby demonstrating the extraordinary strength of the Group 本集團以優質、貼身、全面、專業的服務而聞名，連續八年榮獲《經濟一週》頒授「香港傑出企業大獎」，並憑着連續多年獲獎，一同獲頒「非凡企業大獎」，足證本集團實力非凡

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➢ Furthermore, the Group won the Listed Company Award of Excellence in 2019 from Hong Kong Economic Journal for the third consecutive year
本集團再下一城，連續三年勇奪由《信報財經新聞》頒發的「上市公司卓越大獎2019」

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Major Accomplishments 大事記

➢ I n r e c o g n i t i o n o f t h e o u t s t a n d i n g performance of its fast, stable, convenient a n d s a f e s e c u r i t i e s t r a d i n g a p p s, namely Baobao and Doudou, as well as Bright Smart’s contribution to industry development, the Group, among all the financial institutions, obtained the award for outstanding securities and futures trading app in the Banking & Finance Awards 2019 granted by Sky Post
憑藉快速、穩健、方便、安全的證券交易手機程式，成功於云云金融機構中脫穎而出，獲《晴報》舉辦之「Banking & Finance Awards 2019」頒發「傑出證券及期貨交易手機程式大獎」，以嘉許耀才集團於「寶寶」及
「豆豆」APP 提供的卓越表現，並為業界發展作出重要的推動
➢ To reflect its philosophy of treasuring, retaining and nurturing talents, the Group spent six digits on holding a Christmas celebration at Disneyland to show its appreciation to its dedicated staff for their year-long contributions to the Group’s reputation. This social activity fostered interaction, communication and cohesion among the staff

本集團秉承「愛才、惜才、育才」的理念，為感激員工整年來盡心盡力與耀才打拼，令本集團贏得各界褒獎，本集團斥資六位數銀碼，舉辦「耀才迪士尼聖誕同樂日」以示鼓勵，藉着聯誼活動促進員工之間的互動和溝通，增強彼此凝聚力

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Mr. Hui Yik Bun (right), the executive director and Chief Executive Officer of the Group, received the award for outstanding securities and futures trading app from Prof. Francis T. Lui, the former Head of the Department of Economics at the Hong Kong University of Science and Technology

集團執行董事兼行政總裁許繹彬先生（右）從香港科技大學經濟系前系主任雷鼎鳴教授手中接受「傑出證券及期貨交易手機程式大獎」殊榮

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To honour the value of the staff, invest in talent development and improve staff benefits, Ms. Yip Wing Yan, Jacquelyn (front row, eighth from left), the Assistant to Chairman of the Group, served as the organiser of the Christmas celebration at Disneyland

主席助理葉頴恩小姐（前排左八）作為「迪士尼聖誕同樂日」的活動策劃人，尤其重視員工，不斷投放資源培育優秀人才，以及積極優化員工福利

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Major Accomplishments 大事記

2020 二零二零年

January

1月

➢ In celebration of the tenth anniversary of its listing, the Group declared to distribute a one-time special dividend of 80.00 HK cents per ordinary share in order to express its gratitude to the shareholders for their support over the years
本集團為慶祝「上市十週年」，宣派一次性特別股息每股普通股80.00港仙，以答謝股東多年來的支持
➢ The Group has been sponsoring the Joyful Charity Run organised by Joyful (Mental Health) Foundation for 11 consecutive years to arouse public concern over, and understanding of, mood disorder
本集團連續十一年鼎力贊助由「心晴行動慈善基金」舉辦的「心晴跑‧跑傳情」慈善跑活動，藉此喚起社會大眾對情緒病的關注及認識

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With the enthusiastic participation of Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, together with a group of staff members, the Group won the most active participant award 集團執行董事兼行政總裁許繹彬先生身體力行與多名員工一同投入賽事，更摘取「最踴躍參與大獎」之殊榮

➢ In full support of a forum on new investment opportunities across the globe in 2020, Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, and Mr. Chik Yiu Fai, Stanley, the head of the Group’s research department, acted as the main speakers of the forum and analysed the latest development in the stock market for investors
本集團鼎力贊助「2020環球投資新機遇論壇」，集團執行董事兼行政總裁許繹彬先生以及研究部總監植耀輝先生擔任主講嘉賓，為投資者分析股票市場的最新動態

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Major Accomplishments 大事記

February 2月

➢ In view of the impact of the novel coronavirus epidemic on Hong Kong, Mr. Yip Mow Lum, the Chairman of the Group, showed his support for frontline medical workers by donating HK$10 million in the name of the Yip Mow Lum Charity Fund to the Hospital Authority (HA) of Hong Kong for its use during the fight against the virus with the aim of arousing public concern over the difficulties faced by the frontline medical workers during the epidemic 鑑於香港飽受新冠病毒疫情肆虐，集團主席葉茂林先生盼能為前線醫護人員盡一份綿力，以「葉茂林慈善基金」名義捐款一千萬港元予香港醫院管理局，作為醫管局抗疫的相關用途，以喚醒社會各界人士對抗疫戰中的前線醫護人員的苦況多多關注

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Mr. Yip Mow Lum (third from left), the Chairman of the Group, donated HK$10 million in the name of the Yip Mow Lum Charity Fund to HA to support its fight against the epidemic. Representatives including Mr Henry FAN Hung-ling (fourth from left), the chairman of HA, and Dr. Ko Wing Man (fifth from left) received the cheque. From left: Dr. Chan Chun Kwong (first from left), Mr. Raymond Wong (second from left), the senior advisor of Bright Smart Securities, Dr. Ko Pat Sing, Tony (sixth from left), the Chief Executive of HA, and Dr. Chan Yu-Sang Dickson (seventh from left)

集團主席葉茂林先生（左三）以「葉茂林慈善基金」名義，捐款一千萬港元予醫管局協助抗疫，並由醫管局主席范鴻齡先生（左四）及高永文醫生（左五）等代表接受支票。左起：陳真光醫生（左一）、耀才證券高級顧問黃健財先生（左二）、醫管局行政總裁高拔陞先生（左六），及陳雨生醫生（左七）等代表一齊合照

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Major Accomplishments 大事記

➢ The Group has always had a keen sense of proactive planning and forward thinking, and set up a backup office with an area of over 20,000 square feet as well as equipment and facilities equivalent to the head office in Central as early as 5 years ago in a core area of Kowloon. This move is unique in the industry. During the epidemic this year, the Group has made arrangement for its staff members to work at the head office in Central and the backup office in Kowloon in order to maintain quality customer services while safeguarding the health of the staff and preventing overcrowding. On the other hand, some of the peers could only provide limited service under workin-shifts arrangement due to regulatory requirements
本集團具備「未雨綢繆，居安思危」的觸覺，早在五年前，已在九龍核心地段設立超過

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二萬平方呎的後備辦公室，無論設備及規格均與中環總辦事處無異，全行獨有。今年疫情肆虐期間，本集團為員工健康着想，避免過度聚集，故安排員工於中環總辦事處及九龍後備辦公室工作，以繼續為客戶提供高水平的服務；而部份同業亦因監管機構條例所限而只能分批上班，僅能提供有限度的服務

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Major Accomplishments 大事記

➢ T h e G ro u p e n d e avo u r s to p rov i d e education to the investors by holding regular investment seminars of different kinds as well as stock and futures investment simulation competitions with a view to exposing investors to different financial products. As such, the Group ranked first among Top 3 Active Exchange Participant in Stock Futures, Top 3 Active Exchange Participant in Stock Options and Top 3 Active Exchange Participant in Weekly Index Options by HKEx, thereby becoming the biggest winner in the HKEx Equity Derivatives Awards in 2019
本集團致力推廣投資者教育，定期籌辦各類型的投資教學講座，和舉行股票及期貨模擬投資比賽，讓更多投資者可以接觸不同金融產品的資訊，因而連奪香港交易所三個第一，包括：「三大最活躍股票期貨經紀商大獎」第一名、「三大最活躍股票期權經紀商大獎」第一名和「三大最活躍每周指數期權經紀商大獎」第一名，成為是次「股本衍生產品大獎2019」中，獲獎最多的「大贏家」

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Mr. Yip Mow Lum (left), the Chairman of the Group, received three awards from Mr. Joe Zhou, the Senior Vice President of Global Client Development, Markets Division, HKEx

集團主席葉茂林先生（左）從香港交易所市場科客戶業務發展部高級副總裁周曉殷先生手中，接受三項殊榮

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Branch Network 分行網絡

HONG KONG 香港

Hong Kong Headquarters	10/F & 23/F (Sales & Customer Services Department),	(852) 2537 1371
	Wing On House, 71 Des Voeux Road Central, Central
香港總辦事處	中環德輔道中71號永安集團大廈10樓全層及23樓全層
	（銷售及客戶服務部）
Central Branch	Mezzanine Floor, Peter Building, 58–60 Queen’s Road Central	(852) 3961 6688
中環分行	中環皇后大道中58–60號振邦大廈閣樓
Wanchai Branch	1/F, Henning House, 385–391 Hennessy Road	(852) 3127 0888
灣仔分行	灣仔軒尼詩道385–391號軒寧大廈1樓全層
KOWLOON九龍
Kowloon Headquarters	Mezzanine Floor and First Floor, Honour House, 375–381 Nathan Road	(852) 3604 1888
九龍總辦事處	九龍彌敦道375–381號金勳大廈閣樓及1樓全層
Mongkok Golden Hill Branch	1/F, Golden Hill Commercial Building, 39–41 Argyle Street	(852) 3188 0928
旺角金山分行	旺角亞皆老街39–41號金山商業大廈1樓
Kwun Tong Branch	Shops 4–6, G/F, Yee On Centre, 45 Hong Ning Road	(852) 3768 0888
觀塘分行	觀塘康寧道45號宜安中心地下4至6號舖
Sham Shui Po Branch	G/F, 39 Yen Chow Street	(852) 3666 5688
深水埗分行	深水埗欽州街39號舖地下
NEW TERRITORIES	新界
Tsuen Wan Branch	G/F & Cockloft, Sze Yuen Mansion, 253 Sha Tsui Road	(852) 3929 2798
荃灣分行	荃灣沙咀道253號思源樓地下及閣樓
Tai Wai Branch	Shop 2B, G/F & Cockloft, On Tai Building, 11 Chik Fai Street	(852) 3763 3488
大圍分行	大圍積輝街11號安泰樓2B號舖地下及閣樓
Tai Po Branch	G/F, 141–145 Kwong Fuk Road	(852) 3763 3388
大埔分行	大埔廣福道141–145號舖地下
Sheung Shui Branch	Shop D, G/F & Cockloft, 80 Lung Sum Avenue	(852) 3768 7188
上水分行	上水龍琛路80號地下D舖及閣樓
Yuen Long Branch	Shop No. 5, G/F., Kan Yip Building, No. 225–237 Castle Peak Road, Yuen Long	(852) 3926 2688
元朗分行	元朗青山公路元朗段225–237號勤業樓地下5號舖
Tuen Mun Branch	Shop 23, G/F, Honley Court, Nos.94-110 Tuen Mun Heung Sze Wui Road,	(852) 3193 1688
	Tuen Mun
屯門分行	屯門鄉事會路94–110號康利中心地下23號舖
BRIGHT SMART MOBILE TEACHING CENTRE耀才教學專車		(852) 6282 6635

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Branch Network 分行網絡

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Awards 獎項

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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Awards 獎項

Caring Company by the Hong Kong Council of Social Service
Outstanding Social Caring Organisation Award by Social Enterprise Research Academy
Top 3 Active Exchange Participant in Weekly Index Options by HKEx
Top 3 Active Exchange Participant in Stock Options by HKEx
Top 3 Active Exchange Participant in Stock Futures by HKEx
Listed Company Award of Excellence 2019 by Hong Kong Economic Journal
Medal of Gratitude by Hong Kong Squash
Medal of Gratitude by Joyful (Mental Health) Foundation
The award for outstanding securities and futures trading app by Sky Post
Junding Award for comprehensive securities brokers in Hong Kong by Securities Times and Quanshang CN
Outstanding Stock and Futures Trading App Development Award by CAPITAL
Hong Kong Top Brand Mark (“Top Mark”) by Hong Kong Top Service Brand
Became a derivatives trading member of the Singapore Exchange
Top Securities Firms in RMB Currency Futures Trading by HKEx
Extraordinary Enterprise Award 2019 by Economic Digest
Hong Kong Outstanding Enterprise Award 2019 by Economic Digest
香港社會服務聯會 — 商界展關懷

社會企業研究院 — 社會關愛企業卓越獎

香港交易所 —「三大最活躍每周指數期權經紀商」大獎 4. 香港交易所 —「三大最活躍股票期權經紀商」大獎 5. 香港交易所 —「三大最活躍股票期貨經紀商」大獎 6. 《信報財經新聞》— 上市公司卓越大獎2019 7. 香港壁球總會感謝獎座
心晴行動慈善基金感謝獎座 9. 《晴報》— 傑出證券及期貨交易手機程式大獎 10. 《證券時報》╱《券商中國》 — 香港全能證券經紀商君鼎獎
《資本雜誌》— 傑出股票及期貨交易 App 程式研發大獎 12. 香港服務名牌 — 香港名牌標識 (TOP 嘜 ) 13. 成為新加坡期貨交易所會員
香港交易所 —「人民幣貨幣期貨最高交易量之證券商」 15. 《經濟一週》 — 非凡企業大獎 2019 16. 《經濟一週》 — 香港傑出企業大獎2019

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Financial Highlights 財務摘要

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----- Start of picture text -----

Year ended 31 March
截至三月三十一日止年度
Increment/
2020 2019 (Decrement)
增加╱
二零二零年二零一九年（減少）
$’000 $’000 %
千元千元
Revenue 收入 864,017 830,305 4.1
Other income 其他收益 239,503 212,440 12.7
Profit from operations 經營溢利 667,089 639,785 4.3
Profit before taxation 除稅前溢利 528,911 499,185 6.0
Profit for the year 年內溢利 470,978 440,928 6.8
Total comprehensive income attributable to 權益股東應佔全面收益總額
equity shareholders 471,211 441,178 6.8
Basic earnings per share (HK cents) 每股基本盈利（港仙） 27.75 25.98 6.8
Diluted earnings per share (HK cents) 每股攤薄盈利（港仙） 27.75 25.98 6.8
Special dividend per share on 就1,697,296,308股股份宣派之
1,697,296,308 shares 每股特別股息 80.00 — —
Final dividend per share (HK cents) 每股末期股息（港仙）
(31 March 2020: 1,697,296,308 shares, （二零二零年三月三十一日：
31 March 2019: 1,697,296,308 shares) 1,697,296,308股，
二零一九年三月三十一日：
1,697,296,308股） 28.00 7.80 259.0
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Revenue
HK$Million百萬港元收入
1200
1100
+4.1%
1000
900 830.3 864.0
800
700
600
500
400
300
200
100
0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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HK$Million百萬港元 Net Profit純利
600
550
500 +6.8% 471.0
450 440.9
400
350
300
250
200
150
100
50
0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Chairman’s Statement 主席報告

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In 2019, Hong Kong suffered from both external and internal blows. The stock market of Hong Kong started the year with a strong rally as the Hang Seng Index (“HSI”) soared above 30,000 points. However, the bullish HSI retreated by over 3,000 points in May since the trade war between China and the United States (“US”) intensified and Donald Trump, the US President, unexpectedly implemented hefty duties on Chinese imports. Following that, social unrest in Hong Kong persisted and intensified since June. Given such external and internal pressures, Hong Kong’s stock market has plummeted down. What is more, misfortunes seldom come singly. Another grave unexpected “black swan” event erupted at the start of 2020. The sudden outbreak of novel coronavirus pneumonia (COVID-19) in mainland China prompted the Hong Kong government to unprecedentedly close most of its busy sea, land and air border crossings with the mainland to curb incoming travellers. It also imposed extraordinary measures such as shutting down schools and businesses and implementing a prohibition on group gathering. A number of sectors, such as the travel, retail, catering, hotel, education, physical store shopping, recreation and even beauty industries, were the first to bear the brunt of the epidemic. As the whole world shuts down, all industries go down. Hong Kong’s unemployment rate surged from 2.8%, which was the lowest rate in two decades, in the second quarter last year to 4.2% in the first quarter this year. Future economy and employment market look bleak.

二零一九年香港備受外憂內患挾擊，港股去年一開局勢頭強勁，恒生指數一度升穿三萬點大關，惟五月份中美貿易戰激化，美國總統特朗普突然反面落實重稅，拖累原本士氣如虹的港股急挫逾三千點。及後踏入六月起，本港社會風波不斷，並愈趨白熱化，令港股備受內外交困，不斷向下沉底。所謂福無重至、禍不單行，進入二零二零年，更大的一隻無法預算的「黑天鵝」又出現，內地爆發新型冠狀病毒肺炎 (COVID-19)疫症，疫情來勢洶洶，中港兩地交往頻繁，港府隨即更史無前例地下令封閉大部分海陸空關口以遏制入境人流，並宣布停學、停工、社交限聚令等非常措施，旅遊、零售、餐飲、酒店、教育、商舖，甚至康體美容等行業，首當其衝陷入困境，在世界停頓下瀕臨百業蕭條，拖累本港失業率由去年次季2.8%的二十年低位，大幅上升至今年首季的4.2%，未來經濟及就業前景不容樂觀。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Chairman’s Statement 主席報告

Hit by the epidemic, the GDP of mainland China for the first quarter of the year dipped by 6.8% as compared with the corresponding period of last year, marking the first negative growth since records began in 1992. Given the uncertain economic outlook, consumer sentiment in China tumbled. On the other hand, the bullish US stock market also drifted with the stream and fell from its highs. In just about a month, all of the accumulated growth of 36% since 2019 in Dow Jones Industrial Average has evaporated. Hong Kong’s stock market sentiment was inevitably affected. According to the statistics of Hong Kong Exchanges and Clearing Limited (“HKEx”), average daily transaction volume for the year was approximately HK$92.24 billion, representing a decrease of approximately 4.1% from approximately HK$96.23 billion for the corresponding period of last year. Due to the lingering unfavourable market sentiment, a total of about 37 securities firms have ceased operation between 1 March 2019 and 1 April 2020. With the uncertain economic outlook, the consolidation of the securities industry is expected to continue. Unlisted securities firms with smaller scale and capital will face difficulties in winning clients’ trust and unavoidably be prone to closure. Only top-notch big firms with superior strength can survive in the fierce competition.

According to statistics, the Group outperformed the market as a whole. Notwithstanding a decrease of 4.1% in the average daily transaction volume of HKEx, not only did the Group maintain positive results, but it also recorded a year-on-year increase of 6.8% in net profit for the year. I am pleased to present the results of Bright Smart Securities & Commodities Group Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended 31 March 2020 (the “Year”) to the shareholders. The Group recorded a total revenue for the Year of HK$864.0 million (2019: HK$830.3 million), representing an increase of 4.1% as compared to that for the year ended 31 March 2019 (the “Prior Year”). In particular, brokerage commission income increased by 4.0% year-on-year to HK$516.2 million (2019: HK$496.3 million), while interest from margin financing increased by 0.3% to HK$302.5 million (2019: HK$301.5 million) as compared with the Prior Year.

受到疫情衝擊，內地今年第一季國內生產總值較去年同期下降6.8%，是一九九二年有紀錄以來，首次出現負值。市道前景不明朗，內地居民消費意欲大減，同時，牛氣衝天的美股亦無一倖免，指數由高位跌落凡間，短短一個多月間，道瓊斯工業平均指數自二零一九年起累積的36%升幅已經全數蒸發，拖累港股交投氣氛自然大受影響。根據香港交易及結算所有限公司（簡稱「交易所」）的統計資料，本年度日均交易額約為922.4億港元，較去年度日均交易額約 962.3億港元，下跌約4.1%。由於市況持續低迷拖累，自二零一九年三月一日至二零二零年四月一日為止，總共錄得約37間證券商停止營運；未來經濟前景未明的情況下，證券業汰弱留強潮相信會仍然持續，規模較小、資本額少而又非上市券商難獲得客戶的信任，倒閉潮將勢所難免，只有實力超卓的龍頭大行才能在淘汰賽中屹立不倒。

由數據反映，本集團業績優於大市，交易所日均交易額下跌4.1%，集團業績非但沒有跟隨大市下跌，本年度純利反而按年上升6.8%。本人欣然向各位股東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」）截至二零二零年三月三十一日止年度（「本年度」）之業績。本集團本年度總收入達864.0百萬港元（二零一九年：830.3百萬港元），較截至二零一九年三月三十一止年度（「上年度」）上升4.1%，當中經紀佣金收入達516.2百萬港元（二零一九年：496.3 百萬港元），按年上升4.0%，孖展借貸利息達 302.5百萬港元（二零一九年：301.5百萬港元），較上年度上升0.3%。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Chairman’s Statement 主席報告

Profit for the Year increased by 6.8% to HK$471.0 million (2019: HK$440.9 million) as compared with the Prior Year. Basic earnings per share were 27.75 HK cents (2019: 25.98 HK cents), representing a year-on-year increase of 6.8%. In celebration of the tenth anniversary of its listing, the Group declared and paid a one-off special dividend of 80.00 HK cents per ordinary share during the year. On the other hand, the worldwide spread of the unforeseen novel coronavirus epidemic during the Year has dragged the global economy to its trough with no recent recovery expected to be seen, and the situation is grimmer than that caused by the SARS outbreak in 2003 and the financial crisis in 2008. As such, the Company timely reviewed its dividend policy without affecting its foreseeable future cash flow, financial condition and sustainable operation, and decided to increase dividends this year to help shareholders resolve their urgent needs. Therefore, the board of directors of the Company (the “Board”) recommended the payment of a final dividend of 28.00 HK cents per share (2019: 7.80 HK cents per share) for the Year. As at 31 March 2020, the total number of the Group’s client accounts reached 337,804, representing an increase of 19.3% over that of 283,181 as at 31 March 2019. Client assets (including cash and stocks) was HK$41.9 billion (31 March 2019: HK$46.1 billion), representing a decrease of 9.1% as compared with the Prior Year.

The outstanding performance of the Group was attributable to the following comparative advantages:

The Group has always had a keen sense of proactive planning and forward thinking. As early as 2015, it set up a backup office to cope with major unexpected crises such as epidemics, natural disasters and accidents. With the unprecedented pandemic outbreak in Hong Kong this year, this backup office is put into good use. This move is unprecedented and unique in Hong Kong’s securities industry. Located in the core area of Kowloon, the backup office has a total area of over 20,000 square feet as well as equipment and facilities equivalent to the head office in Central. As such, the Group can still operate as usual without interruption despite any emergencies. On the other hand, most of the peers can only provide limited services or even go out of business when faced with unexpected incidents.

本年度溢利為471.0百萬港元（二零一九年：440.9 百萬港元），較上年度上升6.8%，而每股基本盈利為27.75港仙（二零一九年：25.98港仙），同比上升6.8%。早前，本集團為慶祝上市踏入十周年，於本年度內宣派及派付一次性特別股息每股普通股80.00港仙。另外，鑑於本年度全球各國受到突如其來的新冠狀病毒持續肆虐的影響，全球經濟陷於前所未見困境，全球經濟估計復原無期，相比二零零三年沙士及二零零八年金融海嘯更見嚴重。有見及此，本公司在沒有影響可見將來的現金流、財政及持續營運下，適時檢討派息政策，決定於本年度增加派息，以助股東解決燃眉之急。因此，本公司董事會（「董事會」）建議就本年度派發末期股息每股28.00 港仙（二零一九年：每股7.80港仙）。本集團於二零二零年三月三十一日之客戶口總數達337,804 個，較二零一九年三月三十一日之客戶戶口總數 283,181個，增幅達19.3%。客戶資產（包括現金及股票）為419億港元（二零一九年月三十一日： 461億港元），較上年度下跌9.1%。

本集團取得驕人業績，全賴具備以下優勢：

本集團一向具備未雨綢繆及居安思危的敏銳觸覺，早於二零一五年已成立後備辦公室，以應付突如其來的大型危機例如疫症、天災人禍等，適逢今年本港爆發前所未見的疫症，該後備辦公室因而發揮到重要的作用。此舉乃開創本港證券業先河，乃全行獨有。後備辦公室設於九龍核心地段，總面積超過二萬平方呎，無論在設備及規格上與中環總辦事處無異，無論面對任何突發情況，本集團仍能全面運作，不會停業。相比其他同業遇到突發事故，只能提供有限度服務，甚至休業。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Chairman’s Statement 主席報告

Two proprietary trading apps, BS Securities (Baobao) and BS Futures (Doudou), have been well received by investors since their eye-catching launch last year. The following statistics show that the unfailing effort paid off:
「耀才證券（寶寶）」和「耀才期貨（豆豆）」兩大交易APP自去年強勢推出後，深受投資者歡迎，從以下數據顯示，本集團的努力終得到回報，詳情如下：
i. The number of transactions conducted via Baobao app during the first quarter of 2020 surged by 91.7% as compared with the prior quarter
i. 二零二零年首季「寶寶」APP的交易宗數較上季度大幅飊升91.7%
ii. The number of accounts opened through Baobao and Doudou apps during the first quarter of 2020 jumped by 64.4% as compared with the prior quarter
ii. 二零二零年首季透過「寶寶」和「豆豆」兩大交易APP之開戶量，較上季度飊升64.4%
iii. The usage volume of active users of Baobao app for the first quarter of 2020 leaped by over 57.8% as compared with the prior quarter
iii. 二零二零年首季「寶寶」APP的活躍用戶用量較上季度激增超過57.8%
iv. The total number of orders for the first quarter of 2020 was nearly 4 million, representing a substantial increase of approximately 47.6% as compared with the prior quarter
iv. 二零二零年首季落盤總量更直逼四百萬次，較上季度大升約47.6%
v. The total number of downloads of Baobao and Doudou apps for the first quarter of 2020 rose by approximately 40.8% as compared with the prior quarter of nearly 300,000
v. 二零二零年首季「寶寶」和「豆豆」兩大交易APP總下載量，較上季度上升約 40.8%，總下載量直逼三十萬次
vi. The total number of active users of the online trading system for the first quarter of 2020 increased by 26.7% as compared with the prior quarter
vi. 二零二零年首季網上交易系統的活躍用戶總量較上季度增加26.7%

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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Chairman’s Statement 主席報告

Staying abreast of market trend, the Group has adopted some market-oriented strategies and put forth some offers such as:
i. Margin lending ratio up to 95% at interest rates as low as 2%
ii. Rewards of 20 shares of Tracker Fund (2800) and 10 shares of HSBC (005) for opening new accounts
iii. 1-month genuine zero commission for trading of Hong Kong stocks and A-shares by new clients
iv. Waiver of platform charge etc

The Group adheres to its proactive operating model by adopting a cautious and prudent strategy involving both offensive and defensive tactics in all market conditions. Apart from the tremendous efforts in optimising and perfecting its online trading platforms, the Group also perpetuated the expansion of its offline network by operating 15 business locations including headquarters and branches. It has also launched a Bright Smart Mobile Teaching Centre that travels around major areas in Hong Kong Island, Kowloon and New Territories. This mobile teaching centre is the first of its kind in Hong Kong and provides services within reach of all clients. Over 90% of the Group’s locations now open seven days a week with the aim of providing clients with the best comprehensive services. However, the Group will not stay put in respect of branch network development. To further refine this branch network and improve its customised service coverage, the Group will consider any site with low rent, prime location and heavy traffic.

In addition, the Group stays abreast of the latest development and offers diversified products to provide clients with comprehensive and professional brokerage services. Its wide range of businesses covers the whole financial market in Hong Kong and includes Hong Kong stocks, US stocks, ShanghaiHong Kong Stock Connect A shares, Shenzhen-Hong Kong Stock Connect A shares, China B shares, Japanese stocks, Taiwanese stocks, Singaporean stocks, UK stocks, Australian stocks, Hong Kong futures, HSI options, Hong Kong stock options, other index futures, interest rate futures, foreign exchange futures, bullion and energy futures, cash crop and staple food futures, bond futures, leveraged foreign exchange products, initial public offering (IPO) shares subscription, and margin financing. With such a comprehensive portfolio, the clients can trade a whole array of financial products around the world with just one account.

本集團因時制宜，推出緊貼市場步伐的營銷策略，優惠包括：
i. 孖展比率高達9成半，利息特平低至 2%
ii. 開戶獲贈20股盈富基金(2800)及10股滙豐 (005)
iii. 新客戶買賣港股及 A 股更可享1個月真正零佣金
iv. 免收平台費，等等

本集團一貫採用積極進取的經營模式，無論市旺市靜均採取「審時度勢、積極進攻」的市場策略。除優化及完善網上交易平台毫不手軟，線下拓展亦保持強勢，現時全線分行及總行共達 15間，加上全港首創的「耀才教學專車」，走遍港九新界主要地區，為客戶提供貼身服務；現時逾九成分行更實施一週七天營業，致力為客戶提供最優質而全面的專業服務。今年繼續進行分行網絡優化，只要具備「租金平、地點好、人流旺」三大因素仍會考慮繼續設立據點，本集團會進一步完善分行佈局以貼身服務廣大客戶。

本集團與時俱進推出多元化產品，為客戶提供全面而專業的經紀服務，業務涵蓋範圍廣泛並染指全港金融市場，包括：港股、美股、滬港通 A股、深港通 A股、中國B股、日股、台股、新加坡股、英股、澳股、港期、恒生指數期權、港股期權、指數期貨、利率期貨、外滙期貨、貴金屬及能源期貨、農產品及食品期貨、債券期貨、槓桿式外滙、新股認購以及孖展融資等，一應俱全，真正能夠做到一個戶口即可買賣全球各地的金融產品。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Chairman’s Statement 主席報告

The Group’s high quality and professional services have been well recognised and praised by the market. During the Year, the Group received various awards including Top 3 Active Exchange Participant in Stock Futures, Top 3 Active Exchange Participant in Stock Options and Top 3 Active Exchange Participant in Weekly Index Options by HKEx, making the Group the biggest winner among its peers in the HKEx Awards. The Group received the Hong Kong Outstanding Enterprise Award for the eighth consecutive year as well as the Extraordinary Enterprise Award from Economic Digest. Furthermore, the Group won the Listed Company Award of Excellence in 2019 from Hong Kong Economic Journal for the third consecutive year. In recognition of its high transaction execution speed and mobile trading apps with high safety and stability level, the Group obtained the award for outstanding securities and futures trading app in the Banking & Finance Awards 2019 granted by Sky Post. In honour of its outstanding results in the development of Baobao and Doudou apps, the Group won the Outstanding Stock and Futures Trading App Development Award in the 19th Capital Outstanding Enterprise Awards granted by CAPITAL. The Group was also granted the Junding Award for comprehensive securities brokers in Hong Kong by two renowned media in China, namely Securities Times and Quanshang CN. This long list of awards received during the Year is a testimony to the Group’s significant position and leading competitiveness in the industry.

本集團憑着最優質專業的服務，屢獲市場的肯定和表揚。本年度獲得多個獎項，包括交易所頒發三項大獎：「三大最活躍股票期貨經紀商」、「三大最活躍股票期權經紀商」及「三大最活躍每周指數期權經紀商」，冠絕同行。本集團連續八年榮獲《經濟一週》頒發「香港傑出企業大獎」及「非凡企業大獎」；並第三年獲得《信報財經新聞》頒發「上市公司卓越大獎2019」。同時，本集團憑着極速的落盤速度及安全穩健的手機交易平台，榮獲《晴報》「Banking & Finance Awards 2019」頒發「傑出證券及期貨交易手機程式」大獎。更獲《資本雜誌》舉辦之「第十九屆資本傑出企業成就獎」頒發「傑出股票及期貨交易App 程式研發」獎，以表彰本集團於寶寶及豆豆 APP 研發上取得的卓越成效。內地知名財經媒體《證券時報》及《券商中國》，頒授「香港全能證券經紀商君鼎獎」殊榮。由上述可見，本集團本年度榮獲多項獎項，碩果纍纍，足證於業界地位舉足輕重，實力傲領同儕。

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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Chairman’s Statement 主席報告

As network and mobile communication technologies become increasingly popular, Internet finance grows rapidly and inevitably gives rise to online transaction security issues. Investors are increasingly aware of risks and attach great importance to online transaction security. The Group understands that online transaction security is the primary concern of the investors, and has therefore always been committed to maintaining a stable and safe transaction environment. To increase the security level of online transactions for the protection of clients’ assets, the Group stays ahead of its peers in terms of network security. Clients are required to enter the “second password” when logging into the Group’s trading system. After completing the transaction, they will receive a text message from the Group. The Group has further enhanced online transaction security by implementing the “twofactor authentication (2FA)” service. Regarding the provision of the safest and most reliable trading platform and therefore gain the trust of its clients, the Group continues to test the security system regularly and invest in the perfection of the security level of online transactions while strengthening the capacity and speed of its trading system.

As for investor education, the Group often organises seminars with renowned exchanges and major financial institutions across the globe to introduce new investment products and the latest market dynamics to investors. The Group partnered with, among others, the HKEx and the Chicago Mercantile Exchange (CME) to hold large seminars to analyse the latest trends in the market and investment techniques. These seminars received overwhelming responses and were all fully booked. The Group also carried on its famed large-scale multi-sector seminars covering stocks, residential properties and shops hosted by heavyweight speakers. At the same time, the Group’s BSTV was the first in the industry to hold investment seminars with global live streaming online. Prominent guests were invited to share their analyses of market trends, investment strategies and insightful professional advice in relation to a wide variety of financial products, and to answer clients’ questions about their investments. To cater to the market needs for information about all kinds of financial products and to provide investors with comprehensive and in-depth financial information, BSTV will diversify its programmes to strategies for investments in index futures, stock options, warrants and ETF products according to market trends.

隨着網絡技術和移動通信技術的普及，互聯網金融迅猛發展，網上交易安全的問題亦隨之而生。投資者對風險的警覺性愈來愈高，並愈來愈重視網上交易的安全。本集團深明網上交易安全是投資者的首要關注，故一直致力確保交易的穩健與安全。為提升網上保安水平以保障客戶資產，本集團在網絡保安方面，一向優於同業，繼客戶登入本集團交易系統時，均需輸入「第二重密碼」，客戶完成交易後並會收到由本集團發出之短訊提示。本集團亦已實施「雙重認證」 (2FA)，進一步保障客戶於網上交易的安全。本集團在不斷強化交易系統容量與速度的同時，會定期作出測試，並持續投放資金以完善網上交易保安水平，務求提供最安全可靠的交易平台，讓廣大客戶安心投資。

至於投資者教育方面，本集團經常聯同全球知名交易所及大型金融機構合辦講座，向投資者介紹全新投資產品及市場最新動向。本集團夥拍交易所、芝加哥商品交易所等，舉辦大型講座，剖析市場最新走勢及投資心法，反應非常踴躍，場場爆滿。本集團亦繼續秉承傳統，舉辦跨業界的股樓舖大型講座，重量級名家薈聚，口碑載道。與此同時，旗下耀才財經台更首創全球網上直播投資講座，邀請重量級嘉賓分析大市走勢，並為客戶部署各類金融產品的投資策略及提供專業而獨到的意見，協助他們解決投資疑難。耀才財經台將推出更多元化的節目，包括因應市況的走向，推出針對指數及股票期權、輪證入市部署及ETF產品的投資節目，以迎合市場對多種金融產品的資訊需求，為投資者提供全面而深入的財經資訊。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Chairman’s Statement 主席報告

The Group upholds the principle of “giving back to where one takes from” and has always been actively undertaking social responsibility while expanding its business. The Group actively participated in various charitable events, such as sponsoring the Junior Squash Championships held by Hong Kong Squash for the third consecutive year to facilitate exchange among young athletes from different countries. Over the years, the Group has been supporting Joyful (Mental Health) Foundation, a charity group, by sponsoring the Joyful Charity Run event for 11 consecutive years to promote mental health. The Group has also been named a Caring Company by the Hong Kong Council of Social Service for 9 consecutive years. In the meantime, the Group received a Platinum Award under the Charter on External Lighting from the Environmental Bureau of Hong Kong for its contribution to environmental protection.

With a view to promoting social care, the Group has been actively supporting charitable events and education by making donations to Hong Kong Baptist University, the Rev. Bro. Paul Sun Education Foundation, Louis Mak Charitable Foundation and other charities for years. To support the underprivileged, Mr. Yip Mow Lum, the Chairman of the Group, proudly donated over HK$1 million and HK$6 million to the Community Chest of Hong Kong and Caritas Hong Kong, respectively, in 2019. In light of the outbreak of the novel coronavirus pneumonia epidemic in 2020, Mr. Yip also supported the frontline medical workers by donating HK$10 million in the name of his personal charity fund to the Hospital Authority of Hong Kong for its use during the fight against the virus. The Group spares no efforts and resources to make contributions to the society and foster reciprocation.

本集團在積極拓展業務的同時，不忘秉承「取於斯用於斯」的精神，主動承擔社會責任，熱心參與各類慈善活動，包括連續三年捐款支持香港壁球總會舉辦香港壁球錦標賽，以促進國際青少年運動交流；本集團亦多年來一直出錢出力支持慈善團體「心晴行動慈善基金」，連續十一年鼎力贊助「心晴慈善跑」活動，致力推動情緒健康，更連續九年獲香港社會服務聯會頒發「商界展關懷」殊榮。與此同時，本集團亦竭誠為環保作出貢獻，獲香港環境局頒發戶外燈光約章「鉑金獎」。

本集團在各方面一直為社會延續關愛力量，大力支持公益及教育事業，過去多年來持續捐出善款支持香港浸會大學「孫保祿修士教育基金」及「麥羅武慈善基金」等；二零一九年集團主席葉茂林先生分別慷慨捐贈逾一百萬港元及六百萬港元鼎力支持香港公益金和香港明愛，為扶助弱勢社群略盡綿力；葉主席更於二零二零年新冠肺炎疫情爆發期間，以個人慈善基金名義捐款一千萬港元予香港醫管局作抗疫用途。本集團不遺餘力出錢出力回饋社稷，盼助宣揚「達則兼濟天下」的精神。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Chairman’s Statement 主席報告

OUTLOOK

展望

Looking forward to the second half of this year, the epidemic will continue to be the crucial factor affecting the world economy. The timing of the completion of a vaccine and cure for the disease will be the key to global economic development. Only after the epidemic is under effective control can the global supply chain be reopened and the real economy be restarted. Although the number of newly confirmed novel coronavirus cases has fallen to single digit and the death rate of the disease is as low as 0.39% in Hong Kong, the city has to remain vigilant as the epidemic is still out of control in Europe, Americas and even nearby Singapore. Nevertheless, it is believed that once the epidemic is fully under control, Hong Kong will return to harmony and rebound faster than its neighbours thanks to the city’s high public consciousness of the epidemic and the high efficiency of its medical profession.

展望下半年，「疫情」將會繼續左右全球經濟的發展，何時成功研製疫苗及找到根治的藥物，會是主宰全球經濟走向的決定性議題。疫情一日未能受控，全球生產鏈不能全面啟動，實體經濟就難言真正復甦，雖然本港近期新冠病毒的確診人數已跌至單位數，死亡率亦低至0.39% 左右，但環顧歐美以至鄰近新加坡疫情仍未真正受控，本港仍不能掉以輕心。但香港人高度自覺抗炎防疫，醫護團隊專業高效，相信疫情一旦受控，社會能做到化戾氣為祥和，齊心合力，香港市道回復正軌的速度會比鄰近地區為快。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Chairman’s Statement 主席報告

In the first quarter of this year, mainland China unusually recorded a negative GDP growth of 6.8%. As the development of the epidemic remains unpredictable, it is still too early to say whether positive growth can be achieved in 2020. Notwithstanding the severe blow to the real economy and most industries, the online trading segment outshone the market. According to the latest report issued by China Internet Network Information Center, as at March this year, a whopping 64.5% of the Chinese population, that is 904 million Chinese, has been using the internet; online sales of China’s retail sector amounted to RMB10.63 trillion and accounted for 20.7% of the total retail sales of consumer goods; and the Chinese digital consumer market ranked first across the globe for 7 consecutive years with a year-on-year growth of 16.5%. Being one of the first movers in the industry, the Group has developed its own online trading platforms, which, together with the newly launched BS Securities (Baobao) and BS Futures (Doudou) apps, were well received by users in China and Hong Kong. They accounted for up to 95% of the Group’s online transactions. The number of new accounts opened through both aforementioned apps also accounted for nearly 70% of the Group’s total. Furthermore, the Group has always had a keen sense of proactive planning and forward thinking. As early as 2015, it set up a backup office with a total area of more than 20,000 square feet in a core area of Kowloon. This move is unique in the industry. As such, the Group can still operate as usual and maintain quality services in general without interruption despite the spread of the epidemic this year.

今年首季內地 GDP 罕有地錄得負增長6.8%，鑑於疫情發展的不可預知性，二零二零年全年能否實現增長仍言之尚早。實體經濟元氣大傷，百業待興之際，網上交易市場表現卻一枝獨秀，中國互聯網絡信息中心最新報告顯示，截至今年三月，內地網民規模達9.04億，互聯網普及率達64.5%，去年全國網上零售額達10.63萬億元人民幣，佔社會消費品零售總額比重20.7%。按年增長16.5%，連續七年佔領全球數碼消費市場之首。本集團早着先機，領先全行開發網上交易平台，加上耀才證券寶寶及耀才期貨豆豆 APP 推出後，備受中港用家歡迎，帶動網上交易高達九成半及透過上述兩個 APP 開戶佔比，亦近七成。再者，本集團一向也有居安思危的意識，早在二零一五年已於九龍核心地段設立逾二萬平方呎後備辦公室，為行業獨有；因此即使今年在疫情肆虐期間，業務仍運作有序及保持高水平的服務質素，總括而言，絲毫不受影響。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Chairman’s Statement 主席報告

Notwithstanding the rapid spread of the epidemic, the Hong Kong stock market held on to the fourth runner-up position across the globe in the first quarter in terms of year-todate proceeds from 35 new listings on the Main Board of approximately HK$14.1 billion, which represented a year-on-year decrease of 32%. Rumour has it that several US-listed Chinarelated stocks, including JD.com, Baidu, NetEase and Ctrip, intend to follow Alibaba (9988) and conduct secondary listing in Hong Kong. The total market capitalisation of these 21 Chinarelated stocks is nearly HK$3 trillion. If a majority of them do list in Hong Kong, they will become the key engines to boost the total capitalisation and stimulate the transaction volume of the Hong Kong stock market. Celebrating 5 years of connection between the Chinese and Hong Kong stock markets, HKEx further enhances the Stock Connect with the introduction of Special Segregated Account (SPSA) for institutional investors, the abolishment of the aggregate quota, an increase in daily quota, the addition of Real-time Delivery versus Payment for settling Northbound transactions and the launch of the investor identification model for Northbound trading. In October last year, Hong Kong-listed companies with weighted voting rights were successfully included in Southbound trading. In addition, a new Master SPSA Service was launched as the latest enhancement to Northbound trading in Stock Connect. In spite of the epidemic, A-shares in mainland China outperformed other overseas stock markets, thereby stabilising Hong Kong’s stock market sentiment. It is believed that as the development of the epidemic is expected to change for the better in the third quarter, IPOs and the secondary listings of China-related stocks in Hong Kong will be accelerated and foreign investment will return to Hong Kong. A blooming stock market will boost every industry and business, and the market will certainly bounce back.

With 25 years of operating history in Hong Kong, the Group is celebrating its silver jubilee and the 10th anniversary of its listing on the Main Board of HKEx. With a sound financial foundation and competitive edge, the Group will carry on its proactive business model in order to take on new challenges. To strengthen its competitiveness and seize market share, the Group will maintain its prudent, flexible and innovative operating approach in seeking breakthrough on its existing businesses while actively exploring new markets and new financial products.

今年至今，本港股市在疫情壓境的情況，首季新股集資額的全球排名仍力守第五位，錄得35 宗新股於主板上市，集資額約141億港元，按年回調32%。未來預計在美國上市的中概股，包括市傳的京東、百度、網易及攜程均有意效法阿里巴巴(9988)來港作第二上市。該批二十一隻中概股總市值近3萬億港元，倘大多數來港勢將壯大港股市值，成為激活港股的重要動能。交易所在中港互聯互通迎來五周年之際，不斷完善互聯互通機制，先後推出針對機構投資者的特別獨立戶口，取消了總額度限制並提升每日額度，對北向通提供即時貨銀對付結算服務，推出了北向通投資者識別碼。去年十月份，在港上市的不同投票權架構公司股票也成功納入港股通交易，又推出滬深港通北向交易優化措施— SPSA集中管理服務等。今年內地 A 股在疫情衝擊下，表現仍然相對其他國家較為穩定，有助鞏固港股軍心。相信第三季疫情料可撥雲見日，屆時有望帶動新股上市潮及中概股回歸潮，吸引外資重回香港，股市興旺必有利催旺各行各業，令市面回復昔日生氣。

本集團扎根香港廿五載，昂然踏入銀禧之年，並於交易所主板上市已十週年，擁有優厚的經營資本及競爭力，將繼續採取積極進攻的營運模式，並做好充份準備以迎接新挑戰。本集團將一如既往以穩健、靈活、敢於創新的營運手法，在原有的業務基礎上尋求新突破，積極開拓新市場及發掘全新金融產品，進一步提升競爭力及增加市場佔有率。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Chairman’s Statement 主席報告

In addition to the unceasing support and trust of all its clients, Bright Smart’s continuous success is also attributable to the concerted and determined effort of the entire staff to provide quality and sincere services with good value for money to the clients. I would like to thank the directors, the management team and all staff members for their efforts and contributions in achieving the remarkable performance during the Year. The Group is proud to share its success with the staff by offering large bonuses to them. In particular, staff members with the best performances during the Year received generous bonuses that beat their peers. The Group wished to leverage on such rewards to motivate the whole staff to join hands and take the Group to new heights in the future.

At the beginning of the Year, I laid down clear target earnings for the Group and guided the team towards the goal. Thanks to the close collaboration and endeavour of all staff, the Group has achieved its outstanding objectives. Looking forward to the next year, it has already formulated comprehensive business development strategies and set a clear target. It is hoped that the entire staff will develop their potential, excel themselves and go beyond their limits again and again so as to strive for further success. Being guided by the principles of integrity, sincerity, equity and conscience, I will also lead Bright Smart to work its way through obstacles, continue to fulfil its duties and do its best to provide clients with the best services in recognition of their continual trust and support while striving for optimal returns for the investors.

Yip Mow Lum Chairman Hong Kong 29 June 2020

本集團屢創佳績，除全賴客戶的一直支持和信任外，更有賴耀才證券全體員工團結一致，全情投入工作，以真誠的心對待客戶，提供「平靚正」的高質素服務。本人衷心感謝各位董事、管理團隊以及全體員工在過去一年付出的努力與貢獻，成就驕人的成績。本集團亦樂意與員工分享成果，派發豐厚花紅予全體員工，去年卓越表現的員工們更享優於大市的優厚花紅，希望藉此激勵員工上下齊心繼續努力，屢創新高峰。

本年度開首，本人就集團盈利訂下清晰目標，並帶領團隊朝着目標進發。憑藉全體成員上下一心，眾志成城，奮力向目標邁進，並締造出理想的業績。本集團已為下一年度擬定了全盤的業務發展策略，並繼續為來年訂下明確的目標，冀望全體員工發揮潛能，超越自我，不斷突破極限，成就未來。本人亦將繼續以「心正、意誠、公平、良知」的經營理念，帶領耀才證券乘風破浪，勇往直前，一如以往做好本份，竭盡所能為客戶提供最優質的服務，以答謝廣大客戶一直以來的信賴與支持，並全力以赴為投資者爭取最理想的回報。

主席 葉茂林 香港二零二零年六月二十九日

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

MARKET REVIEW

For the year under review, stock markets across the world had their ups and downs. Firstly, the market was dented by the resurrection of the US-China trade war as well as the grim global economic prospect. Afterwards, the stock market of Hong Kong was hard hit by continuous political and economic turmoil, which began in June 2019. Later on, at the start of 2020, the petrifying novel coronavirus swiftly spread from the mainland to the whole world within months. The epidemic, still being out of control, disrupted global production and supply chains, exposed the economic weaknesses of many countries and further crushed stock markets around the globe. The eruption of these “black swans” dragged global stock markets down and investors are increasingly pessimistic and cautious about the market. According to the statistics of Hong Kong Exchanges and Clearing Limited, average daily transaction volume for the Year was approximately HK$92.24 billion, representing a decrease of approximately 4.1% from that of approximately HK$96.23 billion for the Prior Year. Nevertheless, with total proceeds of HK$314 billion from initial public offerings (IPO) for 2019, Hong Kong ranked first amongst major stock exchanges across the world in terms of IPO fundraising proceeds for the fourth time in the last 5 years.

During the Year, HSI came in like a lion and went out like a lamb. Since May 2019, HSI started to retreat and plummeted by 9,141 points from its high of 30,280 points to its low of 21,139 points during the Year due to the resurrection of the US-China trade war coupled with the social movements in Hong Kong and the outbreak of COVID-19. Above and beyond the financial market, these uncertainties also had lasting impact on the Hong Kong economy. In particular, a number of sectors, such as the retail, physical store shopping, export, airline and travel industries, were the first to bear the brunt. Given weak internal and external demand as well as deteriorating business environment of the city, Hong Kong’s real gross domestic product (GDP) decreased by 1.2% in 2019 as compared with that for 2018, marking the first negative annual growth in Hong Kong’s economy since 2009. What is more, Hong Kong’s GDP recorded a year-on-year decline of 8.9% in the first quarter this year. On the other hand, the seasonally adjusted unemployment rates in Hong Kong started to climb rapidly by 1.4 percentage points from 2.8% for the first quarter last year to 4.2% for the corresponding period of this year. All these data demonstrated that Hong Kong’s economy shrank faster over the year and its future is alarming.

市場回顧

回顧本年度，環球股市經歷多番波折，先有中美貿易戰重啟和環球經濟前景面臨下行壓力的消息甚囂塵上，令大市蒙上陰霾；而本港政經局勢自二零一九年六月起一直未見穩定，港股形勢急轉直下；再加上踏入二零二零年初，新型冠狀病毒來勢洶洶，於數月內從內地急速蔓延至全球，疫情至今仍未受控，造成全球生產及供應鏈斷裂，各國經濟弊端盡現，更是令環球股市雪上加霜。多隻黑天鵝的出現令全球股市氣氛陷入一片低迷，投資者入市態度變得審慎悲觀。根據香港交易及結算所有限公司的統計資料，本年度每日平均交易額約為922.4億港元，較上年度約962.3億港元，下跌約4.1%。然而值得慶幸的是，二零一九年本港首次公開招股(IPO)集資額直逼3,140億港元，是香港近五年來第四次位居全球主要交易所 IPO 募資額排名榜首。

本年度恒指呈現先高後低的格局。自二零一九年五月，中美貿易戰火重燃後，港股從盤中高位30,280點開始拾級而下，再加上本港社會運動和新冠肺炎的迎面夾擊，更令大市表現受到重挫，跌至本年度的盤中低位21,139點，波幅達 9,141點。在金融市場經歷考驗的同時，上述不穩定因素亦持續打擊本港經濟氣氛，其中零售、商舖、出口、航空、旅遊等多個行業更是首當其衝。由於內部和對外需求均表現疲弱，再加上香港營商環境越見艱難，二零一九年香港本地生產總值(GDP)較二零一八年實質下跌1.2%，亦是香港經濟自二零零九年以來首次出現年度負增長；更令人擔憂的是，香港今年首季 GDP按年倒退8.9%。另一方面，香港的失業率亦有急升的現象，今年首季經季節性調整的失業率為 4.2%，較去年同期經季節性調整的失業率2.8% 上揚1.4個百分點，多項數據均顯示過去一年香港經濟衰退的步伐加快，前景令人堪憂。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

The securities industry unavoidably faced a challenging business environment due to deteriorating market sentiment caused by the host of “black swans”, the transformation of the industry by the emergence of financial technologies, as well as the tightening policies implemented by Hong Kong’s regulators. Given the declining operating environment, 37 securities firms have ceased operation between 1 March last year and 1 April this year. Only large and established firms with superior competitiveness can survive in the fierce consolidation of the securities industry.

After plunging into a technical decline in 2019, the Hong Kong economy has not only remained depressed, but also slid further in tandem with the world economy and overseas financial markets, which were impacted by the global COVID-19 pandemic. As the epidemic is still out of control, investors are losing confidence, thus inducing turbulences in financial and capital markets. In particular, Dow Jones Industrial Average tumbled by 38.4% in just one and a half months from its peak of 29,568 points to the yearly low of 18,213 points. Its circuit breaker was triggered four times within less than 2 weeks between 9 and 18 March. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX), often referred to as the fear index, shot up to 85.47 points, demonstrating widespread uncertainty and pessimistic market sentiment. In contrast, the A-share market adjusted by 15.4% from its high of 3,127 points in January to a low of 2,646 points in March, exhibiting relatively lower volatility as compared with other markets around the world in spite of the epidemic.

隨着多隻黑天鵝打擊投資者信心、金融科技的興起顛覆傳統證券業生態，加上本港監管機構逐步收緊政策等，證券業營商環境亦無可避免地面臨重大挑戰。自去年三月一日至今年四月一日為止，已經迎來37間證券商停止營運，證券業生存空間一再受壓，唯有競爭力最強的實力大行方能於汰弱留強潮中屹立不倒。

二零一九年本港經濟步入技術性衰退，惟今年經濟不僅未見改善，更因新冠肺炎的全球性大爆發而令本港以至環球經濟加劇下滑，更對環球金融市場造成衝擊。疫情久未受控，投資者信心受挫，從而引發金融和資本市場動盪，其中美股在一個半月內從高位29,568點暴瀉38.4% 至年內低位18,213點，更在不足兩周內（三月九日至十八日）四度觸發熔斷機制，而俗稱VIX 恐慌指數（芝加哥選擇權交易所波動率指數， CBOE Volatility Index）更曾高見85.47，可見市場瀰漫一片不安及悲觀情緒。相反，在疫情肆虐下，A 股市場的波動性反而較環球市場低，從一月高位 3,127點調整15.4%至三月低位2,646點。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

To control the epidemic, many countries has shut their borders, strictly enforced social distancing and implemented other measures that have disrupted the movement of people and goods and therefore innumerable business activities as well as the economy as a whole. In particular, the GDP of mainland China for the first quarter this year dipped exceptionally by 6.8%; the initial value of Eurozone’s Purchasing Managers’ Index (PMI) dropped unprecedentedly to 13.5 in April 2020; approximately 26.5 million people in the US lost their jobs between mid-March and 18 April this year, offsetting all new jobs created since the financial crisis in 2008; and US GDP for the first quarter shrank by 4.8%. All these data point to the severe blow of the epidemic to business activities. The resultant drastic decline in consumption and production demand, the stoppage of business and production activities, the rupture of capital chain, and the subsequent bankruptcy crisis will have a grave impact on the global economy.

The chain effect of COVID-19 must not be underestimated. Many governments and central banks have already undertaken bailouts with a series of monetary and fiscal policies, such as interest rate cut, tax reduction, subsidies and refinancing in order to stimulate their economies and boost liquidity. For instance, the US Congress passed a US$4 trillion bailout in March this year while the Federal Reserve lowered its interest rate to nearly zero and launched unlimited quantitative easing in an emergency with the aim of stabilising the financial market.

各國為控制疫情傳播，實施封關、嚴格限制社交距離等措施，無數商業活動因人流和物流所限而受到干擾，多國經濟陷入停頓。其中今年首季內地 GDP 罕有地錄得負增長6.8%；歐元區二零二零年四月之採購經理人指數(PMI) 數據顯示，初值跌至13.5的驚人低位，可謂史無前例；加上美國從今年三月中旬到四月十八日錄得約 2,650萬人失業，是完全抵銷自二零零八年金融危機後，美國新增的所有就業機會；其首季GDP 亦萎縮4.8%，可見疫情對於商業活動的打擊重大。在消費及生產需求大幅萎縮下，企業和工廠停工引發生產及資金斷鏈潮，隨之而來或面臨破產危機，對全球經濟影響深遠。

新冠肺炎所帶來的連鎖效應不容小覷，多國政府及央行早已紛紛出手救市，透過一連串貨幣及財政政策，包括降息、減稅、補貼、再融資等，以提振經濟及增加流動性。例如今年三月美國國會已推出規模達四萬億美元的救市計劃，而聯儲局不僅緊急將利率調低至接近零水平，更啟動無限量寬政策，以支持金融市場正常運轉。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

As for the IPO market, despite the impact of the epidemic since the start of this year, the number of IPOs in Hong Kong increased in the first quarter as market sentiment was boosted by the encouraging negotiation progress of the “phase one” trade deal between the US and China while the preparation work of several projects had been completed by the end of last year. Nonetheless, the lack of sizeable IPO projects has cut the amount of proceeds to HK$14.1 billion, representing a significant drop of about one-third as compared to that for the corresponding period of last year. As such, Hong Kong only held on to the fourth runner-up position across the globe in terms of IPO proceeds for the first quarter. In comparison, the IPO market in the mainland grew by 209% in the first quarter as compared with the corresponding period of last year to RMB78.6 billion and ranked first in the world in terms of IPO proceeds, thanks to the support of mega listing projects and the introduction of SSE STAR Market.

The stoppage of people and goods movement during the epidemic has disrupted the approval of listing projects and delayed the listing of several applicants. However, as the epidemic in Hong Kong and the mainland is gradually coming under control and businesses are progressively resuming production and operation, the IPO market in Hong Kong may be able to recover lost ground in the second half of this year. HKEx is also striving to improve its competitiveness and market standard by amending the Listing Rules in respect of back door listings and the activities of shell companies’ stocks. It is also studying how to refine its IPO mechanism, such as simplifying IPO procedures and shortening the settlement time of IPO. Early this year, HKEx began consultation on the proposed expansion of the weighted voting right (WVR) regime subsequent to the introduction thereof and the secondary listing of Alibaba (9988) in Hong Kong last year with the aim of attracting more companies with WVR from different sectors to the capital market in Hong Kong. It is hoped that the proposed expansion will attract sizeable China-related stocks to the Hong Kong capital market, thereby giving new impetus to the local IPO market.

新股市場方面，儘管香港自今年初以來已受疫情肆虐所影響，但由於第一階段的中美貿易談判取得正面進展，利好市場氣氛，加上部份籌備上市工作或早於去年底前完成，本港首季的首次公開招股宗數反而有所上升，惟缺乏具一定規模的新股上市項目，集資金額與去年同期相比卻大幅下降約三分之一，僅錄得141億港元，本港於首季新股集資額的全球排名只能力保第五位不失。相反，由於內地新股市場獲得規模較大的上市項目支撐，以及去年增設科創板，內地新股募集的資金達786億元人民幣，規模較去年同期增長達到了209%，更成今年首季全球集資額之冠。

雖然疫情期間受人流和物流所限，阻礙了上市審核工作，令部份申請上市的企業須推遲上市計劃，但隨着本港及內地疫情逐步受控，企業陸續恢復生產經營，本港新股市場有望於下半年收復失地。再加上香港交易所致力提高自身競爭力，不但修改《上市規則》中有關借殼上市及殼股活動的規定，以提升市場質素；亦研究進一步優化首次公開招股制度安排，包括簡化首次公開招股程序、縮短首次公開招股結算周期等；更在去年推行「同股不同權」制度後，今年初再進行諮詢，建議擴大現行制度，以此吸引更多種類的同股不同權公司加入香港資本市場，尤其在去年阿里巴巴 (9988) 來港作第二上市，期望此舉能迎來一眾重磅中概股強勢進軍港股市場，為本港新股市場注入新動力。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

Meanwhile, the mainland economy faces downward pressure brought by the US-China trade war and COVID-19. To help private enterprises overcome their operating and financing difficulties and to boost market sentiment, the mainland government has rolled out a series of bailout measures such as lowering the reserve requirement ratio multiple times to increase liquidity, cutting taxes and surcharges in an amount of RMB2 trillion, and stimulating nighttime economy in order to boost domestic consumption. It is also reforming and opening up the capital market further with a number of measures such as luring the listing of high-tech and emerging enterprises by the introduction of the SSE STAR Market, lowering market barriers, lifting shareholding restrictions and facilitating investment. In particular, the mainland will formally abolish the shareholding restrictions on foreign investors in Chinese financial institutions such as futures and securities firms as well as mutual funds this year. It is believed that this move will bring mutual benefits by increasing the globalisation and diversification levels of the mainland capital market while providing Hong Kong and foreign investors with a golden opportunity to expand into the mainland market.

The spread of the epidemic has caused unrecoverable losses to the world and come as a devastating blow to the real economy spanning from the retail, food and beverage, hospitality and travel, transportation, cultural and entertainment to manufacturing, real estate and construction industries. However, an optimist sees opportunity in every difficulty. The epidemic is stimulating the internet, knowledge-based and digital industries, and triggers the growth of the stay-at-home economy by boosting electronic transactions. Online businesses are boosting their online sales aggressively to grasp opportunities during the epidemic. According to the statistics of the National Bureau of Statistics of China, retail e-commerce sales of goods in China for the first quarter this year recorded a year-on-year growth of 5.9%, representing a rise of 5.4 percentage points as compared with the corresponding period of last year. Total mobile internet usage in China for the first quarter this year also grew by almost 40% year-on-year to 35.7 billion GB.

而內地經濟在中美貿易戰及新冠肺炎的陰霾下面臨倒退壓力，為解決民企營運和融資困難問題及提振股市信心，內地政府屢次「出招」救市，包括多番放寬銀根降準放水、力推規模達2萬億元人民幣的減稅降費政策、積極發展夜間經濟刺激內需等，更多管齊下進一步改革開放資本市場，包括透過上海證券交易所增設科創板，以吸引高端技術和新興企業上市；同時擴大市場准入、放寬持股限制和促進投資便利三大範疇，而內地今年將正式陸續廢除外資持有中國期貨、證券，以及互惠基金的金融機構股權限制，相信有助內地資本市場變得更國際化及多元化，亦為港資及外資企業提供一個開拓內地市場的良機，讓各方互利共贏。

雖然疫情肆虐為全球帶來不可逆轉的損失，從零售餐飲、住宿旅遊、交通運輸、文化娛樂，到製造業、房地產、施工建築等，實體經濟遭受致命打擊，但正所謂「有危便有機」，疫情催化了網絡經濟、知識經濟及數字經濟的崛起，更喚醒「宅經濟」的發展潛力，帶動電子交易的盛行。線上企業為應對疫情挑戰，紛紛積極開拓線上銷售業務，據國家統計局數據顯示，今年首季全國實物商品網上零售額同比增長5.9%，比上年同期提高5.4個百分點；而今年首季全國移動互聯網接入流量合計357億 GB，按年升近四成。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

In Hong Kong, online transaction channels are also being used by more and more people. According to the information of the Hong Kong Monetary Authority, the usage of the Faster Payment System (FPS) is surging at an average rate of 100,000 additional transactions each day during the first quarter this year. The Group also noticed an increasing usage of its digital channels by its clients to conduct remittance and securities trading and to set up accounts online as compared with the last quarter. In particular, the number of transactions conducted via the BS Securities (Baobao) application (app(s)) during the first quarter this year jumped by over 90% as compared with the last quarter. The number of new accounts opened via both BS Securities (Baobao) and BS Futures (Doudou) online trading apps rose by 64.4% as compared with the last period while the total number of orders made amounted to nearly 4 million, representing an upsurge of almost 50% as compared with the last quarter. Being streets ahead of its peers, the Group noted the rapid development of financial technologies and invested heavily on its online business at a very early time. As such, it has successfully seized the opportunities during the epidemic by maintaining steady operation, attaining business growth and delivering outstanding results against market contraction.

OPERATIONAL RESULTS

For the Year, the Group recorded revenue of HK$864.0 million (2019: HK$830.3 million), representing an increase of 4.1% as compared to that for the Prior Year. Profit for the Year was HK$471.0 million (2019: HK$440.9 million), representing an increase of 6.8% as compared to that for the Prior Year. Total comprehensive income attributable to equity shareholders amounted to HK$471.2 million (2019: HK$441.1 million), representing an increase of 6.8% as compared to that for the Prior Year. Basic and diluted earnings per share were 27.75 HK cents (2019: 25.98 HK cents). In celebration of the tenth anniversary of its listing, the Group distributed a one-time special dividend of 80.00 HK cents per ordinary share. The worldwide spread of the unforeseen novel coronavirus epidemic during the Year has dragged the global economy to its trough with no recent recovery expected to be seen, and the situation is grimmer than that caused by the SARS outbreak in 2003 and the financial crisis in 2008. As such, the Company timely reviewed its dividend policy without affecting its foreseeable future cash flow, financial condition and sustainable operation, and decided to increase dividends this year to help shareholders resolve their urgent needs. Therefore, the Board recommended the payment of a final dividend of 28.00 HK cents (2019: 7.80 HK cents) per share for the Year.

至於香港方面，市民亦更善用電子渠道進行交易，據金融管理局資料顯示，「轉數快」的使用量大幅飆升，今年首季平均每日增加10萬宗交易；而本集團亦留意到客戶利用電子渠道有上升趨勢，包括進行轉賬、股票交易、手機開戶等服務都較上季度有所增加，其中今年首季「耀才寶寶」手機應用程式 (APP) 的交易宗數較上季度大幅飆升逾九成、透過「耀才寶寶」和「耀才豆豆」兩大交易APP之開戶量環比急升64.4%，而且落盤總量更直逼四百萬次，較上季度大升近五成。正因本集團洞悉先機，觀察到金融科技發展越趨白熱化，因而積極推動線上投資，成功緊握商機，令本集團於疫情期間仍運作有序，業績不跌反增，逆市表現亮麗。

經營業績

本年度，本集團收入錄得864.0百萬港元（二零一九年：830.3百萬港元），較上年度上升4.1%；本年度溢利為471.0百萬港元（二零一九年：440.9 百萬港元），較上年度上升6.8%；權益股東應佔全面收益總額為471.2百萬港元（二零一九年： 441.1百萬港元），較上年度上升6.8%；每股基本盈利及每股攤薄盈利為27.75港仙（二零一九年： 25.98港仙）。本集團為慶祝「上市十週年」，派發一次性特別股息每股普通股80.00港仙。鑑於本年度全球各國受到突如其來的新冠狀病毒持續肆虐的影響，全球經濟陷於前所未見困境，全球經濟估計復原無期。相比二零零三年沙士及二零零八年金融海嘯更見嚴重。有見及此，本公司在沒有影響可見將來的現金流、財政及持續營運下，適時檢討派息政策，決定於本年度增加派息，以助股東解決燃眉之急。因此，董事會建議就本年度派發末期股息每股28.00港仙（二零一九年：7.80港仙）。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

Notwithstanding a decrease in the annual transaction volume of HKEx, the Group recorded a growth in revenue for the Year. According to the statistics of Hong Kong Exchanges and Clearing Limited, average daily transaction volume of the Stock Exchange for the Year was approximately HK$92.24 billion, representing a decrease of 4.1% from that of approximately HK$96.23 billion for the Prior Year. In view of the market conditions, the Group adjusted its marketing and operating strategies in a timely and appropriate manner. In addition, BS Securities (Baobao) and BS Futures (Doudou), being one-stop mobile trading apps developed by the Group in the Prior Year with substantial investments, successfully drew nearly 300,000 downloads by mainland and Hong Kong investors. They raised the proportion of mainland clients in the Group’s clientele, thus marking a significant step in its expansion in the mainland market. The Group will continue to improve its trading platforms and services while upgrading its network security infrastructure in order to strengthen the protection of its clients’ interests, be well-prepared for market fluctuations, overcome challenges and seize opportunities.

雖然本年度大市成交下滑，但本集團在過去一年收益卻有所上升。根據香港交易及結算所有限公司的統計資料，於本年度聯交所每日平均交易額約為922.4億港元，較上年度約962.3億港元，下挫4.1%。本集團根據市況變化而在市場及營運策略上及時作出調整，進退有度；加上上年度本集團豪斥巨資研發的一站式手機交易平台系統—「耀才證券（寶寶）」及「耀才期貨（豆豆）」 APP取得卓著成效，成功吸引近30萬的中港投資者下載使用，提高了內地客戶的比例，是本集團踏足內地市場的重要一步。本集團將繼續致力優化交易平台及服務質素，並提升網絡保安設備，進一步保障客戶利益，隨時為起伏不定的市場作好準備，迎接挑戰，抓緊機遇。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

TOTAL NUMBER OF CLIENT ACCOUNTS AND ASSETS

客戶戶口總數及資產

Given the downward pressure faced by the world economy during the COVID-19 epidemic as well as the impact of social movements, the US-China trade war and other uncertainties on Hong Kong, productivity, consumption power and enthusiasm for investment of the public have been waning, which put a great deal of stress on the market. Nevertheless, having gone through thick and thin all these years, the Group has maintained its strategy of active expansion regardless of bull or bear markets and endeavoured to deliver more comprehensive, quality and professional services to the clients. The Group had various branches covering all of the core districts in Hong Kong and most of them open seven days a week, which is a breakthrough in the industry. Moreover, adhering to the customer-oriented principle as always, the Group is the first mover in the securities industry by launching a Bright Smart Mobile Teaching Centre that travels around Hong Kong Island, Kowloon and New Territories. This centre improved customer service quality and offered convenience to all customers. The Group’s proactive expansion successfully led to a steady growth in the total number of client accounts. During the Year, the number of new accounts (after deducting the number of client accounts closed) reached 54,623. As a result, the total number of client accounts increased to 337,804, representing an increase of 19.3% as compared to 283,181 as at 31 March 2019. As at 31 March 2020, client assets (including cash, stocks and margin deposits) under management decreased by 9.1% to approximately HK$41.9 billion (31 March 2019: approximately HK$46.1 billion).

在新冠肺炎的打擊下，全球經濟面臨下行風險，加上香港亦受到社會運動及中美貿易戰等不穩定因素的困擾，民眾的生產力、消費力及投資意欲漸顯疲態，令大市逐步受壓。然而，本集團多年來秉承精進不休的態度，無論市況順逆均投放大量資源，竭誠為客戶提供更全面、更優質和更專業的服務。本集團分行網絡覆蓋香港核心區域，當中大部份更實施七天營業，打破業界傳統。此外，本集團貫徹一向以客戶為先的精神，推出開創證券界先河的「耀才教學專車」，走遍港九新界，致力提升客戶服務質素，為客戶帶來便利。本集團積極進取的拓展步伐，成功令客戶戶口總數保持穩健增長，本年度內新開立戶口達54,623個（已扣減結束賬戶之客戶），令客戶戶口總數增加至337,804個，相較於二零一九年三月三十一日的283,181個，增幅達19.3%。於二零二零年三月三十一日，管理客戶資產（包括現金、股票及保證金）約419億港元（二零一九年三月三十一日：約461億港元），下跌9.1%。

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Number of Client Accounts
客戶戶口總數
360,000
340,000 337,804
320,000 +19.3%
300,000
283,181
280,000
260,000
240,000
220,000
200,000
2019 2020
二零一九年二零二零年
As at 31 March
於三月三十一日
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Client Assets
HK$Billion十億港元客戶資產
60
55
-9.1%
50
46.1
45 41.9
40
35
30
25
20
15
10
5
0
2019 2020
二零一九年二零二零年
As at 31 March
於三月三十一日
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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

REVENUE

收入

During the Year, the Group recorded revenue of HK$864.0 million (2019: HK$830.3 million), representing an increase of 4.1% as compared to that for the Prior Year. A summary of revenue from the business segments of the Group is set out below:

本年度，本集團收入錄得864.0百萬港元（二零一九年：830.3百萬港元），較上年度上升4.1%。本集團各業務分部之收益概要載列如下：

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Year ended 31 March
截至三月三十一日止年度
2020 2019
二零二零年二零一九年
Proportion Proportion
of total of total Increment/
revenue revenue (decrement)
佔總收入佔總收入增加╱
之比例之比例（減少）
HK$‘000 % HK$‘000 % %
千港元千港元
Revenue from: 來自以下各項之收入：
— Securities brokerage — 證券經紀 258,292 29.9% 262,004 31.5% (1.4%)
— Hong Kong futures and — 香港期貨及期權經紀
options brokerage 128,358 14.9% 125,158 15.1% 2.6%
— Global futures brokerage — 環球期貨經紀 101,424 11.7% 86,240 10.4% 17.6%
— Bullion trading — 貴金屬交易 10,423 1.2% 10,489 1.3% (0.6%)
— Leveraged foreign — 槓桿式外滙交易
exchange trading 1,385 0.2% 655 0.1% 111.5%
— Stock option brokerage — 股票期權經紀 12,445 1.4% 12,520 1.5% (0.6%)
— IPO brokerage — 首次公開發售經紀 15,730 1.8% 10,366 1.2% 51.7%
Interest income from IPO 首次公開發售融資
financing 利息收入 33,474 3.9% 21,411 2.6% 56.3%
Interest income from margin 孖展融資利息收入
financing 302,486 35.0% 301,462 36.3% 0.3%
864,017 100.0% 830,305 100.0% 4.1%
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Revenue from Main Businesses
HK$’000千港元主要業務收入
350,000 +0.3%
300,000 -1.4% 301,462 302,486
262,004 258,292
250,000
200,000
+2.6%
150,000 125,158 128,358 +17.6%
101,424
100,000 86,240
50,000
0
Securities Hong Kong futures Global futures Interest income from
brokerage and options brokerage brokerage margin financing
證券經紀香港期貨及期權經紀環球期貨經紀孖展融資利息收入
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

I. Securities brokerage

I. 證券經紀

HKEx recorded a total transaction volume for the Year of HK$22,875.3 billion (2019: HK$23,576.2 billion), representing a year-on-year decrease of 3.0%. The decrease in HKEx’s transaction volume affected the performance of the Group’s securities brokerage business. Commission income from the Group’s securities brokerage business amounted to HK$258.3 million (2019: HK$262.0 million) and accounted for 29.9% (2019: 31.5%) of the total revenue, a drop of 1.4% as compared with the Prior Year.

港交所於本年度之總成交金額錄得228,753 億港元，同比下跌3.0%（二零一九年： 235,762億港元）。港股成交金額下滑，拖累本集團證券經紀業務的表現。本集團證券經紀佣金收入錄得258.3百萬港元（二零一九年：262.0百萬港元），佔總收入 29.9%（二零一九年：31.5%），較上年度下跌1.4%。

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Commission Income from Securities
HK$Million百萬港元 Brokerage of the Group
本集團證券經紀佣金收入
300
262.0 258.3
250
-1.4%
200
150
100
50
0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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Transaction Amount of the
HK$Billion十億港元 Hong Kong Stock Market
香港股票市場成交金額
30,000
25,000 23,576.17 22,875.35
-3.0%
20,000
15,000
10,000
5,000
0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

II. Hong Kong futures and options brokerage

II. 香港期貨及期權經紀

In view of the fluctuations in the market, clients of the Group used futures increasingly as hedging instruments. Although the number of derivative contracts traded on Hong Kong Futures Exchange Limited (the “HKFE”) for the Year decreased by 3.3% to 161.7 million (2019: 167.2 million), commission income from the Group’s Hong Kong futures and options brokerage business increased by 2.6% to HK$128.4 million for the Year as compared to that for the Prior Year (2019: HK$125.2 million) and accounted for 14.9% (2019: 15.1%) of the total revenue.

由於市況波動，本集團之客戶利用期貨進行對沖。雖然香港期貨交易有限公司（「期交所」）之衍生產品全年合約成交張數為 161.7百萬張（二零一九年：167.2百萬張），錄得3.3%的跌幅，但本集團本年度錄得香港期貨及期權經紀佣金收入達128.4百萬港元（二零一九年：125.2百萬港元），較上年度上升2.6%，佔總收入14.9%（二零一九年：15.1%）。

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Commission Income from Hong Kong
Futures and Options Brokerage of the Group
來自本集團香港期貨及期權經紀之佣金收入
HK$Million
百萬港元
140
128.4
125.2
120
+2.6%
100
80
60
40
20
0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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No. of contracts
(Million)
合約數目
(百萬)
200
180 167.2
161.7
160
140
120
100
80
60
40
20
0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

III. Global futures brokerage

Hong Kong’s investment market continued to be active and diversified, driving investors’ interests in investing in the global market. What is more, in view of the increasingly volatile global market caused by the US-China trade war and COVID-19, investors are flocking to the futures market. Commission income from global futures brokerage for the Year increased by 17.6% to HK$101.4 million as compared to that for the Prior Year (2019: HK$86.2 million) and accounted for 11.7% (2019: 10.4%) of the total revenue.

IV. Bullion trading

Income from the Group’s bullion trading business for the Year decreased by 0.6% to HK$10.4 million as compared to that for the Prior Year (2019: HK$10.5 million) and accounted for 1.2% (2019: 1.3%) of the total revenue.

V. Leveraged foreign exchange trading

Income from the Group’s leveraged foreign exchange trading business for the Year increased by 111.5% to HK$1.4 million as compared to that for the Prior Year (2019: HK$0.7 million) and accounted for 0.2% (2019: 0.1%) of the total revenue. The Group believes that the interest of investors in diversified financial investment products is growing. Therefore, the Group will actively identify business opportunities to expand into more business lines and provide more comprehensive investment instruments to investors.

VI. Stock options brokerage

Commission income from the Group’s stock options brokerage business for the Year decreased slightly by 0.6% to HK$12.4 million as compared to that for the Prior Year (2019: HK$12.5 million) and accounted for 1.4% (2019: 1.5%) of the total revenue. Stock options are highly leveraged investment products. The Group closely monitors the margin levels maintained in stock option accounts and adjusts them according to market conditions in order to ensure proper risk control.

III. 環球期貨經紀

本港投資市場交投持續活躍及多元化，帶動投資者投資環球市場之意欲；加上在中美貿易戰及新冠肺炎的衝擊下，環球市場變得更動盪不定，投資者轉移投資期貨市場，本年度環球期貨經紀佣金收入為101.4 百萬港元（二零一九年：86.2百萬港元），較上年度上升17.6%，佔總收入11.7%（二零一九年：10.4%）。

IV. 現貨金交易

本年度，本集團錄得現貨金交易收入為10.4 百萬港元（二零一九年：10.5百萬港元），較上年度下跌0.6%，佔總收入1.2%（二零一九年：1.3%）。

V. 槓桿式外滙交易

本年度，本集團錄得槓桿式外滙交易收入為1.4百萬港元（二零一九年：0.7百萬港元），較上年度上升111.5%，佔總收入0.2% （二零一九年：0.1%）。本集團相信投資者對多元化的金融投資產品之需求有增無減，因此本集團將會積極物色商機，拓展更多的業務，提供更全面的投資工具予投資者選擇。

VI. 股票期權經紀

本集團於本年度錄得股票期權經紀佣金收入為12.4百萬港元（二零一九年：12.5百萬港元），較上年度輕微下跌0.6%，佔總收入1.4%（二零一九年：1.5%）。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。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

VII. IPO brokerage and IPO financing

Commission income from the Group’s IPO brokerage business for the Year increased substantially by 51.7% to HK$15.7 million as compared to that for the Prior Year (2019: HK$10.4 million) and accounted for 1.8% (2019: 1.2%) of the total revenue. Interest income from IPO financing also surged by 56.3% correspondingly to HK$33.5 million (2019: HK$21.4 million) and accounted for 3.9% (2019: 2.6%) of the total revenue.

VIII. Margin financing

The average daily margin financing provided by the Group during the Year decreased by 15.3% to HK$5.85 billion (2019: HK$6.91 billion). Driven by the rise in Hong Kong Interbank Offered Rate, interest income from margin financing provided by the Group for the Year increased slightly by 0.3% to HK$302.5 million as compared to that for the Prior Year (2019: HK$301.5 million) and accounted for 35.0% (2019: 36.3%) of the total revenue. The Group implements effective credit control procedures and did not have any bad debts in the last few years.

LOSS FROM INVESTMENT

To enhance its financial performance, the Group held Hong Kong-listed securities and futures contracts as investment during the Year. As at 31 March 2020, the carrying amount of the Group’s investment in stocks was HK$48.5 million (2019: HK$8.7 million). During the Year, loss from investment in financial assets at fair value through profit or loss amounted to HK$2.1 million (2019: loss of HK$5.0 million).

VII. 首次公開發售經紀及首次公開發售融資

本集團本年度來自首次公開發售經紀業務之佣金收入錄得15.7百萬港元（二零一九年：10.4百萬港元），較上年度大幅上升51.7%，佔總收入1.8%（二零一九年： 1.2%）；首次公開發售融資利息收入亦相應急升56.3%至33.5百萬港元（二零一九年： 21.4百萬港元），佔總收入3.9%（二零一九年：2.6%）。

VIII. 孖展融資

本年度本集團之日均孖展借貸下跌15.3%至 58.5億港元（二零一九年：69.1億港元）。本年度，本集團之孖展融資利息收入為302.5 百萬港元（二零一九年：301.5百萬港元），在香港銀行同業拆息上升帶動下，較上年度輕微上升0.3%，佔總收入35.0%（二零一九年：36.3%）。本集團實施有效的信貸監控程序，於過往幾年間並無錄得任何壞賬。

投資虧損

為提升本集團財務業績，本集團於本年度持有香港上市證券及期貨合約作為投資。於二零二零年三月三十一日，股票投資之賬面值為48.5 百萬港元（二零一九年：8.7百萬港元）。於本年度，來自按公平值計入損益之金融資產的投資虧損為2.1百萬港元（二零一九年：5.0百萬港元虧損）。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

OPERATING EXPENSES AND NET PROFIT MARGIN

經營開支及純利率

Operating expenses of the Group for the Year increased by 2.9% to HK$554.3 million as compared to that for the Prior Year (2019: HK$538.9 million). Nevertheless, net profit margin of the Group rose to 54.5% (2019: 53.1%).

本年度本集團之經營開支較上年度上升2.9%，為554.3百萬港元（二零一九年：538.9百萬港元）；惟本集團純利率上升至54.5%（二零一九年：53.1%）。

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Net Profit Margin
純利率
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%
60.0
55.0 54.5%
53.1% +1.4%
50.0
45.0
40.0
35.0
30.0
2019 2020
二零一九年二零二零年
Year ended 31 March
截至三月三十一日止年度
----- End of picture text -----

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

A breakdown of operating expenses is as follows:

經營開支明細如下：

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Increment/
2020 2019 (decrement)
二零二零年二零一九年增加╱（減少）
HK$’000 HK$’000 %
千港元千港元
Staff cost 員工成本 127,472 136,333 (6.5%)
Amortisation and depreciation 攤銷及折舊 89,635 18,839 375.8%
Finance costs 財務成本 138,178 140,600 (1.7%)
Advertising and promotion 廣告及宣傳開支
expenses 15,595 7,983 95.4%
Auditors’ remuneration 核數師酬金 1,704 1,657 2.8%
Commission, handling and 經紀佣金、手續費及結算
settlement expenses 費用 88,593 83,103 6.6%
Information and communication 資訊及通訊開支
expenses 46,740 38,840 20.3%
Rental, rates and building 租金、差餉及樓宇管理費
management fees 5,733 71,116 (91.9%)
Legal and professional fee 法律及專業費用 2,783 3,921 (29.0%)
Miscellaneous expenses 雜項開支 37,906 36,484 3.9%
554,339 538,876 2.9%
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FUTURE PLANS

未來計劃

In view of the downward pressure faced by the world economy, coupled with the never-ending US-China trade war and worldwide spread of COVID-19, every industry is gradually feeling the impact, the global financial market is fluctuating violently, investors are increasingly cautious in making investment and market sentiment is more and more wary. Governments and central banks across the globe are doing everything possible to stabilise the economy and market confidence. What is more, as Donald Trump, the President of the US, plans to claim for damages for COVID-19 from China, the US-China relationship is clouded by uncertainty and may continue to dominate market development. Nevertheless, the Group has maintained its strategy of active expansion regardless of bull or bear markets. It has been constantly expanding its team of elites in order to enhance its network and service of 15 branches at prime locations across Hong Kong. It will continue to identify sites at prime locations with heavy traffic for new branches, and will also hold regular job fairs to attract talent with the aim of securing high quality human resources to meet its needs during business expansion as well as taking up the responsibility to nurture the next generation of elites for the industry.

全球經濟存在出現衰退的憂慮，加上中美貿易戰拉鋸不斷、新冠疫情橫掃全球，對各行各業的影響將會陸續浮現，環球金融市場出現震蕩，投資者入市態度變得更謹慎，令大市氣氛變得緊張，各國政府及央行各出奇招穩定經濟及人民信心。再加上美國總統特朗普就新冠肺炎一事，欲向中方索取賠償，此舉再為中美磨擦埋下伏線，未來雙方關係或會繼續左右大市走勢。然而，本集團無懼市況順逆，採取積極進取的發展策略，15間分行網絡覆蓋全港核心區域，以及持續招攬大批精英人才，藉以壯大分行網絡及提升服務質素。本集團未來會繼續物色地理位置優越和人流繁密的舖位開設分行，同時因應業務擴充需要，定期舉辦招聘會吸納優秀人才，除可廣納賢才外，更以培育業界下一代精英為己任。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

At the same time, the Group believes that investors’ education should be open for all, easy to understand and diversified so as to enhance wealth management knowledge and ability and foster responsible wealth management habit, behaviour and decision-making amongst the public. To take up an important role in investors’ education, the Group actively organises all kinds of investment seminars and investment simulation competitions free of charge. For example, the Group partnered with renowned overseas stock exchanges, financial institutions and leading experts to provide investors with comprehensive, reliable and free wealth management information so as to enhance their knowledge about financial products and economic trends across the world and broaden their investment choices. Looking forward, the Group will continue to adopt different promotional and marketing strategies with a view to grasping all valuable business opportunities and building up itself.

DEVELOP DIVERSIFIED GLOBAL FINANCIAL PRODUCTS

The Group has thoroughly studied consumers’ behaviour and investment trend and analysed them according to customer data and survey. In view of the rising attention to and concern about global financial products and the growing interest in investment therein, the Group has connected its online securities and futures trading platforms as well as mobile trading apps to markets around the world, provides comprehensive and professional brokerage services, and brings together Hong Kong stocks, US stocks, Shanghai-Hong Kong Stock Connect A shares, Shenzhen-Hong Kong Stock Connect A shares, China B shares, Japanese stocks, Taiwanese stocks, Singaporean stocks, Australian stocks, UK stocks, Hong Kong futures, Hang Seng Index options, Hong Kong stock options, Dow Jones Futures, A50 Futures, foreign exchange futures, gold futures, oil futures, copper futures, HKEx’s CNH Gold Futures, HKEx’s USD Gold Futures, leveraged foreign exchange products, iron ore futures, IPO share subscription and margin financing, so as to cater to the needs of different clients. The Group believes that investors’ interest in global financial products is growing. Therefore, it will continue to develop more global financial products to meet market demand.

與此同時，本集團相信投資者教育應該要普及、易明和多元化，不但幫助提升普羅大眾的理財知識及能力，更協助他們培養負責任的理財習慣、行為及決定。因此，本集團積極舉辦各類免費投資講座及投資模擬比賽，擔當推行投資者教育的重要角色，包括與全球知名的交易所、金融機構及行業頂級專家等合作，向投資者免費提供全面、可靠的理財資訊，使他們能夠對全球金融產品及環球經濟走勢加深認識，從而可以擴闊投資者的投資路向。未來本集團將繼續以多元化的營銷及市場策略，勢必緊握每個黃金機遇，讓集團規模日益壯大。

開拓多元化環球金融產品

本集團仔細觀察消費者行為和投資趨勢，根據客戶數據及問卷調查進行分析，有見環球金融產品備受關注及歡迎，投資者對環球金融產品的投資意欲漸趨濃厚。本集團的證券及期貨網上交易平台及手機應用程式，早已貫通全球，為客戶提供全面而專業的經紀服務，業務涵蓋港股、美股、滬港通 A 股、深港通 A 股、中國 B 股、日股、台股、新加坡股、澳股、英股、港期、恒生指數期權、港股期權、道指期貨、A50 期貨、外滙期貨、期金、期油、期銅、人民幣（香港）黃金期貨、美元（香港）黃金期貨、槓桿式外滙產品、鐵礦石期貨、新股認購以及孖展融資等，以迎合不同客戶的需要。本集團相信投資者對環球金融產品的興趣與日俱增。因此，本集團會持續開拓更多環球金融產品，以滿足市場需要。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

PROMOTE DIGITALISED AND SMART TRADING SERVICES AMONGST CLIENTS

The Group is fully aware of investors’ need for financial technologies and therefore actively engages in digitalising investment services in the Prior Year by making substantial investments in half a year of time to develop two mobile trading apps, namely BS Securities (Baobao) and BS Futures (Doudou). They are equipped with AI3.0 features (such as behavioural authentication, news tracking and personalised portfolio monitoring). The Group’s mobile trading platforms can fulfil all the investment needs of our clients, enabling them to open accounts, trade global financial products and read global financial news right away at anytime and anywhere. Since the Group always strives for excellence and invests substantially in financial technologies and software and hardware support, new features were developed and added to the Baobao and Doudou apps with a view to satisfying market’s need. For examples, the Baobao app now allows users to check the gain or loss of their positions, sell odd lots automatically, browse trading records within a month, search for warrants and Callable Bull/ Bear Contracts (CBBC), check the amount of CBBC in public hand, and obtain AI stock recommendations. In recognition of the Group’s outstanding results in the development of the Baobao and Doudou apps, the Group’s trading systems have won the trust of the clients and praises from the industry and media such as the Outstanding Securities Trading Mobile APP award by the Chamber of Hong Kong Computer Industry and Metro Broadcast, the Best Securities Mobile Apps in Greater China Award by Metro Daily/METRO PROSPERITY, the award for outstanding securities and futures trading app by Sky Post and the Outstanding Stock and Futures Trading App Development Award in the 19th Capital Outstanding Enterprise Awards granted by CAPITAL, demonstrating the popularity of the Group’s online trading system amongst the clients, the industry and the media for its speed, stability, security and reliability.

As the application of financial technologies in the wealth management industry matures, the Group plans to promote digitalised and smart trading services amongst its clients, combine online and offline marketing and operating strategies, reduce costs, enhance its efficiency, expand its clientele and enhance users’ experience using financial technologies in order to strengthen its core competitiveness and leadership position in the industry.

推動客戶交易服務邁向數碼化和智能化

上年度本集團洞悉到投資者對金融科技的需要，因而積極推行投資數碼化，斥資巨額、花半年時間研發「耀才證券（寶寶）」及「耀才期貨（豆豆）」 APP ，更特設AI3.0功能（行為認證、新聞追蹤、自選組合偵察），客戶只要掌握一個手機應用程式，便能滿足各種投資需要，足不出戶仍可極速完成開戶程序、買賣全球金融產品及瀏覽環球財經資訊。正因本集團力求進步，不斷加大金融科技、軟件及硬件配套的資源投入，致力開發「寶寶」、「豆豆」APP的新功能，以迎合市場需要，例如在「耀才寶寶」APP增設「持倉賺蝕」、「自行沽碎股」、「一個月成交紀錄」、「窩輪牛熊證搜尋」、「牛熊證街貨量」及「智能選股」等多種功能，加強了客戶對集團交易系統的信心，並屢獲業界和媒體褒揚，包括：榮獲香港電腦商會及《新城電台》頒發「傑出證券交易手機程式」殊榮，並榮獲由《都市日報》及《都市盛世》頒授「最佳大中華證券手機 App大獎」，更獲《晴報》頒授「傑出證券及期貨交易手機程式大獎」，以及由《資本雜誌》舉辦之「第十九屆資本傑出企業成就獎」頒發「傑出股票及期貨交易App 程式研發」獎，以表彰本集團於寶寶及豆豆 APP 研發上取得的卓越成效，並足以證明本集團網上交易系統快速、穩健、安全、可靠，深受客戶、業界及傳媒歡迎。

隨着金融科技在財富管理業務領域應用的發展變得更成熟，本集團期望推動客戶交易服務將更趨數碼化和智能化，結合線上線下的市場營銷及業務營運策略，善用金融科技達至降低成本、增加效益、開拓客戶群、提升客戶體驗的目標，以進一步加強核心競爭力，鞏固本集團在業界的領先地位。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

ENHANCE ONLINE TRADING SECURITY

At the same time, the Group has invested substantial resources to enhance the speed and capacity of our online trading systems in order to meet clients’ needs and improve service quality. In order to offer a more convenient and stable online trading platform, the Group has also made huge investment in improving its trading systems, relocated its central computer system to the centralised data centre of HKEx in Tseung Kwan O and conducted large-scale tests on all transaction systems, including regular simulated tests involving a trading volume exceeding five times of the existing peak volume on HKEx, so as to continuously enhance the efficiency and stability of the existing securities and futures trading platforms. As for network security, the Group has implemented the “dual password” security measure and authentication by which two different passwords are required for logging into the trading systems and conducting transactions in order to provide adequate security to online transactions. Furthermore, email notifications are delivered instantly to notify the clients of any login or any transaction conducted electronically through their accounts in accordance with the regulatory requirements. In addition, the Group also closely monitors and counteracts any unrelated fake website. If any such website is identified, the Group will notify the clients and take legal actions against the website in order to prevent its clients from suffering unnecessary loss. The Group will keep abreast of the latest market developments and study the need and room for capacity expansion. It will also step up client education on online trading security and enhance their awareness and skills of risk prevention.

致力加強網上交易安全度

與此同時，本集團投放大量資源提高網上交易系統處理交易的效率及容量，以滿足客戶需要及不斷改善服務質素。為使網上交易平台更快捷及穩定，本集團過去已耗資巨額提升交易系統，更將電腦中樞設備系統遷往位於將軍澳的港交所中央機樓，並會為所有交易系統進行大規模測試，包括定期進行比現時港交所高峰期交易量高五倍的模擬測試，以持續優化現有的證券及期貨交易平台的效率與穩健程度。同時，在網絡保安上，本集團為保障客戶網上交易的安全性，早前已率先推出「第二重密碼」保安措施及行為認證，每位客戶登入交易系統前必須輸入兩組不同的密碼才可進行交易，並會因應監管機構要求，客戶透過電子渠道登入或成交，本集團即時以電郵方式向客戶發出相關提示。除此之外，本集團亦嚴密監控並慎防與本集團無關的虛假網站出現，一旦發現相關網站，將即時通知客戶並採取法律行動作出追究，避免客戶造成不必要的損失。本集團會密切留意市場的最新形勢，研究交易系統擴容的需要及空間，並會加強教育客戶網上交易安全的重要性，以提升客戶風險防範意識和技能。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

TAP INTO MAINLAND MARKET

銳意開拓內地業務版圖

The mainland has been actively reforming and opening up its capital market and attempting globalisation in recent years. This year, the mainland will formally abolish the shareholding restrictions on foreign investors in Chinese financial institutions such as futures and securities firms as well as mutual funds. It means that Hong Kong investors can also wholly-own mainland securities firms. With a huge population, the mainland enjoys enormous potential in terms of consumption power, productivity and investment capacity. Furthermore, by maintaining a GDP growth rate of over 6% last year, the mainland is poised to surpass the US and become the largest economy in the world, thereby exhibiting room for economic growth. Therefore, the Group is determined to tap into the mainland market which has great potential and prospects. To do so, the Group will not only recruit talents interested in working in the securities market, but also further raise its brand awareness and establish a unique brand image in the mainland based on its high quality and costperformance ratio supported by its online and offline hardware and software support, professional and caring customer service team and up-to-date promotional and marketing strategies.

近年內地積極改革並擴大開放資本市場，逐步邁向國際化。今年內地逐步撤銷外資持有中國期貨、證券，以及互惠基金的金融機構股權限制，意味着港商亦可全資擁有內地證券行股權。而內地擁有龐大的人口，不論消費、生產還是投資能力均極具潛力，加上去年內地 GDP 仍然能維持逾6% 增長率的水平，未來亦有可能超越美國成為世界第一經濟體，可見內地經濟仍具增長空間。因此本集團亦銳意拓展極具潛力及前瞻性的國內市場，不但會積極廣納有意投身證券市場的賢才，更會貫徹本集團「平靚正」的賣點，透過線上和線下的硬件及軟件配套、專業貼心的客戶服務團隊、緊貼市場步伐的市場及營銷活動，打響品牌於國內的知名度，務求創造別具一格的品牌價值。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

CONCLUSION

The Group firmly believes that its success in the fierce competition hinges on thorough understanding of its clients’ needs and rapid response to market changes. During the Year, the Group remained customer-oriented, strove for excellence, upheld “Best Value for Money” as its business philosophy, demonstrated its ability to expand and consolidate at the same time, enhanced the features and user experience of the Baobao and Doudou apps, and invested additional resources to conduct promotional campaigns on a number of platforms with the aim of attracting more investors in the mainland and Hong Kong to open accounts and trade via Bright Smart. As some of its branches face saturation of demand in the area they serve, the Group has already closed down some of the branches and optimised its network while actively identifying neighourhoods with potential for new branches in order to expand its market share and strengthen its brand competitiveness. In celebration of its silver jubilee and the tenth anniversary of its listing, the Group attributes its growth and accomplishments to the continuous support, trust and recognition of its clients, who have been supporting the Group as they have always done. In the future, the Group will provide more high quality customer services with a homely atmosphere and develop more highly secured and convenient trading platforms so as to appreciate the long-term support from its clients. At the same time, the Group will strengthen its existing competitive edges, diversify its businesses, identify professional talents and seize every opportunity in order to increase the Group’s operational efficiency and bring better returns to the shareholders.

總結

本集團深信只有聚焦客戶需要，對市場變化作出快速響應，才能在激烈的競爭中取勝。本年度，本集團抱着「以客為本、力臻完善」的態度，秉持一貫「平靚正」的經營理念，發揮攻守兼容的能力，致力提升「寶寶」、「豆豆」APP的功能和用戶體驗，加上本集團在各平台上投放了更多資源進行宣傳推廣工作，吸納更多中港投資者透過耀才開戶及交易。由於本集團旗下部份分行覆蓋的地區面臨需求趨於飽和的階段，本集團已經去蕪存菁，進一步優化分行網絡，積極物色具潛質的區域建立新據點，擴展市場佔有率，並強化品牌競爭力。本集團發展至今天的成就，昂然迎來銀禧之喜及上市十週年誌慶，確實有賴客戶長期支持、信賴和肯定，不離不棄；未來本集團將竭誠為客戶提供更優質服務，研發更安全更快速的交易平台，以回饋客戶的愛戴，務求使客戶有賓至如歸的感覺。同時本集團將加強深化原有優勢，透過發展更多元化的業務、物色各界專才、抓緊每個黃金機遇，藉此提高本集團營運效益，為股東爭取更豐厚的回報。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL RESOURCES

The Group’s operations were financed by shareholders’ equity, cash generated from operation and bank borrowings.

The Group maintains sufficient liquidity with total bank deposits, bank balances and cash amounting to HK$477.7 million as at 31 March 2020 (2019: HK$401.3 million). The Group had bank borrowings of HK$2,858.8 million as at 31 March 2020 (2019: HK$3,445.5 million) which bore interest primarily at floating rate. The bank borrowings were primarily collateralised by its margin clients’ securities pledged to the Group. As at 31 March 2020, unutilised banking facilities amounted to HK$18,049.6 million (2019: HK$17,277.3 million). The Group’s gearing ratio (total bank borrowings divided by the total shareholders’ equity) was 150.3% (2019: 117.9%). As at 31 March 2020, the Group had net current assets of HK$1,708.3 million (2019: HK$2,797.4 million) and a current ratio (current assets divided by current liabilities) of 1.4 times (2019: 1.6 times).

The Group actively and regularly reviews and manages its capital structure and makes adjustments in light of changes in economic conditions. For the licensed subsidiaries, the Group ensures that each of the subsidiaries maintains a liquidity 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 liquidity 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 2020 and 2019.

資本結構、流動資金及財務資源

本集團以股東權益、經營業務所得現金及銀行借貸為營運提供資金。

本集團維持充裕流動資金。於二零二零年三月三十一日，其銀行存款、銀行結餘及現金合共為477.7百萬港元（二零一九年：401.3百萬港元）。於二零二零年三月三十一日，本集團之銀行借貸為2,858.8百萬港元（二零一九年：3,445.5百萬港元），主要按浮動利率計息。銀行借貸主要以孖展客戶質押予本集團之證券作抵押。於二零二零年三月三十一日，未動用銀行融資為18,049.6 百萬港元（二零一九年：17,277.3百萬港元）。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150.3%（二零一九年：117.9%) 。於二零二零年三月三十一日，本集團之流動資產淨值為1,708.3百萬港元（二零一九年：2,797.4百萬港元），流動比率（流動資產除以流動負債）為 1.4倍（二零一九年：1.6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週轉，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

於二零二零年及二零一九年三月三十一日，本集團之資產並無受限於任何抵押。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

CONTINGENT LIABILITIES

As at the end of the reporting period, corporate guarantees provided by the Company in respect of banking facilities granted by authorised institutions to its subsidiaries engaging in securities and futures broking amounted to HK$15,947.5 million (2019: HK$15,953.3 million). As at 31 March 2020, the subsidiaries of the Company have utilised HK$2,334.0 million of these aggregate banking facilities (2019: HK$3,040.5 million).

As at the end of the reporting period, the directors did not consider that any claim would be made against the Group under any of the guarantees.

CAPITAL COMMITMENTS

The capital commitments as at 31 March 2020 were approximately HK$2.7 million (2019: HK$3.4 million).

EMPLOYMENT AND REMUNERATION POLICIES

As at 31 March 2020, the Group had a work force of 263 employees (2019: 283 employees). Staff costs, excluding directors’ emoluments, amounted to approximately HK$112.7 million for the Year (2019: HK$120.1 million). The Group’s remuneration policy aims to offer competitive remuneration packages to recruit, retain and motivate competent employees. The Group believes that 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 as a measure 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 efficiency.

SIGNIFICANT ACQUISITION AND DISPOSAL OF SUBSIDIARIES

During the Year, the Group did not make any significant acquisitions or disposals of subsidiaries.

或然負債

於報告期末，本公司就從事證券及期貨經紀業務之附屬公司獲認可機構授出之銀行融資提供 15,947.5百萬港元（二零一九年：15,953.3百萬港元）之公司擔保。於二零二零年三月三十一日，本公司之附屬公司已動用該等銀行融資總額之 2,334.0百萬港元（二零一九年：3,040.5百萬港元）。

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。

資本承擔

於二零二零年三月三十一日，資本承擔約為2.7 百萬港元（二零一九年：3.4百萬港元）。

僱員及薪酬政策

於二零二零年三月三十一日，本集團共有263名僱員（二零一九年：283名僱員）。本年度之員工成本（不包括董事酬金）約為112.7百萬港元（二零一九年：120.1百萬港元）。本集團之薪酬政策旨在提供具競爭力之薪酬方案，以吸引、挽留及激勵能幹之僱員。本集團相信該等薪酬方案屬合理及具競爭力，且符合市場趨勢。本集團已為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方案，以達致本集團之長遠增長及發展。本集團亦向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率。

重大收購及出售附屬公司

於本年度，本集團並無進行任何重大附屬公司收購或出售。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

LITIGATION

As at 31 March 2020 and up to the date of this report, the Group has not been involved in any litigation of significance.

RISK MANAGEMENT

Credit risk

The Group’s credit risk is primarily attributable to amounts due from clients, brokers and clearing houses. The 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 evaluations are performed on all clients (including cash and margin clients) based on the underlying collateral. Cash clients are required to place deposits as prescribed in the Group’s policy before execution of any purchase transactions. Receivables due from cash clients are due within the settlement period commonly adopted in the relevant market practices, which is usually within a few days from the trade date. Because accounts receivable from cash clients relate to a wide range of customers for whom there was no recent history of default, there has not been a significant change in credit quality and the balances are considered fully recoverable, and 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 financing to its cash and margin clients and has policy to manage these exposures on a fair value basis. Margin loans due from margin clients are repayable on demand. For commodities and futures brokerage, an initial margin is required prior to opening transaction. Market conditions and adequacy of securities collateral and margin deposits of each cash account, 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.

訴訟

於二零二零年三月三十一日及直至本報告日期為止，本集團並無涉及任何重大訴訟。

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。

應收客戶賬款方面，所有客戶（包括現金及孖展客戶）均須基於相關抵押品接受個別評估。於執行任何購買交易前，現金客戶須按本集團之政策存款。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。由於應收現金客戶賬款涉及多名近期並無欠款紀錄之客戶，信貸質素並無重大變動，且有關結餘被視為可全數收回，而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。本集團一般會向現金及孖展客戶取得流動證券及╱或現金存款作為向彼等提供融資之抵押品，並訂有政策按公平值管理該等風險。應收孖展客戶之孖展貸款須按要求償還。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現金賬戶、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且業內聲譽良好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。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Management Discussion and Analysis 管理層討論與分析

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 current and expected liquidity requirements 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 and cash clients with outstanding loan amounts 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) are primarily at floating rates. The Group’s income and operating cash flows are not subject to significant interest rate risk.

Foreign exchange risk

The Group is exposed to currency risk primarily arising from financial instruments that are denominated in United States dollars (“USD”), Renminbi (“RMB”), Singapore dollars (“SGD”), Japanese Yen (“JPY”), Australian dollars (“AUD”) and British pound (“GBP”). 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 as insignificant. In respect of financial instruments denominated in other currencies, the Group ensures that the net exposure is kept at 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，故並無信貸風險高度集中的情況。

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察當前及預期流動資金需要，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

本集團按資金成本另加漲價向孖展客戶及有貸款尚未償還之現金客戶收取利息。金融資產（如孖展貸款及銀行存款）及金融負債（如銀行貸款）主要按浮動利率計息。本集團之收入及經營現金流量並無面對重大利率風險。

外滙風險

本集團承受的外滙風險主要源自以美元、人民幣、新加坡元、日圓、澳元及英鎊計值之金融工具。由於港元與美元掛鈎，故本集團認為港元與美元之間滙率變動風險輕微。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滙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。管理層每日監察所有外幣持倉。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Management Discussion and Analysis 管理層討論與分析

Price risk

The Group is exposed to price changes arising from listed equity investments, futures contracts and accounts receivable classified as financial assets at fair value through profit or loss.

The Group’s equity investments are listed on HKEx while investment in futures contracts are traded on HKFE. Listed investments held in the financial assets at fair value through profit or loss portfolio have been chosen based on their longer term growth potential and are monitored regularly for performance against expectations.

Accounts receivable from margin, cash and IPO clients expose the Group to price risk as their fair value is made with reference to the fair value of collaterals.

價格風險

就分類為按公平值計入損益之金融資產的上市股本投資、期貨合約及應收賬款而言，本集團面對其價格變動風險。

本集團的股本投資於聯交所上市，而期貨合約投資乃於期交所進行交易。持作按公平值計入損益之金融資產組合內持有的上市投資乃根據其較長遠增長潛力挑選，並定期監察表現與預期是否相符。

由於應收孖展、現金及首次公開發售客戶賬款之公平值乃參照抵押品之公平值作出，故該等賬款令本集團面對價格風險。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

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

EXECUTIVE DIRECTORS

執行董事

Mr. YIP Mow Lum

葉茂林先生

Chairman & Executive Director

主席及執行董事

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

（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）

Aged 68, is the founder, the Chairman of the Board, an Executive Director and the controlling shareholder of the Company. Mr. Yip is also the Chairman of the Nomination Committee, a member of the Remuneration Committee and Risk Management 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 certain subsidiaries of the Group. Mr. Yip is a responsible officer recognised by the Securities and 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 Assistant to Chairman of the Group.

68歲，為本公司之創辦人、董事會主席、執行董事及控股股東。葉先生亦為本公司提名委員會之主席、薪酬委員會及風險管理委員會之成員。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。彼為本集團部分附屬公司之董事。葉先生為香港證券及期貨事務監察委員會（「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及本公司另一名執行董事陳永誠先生之舅父和本集團主席助理葉頴恩小姐之父親。

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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

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

Mr. HUI Yik Bun

許繹彬先生

Executive Director & Chief Executive Officer

執行董事及行政總裁

(Appointed as a director and Co-Chief Executive Officer on 5 October 2015 and re-designated as Chief Executive Officer on 31 May 2016)

（於二零一五年十月五日獲委任為董事及聯席行政總裁，並於二零一六年五月三十一日調任行政總裁）

Aged 46, is an Executive Director and the Chief Executive Officer of the Company. He is responsible for overall business development, operations and management of the Group. He is also a member of the Risk Management Committee and a director of certain subsidiaries of the Group. He has over 20 years of experience in securities and futures businesses, and has worked in a number of securities firms. Mr. Hui has expertise in brokerage operations, sales management and market operations of securities and futures businesses, particularly with over 10 years of experience in frontline branch management. Mr. Hui is also a responsible officer recognised by the Securities and Futures Commission 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), Type 7 (providing automated trading services) and Type 9 (asset management) regulated activities.

46歲，為本公司之執行董事及行政總裁。彼負責本集團之整體業務發展、營運及管理工作。許先生亦為風險管理委員會之成員及本集團部分附屬公司之董事。許先生於證券及期貨業積逾20年經驗，曾任職多間證券行，熟悉證券及期貨各部門的運作，專長負責經紀業務營運、管理銷售及市場營運，並擁有超過10年分行管理經驗。許先生為證監會認可第一類（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）、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。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

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

Mr. CHAN Wing Shing, Wilson

Executive Director & Dealing Director

(Appointed on 4 August 2010)

Aged 55, is an Executive Director of the Company and the Dealing Director of the Group in charge of the daily dealing operations of securities and futures businesses. Mr. Chan is also a director of Bright Smart Securities International (H.K.) Limited and Bright Smart Futures & Commodities Company Limited. He has over 20 years’ experience in securities and futures businesses and is a responsible officer recognised 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), Type 7 (providing automated trading services) and Type 9 (asset management) 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 Assistant to Chairman of the Group.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. YU Yun Kong

Independent Non-executive Director

(Appointed on 4 August 2010)

Aged 54, is an Independent Non-executive Director, the chairman of the Audit Committee, the Remuneration Committee, and the Risk Management Committee as well as 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 both the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants and also an associate member of the Taxation Institute of Hong Kong.

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）

55歲，為本公司之執行董事及本集團之交易總監，負責證券及期貨業務之日常交易運作。陳先生亦為耀才證券國際（香港）有限公司及耀才期貨及商品有限公司之董事。彼於證券及期貨業積逾20年經驗並為證監會認可第一類（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）、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。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，以及本集團主席助理葉頴恩小姐之表哥。

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）

54歲，為本公司之獨立非執行董事、審核委員會、薪酬委員會及風險管理委員會之主席以及提名委員會之成員。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及香港會計師公會資深會員，並為香港稅務學會會員。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

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

Mr. SZETO Wai Sun

Independent Non-executive Director

(Appointed on 4 August 2010)

Aged 61, is an Independent Non-executive Director, a member of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Risk Management 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, and obtained the Professional Certificate in Chinese Civil & Commercial Law, a course jointly organised by Tsinghua University in the PRC and the School of Professional and Continuing Education of the University of Hong Kong in 2002. He also holds a Professional Diploma for the Financial Times Non-Executive Director issued in May 2015, and is a fellow of the Hong Kong Institute of Directors. Mr. Szeto was admitted as a solicitor in Hong Kong in 1985 and worked in a number of law firms in Hong Kong including Edmund Cheung & Co. and Y.T. Chan & Co., before founding his own firm Sun Lawyers (formerly known as W.S. Szeto & Lee, Solicitors) in 2003. He remains the Senior Partner of Sun Lawyers and is a practicing Notary Public in Hong Kong. He is also an independent non-executive director of Target Insurance (Holdings) Limited (Stock Code: 6161), a company listed on the Main Board of the Hong Kong Stock Exchange.

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）

61歲，為本公司之獨立非執行董事、審核委員會、提名委員會、薪酬委員會及風險管理委員會之成員。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，並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。彼亦持有於二零一五年五月簽發之金融時報非執行董事專業文憑，亦為香港董事學會之資深會員。司徒先生於一九八五年取得香港執業律師資格，並曾在張恩純、葉健民律師行及陳應達律師事務所等香港律師行執業，於二零零三年創立司徒維新律師行，現為該行高級合夥人，並為香港之執業國際公證人。彼亦為泰加保險（控股）有限公司（股份代號：6161（一所香港聯交所主）板上市公司）之獨立非執行董事。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

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

Mr. LING Kwok Fai, Joseph

Independent Non-executive Director

(Appointed on 4 August 2010)

Aged 64, is an Independent Non-executive Director, a member of the Audit Committee, the Nomination Committee, the Remuneration Committee and Risk Management Committee of the Company. Mr. Ling has over 20 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, holding Chartered Secretary and Chartered Governance Professional dual designations.

SENIOR MANAGEMENT

Mr. YIP Mow Lum

(Biographical details are set out on page 58)

Mr. HUI Yik Bun

(Biographical details are set out on page 59)

Mr. CHAN Wing Shing, Wilson

(Biographical details are set out on page 60)

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）

64歲，為本公司之獨立非執行董事、審核委員會、提名委員會、薪酬委員會及風險管理委員會之成員。凌先生於會計、財務及行政方面積逾20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出任會計工作。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，持有特許秘書及特許管治專業雙重資格。

高級管理層

葉茂林先生

（簡歷已列於第58頁）

許繹彬先生

（簡歷已列於第59頁）

陳永誠先生

（簡歷已列於第60頁）

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

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

Ms. YIP Wing Yan, Jacquelyn

葉頴恩小姐

Assistant to Chairman

主席助理

(Joined the Group in July 2018)

（於二零一八年七月加入本集團）

Aged 39, is the Assistant to Chairman of the Group with the responsibilities for assisting the Chairman of the Board to oversee the Group’s daily internal operation and devising key strategies for future development plan. She leads, coordinates and gives advices to various departments to provide optimum supports and quality services. She holds a Bachelor’s Degree in Business Administration (major in Accountancy) from the 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.

39歲，為本集團之主席助理，負責協助董事會主席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，彼領導、協調多個部門並給予意見，以提供最適當之支持及優質服務。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。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

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

Ms. LI Wan Mei

Chief Financial Officer

(Joined the Group in November 2008)

Aged 36, is the Chief Financial Officer in charge of the overall financial and accounting management of the Group. Ms. Li has over 10 years’ accounting experience, including three years’ experience gained in PricewaterhouseCoopers. She holds a Bachelor’s Degree in Business Administration from the Lingnan University and is a member of the Hong Kong Institute of Certified Public Accountants.

COMPANY SECRETARY

Mr. CHAN Kwan Pak

(February 2011–May 2012; re-appointed in October 2012)

Aged 63, is a member of the Institute of Chartered Secretaries and Administrators and Hong Kong Institute of Chartered Secretaries, holding dual designations of Chartered Secretary and Chartered Governance Professional. He is also 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.

李韻媚小姐

財務總監

（於二零零八年十一月加入本集團）

36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。李小姐擁有超過10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學位，並為香港會計師公會會員。

公司秘書

陳筠栢先生

（二零一一年二月至二零一二年五月；於二零一二年十月再獲委任）

63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，持有特許秘書及特許管治專業人員雙重資格。彼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。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Environmental, Social and Governance Report 環境、社會及管治報告

SCOPE AND PERIOD OF REPORTING

A major trend for corporate development, sustainability has become a key topic that draws the attention of stakeholders. Policies set out in this report have been prepared with the participation of and upon the consideration by major stakeholders including substantial shareholders, directors, the management and employees to address future challenges.

To achieve sustainability, the Group strives to promote environmental protection, instilling corporate social responsibilities to its business and management strategies and maintaining a culture of sound governance. This report covers a reporting period from 1 April 2019 to 31 March 2020. Disclosure are made primarily under the Environmental, Social and Governance Reporting Guide set out in Appendix 27 to the Rules Governing of the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Main Board Listing Rules”), to inform stakeholders of the Group’s performance in environmental, social and governance terms.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE POLICIES

The Group’s environmental, social and governance policies are based on five basic principles set out below:

To enhance corporate value and focus on shareholders’ return;
To foster financial transparency and boost investors’ confidence;
To cater to customers’ needs and protect customers’ interests;
To develop employees and safeguard employees’ interests; and
To support environmental protection and seek to give back to the community.

滙報範圍及期間

可持續發展為企業發展的大趨勢，同時亦為持份者所關注的重大議題。本報告中的各項政策由各重要持份者（包括主要股東、董事、管理層及僱員）共同參與、審議及制定，以應付未來的挑戰。

為使企業得以持續發展，本集團致力推動環境保護，將企業社會責任融入其業務及管理策略，並維持良好的管治文化。本報告的滙報期間由二零一九年四月一日起至二零二零年三月三十一日止，主要根據香港聯合交易所有限公司證券上市規則（「主板上市規則」）附錄二十七所載的《環境、社會及管治報告指引》作出披露，以便向各持份者滙報本集團於環境、社會及管治方面的表現。

環境、社會及管治政策

本集團環境、社會及管治政策的五項基本原則載列如下：

‧ 提升公司價值，關注股東回報；
‧ 推動財務透明，增強投資信心；
‧ 滿足客戶所需，保護客戶權益；
‧ 培育僱員成長，保障僱員權益；及
‧ 支持環境保護，致力回饋社區。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Environmental, Social and Governance Report 環境、社會及管治報告

A. Environmental

Policies on environment and energy

Environmental protection and energy conservation form an important part of our corporate social responsibilities. Apart from full compliance with laws and regulations relating to environmental protection, the Group also seeks to prevent pollution, conserve energy and reduce emission, with a view to achieving sustainability in the course of its day-to-day operations.

Use of resources

Operating in the financial services sector, the Group upholds energy conservation and advocates the best use of resources. Disclosures on emissions and use of resources primarily relate to the use of electricity, water and paper in its head office and branch offices, as well as the greenhouse gas emissions in the course of petrol consumption by vehicles of the Company. Except for the mentioned emissions and use of resources, the Group’s business has no direct impact on the environment and natural resources.

A. 環境

環境及能源政策

保護環境及節約能源為重要的企業社會責任。本集團一方面完全遵守環境保護方面的法律及法規，另一方面竭力防止污染、節約能源及減少排放，務求於日常營運中令環境得以可持續發展。

資源使用

本集團的業務範疇為金融服務，並十分主張節約能源及善用資源，披露的排放及資源使用資料主要為總辦事處及各分行所使用的電力、水及紙張，以及本公司車輛耗用汽油所產生的温室氣體排放。除上述排放及資源使用外，本集團的業務對環境及天然資源並無直接影響。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Environmental, Social and Governance Report 環境、社會及管治報告

Environment and natural resources

環境及天然資源

Greenhouse gases

1. 溫室氣體

==> picture [439 x 84] intentionally omitted <==

----- Start of picture text -----

Volume of Emissions as a
Scope of greenhouse emissions (in percentage of
gas emissions Sources of emissions tonnes of CO2e) total emission
排放量
（以噸二氧化碳總排放量
溫室氣體排放範圍排放源當量計）佔比
----- End of picture text -----

Scope 1
Direct emissions	Consumption of petrol by the	73.8	5.4%
	Group’s fleet of vehicles
範圍1
直接排放	本集團車隊的汽油消耗
Scope 2
Indirect emissions	Purchase and use of electricity	1,232.6	90.4%
範圍2
間接排放	購用電力
Scope 3
Other indirect emissions	Consumption of paper	57.5	4.2%
範圍3
其他間接排放	紙張消耗
Total
總計		1,363.9	100.0%

During the reporting period, a total of 1,363.9 tonnes of CO2e, which mainly comprises carbon dioxide, methane and nitrous oxide, were emitted from the Group’s operations as greenhouse gas emissions.

在報告期間，本集團業務產生的總溫室氣體排放量為1,363.9噸二氧化碳當量（主要為二氧化碳、甲烷、氧化亞氮）。

2. Electricity

2. 電力

During the reporting period, the Group consumed 1,764,474 kilowatt-hours of electricity. Measures were taken for energy conservation, including the purchase of energy-saving office equipment and appliances, such as the use of LED lights and energy-saving light bulbs; setting the default mode of printers and computers at energy-saving; encouraging switching off computers, air-conditioners and illumination systems during non-office hours or periods of extended away; and ongoing improvements to equipment including illumination and air-conditioning systems to uplift the overall energy efficiency.

在報告期間，本集團的耗電量為 1,764,474千瓦時。已實行的節能措施包括：購置節能的辦公電器設備（如：使用 LED 燈及慳電燈泡）；打印機及電腦預設為節能模式；鼓勵員工於非辦公時間或離開崗位一段時間時關閉電腦、空調及照明系統；以及持續改善照明及空調系統等設備以提升整體能源效益。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Environmental, Social and Governance Report 環境、社會及管治報告

3. Water

During the reporting period, the Group consumed approximately 1,551 cubic metres of water. As part of the water usage fee was included in the management fee paid to landlord, full data on water consumption are not available. The Group also encourages saving on water use among employees.

4. Petrol

During the reporting period, the Group consumed 27,393 litres of petrol in its vehicles, representing emission of 73.8 tonnes of CO2e in aggregate. In purchasing its vehicles, the Group takes environmental protection and energy efficiency into due consideration.

5. Hazardous wastes and packaging materials

No hazardous wastes or packaging materials are produced from the business operations of the Group. In selecting suppliers or cooperation partners, the Group takes into consideration, among others, their environmental and energy policies, to maximise environmental protection and minimise pollution.

6. Non-hazardous wastes

Non-hazardous wastes produced from the operations of the Group primarily comprise paper used in offices, which amounted to a total of approximately 12.0 tonnes of paper and in turn 57.5 tonnes of CO2e emission during the reporting period. To minimise paper consumption, a number of measures are in place, including measures to encourage setting double-sided printing as the default mode and reuse of paper and so forth.

In recent years, the Group has sought for a paperless working environment by adopting electronic means for internal dissemination of information, such as payroll notices, circulars, memoranda and so forth. This has saved the use of space, facilitated the sharing of information on our intranet, and cut down on the use of paper, and in turn augmented efficiency in our day-to-day operations.

3. 用水

在報告期間，本集團的耗水量約為 1,551立方米，由於部分水費計入向業主支付的管理費內，因而未能計算完整的耗水量。此外，本集團亦積極鼓勵僱員節約用水。

4. 汽油

在報告期間，本集團汽車耗用的汽油總量為27,393公升，合共排放73.8噸二氧化碳當量。環保及能源效益均為本集團選購汽車時的重要考慮要素。

5. 有害廢棄物及包裝材料

本集團的業務營運並無產生任何有害廢棄物或包裝材料。在選擇供應商或合作夥伴時，其環境及能源政策亦為本集團考慮的要素之一，務求盡力保護環境，減少污染。

6. 無害廢棄物

在報告期間，本集團營運產生的無害廢棄物主要為辦公室用紙，合共約 12.0噸，排放57.5噸二氧化碳當量。為盡量減少耗紙量，本集團推行多項措施，包括鼓勵預設雙面列印及循環再用廢紙等。

近年，本集團已就僱員薪金通知書、通函及備忘錄等內部資訊發佈實行電子化，務求創造一個無紙的工作環境。此舉能節約空間，方便透過內聯網共用資料及可以減少用紙，使日常營運更有效率。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Environmental, Social and Governance Report 環境、社會及管治報告

Further, digitised services including electronic statements, account opening through mobile apps and account opening through the internet have been made available. We also use electronic mails and messaging tools in disseminating latest promotional materials to our customers.

We also recommend shareholders to access information including HKEx announcements and shareholders’ correspondences via the internet. The policies for a paperless workplace contribute to environmental protection as well as saving on operating expenses.

7. Measures for green offices

To produce less wastes and recycle resources, suppliers are regularly arranged to collect used printing cartridges and toners for recycling purpose, while recycling bins are placed at its head and branch offices for collecting used paper.

B. Social

Employment and labour practices

1. Employment

The Group cares about the health and well-being of its employees. All employees are entitled to life insurance, discretionary bonus, medical benefits, paid annual leaves, paid sick leaves, educational subsidies, examination subsidies and so forth. Details are set out in a staff handbook to ensure that employees fully understand their rights and duties.

此外，本集團亦推出電子結單、手機應用程式開戶及網上開戶等電子化服務，同時亦透過電郵及短訊向客戶發送最新的推廣資訊。

我們亦建議股東透過互聯網查閱港交所公告及股東通訊等資料。上述的無紙工作間政策有助保護環境，亦可節省營運開支。

7. 綠色環保辦公措施

本集團會定時安排供應商回收所有用過的打印機墨盒及碳粉盒循環再用，並於總辦事處及各分行設置廢紙回收箱，務求減少廢物及重用資源。

B. 社會

僱傭及勞工常規

1. 僱傭

本集團非常關注僱員的健康及福祉，所有僱員均可享有人壽保險、酌情花紅、醫療福利、有薪年假、有薪病假、進修津貼及考試津貼等福利。詳情已載於員工手冊，確保僱員明瞭其一切權利及職務。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Environmental, Social and Governance Report 環境、社會及管治報告

2. Health and safety

The Group provides a safe and healthy workplace for its employees in compliance with the Occupational Safety and Health Ordinance in Hong Kong.

We care about the physical and mental health of each and every one of our employees, with frequent production of posters to remind its employees of occupational safety and health.

3. Development and training

The Group acknowledges that employees are the most important assets of the Company. To maintain its leading position in the vibrant and versatile financial market, the Group encourages and subsidises employees at different job grades to enroll and/or participate in development or training courses in support of their career and professional development.

Trainings in preparation for sitting qualification examinations for securities and futures practitioners, continuing professional training and customer services training are offered to new hires at the Group.

4. Labour standards

Recruitment are conducted by the human resources depar tment of the Group according to the Employment Ordinance in Hong Kong. Personal data collected in the course of recruitment are only used for selecting suitable candidates. Further, employees’ background information are verified in detail to ensure that no illegal workers, compulsory labour or child labour are hired.

2. 健康與安全

本集團遵循香港的《職業安全及健康條例》，為僱員提供安全及健康的工作環境。

我們關注和重視每一位僱員的身心健康，經常製作海報以提醒僱員注意職業安全及健康。

3. 發展及培訓

本集團深明僱員是本公司最重要的資產，為了能夠於活躍多變的金融市場中保持領先地位，本集團鼓勵並資助各級僱員報讀及╱或參與有助事業及專業發展的進修或培訓課程。

本集團會為每一位新入職員工安排證券及期貨從業員資格考試的培訓、持續專業培訓及客戶服務培訓。

4. 勞工準則

本集團的人力資源部根據香港的《僱傭條例》進行招聘。在招聘過程中收集的個人資料只會用於甄選合適人選。此外亦會仔細核查僱員背景資料，以確保不會出現僱用非法勞工、強制勞工及童工的情況。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Environmental, Social and Governance Report 環境、社會及管治報告

Operating practices

1. Supply chain management

The Group attaches great importance to the mutually beneficial and long-term relationship with its suppliers. In its procurement policies, the Group adheres to the principle of “cost effectiveness”, under which high-quality customer services are ensured while costs are minimised. Different departments stay in good communication with its suppliers, conduct review and checking processes from time and time. In making decisions for procurement, factors including historical price quotations, product offering, service offering, performance and environmental and social policies by suppliers are all taken into consideration, so that suppliers adhering to similar notions and offering reasonable prices are selected.

2. Product responsibility

Internal control and compliance procedures are in place to ensure compliance with all relevant laws and regulations by the Group’s frontline staff members. The Group also provides relevant training to its employees, thereby ensuring that employees apprehend the nature and risks underlying financial services and that they are equipped with professional knowledge sufficient for them to provide the most suitable advice to their customers under all circumstances.

Customer opinions/complaints

With clear black-and-white procedures within the Group, all disputes and complaints are investigated and resolved in an impartial and rapid manner. General complaints are dealt with by the customer services department, which replies accordingly to the respective customers. Compliance-related complaints are dealt with independently by the compliance department, which replies accordingly to the respective customers and/or relevant law enforcement bodies.

營運慣例

1. 供應鏈管理

本集團重視與供應商的互惠及長遠關係，採購政策以「成本效益」為原則，於盡力降低成本的同時，亦確保可以提供優質的客戶服務。各部門亦與供應商保持良好溝通，不時進行審查及檢討。在決定採購時，亦會考慮供應商過往的報價、產品、服務、表現及環境社會政策等，藉以選取理念相近而又價格合理的供應商。

2. 產品責任

本集團已制定內部監控和合規程序，確保前線員工遵守所有相關法律及法規。本集團亦向僱員提供各項相關培訓，確保僱員了解各項金融服務的性質及風險，並具備足夠專業知識在所有情況下向客戶提供最為合適的意見。

客戶意見╱投訴

本集團透過清晰的內部明文程序，公正及迅速地調查和解決所有爭議及投訴。一般的投訴會交由客戶服務部負責處理，並向有關客戶作出回覆。有關合規的投訴則會交由法規部獨立處理，並負責向有關客戶及╱或相關執法機構作出回覆。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Environmental, Social and Governance Report 環境、社會及管治報告

Laws and regulations

The Group has obtained all licences, qualifications and permits required of its business operations. The compliance department is responsible for ensuring that business operations comply with laws and regulations. Updates on relevant laws and regulations are notified to relevant operating units and employees from time to time. During the Year, there had been no violation of any laws or regulations on the part of the Group that would have or would likely have material adverse effect on the Group.

Privacy of personal data

For the protection of privacy in respect of personal data, the Group has developed its policies for the protection of personal data on the basis of the Personal Data (Privacy) Ordinance. With due regards to personal data privacy, the Group is committed to fully enforcing and observing the principles of data protection as well as all relevant provisions in the Personal Data (Privacy) Ordinance. The Group seeks to ensure that appropriate measures are in place to prevent the misuse or leakage of personal data, and shall hold such personal data only for the purpose of such collection.

The Group’s Personal Data (Privacy) Ordinance/ Privacy Policy Statement are made available on its website to disclose the relevant protection policies to its customers.

法律及法規

本集團已取得其業務營運需要的所有牌照、資格及許可。法規部負責確保業務營運符合法律及法規，相關營運單位及僱員會不時獲通知相關法律及法規的更新。本集團於本年度並無違反任何會對或可能會對本集團造成重大不利影響的法律或法規。

個人資料私隱

為保障個人資料私隱，本集團以《個人資料（私隱）條例》為藍本，制訂保障個人資料政策。本集團尊重個人資料私隱，並承諾會全面落實和遵行保障資料原則，以及《個人資料（私隱）條例》的所有相關條文。本集團竭力確保設有合適措施防止個人資料遭濫用或外洩，並僅會就其收集目的而持有相關資料。

本集團亦於網站上發佈《個人資料（私隱）條例╱私隱政策聲明》，向客戶披露相關保障政策。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Environmental, Social and Governance Report 環境、社會及管治報告

3. Anti-corruption

Anti-corruption/Anti-money laundering (“AML”)

To build its corporate culture and procedures that stay in line with laws and regulations as well as ethics, the Group has established policies on anticorruption and AML, which stipulate procedures for screening customers, “know your customers” policy, rules for archiving and rules for whistleblowing in case of suspected deals.

Gifts and benefits

The Group has developed its policies against bribery and the receipt or provision of gifts. In all circumstances, employees must declare any receipt of gifts or benefits to the compliance department, which would advise based on the circumstances, for example whether such gifts or benefits can be accepted, should be rejected or other ways of handling.

Policies for handling internal complaints

We have policies for handling internal complaints, whereby employees may report to the chairman of the Board any improper behaviours on an anonymous basis. Such improper behaviours include but are not limited to:

improper behaviours involving financial reporting;
improper behaviours involving internal control;
behaviours in violation of any applicable laws;
behaviours posing threat to the safety or health of the others; and
wilful concealment of any one of the above.

3. 反貪污

反貪污╱反洗黑錢

為建立合乎法律及法規和道德的企業文化及程序，本集團設有反貪污及反洗黑錢的政策。有關政策訂明篩選客戶的程序、「了解你的客戶」政策、備存紀錄規則以及報告可疑交易的規則。

饋贈及利益

本集團已制定防止賄賂及收受或作出饋贈的政策。在所有情況下，僱員必須向法規部申報獲得的饋贈或利益。法規部會因應情況作出建議，如應否接受、退回或採取其他處理方式等。

內部投訴處理政策

我們設有內部投訴處理政策，僱員可以匿名的方式向董事會主席舉報任何不當行為，包括但不限於：

‧ 涉及財務滙報的不當行為；
‧ 涉及內部監控的不當行為；
‧ 違反任何適用法律的行為；
‧ 危害他人健康安全的行為；及
‧ 蓄意隱瞞以上的任何一項。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Environmental, Social and Governance Report 環境、社會及管治報告

Whistleblowers do not face intimidation, retaliation or improper disciplinary actions in any form as a result of reporting the aforesaid behaviours. The Company uses its best endeavours to keep all disclosed information confidential and to handle the same in a prudent manner. Without consent of the respective employees, the Company will not disclose the identity of the reporting employees. However, under certain circumstances such as where it becomes necessary to initiate litigation procedures due to investigation, the Company may be required by law or be obliged under law to disclose the identity of the reporting employees. In such event, all reasonable steps will be taken by the Company to ensure that such employees will not get affected. Any acts to harass or affect the whistleblowers will be considered serious misconducts and once established would result in termination of employment.

4. Customer services

Dedicated customer services have bestowed on the Group trust and support from its customers. With clear and black-and-white internal procedures, the Group impartially and rapidly investigates and resolves all disputes and complaints. As an integrated financial services provider, we have set up service teams that are comprised of different professionals to provide diversified financial services, including securities brokerage, margin financing, commodities and futures brokerage, bullion trading, forex trading and so forth. As of 31 March 2020, 131 of the Group’s employees were persons licenced by the Securities and Futures Commission to engage in one or more of the regulated activities.

舉報人不會因舉報上述行為而受到任何形式的恐嚇、報復或不當處分。本公司將盡一切努力以保密及審慎的態度處理所有被披露的資料。在未徵得相關僱員的同意下，本公司不會透露作出舉報的個別僱員身份。然而，在因調查而需要啟動法律訴訟程序等若干情況下，本公司可能依法被要求或有責任披露舉報僱員的身份。在此情況下，本公司將採取一切合理步驟確保有關僱員不會受到傷害。任何對舉報人作出的騷擾或傷害將會被視為嚴重不當行為，一經證實，可導致被解僱。

4. 客戶服務

本集團透過貼心的客戶服務贏得廣大客戶的信賴與支持。本集團透過清晰的內部明文程序，公正及迅速地調查和解決所有爭議及投訴。作為一所綜合金融服務供應商，我們的服務團隊由不同的專業人士組成，得以提供多樣化的金融服務，包括證券經紀、孖展融資、商品及期貨經紀、貴金屬交易及外滙交易等。截至二零二零年三月三十一日止，本集團有131名僱員為證券及期貨事務監察委員會持牌人士，可從事一項或多項受規管活動。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Environmental, Social and Governance Report 環境、社會及管治報告

During the Year, the Group was granted the following accolades with its caring and professional service attitudes:

Top 3 Active Exchange Participant in Weekly Index Options, Top 3 Active E xchange Participant in Stock Options and Top 3 Active Exchange Participant in Stock Futures by HKEx
Listed Company Award of Excellence 2019 by Hong Kong Economic Journal
award for outstanding securities and futures trading app by Sky Post
Junding Award for comprehensive securities brokers in Hong Kong by Securities Times and Quanshang CN
Outstanding Stock and Futures Trading App Development Award by CAPITAL
Extraordinary Enterprise Award and the Hong Kong Outstanding Enterprise Award 2019 by Economic Digest

C. Community

Community investment

Recognising the responsibility of a good corporate citizen to contribute to the community, the Group has long maintained its eagerness to serve and give back to the community, with active participation in various community activities. The management of the Group advocates staff participation in philanthropic deeds, to arouse attention to the community and drive further participation from other people in community services.

In view of the impact of the novel coronavirus epidemic on Hong Kong early this year, Mr. Yip Mow Lum, the Chairman of the Group, supported the frontline medical workers by donating HK$10 million in the name of the Yip Mow Lum Charity Fund to the Hospital Authority of Hong Kong for its use during the fight against the virus.

本年度，本集團憑藉其貼心及專業的服務態度榮獲下列獎項：

香港交易所頒發的「最活躍每周指數期權經紀商」大獎、「最活躍股票期權經紀商」大獎及「最活躍股票期貨經紀商」大獎
《信報財經新聞》頒發的「上市公司卓越大獎2019」
《晴報》頒發的「傑出證券及期貨交易手機程式大獎」
《證券時報》╱《券商中國》頒發的「香港全能證券經紀商君鼎獎」
《資本雜誌》頒發的「傑出股票及期貨交易App 程式研發大獎」
《經濟一週》頒發的「非凡企業大獎2019」及「香港傑出企業大獎 2019」

C. 社區

社區投資

本集團明瞭作為良好企業公民有責任為社區作出貢獻，長久以來均熱衷社區服務，致力回饋社區，並經常參與各項社區活動。本集團的管理層十分鼓勵員工參加不同的慈善活動，藉以提高大家對社區的關注，並鼓勵更多人參與社區服務。

今年初香港飽受新冠病毒疫情肆虐，本集團主席葉茂林先生盼能為前線醫護人員盡一份綿力，以「葉茂林慈善基金」名義捐款一千萬港元予香港醫院管理局，作為醫管局抗疫的相關用途。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Environmental, Social and Governance Report 環境、社會及管治報告

In the Year, the Group donated over HK$1 million to the Community Chest of Hong Kong with the aim of improving social welfare and alleviating social problems in general.

During the Year, the Group also donated HK$1 million to Caritas Hong Kong to help it provide diversified community services and support the underprivileged.

The Group has been supporting a charitable organisation named Joyful (Mental Health) Foundation as a sponsor for 11 years in the philanthropic running event called Joyful Charity Run and obtained the Caring Company Award. During the Year, the Group donated HK$100,000 to this organisation.

The Group also endeavours to promote in the educational spectrum. The Group donated HK$100,000 to the Hong Kong Baptist University during the Year.

The Group has also been awarded the following certificates of appreciation and commendation:

Medal of Gratitude from Hong Kong Squash
Medal of Gratitude from Joyful (Mental Health) Foundation
Caring Company Award granted by the Hong Kong Council of Social Service

Caring Company Scheme

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本年度，本集團向香港公益金捐贈逾一百萬港元，用以提升整體社會福利水準，紓緩各種社會問題。

本年度，本集團向香港明愛捐款一百萬港元，藉着善款支持香港明愛提供多元化的社區服務，扶助弱勢社群。

本集團一直支持慈善組織「心晴行動慈善基金」，十一年間一直擔任「心情跑 • 跑傳情」慈善跑的贊助商，並獲「商界展關懷」嘉許。本年度，本集團向其捐款十萬港元。

本集團亦熱心教育事業。本年度，本集團向香港浸會大學捐款十萬港元。

本集團亦獲頒下列感謝及嘉許狀：

香港壁球總會感謝獎座
心晴行動慈善基金感謝獎座
香港社會服務聯會頒發的「商界展關懷」

商界展關懷計劃

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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

CORPORATE GOVERNANCE PRACTICES

The Board is committed to maintaining high standards of corporate governance and complying with regulatory requirements, to secure and uplift confidence of shareholders as well as potential investors. In order to meet expectations of the public and shareholders and fulfill its commitment to good corporate governance, the Board reviews the Company’s corporate governance practices from time to time.

Throughout the Year, the Company has fully complied with the Corporate Governance Codes and Corporate Governance Report (“CG Codes”) set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).

BOARD OF DIRECTORS

The Board’s primary responsibilities are to formulate the Company’s long term corporate strategy, oversee the management of the Group, and evaluate the business performance. In addition, the Board has established four committees, namely, the Audit Committee, the Nomination Committee, the Remuneration Committee and Risk Management Committee; and has delegated various responsibilities to these committees under the Board as set out in their respective terms of reference.

BOARD COMPOSITION

The Board comprises six Directors, half of whom are nonexecutive directors independent from the management. The Board is responsible for formulating the overall strategies of the Company, ensuring the availability of sufficient funds and resources for implementing such strategies, overseeing the financial position of the Company, and complying with laws and regulations in the course of business operations. All members of the Board possess the skills and experience required by the businesses of the Group. As at 31 March 2020, the Board comprised three executive Directors, namely, Mr. Yip Mow Lum (Chairman), Mr. Hui Yik Bun (CEO) and Mr. Chan Wing Shing, Wilson; and three independent non-executive Directors, namely, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph. The biographical details of the current Directors are set out in the “Biographies of Directors and Senior Management” section of this annual report.

企業管治常規

董事會恪守維持高水平之企業管治之承諾，同時確切遵守各項監管要求，以維持及提高股東及潛在投資者之信心。董事會一方面滿足公眾及股東之期望，另一方面堅守實踐良好企業管治之承諾，並不時檢討本公司之企業管治常規。

本年度，本公司已全面遵守香港聯合交易所有限公司證券上市規則（「上市規則」）附錄十四所載之《企業管治守則》及《企業管治報告》（「企業管治守則」）。

董事會

董事會之主要職責為制定本公司之長遠策略、監督本集團之管理層以及評估業務表現。此外，董事會已分別成立四個轄下委員會，包括審核委員會、提名委員會、薪酬委員會及風險管理委員會，並按該等委員會之職權範圍，將不同責任授予該等委員會。

董事會組成

董事會由六名董事組成，當中一半為非執行董事，並獨立於管理層。董事會負責制定本公司之整體策略，確保本公司具備足夠資金及資源以實踐其策略，監察其財務狀況，以及經營業務時有否遵守法律及法規。董事會各成員均具備本集團業務所需的技能及經驗。於二零二零年三月三十一日，董事會成員包括三名執行董事葉茂林先生（主席）、許繹彬先生（行政總裁）及陳永誠先生，以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。現任董事之簡歷載於本年報「董事及高級管理層之簡歷」一節。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

During the Year, the Company was in full compliance with the requirements under the Listing Rules, with three independent non-executive Directors on the Board throughout the year. In addition, Mr. Yu Yun Kong and Mr. Ling Kwok Fai, Joseph have the appropriate professional qualifications of accounting and related financial management experience. The Company has received written confirmation from each of the independent nonexecutive 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. Hui Yik Bun and Mr. Chan Wing Shing, Wilson concurrently are directors of 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.

BOARD DIVERSITY POLICY

The Company acknowledges the importance of diversity at the Board in contributing to the quality of performance of the Company. The Board has adopted a Board Diversity Policy. In determining the composition of the Board, the Company takes into account a number of factors, including but not limited to gender, age, cultural and educational background or professional experience. Appointment of Directors is solely based on meritocracy. The Board Diversity Policy is among the criteria used in selecting members to join the Board. Furthermore, the Company also takes into consideration its own business model and specific needs form time to time in determining the optimal composition of the Board.

本年度，本公司完全符合上市規則的要求，董事會一直委任三名獨立非執行董事為董事會成員。此外，余韌剛先生及凌國輝先生均具備適當的專業會計資格及相關財務管理經驗。本公司亦已收到各獨立非執行董事就其獨立於本公司而發出之書面確認。

陳永誠先生為葉茂林先生之外甥。葉茂林先生、許繹彬先生及陳永誠先生同時出任本公司多間附屬公司之董事。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。

董事會成員多元化政策

本公司明白董事會成員多元化對提升本公司之表現素質裨益良多。董事會已採納董事會成員多元化政策，因此在決定董事會成員組合時，會從多方面考慮其成員，包括但不限於性別、年齡、文化及教育背景或專業經驗。所有董事的委任均以用人唯才為原則，並以董事會成員多元化政策為甄選人選的準則之一。此外，本公司決定董事會最佳成員組合時，亦不時考慮其本身業務模式及具體需要。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

BOARD PRACTICES

董事會常規

The Board holds at least four regular meetings annually at approximately quarterly intervals to discuss the Group’s business development, operations and financial performance. Notice of at least 14 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 and the Directors are invited to include matters of special concerns for discussion in the agenda. All Directors have access to the Board papers and all related materials, and are provided with adequate information by the management to enable the Board to make informed decisions on the matters to be discussed. The minutes of the Board meetings have sufficient details of the matters discussed at Board meetings which are prepared and kept by the Company Secretary and are opened for inspection by any Director. The Directors are free to access to the management for enquiries about further information, when required, and the Directors can obtain independent professional advice at the Company’s expense.

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，全體董事均會於最少14天前獲得通知。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，董事亦可於議程中加入特別事項以供審議。全體董事均有權查閱董事會文件及所有有關材料，管理層亦會提供充份資料，使董事會可就待議事項作出知情決定。董事會會議記錄詳細記錄董事會會議中所討論之事項，並由公司秘書準備及備存，任何董事均可查閱董事會會議記錄。此外，董事可以隨時聯絡管理層以查詢進一步資料，董事亦可以諮詢獨立專業人士之意見，相關費用由本公司承擔。

During the Year, four regular Board meetings and one general meeting were held. Details of the attendance of the Directors to the regular Board meetings and general meetings are as follows:

本年度，董事會已舉行四次董事會定期會議及一次股東大會。各董事於董事會定期會議及股東大會之出席率詳情如下：

Name of Director	董事姓名	Number of regular Board meetings 出席董事會定期會議之次數	Number of general meeting attended 出席股東大會之次數
Executive Directors:	執行董事：
Mr. Yip Mow Lum	葉茂林先生	4/4	1/1
Mr. Hui Yik Bun	許繹彬先生	4/4	1/1
Mr. Chan Wing Shing, Wilson	陳永誠先生	4/4	0/1
Independent Non-executive Directors:	獨立非執行董事：
Mr. Yu Yun Kong	余韌剛先生	4/4	1/1
Mr. Szeto Wai Sun	司徒維新先生	4/4	1/1
Mr. Ling Kwok Fai, Joseph	凌國輝先生	4/4	1/1

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

CONTINUOUS PROFESSIONAL DEVELOPMENT

持續專業發展

Every newly appointed Director will receive comprehensive, formal and tailored induction package from the company secretary ensuring that he/she has a proper understanding of the Company’s operation, business, the relevant laws and regulations, the Listing Rules and governance policies. The Company Secretary also provides the updates on latest development and changes in the Listing Rules and other relevant legal and regulatory requirements to the Board from time to time.

每名新委任董事均會獲公司秘書提供全面、正式及專屬的入職培訓，確保其對本公司之運作、業務、相關法律及法規、上市規則及管治政策有確切了解。公司秘書亦會不時提醒董事會關於上市規則及其他相關法律及監管規定之更新、最新發展及變動。

In addition, all Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills. During the Year, the Company arranged Directors to join seminar on Update Trends of New Tech & Cyber Security organised by the Hong Kong Institute of Directors. In addition, the Directors are updated with latest developments regarding the Listing Rules and other applicable legal and regulatory requirements from time to time to ensure compliance of the same by all Directors. The training undertaken by the Directors during the Year is summarised as follows:

此外，本公司積極鼓勵全體董事參與持續專業培訓，讓彼等對其知識及技能溫故知新。本年度，本公司就網絡安全和技術新趨勢安排董事參與由香港董事學會舉辦的研討會。此外，董事獲不時更新有關上市規則及其他適用法律及監管規定的最新發展，以確保全體董事均有遵守該等規定。董事於本年度進行之培訓概述如下：

Name of Director	董事姓名	In-house training 內部培訓	Type of trainings 培訓種類 Seminars and/or conferences and/or forums 研討會及╱或會議及╱或論壇	Reading and online studying 閱讀及網上學習
Executive Directors	執行董事
Mr. Yip Mow Lum	葉茂林先生	✓	✓	✓
Mr. Hui Yik Bun	許繹彬先生	✓	✓	✓
Mr. Chan Wing Shing, Wilson	陳永誠先生	✓	✓	✓
Independent Non-executive Directors	獨立非執行董事
Mr. Yu Yun Kong	余韌剛先生	✓	✓	✓
Mr. Szeto Wai Sun	司徒維新先生	✓	✓	✓
Mr. Ling Kwok Fai, Joseph	凌國輝先生	✓	✓	✓

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

ACCESS TO INFORMATION BY DIRECTORS

In relation to regular Board meetings, notice of at least 14 days shall be given to Directors allowing them to have sufficient time to participate. Meanwhile, Agendas and meeting documents are sent to all Directors three days prior to the respective meeting to ensure that Directors have sufficient time to familiarize themselves with the matters to be discussed and to play their roles of supervision. For meetings of committees under the Board, notice of at least 14 days shall also be given to Directors, and agendas and meeting documents are also sent to all Directors three days prior to the respective meeting.

All Directors are entitled to have access to Board papers, minutes and financial information, and also entitled to make enquiry to the management regarding operating data and financial information of the Company. The management must submit the information requested by the Directors within reasonable time so that the Board can play its role effectively.

Further, the Company provides all Directors with monthly updates on the Company’s performance, financial position and prospects, so that Directors are well aware of the affairs of the Group and can in turn perform its duties under the Listing Rules.

董事獲取資料之權利

就董事會定期會議而言，會議通告會於最少14 日前向董事發出，以便董事有充足時間準備出席。除此之外，所有董事均會於3日前獲呈送會議議程及議事文件，確保董事有足夠時間了解所議事項並能發揮其監察功能。董事委員會會議同樣會於最少14日前發出會議通告，及於3日前呈送會議議程及議事文件予全體董事。

全體董事均有權查閱董事會文件、會議記錄及財務資料，亦有權向管理層查詢任何關於本公司之營運資訊及財務資料。管理層必須於合理時間內呈交董事要求查閱之資料，使董事會能有效發揮其角色。

除此之外，本公司每月向全體董事提供有關本公司表現、財務狀況及前景之最新資料。讓董事得悉本集團之事務，使其得以履行上市規則下之責任。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

APPOINTMENT AND RE-ELECTION OF DIRECTORS

Each executive Director has entered into a service agreement with the Company for a fixed term of three years, 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. Hui Yik Bun; and not less than twelve months’ notice for Mr. Chan Wing Shing, Wilson). They are subject to retirement from office by rotation and re-election by shareholders at annual general meetings in accordance with the articles of association of the Company (the “Articles”).

CG Code provision A.4.1 stipulates that non-executive Directors should be appointed for a specific term subject to re-election. Each of the three independent non-executive Directors of the Company are appointed for a fixed term of one year, which will automatically be renewable for one successive year, and will continue thereafter unless and until terminated by either party by giving the other party a three months’ prior notice in writing. All three independent non-executive Directors are also subject to retirement by rotation and re-election by shareholders at the annual general meetings of the Company according to the provisions of the Articles.

According to the Articles, 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 re-election. Furthermore, 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，固定年期為三年，屆滿時會自動續期一年，並會一直延續，除非及直至任何一方向對方發出事先書面通知（就葉茂林先生及許繹彬先生而言不少於三個月通知；而就陳永誠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（「章程細則」）之規定於股東週年大會上輪值告退並由股東重選。

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。本公司三名獨立非執行董事之固定委任年期為一年，屆滿時均會自動續期一年，並會一直延續，除非及直至任何一方向對方發出三個月之事先書面通知終止為止。而三名獨立非執行董事亦須根據章程細則之條文於本公司之股東週年大會上輪值告退並由股東重選。

根據章程細則，當時三分之一董事（如人數不是三的倍數，以最接近且不少於三分之一）將於本公司每次股東週年大會上輪席告退，各董事須最少每三年輪席告退一次。退任董事可合資格膺選連任。此外，為填補臨時空缺或作為董事會增補而委任之任何董事僅應任職至其獲委任後本公司之首個股東大會為止，並於該大會上膺選連任。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

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 Model Code throughout the Year.

COMPLIANCE MANUAL

The compliance manual of the Company has been prepared by the Company with reference to relevant regulatory guidelines and other industry best practices, setting out ethical standards, values and specific obligations on topics such as dealing in securities, anti-money laundering and personal benefits, thereby ensuring that all Directors, management members and staff members abide by the ethics and integrity in compliance with standards of the Company.

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, whereas Mr. Hui Yik Bun acts as CEO.

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, he is also responsible for ensuring that all Directors are sufficiently 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 and administration 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十所載之上市發行人董事進行證券交易的標準守則（「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，彼等於本年度內已全面遵守標準守則。

合規手冊

本公司參照相關的監管指引及其他同業之最佳常規制作本公司之合規手冊，該手冊載有關於買賣證券、反洗黑錢及私人利益等之道德標準、價值觀以及具體責任。從而確保全體董事、管理層及員工均具有符合本公司標準之道德及誠信。

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，葉茂林先生擔任本公司之主席，而許繹彬先生則擔任行政總裁。

彼等各自之責任均已清楚界定。主席負責確保董事會適當地履行其職責，貫徹良好企業管治常規及程序，同時亦負責確保所有董事能充份知悉於董事會會議上審議之事項，並適時得到完備、可靠及充足之信息。行政總裁則負責本集團業務之日常管理及行政，包括履行董事會制定之重要策略。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

COMMITTEES OF THE BOARD

Audit Committee

The Audit Committee 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 them 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), examining 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 Audit Committee is provided with sufficient resources enabling it to discharge its duties.

A summary of work performed by the Audit Committee during the Year is set out as follows:

reviewed the audited financial statements of the Company for the year ended 31 March 2019;
reviewed the interim financial statements of the Company for the six months ended 30 September 2019;
reviewed the effectiveness of the accounting and financial reporting function of the Group; and
reviewed and recommended the Board on the reappointment of external auditor.

董事會轄下之委員會

審核委員會

審核委員會由三名成員組成，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所載有關財務申報之重大意見）、檢討本公司之財務申報系統及進行內部監督及監控之程序，以及就委任外聘核數師及審核費用等事宜向董事會提供建議。審核委員會獲提供充足資源，以履行職責。

審核委員會於本年度之工作概述如下：

‧ 審閱本公司截至二零一九年三月三十一日止年度之經審核財務報表；
‧ 審閱本公司截至二零一九年九月三十日止六個月之中期財務報表；
‧ 檢討本集團會計及財務申報職能之效能；及
‧ 就續聘外聘核數師進行檢討並向董事會提供建議。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

Two Audit Committee meetings were held during the Year. Attendance records of relevant Directors are set out as follows:

審核委員會於本年度共舉行了兩次會議，有關董事之出席記錄詳列如下：

Name of Director	董事姓名	Number of meetings attended 出席會議之次數
Mr. Yu Yun Kong (Chairman)	余韌剛先生（主席）	2/2
Mr. Szeto Wai Sun	司徒維新先生	2/2
Mr. Ling Kwok Fai, Joseph	凌國輝先生	2/2

The Audit Committee has recommended to the Board that KPMG, Certified Public Accountants (“KPMG”), be nominated for re-appointment 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。

Risk Management Committee

風險管理委員會

The Risk Management Committee comprises five members, namely, Mr. Yip Mow Lum, Chairman of the Board and Mr. Hui Yik Bun, an executive Director and the CEO, together with three independent non-executive Directors, namely, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph. Mr. Yu Yun Kong is the chairman of the Risk Management Committee.

風險管理委員會由五名成員組成，包括董事會主席葉茂林先生和執行董事兼行政總裁許繹彬先生，以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。余韌剛先生為風險管理委員會主席。

The major duties of the Risk Management Committee are to review the risk management and internal control systems other than the financial control and reporting system and to consider major investigation findings on the risk management and internal control matters of the Company. The Risk Management Committee is provided with sufficient resources enabling it to discharge its duties.

風險管理委員會之主要職責包括除財務監控及滙報系統外，檢討本公司風險管理及內部監控系統和研究有關風險管理及內部監控事宜的重要調查結果。風險管理委員會獲提供充足資源，以履行職責。

A summary of the work performed by the Risk Management Committee during the Year is set out as follows:

風險管理委員會於本年度之工作概述如下：

reviewed the effectiveness of the internal control system; and
‧ 檢討內部監控系統之效能；及
reviewed the risk register to identify, mitigate and monitor significant risks.
‧ 審閱風險登記冊，以識別、降低及監察重大風險。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

A Risk Management Committee meeting was held during the Year. Attendance records of relevant Directors are set out as follows:

風險管理委員會於本年度舉行了一次會議，有關董事之出席記錄載列如下：

Name of Director	董事姓名	Number of meeting attended 出席會議之次數
Mr. Yu Yun Kong (Chairman)	余韌剛先生（主席）	1/1
Mr. Yip Mow Lum	葉茂林先生	1/1
Mr. Hui Yik Bun	許繹彬先生	1/1
Mr. Szeto Wai Sun	司徒維新先生	1/1
Mr. Ling Kwok Fai, Joseph	凌國輝先生	1/1

Nomination Committee

提名委員會

The Nomination Committee comprises four members, namely Mr. Yip Mow Lum, Chairman of the Board, together with three independent non-executive Directors, 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.

提名委員會由四名成員組成，分別為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。

The Nomination Committee is responsible for, among others, reviewing the structure, size and composition (including the skills, knowledge and experience) of the Board at least annually and make recommendations on any proposed changes to the Board to complement the Company’s strategy; reviewing the Board’s diversity policy, as appropriate; and review the measurable objectives that the Board has set for implementing the Board’s diversity policy, and the progress on achieving the objectives; identifying individuals suitably qualified to become members of the Board and selecting or making recommendations to the Board on selection of individual nominated for directorships; assessing the independence of the independent non-executive Directors; making recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors, in particular the Chairman and the CEO; and determining the policy for nomination of Directors. The Nomination Committee is provided with sufficient resources enabling it to discharge its duties.

提名委員會之職責包括至少每年檢討董事會之架構、人數及組成（包括技能、知識及經驗等方面），並就任何為配合本公司策略而擬對董事會作出之變動提出建議；在適當情況下檢討董事會成員多元化政策；檢討董事會為執行該政策而制定之可計量目標和達標進度；物色具備合適資格可擔任董事之人士，並挑選提名有關人士出任董事或就此向董事會提供意見；評核獨立非執行董事之獨立性；就董事委任或重新委任以及董事（尤其是主席及行政總裁）繼任計劃向董事會提出建議；以及決定提名董事之政策。提名委員會獲提供充足資源，以履行職責。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

A summary of the work performed by the Nomination Committee 提名委員會於本年度之工作概述如下： during the Year is set out as follows:

reviewed the structure, size, diversity of composition and succession of the Board;
‧ 檢討董事會之架構、人數、組成多樣性及繼任計劃；
reviewed the independence of the independent nonexecutive Director; and
‧ 評核獨立非執行董事之獨立性；及
made recommendation to the Board on the re-election of ‧ 就重選董事向董事會提供建議。 Directors.

A Nomination Committee meeting was held during the Year. Attendance records of relevant Directors are set out as follows:

提名委員會於本年度舉行了一次會議，有關董事之出席記錄載列如下：

Name of Director	董事姓名	Number of meeting attended 出席會議之次數
Mr. Yip Mow Lum (Chairman)	葉茂林先生（主席）	1/1
Mr. Yu Yun Kong	余韌剛先生	1/1
Mr. Szeto Wai Sun	司徒維新先生	1/1
Mr. Ling Kwok Fai, Joseph	凌國輝先生	1/1

Nomination Policy

提名政策

The nomination policy aims to set out the nomination criteria and procedures to select suitable candidates to the Board for consideration.

提名政策旨在列載提名標準及程序，以甄選合適候選人以供董事會考慮。

The selection criteria in assessing the suitability of potential candidates includes, but not limited to, their character and integrity, professional qualifications, skills, knowledge, experience, expertise and measurable objectives set out in the board diversity policy.

評定潛在候選人是否合適之甄選條件包括但不限於彼等之品格及誠信、專業資格、技能、知識、經驗、專才以及董事會成員多元化政策所載之可計量目標。

The nomination procedures for each appointment and reelection of Directors shall be evaluated using a substantially similar process and shall be fair and transparent. The Nomination Committee is responsible for reviewing this policy to ensure its effectiveness.

每次委任及重選董事之提名程序應利用大致相同之流程進行評核，並應公平及透明。提名委員會負責檢討政策以確保行之有效。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

Remuneration Committee

The Remuneration Committee 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 Remuneration Committee is responsible for, among others, making recommendations to the Board on the Company’s remuneration policy and structure for all Directors’ and senior management’s remuneration and on the establishment of a formal and transparent procedure for developing remuneration policy; reviewing and approving the management’s remuneration proposals with reference to the Board’s corporate goals and objectives; making recommendations to the Board on the remuneration packages of individual executive Director and senior management; making recommendations to the Board on the remuneration of non-executive Directors; considering salaries or fees paid by comparable companies, time commitment and responsibilities and employment conditions elsewhere in the Group; and ensuring that no Director or any of his associates is involved in deciding his own remuneration. The Remuneration Committee is provided with sufficient resources enabling it to discharge its duties.

A summary of the work performed by the Remuneration Committee during the Year is set out as follows:

reviewed the Directors’ fees and made recommendation to the Board; and
reviewed the current remuneration package of the executive Directors and senior management and made recommendation to the Board.

Details of the amount of Directors’ emoluments during the Year are set out in note 9 to the financial statements in this annual report. The Directors’ emoluments are determined with reference to the Company’s operating results, individual performance and the prevailing market rates. The emolument policy of the employees of the Group is set up on the basis of their performance, qualifications and competence, as well as market trends. The work performed by the Remuneration Committee during the Year included the review and approval of remuneration scheme of the Group and the remuneration of all Directors and submission of the same to the Board.

薪酬委員會

薪酬委員會由四名成員組成，分別為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。余韌剛先生為薪酬委員會主席。

薪酬委員會之職責包括就本公司董事及高級管理人員之全體薪酬政策及架構，及就設立正規而具透明度之程序制訂薪酬政策，向董事會提出建議；因應董事會所訂企業方針及目標而檢討及批准管理層之薪酬建議；向董事會建議個別執行董事及高級管理人員之薪酬待遇；就非執行董事之薪酬向董事會提出建議；考慮同類公司支付之薪酬或袍金、須付出之時間、職責及本集團內其他職位之僱用條件；以及確保任何董事或其任何聯繫人不得參與釐定其本身之薪酬。薪酬委員會獲提供充足資源，以履行職責。

薪酬委員會於本年度之工作概述如下：

‧ 檢討董事袍金並向董事會提供建議；及
‧ 檢討執行董事及高級管理人員現時之薪酬待遇並向董事會提供建議。

本年度之董事酬金金額詳情載於本年報財務報表附註9 。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。本集團僱員之酬金政策則按彼等之表現、資歷及能力以及市場趨勢訂立。薪酬委員會於本年度之工作包括審議、審批及向董事會提呈本集團之薪酬制度及所有董事之薪酬。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

A Remuneration Committee meeting was held during the Year. Attendance records of relevant Directors are set out as follows:

薪酬委員會於本年度舉行了一次會議，有關董事之出席記錄載列如下：

Name of Director	董事姓名	Number of meeting attended 出席會議之次數
Mr. Yu Yun Kong (Chairman)	余韌剛先生（主席）	1/1
Mr. Yip Mow Lum	葉茂林先生	1/1
Mr. Szeto Wai Sun	司徒維新先生	1/1
Mr. Ling Kwok Fai, Joseph	凌國輝先生	1/1

REMUNERATION OF DIRECTORS/SENIOR MANAGEMENT

董事╱高級管理人員薪酬

The following table lists out in bands the remuneration of the Directors and senior management whose names appear in the “Biographies of Directors and Senior Management” section for the Year:

下表列出「董事及高級管理層之簡歷」一節之董事及高級管理人員於本年度之薪酬組別：

==> picture [484 x 45] intentionally omitted <==

----- Start of picture text -----

Number of
persons
HK$ 港元人數
----- End of picture text -----

8,000,001–9,000,000	1
7,000,001–8,000,000	—
6,000,001–7,000,000	—
5,000,001–6,000,000	—
4,000,001–5,000,000	1
3,000,001–4,000,000	1
2,000,001–3,000,000	—
1,000,001–2,000,000	2
1–1,000,000	3
Total總數	8

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

ACCOUNTABILITY AND AUDIT

問責及審核

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, 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.

董事會負責監察各財政期間之財務報表編製工作，有關財務報表須真實及公平地反映本公司之狀況及該期間之業績及現金流量。於編製本年度之財務報表時，董事會已選擇並貫徹採用合適之會計政策、採納與本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。

COMPANY SECRETARY

公司秘書

Mr. Chan Kwan Pak, the Company Secretary, is an external service provider and was appointed by the Board. He is a fellow member of the Association of Chartered and Certified Accountants, a member of the Hong Kong Institute of Chartered Secretaries and the Institute of Chartered Secretaries and Administrators. He reports to the Chairman and CEO and assists the Board in functioning effectively. All the Directors could 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, he undertook not less than 15 hours of professional training to update his knowledge and skills.

公司秘書陳筠栢先生為外聘服務提供者，由董事會委任。彼為英國特許公認會計師公會資深會員以及香港特許秘書公會及英國特許秘書及行政人員公會會員。彼向主席及行政總裁滙報，及協助董事會有效運作。所有董事均可隨時就其職責及董事會運作事宜向公司秘書尋求意見及服務。本年度，公司秘書已參與不少於15個小時之專業培訓，以更新其知識及技能。

INDEPENDENT AUDITOR

獨立核數師

During the Year, KPMG, the external auditor of the Group, provided the following services to the Group:

本年度，本集團之外聘核數師畢馬威向本集團提供以下服務：

==> picture [483 x 32] intentionally omitted <==

----- Start of picture text -----

HK$’000
Service rendered 所提供服務千港元
----- End of picture text -----

Audit services	審核服務
Annual audit	年度審核	1,457
Non-audit services	非審核服務
Interim review	中期審閱	247
Taxation service	稅務服務	60
Total	總計	1,764

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has ultimate responsibility to establish and maintain adequate risk management and internal control systems and to review their effectiveness. Hence, such systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable, but not absolute, assurance against material misstatement or loss.

Process used to Identify, Evaluate and Manage Significant Risk

Pursuant to the Group’s framework, senior management is primarily responsible for designing and implementing the policies and procedures of internal controls, while the Board and the Risk Management Committee oversee the actions of senior management and review the effectiveness of the controls established on an annual basis in respect of the financial year.

Risk management of the Group is a continuous process carried out at all levels of the Group. Each management team is required to identify the risks in their division faces and classify them into appropriate categories. All risks identified are given a risk rating which is evaluated based on the likelihood and consequence of the risks. Mitigation measures and plans are then developed based on the control gaps evaluated and the predetermined risk appetite to manage the risks to an acceptable level.

All risks identified and the corresponding mitigation measures are recorded in the relevant risk register to facilitate review of the senior management, the Risk Management Committee and the Board on an ongoing basis.

Internal Audit Function

The Group’s internal audit function for the Year has been performed by the Internal Audit Department which has unrestricted access to review all aspects of the Group’s business activities and is responsible for quarterly monitoring and reviews on internal and operational controls. They directly report to the Chairman of the Board and the Risk Management Committee.

The Risk Management Committee and the Board have confirmed that there is no fundamental deficiencies with material adverse consequences.

風險管理及內部監控

董事會肩負建立及維持足夠的風險管理及內部監控系統，以及檢討其成效的最終責任。因此，該等系統旨在管理而非消除未能達成業務目標之風險，且只能就並無重大失實陳述或損失提供合理而非絕對的保證。

用於識別、評估及管理重大風險之程序

根據本集團之框架，高級管理層主要負責設計及執行內部監控政策及程序，而董事會及風險管理委員會則監督高級管理層之行動，並按年審閱該財政年度所制訂的監控之成效。

本集團的風險管理會於所有層面持續進行。各管理層團隊須識別其部門所面臨之風險，並將其分類至適當類別。所有已識別之風險均會給予風險等級，有關等級乃根據風險之可能性及後果進行評估，隨後會根據評估得出之監控缺失及預設之承險能力制訂舒緩措施及計劃，以使風險維持於可接受的水平。

所有已識別之風險及相應之舒緩措施均會記入相關風險登記冊，以便高級管理層、風險管理委員會及董事會持續進行檢討。

內部審核職能

本年度，本集團的內部審核職能由內部審核部履行，其可以不受限制地審閱本集團各方面業務活動，專責季度監控及檢討內部及營運管理，並直接向董事會主席及風險管理委員會報告。

風險管理委員會及董事會確定概無可造成重大不利後果之根本缺陷。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

Internal Control System

For the Year, the Board has, through management, the Audit Committee and the Risk Management Committee, conducted a review of the effectiveness of the Group’s risk management and internal control systems.

The review covered all material controls over financial, operational and compliance issues, risk management, information systems security, the effectiveness of financial reporting and compliance with the Listing Rules.

In view of the improvements made to the systems and the appropriate measures taken, the Board considered that the systems are effective and adequate.

The Board has also reviewed and is satisfied with the adequacy of resources, staff qualifications and experience, training programmes and budget of the Group’s accounting, internal audit and financial reporting functions.

Handling and Dissemination of Inside Information

The Board has adopted the Disclosure of Inside Information Manual to handle and disseminate inside information to comply with the requisite inside information disclosure requirements as specified under the Securities and Futures Ordinance and the Listing Rules.

Dividend Policy

The dividend policy aims to set out key criteria on payment of dividends of the Company.

Payment of dividends shall remain to be determined at the sole discretion of the Board of the Company, except the final dividend shall be subjected to shareholders’ approval at general meeting.

In proposing any dividend payout, the Board shall also take into account, inter alia, the operating results, cash flow, financial condition and capital requirements of the Group and the interests of the shareholders of the Company as a whole. The Company’s distribution of dividends shall also be subject to any restrictions under the Companies Law of the Cayman Islands and the Articles as well as all applicable laws, rules and regulations.

The dividend policy will be reviewed from time to time. The dividend policy allows the Board to declare special dividends from time to time in addition to the interim and/or annual dividends. There is no guarantee that any particular amount of dividends will be distributed for any specific periods.

內部監控系統

本年度，董事會透過管理層、審核委員會及風險管理委員會對本集團風險管理及內部監控系統之成效進行檢討。

該檢討涵蓋所有重大監控，包括財務、營運及法規事項、風險管理、資訊系統安全、財務報告成效及遵守上市規則方面。

由於該等系統已進行優化及已採取適當之措施，故董事會認為該等系統有效及足夠。

董事會亦已檢討並滿意本集團於會計、內部審核及財務報告等方面有足夠資源、員工資歷及經驗、培訓項目及預算。

處理及發佈內幕消息

董事會已採納內幕消息披露手冊，以遵照《證券及期貨條例》與上市規則所訂明之內幕消息披露規定處理及發佈內幕消息。

股息政策

股息政策旨在列載本公司派發股息之主要標準。

股息派發由本公司之董事會全權酌情決定，惟末期股息須由股東於股東大會上批准。

董事會在建議派發任何股息時，會考慮（其中包括）本集團之經營業績、現金流量、財務狀況、資本需求以及本公司股東之整體利益。本公司分派股息亦受開曼群島公司法及章程細則以及所有適用法律、規則及法規之限制規限。

股息政策將會不時檢討。股息政策容許董事會可以在中期及╱或全年股息外不時宣派特別股息。概不保證於任何特定期間派發任何特定金額之股息。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Corporate Governance Report 企業管治報告

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 takes appropriate action and make arrangements in accordance with the requirements under Article 64 of the Articles once a valid requisition is received.

• 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 (i) 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; (ii) 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 (iii) 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 fewer than seven 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 seven days prior to the date of such meeting. The Company would take appropriate actions and make necessary arrangements once valid notices are received.

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之方式：

任何於寄存有關要求當日持有不少於本公司實繳股本10%之股東可要求董事會召開股東特別大會。經由有關股東正式簽署之要求須述明會議目的，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）。於收到有效要求後，本公司將按章程細則第64條的規定採取適當行動，並作出安排。

‧ 股東提名及選舉董事之程序：

任何股東如擬提名某位人士（並非依次退任之董事）於股東大會上參選董事，應向本公司之總辦事處（香港中環德輔道中71 號永安集團大廈10樓）提交 (i) 經該名具正式資格出席大會並於會上表決之股東（並非獲提名候選人）簽署之通知，表示擬提名該名人士參選；(ii) 經獲提名候選人簽署之通知，表示願意參選，並連同按上市規則第13.51(2)條規定須予披露之資料；及(iii) 獲提名候選人同意公佈其個人資料之同意書。

發出該通知之期間最早可於指定進行有關選舉的大會之通告寄發翌日開始計算，且不遲於該大會舉行日期7天前結束，該期間至少應為7天。於收到該等有效通知後，本公司將採取適當行動，並作出必要安排。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Corporate Governance Report 企業管治報告

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.

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.

T he f ina ncia l a nd othe r infor mation re lating to the G rou p h a s b e e n pu b lis h e d o n th e we bs i te s of th e HKEXnews (https://www.hkexnews.hk) and the Company (https://www.bsgroup.com.hk).

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。公司秘書會將收到之查詢直接轉交有關董事會成員或負責該等事務之相關董事委員會主席以作跟進處理。董事會在公司秘書協助下，將竭盡所能確保即時處理所有查詢。

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並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，本公司將於股東週年大會上就各項實質上獨立之議題（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披露易網站 (https://www.hkexnews.hk) 及本公司網站 (https://www.bsgroup.com.hk) 。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

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.

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, commodities & futures broking, bullion trading and leveraged foreign exchange trading.

ANALYSIS OF OPERATIONS

Details of the analysis of the Group’s revenue and profit for the Year contributed by operating segments are set out in note 12 to the financial statements.

BUSINESS REVIEW

A review of the Group’s business during the Year, which includes a discussion of the principal risks and uncertainties facing by the Group, an analysis of the Group’s financial key performance, particulars of important events affecting the Group during the Year, and an indication of likely future developments in the Group’s business, can be found in the Management Discussion and Analysis set out on pages 33 to 57 and the Environmental Policies can be found in the ESG report on pages 65 to 76 of this annual report.

COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS

During the Year, as far as the Board and management are aware, there was no material breach of or non-compliance with the applicable laws and regulations by the Group that has a significant impact on the businesses and operations of the Group.

董事會謹此提呈本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、商品及期貨經紀、貴金屬交易以及槓桿式外滙交易。

業務分析

本集團本年度按經營分部劃分之收入及溢利之分析詳情載於財務報表附註12 。

業務回顧

本集團於本年度的業務回顧包括本集團所面對的主要風險及不明朗因素的討論、本集團主要財務表現的分析、本年度影響本集團的重大事件詳情以及本集團業務之未來可能發展的展望。此業務回顧載於本年報第33至57頁的管理層討論與分析，而環境政策則載於本年報第65至76 頁的環境、社會及管治報告。

遵守相關法律及法規

於本年度，據董事會及管理層所知悉，本集團並無重大違反或不遵守對本集團的業務及營運有重大影響的適用法律及法規。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

RELATIONSHIP WITH KEY STAKEHOLDERS

The Group’s success depends on the support from key stakeholders including employees and customers.

The Group provides a harmonious working environment to employees and ensures all of them are reasonably remunerated. The Company regularly reviews and updates its policies on remuneration and benefits, training as well as occupational health and safety.

The Group has the mission to provide excellent customer service while maintaining long term profitability and business growth. The Group pays close attention to various stakeholders and maintains frequent communication with them, with a view to fully understanding and listening to their appeals and making positive responses based on the actual circumstances of the Group.

FINANCIAL STATEMENTS

The profit and affairs of the Group for the Year are set out in the financial statements on pages 122 to 223.

DIVIDENDS

In celebration of the tenth anniversary of its listing, the Group declared and paid a one-time special dividend of 80.00 HK cents per ordinary share during the year.

The worldwide spread of the unforeseen novel coronavirus epidemic during the Year has dragged the global economy to its trough with no recent recovery expected to be seen, and the situation is grimmer than that caused by the SARS outbreak in 2003 and the financial crisis in 2008. As such, the Company timely reviewed its dividend policy without affecting its foreseeable future cash flow, financial condition and sustainable operation, and decided to increase dividends this year to help shareholders resolve their urgent needs. Therefore, the Board recommended the payment of a final dividend of 28.00 HK cents per share for the year ended 31 March 2020, subject to the approval of the final dividend by the Company’s shareholders at the forthcoming annual general meeting (“AGM”) to be held on Thursday, 20 August 2020. If approved, the final dividend will be paid to the Company’s shareholders on Wednesday, 9 September 2020. Shareholders whose names appear on the register of members of the Company on Monday, 31 August 2020 will be entitled to the proposed final dividend.

與主要持份者的關係

本集團的成功仰賴主要持份者，包括僱員及客戶的支持。

本集團為僱員提供和諧的工作環境，確保彼等獲得合理報酬。本公司定期檢討及更新其有關薪酬福利、培訓、職業健康及安全的政策。

本集團的使命是提供卓越的客戶服務，同時維持長遠盈利能力和業務增長。本集團密切關注各持份者的需要並經常與他們保持溝通，充份了解並聆聽他們的訴求，因應本集團的實際情況作出積極回應。

財務報表

本集團於本年度之溢利以及事務狀況載於第122 至223頁的財務報表。

股息

本集團為慶祝「上市十週年」，於本年度內宣派及派付一次性特別股息每股普通股80.00港仙。

鑑於本年度全球各國受到突如其來的新冠狀病毒持續肆虐的影響，全球經濟陷於前所未見困境，全球經濟估計復原無期。相比二零零三年沙士及二零零八年金融海嘯更見嚴重。有見及此，本公司在沒有影響可見將來的現金流、財政及持續營運下，適時檢討派息政策，決定於本年度增加派息，以助股東解決燃眉之急。因此，董事會建議派發截至二零二零年三月三十一日止年度之末期股息每股28.00港仙，惟須待本公司股東於二零二零年八月二十日（星期四）舉行之應屆股東週年大會（「股東週年大會」）上批准末期股息後方可作實。如獲批准，末期股息將於二零二零年九月九日（星期三）派付予本公司股東。於二零二零年八月三十一日（星期一）名列本公司股東名冊之股東將有權收取擬派末期股息。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Directors’ Report 董事會報告

CLOSURE OF REGISTER OF MEMBERS FOR ENTITLEMENT TO ATTEND AND VOTE AT THE 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 AGM, from Friday, 14 August 2020 to Thursday, 20 August 2020 (both days inclusive), during this period no transfer of shares will be registered. In order to attend and vote at the AGM, 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 Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration, not later than 4:30 p.m. on Thursday, 13 August 2020. The AGM will be held at 10:00 a.m. on Thursday, 20 August 2020.

CLOSURE OF REGISTER OF MEMBERS FOR ENTITLEMENT TO THE PROPOSED 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 Thursday, 27 August 2020 to Monday, 31 August 2020 (both days inclusive), during this 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 Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration, not later than 4:30 p.m. on Wednesday, 26 August 2020. Shares of the Company will be traded exdividend as from Tuesday, 25 August 2020.

SHARE CAPITAL

Details of the movements in the share capital of the Company are set out in note 26(a) to the financial statements.

暫停辦理股東登記手續以確定享有出席股東週年大會並於會上投票之權利

本公司將於二零二零年八月十四日（星期五）至二零二零年八月二十日（星期四）（包括首尾兩天）暫停辦理股份過戶登記，以釐定股東出席股東週年大會並於會上投票之權利，期間將不會辦理股份過戶登記手續。股東如欲出席股東週年大會並於會上投票，則須於二零二零年八月十三日（星期四）下午四時三十分或之前，將所有過戶文件連同相關股票一併送交本公司香港股份登記分處卓佳證券登記有限公司（地址為香港皇后大道東183號合和中心54樓），以辦理登記手續。股東週年大會將於二零二零年八月二十日（星期四）上午十時正舉行。

暫停辦理股東登記手續以確定享有收取擬派末期股息之權利

本公司將於二零二零年八月二十七日（星期四）至二零二零年八月三十一日（星期一）（包括首尾兩天）暫停辦理股份過戶登記，以釐定股東享有收取擬派末期股息之權利，期間將不會辦理股份過戶登記手續。股東如欲符合資格收取擬派末期股息，則須於二零二零年八月二十六日（星期三）下午四時三十分或之前，將所有過戶文件連同相關股票一併送交本公司香港股份登記分處卓佳證券登記有限公司（地址為香港皇后大道東183號合和中心54樓），以辦理登記手續。本公司股份將由二零二零年八月二十五日（星期二）起除息買賣。

股本

本公司之股本變動詳情載於財務報表附註 26(a) 。

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

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 2020, the aggregate amount of reserves available for distribution to equity shareholders of the Company was HK$740,569,000 (2019: HK$753,050,000).

DONATIONS

Charitable donations made by the Group during the Year amounted to HK$2,280,000 (2019: HK$850,000).

FIVE-YEAR FINANCIAL SUMMARY

A summary of the results, assets and liabilities of the Group for the last five years ended 31 March 2020 are set out in the “Fiveyear Financial Summary” section on page 224 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.

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有能力償還於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。

於二零二零年三月三十一日，可供分派予本公司權益股東之儲備總金額為740,569,000港元（二零一九年：753,050,000港元）。

捐款

於本年度，本集團作出之慈善捐款達2,280,000 港元（二零一九年：850,000港元）。

五年財務摘要

本集團截至二零二零年三月三十一日止過往五個年度之業績、資產及負債概要載於本年報第 224頁之「五年財務摘要」一節。

優先購買權

本公司組織章程細則或開曼群島相關法律並無優先購買權之條文規定本公司須按比例向現有股東發售新股份。

購買、出售或贖回本公司之股份

於本年度，本公司或其任何附屬公司概無購買、出售或贖回本公司之任何上市證券。

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Directors’ Report 董事會報告

EQUITY-LINKED AGREEMENTS

Details of the equity-linked agreements entered into during the Year or subsisting at the end of the Year are set out below:

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 include any employees (whether full time or part time), executives and officers (including Executive and Non-executive 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 to the extent not exceeding 10% of the shares in issue as at the date of the aforesaid shareholders’ approval. The Scheme Mandate Limit has been refreshed after the approval of the Company’s shareholders at the annual general meeting held on 8 August 2013. After the refreshment of 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 118,887,698 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;

股票掛鈎協議

於本年度訂立或於本年度末存續之股票掛鈎協議的詳情載列如下：

購股權計劃

於二零一零年八月四日，本公司有條件地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上尋求其股東批准更新計劃授權上限，數目不得超過於上述股東批准當日已發行股份之10%。計劃授權上限已於二零一三年八月八日舉行之股東週年大會上經本公司股東批准後更新。於更新計劃授權上限後，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118,887,698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%；

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

(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;
(v) Subject to the terms of the Scheme where any offer of an Option is proposed to be made to any Director, CEO 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 non-executive Director, or any of the 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;
(iii) 倘任何一名人士在截至最後授出日期止任何12個月期間內因行使已獲授及將獲授之購股權，而已經及將會獲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) 根據該計劃條款，向任何本公司董事、行政總裁或主要股東或任何彼等各自之聯繫人建議提呈之任何購股權要約，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任何彼等各自之聯繫人授出購股權，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、已註銷及尚未行使之購股權）而已經及將會獲發行之股份：
‧ 合共超過已發行股份之0.1%；及
‧ 根據各要約日期之股份收市價計算，總值超過5百萬港元；

則進一步授出購股權必須經股東批准；

(vi) 購股權之承授人可由要約日期起計28日之期間接納授出購股權之要約。當本公司於要約日期後30日或之前收到要約由承授人正式簽署構成接納購股權要約之函件副本連同支付本公司之款項1港元作為獲授購股權之代價後，購股權已獲承授人接納及生效。上述款項在任何情況下均不可退還；

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(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.

During the Year, no share options were granted, exercised, lapsed or cancelled pursuant to the Scheme.

Apart from the foregoing, at no time during the Year was the Company, or any of its holding company, subsidiaries or fellow subsidiaries a party to any arrangement to enable the Directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

(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佈為止。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）由有關財政年度年結日起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）由有關季度或半年期間結算日起至業績刊發日期止期間，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；
‧ 股份於要約日期在聯交所每日報價表所列收市價；及
‧ 股份於緊接要約日期前五個營業日在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。
於本年度並無購股權根據該計劃獲授出、行使、失效或遭註銷。

除上文所述者外，本公司或其任何控股公司、附屬公司或同系附屬公司於本年度內任何時間均無任何安排，使董事藉購買本公司或任何其他法人團體之股份或債券而獲益。

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SUBSIDIARIES

Details of the Company’s subsidiaries as at 31 March 2020 are set out in note 19 to the financial statements.

MAJOR CUSTOMERS

During the Year, the percentage of the Group’s revenue attributable to the Group’s largest client and the five largest clients in aggregate were 1.9% and 6.0% (2019: 3.0% and 7.3% respectively) respectively. The Group’s principal activities are providing securities, commodities and futures brokerage, margin financing, bullion trading and leveraged foreign exchange trading financial services. In the Board’s opinion, the Group has no major suppliers due to the nature of the Group’s principal activities.

To the best knowledge of the Directors, during the Year, none of the Directors nor any of their associates nor any shareholders 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 2020, 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 24 to the financial statements.

附屬公司

於二零二零年三月三十一日，本公司附屬公司之詳情載於財務報表附註19 。

主要客戶

於本年度，本集團最大客戶及五大客戶合共佔本集團之收入分別為1.9%及6.0%（二零一九年：分別為3.0%及7.3%）。本集團之主要業務為提供證券、商品及期貨經紀、孖展融資、貴金屬交易及槓桿式外滙交易金融服務。董事會認為，基於本集團主要業務之性質，本集團並無主要供應商。

於本年度，據董事所知，概無董事或任何彼等之聯繫人或任何股東（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任何權益。

董事於競爭業務中之權益

於二零二零年三月三十一日，概無董事於任何直接或間接與本集團業務構成競爭或可能會構成競爭之業務（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24 。

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Directors’ Report 董事會報告

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.

Employees’ remuneration are determined in accordance with individual’s responsibility, competence and skills, experiences, performance and market pay level.

Details of the Director’s emoluments and the five highest paid individuals of the Group for the year ended 31 March 2020 are set out in notes 9 and 10 to the financial statements.

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. Hui Yik Bun (Chief Executive Officer) 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. Yip Mow Lum and Mr. Szeto Wai Sun will retire at the forthcoming annual general meeting. Both of them being eligible, will offer themselves for re-election.

The biographical details of the Directors and senior management of the Company as at the date of this annual report are set out in the “Biographies of Directors and Senior Management” section on pages 58 to 64 of this annual report.

薪酬政策

本公司薪酬政策之主要目標乃確保董事獲得合理報酬及適當激勵，以保持高水準表現。

僱員薪酬按照個人職責、能力及技能、經驗及表現以及市場薪酬水平釐定。

截至二零二零年三月三十一日止年度之董事酬金及本集團五位最高薪酬人士之詳情載於財務報表附註9及10 。

董事

於本年度及直至本報告日期，本公司之董事為：

執行董事：

葉茂林先生（主席）許繹彬先生（行政總裁）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，葉茂林先生及司徒維新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58至64頁之「董事及高級管理層之簡歷」一節。

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Directors’ Report 董事會報告

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.

INDEMNITY OF DIRECTORS

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.

DIRECTORS’ INTERESTS IN

董事之服務協議

在即將舉行之股東週年大會上膺選連任之董事概無與本公司或其附屬公司訂立不得由聘用的公司於一年內或支付賠償（法定賠償除外）終止之服務合約。

董事彌償保證

本公司已購買董事責任保險，以彌償彼等因企業活動而引起之法律責任。本公司會每年檢討保單的保障範圍及保額。

董事於交易、安排或合約之權益

TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

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.

除下文「關連交易╱持續關連交易」一節所述合約外，於年終或本年度內任何時間，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本公司董事直接或間接擁有重大權益之重要合約。

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Directors’ Report 董事會報告

CONNECTED TRANSACTIONS/CONTINUING CONNECTED TRANSACTIONS

關連交易╱持續關連交易

1. Tenancy Agreements

1. 租賃協議

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:

本集團（作為租戶）與若干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：

==> picture [460 x 66] intentionally omitted <==

----- Start of picture text -----

Name of Amount for
Transaction counterparty the Year
(Note 1) (Note 2) HK$’000
交易交易對方 Term of agreement Address of premises 本年度金額
（附註1）（附註2）協議年期物業地址千港元
----- End of picture text -----

Tenancy made on 3 January 2019	Victory Beauty Limited as	1 April 2019 to	10/F, Wing On House,	13,704
(monthly rental: HK$1,142,000)	the landlord	31 March 2022	71 Des Voeux Road Central,
			Central, Hong Kong
於二零一九年一月三日訂立之租約	冬勝有限公司作為業主	二零一九年四月一日至	香港中環德輔道中
（月租：1,142,000港元）		二零二二年三月三十一日	71號永安集團大廈10樓
Tenancy made on 3 January 2019	Well Point Limited as the	1 April 2019 to	Mezzanine Floor, Peter Building,	5,160
(monthly rental: HK$430,000)	landlord	31 March 2022	58–60 Queen’s Road Central,
			13–17 Stanley Street, Central,
			Hong Kong
於二零一九年一月三日訂立之租約	泓鼎有限公司作為業主	二零一九年四月一日至	香港中環皇后大道中58-60號及士丹
（月租：430,000港元）		二零二二年三月三十一日	利街13-17號振邦大廈閣樓
Tenancy made on 3 January 2019	Sea Magic Limited as the	1 April 2019 to	G/F. & Cockloft, Nos.	2,880
(monthly rental: HK$240,000)	landlord	31 March 2022	141–145 Kwong Fuk Road, Tai
			Po, New Territories, Hong Kong
於二零一九年一月三日訂立之租約	妙詩有限公司作為業主	二零一九年四月一日至	香港新界大埔廣福道
（月租：240,000港元）		二零二二年三月三十一日	141–145號地下及閣樓
Tenancy made on 3 January 2019	Top Sunshine	1 April 2019 to	1/F, Golden Hill Commercial	2,160
(monthly rental: HK$180,000)	Development Limited as	31 March 2022	Building, Nos. 39–41 Argyle
	the landlord		Street, Kowloon, Hong Kong
於二零一九年一月三日訂立之租約	冠旭發展有限公司	二零一九年四月一日至	香港九龍亞皆老街
（月租：180,000港元）	作為業主	二零二二年三月三十一日	39–41號金山商業大廈
			1樓全層
Tenancy made on 3 January 2019	Resultever Limited as the	1 April 2019 to	Shop No. 7 on G/F & Cockloft	1,406
(monthly rental: HK$218,000)	landlord	30 September 2019	and Cockloft Nos.1–6, Tak Lee
(Note 3)			Building, No. 993 King’s Road,
			Quarry Bay, Hong Kong
於二零一九年一月三日訂立之租約	Resultever Limited	二零一九年四月一日至	香港鰂魚涌英皇道
（月租：218,000港元）	作為業主	二零一九年九月三十日	993號得利樓7號地舖及閣樓以及
（附註3）			1–6號閣樓

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Directors’ Report 董事會報告

==> picture [461 x 66] intentionally omitted <==

Tenancy made on 3 January 2019	Fortunate State Limited as	1 April 2019 to	The Entrance (at Left Frontage) of	10,332
(monthly rental: HK$861,000)	the landlord	31 March 2022	Portion A1 of Shops Nos. 6, 7
			and 8 on G/F, M/F and 1/F of
			Honour House, Nos. 375–381
			& 375A-379A Nathan Road, No.
			24 Kansu Street and Nos. 2–10
			Woosung Street, Kowloon
於二零一九年一月三日訂立之租約	福治有限公司作為業主	二零一九年四月一日至	九龍彌敦道375-381及375A-379A
（月租：861,000港元）		二零二二年三月三十一日	號、甘肅街24號及吳松街2-10號
			金勳大廈6、7及8號地舖A1部分之
			左正面之入口部分、閣樓全層及
			一樓全層
Tenancy made on 3 January 2019	Peaceful Smart Limited	1 April 2019 to	Room 2301 & 2302 on 23/F., Wing	9,420
(monthly rental: HK$785,000)	as the landlord	31 March 2022	On House, 71 Des Voeux Road
			Central, Central, Hong Kong
於二零一九年一月三日訂立之租約	捷威行有限公司	二零一九年四月一日至	香港中環德輔道中71號
（月租：785,000港元）	作為業主	二零二二年三月三十一日	永安集團大廈23樓
			2301及2302室
Tenancy made on 3 January 2019	Realmate Limited as the	1 April 2019 to	5th to 9th floor and Roof, 79 Pok Fu	6,600
(monthly rental: HK$550,000)	landlord	31 March 2022	Lam Road, Hong Kong
於二零一九年一月三日訂立之租約	維渼有限公司作為業主	二零一九年四月一日至	香港薄扶林道79號5至9樓全層連天台
（月租：550,000港元）		二零二二年三月三十一日
Tenancy made on 3 January 2019	Great Challenge Limited as	1 April 2019 to	Car Parking Space Nos. 1, 2, 3, 4,	238
(monthly rental: HK$ $19,800)	the landlord	31 March 2022	5, & 5S on Lower Ground Floor
			of Floral Tower, Nos. 1–9 Mosque
			Street, Hong Kong
於二零一九年一月三日訂立之租約	溢暢有限公司作為業主	二零一九年四月一日至	香港摩羅廟街1至9號福熙苑地下低層
（月租：19,800港元）		二零二二年三月三十一日	1、2、3、4、5及5S號之停車位
TOTAL				51,900
總計

Notes:

附註：

Monthly rental was exclusive of management fees, government rent and rates.
月租不包括管理費、地租及差餉。
Each an associate of Mr. Yip Mow Lum (“Mr. Yip”), Chairman, executive Director and controlling shareholder of the Company.
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。
A surrender agreement was entered with Resultever Limited on 24 September 2019, which the existing tenancy was ceased and terminated on 30 September 2019.
於二零一九年九月二十四日與 Resultever Limited 訂立之退租協議已於二零一九年九月三十日結束及終止現有租約。
The annual cap for the Year was HK$53,110,000.
本年度之年度上限為53,110,000港元。

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2. Financial Services Agreements

2. 金融服務協議

==> picture [460 x 90] intentionally omitted <==

----- Start of picture text -----

Maximum
amount for
Amount for the Year Amount for
the annual cap Payment from/ HK$’000 the Year
HK$’000 to the Group 本年度 HK$’000
Name of connected person Annual cap 年度上限金額本集團支付╱ 最高金額本年度金額
關連人士姓名年度上限千港元付予本集團之金額千港元千港元
----- End of picture text -----

Mr. Yip and his associates, together as	IPO Annual Cap	4,000,000 Advance from the Group	1,462,785
“Mr. Yip’s Group”	首次公開發售年度上限	本集團之墊款
葉先生及其聯繫人，	Margin Annual Cap	1,000,000 Advance from the Group	139,309
統稱「葉先生集團」	孖展年度上限	本集團之墊款
		Interest paid to the Group		2,532
		支付予本集團之利息
Mr. Hui Yik Bun (“Mr. Hui”) and his	IPO Annual Cap	100,000 Advance from the Group	5,565
associates	首次公開發售年度上限	本集團之墊款
許繹彬先生（「許先生」）及其聯繫人	Margin Annual Cap	10,000 Advance from the Group	1,162
	孖展年度上限	本集團之墊款
		Interest paid to the Group		38
		支付予本集團之利息
Mr. Chan Wing Shing, Wilson	IPO Annual Cap	20,000 Advance from the Group	960
(“Mr. Chan”) and his associates,	首次公開發售年度上限	本集團之墊款
together as “Mr. Chan’s Group”	Margin Annual Cap	10,000 Advance from the Group	—
陳永誠先生（「陳先生」）及其聯繫人，	孖展年度上限	本集團之墊款
統稱「陳先生集團」		Interest paid to the Group		1
		支付予本集團之利息
Mr. Yu Yun Kong (“Mr. Yu”) and his	IPO Annual Cap	20,000 Advance from the Group	—
associates	首次公開發售年度上限	本集團之墊款
余韌剛先生（「余先生」）及其聯繫人	Margin Annual Cap	10,000 Advance from the Group	214
	孖展年度上限	本集團之墊款
		Interest paid to the Group		2
		支付予本集團之利息
Mr. Szeto Wai Sun (“Mr. Szeto”) and his	IPO Annual Cap	20,000 Advance from the Group	—
associates	首次公開發售年度上限	本集團之墊款
司徒維新先生（「司徒先生」）及其聯繫人	Margin Annual Cap	10,000 Advance from the Group	—
	孖展年度上限	本集團之墊款
		Interest paid to the Group		—
		支付予本集團之利息
Mr. Ling Kwok Fai, Joseph	IPO Annual Cap	20,000 Advance from the Group	—
(“Mr. Ling”) and his associates	首次公開發售年度上限	本集團之墊款
凌國輝先生（「凌先生」）及其聯繫人	Margin Annual Cap	10,000 Advance from the Group	—
	孖展年度上限	本集團之墊款
		Interest paid to the Group		—
		支付予本集團之利息

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

Note:

附註：

Mr. Yip, Mr. Hui and Mr. Chan are executive Directors of the Company. Mr. Yu, Mr. Szeto and Mr. Ling are independent nonexecutive Directors of the Company. Mr. Chan is a nephew of Mr. Yip.

葉先生、許先生及陳先生為本公司執行董事。余先生、司徒先生及凌先生為本公司獨立非執行董事。陳先生為葉先生之外甥。

3. Brokerage Services Agreements

3. 經紀服務協議

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:

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：

Name of connected person 關連人士姓名	Annual Cap HK$’000 年度上限千港元	Amount for the Year HK$’000 本年度金額千港元
Mr. Yip’s Group
葉先生集團	10,000	601
Mr. Chan’s Group
陳先生集團	2,900	1

108

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Directors’ Report 董事會報告

4. 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
(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 (Revised) “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.56. A copy of the auditor’s letter has been provided by the Company to the Stock Exchange.

4. 持續關連交易之年度審核

獨立非執行董事已審核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方之條款進行；及
(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，以根據香港鑒證聘用準則第3000號（經修訂）「歷史財務資料審計或審閱以外的鑒證聘用」，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.56條，核數師已就本集團所披露之持續關連交易發出載有其審查結果及結論之無保留意見函件。本公司已向聯交所提交核數師函件副本。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

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 30 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 105 to 109, have complied with Chapter 14A of the Listing Rules. However certain transactions are exempt from the disclosure requirements in Chapter 14A of the Listing Rules as they are below the de minimis threshold under Rule 14A.76(1) or financial assistances received on normal commercial terms and were fair and reasonable and were for the benefit of the Group and no security over the assets of the Group was granted in respect of those transactions under Rule 14A.76(2).

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

As at 31 March 2020, the Directors and the CEO 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”):

關聯方交易

本集團於日常業務過程中進行之重大關聯方交易之詳情載於綜合財務報表附註30內。根據上市規則構成關連交易╱持續關連交易（載於第 105至109頁「關連交易╱持續關連交易」一節）之關聯方交易已遵守上市規則第十四 A 章。然而，若干交易獲豁免遵守上市規則第十四 A 章的披露規定，由於有關交易低於根據第14A.76(1) 條的最低水平或所收取的財務援助乃按一般商業條款且屬公平合理並符合本集團利益，及並無就第14A.76(2) 項下之該等交易抵押本集團的資產。

董事及最高行政人員於股份及相關股份之權益

於二零二零年三月三十一日，本公司董事及行政總裁以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，而該等權益是於本公司根據《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的標準守則》（「標準守則」）已知會本公司及聯交所之權益：

110

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Directors’ Report 董事會報告

==> picture [483 x 97] intentionally omitted <==

----- Start of picture text -----

Number of Approximate
shares and percentage of
Long/short underlying the issued
Name of Director Nature of interest positions shares share capital
股份數目及佔已發行股本
董事姓名權益性質好╱淡倉相關股份數目之概約百分比
(%)
----- End of picture text -----

Mr. Yip Mow Lum (Note)	Interest in a controlled	Long position	900,000,000	53.02%
葉茂林先生（附註）	corporation	好倉
	受控法團權益
Mr. Yip Mow Lum	Beneficial owner	Long position	265,746,280	15.65%
葉茂林先生	實益擁有人	好倉
Mr. Hui Yik Bun	Beneficial owner	Long position	600,000	0.03%
許繹彬先生	實益擁有人	好倉
Mr. Yu Yun Kong	Beneficial owner	Long position	608,829	0.03%
余韌剛先生	實益擁有人	好倉
Mr. Szeto Wai Sun	Beneficial owner	Long position	631,666	0.03%
司徒維新先生	實益擁有人	好倉
Mr. Ling Kwok Fai, Joseph	Beneficial owner	Long position	210,700	0.01%
凌國輝先生	實益擁有人	好倉

Note:

附註：

900,000,000 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.

900,000,000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。

Save as disclosed above, as at 31 March 2020, none of the Directors or the CEO 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.

除上文所披露者外，於二零二零年三月三十一日，本公司各董事、行政總裁或彼等各自之聯繫人概無在本公司或其任何相聯法團（按《證券及期貨條例》第XV 部所指之定義）之股份、相關股份及債券中擁有任何權益或淡倉，而該等權益或淡倉是於本公司根據《證券及期貨條例》第 352條規定須備存之登記冊內記錄，或根據標準守則已知會本公司及聯交所之權益或淡倉。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

At no time during the Year, the Directors and CEO (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.

於本年度任何時間，各董事及行政總裁（包括彼等之配偶及未滿18歲之子女）概無擁有任何根據《證券及期貨條例》須予披露之本公司或其相聯法團股份（或認股權證或債券，如適用）權益，亦無獲授或行使任何可認購該等股份之權利。

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

主要股東於本公司股本中之權益及淡倉

As at 31 March 2020, the interests of substantial shareholders (other than the Directors and chief executives) 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:

於二零二零年三月三十一日，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，或須記錄於本公司根據《證券及期貨條例》第336 條規定須備存之登記冊內之主要股東（董事及最高行政人員除外）於本公司股份或相關股份之權益如下：

Name of Shareholder 股東姓名 New Charming Holdings Limited (Note)	Nature of interest 權益性質 Beneficial owner	Long/short positions 好╱淡倉 Number of shares and underlying shares 股份數目及相關股份數目 Approximate percentage of the issued share capital 佔已發行股本之概約百分比 Long position 900,000,000 53.02%
新長明控股有限公司（附註）	實益擁有人	好倉
Note:		附註：

附註：

900,000,000 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 have an interest in these shares.

900,000,000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。

112

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Directors’ Report 董事會報告

Save as disclosed above, as at 31 March 2020, 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 77 to 94 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.

除上文所披露者外，於二零二零年三月三十一日，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，或已記錄於本公司根據《證券及期貨條例》第336條規定須備存之登記冊內，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

本年度內本公司並無訂立或存續與其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77至94頁之「企業管治報告」一節。

確認獨立非執行董事之獨立性

本公司已接獲各獨立非執行董事根據上市規則第3.13條就其獨立性發出之年度確認。本公司認為全體獨立非執行董事均為獨立人士。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Directors’ Report 董事會報告

INDEPENDENT AUDITOR

The financial statements for the year ended 31 March 2020 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.

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 the accounts for the year ended 31 March 2020, 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

Hui Yik Bun

Executive Director & Chief Executive Officer

Hong Kong 29 June 2020

獨立核數師

截至二零二零年三月三十一日止年度之財務報表已由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，惟合資格並願意接受續聘。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獨立核數師之決議案。

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、處理或行使有關本公司股份之任何權利之稅務影響，謹請彼等諮詢專業人士。

董事會就賬目須承擔的責任

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。於編製截至二零二零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

執行董事兼行政總裁 許繹彬

香港二零二零年六月二十九日

114

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Independent Auditor’s Report 獨立核數師報告

To the shareholders of

致耀才證券金融集團有限公司股東

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Bright Smart Securities & Commodities Group Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 122 to 223, which comprise the consolidated statement of financial position as at 31 March 2020, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 March 2020 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) together with any ethical requirements that are relevant to our audit of the consolidated financial statements in the Cayman Islands, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

（於開曼群島註冊成立之有限公司）

意見

本核數師行（以下簡稱「我們」）已審計列載於第 122至223頁耀才證券金融集團有限公司（「貴公司」）及其附屬公司（「貴集團」）的綜合財務報表，此綜合財務報表包括於二零二零年三月三十一日的綜合財務狀況表，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，以及綜合財務報表附註，包括主要會計政策概要。

我們認為，該等綜合財務報表已根據香港會計師公會（「香港會計師公會」）頒佈的《香港財務報告準則》（「香港財務報告準則」）真實且公平地反映貴集團於二零二零年三月三十一日的綜合財務狀況及截至該日止年度的綜合財務表現及綜合現金流量，並已按照香港《公司條例》之披露準則妥為編製。

意見基準

我們已根據香港會計師公會頒佈的《香港審計準則》（「香港審計準則」）進行審核工作。我們於該等準則下的責任在報告內核數師就審核綜合財務報表須承擔的責任部分詳述。根據香港會計師公會頒佈之《專業會計師職業道德守則》（「守則」），連同與在開曼群島審核綜合財務報表有關的任何道德要求，我們獨立於貴集團，且我們已根據該等要求及守則履行其他道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的意見提供基礎。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Revenue recognition: Brokerage commission income

Refer to note 4 to the consolidated financial statements and the accounting policies on page 167.

The Key Audit Matter

How the matter was addressed in our audit

Brokerage commission income represented Our audit procedures to assess the recognition 60% of the total revenue of the Group for the of brokerage commission income included the year ended 31 March 2020. following:

• assessing the design, implementation and operating effectiveness of key internal controls relating to revenue recognition. For the key underlying systems used for the processing of transactions in relation to the brokerage commission income, trading volumes, commission rates and volume rebates, this included involving our information technology specialists to assess the design, implementation and operating effectiveness of a selection of relevant key internal controls over access to these systems and controls over data and change management;

Brokerage commission income arising from brokerage trading of securities, commodities and futures is recognised on a trade date basis. Where the customer is given rights to additional discounted or free services in the future as a result of paying brokerage commission, an appropriate amount of the brokerage commission income is deferred and recognised when those material rights are utilised by the customers or expire. Other commission income subject to volume rebate arrangements is recognised once it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.

• developing an expectation of brokerage commission income and deferred revenue for the current year based on our consideration of trading volumes, commission rates and historical data, comparing our expectation with the actual brokerage commission income recorded by the Group and investigating any significant differences between our expectation and the amounts recorded by the Group;

We identified the recognition of brokerage commission income as a key audit matter because revenue is one of the key performance indicators of the Group and therefore there is an inherent risk that the timing of recognition of revenue could be manipulated to meet specific targets or expectations.

performing retrospective review on the material rights estimated to be utilised by customers by comparing estimates against the Group’s internal records, our prior year records and other factors, if any; and
comparing details of journal entries raised during the current year which affected revenue with underlying documentation on a sample basis.

關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理的。我們不會對這些事項提供單獨的意見。

收入確認 — 經紀佣金收入

參閱綜合財務報表附註4及第167頁之會計政策。

關鍵審計事項

我們的審計如何處理該等事項

我們評估確認經紀業務收入之審計程序包括以下內容：

貴集團經紀佣金收入佔貴集團截至二零二零年三月三十一日止年度之總收入之60%。

由證券、商品及期貨經紀交易產生 ‧ 評估與收入確認有關之關鍵內的經紀佣金收入按交易日期基準確部控制之設計、實施及運營有認。倘客戶因支付經紀佣金而獲賦效性。對於用於處理與經紀佣予權利於日後享有額外折扣或免費金收入有關之交易、交易量、佣服務，則經紀佣金中適當金額會作金率及大量回扣之關鍵基礎系遞延，並於客戶行使該等重大權利統，我們利用我們的信息技術或權利到期時確認，其他佣金收入專家來評估一系列相關關鍵內涉及大量回扣安排，會於極有可能部控制之設計、實施及運營有不會撥回大額已確認累計收入金效性，包括對該等系統之控制額時確認。及對數據及變更管理之控制；

‧ 我們根據對本年度交易量、佣金率及歷史數據的分析制定經紀我們已將經紀佣金收入確認為一佣金收入及遞延收入之預期數項關鍵審計事項，是由於該收入額，比較我們的預期值與貴為貴集團關鍵業績指標之一，因集團記錄之實際經紀佣金收入，此存在收入之時間安排可能被操我們分析預期值與貴集團記縱以滿足特定目標或期望之固有風錄之金額之間的重大差異；險。

‧ 通過比對估計數字與貴集團內部紀錄、我們往年紀錄及其他因素（如有），追溯檢討客戶將行使之重大權利；及
‧ 抽樣比較本年度影響經紀業務收入之會計分錄詳情與相關支持文件。

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Independent Auditor’s Report 獨立核數師報告

Valuation of accounts receivable from margin clients

Refer to note 16 to the consolidated financial statements and the accounting policies on pages 182 to 185.

The Key Audit Matter

How the matter was addressed in our audit

Our audit procedures to assess the valuation of accounts receivable from margin clients included the following:

At 31 March 2020 accounts receivable from margin clients totalled HK$4,386 million, representing 68% of the Group’s total assets.

• understanding and assessing the design, implementation and operating effectiveness of the key internal management controls over the approval, recording and monitoring of accounts receivable from margin clients and collateral shortfalls and valuation assessment procedures. For the key underlying systems used for the processing of transactions in relation to accounts receivable from margin clients, this included involving our information technology specialists to assess the design, implementation and operating effectiveness of a selection of relevant key internal controls over access to these systems and controls over data and change management;

The Group classified accounts receivable from margin clients as financial assets measured at fair value through profit or loss (“FVPL”).

Margin clients are required to pledge securities as collateral in order to obtain credit facilities for securities trading. The amount of credit facilities granted to margin clients is determined based on the discounted value of securities accepted by the Group as collateral.

Management exercises judgement in determining whether credit risk adjustments are required when estimating the fair value of accounts receivable from margin clients based on collateral valuation. Management assessed the value of collateral held at the reporting date, which principally comprised listed securities, with reference to quoted prices. In cases of collateral shortfalls, management will also consider other factors such as available remedies for recovery and the financial situation of the borrower.

assessing the valuation of collateral held for a sample of accounts receivable balances as recorded in the margin shortfall report with publicly available market prices; and

•

assessing the existence of collateral by comparing a sample of securities held as collateral as extracted from the Group’s records with third party statements from brokers or clearing houses.

We identified assessing valuation of accounts receivable from margin clients as a key audit matter because of its significance in the context of the Group’s financial statements.

應收孖展客戶款項之估值

參閱綜合財務報表附註16及第182至185頁之會計政策。

關鍵審計事項

我們的審計如何處理該等事項

於二零二零年三月三十一日，應收我們評估應收孖展客戶款項之減值孖展客戶款項總計4,386百萬港元，之審計程序包括以下內容：佔本集團總資產68%。

‧ 了解及評估批准、記錄及監控貴集團將應收孖展客戶款項分類為應收孖展客戶款項及抵押敞口按公平值計入損益計量之金融資以及估值評估程序的關鍵內部產。管理控制之設計、實施及運營成效。對於用於處理與應收孖展客戶款項有關之交易之關鍵孖展客戶須向本集團抵押證券抵押基礎系統，我們利用我們的信品，以就證券交易獲取信貸融資。息技術專家來評估一系列相關授予孖展客戶的信貸融資之金額按關鍵內部控制之設計、實施及本集團接納作抵押品之證券貼現價運營有效性，包括對該等系統值釐定。之控制及對數據及變更管理之控制；

管理層需要判斷於按照抵押品估值估計應收孖展客戶款項之公平值時是否須作出信貸風險調整。管理層 ‧ 參考公開市場價評估孖展敞口於報告日期參照報價評估所持抵押報告記錄的應收款項結餘樣本品（主要包括上市證券）價值。倘抵的抵押品之估值：及押品不足，則管理層亦會考慮其他因素，如收回款項的可用補救措施及借款人的財務狀況。 ‧ 通過將摘錄自本集團記錄的抵

‧ 通過將摘錄自本集團記錄的抵押品證券樣本與來自經紀或結算所的第三方報表相比較，評估抵押品存在與否。

由於應收孖展客戶款項對貴集團之財務報表影響重大，故我們將評估有關款項之估值視為關鍵審核事項。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Independent Auditor’s Report 獨立核數師報告

INFORMATION OTHER THAN THE CONSOLIDATED FINANCIAL STATEMENTS AND AUDITOR’S REPORT THEREON

The directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance and for such internal control as the directors determine is necessar y to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

綜合財務報表及我們的核數師報告以外的信息

董事須對其他信息負責。其他資料包括在年報內的全部信息，但不包括在綜合財務報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他信息，我們亦不對該等其他資料發表任何形式的鑒證結論。

結合我們對綜合財務報表的審計，我們的責任是閱讀其他信息，在此過程中，考慮其他信息是否與綜合財務報表或我們在審計過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。

基於我們已執行的工作，如果我們認為其他信息存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。

董事就綜合財務報表須承擔的責任

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之披露要求擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。

在擬備綜合財務報表時，董事負責評估貴集團之持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基礎，除非董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。

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Independent Auditor’s Report 獨立核數師報告

The directors are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 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.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit 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 Group’s internal control.

董事獲審核委員會協助履行其監督貴集團財務報告流程的責任。

核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們僅向閣下（作為整體）報告，除此之外本報告別不可用作其他用途。我們概不就本報告的內容向任何其他人士負上或承擔任何責任。

合理保證是高水平的保證，但不能保證按照香港審計準則進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或滙總起來可能影響使用者依賴綜合財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

在根據香港審計準則進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

‧ 識別和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，設計及執行審計程序以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。
‧ 了解與審計相關的內部控制，以設計適當的審計程序，但目的並非對貴集團內部控制的有效性發表意見。

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Independent Auditor’s Report 獨立核數師報告

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards.

‧ 評價董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。
‧ 對董事採用持續經營會計基礎的恰當性作出結論。根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請注意綜合財務報表中的相關披露。假若有關的披露不足，則修訂我們的意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。
‧ 評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表是否中肯反映相關交易和事項。
‧ 就貴集團內實體或業務活動的財務信息獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。我們負責審計的方向、監督與執行。我們為審計意見承擔全部責任。

除其他事項外，我們與審核委員會溝通了計劃的審計範圍、時間安排及重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。

我們還向審核委員會提交聲明，說明我們已符合有關獨立性的相關道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，相關的防範措施。

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Independent Auditor’s Report 獨立核數師報告

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Ko Sze Man.

KPMG

Certified Public Accountants

8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 29 June 2020

從與審核委員會溝通的事項中，我們確定哪些事項對本期間綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中溝通該事項。

出具本獨立核數師報告的審計項目合夥人是高思敏。

畢馬威會計師事務所

執業會計師

香港中環遮打道十號太子大廈8樓二零二零年六月二十九日

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Consolidated Statement of Comprehensive Income 綜合全面收益表

For the year ended 31 March 2020 (Expressed in Hong Kong dollars) 截至二零二零年三月三十一日止年度（以港元列示）

==> picture [483 x 473] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
Note $’000 $’000
附註千元千元
Revenue 收入 4 864,017 830,305
Other income 其他收益 5 239,503 212,440
Other net loss 其他虧損淨額 6 (20,270) (4,684)
1,083,250 1,038,061
Staff costs 員工成本 7(b) (127,472) (136,333)
Amortisation and depreciation 攤銷及折舊 (89,635) (18,839)
Other operating expenses 其他經營開支 7(c) (199,054) (243,104)
Profit from operations 經營溢利 667,089 639,785
Finance costs 財務成本 7(a) (138,178) (140,600)
Profit before taxation 除稅前溢利 7 528,911 499,185
Income tax 所得稅 8 (57,933) (58,257)
Profit for the year 年內溢利 470,978 440,928
Other comprehensive income for 年內其他全面收益：
the year:
Items that may be reclassified 其後可能重新分類至
subsequently to profit or loss 損益的項目
— Exchange reserve — 滙兌儲備 233 250
Total comprehensive income 權益股東應佔年內全面
attributable to equity 收益總額
shareholders for the year 471,211 441,178
Earnings per share 每股盈利
Basic (cents) 基本（仙） 11 27.75 25.98
Diluted (cents) 攤薄（仙） 11 27.75 25.98
----- End of picture text -----

The notes on pages 128 to 223 form part of these financial statements. Details of dividends declared for the year are set out in note 26(b).

第128至223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26(b)

Note: The Group has initially applied HKFRS 16, Leases, at 1 April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 3.

附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號「租賃」。根據該方法，比較資料未經重述。見附註3 。

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Consolidated Statement of Financial Position 綜合財務狀況表

At 31 March 2020 (Expressed in Hong Kong dollars) 於二零二零年三月三十一日（以港元列示）

==> picture [484 x 572] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
Note $’000 $’000
附註千元千元
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 13 159,826 48,338
Intangible assets 無形資產 14 5,783 6,283
Deferred tax assets 遞延稅項資產 25(b) 122 84
Other receivables, deposits and 其他應收款項、按金及
prepayments 預付款項 17 16,944 21,109
Other non-current assets 其他非流動資產 15 77,715 50,084
Total non-current assets 非流動資產總值 260,390 125,898
Current assets 流動資產
Accounts receivable 應收賬款 16 5,644,787 7,276,782
Other receivables, deposits and 其他應收款項、按金及
prepayments 預付款項 17 26,441 26,840
Financial assets at fair value through 按公平值計入損益之
profit or loss 金融資產 48,539 8,745
Tax recoverable 可退回稅項 25(a) 1,321 11,822
Cash and cash equivalents 現金及現金等價物 18(a) 477,657 401,254
Total current assets 流動資產總值 6,198,745 7,725,443
Current liabilities 流動負債
Accounts payable 應付賬款 20 1,301,268 1,226,209
Accrued expenses and other payables 應計開支及其他應付款項 21 65,071 53,747
Amount due to a related company 應付一間關連公司款項 30(c)(iv) 200,136 200,076
Bank loans 銀行貸款 22 2,858,789 3,445,515
Lease liabilities 租賃負債 23 59,845 —
Current taxation 即期稅項 25(a) 5,378 2,487
Total current liabilities 流動負債總額 4,490,487 4,928,034
Net current assets 流動資產淨值 1,708,258 2,797,409
Total assets less current liabilities 資產總值減流動負債 1,968,648 2,923,307
Non-current liabilities 非流動負債
Accrued expenses and other payables 應計開支及其他應付款項 21 7,238 —
Lease liabilities 租賃負債 23 59,104 —
Deferred tax liabilities 遞延稅項負債 25(b) — 17
Total non-current liabilities 非流動負債總額 66,342 17
NET ASSETS 資產淨值 1,902,306 2,923,290
----- End of picture text -----

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 March 2020 (Expressed in Hong Kong dollars)

於二零二零年三月三十一日（以港元列示）

==> picture [483 x 168] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
Note $’000 $’000
附註千元千元
EQUITY 權益
Share capital 股本 26 509,189 509,189
Share premium 股份溢價 26 738,020 738,020
Exchange reserve 滙兌儲備 26 498 265
Merger reserve 合併儲備 26 (20,000) (20,000)
Retained profits 保留溢利 26 674,599 1,695,816
TOTAL EQUITY 權益總值 1,902,306 2,923,290
----- End of picture text -----

Approved and authorised for issue by the board of directors on 29 June 2020.

經董事會於二零二零年六月二十九日批准並授權刊發。

Directors

董事

Yip Mow Lum 葉茂林

Hui Yik Bun 許繹彬

The notes on pages 128 to 223 form part of these financial statements.

第128至223頁之附註構成此等財務報表其中部分。

Note: The Group has initially applied HKFRS 16, Leases, at 1 April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 3.

附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號「租賃」。根據該方法，比較資料未經重述。見附註3 。

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

For the year ended 31 March 2020 (Expressed in Hong Kong dollars) 截至二零二零年三月三十一日止年度（以港元列示）

==> picture [484 x 521] intentionally omitted <==

----- Start of picture text -----

Investment Share
Share Share Exchange revaluation Merger option Retained
capital premium reserve reserve reserve reserve profits Total equity
投資重估
股本股份溢價滙兌儲備儲備合併儲備購股權儲備保留溢利權益總值
Note $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
附註千元千元千元千元千元千元千元千元
At 1 April 2018 於二零一八年四月一日 509,189 738,020 15 3,977 (20,000) 7,399 1,398,362 2,636,962
First adoption of HKFRS 9 首次採用香港財務報告
準則第9號 — — — (3,977) — — 3,581 (396)
Adjusted balance at 1 April 2018 於二零一八年四月一日
調整後之結餘 509,189 738,020 15 — (20,000) 7,399 1,401,943 2,636,566
Changes in equity for the year 截至二零一九年
ended 31 March 2019: 三月三十一日止
年度之權益變動：
Profit for the year 年內溢利 — — — — — — 440,928 440,928
Other comprehensive income 其他全面收益 — — 250 — — — — 250
Total comprehensive income 年內全面收益總額
for the year — — 250 — — — 440,928 441,178
Dividend paid during the year 年內派付的股息 26(b) — — — — — — (154,454) (154,454)
Transfer of reserve upon lapse of 購股權失效後轉撥
share options 儲備 — — — — — (7,399) 7,399 —
At 31 March 2019 於二零一九年
三月三十一日 509,189 738,020 265 — (20,000) — 1,695,816 2,923,290
At 1 April 2019 於二零一九年四月一日 509,189 738,020 265 — (20,000) — 1,695,816 2,923,290
First adoption of HKFRS 16 首次採用香港財務報告
準則第16號 — — — — — — (1,969) (1,969)
Adjusted balance at 1 April 2019 於二零一九年四月一日
調整後之結餘 509,189 738,020 265 — (20,000) — 1,693,847 2,921,321
Changes in equity for the year 截至二零二零年
ended 31 March 2020: 三月三十一日止
年度之權益變動：
Profit for the year 年內溢利 — — — — — — 470,978 470,978
Other comprehensive income 其他全面收益 — — 233 — — — — 233
Total comprehensive income 年內全面收益總額
for the year — — 233 — — — 470,978 471,211
Dividend paid during the year 年內派付的股息 26(b) — — — — — — (1,490,226) (1,490,226)
At 31 March 2020 於二零二零年
三月三十一日 509,189 738,020 498 — (20,000) — 674,599 1,902,306
----- End of picture text -----

The notes on pages 128 to 223 form part of these financial statements.

第128至223頁之附註構成此等財務報表其中部分。

Note: The Group has initially applied HKFRS 16, Leases, at 1 April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 3.
附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號「租賃」。根據該方法，比較資料未經重述。見附註3 。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Consolidated Cash Flow Statement 綜合現金流量表

For the year ended 31 March 2020 (Expressed in Hong Kong dollars) 截至二零二零年三月三十一日止年度（以港元列示）

==> picture [483 x 354] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
Note $’000 $’000
附註千元千元
Operating activities 經營活動
Cash generated from operations 經營業務所得現金 18(b) 2,297,392 4,645,560
Hong Kong Profits Tax paid 已付香港利得稅 (44,596) (107,389)
Net cash generated from operating 經營活動所得現金淨額
activities 2,252,796 4,538,171
Investing activities 投資活動
Purchase of intangible assets 購買無形資產 — (5,600)
Purchase of financial assets at fair value 購買按公平值計入損益之金
through profit or loss 融資產 (108,317) (94,311)
Proceeds from disposal of financial assets 出售按公平值計入損益之金
at fair value through profit or loss 融資產所得款項 66,452 141,951
Proceeds from disposal of property, 出售物業、廠房及設備
plant and equipment 所得款項 — 103
Proceeds from redemption of intangible 贖回無形資產所得款項
assets — 600
Payment for purchase of property, 購買物業、廠房及
plant and equipment 設備付款 (4,936) (36,375)
Dividend received 已收股息 214 1,632
Interest received 已收利息 167,326 141,944
Net cash generated from investing 投資活動所得現金淨額
activities 120,739 149,944
----- End of picture text -----

126

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Consolidated Cash Flow Statement 綜合現金流量表

For the year ended 31 March 2020 (Expressed in Hong Kong dollars) 截至二零二零年三月三十一日止年度（以港元列示）

==> picture [484 x 330] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
Note $’000 $’000
附註千元千元
Financing activities 融資活動
Capital element of lease rentals paid 已付租賃租金之資本部分 (70,244) —
Interest element of lease rentals paid 已付租賃租金之利息部分 (3,838) —
Repayment of bank loans 銀行貸款還款 (582,204) (4,705,294)
Proceeds from amount due to a related 應付一間關連公司所得
company 款項 60 200,076
Dividend paid 已付股息 (1,490,226) (154,454)
Interest paid 已付利息 (134,340) (140,600)
Net cash used in financing activities 融資活動所用現金淨額 (2,280,792) (4,800,272)
Net increase/(decrease) in cash and 現金及現金等價物
cash equivalents 增加╱（減少）淨額 92,743 (112,157)
Cash and cash equivalents at 1 April 於四月一日之現金及
現金等價物 401,254 511,887
Effect of foreign exchange rates 滙率變動之影響
changes (16,340) 1,524
Cash and cash equivalents at 於三月三十一日之現金及
31 March 現金等價物 18(a) 477,657 401,254
----- End of picture text -----

The notes on pages 128 to 223 form part of these financial statements.

第128至223頁之附註構成此等財務報表其中部分。

Note: The Group has initially applied HKFRS 16, Leases, at 1 April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 3.

附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號「租賃」。根據該方法，比較資料未經重述。見附註3 。

127

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

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 P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands. The consolidated financial statements for the year ended 31 March 2020 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 19 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”), and 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. Significant accounting policies adopted by the Group are disclosed 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 P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY11205, Cayman Islands 。截至二零二零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19 。

2 主要會計政策

(a) 合規聲明

本財務報表乃按照香港會計師公會頒佈之所有適用《香港財務報告準則》（此統稱包括所有適用之個別《香港財務報告準則》、《香港會計準則》及詮釋）及香港公認會計原則以及香港《公司條例》之披露規定編製。本財務報表亦符合《香港聯合交易所有限公司證券上市規則》之適用披露條文。本集團採納之主要會計政策概要於下文披露。

128

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(a) Statement of compliance (Continued)

The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 3 provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements.

(b) Basis of preparation of the financial statements

The measurement basis used in the preparation of the financial statements is the historical cost basis, except that certain financial instruments are stated at their fair value in accordance with the accounting policy set out below.

The preparation of financial statements in conformity with HKFRSs require 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.

(a) 合規聲明（續）

香港會計師公會已頒佈於本集團當前會計期間首次生效或可供提早採用之若干新訂及經修訂香港財務報告準則。初始應用與本財務報表內反映之本集團當前及過往會計期間有關之發展導致會計政策改變，有關資料載於附註3 。

(b) 財務報表編製基準

除若干金融工具按照下文所載之會計政策按公平值列賬外，編製財務報表時使用之計量基準為歷史成本法。

編製符合香港財務報告準則之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以及所呈報之資產、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，所得結果乃用於判斷目前顯然無法通過其他來源獲得之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。會計估計之修訂如僅影響作出修訂之年度，則在該年度確認；有關修訂如同時影響當前及未來年度，則會在作出該修訂年度及未來年度確認。

129

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(c) Basis of consolidation

(i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered.

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.

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

(c) 綜合賬目基準

(i) 附屬公司附屬公司指受本集團控制之實體。當本集團因參與實體之營運而承受或享有其可變回報，並有能力透過其對實體之權力影響該等回報，則本集團對實體擁有控制權。當評估本集團是否擁有權力時，僅考慮實質權力
（由本集團及其他人士持有）。

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。

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(h)(i)）。

130

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(c) Basis of consolidation (Continued)

(ii) Business combinations involving entities under common control

T h e c o n s o l i d ate d f i n a n c i a l s t ate m e nts 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.

(c) 綜合賬目基準（續）

(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。

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耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(d) Property, plant and equipment

(d) 物業、廠房及設備

Property, plant and equipment are stated in the consolidated statement of financial position at cost less accumulated depreciation and impairment losses (see note 2(h)(ii)).

物業、廠房及設備按成本減累計折舊及減值虧損（見附註2(h)(ii)）於綜合財務狀況表列賬。

Gains or losses arising from the retirement or disposal of an item of property, plant and equipment 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.

報廢或出售物業、廠房及設備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。

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

折舊以物業、廠房及設備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：

—	Properties leased for own use	Over the	—	自用租賃物業	租期內
		Lease term
—	Leasehold improvements	Shorter of the	—	租賃裝修	未屆滿租期及
		unexpired term of			3年（以較短期
		lease and 3 years			為準）
—	Motor vehicles and yacht	5 years	—	汽車及遊艇	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.

資產之可使用年限及其剩餘價值（如有）會每年進行檢討。

132

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(e) Intangible assets

Intangible assets include club and school debentures.

The intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (where the estimated useful life is finite) and impairment losses (see note 2(h)(ii)). Amortisation begins when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended. Amortisation of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful lives as follows:

Debentures are amortised over the unexpired term

Intangible assets are not amortised while their useful lives are assessed to be indefinite. Any conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for prospectively from the date of change and in accordance with the policy for amortisation of intangible assets with finite lives as set out above.

(f) Leased assets

At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

(e) 無形資產

無形資產包括會所及學校債券。

由本集團收購的無形資產按成本減累計攤銷（如估計可使用年期有限）及減值虧損（見附註2(h)(ii)）列賬。攤銷於資產可供使用（即當其處於所需位置及狀況以供按指定方式營運）時開始。可使用年期有限之無形資產的攤銷是於下列資產估計可使用年期內以直線法在損益中扣除：

債券在未屆滿年期內攤銷

倘無形資產被評估為無特定使用年期，則不會作攤銷。被評估為無特定使用年期之無形資產，其使用年期會每年檢討，以釐定無特定使用年期的評估是否仍然適合。如不適用，資產由無特定可使用年期轉至有特定使用年期的評估改變，乃按未來使用基準，並根據上文所載就有限可使用年期之無形資產作出攤銷之政策自變動日期起入賬。

(f) 租賃資產

本集團於合約開始日評估合約是否屬於或包含租賃。如果合約為換取對價而讓渡在一段時期內使用一項可辨認資產的控制權，則該合約屬於或包含租賃。如果客戶有權指示可辨認資產之使用並取得使用之絕大部分經濟利益，即擁有控制權。

133

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES 2 主要會計政策（續）

(Continued)

(f) Leased assets (Continued)

(f) 租賃資產（續）

As a lessee

作為承租人

(A) Policy applicable from 1 April 2019

Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases.

(A) 自二零一九年四月一日起適用之政策如果合約包含租賃部分及非租賃部分，本集團選擇不獨立呈列非租賃部分，並將所有租賃之各項租賃部分與任何相關非租賃部分入賬列作單一租賃部分。

At the lease commencement date, the Group recognises a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group are primarily office furniture. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalise the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalised are recognised as an expense on a systematic basis over the lease term.

在租賃開始日，本集團確認使用權資產和租賃負債，租期為 12個月或以下之短期租賃以及低價值資產租賃（就本集團而言主要為辦公室傢具）除外。於本集團就低價值資產訂立租賃時，本集團就逐項租賃決定是否將租賃資本化。與該等租賃有關而並無資本化之租賃付款於租期內按系統基準確認為開支。

Where the lease is capitalised, the lease liability is initially recognised at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortised cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

如果租賃資本化，則租賃負債按照租期內租賃付款額之現值進行初始確認，貼現率為租賃內含利率，若無法確定租賃內含利率，將採用相關增量借貸利率作為貼現率。於初始確認後，租賃負債按攤銷成本計量，利息開支採用實際利率法計算。租賃負債之計量並不包括並非取決於某一指數或比率之可變租賃付款，故有關付款於產生會計期間內在損益中扣除。

134

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(f) Leased assets (Continued)

As a lessee (Continued)

(A) Policy applicable from 1 April 2019 (Continued)

The right-of-use asset recognised when a lease is capitalised is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

(B) Policy applicable prior to 1 April 2019

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) 租賃資產（續）

作為承租人（續）

(A) 自二零一九年四月一日起適用之政策（續）如果租賃資本化，則所確認之使用權資產按成本進行初始計量，有關成本為租賃負債之初始金額加於開始日期或之前作出之租賃付款及已產生之初始直接成本。如適用，使用權資產之成本亦包括拆卸及移除相關資產或將相關資產或所在位置恢復原狀之估計成本之現值，並扣除任何已收租約優惠。使用權資產其後按成本減累計折舊及減值列賬。

若某一指數或比率發生變動導致未來租賃付款額發生變動，或本集團預計根據擔保餘值應付之估計金額發生變動，或本集團合理確定行使購買、續租或終止選擇權之重新評估發生變動（如適當），租賃負債將進行重新計量。於據此重新計量租賃負債時，對使用權資產賬面值作出相應調整，若使用權資產之賬面值已減至零，則在損益內列賬。

(B) 於二零一九年四月一日前適用之政策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。

135

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(g) Financial assets and financial liabilities

Investments

Investments held by the Group are classified into one of the following measurement categories:

amortised cost, if the investment is held for the collection of contractual cash flows which represent solely payments of principal and interest. Interest income from the investment is calculated using the effective interest method (see note 2(p)(iii)).
fair value through other comprehensive income (“FVOCI”) — recycling, if the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale. Changes in fair value are recognised in other comprehensive income, except for the recognition in profit or loss of expected credit losses, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognised, the amount accumulated in other comprehensive income is recycled from equity to profit or loss.

— FVPL if the investment does not meet the criteria for being measured at amortised cost or FVOCI (recycling). Changes in the fair value of the investment (including interest) are recognised in profit or loss.

(g) 金融資產及金融負債

投資

本集團持有的投資劃歸為以下計量類別之一：

攤銷成本，如果投資僅是為了收取僅代表本金和利息的支付的合約現金流量而持有。投資的利息收入採用實際利率法計算（參閱附註2(p)(iii)）。
按公平值計入其他全面收益 — 可劃轉，如果該投資的合約現金流量包括僅為支付本金和利息，且持有該投資所屬的商業模式目標是通過收取合約現金流量及出售達成。公平值變動於其他全面收益確認，但預期信貸虧損的損益、利息收入（採用實際利率法計算）和滙兌收益和虧損的確認則除外。當終止確認投資時，在其他全面收益中累計的金額將從權益劃轉至損益。
如果投資不符合以攤銷成本或按公平值計入其他全面收益（可劃轉）的標準，則按公平值計入損益。投資的公平值變動（包括利息）在損益中確認。

136

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(h) Credit losses and impairment of assets

(i) Credit loss from financial instruments

The Group recognises a loss allowance for expected credit losses (ECLs) on the following items:

financial assets measured at amortised cost (including cash and cash equivalents, trade and other receivables, insurance and reinsurance receivables, reinsurers’ share of outstanding claims and loans to joint venture);
debt securities measured at F VOCI (recycling); and
loan commitments issued, which are not measured at FVPL.

Financial assets measured at fair value, including units in bond funds, equity securities measured at FVPL, equity securities designated at FVOCI (non — recycling) and derivative financial assets, are not subject to the ECL assessment.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive).

(h) 信貸虧損及資產減值

(i) 金融工具的信貸虧損

本集團確認下列項目預期信貸虧損的虧損撥備：

以攤銷成本計量的金融資產（包括現金及現金等值項目、應收賬款及其他應收款項、應收保費及分保賬款、再保險公司應佔未決賠款份額及向合營企業作出的貸款）；
按公平值計入其他全面收益（可劃轉）的債務證券；以及
並非以按公平值計入損益方式計量的已發出貸款承諾。

以公平值計量的金融資產，包括債券基金單位、按公平值計入損益的權益證券、指定按公平值計入其他全面收益的權益證券（不可劃轉）以及衍生金融資產，均無需進行預期信貸虧損評估。

預期信貸虧損的計量

預期信貸虧損為信貸虧損之概率加權估計。信貸虧損按所有預期現金不足額之現值（即按照合約應付本集團之現金流與本集團預期收取之現金流之差額）計量。

137

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策 （續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值 （續）

(Continued)

(i) Credit loss from financial instruments
(i) 金融工具的信貸虧損（續）

(Continued)

Measurement of ECLs (Continued)

For undrawn loan commitments, expected cash shortfalls are measured as the difference between (i) the contractual cash flows that would be due to the Group if the holder of the loan commitment draws down on the loan and (ii) the cash flows that the Group expects to receive if the loan is drawn down.

The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

fixed-rate financial assets, accounts r e c e i va b l e a n d ot h e r r e c e i va b l e s: effective interest rate determined at initial recognition or an approximation thereof;
variable-rate financial assets: current effective interest rate; and
loan commitments: current risk-free rate adjusted for risks specific to the cash flows.

The ma ximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into a c c o u n t r e a s o n a b l e a n d s u p p o r t a b l e information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

預期信貸虧損的計量（續）就未提取之貸款承擔而言，預期現金不足額按 (i) 在貸款承擔持有人提取貸款之情況下應付本集團之合約現金流與 (ii) 在貸款被提取之情況下本集團預期收取之現金流之差額計量。

倘貼現影響重大，則預期現金不足額乃採用以下貼現率貼現：

定息金融資產、應收賬款及其他應收款項：於初始確認時釐定之實際利率或其近似值；
浮息金融資產：即期實際利率；及
貸款承擔：就現金流特定風險調整之即期無風險利率。

估計預期信貸虧損時考慮之最長期間為本集團面對信貸風險之最長合約期間。

於計量預期信貸虧損時，本集團會考慮在無需付出過多成本或工序下即可獲得之合理而具理據支持的資料，包括有關過往事件、現時狀況及未來經濟狀況預測的資料。

138

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策 （續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值 （續）

(Continued)

(i) Credit loss from financial instruments (Continued)

Measurement of ECLs (Continued)

ECLs are measured on either of the following bases:

12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and
lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for trade receivables, lease receivables and contract assets are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

(i) 金融工具的信貸虧損（續）

預期信貸虧損的計量（續）預期信貸虧損採用以下基準計量：

12個月預期信貸虧損：指預期因報告日期後12個月內可能發生之違約事件而導致之虧損；及
全期預期信貸虧損：指因應用預期信貸虧損模型之項目之預期年期內所有可能違約事件而導致之虧損。

本集團以相等於全期預期信貸虧損的金額計量應收賬款、應收租賃款和合約資產的虧損撥備。該等金融資產的預期信貸虧損使用基於本集團歷史信貸虧損經驗的撥備矩陣進行估計，並根據債務人特有的因素進行調整，同時對報告日當前和預測的整體經濟狀況進行評估。

139

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(h) Credit losses and impairment of assets
(h) 信貸虧損及資產減值 （續）

(Continued)

(i) Credit loss from financial instruments

(i) 金融工具的信貸虧損（續）

(Continued)

Measurement of ECLs (Continued)

For all other financial instruments (including loan commitments issued), the Group recognises a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

Significant increases in credit risk

In assessing whether the credit risk of a financial instrument (including a loan commitment) has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when (i) the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or (ii) the financial asset is 90 days past due. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

預期信貸虧損的計量（續）至於所有其他金融工具，本集團確認等同於12個月預期信貸虧損的虧損撥備，除非金融工具的信貸風險自初始確認後大幅上升，則作別論。為此，虧損撥備按等同於全期預期信貸虧損的金額計量。

信貸風險大幅上升

評估金融工具（包括貸款承擔）之信貸風險自初始確認以來有否大幅上升時，本集團會比較於報告日期及於初始確認日期評估之金融工具發生違約之風險。作出重新評估時，本集團認為，當(i)借款人不大可能在本集團無追索權採取變現抵押（如持有）等行動之情況下向本集團悉數支付其信貸債務；或 (ii) 金融資產已逾期90天時，即構成違約事件。本集團會考慮合理且具理據支持的定量及定性資料，包括歷史經驗及在無需付出過多成本或工序下即可獲得之前瞻性資料。

140

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策 （續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值 （續）

(Continued)

(i) Credit loss from financial instruments (Continued)

Significant increases in credit risk (Continued) In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

failure to make payments of principal or interest on their contractually due dates;
a n a c tu a l o r ex p e c te d s i g n i f i c a n t deterioration in a financial instrument’s external or internal credit rating (if available);
a n a c tu a l o r ex p e c te d s i g n i f i c a n t deterioration in the operating results of the debtor; and
existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.
(i) 金融工具的信貸虧損（續）

信貸風險大幅上升（續）具體而言，評估信貸風險自初始確認以來有否大幅上升時會考慮以下資料：

未能按合約到期日支付本金或利息；
金融工具外部或內部信貸評級（如有）之實際或預期顯著倒退；
債務人經營業績之實際或預期顯著倒退；及
科技、市場、經濟或法律環境之現時或預測變動對債務人履行其對本集團責任之能力構成重大不利影響。

141

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(h) Credit losses and impairment of assets (Continued)
(i) Credit loss from financial instruments (Continued)

Significant increases in credit risk (Continued) For loan commitments, the date of initial recognition for the purpose of assessing ECLs is considered to be the date that the Group becomes a party to the irrevocable commitment. In assessing whether there has been a significant increase in credit risk since initial recognition of a loan commitment, the Group considers changes in the risk of default occurring on the loan to which the loan commitment relates.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognised as an impairment gain or loss in profit or loss. The Group recognises an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt securities that are measured at FVOCI (recycling), for which the loss allowance is recognised in other comprehensive income and accumulated in the fair value reserve (recycling).

(h) 信貸虧損及資產減值（續）

(i) 金融工具的信貸虧損（續）

信貸風險大幅上升（續）

就貸款承擔而言，用於評估預期信貸虧損之初始確認日期被視為本集團成為不可撤銷承擔之訂約方當日。評估信貸風險自初始確認貸款承擔以來有否大幅上升時，本集團會考慮與貸款承擔有關之貸款發生違約之風險之變動。

取決於金融工具之性質，對信貸風險大幅上升之評估乃按個別基準或共同基準進行。當按共同基準進行評估時，金融工具乃按共同信貸風險特徵（如逾期狀況及信貸風險評級）分組。

本集團於各報告日期重新計量預期信貸虧損，以反映金融工具自初始確認以來之信貸風險變動。預期信貸虧損金額之任何變動乃於損益確認為減值收益或虧損。本集團就所有金融工具確認減值收益或虧損，並通過虧損撥備賬相應調整該等工具之賬面值，惟以按公平值計入其他全面收益（可劃轉）之方式計量之債務證券投資除外，其虧損撥備於其他全面收益確認，並於公平值儲備（可劃轉）累計。

142

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策 （續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值（續）

(Continued)

(i) Credit loss from financial instruments (Continued)

Basis of calculation of interest income on creditimpaired financial assets

Interest income recognised in accordance with note 2(p)(iii) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortised cost (i.e. the gross carrying amount less loss allowance) of the financial asset.

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

significant financial difficulties of the debtor;
a breach of contract, such as a default or delinquency in interest or principal payments;
it becoming probable that the borrower will enter into bankruptcy or other financial reorganisation;
(i) 金融工具的信貸虧損（續）

計算信貸減值金融資產利息收入之基準

根據附註2(p)(iii) 確認的利息收入基於金融資產之總賬面值計算，除非該金融資產出現信貸減值，在此情況下，利息收入基於金融資產之攤銷成本（即總賬面值減虧損撥備）計算。

於各報告日期，本集團會評估金融資產是否出現信貸減值。當發生一項或多項對金融資產估計未來現金流構成不利影響之事件時，金融資產即出現信貸減值。

金融資產出現信貸減值之證據包括以下可觀察事件：

債務人出現重大財務困難；
違約行為，如拖欠或未能償還利息或本金；
借款人有可能破產或進行其他財務重組；

143

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值 （續）

(Continued)

(i) Credit loss from financial instruments (Continued)

Basis of calculation of interest income on creditimpaired financial assets (Continued)

significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or
the disappearance of an active market for a security because of financial difficulties of the issuer.

Write-off policy

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognised as a reversal of impairment in profit or loss in the period in which the recovery occurs.

(i) 金融工具的信貸虧損（續）

計算信貸減值金融資產利息收入之基準（續）

科技、市場、經濟或法律環境出現重大變動而對債務人造成不利影響；或
證券因發行人出現財務困難而失去活躍市場。

撇銷政策

金融資產之總賬面值如無實際可能收回，則部分或全數撇銷，一般情況為本集團釐定債務人並無可產生足夠現金流償還須撇銷金額之資產或收入來源之時。

其後收回過往已撇銷資產之金額於發生收回之期間在損益確認為減值撥回。

144

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值（續）

(Continued)

(ii) Impairment of other assets

Internal and external sources of information are reviewed at each reporting date to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased.
property, plant and equipment, including right-of-use assets; and
intangible assets

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).

(ii) 其他資產減值源自內部及外部之資料乃於各報告日期審閱，以識別下列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。
物業、廠房及設備，包括使用權資產；及
無形資產

倘存在任何該跡象，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。

145

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(h) Credit losses and impairment of assets

(h) 信貸虧損及資產減值（續）

(Continued)

(ii) Impairment of other 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.

(i) Account and other receivables

A receivable is recognised when the group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. If revenue has been recognised before the group has an unconditional right to receive consideration, the amount is presented as a contract asset.

(ii) 其他資產減值（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。

(i) 應收賬款及其他應收款項

應收款項於集團擁有收取代價之無條件權利時確認。僅代價到期支付前只須待時間流逝，收取代價之權利即屬無條件。倘收入於集團擁有收取代價的無條件權利前已確認，則該款項呈報為合約資產。

146

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(i) Account and other receivables (Continued)

Except for accounts receivable arising from cash clients, margin clients and subscriptions of new shares in IPO which are stated at financial assets measured at FVPL; receivables are stated at amortised cost using the effective interest method less allowance for credit losses (see note 2(h)(i)).

(j) 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.

(k) 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.

(l) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, and demand deposits with banks. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are also included as a component of cash and cash equivalents for the purpose of the consolidated cash flow statement. Cash and cash equivalents are assessed for expected credit losses (ECL) in accordance with the policy set out in note 2(h)(i).

(i) 應收賬款及其他應收款項（續）

除以按公平值計入損益之方式計量之金融資產列賬之現金客戶、孖展客戶及認購首次公開發售新股之應收賬款外；應收款項使用實際利息法按攤銷成本扣除信貸虧損撥備（見附註 2(h)(i)）列賬。

(j) 應付賬款及其他應付款項

應付賬款及其他應付款項初始按公平值確認，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。

(k) 計息借貸

計息借貸初始以公平值減應佔交易成本確認。在初始確認後，計息借貸按攤銷成本列賬，而初始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。

(l) 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。即時償還及構成本集團現金管理的重要組成部分的銀行透支，亦因綜合現金流量表而包括成為現金及現金等價物之一部分。現金及現金等價物按照附註2(h)(i)所載政策進行預期信貸虧損評估。

147

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(m) 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.
(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 BlackScholes 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 equitysettled 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 included in the amount recognised in share capital for the shares issued) or the vested option expires (when it is released directly to retained profits).

(m) 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。
(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（計入就已發行股份於股本確認之金額）或歸屬權已屆滿（直接撥入保留溢利）。

148

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(n) 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.

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.

(n) 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佈或實質頒佈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。

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。

149

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(n) Income tax (Continued)

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.

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.

(n) 所得稅（續）

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。

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、初始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。

150

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(n) Income tax (Continued)

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 ta xes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised.

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 realise the asset and settle the liability simultaneously; or

(n) 所得稅（續）

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，採用報告日期已頒佈或實質頒佈之稅率計算。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。

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

151

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(n) Income tax (Continued)

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.

(o) 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.

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 non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

(n) 所得稅（續）

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。

(o) 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。

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。

152

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(p) Revenue recognition

Revenue is recognised when control over a product or service is transferred to the customer, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

Further details of the Group’s revenue and other income recognition policies are 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 to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Where the customer is given rights to additional discounted or free services in the future as a result of paying brokerage commission, an appropriate amount of the brokerage commission income is deferred and recognised when those material rights are utilised by the customers or expire.
(ii) Income from bullion trading

Income from bullion trading is recognised when the related services are rendered.

(iii) Interest income

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

(iv) Handling and settlement fee income

Handling and settlement fee income are recognised when the related services are rendered.

(p) 收入確認

當對產品或服務的控制權按本集團預期有權獲得的承諾代價數額（不包括代表第三方收取的金額）轉移至客戶時，本集團會確認收入。收入不包括增值稅或其他銷售稅，並經扣除任何貿易折扣。

本集團收入及其他收入確認政策的進一步詳情如下：

(i) 經紀佣金收入經紀佣金收入於相關交易執行時按交易日基準確認。倘與可變代價相關的不確定因素其後獲得解決，而已確認累計收入金額極有可能不會出現重大撥回，則確認向客戶提供的大額交易回贈。倘客戶日後因支付經紀佣金而有權享有額外折扣或免費服務，則會遞延並於客戶使用該等重大權利或權利屆滿時確認適當的經紀佣金收入金額。
(ii) 貴金屬交易收入貴金屬交易收入於相關服務提供時確認。
(iii) 利息收入利息收入按實際利率法於產生時確認。
(iv) 手續費及結算費用收入手續費及結算費用收入於相關服務提供時確認。

153

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(p) Revenue recognition (Continued)

(v) Dividends

Dividend income from listed investments is recognised when the share price of the investment goes ex-dividend.

(vi) Investment trading

Income from investment including realised fair value gains or losses on trading investment on a trade date basis.

(q) 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.

The results of foreign operations are translated into Hong Kong dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, including goodwill arising on consolidation of foreign operations acquired on or after 1 January 2005, are translated into Hong Kong dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange reserve.

(p) 收入確認（續）

(v) 股息收入上市投資的股息收入在該投資項目的股價除息時確認。
(vi) 投資交易
投資收入包括按交易日計算的交易投資已變現公平值收益或虧損。

(q) 外幣換算

本年度之外幣交易按交易日之滙率換算。以外幣計值之貨幣資產及負債按報告期末之滙率換算。滙兌盈虧於損益確認。

以外幣按歷史成本計量之非貨幣資產及負債使用交易日之滙率換算。

海外業務的業績乃按與交易日滙率相若的滙率換算為港元。財務狀況表的項目（包括因二零零五年一月一日或之後收購的外國業務綜合列賬而產生的商譽）按報告期末的收市外幣滙率換算為港元。所產生的滙兌差額在其他全面收益確認並個別在滙兌儲備的權益累計。

154

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(q) Translation of foreign currencies (Continued)

On disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognised.

(r) 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.

(s) 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.
(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).

(q) 外幣換算（續）

在出售海外業務時，倘已確認出售損益，則與該海外業務有關之累計滙兌差額會自權益重新分類至損益。

(r) 受信活動

本集團一般以信託人及以導致代客戶持有或配售資產之其他受信人身分行事。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。

(s) 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力；或
(3) 為本集團或本集團母公司之主要管理人員。
(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）。

155

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策 （續）

(Continued)

(s) Related parties (Continued)

(ii) An entity is related to the Group is any of the following conditions applies: (Continued)
(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).
(8) The entity, or any member of the Group of which it is a par t, provides key management personnel services to the Group or to the Group’s parent.

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.

(s) 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：（續）
(3) 兩間實體均為同一第三方之合營企業。
(4) 一間實體為某第三方實體之合營企業，而另一實體為該第三方之聯營公司。
(5) 該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) 該實體受(i) 項所識別人士控制或共同控制。
(7) (i)(1) 項所識別人士對該實體有重大影響力或屬該實體（或該實體之母公司）之主要管理人員。
(8) 該實體或該實體所屬集團之任何成員公司為本集團或本集團之母公司提供主要管理人員服務。

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名人士影響之家庭成員。

156

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 主要會計政策（續）

(Continued)

(t) 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 CHANGES IN ACCOUNTING POLICIES

The HKICPA has issued a new HKFRS, HKFRS 16, Leases, and a number of amendments to HKFRSs that are first effective for the current accounting period of the Group.

Except for HKFRS 16, Leases, none of the developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.

(t) 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 會計政策變動

香港會計師公會已頒佈一項新訂香港財務報告準則（香港財務報告準則第16號「租賃」）及多項香港財務報告準則之修訂。該等準則及修訂在本集團之當前會計期間首次生效。

除香港財務報告準則第16號「租賃」外，相關發展並未對本集團編製或列報當期或過往期間業績及財務狀況之方式產生重大影響。本集團並無應用任何於當前會計期間尚未生效之新訂準則或詮釋。

157

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

HKFRS 16, Leases

HKFRS 16 replaces HKAS 17, Leases, and the related interpretations, HK(IFRIC) 4, Determining whether an arrangement contains a lease, HK(SIC) 15, Operating leases — incentives, and HK(SIC) 27, Evaluating the substance of transactions involving the legal form of a lease. It introduces a single accounting model for lessees, which requires a lessee to recognise a right-of-use asset and a lease liability for all leases, except for leases that have a lease term of 12 months or less (“short-term leases”) and leases of low-value assets. The lessor accounting requirements are brought forward from HKAS 17 substantially unchanged.

HKFRS 16 also introduces additional qualitative and quantitative disclosure requirements which aim to enable users of the financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity.

The Group has initially applied HKFRS 16 from 1 April 2019. The Group has elected to use the modified retrospective approach and has therefore recognised the cumulative effect of initial application as an adjustment to the opening balance of equity at 1 April 2019. Comparative information has not been restated and continues to be reported under HKAS 17.

(a) Definition of a lease

Previously, the Group determined at contract inception whether an arrangement was or contained a lease under HK(IFRIC) Interpretation 4 Determining Whether an Arrangement contains a Lease. The Group now assesses whether a contract is or contains a lease based on the new definition of a lease. Under HKFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.

香港財務報告準則第16號「租賃」

香港財務報告準則第16號取代了香港會計準則第17號「租賃」及相關詮釋、香港（國際財務報告詮釋委員會）詮釋第4號「釐定一項安排是否包含租賃」、香港（常設解釋委員會）解釋公告第15號「經營租賃 — 激勵措施」及香港（常設解釋委員會）第27號「評價以法律形式體現的租賃交易的實質」。新準則為承租人引入了單一的會計模型，要求承租人就所有租賃確認使用權資產和租賃負債，惟租期為12個月或更短的租賃（「短期租賃」）及低價值資產租賃除外。出租人的會計處理沿用香港會計準則第17號的規定，相關要求基本維持不變。

香港財務報告準則第16號亦增加了定性和定量披露要求，旨在使財務報表使用者能夠評估租賃對主體的財務狀況、財務表現及現金流量的影響。

本集團已於二零一九年四月一日初始應用香港財務報告準則第16號。本集團已選擇使用經修改追溯法，因此已將初始應用的累積影響確認為對二零一九年四月一日權益年初結餘的調整。比較資料未經重述，並繼續根據香港會計準則第17號報告。

(a) 租賃定義 本集團以往在合約開始日根據香港（國際財務報告詮釋委員會）詮釋第4 號「釐定一項安排是否包含租賃」釐定一項安排是否屬於或包含租賃。當前本集團根據租賃的新定義來評估合約是否屬於租賃或包含租賃。根據香港財務報告準則第16號，如果合約為換取對價而讓渡在一段時期內使用一項可辨認資產的控制權，則該合約屬於或包含租賃。

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Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(a) Definition of a lease (Continued)

On transition to HKFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied HKFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under HKAS 17 and HK(IFRIC) Interpretation 4 were not reassessed. Therefore, the definition of a lease under HKFRS 16 has been applied only to contracts entered into or changed on or after 1 April 2019.

At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. However, for leases of properties in which it is a lessee, the Group has elected not to separate non-lease components and will instead account for the lease and non-lease components as a single lease component.

(b) As a lessee

As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under HKFRS 16, the Group recognises right-of-use assets and lease liabilities for most leases — i.e. these leases are on-balance sheet.

However, the Group has elected not to recognise right-of-use assets and lease liabilities for some leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

(a) 租賃定義 （續）過渡至香港財務報告準則第16號時，本集團選擇應用實際可行權宜方法，以繼續沿用對交易是否屬於租賃所作的評估。本集團僅將香港財務報告準則第16號應用於此前識別為租賃的合約。根據香港會計準則第17號和香港（國際財務報告詮釋委員會） — 詮釋第4號未識別為租賃的合約沒有作重新評估。因此，本集團僅將香港財務報告準則第16號的租賃定義應用於二零一九年四月一日當日或之後訂立或更改的合約。

於開始或重新評估包含租賃組成部分的合約時，本集團基於相對單獨售價的比例將合約的對價分攤至各租賃組成部分和非租賃組成部分。然而，對於本集團作為承租人的物業租賃，本集團已選擇不拆分非租賃組成部分，而是將租賃與非租賃組成部分作為單一的租賃組成部分入賬。

(b) 作為承租人

作為承租人，本集團以往根據對租賃是否實質上將所有權的絕大部分風險和報酬轉移的評估，將租賃分類為經營租賃或融資租賃。根據香港財務報告準則第16號，本集團確認大部分租賃的使用權資產和租賃負債，即該等租賃為表內資產和負債。

然而，本集團已選擇不確認某些低價值資產租賃的使用權資產和租賃負債。本集團在租賃期內以直線法將與該類租賃相關的租賃付款額確認為開支。

159

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(b) As a lessee (Continued)

The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant and equipment’, the same line item as it presents underlying assets of the same nature that it owns. The carrying amounts of right-of-use assets recognised on 1 April 2019 and 31 March 2020 are as below:

(b) 作為承租人（續）

本集團於「物業、廠房及設備」內列示不符合投資物業定義的使用權資產，恰如其列示所擁有相同性質相關資產的相同分項。於二零一九年四月一日及二零二零年三月三十一日確認之使用權資產的賬面值如下：

==> picture [438 x 126] intentionally omitted <==

----- Start of picture text -----

Property,
plant and
equipment
物業、廠房及
設備
$’000
千元
Balance at 1 April 2019 於二零一九年四月一日的餘額 35,939
Balance at 31 March 2020 於二零二零年三月三十一日的餘額 122,292
----- End of picture text -----

(i) Significant accounting policies
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability.
(i) 主要會計政策在租賃開始日，本集團確認使用權資產和租賃負債。使用權資產初始按成本計量，其後按成本減去任何累計折舊及減值虧損計量，並就租賃負債的若干重新計量進行調整。

160

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(b) As a lessee (Continued)

(i) Significant accounting policies (Continued) The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that includes renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised.

(b) 作為承租人（續）
(i) 主要會計政策（續）租賃負債初始按於租賃開始日尚未支付的租賃付款額的現值計量，並使用租賃內含利率貼現。若無法確定租賃內含利率，則使用本集團增量借貸利率作為貼現率。一般情況下，本集團使用增量借貸利率作為貼現率。

租賃負債隨後根據租賃負債的利息成本增加和租賃付款額減少。當某一指數或比率有變導致未來租賃付款額發生變動，或根據餘值擔保預計的應付金額發生變動，或對合理確定行使購買選擇權或續租選擇權或者合理確定不行使終止選擇權的評估發生變動（如適當），租賃負債將重新計量。

本集團已運用判斷，釐定其為承租人的某些包含續租選擇權的租賃合約的租期。對本集團是否合理確定行使該選擇權的評估影響租期，這對已確認的租賃負債和使用權資產金額產生重大影響。

161

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(b) As a lessee (Continued)

(ii) Transition Previously, the Group classified property leases as operating leases under HKAS 17. These include office building. The leases typically run for a period of 1 to 4 years.

At transition, for leases classified as operating leases under HKAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group’ incremental borrowing rate as at 1 April 2019. Right-of-use assets are measured at either:

their carrying amount as if HKFRS 16 had been applied since the commencement date, discounted using the lessee’s incremental borrowing rate at the date of initial application — the Group applied this approach to its property leases; or
an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.
(b) 作為承租人 （續）
(ii) 過渡本集團早前根據香港會計準則第17號將物業租賃劃分為經營租賃。這些物業租賃包括寫字樓。該等租賃一般為期一至四年。

於過渡時，以剩餘租賃付款額按二零一九年四月一日本集團的增量借貸利率貼現的現值計量根據香港會計準則第17號劃分為經營租賃的租賃負債。使用權資產的計量按照：

視同自租賃開始日已採用香港財務報告準則第16 號、並按初始應用日的承租人增量借貸利率貼現的賬面值 — 此方法應用於本集團的物業租賃；或
與租賃負債相等的金額，並根據任何預付或應計的租賃付款額的金額進行調整。

162

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(b) As a lessee (Continued)

(ii) Transition (Continued)

The Group used the following practical expedients when applying HKFRS 16 to leases previously classified as operating leases under HKAS 17.

Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term.
E xc l u d e d i n i ti a l d i re c t c o s ts f ro m measuring the right-of-use asset at the date of initial application.
Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.
(b) 作為承租人 （續）
(ii) 過渡（續）將香港財務報告準則第16號應用於此前根據香港會計準則第 17號劃分為經營租賃的租賃時，本集團使用以下實際可行權宜方法。
- 應用豁免不確認租期少於 12個月的租賃的使用權資產和負債。
- 在初始應用日計量使用權資產時不包括初始直接成本。
- 如果合約包含續租或終止租賃的選擇權，則事後釐定租期。

163

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(c) Impacts on financial statements

(c) 對財務報表的影響

(i) Impacts on transition

On transition to HKFRS 16, the Group recognised additional right-of-use assets and additional lease liabilities, recognising the difference in retained profits. The impact of transition on the Group’s consolidated statement of financial position is summarised below:

(i) 對過渡的影響過渡至香港財務報告準則第16 號時，本集團額外確認使用權資產和租賃負債，並於保留溢利確認差異。過渡對本集團綜合財務狀況表之影響概述如下：

==> picture [415 x 324] intentionally omitted <==

----- Start of picture text -----

Carrying Capitalisation Carrying
amount at of operating amount at
31 March 2019 lease contracts 1 April 2019
於二零一九年於二零一九年
三月三十一日將經營租賃四月一日
的賬面金額合約撥充資本的賬面金額
$’000 $’000 $’000
千元千元千元
Line items in the statement 受採納香港財務報告準則
of financial position 第16號影響的財務
impacted by the adoption 狀況表分項：
of HKFRS 16:
Property, plant and equipment 物業、廠房及設備 48,338 35,939 84,277
Total non-current assets 非流動資產總值 125,898 35,939 161,837
Accrued expenses and other 應計開支及
payables 其他應付款項 (53,747) 113 (53,634)
Lease liabilities (current) 租賃負債（流動） — (19,521) (19,521)
Current liabilities 流動負債 (4,928,034) (19,408) (4,947,442)
Net current assets 流動資產淨值 2,797,409 (19,408) 2,778,001
Total assets less current 資產總值減流動負債
liabilities 2,923,307 16,531 2,939,838
Accrued expenses and other 應計開支及
payables 其他應付款項 — (1,762) (1,762)
Lease liabilities (non-current) 租賃負債（非流動） — (16,738) (16,738)
Total non-current liabilities 非流動負債總額 (17) (18,500) (18,517)
Net assets 資產淨值 2,923,290 (1,969) 2,921,321
----- End of picture text -----

164

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(c) Impacts on financial statements (Continued)

(c) 對財務報表的影響（續）

(i) Impacts on transition (Continued) When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 April 2019. The weighted-average incremental borrowing rate applied is 2.625%.
(i) 對過渡的影響（續）在計量劃分為經營租賃的租賃負債時，本集團以二零一九年四月一日的增量借貸利率貼現租賃付款。所應用的加權平均增量借貸利率為2.625%。

==> picture [416 x 259] intentionally omitted <==

----- Start of picture text -----

1 April 2019
二零一九年
四月一日
$’000
千元
Operating lease commitment at 31 March 在本集團綜合財務報表中披露的於
2019 as disclosed in the Group’s 二零一九年三月三十一日的經營
consolidated financial statements 租賃承擔 198,437
Commitments relating to leases not yet 有關未開始租賃的承擔
commenced (160,541)
Discounted using the incremental borrowing 使用二零一九年四月一日的增量
rate at 1 April 2019 借貸利率貼現 (1,132)
Short-term leases and other leases with 短期租賃及其他餘下租期
remaining lease term ending on or before 於二零二零年三月三十一日
31 March 2020 或之前結束之租賃 (80)
Leases of low-value assets 低價值資產租賃 (425)
Lease liabilities recognised at 1 April 2019 於二零一九年四月一日確認的租賃
負債 36,259
----- End of picture text -----

165

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

3 CHANGES IN ACCOUNTING POLICIES

3 會計政策變動（續）

(Continued)

(c) Impacts on financial statements (Continued)

(ii) Impacts for the period After the initial recognition of right-of-use assets and lease liabilities as at 1 April 2019, the Group as a lessee is required to recognise interest expense accrued on the outstanding balance of the lease liability, and the depreciation of the right-of-use asset, instead of the previous policy of recognising rental expenses incurred under operating leases on a straight-line basis over the lease term. This results in a positive impact on the reported profit from operations in the Group’s consolidated statement of comprehensive income, as compared to the results if HKAS 17 had been applied during the year.

In the cash flow statement, the Group as a lessee is required to split rentals paid under capitalised leases into their capital element and interest element. These elements are classified as financing cash outflows, similar to how leases previously classified as finance leases under HKAS 17 were treated, rather than as operating cash outflows, as was the case for operating leases under HKAS 17. Although total cash flows are unaffected, the adoption of HKFRS 16 therefore results in a significant change in presentation of cash flows within the cash flow statement.

(c) 對財務報表的影響（續）

(ii) 本期間的影響於二零一九年四月一日初始確認使用權資產及租賃負債後，本集團（作為承租人）須確認就租賃負債未償還結餘應計之利息開支及使用權資產之折舊，而非按舊有政策於租期內以直線基準確認根據經營租賃產生之租金開支。相對在年內應用香港會計準則第17號之情況下之結果，此做法對本集團之綜合全面收益表之已呈報經營溢利帶來正面影響。

於現金流量表，本集團（作為承租人）須將根據資本化租賃支付的租金分為資本與利息部分。該等部分分類為融資現金流出量，與以往根據香港會計準則第17號分類為融資租賃之租賃的處理方式相似，而非如香港會計準則第17號下的經營租賃分類為經營現金流出量。儘管總現金流量不受影響，惟採納香港財務報告準則第16號因此導致現金流量表內的現金流量呈列方式出現重大變動。

166

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

4 REVENUE

4 收入

The principal activities of the Group are securities broking, margin financing, commodities and futures broking, bullion trading and leveraged foreign exchange trading.

本集團主要業務為證券經紀、孖展融資、商品及期貨經紀、貴金屬交易以及槓桿式外滙交易。

The amount of each significant category of revenue is as follows:

各重要類別收入金額：

==> picture [461 x 225] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Revenue from contracts with 香港財務報告準則第15號
customers within 範圍內之客戶合約收入
the scope of HKFRS 15
Brokerage commission 經紀佣金 516,249 496,288
Revenue from other sources 其他來源收入
Dealing income from bullion trading 貴金屬交易收入 10,423 10,489
Dealing income from leveraged foreign 槓桿式外滙交易收入
exchange trading 1,385 655
Interest income from margin financing 孖展融資利息收入 302,486 301,462
Interest income from IPO financing 首次公開發售融資利息收入 33,474 21,411
347,768 334,017
864,017 830,305
----- End of picture text -----

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入10%。

The Group has applied the practical expedient in paragraph 121 of HKFRS 15 and does not disclose information about the remaining performance obligation that have original expected durations of one year or less.

本集團已應用香港財務報告準則第15號第 121段之可行權宜方法，並無披露有關原預期時間為一年或以下之其餘履約責任之資料。

167

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

5 OTHER INCOME

5 其他收益

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Interest income from 利息收入來自
Financial assets carried at 按攤銷成本列賬之金融資產
amortised cost
— Authorised institutions — 認可機構 141,933 117,135
— Others — 其他 4,064 1,057
145,997 118,192
Financial assets carried at FVPL 以按公平值計入損益之方式
列賬之金融資產
— Cash clients — 現金客戶 21,329 23,752
167,326 141,944
Handling and settlement fees 手續費及結算費用 65,142 63,849
Dividend income 股息收入 214 1,641
Sundry income 雜項收入 6,821 5,006
239,503 212,440
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6 OTHER NET LOSS

6 其他虧損淨額

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Realised loss from 已變現虧損來自
— Financial assets at fair value through — 按公平值計入損益之
profit or loss 金融資產 (3,130) (4,124)
Unrealised gain/(loss) from 未變現收益╱（虧損）來自
— Financial assets at fair value through — 按公平值計入損益之
profit or loss 金融資產 1,059 (889)
(2,071) (5,013)
Net foreign exchange (loss)/gain 外滙（虧損）╱收益淨額 (10,033) 4,473
(Loss)/gain on disposals of property, 出售物業、廠房及
plant and equipment 設備（虧損）╱收益 (385) 102
Error trades arising from dealings 錯盤交易 (345) (55)
Others 其他 (7,436) (4,191)
(20,270) (4,684)
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168

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

7 PROFIT BEFORE TAXATION

7 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：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
(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
銀行貸款 28,565 16,884
— Other bank loans — 其他銀行貸款 93,788 112,758
— Lease liabilities — 租賃負債 3,838 —
— Loans from related companies — 來自關連公司貸款 11,014 9,888
— Others — 其他 973 1,070
138,178 140,600
(b) Staff costs (b) 員工成本
Salaries, allowances and benefits in 薪金、津貼及實物福利
kind 105,253 102,756
Discretionary bonuses 酌情花紅 18,360 29,676
Contributions to Mandatory Provident 強制性公積金供款
Fund 3,859 3,901
127,472 136,333
(c) Other operating expenses (c) 其他經營開支
Advertising and promotion expenses 廣告及宣傳開支 15,595 7,983
Auditors’ remuneration 核數師酬金 1,704 1,657
Commission, handling and 經紀佣金、手續費及
settlement expenses 結算費用 88,593 83,103
Information and communication 資訊及通訊開支
expenses 46,740 38,840
Legal and professional fees 法律及專業費用 2,783 3,921
Operating lease payments — 經營租約付款
property rentals — 物業租金 98 65,198
Rates and building management fees 差餉及樓宇管理費 5,635 5,918
Miscellaneous expenses 雜項開支 37,906 36,484
199,054 243,104
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169

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

8 INCOME TAX IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

8 綜合全面收益表之所得稅

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

(a) 綜合全面收益表之稅項指：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Current tax — Hong Kong Profits Tax 即期稅項 — 香港利得稅
Provision for the year 年內撥備 57,867 54,776
Under/(over)-provision in respect of 過往年度
prior years 不足╱（超額）撥備 121 (520)
57,988 54,256
Deferred tax 遞延稅項
Origination and reversal of temporary 暫時差額之產生及撥回
differences (note 25(b)(i)) （附註25(b)(i)） (55) 4,001
Total tax charge for the year 年內稅項支出總額 57,933 58,257
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The provision for Hong Kong Profits Tax for 2020 is calculated at 16.5% (2019: 16.5%) of the estimated assessable profits for the year, except for one subsidiary of the Group which is a qualifying corporation under the two-tiered Profits Tax rate regime.

二零二零年之香港利得稅撥備乃以年內估計應課稅溢利按16.5%（二零一九年：16.5%）計算，惟本集團一間附屬公司符合兩級制利得稅之條件除外。

For this subsidiary, the first $2 million of assessable profits are taxed at 8.25% and the remaining assessable profits are taxed at 16.5%. The provision for Hong Kong Profits Tax for this subsidiary was calculated at the same basis in 2019.

就該附屬公司而言，首2,000,000元應課稅溢利按8.25% 徵稅，餘下應課稅溢利則按16.5% 徵稅。該附屬公司之香港利得稅撥備按與二零一九年相同之基準計算。

170

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

8 INCOME TAX IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE

8 綜合全面收益表之所得稅（續）

INCOME (Continued)

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

(a) 綜合全面收益表之稅項指：（續）

The provision for Hong Kong Profits Tax for 2020 is taken into account a reduction granted by the Hong Kong SAR Government of 100% of the tax payable for the year of assessment 2019–20 subject to a maximum reduction of $20,000 for each business (2019: a maximum reduction of $20,000 was granted for the year of assessment 2018–19 and was taken into account in calculating the provision for 2019).

二零二零年之香港利得稅撥備已計及香港特別行政區政府就二零一九至二零年課稅年度授予每一業務100%（上限為20,000元）之應付稅項寬減（二零一九年：二零一九年之撥備已計及就二零一八至一九年課稅年度授予之最高20,000元寬減）。

(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：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Profit before taxation 除稅前溢利 528,911 499,185
Notional tax on profit before taxation 按適用於相關國家溢利之
calculated at the rates applicable to 稅率計算之除稅前
profits in the countries concerned 溢利名義稅項 87,105 82,200
Tax effect of non-deductible expenses 不可扣稅開支之稅務影響 3,313 3,129
Tax effect of non-taxable revenue 毋須課稅收益之稅務影響 (29,702) (24,573)
Tax effect of unused tax losses not 未確認未動用稅項虧損之
recognised 稅務影響 17 63
Utilisation of tax loss carried forward 動用結轉之稅項虧損 — (19)
Under/(over)-provision in respect of 過往年度不足╱
prior years （超額）撥備 121 (520)
Others 其他 (2,921) (2,023)
Total tax charge for the year 年內稅項支出總額 57,933 58,257
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171

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

9 DIRECTORS’ EMOLUMENTS

9 董事酬金

Directors’ emoluments disclosed pursuant to section 383(1) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulations are as follows:

參照香港《公司條例》第383(1) 條及《公司（披露董事利益資料）規則》第2部所披露之董事酬金如下：

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2020
二零二零年
Salaries, Contributions
allowances to Mandatory
Directors’ and benefits Discretionary Provident
fees in kind bonuses Fund Total
薪金、津貼及
董事袍金實物福利酌情花紅強積金供款總計
$’000 $’000 $’000 $’000 $’000
千元千元千元千元千元
Yip Mow Lum 葉茂林 — 7,909 948 — 8,857
Hui Yik Bun 許繹彬 — 2,230 1,968 18 4,216
Chan Wing Shing, Wilson 陳永誠 — 947 148 18 1,113
Yu Yun Kong 余韌剛 242 — — — 242
Szeto Wai Sun 司徒維新 210 — — — 210
Ling Kwok Fai, Joseph 凌國輝 178 — — — 178
Total 總計 630 11,086 3,064 36 14,816
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		Directors’ fees 董事袍金 $’000 千元	Salaries, allowances and benefits in kind 薪金、津貼及實物福利 $’000 千元	2019 二零一九年 Discretionary bonuses 酌情花紅 $’000 千元	Contributions to Mandatory Provident Fund 強積金供款 $’000 千元	Total 總計 $’000 千元
Yip Mow Lum	葉茂林	—	7,783	814	—	8,597
Hui Yik Bun	許繹彬	—	2,093	3,720	18	5,831
Chan Wing Shing, Wilson	陳永誠	—	906	304	18	1,228
Yu Yun Kong	余韌剛	231	—	—	—	231
Szeto Wai Sun	司徒維新	200	—	—	—	200
Ling Kwok Fai, Joseph	凌國輝	169	—	—	—	169
Total	總計	600	10,782	4,838	36	16,256

172

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

9 DIRECTORS’ EMOLUMENTS (Continued)

9 董事酬金（續）

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.

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。

10 INDIVIDUAL WITH HIGHEST EMOLUMENTS

10 最高薪酬人士

Included in the emoluments of the five individuals with the highest emoluments were the emoluments of 2 (2019: 2) Directors. The emoluments of Directors have been disclosed in note 9 above. The aggregate of the emoluments in respect of the other 3 (2019: 3) individuals are as follows:

五名薪酬最高的僱員中包括兩名（二零一九年：兩名）董事。董事酬金已於上文附註9 披露。餘下三名（二零一九年：三名）人士之酬金總額如下：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Salaries, allowances and benefits in kind 薪金、津貼及實物福利 4,989 4,135
Discretionary bonuses 酌情花紅 1,430 6,281
Contributions to Mandatory Provident Fund 強積金供款 54 50
6,473 10,466
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The emoluments of the 3 (2019: 3) individuals with the highest emoluments are within the following bands:

該三名（二零一九年：三名）最高薪酬人士之酬金介乎以下範圍：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Nil to $1,000,000 零至1,000,000元 — —
$1,000,001 to $2,000,000 1,000,001元至2,000,000元 2 2
$2,000,001 to $3,000,000 2,000,001元至3,000,000元 — —
$3,000,001 to $4,000,000 3,000,001元至4,000,000元 1 —
$4,000,001 to $5,000,000 4,000,001元至5,000,000元 — —
$5,000,001 to $6,000,000 5,000,001元至6,000,000元 — —
$6,000,001 to $7,000,000 6,000,001元至7,000,000元 — 1
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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 (2019: Nil).

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（二零一九年：無）。

173

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

11 EARNINGS PER SHARE

11 每股盈利

Basic earnings per share

每股基本盈利

Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.

每股基本盈利是以本年度本公司擁有人應佔溢利除以年內已發行普通股之加權平均數計算。

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Earnings 盈利
Profit for the year attributable to owners of 本年度本公司擁有人
the Company ($’000) 應佔溢利（千元） 470,978 440,928
Number of shares 股份數目
Weighted average number of ordinary 已發行普通股之
shares in issue (in thousands) 加權平均數（千股） 1,697,296 1,697,296
Basic earnings per share (cents) 每股基本盈利（仙） 27.75 25.98
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Diluted earnings per share

每股攤薄盈利

There was no dilutive potential ordinary share during the year (2019: Nil) and diluted earnings per share is therefore equal to basic earnings per share.

年內並無攤薄性潛在普通股（二零一九年：無），因此，每股攤薄盈利相等於每股基本盈利。

174

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

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 three 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 overseas markets.
Bullion trading — provision of trading services in bullion contracts traded in 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 unallocated corporate assets. Segment liabilities include liabilities 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

本集團按分部（按業務線組織）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之方式呈列以下三個可報告分部。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之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 — 提供於香港及海外市場買賣之商品及期貨合約之經紀服務。
貴金屬交易 — 提供於海外市場買賣貴金屬合約的交易服務。

(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，惟未分配之公司資產除外。分部負債包括個別分部活動應佔之負債及應計負債。

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。

175

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

12 SEGMENT REPORTING (Continued)

12 分部報告（續）

(b) Segment information

(b) 分部資料

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2020
二零二零年
Commodities
Securities and futures Bullion
broking broking trading Total
商品及
證券經紀期貨經紀貴金屬交易總計
$’000 $’000 $’000 $’000
千元千元千元千元
Revenue from customers: 來自客戶之收入：
— Brokerage commission — 經紀佣金 286,467 230,754 — 517,221
— Dealing income — 交易收入 — — 10,423 10,423
— Interest income from margin financing — 孖展融資利息收入 302,486 — — 302,486
— Interest income from IPO financing — 首次公開發售融資
利息收入 33,474 — — 33,474
Reportable segment revenue 可報告分部收入 622,427 230,754 10,423 863,604
Interest income from cash clients 現金客戶利息收入 21,329 — — 21,329
Other interest income 其他利息收入 121,738 23,880 336 145,954
Handling and settlement fees 手續費及結算費用 65,130 12 — 65,142
Reportable segment profit (EBIT) 可報告分部溢利 (EBIT) 557,626 98,268 7,163 663,057
Amortisation and depreciation 年內攤銷及折舊
—
for the year (17,764) (8) (17,772)
Finance costs 財務成本 (137,383) (25) — (137,408)
Additions to non-current segment assets 年內添置之非流動分部資產
— —
during the year 4,931 4,931
Reportable segment assets 可報告分部資產 5,761,546 706,429 43,693 6,511,668
Reportable segment liabilities 可報告分部負債 (4,069,128) (363,944) (24,789) (4,457,861)
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176

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

12 SEGMENT REPORTING (Continued)

12 分部報告（續）

(b) Segment information (Continued)

(b) 分部資料（續）

		Securities broking 證券經紀 $’000 千元	2019 二零一九年 Commodities and futures broking Bullion trading 商品及期貨經紀貴金屬交易 $’000 $’000 千元千元	2019 二零一九年 Commodities and futures broking Bullion trading 商品及期貨經紀貴金屬交易 $’000 $’000 千元千元	Total 總計 $’000 千元
Revenue from customers:	來自客戶之收入：
— Brokerage commission	—經紀佣金	284,890	213,381	—	498,271
— Dealing income	—交易收入	—	—	10,489	10,489
— Interest income from margin financing	—孖展融資利息收入	301,323	139	—	301,462
— Interest income from IPO financing	—首次公開發售融資
	利息收入	21,411	—	—	21,411
Reportable segment revenue	可報告分部收入	607,624	213,520	10,489	831,633
Interest income from cash clients	現金客戶利息收入	23,752	—	—	23,752
Other interest income	其他利息收入	100,454	17,009	593	118,056
Handling and settlement fees	手續費及結算費用	63,839	9	1	63,849
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	544,256	86,333	5,639	636,228
Amortisation and depreciation	年內攤銷及折舊
for the year		(18,429)	(35)	—	(18,464)
Finance costs	財務成本	(149,696)	(11)	—	(149,707)
Additions to non-current segment assets	年內添置之非流動分部資產
during the year		41,975	—	—	41,975
Reportable segment assets	可報告分部資產	7,067,763	797,088	86,111	7,950,962
Reportable segment liabilities	可報告分部負債	(4,446,144)	(478,299)	(73,222)	(4,997,665)

177

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

12 SEGMENT REPORTING (Continued)

12 分部報告（續）

(c) Reconciliation of reportable segment revenue, profit, assets and liabilities
(c) 可報告分部收入、溢利、資產及負債之對賬

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Revenue 收入
Reportable segment revenue 可報告分部收入 863,604 831,633
Elimination 對銷 (972) (1,983)
Unallocated corporate revenue 未分配公司收入 1,385 655
Consolidated revenue 綜合收入 864,017 830,305
Profit 溢利
Reportable segment profit (EBIT) 可報告分部溢利 (EBIT) 663,057 636,228
Finance costs 財務成本 (138,178) (140,600)
Unallocated corporate income 未分配公司收入 107,446 67,073
Unallocated corporate expenses 未分配公司開支 (103,414) (63,516)
Consolidated profit before taxation 綜合除稅前溢利 528,911 499,185
Assets 資產
Reportable segment assets 可報告分部資產 6,511,668 7,950,962
Elimination 對銷 (226,695) (133,941)
Unallocated corporate assets 未分配公司資產 174,162 34,320
Consolidated total assets 綜合資產總值 6,459,135 7,851,341
Liabilities 負債
Reportable segment liabilities 可報告分部負債 (4,457,861) (4,997,665)
Elimination 對銷 562,213 452,626
Unallocated corporate liabilities 未分配公司負債 (661,181) (383,012)
Consolidated total liabilities 綜合負債總額 (4,556,829) (4,928,051)
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178

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

13 PROPERTY, PLANT AND EQUIPMENT

13 物業、廠房及設備

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----- Start of picture text -----

Properties Motor
leased for Leasehold vehicles and Office Furniture and Computers
own use improvements yacht equipment fixtures and software Total
自用租賃物業租賃裝修汽車及遊艇辦公室設備傢具及裝置電腦及軟件總計
$’000 $’000 $’000 $’000 $’000 $’000 $’000
千元千元千元千元千元千元千元
Cost: 成本：
At 1 April 2018 於二零一八年四月一日 — 51,847 4,288 17,915 14,882 27,245 116,177
Additions 添置 — 1,877 27,140 1,380 279 5,699 36,375
Disposals 出售 — — — (322) — — (322)
Exchange adjustments 滙率調整 — (12) — (16) — (25) (53)
At 31 March 2019 於二零一九年三月三十一日 — 53,712 31,428 18,957 15,161 32,919 152,177
Adoption of HKFRS 16 (Note) 採用香港財務報告準則
第16號（附註） 35,939 — — — — — 35,939
At 1 April 2019 於二零一九年四月一日 35,939 53,712 31,428 18,957 15,161 32,919 188,116
Additions 添置 173,339 1,250 888 406 12 2,380 178,275
Disposals 出售 — (7,971) — (506) (2,107) (69) (10,653)
Derecognition of right-of-use assets 終止確認使用權資產 (20,293) — — — — — (20,293)
Exchange adjustments 滙率調整 — (11) — (14) — (22) (47)
At 31 March 2020 於二零二零年三月三十一日 188,985 46,980 32,316 18,843 13,066 35,208 335,398
Accumulated depreciation: 累積折舊：
At 1 April 2018 於二零一八年四月一日 — 42,391 1,303 14,585 11,364 22,303 91,946
Charge for the year 年內開支 — 5,888 1,434 1,306 1,254 2,373 12,255
Written back on disposals 於出售時撥回 — — — (321) — — (321)
Exchange adjustments 滙率調整 — (12) — (11) — (18) (41)
At 31 March 2019 於二零一九年三月三十一日 — 48,267 2,737 15,559 12,618 24,658 103,839
At 1 April 2019 於二零一九年四月一日 — 48,267 2,737 15,559 12,618 24,658 103,839
Charge for the year 年內開支 73,781 4,210 5,770 1,227 1,165 2,982 89,135
Written back on disposals 於出售時撥回 — (7,821) — (402) (1,983) (62) (10,268)
Derecognition of right-of-use assets 終止確認使用權資產 (7,088) — — — — — (7,088)
Exchange adjustments 滙率調整 — (11) — (13) — (22) (46)
At 31 March 2020 於二零二零年三月三十一日 66,693 44,645 8,507 16,371 11,800 27,556 175,572
Net book value: 賬面淨值：
At 31 March 2020 於二零二零年三月三十一日 122,292 2,335 23,809 2,472 1,266 7,652 159,826
At 31 March 2019 於二零一九年三月三十一日 — 5,445 28,691 3,398 2,543 8,261 48,338
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Note: The Group has initially applied HKFRS 16 using the modified retrospective method and adjusted the opening balances at 1 April 2019 to recognise right-of-use assets relating to leases which were previously classified as operating leases under HKAS 17. See note 3.

附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號，並調整期初結餘以確認與以往根據香港會計準則第17號分類為經營租賃之租賃有關之使用權資產。見附註 3 。

179

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

13 PROPERTY, PLANT AND EQUIPMENT

13 物業、廠房及設備（續）

(Continued)

Right of use asset

使用權資產

The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:

按相關資產類別劃分之使用權資產賬面淨值分析如下：

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31 March 1 April
2020 2019
二零二零年二零一九年
三月三十一日四月一日
$’000 $’000
千元千元
Properties leased for own use, carried at 自用租賃物業，按折舊成本
depreciated cost 列賬 122,292 35,939
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The analysis of expense items in relation to leases recognised in profit or loss is as follows:

與於損益確認之租賃有關之開支項目分析如下：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Depreciation charge on properties leased 自用租賃物業折舊開支
for own use 73,781 —
—
Interest on lease liabilities (note 7(a)) 租賃負債利息（附註7(a)） 3,838
Expense relating to short-term leases and 與短期租賃及其他餘下租期於
other leases with remaining lease term 二零二零年三月三十一日或
ending on or before 31 March 2020 之前結束之租賃有關之開支 98 —
Total minimum lease payments for leases 以往根據香港會計準則第17號
previously classified as operating leases 分類為經營租賃之租賃之最
under HKAS 17 低租賃款項總額 — 65,198
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Note: The Group has initially applied HKFRS 16 using the modified retrospective approach and adjusted the opening balances at 1 April 2019 to recognise right-of-use assets relating to leases which were previously classified as operating leases under HKAS 17. After initial recognition of right-of-use assets at 1 April 2019, the Group as a lessee is required to recognise the depreciation of right-of-use assets, instead of the previous policy of recognising rental expenses incurred under operating leases on a straight-line basis over the lease term. Under this approach, the comparative information is not restated. See note 3.

附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號，並調整期初結餘以確認與以往根據香港會計準則第17號分類為經營租賃之租賃有關之使用權資產。於二零一九年四月一日初始確認使用權資產後，本集團（作為承租人）須確認使用權資產之折舊，而非如以往政策在租期內以直線法確認經營租賃之已產生租金開支。根據該方法，比較資料未經重列。見附註3 。

180

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

13 PROPERTY, PLANT AND EQUIPMENT

13 物業、廠房及設備（續）

(Continued)

Right of use asset (Continued)

使用權資產（續）

During the year, additions to right-of-use assets were $173,339,000, which primarily related to the capitalised lease payments payable under new tenancy agreements.

年內添置之使用權資產為173,339,000元，主要與根據新租賃協議應付之資本化租賃款項有關。

Details of total cash outflow for leases and the maturity analysis of lease liabilities as of 31 March 2020 are set out in notes 18(d) and 23, respectively.

截至二零二零年三月三十一日之租賃現金流出總額及租賃負債到期日分析詳情分別載於附註18(d)及23 。

As of 31 March 2020, there are no leases subject to variable lease payment arrangement.

於二零二零年三月三十一日，概無租賃涉及可變租賃款項安排。

14 INTANGIBLE ASSETS

14 無形資產

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----- Start of picture text -----

Debentures
債券
$’000
千元
Cost: 成本：
At 1 April 2018 於二零一八年四月一日 13,120
Addition 添置 5,600
Disposal 出售 (12,120)
At 31 March 2019 於二零一九年三月三十一日 6,600
At 1 April 2019 and at 31 March 2020 於二零一九年四月一日及
二零二零年三月三十一日 6,600
Accumulated amortisation: 累積攤銷：
At 1 April 2018 於二零一八年四月一日 5,253
Charge for the year 年內開支 6,584
Written back on disposal 於出售時撥回 (11,520)
At 31 March 2019 於二零一九年三月三十一日 317
At 1 April 2019 於二零一九年四月一日 317
Charge for the year 年內開支 500
At 31 March 2020 於二零二零年三月三十一日 817
Net book value: 賬面淨值：
At 31 March 2020 於二零二零年三月三十一日 5,783
At 31 March 2019 於二零一九年三月三十一日 6,283
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181

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

15 OTHER NON-CURRENT ASSETS

15 其他非流動資產

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Statutory deposits with exchanges and 交易及結算所之法定按金
clearing houses 77,715 50,084
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16 ACCOUNTS RECEIVABLE 16 應收賬款

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Accounts receivable from: 應收賬款來自：
— Clearing houses — 結算所 785,804 741,019
— Brokers and dealers — 經紀及交易商 210,195 240,356
Less: Loss allowance 減：虧損撥備 (505) (183)
Financial assets measured at amortised 按攤銷成本計量之金融資產
cost 995,494 981,192
Accounts receivable from: 應收賬款來自：
— Cash clients — 現金客戶 263,480 225,351
— Margin clients — 孖展客戶 4,385,813 6,069,755
— Subscription of new shares in IPO — 認購首次公開發售新股 — 484
Financial assets measured at FVPL 以按公平值計入損益之
方式計量之金融資產 4,649,293 6,295,590
5,644,787 7,276,782
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182

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

16 ACCOUNTS RECEIVABLE (Continued)

16 應收賬款（續）

(a) Ageing analysis

(a) 賬齡分析

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

於報告期末之應收現金客戶賬款按結算日之賬齡分析如下：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Current 即期 65,283 48,011
Less than 1 month 少於1個月 141,064 122,437
1 to 3 months 1至3個月 34,543 16,317
More than 3 months 多於3個月 22,590 38,586
198,197 177,340
263,480 225,351
----- End of picture text -----

Accounts receivable from cash clients relate to a wide range of customers for whom there was no recent history of default. These receivables are secured by their portfolios of securities. Cash clients are required to place deposits as prescribed in the Group’s credit policy before execution of any purchase transactions. At 31 March 2020, the total market value of their portfolios of securities was $1,669,623,000 (2019: $1,420,498,000).

應收現金客戶賬款涉及多名近期並無欠款記錄之客戶。該等應收款項由其證券組合作抵押。於執行任何購買交易前，現金客戶須按本集團之信貸政策存款。於二零二零年三月三十一日，其證券組合之總市值為1,669,623,000元（二零一九年： 1,420,498,000元）。

183

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

16 ACCOUNTS RECEIVABLE (Continued)

(a) Ageing analysis (Continued)

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 2020, margin loans due from margin clients were current and repayable on demand except for $90,000 (2019: $908,000) where the margin loans were past due. $18,000 (2019: $850,000) were past due for less than 1 month. $1,000 (2019: $Nil) were past due for 1 to 3 months. $5,000 (2019: $33,000) were past due for 3 months to 1 year. $66,000 (2019: $25,000) were past due for over 1 year following the trading suspension of the pledged securities. At 31 March 2020, the total market value of securities pledged as collateral in respect of the loans to borrowing margin clients and all margin clients were $10,376,614,000 and $14,641,209,000 respectively (2019: $12,935,717,000 and $17,689,627,000 respectively). Margin loans that were past due relate to a number of independent customers that have a good track record with the Group.

For accounts receivable relating to subscriptions of new shares in IPO, no ageing analysis of subscriptions of new shares in IPO is disclosed as the ageing analysis does not give additional value in view of the nature of this business.

The fair value of accounts receivables from cash client, margin clients and subscription in new shares in IPO is determined by the fair value of collaterals, capped by the principal amount and accrued interest, without discounting.

16 應收賬款（續）

(a) 賬齡分析（續）

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所接納證券之貼現價值釐定。於二零二零年三月三十一日，除90,000元（二零一九年：908,000元）之孖展貸款逾期外，應收孖展客戶之孖展貸款為即期及須按要求償還。18,000 元（二零一九年：850,000元）逾期少於一個月，1,000元（二零一九年：無）逾期一至三個月， 5,000元（二零一九年：33,000元）逾期三個月至一年， 66,000元（二零一九年：25,000元）於已抵押證券暫停買賣後逾期超過一年。於二零二零年三月三十一日，就有關借款孖展客戶及全部孖展客戶獲授貸款已抵押作為抵押品之證券總市值分別為10,376,614,000元及 14,641,209,000元（二零一九年：分別為12,935,717,000元及17,689,627,000 元）。逾期孖展貸款涉及若干與本集團有良好往績紀錄之獨立客戶。

就認購首次公開發售新股之應收賬款而言，鑑於此項業務之性質，賬齡分析並無帶來額外價值，故無披露任何認購首次公開發售新股之賬齡分析。

應收現金客戶、孖展客戶及認購首次公開發售新股之賬款之公平值乃按抵押品之公平值釐定，上限為本金額及應計利息，不予貼現。

184

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

16 ACCOUNTS RECEIVABLE (Continued)

16 應收賬款（續）

(a) Ageing analysis (Continued)

(a) 賬齡分析（續）

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 and options contracts.

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) 買賣期貨及期權合約業務之孖展保證金。

(b) Loss allowance of accounts receivable

(b) 應收賬款虧損撥備

Loss allowance in respect of accounts receivable are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the loss is written off against the accounts receivable directly.

應收賬款之虧損撥備以撥備賬記賬，惟本集團信納收回款項之可能性渺茫者除外，在此情況下，虧損直接與應收賬款撇銷。

The movement in the loss allowance during the year is as follows:

虧損撥備年內之變動如下：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
At 1 April 於四月一日 183 331
Amounts written off as uncollectible 因不可收回而撇銷之款項 — (331)
First adoption of HKFRS 9 首次採用香港財務報告
準則第9號 — 183
Provision for impairment loss recognised 已確認減值虧損之撥備 322 —
At 31 March 於三月三十一日 505 183
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185

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

17 OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

17 其他應收款項、按金及預付款項

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Rental and utility deposits 租金及水電費按金 20,875 32,999
Prepayments 預付款項 4,642 6,745
Other receivables 其他應收款項 17,911 8,232
43,428 47,976
Less: Loss allowance 減：虧損撥備 (43) (27)
43,385 47,949
----- End of picture text -----

Included in the above balances are amounts of $16,944,000 as at 31 March 2020 (2019: $21,109,000) which are expected to be recovered in more than one year.

於二零二零年三月三十一日，計入上述結餘之款項為16,944,000元（二零一九年： 21,109,000元），預期將於一年後收回。

18 CASH AND CASH EQUIVALENTS

18 現金及現金等價物

(a) Cash and cash equivalents comprise:

(a) 現金及現金等價物包括：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Deposits with banks 銀行存款 56,253 71,891
Cash at bank and in hand 銀行及手頭現金 421,721 329,627
477,974 401,518
Less: Loss allowance 減：虧損撥備 (317) (264)
477,657 401,254
----- End of picture text -----

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

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。

At 31 March 2020, client money maintained in segregated accounts not otherwise dealt with in the financial statements amounted to $8,355,102,000 (2019: $8,127,351,000).

於二零二零年三月三十一日，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為8,355,102,000元（二零一九年： 8,127,351,000元）。

186

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

18 CASH AND CASH EQUIVALENTS (Continued)

18 現金及現金等價物（續）

(b) Reconciliation of profit before taxation to cash generated from operating activities:
(b) 除稅前溢利與經營業務所得現金之對賬：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Profit before taxation 除稅前溢利 528,911 499,185
Adjustments for: 就以下各項作出調整：
Amortisation and depreciation 攤銷及折舊 89,635 18,839
Finance costs 財務成本 138,178 140,600
Dividend income 股息收入 (214) (1,641)
Interest income 利息收入（不包括孖展及
(excluding interest income from 首次公開發售
margin and IPO financings) 融資之利息收入） (167,326) (141,944)
Net foreign exchange loss/(gain) 外滙虧損╱（收益）淨額 10,033 (4,473)
Loss/(gain) on disposals of property, 出售物業、廠房及
plant and equipment 設備之虧損╱（收益） 385 (102)
Net loss arising from disposal of 出售按公平值計入損益之
financial assets at fair value 金融資產所產生之
through profit or loss 淨虧損 3,130 4,124
Net unrealised (gain)/loss on financial 按公平值計入損益之
assets at fair value through 金融資產之未變現
profit or loss 淨（收益）╱虧損 (1,059) 889
Others 其他 111 (264)
Changes in working capital: 營運資金變動：
(Increase)/decrease in other 其他非流動資產
non-current assets （增加）╱減少 (27,631) 60,338
Decrease in accounts receivable 應收賬款減少 1,617,016 4,587,298
Decrease/(increase) in other receivables, 其他應收款項、按金及
deposits and prepayments 預付款項減少╱（增加） 4,546 (15,345)
Increase/(decrease) in accounts payable 應付賬款增加╱（減少） 91,719 (469,548)
Increase/(decrease) in accrued expenses 應計開支及其他應付
and other payables 款項增加╱（減少） 9,958 (32,396)
Cash generated from operations 經營業務所得現金 2,297,392 4,645,560
----- End of picture text -----

Note: The Group has initially applied HKFRS 16 at 1 April 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 3.

附註：本集團已於二零一九年四月一日使用經修改追溯法初始應用香港財務報告準則第16號。根據該方法，比較資料未經重列。見附註 3 。

187

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

18 CASH AND CASH EQUIVALENTS (Continued)

18 現金及現金等價物 （續）

(c) Reconciliation of liabilities arising from financing activities:

(c) 融資活動產生的負債之對賬：

==> picture [438 x 542] intentionally omitted <==

----- Start of picture text -----

Amount
due to a
Lease related Accounts
Bank loans liabilities company payable Total
應付一間
關連公司
銀行貸款租賃負債款項應付賬款總計
$’000 $’000 $’000 $’000 $’000
千元千元千元千元千元
At 1 April 2018 於二零一八年
四月一日 8,165,885 — — 1,705,125 9,871,010
Changes from financing cash 融資現金流之變動：
flows:
Repayment of bank loans 償還銀行貸款 (4,705,294) — — — (4,705,294)
Proceeds from amount due 應付一間關連
to a related company 公司款項之
所得款項 — — 200,076 — 200,076
Other borrowing cost paid 已付其他借貸
成本 (129,642) — (9,888) (1,070) (140,600)
Changes from operating cash 經營現金流之
flows: 變動：
Change in accounts 應付賬款變動
— — —
payable (469,548) (469,548)
Exchange adjustments 滙兌調整 (15,076) — — (9,368) (24,444)
Interest expenses 利息開支 129,642 — 9,888 1,070 140,600
At 31 March 2019 於二零一九年
三月三十一日 3,445,515 — 200,076 1,226,209 4,871,800
Impact on initial adoption of 初始採用香港財務
HKFRS 16 報告準則第16號
之影響 — 36,259 — — 36,259
At 1 April 2019 於二零一九年
四月一日 3,445,515 36,259 200,076 1,226,209 4,908,059
Changes from financing cash 融資現金流之變動：
flows:
Repayment of bank loans 償還銀行貸款 (582,204) — — — (582,204)
Proceeds from amount due 應付一間關連
to a related company 公司款項之
所得款項 — — 60 — 60
Other borrowing cost paid 已付其他借貸
成本 (122,353) — (11,014) (973) (134,340)
Capital element of lease 已付租賃租金之
rentals paid 資本部分 — (70,244) — — (70,244)
Interest element of lease 已付租賃租金之
rentals paid 利息部分 — (3,838) — — (3,838)
Changes from operating cash 經營現金流之
flows: 變動：
Change in accounts 應付賬款變動
— — —
payable 91,719 91,719
Exchange adjustments 滙兌調整 (4,522) — — (16,660) (21,182)
Increase in lease liabilities 因訂立新租賃而
from entering into new 增加租賃負債
leases — 152,934 — — 152,934
Interest expenses 利息開支 122,353 3,838 11,014 973 138,178
At 31 March 2020 於二零二零年
三月三十一日 2,858,789 118,949 200,136 1,301,268 4,479,142
----- End of picture text -----

188

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

18 CASH AND CASH EQUIVALENTS (Continued)

18 現金及現金等價物（續）

(d) Total cash outflow for leases

(d) 租賃現金流出總額

Amounts included in the cash flow statement for leases comprise the following:

現金流量表所列租賃款項包括：

==> picture [439 x 88] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Within operating cash flows 於經營活動現金流量內 98 65,198
Within financing cash flows 於融資活動現金流量內 74,082 —
74,180 65,198
----- End of picture text -----

Note: As explained in the note to note 18(b), the adoption of HKFRS 16 introduces a change in classification of cash flows of certain rentals paid on leases. The comparative amounts have not been restated.

附註：誠如附註18(b)之附註所闡釋，採用香港財務報告準則第16號引入若干已付租賃租金現金流量分類變動，比較數字未經重列。

19 INVESTMENT IN SUBSIDIARIES

19 於附屬公司之投資

At 31 March 2020, the Company had direct or indirect interests in the following subsidiaries, all of which are private companies, particulars of which are set out below:

於二零二零年三月三十一日，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，詳情載列如下：

==> picture [460 x 70] intentionally omitted <==

----- Start of picture text -----

Place and date of Issued and fully Attributable
Name of company incorporation paid-up capital equity interest Principal activities
公司名稱註冊成立地點及日期已發行及繳足股本應佔股本權益主要業務
Direct Indirect
直接間接
Bright Smart Investment Holdings Limited British Virgin Islands (BVI)/ US$100 100% — Investment holding
----- End of picture text -----

耀才投資控股有限公司	22 October 2009	100美元			投資控股
	英屬處女群島╱
	二零零九年十月二十二日
Choice Max Limited	British Virgin Islands (BVI)/	US$1	100%	—	Investment holding
滿擇有限公司	2 April 2014	1美元			投資控股
	英屬處女群島╱
	二零一四年四月二日
Fine Profit Investments Limited	British Virgin Islands (BVI)/	US$1	100%	—	Investment holding
秀潤投資有限公司	21 August 2018	1美元			投資控股
	英屬處女群島╱
	二零一八年八月二十一日
Marick Investments Limited	British Virgin Islands (BVI)/	US$1	100%	—	Investment holding
	15 April 2014	1美元			投資控股
	英屬處女群島╱
	二零一四年四月十五日

189

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

19 INVESTMENT IN SUBSIDIARIES (Continued)

19 於附屬公司之投資（續）

==> picture [460 x 69] intentionally omitted <==

----- Start of picture text -----

Place and date of Issued and fully Attributable
Name of company incorporation paid-up capital equity interest Principal activities
公司名稱註冊成立地點及日期已發行及繳足股本應佔股本權益主要業務
Direct Indirect
直接間接
Bright Smart Advertising Company Limited Hong Kong/ HK$1 — 100% Inactive
----- End of picture text -----

Bright Smart Advertising Company Limited	Hong Kong/	HK$1	Direct 直接 —	Indirect 間接 100%	Inactive
	2 March 2020	1港元			暫無營業
	香港╱
	二零二零年三月二日
Bright Smart Asset Management Limited	Hong Kong/	HK$5,000,000	—	100%	Asset management
耀才資產管理有限公司	18 August 2011	5,000,000港元			services
	香港╱				資產管理服務
	二零一一年八月十八日
Bright Smart Easy Finance Company Limited	Hong Kong/	HK$1	—	100%	Inactive
耀才易借財務有限公司	6 March 2014	1港元			暫無營業
	香港╱
	二零一四年三月六日
Bright Smart Finance Channel Management	Hong Kong/	HK$1	—	100%	Administrative services
Limited	22 May 2014	1港元			行政服務
耀才財經台管理有限公司	香港╱
	二零一四年五月二十二日
Bright Smart Finance Online Channel Limited	Hong Kong/	HK$1	—	100%	Production and broadcast
耀才財經網上直播有限公司	22 May 2014	1港元			finance programs
	香港╱				製作及廣播財經節目
	二零一四年五月二十二日
Bright Smart Financial Technology Limited	Hong Kong/	HK$1	—	100%	Inactive
耀才金融科技有限公司	7 September 2018	1港元			暫無營業
	香港╱
	二零一八年九月七日
Bright Smart Forex Limited	Hong Kong/	HK$30,000,000	—	100%	Forex trading service
耀才環球外滙有限公司	23 April 2012	30,000,000港元			外滙交易服務
	香港╱
	二零一二年四月二十三日
Bright Smart Futures & Commodities Co., Ltd	Hong Kong/	HK$214,000,000	—	100%	Futures and commodities
耀才期貨及商品有限公司	14 November 1995	214,000,000港元			broking
	香港╱				期貨及商品經紀
	一九九五年十一月十四日
Bright Smart Global Bullion Limited	Hong Kong/	HK$10,000	—	100%	Bullion dealing and
耀才環球金業有限公司	10 October 2012	10,000港元			provision of bullion
	香港╱				trading service to
	二零一二年十月十日				customer
					貴金屬買賣及向客戶提供
					貴金屬交易服務

190

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

19 INVESTMENT IN SUBSIDIARIES (Continued)

19 於附屬公司之投資（續）

==> picture [460 x 70] intentionally omitted <==

----- Start of picture text -----

Place and date of Issued and fully Attributable
Name of company incorporation paid-up capital equity interest Principal activities
公司名稱註冊成立地點及日期已發行及繳足股本應佔股本權益主要業務
Direct Indirect
直接間接
Bright Smart Investment Consultancy (China) Hong Kong/ HK$1 — 100% Investment holding
----- End of picture text -----

Bright Smart Investment Consultancy (China)	Hong Kong/	HK$1	Direct 直接 —	Indirect 間接 100%	Investment holding
Company Limited	9 November 2010	1港元			投資控股
耀才投資諮詢顧問（中國）有限公司	香港╱
	二零一零年十一月九日
Bright Smart Promotion Limited	Hong Kong/	HK$1	—	100%	Administrative services
耀才推廣有限公司	25 August 2015	1港元			行政服務
	香港╱
	二零一五年八月二十五日
Bright Smart Property Management Limited	Hong Kong/	HK$1	—	100%	Administrative services
耀才物業管理有限公司	31 March 2014	1港元			行政服務
	香港╱
	二零一四年三月三十一日
Bright Smart Property Management Service	Hong Kong/	HK$1	—	100%	Administrative services
Limited	22 August 2017	1港元			行政服務
耀才物業管理服務有限公司	香港╱
	二零一七年八月二十二日
Bright Smart Securities International (H.K.)	Hong Kong/	HK$1,141,000,000	—	100%	Securities broking and
Limited	10 August 1998	1,141,000,000港元			margin financing
耀才證券國際（香港）有限公司	香港╱				證券經紀及孖展融資
	一九九八年八月十日
Charm Capital Limited	Hong Kong/	HK$1	—	100%	Administrative services
曦資有限公司	18 February 2016	1港元			行政服務
	香港╱
	二零一六年二月十八日
Everlasting Source Limited	Hong Kong/	HK$1	—	100%	Administrative services
粵彩有限公司	8 December 2010	1港元			行政服務
	香港╱
	二零一零年十二月八日
Glow Dragon Limited	Hong Kong/	HK$1	—	100%	Administrative services
晴龍有限公司	21 January 2010	1港元			行政服務
	香港╱
	二零一零年一月二十一日
Huge Dynasty Limited	Hong Kong/	HK$1	—	100%	Administrative services
展躍有限公司	13 January 2010	1港元			行政服務
	香港╱
	二零一零年一月十三日

191

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

19 INVESTMENT IN SUBSIDIARIES (Continued)

19 於附屬公司之投資（續）

==> picture [460 x 69] intentionally omitted <==

----- Start of picture text -----

Place and date of Issued and fully Attributable
Name of company incorporation paid-up capital equity interest Principal activities
公司名稱註冊成立地點及日期已發行及繳足股本應佔股本權益主要業務
Direct Indirect
直接間接
Ideal Magic Limited Hong Kong/ HK$1 — 100% Administrative services
----- End of picture text -----

Ideal Magic Limited	Hong Kong/	HK$1	Direct 直接 —	Indirect 間接 100%	Administrative services
裕驊有限公司	13 January 2010	1港元			行政服務
	香港╱
	二零一零年一月十三日
Merit Act Limited	Hong Kong/	HK$1	—	100%	Administrative services
浤烽有限公司	3 November 2009	1港元			行政服務
	香港╱
	二零零九年十一月三日
Rainbow Town Limited	Hong Kong/	HK$1	—	100%	Administrative services
虹域有限公司	8 October 2015	1港元			行政服務
	香港╱
	二零一五年十月八日
Victor Tone Limited	Hong Kong/	HK$1	—	100%	Administrative services
圍通有限公司	21 January 2010	1港元			行政服務
	香港╱
	二零一零年一月二十一日
耀才投資諮詢（深圳）有限公司	People’s Republic of China/	HK$1,600,000	—	100%	Inactive
(Note)（附註）	10 January 2011	1,600,000港元			暫無營業
	中華人民共和國╱
	二零一一年一月十日

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

附註：此公司乃根據中華人民共和國法律註冊為一間外商獨資企業。

20 ACCOUNTS PAYABLE

20 應付賬款

==> picture [461 x 145] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Accounts payable 應付賬款
— Cash clients — 現金客戶 343,920 298,822
— Margin clients — 孖展客戶 628,132 750,347
— Clearing houses — 結算所 307,416 139,275
— Brokers — 經紀 21,800 37,765
1,301,268 1,226,209
----- End of picture text -----

All of the accounts payable are expected to be settled within one year or are repayable on demand.

所有應付賬款預期於一年內償還或須按要求償還。

192

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

21 ACCRUED EXPENSES AND OTHER PAYABLES

21 應計開支及其他應付款項

==> picture [461 x 154] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Commission rebate payable 應付佣金回贈 26,948 19,128
Accrued bonuses 應計花紅 6,180 7,902
Stamp duty, trading levy and trading fee 應付印花稅、交易徵費及
payables 交易費 8,572 6,473
Receipt in advance 預收款項 2,891 2,166
Other payables 其他應付款項 27,718 18,078
72,309 53,747
----- End of picture text -----

Included in the above balances are amounts of $7,238,000 as at 31 March 2020 (2019: $Nil) which are expected to be settled in more than one year.

於二零二零年三月三十一日，計入上述結餘之款項為7,238,000元（二零一九年：零元），乃預期於一年後償付。

22 BANK LOANS

22 銀行貸款

==> picture [461 x 128] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Secured loans 有抵押貸款
— Bank loans — 銀行貸款 2,423,789 3,265,515
Unsecured loans 無抵押貸款
— Bank loans — 銀行貸款 435,000 180,000
2,858,789 3,445,515
----- End of picture text -----

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.

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。

The bank loans as at 31 March 2020 are interest-bearing. Securities collateral deposited by the Group’s margin clients was re-pledged to banks to secure loan facilities. Such banking facilities were utilised to the extent of $2,423,789,000 (2019: $3,265,515,000). The fair value of the collateral re-pledged to banks as at 31 March 2020 amounted to $5,918,574,000 (2019: $7,306,728,000).

於二零二零年三月三十一日之銀行貸款均須計息。本集團孖展客戶存置之證券抵押品再抵押予銀行，以取得貸款融資。有關銀行融資已動用2,423,789,000元（二零一九年：3,265,515,000元）。於二零二零年三月三十一日，再抵押予銀行之抵押品公平值為5,918,574,000元（二零一九年： 7,306,728,000元）。

193

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

23 LEASE LIABILITIES

23 租賃負債

The Group had obligations under contractual maturities of the lease liabilities as follows:

本集團應償還租賃負債之合約到期日如下：

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----- Start of picture text -----

As at 31 March 2020 As at 1 April 2019
於二零二零年三月三十一日於二零一九年四月一日
Present value Present value
of the minimum Total minimum of the minimum Total minimum
lease payments lease payment lease payments lease payment
最低租賃款項現值最低租賃款項總額最低租賃款項現值最低租賃款項總額
$’000 $’000 $’000 $’000
千元千元千元千元
Within one year 一年內 59,845 62,245 19,521 20,222
After one year but within 一年後但於五年內
five years 59,104 59,983 16,738 17,169
118,949 122,228 36,259 37,391
Less: total future lease 減：未來租賃開支總額
expense (3,279) (1,132)
Present value of lease 租賃負債現值
liabilities 118,949 36,259
----- End of picture text -----

24 EMPLOYEE RETIREMENT BENEFITS — DEFINED CONTRIBUTION RETIREMENT PLAN

— 24 僱員退休福利定額供款退休計劃

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 $30,000 (2019: $30,000). Contributions to the plan vest immediately.

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營辦強制性公積金計劃（「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30,000元（二零一九年：30,000元）為上限。計劃供款即時歸屬。

194

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

25 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

25 綜合財務狀況表之所得稅
(a) Current taxation in the consolidated statement of financial position represents:
(a) 綜合財務狀況表之即期稅項指：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Provision for Hong Kong Profits Tax 年內香港利得稅開支
expense for the year 撥備 57,867 54,776
Provisional Profits Tax paid 已付暫繳利得稅 (53,810) (64,111)
4,057 (9,335)
Represented by: 以下列各項表示：
Current taxation 即期稅項 5,378 2,487
Tax recoverable 可退回稅項 (1,321) (11,822)
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195

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

25 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

25 綜合財務狀況表之所得稅（續）

(Continued)

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

(b)(i) 遞延稅項資產及負債指：

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

於綜合財務狀況表確認之遞延稅項負債╱（資產）組成部分及年內變動如下：

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Differences
between
depreciation
allowance and
Credit loss Accrued the related
allowance bonuses depreciation Total
信貸虧損折舊撥備與
撥備應計花紅相關折舊之差異總計
$’000 $’000 $’000 $’000
千元千元千元千元
Deferred tax liabilities/(assets) 因以下各項而產生之遞延稅項
arising from: 負債╱（資產）：
At 1 April 2018 於二零一八年四月一日 — (2,332) (1,658) (3,990)
Impact on initial adoption of HKFRS 9 初始採用香港財務報告準則
第9號之影響 (78) — — (78)
Adjusted balance at 1 April 2018 於二零一八年四月一日
調整後之結餘 (78) (2,332) (1,658) (4,068)
Charged to consolidated statement of 於綜合全面收益表扣除
—
comprehensive income (note 8(a)) （附註8(a)） 1,022 2,979 4,001
At 31 March 2019 於二零一九年三月三十一日 (78) (1,310) 1,321 (67)
At 1 April 2019 於二零一九年四月一日 (78) (1,310) 1,321 (67)
(Credited)/charged to consolidated 於綜合全面收益表（計入）╱
statement of comprehensive income 扣除（附註8(a)）
(note 8(a)) (65) 281 (271) (55)
At 31 March 2020 於二零二零年三月三十一日 (143) (1,029) 1,050 (122)
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(b)(ii) Reconciliation to the consolidated statement of financial position

(b)(ii) 與綜合財務狀況表之對賬

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Net deferred tax asset recognised in the 已於綜合財務狀況表中
consolidated statement of financial 確認之遞延稅項資產
position 淨值 (122) (84)
Net deferred tax liabilities recognised in 已於綜合財務狀況表中
the consolidated statement of financial 確認之遞延稅項負債
position 淨值 — 17
(122) (67)
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196

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

26 CAPITAL, RESERVES AND DIVIDENDS

(a) Movement in components of equity

26 資本、儲備及股息

(a) 權益組成部分之變動

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:

本集團綜合權益各組成部分年初與年末結餘之對賬載於綜合權益變動表。本公司個別權益組成部分於年初及年末間之變動詳情載列如下：

The Company

本公司

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----- Start of picture text -----

Share Share Share option Retained
capital premium reserve profits Total equity
股本股份溢價購股權儲備保留溢利權益總值
$’000 $’000 $’000 $’000 $’000
千元千元千元千元千元
At 1 April 2018 於二零一八年四月一日 509,189 738,020 7,399 51,110 1,305,718
Profit and total comprehensive 年內溢利及全面收益總額
— — —
income for the year 110,975 110,975
Dividend paid during the year 年內派付之股息 — — — (154,454) (154,454)
Transfer of reserve upon lapse of 購股權失效後轉撥
share options 儲備 — — (7,399) 7,399 —
At 31 March 2019 於二零一九年
三月三十一日 509,189 738,020 — 15,030 1,262,239
At 1 April 2019 於二零一九年四月一日 509,189 738,020 — 15,030 1,262,239
Profit and total comprehensive 年內溢利及全面收益總額
— — —
income for the year 1,477,745 1,477,745
Dividend paid during the year 年內派付之股息 — — — (1,490,226) (1,490,226)
At 31 March 2020 於二零二零年
三月三十一日 509,189 738,020 — 2,549 1,249,758
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197

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

26 CAPITAL, RESERVES AND DIVIDENDS

26 資本、儲備及股息（續）

(Continued)

(b) Dividends

(b) 股息

(i) Dividends payable to equity shareholders of the Group attributable to the year
(i) 本集團權益股東應佔本年度應付股息

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

就本年度已宣派之股息如下：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Final dividend proposed after the end 於報告期末後建議末期
of the reporting period of 28.0 cents 股息每股普通股28.0仙
per ordinary share (2019: 7.8 cents （二零一九年：每股普通股
per ordinary share) (2019 and 2020: 7.8仙）（二零一九年及二零二
1,697,296,308 shares) 零年：1,697,296,308股） 475,243 132,389
Special dividend declared and 就1,697,296,308股股份
paid of 80.0 cents per share on 宣派及支付特別股息
1,697,296,308 shares 每股80.0仙 1,357,837 —
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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.

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後方可作實，且並無於報告期末確認為負債。

(ii) Dividends payable to equity shareholders of the Group attributable to the previous financial year, approved and paid during the year:

(ii) 本集團權益股東應佔上一財政年度之應付股息（年內已批准及派付）：

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2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Final dividend in respect of previous 上一財政年度之末期股息每
financial year, approved and paid 股普通股7.8仙
during the year, of 7.8 cents per （年內已批准及派付）
ordinary share (2019: 9.1 cents per （二零一九年：
ordinary share) (2019 and 2020: 每股普通股9.1仙）
1,697,296,308 shares) （二零一九年及二零二零年：
1,697,296,308股） 132,389 154,454
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198

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

26 CAPITAL, RESERVES AND DIVIDENDS

26 資本、儲備及股息（續）

(Continued)

(c) Share capital

(c) 股本

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
No. of shares Nominal value No. of shares Nominal value
股份數目面值股份數目面值
$’000 $’000
千元千元
Authorised ordinary shares of 每股面值0.30元的
$0.30 each: 法定普通股：
At 1 April/31 March 於四月一日╱
三月三十一日 10,000,000,000 3,000,000 10,000,000,000 3,000,000
Issued and fully paid: 已發行及繳足：
At 1 April/31 March 於四月一日╱
三月三十一日 1,697,296,308 509,189 1,697,296,308 509,189
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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.

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上就每股股份投一票。就本公司剩餘資產而言，所有普通股均享有同等地位。

During the year ended 31 March 2019 and 31 March 2020, no share options were exercised to subscribe for any ordinary shares.

於截至二零一九年三月三十一日及二零二零年三月三十一日止年度，並無行使購股權認購普通股。

(d) Nature and purpose of reserve

(d) 儲備性質及目的

(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.
(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於向股東支付分派或股息，前提是緊隨擬支付分派或股息日期後，本公司有能力在日常業務過程中償付其到期債務。

199

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

26 CAPITAL, RESERVES AND DIVIDENDS

26 資本、儲備及股息（續）

(Continued)

(d) Nature and purpose of reserve (Continued)

(ii) Exchange reserve

The exchange reserve comprises all foreign exc ha ng e di f fe re nc e s a r ising f rom the translation of the financial statements of foreign operations as well as the effective portion of any foreign exchange differences arising from hedges of the net investment in these foreign operations. The reserve is dealt with in accordance with the accounting policies set out in note 2(q).
(iii) 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”.
(vi) Distributability of reserve

At 31 March 2020, the aggregate amount of reser ves available for distribution to equity shareholders of the Company was $740,569,000 (2019: $753,050,000).

(d) 儲備性質及目的（續）

(ii) 滙兌儲備滙兌儲備包含所有產生自換算海外業務財務報表之外滙差額及因對沖此等海外業務淨投資而產生之任何有效外滙差額部分。有關儲備按照附註2(q)所載之會計政策處理。

(iii) 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。因重組活動而被收購之附屬公司之股本面值與本公司發行作為代價之股本面值兩者之差額視作權益變動處理，並記入「合併儲備」內。

(vi) 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。

於二零二零年三月三十一日，可供分派予本公司權益股東之儲備總金額為740,569,000元（二零一九年：753,050,000元）。

200

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

26 CAPITAL, RESERVES AND DIVIDENDS

26 資本、儲備及股息（續）

(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.

(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。於本財政年度，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。

201

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

27 COMMITMENTS

27 承擔

(a) Capital commitments

(a) 資本承擔

Capital commitments outstanding at 31 March 2020 not provided for in the financial statements were as follows:

於二零二零年三月三十一日尚未於財務報表撥備之資本承擔如下：

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----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Contracted for 已訂約 2,745 3,408
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(b) Operating lease commitments

(b) 經營租賃承擔

		2019 二零一九年 $’000 千元
Within one year	一年內	70,208
After oneyear but within fiveyears	一年後但於五年內	128,229
		198,437

The Group is the lessee in respect of a number of properties held under leases which were previously classified as operating leases under HKAS 17. The Group has initially applied HKFRS 16 using the modified retrospective approach. Under this approach, the Group adjusted the opening balances at 1 April 2019 to recognise lease liabilities relating to these leases (see note 3). From 1 April 2019 onwards, future lease payments are recognised as lease liabilities in the statement of financial position in accordance with the policies set out in note 2(f), and the details regarding the Group’s future lease payments are disclosed in note 23.

本集團為若干在以往根據香港會計準則第17號分類為經營租賃之租賃項下所持物業之承租人。本集團已使用經修改追溯法初始應用香港財務報告準則第16號。根據該方法，本集團於二零一九年四月一日調整期初結餘以確認與該等租賃有關之租賃負債（見附註3）。自二零一九年四月一日起，按照附註2(f)所載政策，未來租賃款項於財務狀況表內確認為租賃負債，有關本集團未來租賃款項之詳情於附註23披露。

202

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES

Exposure to credit, liquidity, interest rate, foreign currency and equity price 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

In respect of amounts due from clients, individual evaluations are performed on all clients (including cash and margin clients) based on underlying collateral. Cash clients are required to place deposits as prescribed in the Group’s policy before execution of any purchase transactions. Receivables due from cash clients are due within the settlement period commonly adopted in the relevant market practices, which is usually within a few days from the trade date. Because accounts receivable from cash clients relate to a wide range of customers for whom there was no recent history of default, there has not been a significant change in credit quality and the balances are considered fully receivable, and 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 financing to its cash and margin clients and has policy to manage these exposures on a fair value basis. Margin loans due from margin clients are repayable on demand. For commodities and futures brokerage, an initial margin is required prior to opening transaction. Market conditions and adequacy of securities collateral and margin deposits of each cash account, margin account and futures account are monitored by the management on a daily basis. Margin calls and forced liquidation are made where necessary.

28 財務風險管理及公平值

本集團之日常業務產生信貸、流動資金、利率、外滙及股價風險。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。

應收客戶賬款方面，所有客戶（包括現金及孖展客戶）均須基於相關抵押品接受個別評估。於執行任何購買交易前，現金客戶須按本集團之政策存款。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。基於應收現金客戶賬款涉及多名近期並無欠款紀錄之客戶，信貸質素並無重大變動，且有關結餘被視為可全數收回，而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。本集團一般會向其現金及孖展客戶取得流動證券及╱或現金存款作為向彼等提供融資之抵押品，並訂有政策按公平值管理該等風險。應收孖展客戶之孖展貸款須按要求償還。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現金賬戶、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。

203

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

(a) Credit risk (Continued)

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.

(b) Liquidity risk

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. Except deferred tax liabilities, all of the Group’s liabilities are expected to be settled within one year. The carrying amounts of all financial liabilities equal the contractual undiscounted cash outflow, except for bank loans of which the contractual undiscounted cash outflow as at 31 March 2020 amounted to $2,859,590,000 (2019: $3,445,546,000).

28 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且業內聲譽良好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。

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管當前及預期流動資金需要，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。除遞延稅項負債外，本集團之所有負債預期將於一年內償付。所有金融負債之賬面值相等於已訂約未貼現現金流出量，其中不包括銀行貸款，其於二零二零年三月三十一日之已訂約未貼現現金流出量為2,859,590,000元（二零一九年：3,445,546,000元）。

204

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

28 財務風險管理及公平值（續）

(c) Interest rate risk

(c) 利率風險

(i) Interest rate profile

The Group charges interest on its margin clients and cash clients with outstanding loan amounts on the basis of its cost of funding plus a markup. Financial assets (such as margin loans and deposits with banks) and financial liabilities (such as bank loans) are primarily at floating rates. The Group’s income and operating cash flows are not subject to significant interest rate risk.

(i) 利率組合本集團按其資金成本另加漲價向尚未償還貸款之孖展客戶及現金客戶收取利息。金融資產（如孖展貸款及銀行存款）及金融負債（如銀行貸款）主要按浮動利率計息。本集團之收入及經營現金流量並無面對重大利率風險。

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

下表載列本集團於報告日期之利率組合：

==> picture [416 x 358] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Assets 資產
Deposits with banks 銀行存款 56,253 71,797
Statutory deposits with exchanges 交易及結算所之法定按金
and clearing houses 75,365 47,733
Accounts receivable from 應收賬款
— Margin loans — 孖展貸款 4,385,813 6,069,755
— Cash clients with outstanding — 尚未償還貸款的
loan amounts 現金客戶 198,197 177,340
— Subscription of new shares in — 認購首次公開發售
IPO 新股 — 484
4,715,628 6,367,109
2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Liabilities 負債
Secured bank loans 有抵押銀行貸款 2,423,789 3,265,515
Unsecured bank loans 無抵押銀行貸款 435,000 180,000
Amount due to a related company 應付一間關連公司款項 200,000 200,000
Lease liabilities 租賃負債 118,949 —
3,177,738 3,645,515
----- End of picture text -----

205

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

(c) Interest rate risk (Continued)

(i) Interest rate profile (Continued) All the above interest-bearing financial assets are receivable on demand or within one year.

All the above interest-bearing financial liabilities are repayable within one year.

(ii) Sensitivity analysis

As at 31 March 2020, 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 $15,379,000 (2019: $27,216,000).

As at 31 March 2020, if interest rates had been 100 basis point lower with all other variables held constant, the Group’s profit before taxation would have decreased by approximately $14,859,000 (2019: $26,857,000).

The increased/decreased profit before taxation results mainly from higher/lower interest income from deposits with banks, statutory deposits with exchanges and clearing houses and margin loans and higher/lower interest expense on bank loans. 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 remeasure 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 2019.

28 財務風險管理及公平值（續）

(c) 利率風險（續）

(i) 利率組合（續）所有上述計息金融資產為可按要求收回或於一年內收回。

所有上述計息金融負債須於一年內償還。

(ii) 敏感度分析於二零二零年三月三十一日，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15,379,000元（二零一九年： 27,216,000元）。

於二零二零年三月三十一日，在所有其他變數維持不變之情況下，倘利率下調100個基點，則本集團之除稅前溢利應減少約14,859,000元（二零一九年： 26,857,000元）。

除稅前溢利增加╱減少主要由於銀行存款、交易及結算所之法定按金及孖展貸款之利息收入增加╱減少及銀行貸款利息開支增加╱減少所致。權益之其他組成部分不會因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，且已應用於重新計量本集團所持有於報告日期導致本集團面臨利率風險之金融工具，令本集團之除稅前溢利出現之即時變動。分析乃採用與二零一九年相同之基準進行。

206

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

(d) Foreign currency risk

The Group is exposed to currency risk primarily a r ising f rom f ina ncial instr ume nts that a re denominated in United States dollars (“USD”), Renminbi (“RMB”), Singapore dollars (“SGD”), Japanese Yen (“JPY”), Australian dollars (“AUD”) and British pound (“GBP”). 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 as insignificant. In respect of financial instruments denominated in other currencies, the Group ensures that the net exposure is kept at 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 RMB, SGD, JPY, AUD and GBP at the reporting date and the estimated impact to the Group’s profit/(loss) for the year had the foreign exchange rates of RMB, SGD, JPY, AUD and GBP 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.

28 財務風險管理及公平值（續）

(d) 外滙風險

本集團所承受外滙風險主要源自以美元、人民幣、新加坡元、日圓、澳元及英鎊計值之金融工具。由於港元與美元掛鈎，故本集團認為，港元與美元之間的滙率變動風險輕微。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滙率購入或出售外幣以處理短期失衡情況，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幣持倉。

外幣風險承擔及敏感度分析

倘報告日期之人民幣、新加坡元、日圓、澳元及英鎊滙率有所變動，本集團於報告日期就人民幣、新加坡元、日圓、澳元及英鎊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，已假設港元與美元滙率掛鈎不會因美元兌其他貨幣滙價之任何變動而受到重大影響。

207

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND

28 財務風險管理及公平值（續）

FAIR VALUES (Continued)

(d) Foreign currency risk (Continued)

(d) 外滙風險（續）

==> picture [438 x 293] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
Effect on Effect on
Appreciation/ profit before Appreciation/ profit before
Net asset (depreciation) tax and Net asset (depreciation) tax and
in foreign in foreign retained in foreign in foreign retained
currency currency profits currency currency profits
對除稅前對除稅前
以外幣計算之外幣升值╱ 溢利及保留以外幣計算之外幣升值╱ 溢利及保留
資產淨值（貶值）溢利之影響資產淨值（貶值）溢利之影響
$’000 % $’000 $’000 % $’000
千元 % 千元千元 % 千元
RMB 人民幣 138,122 5 6,906 144,318 5 7,216
(5) (6,906) (5) (7,216)
SGD 新加坡元 4,431 5 222 4,121 5 206
(5) (222) (5) (206)
JPY 日圓 6,436 5 322 6,674 5 334
(5) (322) (5) (334)
AUD 澳元 3,828 5 191 4,794 5 240
(5) (191) (5) (240)
GBP 英鎊 2,106 5 105 3,538 5 177
(5) (105) (5) (177)
----- End of picture text -----

The sensitivity analysis assumes that the change in foreign exchange rates had been applied to remeasure those financial instruments which expose the Group to foreign currency risk at the reporting date. The analysis is performed on the same basis for 2019.

敏感度分析已假設外幣滙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滙風險之金融工具。該項分析乃採用與二零一九年相同之基準進行。

208

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

28 財務風險管理及公平值（續）

(e) Equity price risk

(e) 股價風險

The Group is exposed to equity price changes arising from listed equity investments classified as financial assets at fair value through profit or loss.

本集團須承受源於分類為按公平值計入損益之金融資產的上市股本投資之股價變動風險。

The Group’s listed investments are listed on the Stock Exchange of Hong Kong, which have been chosen based on their longer term growth potential and are monitored regularly for performance against expectations.

本集團的上市投資均在香港聯交所上市，乃根據其長期增長潛力挑選，並定期監察表現與預期是否相符。

The following table shows the approximate change in the Group’s other components of equity in response to reasonable change in the value of listed equity investments classified as financial assets at fair value through profit or loss:

下表載列因分類為按公平值計入損益之金融資產的上市股本投資價值出現的合理變動導致本集團權益其他組成部分產生的概約變動：

==> picture [437 x 202] intentionally omitted <==

----- Start of picture text -----

Effects Effects
on other on other
components components
2020 of equity 2019 of equity
對權益對權益
其他組成部分其他組成部分
二零二零年的影響二零一九年的影響
% $’000 % $’000
% 千元 % 千元
Change in the relevant equity price risk 相關股價風險變數的
variable: 變動：
Financial assets at fair value through 按公平值計入損益之
profit or loss: 金融資產：
Increase 增加 10 4,854 10 875
Decrease 減少 (10) (4,854) (10) (875)
----- End of picture text -----

The Group is also exposed to equity price risk in relation to collaterals held for cash clients and margin clients. Detailed analysis of the fair value of collaterals held is set out in note 16.

本集團亦面對有關為現金客戶及孖展客戶持有的抵押品的股價風險。所持抵押品公平值的詳細分析載於附註16 。

209

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

(f) Fair values measurement

(i) Financial assets measured at fair value Fair value hierarchy

The following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:
Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date
Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available
Level 3 valuation: Fair value measured using significant unobservable inputs

The Group has a finance team performing daily valuations for the financial instruments. The team reports directly to the chief financial officer.

28 財務風險管理及公平值（續）

(f) 公平值計量

(i) 按公平值計量的金融資產公平值層級
下表載列於報告期末按經常性基準計量並分類為香港財務報告準則第13號「公平值計量」所界定的三級公平值等級架構的本集團金融工具公平值。公平值計量的等級分類乃參考以下估值法所使用輸入值的可觀察性及重要性釐定：
‧ 第一級估值：只使用第一級輸入值（即相同資產或負債於計量日在活躍市場的未經調整報價）計量的公平值
‧ 第二級估值：使用第二級輸入值（即未能符合第一級的可觀察輸入值）且並未使用重要不可觀察輸入值計量的公平值。不可觀察輸入值指無法獲取市場數據的輸入值
‧ 第三級估值：使用重要不可觀察輸入值計量的公平值

本集團擁有一支財務團隊為金融工具每天進行估值。該團隊直接向財務總監滙報。

210

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

28 財務風險管理及公平值（續）

(f) Fair values measurement (Continued)

(f) 公平值計量（續）

(i) Financial assets measured at fair value (Continued)

Fair value hierarchy (Continued)

(i) 按公平值計量的金融資產（續）

公平值層級（續）

==> picture [416 x 190] intentionally omitted <==

----- Start of picture text -----

Fair value measurement as at Fair value measurement as at
31 March 2020 categorised into 31 March 2019 categorised into
於二零二零年三月三十一日的於二零一九年三月三十一日的
公平值計量分類為公平值計量分類為
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
第一級第二級第三級第一級第二級第三級
$’000 $’000 $’000 $’000 $’000 $’000
千元千元千元千元千元千元
Recurring fair value measurements 經常性公平值計量
Assets: 資產：
Financial assets at fair value through 按公平值計入損益之
profit or loss 金融資產
— Listed securities — 上市證券 48,539 — — 8,745 — —
— Accounts receivable — 應收賬款 — 4,649,293 — — 6,295,590 —
----- End of picture text -----

During the year ended 31 March 2020, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.

截至二零二零年三月三十一日止年度，第一層與第二層之間並無發生任何轉讓，亦無任何第三層轉入或轉出。本集團之政策乃於發生轉讓之報告期末確認公平值等級架構各級別之間的轉讓。

(ii) Valuation techniques and inputs used in Level 2 fair value measurements

The fair value of fully collateralised accounts receivables from cash clients, margin clients and subscription in new shares in IPO is determined by the fair value of collaterals, capped by the principal amount and accrued interest, without discounting.

(ii) 第二層公平值計量所用估值方法及輸入值全數有抵押品之來自現金客戶、孖展客戶及認購首次公開發售新股之應收賬款之公平值乃按抵押品之公平值釐定，上限為本金額及應計利息，不予貼現。

211

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)

28 財務風險管理及公平值（續）

(f) Fair values measurement (Continued)

(f) 公平值計量（續）

(iii) Fair value of financial assets and liabilities carried at other than fair value
The carrying amount of the Group’s financial instruments carried at cost are not materially different from their fair values as at 31 March 2020 and 31 March 2019.
(iii) 並非以公平值列賬的金融資產及負債之公平值本集團按成本列賬的金融工具之賬面值與其於二零二零年三月三十一日及二零一九年三月三十一日之公平值並無重大差異。

(g) Offsetting financial assets and financial liabilities

(g) 抵銷金融資產及金融負債

(i) Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
(i) 受抵銷、總淨額交割安排或類似協議約束之金融資產

==> picture [415 x 336] intentionally omitted <==

----- Start of picture text -----

As 31 March 2020
於二零二零年三月三十一日
Gross
amount of Net amount
recognised of financial
financial assets
liabilities presented
Gross offset in the in the Related amounts not offset
amount of consolidated consolidated in the consolidated statement
recognised statement statement of financial position
financial of financial of financial Collateral Financial
Type of financial assets assets position position received instruments Net amount
於綜合
財務狀況表於綜合
抵銷之財務狀況表並無於綜合財務狀況表
已確認金融已確認金融呈列之金融抵銷之相關金額
金融資產類別資產總額負債總額資產淨額已收抵押品金融工具淨額
$’000 $’000 $’000 $’000 $’000 $’000
千元千元千元千元千元千元
Accounts receivable due from 應收結算所之賬款
— —
clearing houses 2,056,549 (1,830,351) 226,198 (226,198)
Accounts receivable due 應收客戶之賬款
from clients 6,249,861 (1,605,465) 4,644,396 (4,644,280) — 116
8,306,410 (3,435,816) 4,870,594 (4,644,280) (226,198) 116
----- End of picture text -----

212

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND FAIR VALUES (Continued)
28 財務風險管理及公平值 （續）

(g) Offsetting financial assets and financial liabilities (Continued)

(g) 抵銷金融資產及金融負債 （續）
(i) Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements (Continued)
(i) 受抵銷、總淨額交割安排或類似協議約束之金融資產（續）

Type of financial assets 金融資產類別	Gross amount of recognised financial assets 已確認金融資產總額 $’000 千元	Gross amount of recognised financial liabilities offset in the consolidated statement of financial position 於綜合財務狀況表抵銷之已確認金融負債總額 $’000 千元	As 31 March 2019 於二零一九年三月三十一日 Net amount of financial assets presented in the consolidated statement of financial position Related amounts not offset in the consolidated statement of financial position Collateral received Financial instruments 於綜合財務狀況表呈列之金融資產淨額並無於綜合財務狀況表抵銷之相關金額已收抵押品金融工具 $’000 $’000 $’000 千元千元千元	As 31 March 2019 於二零一九年三月三十一日 Net amount of financial assets presented in the consolidated statement of financial position Related amounts not offset in the consolidated statement of financial position Collateral received Financial instruments 於綜合財務狀況表呈列之金融資產淨額並無於綜合財務狀況表抵銷之相關金額已收抵押品金融工具 $’000 $’000 $’000 千元千元千元	Net amount 淨額 $’000 千元
Accounts receivable due from	應收結算所之賬款
clearing houses	1,749,254	(1,687,528)	61,726	— (61,726)	—
Accounts receivable due	應收客戶之賬款
from clients	7,659,409	(1,364,349)	6,295,060	(6,294,128) —	932
	9,408,663	(3,051,877)	6,356,786	(6,294,128) (61,726)	932

213

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND

28 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

(g) Offsetting financial assets and financial

(g) 抵銷金融資產及金融負債 （續）
liabilities (Continued)
(ii) Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements
(ii) 受抵銷、總淨額交割安排或類似協議約束之金融負債

==> picture [415 x 336] intentionally omitted <==

----- Start of picture text -----

As 31 March 2020
於二零二零年三月三十一日
Gross
amount of Net amount
recognised of financial
financial liabilities
assets offset presented
Gross in the in the Related amounts not offset in
amount of consolidated consolidated the consolidated statement of
recognised statement of statement of financial position
financial financial financial Collateral Financial
Type of financial liabilities liabilities position position pledged instruments Net amount
於綜合
財務狀況表於綜合
抵銷之財務狀況表並無於綜合財務狀況表
已確認金融已確認金融呈列之金融抵銷之相關金額
金融負債類別負債總額資產總額負債淨額已付抵押品金融工具淨額
$’000 $’000 $’000 $’000 $’000 $’000
千元千元千元千元千元千元
Accounts payable due to 應付結算所之賬款
—
clearing houses 2,137,767 (1,830,351) 307,416 (226,198) 81,218
Accounts payable due 應付客戶之賬款
to clients 2,012,049 (1,605,465) 406,584 — — 406,584
—
4,149,816 (3,435,816) 714,000 (226,198) 487,802
----- End of picture text -----

214

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND

28 財務風險管理及公平值 （續）
FAIR VALUES (Continued)

(g) Offsetting financial assets and financial

(g) 抵銷金融資產及金融負債（續）

liabilities (Continued)

(ii) Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements (Continued)
(ii) 受抵銷、總淨額交割安排或類似協議約束之金融負債（續）

Type of financial liabilities 金融負債類別		Gross amount of recognised financial liabilities 已確認金融負債總額 $’000 千元	Gross amount of recognised financial assets offset in the consolidated statement of financial position 於綜合財務狀況表抵銷之已確認金融資產總額 $’000 千元	As 31 March 2019 於二零一九年三月三十一日 Net amount of financial liabilities presented in the consolidated statement of financial position Related amounts not offset in the consolidated statement of financial position Collateral pledged Financial instruments 於綜合財務狀況表呈列之金融負債淨額並無於綜合財務狀況表抵銷之相關金額已付抵押品金融工具 $’000 $’000 $’000 千元千元千元	Net amount 淨額 $’000 千元
Accounts payable due to	應付結算所之賬款
clearing houses		1,826,802	(1,687,528)	139,274 (61,726) —	77,548
Accounts payable due to clients	應付客戶之賬款	1,692,813	(1,364,349)	328,464 — —	328,464
		3,519,615	(3,051,877)	467,738 (61,726) —	406,012

215

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

28 FINANCIAL RISK MANAGEMENT AND

28 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

(g) Offsetting financial assets and financial liabilities (Continued)

(g) 抵銷金融資產及金融負債 （續）
(iii) The tables below reconcile the “net amounts of financial assets and financial liabilities presented in the consolidated statement of financial position”, as set out above, to the accounts receivable and accounts payable presented in the consolidated statement of financial position

(iii) 下表為「綜合財務狀況表呈列之金融資產及金融負債之淨額」（如上文所載）與綜合財務狀況表呈列之應收賬款及應付賬款之對賬

==> picture [415 x 212] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Net amount of financial assets after 如上述抵銷後金融資產
offsetting as stated above 淨額 4,870,594 6,356,786
Financial assets not in scope of 並非抵銷披露範圍之
offsetting disclosure 金融資產 774,698 920,179
Impairment losses 減值虧損 (505) (183)
5,644,787 7,276,782
Net amount of financial liabilities 如上述抵銷後金融負債
after offsetting as stated above 淨額 714,000 467,738
Financial liabilities not in scope of 並非抵銷披露範圍之
offsetting disclosure 金融負債 587,268 758,471
1,301,268 1,226,209
----- End of picture text -----

216

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

29 CONTINGENT LIABILITIES

29 或然負債

As at the end of the reporting period, corporate guarantees provided by the Company in respect of banking facilities granted by authorised institutions to its subsidiaries engaging in securities and futures broking amounted to $15,948,000,000 (2019: $15,953,000,000). As at 31 March 2020, the subsidiaries of the Company have utilised $2,334,000,000 of these aggregate banking facility (2019: $3,040,515,000).

於報告期末，本公司就從事證券及期貨經紀業務之附屬公司自認可機構取得之銀行融資發出15,948,000,000元（二零一九年： 15,953,000,000元）之公司擔保。於二零二零年三月三十一日，本公司之附屬公司已動用該等銀行融資總額之2,334,000,000元（二零一九年：3,040,515,000元）。

As at the end of the reporting period, the directors did not consider that any claim would 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.

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。

30 MATERIAL RELATED PARTY TRANSACTIONS

30 重大關連人士交易

In addition to the related party information disclosed elsewhere in the financial statements, the Group entered into the following material related party transactions.

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) Key management personnel remuneration

(a) 主要管理人員薪酬

Remuneration for key management personnel of the Group, including amounts paid to the Company’s directors as disclosed in note 9 and certain of the highest paid employees as disclosed in note 10, is as follows:

本集團主要管理人員之薪酬（包括附註9所披露向本公司董事及附註10所披露向若干最高薪酬僱員支付之金額）如下：

==> picture [439 x 141] intentionally omitted <==

----- Start of picture text -----

2020 2019
二零二零年二零一九年
$’000 $’000
千元千元
Directors’ fees 董事袍金 630 600
Salaries, allowances and benefits in kind 薪金、津貼及實物福利 14,749 13,725
Discretionary bonuses 酌情花紅 4,254 10,247
Contributions to Mandatory 強制性公積金供款
Provident Fund 72 68
19,705 24,640
----- End of picture text -----

Total remuneration is included in “staff costs” (see note 7(b)).

薪酬總額計入「員工成本」（見附註 7(b)）。

217

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

30 MATERIAL RELATED PARTY

30 重大關連人士交易（續）

TRANSACTIONS (Continued)

(b) Loans to directors and entities connected with directors
(b) 董事及與董事有關連實體的貸款

==> picture [438 x 71] intentionally omitted <==

----- Start of picture text -----

Yip Mow Lum and Hui Yik Bun and Chan Wing Shing,
his connected his connected Wilson and his
Name of borrower entities entities connected entities Yu Yun Kong
葉茂林及許繹彬及陳永誠及
借款人名稱其關連實體其關連實體其關連實體余韌剛
----- End of picture text -----

Relationship with the Company	Director of the Company	Director of the Company	Director of the Company	Director of the Company
	and entities connected to	and entities connected to	and entities connected to
	director	director	director
與本公司之關係	本公司董事及與董事	本公司董事及與董事	本公司董事及與董事	本公司董事
	有關連實體	有關連實體	有關連實體
Terms of the loan
貸款條款
— Terms of the loan	Repayable on demand	Repayable on demand	Repayable on demand	Repayable on demand
—借款期及清還條款	須按要求償還	須按要求償還	須按要求償還	須按要求償還
— Facilities granted
—獲授之融資
— IPO loan	4,000,000,000	100,000,000	20,000,000	20,000,000
—首次公開發售貸款
— Margin loan	1,000,000,000	10,000,000	10,000,000	10,000,000
—孖展貸款
— Interest rate
—利率
— IPO loan	2.28%–3.90%	1.88%–4.08%	2.58%	2.32%–4.08%
—首次公開發售貸款
— Margin loan	HIBOR plus 2% per annum –	HIBOR plus 4% per annum –	Hong Kong Dollar	HIBOR plus 4% per annum
	Hong Kong	Hong Kong Dollar	Prime Rate plus
	Dollar Prime Rate	Prime Rate plus	5% per annum
	plus 5% per annum	5% per annum
—孖展貸款	香港銀行同業拆息加2%	香港銀行同業拆息加4%	港元最優惠利率	香港銀行同業拆息加4%年利率
	年利率–港元最優惠利率	年利率–港元最優惠利率	加5%年利率
	加5%年利率	加5%年利率
— Security	Marketable securities	Marketable securities	Marketable securities	Marketable securities
—證券	有價證券	有價證券	有價證券	有價證券

218

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

30 MATERIAL RELATED PARTY

30 重大關連人士交易（續）

TRANSACTIONS (Continued)

(b) Loans to directors and entities connected with directors (Continued)

(b) 董事及與董事有關連實體的貸款 （續）

==> picture [437 x 71] intentionally omitted <==

Balance of the loan
貸款結餘
— At 1 April 2018
—於二零一八年四月一日
— IPO loan	—	—	—	—
—首次公開發售貸款
— Margin loan	281,571,000	—	—	—
—孖展貸款
— At 31 March 2019 and
1 April 2019
—於二零一九年
三月三十一日及
二零一九年四月一日
— IPO loan	—	—	—	—
—首次公開發售貸款
— Margin loan	68,761,000	57,000	—	—
—孖展貸款
— At 31 March 2020
—於二零二零年
三月三十一日
— IPO loan	—	—	—	—
—首次公開發售貸款
— Margin loan	30,036,000	—	—	—
—孖展貸款
Maximum balance outstanding
未償還最高結欠
— During 2020
—於二零二零年
— IPO loan	1,462,785,000	5,565,000	960,000	—
—首次公開發售貸款
— Margin loan	139,309,000	1,162,000	—	214,000
—孖展貸款
— During 2019
—於二零一九年
— IPO loan	26,438,000	8,789,000	4,984,000	1,495,000
—首次公開發售貸款
— Margin loan	306,989,000	623,000	—	525,000
—孖展貸款

219

耀才證券金融集團有限公司 | 二零一九 / 二零年年報

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

30 MATERIAL RELATED PARTY

30 重大關連人士交易（續）

TRANSACTIONS (Continued)

(c) Balances with related parties

(i) As at 31 March 2020, the Group had accounts receivable from related parties of $30,036,000 (2019: $68,818,000) and accounts payable due to related parties of $44,019,000 (2019: $43,359,000) 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.
(ii) As at 31 March 2020, included in the other receivables, deposits and prepayments were rental and office management deposits of $13,592,000 (2019: $24,787,000) which had been made to related companies owned by Mr. Yip. These amounts were unsecured, interestfree and repayable upon expiry of the respective leases.
(iii) As at 31 March 2020, right-of-use assets and lease liabilities arising from the lease arrangements with related companies owned by Mr. Yip were amounted to $101,827,000 and $98,604,000 respectively. For the year ended 31 March 2020, the depreciation of the right-ofuse assets and the interest expense of the lease liabilities were amounted to $52,119,000 and $3,017,000 respectively.
(iv) On 9 July 2018, the Company entered into a loan facility letter with World Mix Limited (“WML”), a company which is 100% beneficially owned by Mr. Yip, for the provision of $1,000,000,000 revolving loan facility from WML to the Company for the Company’s general working capital purpose. The loan bore interest at HIBOR plus 2.75% per annum, is unsecured and repayable on demand. Interest expense of $11,014,000 was incurred during the year (2019: $9,888,000). As at 31 March 2020, the Company had an amount of $200,136,000 (2019: $200,076,000) due to WML under the facility.

(c) 與關連人士之結餘

(i) 於二零二零年三月三十一日，本集團應收關連人士之賬款為30,036,000元（二零一九年： 68,818,000元）及應付關連人士之賬款為44,019,000元（二零一九年：43,359,000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╱應付關連人士之賬款與一般提供予第三方客戶者條款相同。
(ii) 於二零二零年三月三十一日，其他應收款項、按金及預付款項中有13,592,000元（二零一九年： 24,787,000元）屬於向葉先生所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。
(iii) 於二零二零年三月三十一日，因與葉先生所擁有之關連公司之租賃安排而產生之使用權資產及租賃負債分別為101,827,000 元及98,604,000元。截至二零二零年三月三十一日止年度，使用權資產折舊及租賃負債利息開支分別為52,119,000元及 3,017,000元。
(iv) 於二零一八年七月九日，本公司與世綸有限公司（「世綸」，葉先生全資實益擁有之公司）訂立一份貸款融資函件，內容有關世綸向本公司提供循環貸款融資 1,000,000,000元用作本公司之一般營運資金。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。年內產生利息開支11,014,000元
（二零一九年：9,888,000元）。於二零二零年三月三十一日，本公司根據融資應付世綸之款項為200,136,000元（二零一九年： 200,076,000元）。

220

Bright Smart Securities & Commodities Group Limited | Annual Report 2019/20

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

30 MATERIAL RELATED PARTY TRANSACTIONS (Continued)

(d) Other transactions with related parties

(i) Brokerage income of $673,000 (2019: $276,000) and interest income of $2,573,000 (2019: $5,662,000) 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, commodities and futures broking and margin and IPO financings. Commission rates are set at the same level as those normally offered to third party clients.
(ii) On 9 July 2018, Bright Smart Securities International (H.K.) Limited (“BSSI”), an indirect wholly-owned subsidiary of the Company, entered into a loan facility letter with China Finance ( Worldwide) Limited (“CF W”), a company which is 100% beneficially owned by Mr. Yip, for the provision of a revolving loan facility of $1,000,000,000 by CFW to BSSI for BSSI’s general working capital purposes. The facility bore interest at HIBOR plus 2.75% per annum, was unsecured and repayable on demand. No interest expense was incurred during the year (2019: $Nil). As at 31 March 2020, no drawing was made (2019: $Nil) under the facility.

30 重大關連人士交易（續）

(d) 與關連人士之其他交易

(i) 經紀收入673,000元（二零一九年：276,000元）及利息收入 2,573,000元（二零一九年： 5,662,000元）乃本集團日常業務中進行證券經紀、商品及期貨經紀以及孖展及首次公開發售融資業務而向本公司董事、彼等之密切家族成員及本公司一名董事擁有之關連公司收取。佣金收費按與一般向第三方客戶提供之相同水平制訂。
(ii) 於二零一八年七月九日，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）訂立一份貸款融資函件，內容有關中國財務向耀才證券提供循環貸款融資 1,000,000,000元，以供耀才證券用作一般營運資金。該筆融資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。年內並無產生利息開支（二零一九年：零元）。於二零二零年三月三十一日，概無根據該項融資提取任何款項（二零一九年：零元）。

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Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

31 COMPANY-LEVEL STATEMENT OF FINANCIAL POSITION

31 公司層面之財務狀況表

At 31 March 2020

於二零二零年三月三十一日

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2020 2019
二零二零年二零一九年
Note $’000 $’000
附註千元千元
Non-current asset 非流動資產
Investment in subsidiaries 於附屬公司之投資 19,887 19,887
Total non-current asset 非流動資產總值 19,887 19,887
Current assets 流動資產
Amounts due from subsidiaries 應收附屬公司款項 1,763,593 1,632,681
Tax recoverable 可退回稅項 932 535
Cash and cash equivalents 現金及現金等價物 3,377 5,500
Total current assets 流動資產總值 1,767,902 1,638,716
Current liabilities 流動負債
Other payables 其他應付款項 235 438
Amounts due to subsidiaries 應付附屬公司款項 2,660 15,850
Amount due to a related company 應付一間關連公司款項 200,136 200,076
Bank loans 銀行貸款 335,000 180,000
Total current liabilities 流動負債總額 538,031 396,364
Net current assets 流動資產淨值 1,229,871 1,242,352
NET ASSETS 資產淨值 1,249,758 1,262,239
EQUITY 權益
Share capital 股本 26 509,189 509,189
Share premium 股份溢價 26 738,020 738,020
Retained profits 保留溢利 26 2,549 15,030
TOTAL EQUITY 權益總值 1,249,758 1,262,239
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Approved and authorised for issue by the board of directors on 29 June 2020.

經董事會於二零二零年六月二十九日批准並授權刊發。

Directors 董事

Yip Mow Lum 葉茂林

Hui Yik Bun 許繹彬

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Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

32 IMMEDIATE AND ULTIMATE HOLDING COMPANY

The directors consider the immediate parent and ultimate holding company of the Company as at 31 March 2020 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.

33 POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 MARCH 2020

Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and a new standard, HKFRS 17, Insurance contracts, which are not yet effective for the year ended 31 March 2020 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group.

Amendments to HKFRS 3, Definition of a business[1]

Amendments to HKAS 1 and Definition of material[1] HKAS 8

1 Effective for accounting periods beginning on or after 1 January 2020

The Group is in the process of making an assessment of what the impact of these developments 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 consolidated financial statements.

32 直接及最終控股公司

董事認為，於二零二零年三月三十一日，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。

33 於截至二零二零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於截至二零二零年三月三十一日止年度尚未生效且並未在此等財務報表內採用之多項修訂及一項新準則（香港財務報告準則第17號「保險合約」）。該等修訂包括可能與本集團相關之下列各項。

香港財務報告準則業務之定義[1] 第3號之修訂

香港會計準則第1號及重大之定義[1] 香港會計準則第8號之修訂

1 於二零二零年一月一日或之後開始之會計期間生效

本集團正在評估該等修訂預計將於初始應用期間產生之影響。截至目前，本集團認為採用該等修訂不大可能對綜合財務報表造成重大影響。

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Five-year Financial Summary 五年財務摘要

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Year ended 31 March
截至三月三十一日止年度
2020 2019 2018 2017 2016
Results 業績二零二零年二零一九年二零一八年二零一七年二零一六年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元千港元
Revenue 收入 864,017 830,305 944,440 562,517 675,967
Profit before taxation 除稅前溢利 528,911 499,185 600,592 314,589 383,693
Income tax 所得稅 (57,933) (58,257) (84,493) (42,679) (58,218)
Profit for the year 年內溢利 470,978 440,928 516,099 271,910 325,475
Other comprehensive income 其他全面收益 233 250 2,241 (13,369) 15,120
Total comprehensive income for the year 年內全面收益總額 471,211 441,178 518,340 258,541 340,595
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As at 31 March
於三月三十一日
2020 2019 2018 2017 2016
Assets and Liabilities 資產及負債二零二零年二零一九年二零一八年二零一七年二零一六年
HK$’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 6,198,745 7,725,443 12,425,457 8,402,230 5,431,923
Non-current assets 非流動資產 260,390 125,898 213,647 120,723 261,148
Total assets 資產總值 6,459,135 7,851,341 12,639,104 8,522,953 5,693,071
Current liabilities 流動負債 4,490,487 4,928,034 10,002,103 6,323,168 3,655,590
Non-current liabilities 非流動負債 66,342 17 39 94 137
Total liabilities 負債總值 4,556,829 4,928,051 10,002,142 6,323,262 3,655,727
Net assets 資產淨值 1,902,306 2,923,290 2,636,962 2,199,691 2,037,344
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AI assistant

Bright Smart Securities & Commodities Group Limited — Annual Report 2020

49919_rns_2020-07-17_2d1bf23b-f651-458e-abe0-cbb670345f0a.pdf

EXECUTIVE DIRECTORS

INDEPENDENT NON-EXECUTIVE DIRECTORS

AUTHORISED REPRESENTATIVES

COMPANY SECRETARY

MEMBERS OF AUDIT COMMITTEE

MEMBERS OF REMUNERATION COMMITTEE

MEMBERS OF NOMINATION COMMITTEE

執行董事

獨立非執行董事

授權代表

公司秘書

審核委員會成員

薪酬委員會成員

提名委員會成員

MEMBERS OF RISK MANAGEMENT COMMITTEE

REGISTERED OFFICE

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

風險管理委員會成員

註冊辦事處

總辦事處及主要營業地點

主要股份過戶登記處

HONG KONG SHARE REGISTRAR

PRINCIPAL BANKERS

AUDITOR

WEBSITE

香港股份過戶登記處

主要往來銀行

核數師

網站

2019 二零一九年

April

May 5月

June

November 11月

December

12月

2020 二零二零年

January

February 2月

HONG KONG 香港

Awards 獎項

Awards 獎項

本集團取得驕人業績，全賴具備以下優勢：

OUTLOOK

展望

MARKET REVIEW

市場回顧

OPERATIONAL RESULTS

經營業績

TOTAL NUMBER OF CLIENT ACCOUNTS AND ASSETS

客戶戶口總數及資產

REVENUE

收入

I. Securities brokerage

I. 證券經紀

II. Hong Kong futures and options brokerage

II. 香港期貨及期權經紀

III. Global futures brokerage

IV. Bullion trading

V. Leveraged foreign exchange trading

VI. Stock options brokerage

III. 環球期貨經紀

IV. 現貨金交易

V. 槓桿式外滙交易

VI. 股票期權經紀

VII. IPO brokerage and IPO financing

VIII. Margin financing

LOSS FROM INVESTMENT

VII. 首次公開發售經紀及首次公開發售 融資

VIII. 孖展融資

投資虧損

OPERATING EXPENSES AND NET PROFIT MARGIN

經營開支及純利率

經營開支明細如下：

FUTURE PLANS

未來計劃

Bright Smart Securities & Commodities Group Limited Annual Report 2020

VII. 首次公開發售經紀及首次公開發售融資