Bright Smart Securities & Commodities Group Limited — Annual Report 2021

Jul 15, 2021

Contents 目錄

Corporate Information	公司資料	2
Major Accomplishments	大事記	5
Branch Network	分行網絡	14
Awards	獎 項	16
Financial Highlights	財務摘要	18
Chairman's Statement	主席報告	19
Management Discussion and Analysis	管理層討論與分析	31
Biographies of Directors and Senior Management	董事及高級管理層之簡歷	54
Environmental, Social and Governance Report	環境、社會及管治報告	61
Corporate Governance Report	企業管治報告	73
Directors' Report	董事會報告	92
Independent Auditor's Report	獨立核數師報告	111
Consolidated Statement of Comprehensive Income	綜合全面收益表	118
Consolidated Statement of Financial Position	綜合財務狀況表	119
Consolidated Statement of Changes in Equity	綜合權益變動表	121
Consolidated Cash Flow Statement	綜合現金流量表	122
Notes to the Financial Statements	財務報表附註	124
Five-year Financial Summary	五年財務摘要	212

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

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 Windward 3, Regatta Office Park 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 Windward 3, Regatta Office Park P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

Corporate Information 公司資料

HONG KONG BRANCH 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

香港股份過戶登記分處

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

2020 二零二零年

May 5月

➢ By virtue of our fast, stable, secured and reliable one-stop investment and trading platform, the Group won the "Outstanding S t o c k a n d F u t u r e s Tr a d i n g A p p Development Award" in the 20th Capital Outstanding Enterprise Awards granted by CAPITAL for the second consecutive year. Winning this award has demonstrated the market and client high recognition of our Baobao and Doudou APPs

本集團憑藉安全可靠、快速便捷的一站式投 資交易平台,獲《資本雜誌》舉辦之「第二十 屆資本傑出企 業 成 就獎」頒發「傑出股 票及 期貨交易App」大獎,為集團連 續兩年蟬 聯 此殊榮,足證寶寶及 豆 豆 APP獲得市場及 客戶的高度認可

Mr. Hui Yik Bun (right), the executive director and Chief Executive Officer of the Group, received the award from Mr. Joe Chau Kwok-ming (left), the President of the Hong Kong General Chamber of Small and Medium Business 香港中小型企業總商會 會長巢國明先生(左)頒授殊榮予 本集團執行董事兼行政 總裁許繹彬先生(右)

June 6月

➢ The Group held a press conference in relation to the market forecast for the second half of 2020 and the results of the retail investor sur vey about investment during the pandemic. At the press conference, the Group announced its large-scale retail survey results and analysed 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

本集團舉行「2020下半年大市前瞻暨『疫』市 投資展望調查媒體發佈會」,於會上公佈大 型散戶民意調查結果,以及分析二零二零年 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

Mr. Yip Mow Lum (second from right), the Chairman of the Group, moderated the Conference and discussed the market trend with Mr. Raymond Wong (second from left), the senior advisor, Mr. Hui Yik Bun (first from right), the executive director and Chief Executive Officer of the Group and Mr. Chik Yiu Fai, Stanley (first from left), the head of the research department

集團主席葉茂林先生(右二)主持該發佈會並率領高級 顧 問黃健 財先生(左二)、本集團執行 董事兼行政 總裁許 繹 彬先生(右一)與研 究部 總 監 植 耀 輝先生(左一),暢談 大 市未來走勢

July 7月

➢ The Group's net profit for the first quarter of 2020/21 reached a record high. Mr. Yip Mow Lum, the Chairman of the Group, advocated the idea of "sharing the fortune and more effort more gain", rewarding the staff generously. Taking the chance of the soaring profit performance, the Group rewarded both the frontline and back office staff with a special bonus of millions of Hong Kong dollars to express gratitude for their hard work and contributions

本集團二零二零╱二一年度首季純利創上市 新高,主席葉茂林先生提倡「有福同享,多

Smiles up staff's face with happiness as they received cash bonuses 眾員工收 到現金花紅,個個喜上 眉梢、笑 逐 顏開

勞多得」的理念,大方犒賞員工毫不手軟,希望藉業績飆升,豪派約七位數金額的特別花紅,獎 勵前線及後防員工,人人有份、永不落空,以答謝員工的辛勞貢獻

September 9月

➢ The Group was awarded the "Best Integrated Service" in the 2020 Fengqi Wutong Hong Kong Stocks Financial Summit-Jinwu Award granted by iFeng Finance, the Chinese financial media in recognition of the Group's outstanding performance in serving investors in various aspects

本集團獲國內財經網《鳳凰網財經》舉辦之 「2020鳳栖梧桐 港股 財經峰會金 吾獎」頒發 「最 佳 綜 合服務」大 獎,以 表 揚集 團多方 面 為投資者服務的出色表現

Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group received the award on behalf of the Group 本集團執行董事兼行政總裁許繹彬先生代表集團領授獎

項

October 10月

➢ The Group achieved steady profit growth and frequent record highs. To appreciate our frontline and back office staff for their selfless contribution, the Group offered them generous rewards, including offering interest-free and deposit-free staff loan to subscribe ibond (2020). Moreover, the Group spent six digits on the employee trip to Ocean Park, helping staff balance their busy work and life by taking care of their physical and mental health

本集團盈利穩健增長,業務屢創新高,為答謝一眾前線後防員工的無私付出,本集團提 供 優 厚 的獎勵,不但讓全體員工免按金免利息認購ibond (2020),更斥資六位數豪請員工暢遊海洋公 園,讓員工在忙碌的工作和生活中取得平衡,兼顧身心靈健康

November 11月

➢ Fully sponsored by the Singapore Exchange Limited ("SGX"), the Group organised the cross-sector investment webinar "Stock, Gold, Exchange and Economic Outlook 2021". The event analysed forecast and momentum of Hong Kong and global economy, stock, gold and exchange markets, helping investors plan ahead of the market for the 2021 investment strategy to grasp profit opportunity

本 集 團 榮 獲 新加 坡 交易所(「新交 所」)全 力 贊助,舉辦跨業界投資講座,名為《2021年 股‧金‧匯‧經濟前瞻》網上講座,為一眾投 資者分析本港及環球的經濟、股市、金市 及匯市的前瞻走勢,助投資者率先部署二 零二一年的投資策略,搶佔先機

Six prominent speakers attended the webinar, including Prof. Chong Tai Leung, Terence (second from right), an associate professor of Economics, The Chinese University of Hong Kong, Executive Director of Lau Chor Tak Institute of Global Economics and Finance, Mr. Jasper Lo (first from right), independent Forex and Commodity Analyst, Ms. Samantha Chan (third from right), independent stock commentator, Ms. Avy Yam (third from left), independent stock commentator, Mr. Hui Yik Bun(second from left), the executive director and Chief Executive Officer of the Group and Mr. Chik Yiu Fai, Stanley (first from left), the head of the research department

雲 集 六 大 星 級名家,包括:香 港中文 大學經 濟學系副 教 授、劉佐德全球經濟及金融研究所常務所長莊太量教授 (右二)、獨立外匯商品分析師盧楚仁先生(右一)、獨立股 評人陳秀文小姐(右三)、獨立股評人任盈盈小姐(左三)、 本集團執行 董事兼行政 總裁許 繹彬先生(左二)及研 究部 總 監 植 耀 輝先生(左一)

➢ The Group donated over a million dollars to support The Community Chest of Hong Kong. The "Award of Excellence" was granted to the Group to demonstrate our corporate social responsibility

本集團捐款逾百萬支持香港公益金,獲頒 贈「公益卓越獎」彰顯社會企業責任

Mr. Hui Yik Bun (right), the executive director and Chief Executive Officer of the Group, received the Commendation Award granted by Mr. Charles Lee Yeh Kwong (left) GBM, JP, Vice Patrons of The Community Chest of Hong Kong

香 港公益金名譽副會長李業 廣 太平紳士(左),頒 贈嘉許 狀予本集團執行董事兼行政 總裁許繹彬先生(右)

December 12月

➢ TVB's "Pass On The Torch" (薪火商 傳) program invited Mr. Yip Mow Lum, Chairman of the Group, and Ms. Yip Wing Yan, Jacquelyn, the Assistant to Chairman, to be the guests. The special interview episode showed how the father and the daughter collaborate discipline and inclusiveness in their management and reach out for greater ambitions with joint effort. This episode also told the story of the business philosophy heritage passing on to the next generation. The episode was well received by the market since it was launched and praised by the audience

TVB無線財經資訊台皇牌訪談節目《薪火商 傳》誠邀本集團主席葉茂林先生與主席助理 葉頴恩小姐作嘉賓,精心炮製 壓軸專訪特 輯,首度於廣大觀眾前展現父女二人剛柔 並濟管理之道,父女齊心其利斷金,以及 營商理念之傳承。節目一出街,即備受市 場矚目,好評如潮

Mr. Yip Mow Lum, Chairman of the Group, and Ms. Yip Wing Yan, Jacquelyn, the Assistant to Chairman, talk about their business philosophy and share their precious memories between the father and the daughter. 本集團主席葉茂林先生與主席助理葉頴恩小姐暢談營商 秘訣,並分享兩父女的珍貴回憶。

➢ The Group always strives for excellence. Based on our professional customer service team, strong branch network and a series of impressive special offers, and leveraged our "fast, stable, accurate and smooth" BS Securities (Baobao) and BS Futures (Doudou) apps, the Group provided comprehensive and considerate financial services to investors, winning the recognition from customers, the industry and the media. The Group received the Hong Kong Outstanding Enterprise Award for the ninth consecutive year as well as the Extraordinary Enterprise Award from Economic Digest in recognition of the Group's outstanding performance despite the headwind in the market, demonstrating the uniqueness and excellence of the Group

Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, received the award on behalf of the Group

本集團執行董事兼行政總裁許繹彬先生代表集團出席頒 獎禮接受嘉許

本集團一直力求進步,旗下專業的客服團隊、強大的分行網絡、連串震撼優惠,以及「快、穩、 準、順」的耀才證券「寶寶」和耀才期貨「豆豆」APP,為廣大投資者提供全面、貼心的金融服務, 成功贏得客戶、業界和媒體肯定。本集團連續九年榮獲《經濟一週》頒發「香港傑出企業 大獎」, 並憑 藉多年獲獎,一同獲頒「非凡企業 大獎」,以表揚集團逆市屢創佳 績,更彰顯集團在業界 卓 爾不凡的表現

2021 二零二一年

January

1月

➢ In response to the outbreak of the COVID-19 pandemic in 2020, Mr. Yip Mow Lum, Chairman of the Group, established the "Yip Mow Lum Charity Fund" in his personal capacity and donated a total of HK\$20 million to the Hospital Authority of Hong Kong ("HA") for two consecutive years to support the fight against the pandemic and recognise the selfless contribution of healthcare professionals

二零二零年新冠肺炎 爆發,本集團主席葉 茂林先生以個人名義成立的「葉茂林慈善基 金」,連 續兩年合共捐贈二千萬港元善款予 香港醫院管理局(「醫管局」),用作支援對抗 新冠肺炎疫情工作及表揚一眾醫護人員的 無私奉獻

➢ The Group is committed to building a brand of an excellent employer by incorporating the "people-oriented" idea into all of its human resources policies, including talent recruitment, development and management, corporate reward and recognition. The Group won the "Best Reward & Recognition Strategy Award (Platinum)" in the "Best HR Awards" granted by CTGoodjobs for its outstanding achievements in human resources management

本集團致力塑造優秀的僱主品牌,把「以人 為本」的精神融入到人力資源方面的各項政 策,包括人才招聘、發展及管理、企業獎 勵及表彰;憑 藉 本 集 團 於人 力資 源管 理 方 面再創佳績,於《CTgoodjobs》舉辦的「Best HR Awards」中,榮獲「最佳獎勵及表彰大獎 (白金)」

Mr. Yip Mow Lum, the Chairman of the Group, donated HK\$10 million each in the name of the Yip Mow Lum Charity Fund to HA in 2020 and 2021, respectively. Ms. Yip Wing Yan, Jacquelyn, the Assistant to Chairman (right) attended the cheque donation ceremony and Mr. Henry Fan Hung-ling, the chairman of HA, received the cheque for HA

本集團主席葉茂林先生以「葉茂林慈善基金」名義,於二 零二零及二零二一年分別捐款一千萬港元予醫管局,主 席助理 葉 頴 恩小 姐(右)代 表出席捐贈支票儀 式,並由醫 管局主席范鴻齡先生代表接受支票

Ms. Yip Wing Yan, Jacquelyn, the Assistant to Chairman, head of the human resources department and head of digital marketing department of the Group, attended the ceremony and received the award on behalf of the Group

本集團主席助理、人力資源總監及 數碼市場總監 葉頴恩 小姐代表集團出席頒獎典禮並領授殊榮

➢ The Group was awarded the "Best IPO Service Award" by the "Golden Central Awards" organized by Zhitong Caijing a n d H i t h i n k R o y a l F l u s h Information Network 本集團獲《智通財經》及《同花順

財經》舉辦之「金中環評選」頒發 「最 佳新股 服務獎」

Mr. Hui Yik Bun, the executive director and Chief Executive Officer of the Group, received the award on behalf of the Group 本集團執行董事兼行政總裁許繹彬代表集團領授獎項

February

2月

➢ Organised by the Group in collaboration with the Chicago Mercantile Exchange ("CME"), a webinar on "Hong Kong and US Stocks Investment and How to Change Luck in 2021" attracted over 10,000 audiences to watch the live broadcast. The webinar analysed the future trends of the local and global stock markets

本 集 團 與 芝 加 哥 商 品 交易 所 合 辦「2021年 港、美股市投資轉運全攻略」網上講座,為 一眾投資者分析本地及環球股票市場的前 瞻走勢,吸引逾萬名觀眾收看直播

Prominent experts from a wide range of disciplines spoke at the webinar, including Mr. Wong Kwok Ying, Alex (third from left), the director of asset management of Ample Finance Group, Mr. Jacky Luk (second from right), Head of Property Section of Ming Pao Daily News, Mr. Ka Hong, Pierce Tam (second from left), representative of CME, Master Szeto Ken (third from right), an expert in Chinese astrology, fortune-telling, rites and feng shui, Mr. Hui Yik Bun (centre), the executive director and Chief Executive Officer of the Group, Mr. Chik Yiu Fai, Stanley (first from right), the head of the research department and Mr. Chan Wai Ming, Senior Manager of Sales & Customer Services Department (first from left)

雲集各界重量級名家,豐盛金融集團資產管理董事黃國 英 先生(左三)、明 報 投 資 版 主 編 陸 振 球先生(右二)、芝 商所 代 表譚家 康先生(左二)、六壬 法科玄 術 師 傳司徒 法 基先生(右三)、本集團執行 董事兼行政 總裁許 繹彬先生 (中)、研究部總監植耀輝先生(右一)和銷售及客戶服務部 高級 經理陳偉明先生(左一)

March 3月

➢ The Group won five awards in the "Equity Derivatives Awards 2020" and "ETF Awards 2020" granted by Hong Kong Exchanges and Clearing Limited ("HKEX"), including Active Exchange Participants in Stock Futures, Active Exchange Participants in Stock Options, Active Exchange Participants in Weekly Index Options, Active Traders in Options – After-Hours Trading and Top Breakthrough Exchange Participant – Leveraged and Inverse Product Turnover

本集團 於 香 港交易及 結 算所有限公司(「港 交 所」)舉 辦的「股本衍生 產品大 獎2020」及 「交易所買賣基金大 獎2020」中連 奪五 大 獎 項,包括:最活躍股票期貨經紀商大獎、最

Mr. Yip Mow Lum, the Chairman of the Group, received the five awards from HKEX 本集團主席葉茂林先生接受港交所頒授之五項殊榮

活躍股票期權經紀商大獎、最活躍每周指數期權經紀商大獎、收市後交易時段最活躍期權交易 商大獎、交投躍升交易所參與者 — 槓桿及反向產品成交額

➢ Being one of the first movers in the industry, the Group unprecedentedly upgraded the 24-hour Electronic Direct Debit Authorisation (eDDA) Services recognised by the Hong Kong Monetary Authority to allow customers to deposit funds and trade global stocks and futures within 24 hours regardless of the time difference or Hong Kong holidays

升級現有由香港金融管理局認可的24小時電子即時直接付款授權(eDDA)服務,客戶可不受任何 時差及香港假期的限制,全天候24小時隨時隨地存款、24小時進行全球股票及期貨買賣,可謂 領先同業,再創業界先河

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	Shop 1, G/F, Gold Swan Commercial Building,	(852) 3127 0888
	438–444 Hennessy Road, Wan Chai
灣仔分行	灣仔軒尼詩道438–444號銅鑼灣金鵝商業大廈地下1號舖

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, Mongkok	(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, Kwun Tong	(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, Sham Shui Po	(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, Tsuen Wan	(852) 3929 2798
荃灣分行	荃灣沙咀道253號思源樓地下及閣樓
Tai Po Branch	G/F, 141–145 Kwong Fuk Road, Tai Po	(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, Sheung Shui	(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, 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, 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

Branch Network 分行網絡

• 1. The Hong Kong Council of Social Service Caring Company
• 1. The Community Chest Award of Excellence
• 1. The HKEX ETF Awards 2020 Top Breakthrough Exchange Participant L&I Product Turnover
• 1. The HKEX Equity Derivatives Awards 2020 Top Active Exchange Participants in Stock Options
• 1. The HKEX Equity Derivatives Awards 2020 Top Active Exchange Participants in Stock Futures
• 1. The HKEX Equity Derivatives Awards 2020 Top Active Exchange Participants in Weekly Index Options
• 1. The HKEX Equity Derivatives Awards 2020 Top Active Traders in Options After-Hours Trading 8. Hong Kong Brand Development Council — Hong Kong Top Service Brand
• 1. Zhitong Caijing/Hithink RoyalFlush Information Network Best IPO service Award of the Golden Central Awards
• 1. Sky Post Outstanding securities and futures trading app of the Banking & Finance Awards 2020
• 1. Economic Digest Extraordinary Enterprise Award 2020
• 1. Economic Digest Hong Kong Outstanding Enterprise Award 2020
• 1. TVB Weekly Most Popular Brokerage Brand Award
• 1. CTgoodjobs Best Reward & Recognition Strategy Award (Platinum) of the Best HR Awards 2020
• 1. Hong Kong Economic Journal Listed Company Award of Excellence 2020
• 1. CAPITAL Outstanding stock and futures trading app of the 20th Capital Outstanding Enterprise Awards
• 1. iFeng Finance Best Integrated Service in 2020 Fengqi Wutong Hong Kong Stocks Financial Summit Jinwu Award

• 1. 香港社會服務聯會—商界展關懷
• 1. 香港公益金—「公益卓越獎」
• 1. 香 港交易所「交易所買賣基金大獎2020」—交投躍升交易所參與者—槓桿及反向產品成交額 4. 香 港交易所「股本衍生 產品大獎2020」—最活躍股票期權經紀商大獎
• 1. 香 港交易所「股本衍生 產品大獎2020」—最活躍股票期貨經紀商大獎
• 1. 香 港交易所「股本衍生 產品大獎2020」—最活躍每周指數期權經紀商大獎
• 1. 香 港交易所「股本衍生 產品大獎2020」—收市後交易時段最活躍期權交易商大獎
• 1. 香港品牌發展局-TOP服務名牌
• 1. 《智通 財經》╱《同花順 財經》「金中環評 選」—「最 佳 新股 服務獎」
• 1. 《晴報》「Banking & Finance Awards 2020」—「傑出證 券及 期貨 交易手機 程式」大獎
• 1. 《經 濟一週》—非凡企業大獎2020
• 1. 《經 濟一週》—香港傑出企業大獎2020
• 1. 《TVB Weekly》—「最強人 氣 券商品牌」大獎
• 1. 《CTgoodjobs》「Best HR Awards 2020」—「最 佳獎 勵及表彰大獎(白金)」 15. 《信報 財經新聞》—「上市公司卓越 大獎2020」
• 1. 《資本雜 誌》「第二十屆資本傑出企 業 成就獎」—「傑出股票及 期貨 交易App」大獎 17. 《鳳 凰 網財經》「2020鳳栖梧桐港股財經峰會金吾獎」—「最 佳 綜合服務」大獎

Financial Highlights 財務摘要

			Year ended 31 March 截至三月三十一日止年度
		2021	2020	Increment/ (Decrement) 增加╱
		二零二一年 \$'000 千元	二零二零年 \$'000 千元	(減少) %
Revenue Other income	收 入 其他收益	1,285,201 243,395	864,017 239,503	48.7 1.6
Profit from operations Profit before taxation	經營溢利 除稅前溢利	1,056,411 817,188	667,089 528,911	58.4 54.5
Profit for the year	年內溢利	703,905	470,978	49.5
Total comprehensive income attributable to equity shareholders	權益股東應佔全面收益總額	703,612	471,211	49.3
Basic earnings per share (HK cents)	每股基本盈利(港仙)	41.47	27.75	49.4
Diluted earnings per share (HK cents)	每股攤薄盈利(港仙)	41.47	27.75	49.4
Special dividend per share on 1,697,296,308 shares (HK cents)	就1,697,296,308股股份宣派之 每股特別股息(港仙)	—	80.00	(100.0)
Final dividend per share (HK cents) (31 March 2021: 1,697,296,308 shares, 31 March 2020: 1,697,296,308 shares)	每股末期股 息(港仙) (二零二一年三月三十一日: 1,697,296,308股, 二零二零年三月三十一日:
	1,697,296,308股)	13.00	28.00	(53.6)

2020 was a tough year for Hong Kong as internal and external threats made an already bad situation even worse.

In 2019, Hong Kong experienced the ups and downs of continuous social turmoil, which made people disunited and divided and gave a heavy blow to Hong Kong's economy and many industries. In 2020, the world was unexpectedly hit by COVID-19 pandemic, a black swan event that caused an abrupt halt to livelihood activities and economic activities across the globe. Accordingly, Hong Kong's GDP shrank by 6.1% in 2020, the biggest annual decline on record, much more than the 1.2% drop in 2019. Many local industries in Hong Kong, especially, tourism, retail, hotel and catering industries, were in a slump, resulting in an unemployment rate as high as 7%, the greatest level in 17 years. Fortunately, the global securities and financial industries were immune from the pandemic and even saw growth. The "stay-at-home economy" and the resulting trend of online shopping directed people to invest "time and idle money" in the securities market, contributing to the growth of the Group's performance. With a steadily rising net profit, the Group set an encouraging record high for the same period since its listing in 2010. I am very pleased with what we have achieved. For this, I would like to express my sincere gratitude to our customers for their trust and support over the years and all the employees for their united efforts and hard work that led to outstanding results. My appreciation also goes to the shareholders who have stayed with Bright Smart through good and bad times and witnessed its growth and prosperity.

二零二零年香 港可謂「屋 漏 偏逢 連夜 雨」,內外 夾擊之下,走過毫不容易的一年。

二零一九年本港經歷連續不斷的社會風波,過 程起伏跌宕,民心渙散,令香港經濟嚴重受損, 百業備 受衝 擊。殊不知,二零二零 年全 球 均迎 來一隻前所未有的「黑 天鵝」,新 型 冠狀 肺炎 疫 情爆發,肆虐全球,民生及經濟活動戛然而止, 二零二零年本港GDP收 縮6.1%,創有紀錄以來 最大的年度跌幅,遠遠大於二零一九年的1.2% 跌幅。本港百業蕭條,旅遊、零售、酒店及飲 食業首當其衝,拖累失業率升至高達7%,創下 17年來新高。慶幸的是,全球證券及金融業非 不但沒有受到衝擊,反而不跌反升,受惠於「宅 經濟」及網購風潮,市民將「時間及閒餘的金錢」 投資於證券市場,帶動本集團業績水漲船高, 純利節節攀升,創下二零一零年上市以來的同 期新高,成績令人鼓舞。本人對此深感欣慰, 除衷心感謝廣大客戶多年來的信任及鼎力支持, 以及全體員工萬眾一心、全力打拼取得驕人業 績 外;亦感 激一眾 股 東與 耀才風雨同路,陪 伴 集團茁莊成長。

Although the global financial industry is one of the very few industries that still thrive amid the pandemic, external threats are out there, especially the fluctuations in Sino-U.S. relations that worry the market the most. Even after Joe Biden has taken over the U.S. Presidency, the Sino-U.S. tensions still show no signs of easing. There is a sustained number of sanctions and disputes, which may lead to a flight of talent, capital and companies from Hong Kong. With full knowledge of Hong Kong's current economic woes, I suggested earlier that the government should lower the current rate of profits tax and salaries tax to 10% to 12% respectively, so as to bring more professionals, foreignfunded companies and capital back to Hong Kong and, in the long run, create more job opportunities and increase revenue for the government's coffers. I hope that the government will take this suggestion seriously since the lower tax rate is the best way to fix Hong Kong's economic problems.

It can be said that "the pandemic brings both challenges and opportunities". The global economic recovery still depends on when the COVID-19 will be truly brought under control. Although vaccine doses have been administered worldwide, the vaccination progress is slow and the results have not been widely recognised. Moreover, India has detected a new virus variant, causing a sharp rebound in the number of confirmed cases and another spread of infections. Currently, only mainland China has seemingly made significant achievements in the strict control of the epidemic. The first quarter of this year saw the Chinese economy grow by record 18.3% year-onyear, and an economic growth target has been set to more than 6% this year. In response to the epidemic, China seeks economic development by introducing a new development pattern that features "internal circulation" to drive domestic economic growth and "external circulation" to attract foreign investment. Hong Kong can undoubtedly play a key role in the implementation of this dual-circulation strategy. Firstly, it can provide policy advice on trade, operation, money circulation, human resources, information, and legal systems based on its development experience as a century-old free port. Meanwhile, as one of the world's three major financial centres, Hong Kong can strengthen cooperation with mainland China in areas such as innovative finance, finance related to livelihood, and green finance. This will accelerate the development of IPO markets, wealth management, and offshore RMB market and help further enhance Hong Kong's status as a centre of international finance.

儘管全球金融業在疫情下一枝獨秀,惟外圍卻 存隱憂,尤以起伏不定的中美關係最令市場擔 憂。即使拜登上場,中美兩國暫仍未見有明顯 緩和跡象,制裁措施層出不窮,爭拗聲音仍喋喋 不休,令本港人才、資金及企業有外流的壓力。 本人深明香港經濟現正處於水深火熱之中,所 以較早前已建議政府寛減利得稅及薪俸稅率, 由現行稅率分別下調至10%至12%,以吸引更多 專業 人才、外資企業及資金回流香 港,長 遠 為 本港創造 更多就業機會、為政府庫房帶來更豐 厚 收 入,才是根 治本港 經 濟癥 結的良 方,期 盼 政府能細心聆聽。

可謂「成也疫情、敗也疫情」,全球經濟何時能重 納正軌,仍然視乎新冠疫情何時受控。雖然各 國民眾陸續接種疫苗,惟進展緩慢,以及成效 亦未獲一致肯定。再者,印度突然又驚現變種 病毒,令其確 診人 數 大幅反彈,令疫 魔 陰霾再 次籠罩。目前,似乎只有內地嚴控疫情成效較 為顯著,今年首季全國經濟按年增長18.3%,創 歷來新高,而全年經濟目標增長定於6%以上。 中國因應疫情,啟動國內國際雙循環的發展格 局,一方面發展「內循環」經 濟;二是推進「外 循 環」吸引外資,實 行 內 外起 動力谷 經 濟。 香 港 無疑可以扮演關鍵角色,積極參與雙循環的國 策。首先,提供百年自由港的發展經驗,在貿 易、經營、貨 幣流 通、人 力資 源、資訊 以 及 法 制等方面提供專業政策建議。同時,香港作為 全球三大金融中心之一,在創新金融、民生金 融、綠色金融等領域,與內地加強合作,從而 帶動新股市場、財富管理和人民幣離岸市場加 快發展,有助進一步提升香港國際金融中心地 位。

In recent years, the mainland has been actively reforming and widening the opening-up of its capital market as a gradual move towards internationalisation. It is gradually lifting the restrictions on foreign ownership of mainland-based financial institutions, such as futures and securities firms and mutual funds, allowing non-local institutions to wholly own the shares of mainland-based securities firms. Especially for the nearby Greater Bay Area ("GBA") comprising nine cities and two districts with a population of over 70 million, from which everyone desires a share. If the Wealth Management Connect scheme is implemented in the GBA, it will undoubtedly benefit related financial institutions. In addition, the continuous return of Chinese concept stocks will lead to a flood of mainland Chinese money into Hong Kong, providing a promising prospect for Hong Kong stocks. The Group has seized this good opportunity and kept delivering excellent results, making it stand out from its peers.

As the Group's performance improved with the booming Hong Kong stock market, net profit for the year ended 31 March 2021 (the "Year") increased by 49.5% year-on-year to HK\$703.9 million, a record high for the same period. 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 to the shareholders. The Group recorded a total revenue for the Year of HK\$1,285.2 million (2020: HK\$864.0 million), representing an increase of 48.7% as compared to that for the year ended 31 March 2020 (the "Prior Year"). In particular, brokerage commission income increased by 53.8% year-on-year to HK\$793.8 million (2020: HK\$516.2 million).

Profit for the Year increased by 49.5% to HK\$703.9 million (2020: HK\$471.0 million) as compared with the Prior Year. Basic earnings per share were 41.47 HK cents (2020: 27.75 HK cents), representing a year-on-year increase of 49.4%. The board (the "Board") of directors (the "Directors") of the Company recommended the payment of a final dividend of 13.00 HK cents per share (2020: 28.00 HK cents per share) for the Year. As at 31 March 2021, the total number of the Group's client accounts reached 482,413, representing an increase of 42.8% over that of 337,804 as at 31 March 2020. Client assets (including cash and stocks) was HK\$74.2 billion (31 March 2020: HK\$41.9 billion), representing an increase of 77.1% as compared with the Prior Year.

近年內地積極改革並擴大開放資本市場,逐步 邁 向國 際 化;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,讓非 本地機構亦可全資擁有內地證券行股權。尤其 是近在咫尺的大灣區九市兩區,覆蓋人口超過 七千萬,這塊大蛋糕人人都想吃。理財通若在 區內推行,必定惠及金融相關機構,加上中概 股持續回流上市,吸引大量北水湧進香港,帶 動港股前景一片秀麗。本集團緊握這個好勢頭, 不斷創造亮麗成績表,傲視同儕。

本集團業 績乘著港股 大市起 飛,截 至二零二一 年三月三十一日止年度(「本年度」)純利按年上升 49.5%,至703.9百萬港元,創有紀錄以來同期 新高。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」)本年度 之 業 績。本集團本年度 總營業額 達1,285.2百 萬 港 元(二零二零 年:864.0百萬港 元),較截 至二零二零 年三月三十一止年度(「上 年度」)上 升48.7%,當中經紀佣金收入達793.8 百萬港元(二零二零年:516.2百萬港元),按年上 升53.8%。

本年度溢利為703.9百萬港元(二零二零年:471.0 百萬港元),較 上年度上升49.5%,而每股基本 盈利為41.47港 仙(二零二零 年:27.75港 仙),同 比上升49.4%。本公司董事會(「董事會」)建議就 本年度派發末期股息每股13.00港 仙(二零二零 年:每股28.00港仙)。本集團於二零二一年三月 三十一日之客戶戶口總數達482,413個,較二零 二零年三月三十一日之客戶戶口總數337,804個, 增幅達42.8%。客戶 資 產(包 括 現 金 及 股 票)為 742億 港元(二零二零年三月三十一日:419億 港 元),較上年度上升77.1%。

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

• 1. The Group has always had a keen sense of crisis alert and forward thinking. As early as 2015, it set up a backup office in the prime location of Kowloon with a total area of over 20,000 square feet. With its equipment and facilities equivalent to the head office in Central, this backup office played an important role during the pandemic outbreak last year. It assured clients that the Group could still operate as usual without interruption and they could continue to trade securities without worries even during the unruly outbreak. This move is unprecedented and unique in Hong Kong's securities industry. In contrast, most of the peers can only provide limited services or even go out of business when facing unexpected incidents.
• 1. 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 Group's unfailing effort paid off:
• i. The total number of client accounts increased by more than 140,000, representing an increase of approximately 164.7% over the number of accounts opened in the Prior Year. As of 31 March 2021, the total number of client accounts exceeded 480,000;
• ii. The number of downloads of Baobao and Doudou apps rose by approximately 73.8% as compared with the Prior Year;
• iii. The number of accounts opened through Baobao and Doudou apps increased by approximately 151.2% as compared with the Prior Year; and
• iv. T he number of orders on Baobao app was approximately 11.58 million, representing an increase of approximately 323.3% as compared with the Prior Year.

本集團取得驕人 業 績,全賴具備以下優勢:

• 1. 本集團一向具備未雨綢繆及居安思危的敏 銳觸覺,慶幸於二零一五年已成立了位於 九龍核心地段,總面積超過二萬平方呎的 後備辦公室,正因其設備及規格上與中環 總辦事處無異,去年在疫情大爆發之際, 後備辦公室因而發揮到重要的作用,令客 戶無需擔心在疫情失控時,本集團之業務 運作會受到影響。客戶可安心、放心繼續 交易,此舉乃開創本港證券業先河,全行 獨有。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。
• 1. 「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. 客戶戶口總數增加逾14萬個,較上年 度的新開戶口數目上升約164.7%。截 至二零二一年三月三十一日止,客戶 戶口總數逾48萬個;
• ii. 耀才「寶寶」、「豆 豆」APP下載量較上 年度上升約73.8%;
• iii. 耀才「寶寶」、「豆豆」APP開戶量較上 年度增長約151.2%;及
• iv. 經 耀 才「寶寶」APP落盤量約1,158萬 次,較上年度增長約323.3%。

• 1. 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 1.5%
• 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, A-shares and U.S. futures by new clients
• iv. Commission of only US\$0.008 per share for trading of US stocks

• v. Waiver of platform charge, etc.

• 1. 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 1.5%
• 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,A股及美期更可享 1個月真正零佣金
• iv. 買賣美股每股只收0.008美元
• v. 免收平台費;等等

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 optimising and perfecting its online trading platforms and regularly improving functions and the transaction execution speed of Baobao and Doudou apps, the Group also perpetuated the expansion of its offline network by operating a total of 14 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 branches now open seven days a week with an 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 high pedestrian flow.

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。除優化及完善所有網上交易渠道及定時提 升 耀 才「寶寶」、「豆 豆」APP的功能及落盤速度 外,本集團對線下拓展亦依然會保持強勢策略, 現時全線分行及總行共達14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。今年繼續將分行網絡優化,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。

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, Shanghai-Hong 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, 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.

The Group also keeps itself up-to-date and strives for constant innovation to satisfy investment needs of clients. In order to bring investors closer to the global market, the Group developed and launched "24-hour Electronic Direct Debit Authorisation (eDDA) Services" approved by the Hong Kong Monetary Authority ("HKMA") with many famous banks in Hong Kong in 2021. This service allows clients to deposit money and trade anytime, anywhere regardless of time differences and Hong Kong holidays after going through a simple registration procedure through Baobao and Doudou apps.

The Group has been highly recognised by the society for its good services and won numerous awards over the years. The Group received five awards including the Top Active Exchange Participant in Stock Futures and Top Active Exchange Participant in Stock Options, making the Group the biggest winner among its peers in the HKEX Awards 2020. It won the award for outstanding securities and futures trading app by Sky Post; the Outstanding Securities Trading Mobile APP award by the Chamber of Hong Kong Computer Industry and Metro Broadcast for two consecutive years; the Listed Company Award of Excellence from Hong Kong Economic Journal; the title as one of "The Highest Growth Potential Enterprises" awarded by China Securities Golden Bauhinia Awards Committee, making it the only Hong Kong securities firm to receive this award; the Excellent Hong Kong Stock Dealer Award from Tencent, a media outlet from mainland China; and Best Reward & Recognition Strategy Award (Platinum) in Best HR Awards from CTgoodjobs. This long list of awards received is a testimony to the Group's significant position and leading competitiveness in the industry.

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,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、外匯期貨、貴金屬及能源期貨、農 產品及食品期貨、債券期貨、槓桿式外匯、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。

本集團亦與時並進,不斷推陳出新,以緊貼客 戶投資需求。於二零二一年,本集團更率先夥拍 香 港多間著名銀 行推出由香 港金融管理局(「金 管局」)認 可的「24小時電子即時直接付款授權 (eDDA)」服務,客戶不論持有任何銀行的賬戶, 亦可透 過「寶寶」及「豆 豆」APP作一次性簡單登 記程序,即可不受任何時差及香港假期的限 制,全天候24小時隨時隨地存款、24小時進行 買賣。

本集團的服務得到各界高度認可,多年來獲獎無 數,包括:港交所舉辦的「香港交易所大獎2020」 中,獲頒發「最活躍股票期貨經紀商大獎」及「最 活躍 股 票 期 權 經 紀商大 獎」等五 大 獎 項,是 獲 獎最多的券商;獲《晴報》頒發「傑出證券及期貨 交易手機程式大獎」;連續兩年獲香港電腦商會 及新城電台頒發「傑出證券交易手機程式」大獎; 獲《信 報》頒 發「傑 出上市公司」大 獎;獲 中國 證 券金紫荊獎 組委會頒發「最具 成長性 上市公司」 的獎 項,是唯一一間香 港證 券商獲 此 殊 榮;獲 國內媒體《騰訊》頒 授「港股卓越 劵商」大 獎;以 及於《CTgoodjobs》舉辦的「Best HR Award」中, 榮 獲「最 佳獎 勵及表彰(白金)大 獎」等,由上 述 可見,本集團榮獲 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。

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, 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. 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 has been working on this and 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 programmes with global live streaming online. Prominent guests and issuers of derivatives products and exchange traded funds (ETFs), 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.

隨著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點,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,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,本集團一向肩負投資教 育為己任,因此經常夥拍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。本集團曾與香港交易所、 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 播投資節目,邀請重 量級 嘉賓及香港著名的衍 生產品和ETF發行商分析大市走勢,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。

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. As a sponsor for "Joyful Charity Run", the Group was awarded the "Caring Company Award" by The Hong Kong Council of Social Service (HKCSS) and "Outstanding Social Caring Organisation Award" by Social Enterprise Research Academy. In 2019, the Group donated over HK\$1 million to the Community Chest of Hong Kong and was awarded the Award of Excellence. In the same year, the Group donated HK\$6 million to Caritas Hong Kong. I also actively fulfill my social corporate responsibilities. In 2020 when Hong Kong was ravaged by COVID-19, I provided some support for frontline medical workers. I helped the frontline medical workers in their fight against the virus by donating a total of HK\$20 million in the name of the Yip Mow Lum Charity Fund to the Hospital Authority of Hong Kong for two consecutive years. Over the years, the Group and I have donated over HK\$10 million to Hong Kong Baptist University and supports the "Asian Junior Squash Championships" sponsored by the Hong Kong Squash to help develop the future pillars of society. 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,多年來一直身體力行,出錢 出力支持「心 晴行動慈善跑」,獲 社會服務 聯會 頒發「商界展關懷」殊榮,更榮獲《社會企業研究 院》頒發「社會關愛企業卓越獎」。二零一九年捐 款逾百萬港元予香港公益金並獲頒卓越大獎, 同年捐贈六百萬港元予香港明愛。本人亦積極 履行社會企 業 責任,二零二零年香 港飽 受新冠 疫情肆虐,本人亦為前線醫護人員盡一份綿力, 連 續兩年以「葉茂林慈善基金」名義捐款共二千 萬港元予香 港醫院管理局,為前線 抗疫的醫護 人員打打氣。多年來,本人及本集團更先後捐出 逾千萬予香港浸會大學,並全力支持由香港壁 球總會主辦的「亞 洲青少年壁球錦標 賽」,致 力 培育社會未來棟樑。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。

OUTLOOK

Looking forward to the second half of this year and 2022, the pandemic, politics and policies will continuously affect economic and market trends. The COVID-19 will continue to be the key factor affecting the world economy. Due to a limited availability of vaccination doses and unexpected viral mutations, the world still sees repeated outbreaks of the pandemic. Especially in India, the pandemic has almost spiralled out of control. This may have an impact on the global production chain and hinder economic recovery. Even Japan where hygiene standards are higher has entered a "fourth wave" of the pandemic as the number of confirmed cases is rising sharply. It is therefore unknown whether the Tokyo Olympics can be held as scheduled at the end of July. All the signs indicate that the pandemic is still seriously restricting the activities of various countries or regions. The future is full of uncertainties.

Political disputes between China and the United States are a "grey rhino" that may take place at any time. The United States and other countries or regions continue to exert pressure on mainland China and Hong Kong through financial, trade, policy, and technological wars, leading to the outflow of talent, companies, and capital and reducing competitiveness. Moreover, the Hong Kong government will increase its stamp duty on Hong Kong stocks by 30% since 1 August 2021. The stamp duty on stock trading payable by the seller and buyer will rise to 0.13% of the value of their transaction from the current 0.1%, which is higher than the stamp duty of mainland China, Singapore and the United States. This may lead to the diversion of funds to adjacent markets and somewhat have an impact on Hong Kong stocks.

展望

展望下半年及二零二二年,將由疫情、政治與 政策持續主導經濟與市場走向。新冠疫情仍是 主宰全球經濟的緊箍 咒,疫苗接種 未普及化, 病毒變種令疫情反覆不休,迄今無法得到徹底 的遏止,尤以印度疫情近期瀕臨失控,或對全 球生產鏈造成衝擊,勢拖累經濟復甦的步伐。 即使衛生標準較高的日本,又掀起第四波疫情, 確 診人數急升,東京奧 運會能否如期於 七月底 舉辦陷入未知之數,種種跡象都在反映疫情仍 嚴重掣肘各國的活動,未來仍充滿變數。

無日無之的中美政治爭拗是隨時殺出來的「灰犀 牛」,美國聯同其他國家通過金融戰、貿易戰、 政策戰及科技戰等,繼續對中國及香港施壓, 導致 人才、企 業 及 資 金 外流,削弱競爭力。而 且,港府於本年八 月一日起 又 上調 本港股 票印 花稅稅率三 成,由買賣雙 方各支付0.1%,調高 至0.13%,均比內地、新加坡及美國的印花稅稅 率等為高,或分薄部分資金至毗鄰的市場,對 港股或多或少存在負面衝擊。

Hong Kong stocks have mainly benefited from the return of Chinese concept stocks, which drove the value of the Hong Kong stock market even higher during the Year. According to data from HKEX, Hong Kong topped the global rankings for IPO volumes for 7 years in the past 12 years. In 2020, it still tops the world with a total of 154 new IPO listings on HKEX, raising a total of HK\$397.5 billion, which is a remarkably recordhigh amount since 2010. As an increasing number of Chinese concept stocks return to Hong Kong for listing, the amount of IPO funds raised is expected to increase in 2021. PwC predicts that Hong Kong will break records in terms of total IPO funds raised in 2021, coming in between HK\$420 billion and HK\$460 billion. The continuous expansion of the scope of connection between the Chinese and Hong Kong stock markets (southbound Bond Connect expected to be launched in July this year, Primary Equity Connect, and more diversified ETF products for cross-border trading between Hong Kong and mainland China) will also lead to active trading of Hong Kong stocks. The average daily turnover for the first quarter of 2021 was approximately HK\$224.4 billion, representing a significant increase of 85.6% compared to the same period of the last year. This shows how the return of Chinese concept stocks plays a big part in the surge of foreign capital into the Hong Kong stock market. This is expected to be an irreversible trend and will further benefit the development of the securities and financial industries.

With 26 years of operating history in Hong Kong, the Group has been listed on the Main Board of HKEX for more than ten years. 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 further strengthen its competitiveness and increase its 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.

In addition to the unceasing support and trust of all its clients, Bright Smart Securities' 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.

本年度,港股主要受惠於中概股回流潮,帶動 港股市值規模進一步壯大。香港交易所數據顯 示,本港在過去12年中有7年登上全球IPO集資 排 名 榜 首,二零二零 年仍 領 先 全 球,共 有154 家公司在香港交易所上市,集資金額達3,975億 港元,是自二零一零年以來最高,戰績彪炳。 隨著愈來愈多中概股回流本港上市,預計二零 二一年集資額必將有增無減,羅兵 咸永道預計 今年總集資規模有望刷新紀錄,達到4,200億至 4,600億港元。加上兩地互聯互通範疇不斷加深 擴闊,南向債券通料今年七月可望開通,還有 新股通以及推出更多元化的兩地ETF互掛產品 等 等,必定帶 動 港股 交投 愈 趨 活躍。二零二一 年首季日均成交金額約為2,244億港元,較去年 同期日均成交額大幅增加85.6%,可見中概股回 流潮帶動外資湧入港股市場的威力,預計這將 是不可逆轉的大趨勢,必定進一步利好證券及 金融業發展。

本集團紮根香港廿六載,並於香港交易所主板 上市超過十年,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。

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 越表現的員工們更獲 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。

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 Securities 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.

本年度開首,本人就本集團盈利訂下清晰目標, 並帶 領團隊朝著目標 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。

Yip Mow Lum	主席
Chairman	葉茂林
Hong Kong	香港
28 June 2021	二零二一年六月二十八日

MARKET REVIEW

Hong Kong was facing an unprecedented challenge in the year as the COVID-19 pandemic continued to ravage the world and remained uncontrolled, and variants of the virus have even spread in multiple countries. With exceeding 180 million confirmed cases and approximately 4 million deaths in the world, the pandemic presented severe challenges and caused irreparable harm to the global economy and people's livelihood. Fortunately, governments and the medical community around the world worked against time to develop vaccines in just one year, in the hope of significantly reducing the risk of infection. Vaccine rollouts spur market expectation for economic recovery. It's believed that it won't be long before the pandemic is brought under control and the economy is expected to restore, with more and more people getting vaccinated.

The financial market maintained a steady pace of development amid the pandemic. According to the statistics of The Stock Exchange of Hong Kong Limited (the "Stock Exchange" or "SEHK"), the average daily turnover for the year was approximately HK\$155.06 billion, a significant increase of approximately 68.1% from approximately HK\$92.24 billion for the previous year. The Hang Seng Index ("HSI") climbed up in the year. Since the outbreak, the market has seen a sharp correction, falling to this year's intraday low of 22,519 points (25 May 2020). With the official launch of vaccines, countries around the world focus on vaccinating their citizens, which has boosted market sentiment and has driven Hong Kong stocks to bottom out. Hong Kong stocks even jumped 8,664 points to an intraday high of 31,183 points (18 February 2021). The Hong Kong stock market gained momentum in the first quarter of 2021. The market saw active trading especially with capital flows from mainland China. The turnover in five trading days even exceeded HK\$300 billion, and the average daily turnover hit a quarterly high of HK\$224.4 billion, a year-on-year rise of 85.6% or a quarter-on-quarter increase of 59.1%. The southbound average daily turnover reached approximately HK\$60.8 billion, up 1.81 times year-on-year or 1.16 times quarter-on-quarter.

市場回顧

回顧本年度,香港正飽受一場前所未有的沉重 考驗,新冠肺炎疫情持續肆虐全球,疫情仍未 受控,變種病毒更在多個國家擴散,全球確診 個案逾1.8億宗,死亡人數亦直逼400萬,為環球 經濟及社會民生帶來嚴峻的挑戰,造成不可挽 救的傷害。慶幸的是,全球政府及醫學界爭分 奪秒,成功在短短一年內研發出疫苗,盼能大 大減低民眾感染病毒的風險。疫苗面世燃點了 市場對經濟復甦的憧憬,隨著大眾陸續接種疫 苗,相信疫情受控不再蔓延的情況指日可待, 經濟有望重啟。

疫情下金融市場仍然保持穩健發展的步伐。根 據 香 港 聯 合交易所有限公司(「聯交 所」)的統 計 資料,本年度之日均交易額約為1,550.6億港元, 較去年同期之日均交易額約922.4億港元,大幅 上升約68.1%。本年度恆指拾級而上,呈現先低 後高的格局。自疫情爆發後,大市急速回調, 跌至本年度的盤中低位22,519點(二零二零年五 月二十五日)。而隨著疲苗正式投入市場,全球 各國將集中全力為國民接種疫苗,利好大市氣 氛,帶動港股見底回升,盤中高位更見31,183點 (二零二一年二月十八日),波幅達8,664點。其中 二零二一年首季 港股表現 氣勢如 虹,特別 在 北 水大力灌溉下,大市成交活躍,更有5個交易日 成交金額超過3,000億港元,平均每日成交金額 創2,244億港元的季度新高,按年升85.6%,按 季 升59.1%;而南向交易平均每日交易金額亦達 約608億港元,按年升1.81倍,按季升1.16倍。

In addition, the Hong Kong Exchanges and Clearing Limited (the "HKEX") launched new chapters to its Listing Rules, including permitting listings of companies with different voting structures, secondary listings and listings of biotech companies. It is conducive to the development of Hong Kong's financial and capital markets, making Hong Kong a leading financing hub in the world. From 2020 to the first quarter of 2021, 8, 12 and 17 companies went public in the above three forms respectively. There are favourable factors including HKEX's new listing regime and ample market liquidity due to loose monetary policies. Moreover, because of the tense relationship between the US and China in recent years, the business activities of Chinese enterprises have been limited, and they are even under pressure from possible suppression or sanctions. So, more China concept stocks return to Hong Kong for listing in an accelerated pace, creating a new boom in the IPO market. A total of 178 new listings (including the Main Board and GEM) were recorded in Hong Kong's IPO market from 2020 to the first quarter of 2021, according to the reported data of the SEHK. The IPOs were expected to raise as much as HK\$533.7 billion, many of which are large IPOs. The top 10 IPOs raised approximately HK\$244.6 billion, accounting for approximately 46% of the total.

Despite a stellar stock market in Hong Kong, the economic fundamentals remained weak, showing a sharp contrast. Due to a slowdown in internal and external demand, coupled with government measures such as lockdown and strict social distancing, various business activities were forced to be put on hold, leading to a tougher business environment in Hong Kong. The gross domestic product (GDP) of Hong Kong recorded a negative growth in the first two quarters of 2020. Even though the economy showed signs of improvement in the second half of the year, the local GDP in 2020 shrank 6.1% in real terms from 2019. In addition, the unemployment rate in Hong Kong increased sharply, with the seasonally adjusted unemployment rate reaching 6.8% in the first quarter of 2021, up 2.6 percentage points from 4.2% recorded in the same period of last year. Various data show that Hong Kong's economy was still facing a recession in the past year.

另一方面,香 港交易及 結 算所有 限公司(「港交 所」)不斷推出新的上市章節,包括允許企業以不 同投票權架構、第二上市渠道及生物科技公司 赴港上市,有利於香港金融及資本市場發展, 讓香 港成為全 球首屈一指的融資樞 紐。二零二 零至二零二一年首季期間,分別有8家、12家及 17家企業以上述三種形式上市。在港交所改革 新上市機制、寬鬆貨幣政策導致市場流動性充 裕等利好因素下,再加上近年中美關係持續緊 張,中資企業營商活動遭受限制,更甚恐會面 臨打壓或制裁的壓力,造就更多中概股加快回 流本港上市的步伐,帶動新股市場熱潮。據聯 交所之報告資料顯示,二零二零至二零二一年首 季本港新股市場共錄得178間新 增上市公司(包 括主板及GEM),首次上市集資總額約高達5,337 億港元,當中亦迎來較多大型新股,光是首十 大新股之集資額已達約2,446億港元,約佔總集 資金額的46%。

本港股市雖亮麗,經濟基本面卻持續疲弱,兩 者表現可謂天淵之別。由於內部和對外需求放 緩,再加上政府實施封關、嚴格限制社交距離 等措施,無數商業活動被逼擱置,使香港營商 環境變得更艱 難,二零二零年香 港本 地生 產 總 值(GDP)首兩季度均錄得環比負增長,即使經濟 在下半 年 有好 轉跡象,但 按 全 年 計算,二零二 零年香港本地生產總值(GDP)較二零一九年實質 下跌6.1%。另一方面,香 港的失 業率亦有急 升 的 現象,二零二一年首季 經季節性調 整的失 業 率更高達6.8%,較去年同期經季節性調整的失 業率之4.2%上揚2.6個百分點,多項數據均顯示 過去一年香港經濟仍面臨衰退的局面。

Across the globe, stock markets decoupled from the real economy in some countries. In major financial markets in the US, China, the UK, Germany, France and other countries and regions, stock market indices rose steadily, showing a sharp divergence from their economy. According to the International Monetary Fund ("IMF"), the world real GDP in 2020 fell 3.3% from a year earlier, with US GDP and Eurozone GDP down 3.5% and 6.6% respectively. Only 27 countries and regions, including China, Taiwan, Ireland and Vietnam, recorded an increase in real GDP. Among them, China, with its strict measures, brought the pandemic under control in a short time, accelerated the pace of economic recovery, and recorded real GDP growth of 2.3%.

As the economic challenge posed by COVID-19 cannot be underestimated, many governments and central banks have successively launched trillion-dollar bailout packages, aiming to boost the economy and increase liquidity through a range of monetary and fiscal policies, including interest rate cuts, tax cuts, subsidies, and refinancing. The US Federal Reserve not only lowered interest rates to a level close to zero, but also launched unlimited quantitative easing policies to support the normal operation of the financial market. It also suggests that monetary policy will remain loose in the coming years. It will consider raising interest rates after inflation reaches 2% and the labour market fully recovers. However, the two conditions are unlikely to be met before the end of 2022. In view of the Fed's moves, interest rates around the world are estimated to stay low in the next two years and that an increase in the money supply could lead to a flood of money and inflation.

Stock markets went up as governments and central banks pumped money into asset markets. Risk aversion heated up amid geopolitical instability caused by elements, including US President Joe Biden's policy towards China, how to restore America's relations with its allies, the border clash between India and China, deteriorated relations between China and Australia, the Ukraine-Russian conflict and US-Iran conflict, which pushed up the prices of precious metals and cryptocurrencies. Gold prices have topped US\$2,000 per ounce in the year. Bitcoin rose even more dramatically, jumping nearly tenfold to more than US\$60,000 in the first quarter of 2021.

觀乎全球,多國亦出現股市及實體經濟脫鉤的 現象,環球主要金融市場包括美國、中國、英 國、德國及 法國等,其 股市指 數表現亦 穩步上 揚,大幅拋離其國內經濟表現。根據國際貨幣 基金組織(International Monetary Fund, IMF)之 數 據 顯示,二零二零年全 球實際國內生 產 總值 (real GDP)按年下跌3.3%,當中美國及歐元區分 別按年下跌3.5%及6.6%;僅得 中國、台灣、愛 爾蘭及越南等27個國家及地區之實際國內生產 總值錄得升幅,其中中國在其嚴厲的措施下, 令疫情在短時間內得以受控,加快了經濟復甦 的步伐,實際國內生產總值錄得2.3%的增長。

由於新冠肺炎所帶來的經濟挑戰不容小覷,多 國政府及央行早已紛紛出手,推出規模達數以 萬億美金的救市計劃,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。而美國聯儲局不僅將利 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,更表明近幾年仍會 保持寬鬆的貨幣政策,等到通脹持續達2%,並 且勞動力市場完全恢復後再考慮提高利率,惟 在二零二二年底前不太能滿足此兩項條件。美 聯儲的表態令市場預視到,未來兩年全球仍處 於低息環境,貨幣供應增加或帶來資金泛濫及 通脹的隱憂。

正因各國政 府及 央行全力放水,驅使資金流入 資 產 市場,推 動股市上 漲;再加 上 地 緣 政 治局 勢的不穩定因素,包括美國總統拜登上任後的 對華方針、以及如何恢復美國與同盟國家之關 係等、中印邊境磨擦、中澳關係轉差、烏俄及 美伊衝突等,均令市場避險情緒升溫,帶動貴 金屬及加密貨幣價格持續上升。本年度內,國 際金價曾超越每盎司2,000美元;比特幣價格升 幅 更誇 張,在 二零二一年首季 升至 逾60,000美 元,暴漲近十倍。

The pandemic has posed serious challenges to the world, and the real economy, covering retail and catering, hospitality and tourism, transportation, culture and entertainment, and manufacturing, has been dealt a fatal blow. However, crisis and opportunity coexist. The pandemic has brought about a huge change in the consumption pattern of the public. Online consumption, transaction and payment have become a new trend, pushing all industries to accelerate the online transformation. The new economy sector has risen. Data from Statista showed that global retail e-commerce sales grew 27.6% year-on-year to US\$4.28 trillion in 2020. In China, online retail sales amounted to RMB11.8 trillion in 2020, and the figure rose 29.9% from the previous year to RMB2.8 trillion in the first quarter of 2021. In the Global Payments Report 2021, Worldpay from FIS forecasts that Hong Kong's e-commerce market is projected to grow rapidly over the next four years to US\$29 billion from US\$21 billion. In the meantime, the use of electronic payment in Hong Kong is also on the rise. According to data from HKMA, the Faster Payment System ("FPS") processed a total of 138 million transactions denominated in Hong Kong dollar in 2020, a surge of 2.16 times.

OPERATIONAL RESULTS

For the Year, the Group recorded revenue of HK\$1,285.2 million (2020: HK\$864.0 million), representing an increase of 48.7% as compared to that for the Prior Year. Profit for the Year was HK\$703.9 million (2020: HK\$471.0 million), representing an increase of 49.5% as compared to that for the Prior Year. Total comprehensive income attributable to equity shareholders amounted to HK\$703.6 million (2020: HK\$471.2 million), representing an increase of 49.3% as compared to that for the Prior Year. Basic and diluted earnings per share were 41.47 HK cents (2020: 27.75 HK cents). The board of directors (the "Board") of the Company recommended the payment of a final dividend of 13.0 HK cents per share (2020: 28.0 HK cents per share) for the Year.

雖然疫情肆虐為全球帶來嚴峻的挑戰,特別是 零售餐飲、住宿旅遊、交通運輸、文化娛樂及製 造業等,實體經濟遭受致命打擊,但正所謂「危 機並存」,疫情令大眾消費模式發生巨大轉變, 線上消費、交易和支付成為新趨勢,推動各行 各業加速線上轉型,新經濟板塊異軍崛起。據 統計公司Statista資料 顯示,二零二零年全球電 子商務零售額按年上升27.6%至4.28萬億美元; 中國方面,去年全國網上零售額11.8萬億元人 民幣,今年首季亦已錄得2.8萬億元人民幣,按 年增長29.9%;至 於本港,據FIS旗 下Worldpay 《2021年全球支付報告》顯示,預 測香 港電子商 務市場價值將於未來4年由210億美元增加直至 290億美元。與此同時,香港人使用電子支付的 習慣也有上 升 趨 勢,從 金管局的數 據指出,二 零二零年利用「轉數快」進行的港元交易數 量大 幅飆升2.16倍至逾1.38億次。

經營業績

本年度,本 集 團 收 入 錄 得1,285.2百 萬 港 元(二 零 二 零 年:864.0百 萬 港 元), 較 上 年 度 上 升 48.7%;本年度溢利為703.9百萬港元(二零二零 年:471.0百 萬 港 元),較 上年度 上 升49.5%;權 益股東應佔全面收益總額為703.6百萬港元(二零 二零年:471.2百萬港元),較上年度上升49.3%; 每股基本盈利及每股攤薄盈利為41.47港仙(二 零二零年:27.75港仙)。本公司董事會(「董事會」) 建議就本年度派發末期股息每股13.0港仙(二零 二零年:28.0港仙)。

According to the statistics of HKEX, the average daily turnover for the Year was approximately HK\$155.06 billion, a significant increase of approximately 68.1% from approximately HK\$92.24 billion for the Prior Year. Market turnover rose sharply, pushing up the Group's revenue. In view of changes in the market conditions, the Group adjusted its marketing and operating strategies in a timely and appropriate manner. Besides, the Group invested heavily in the research and development of one-stop mobile trading apps, BS Securities (Baobao) and BS Futures (Doudou), as it anticipated the rapid increase in investor demand for financial technology. With continuous improvement of their performance and remarkable results, the apps successfully drew hundred of thousands of downloads by mainland and Hong Kong investors. They raised the proportion of mainland clients in the Group's clientele, 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 devices in order to strengthen the protection of its clients' interests, be well-prepared for market fluctuations, overcome challenges and seize opportunities.

根據 港交 所的統 計 資料,本年度之日均交易額 約為1,550.6億港元,較去年同期之日均交易額 約922.4億港元,大幅上升約68.1%。大市成交 急升,推動集團業務收入水漲船高。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 上本集團預視 到 投 資 者對金 融科技的需求急升,因而斥巨資研發一站式手 機交易平台系統 — 「耀才證券(寶寶)」及「耀才 期 貨(豆 豆)」手機 應 用程式(APP),並持續完善 APP的性能,取得卓著成效,成功吸引數以十萬 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。

TOTAL NUMBER OF CLIENT ACCOUNTS AND ASSETS

Although the COVID-19 pandemic has brought a huge impact on the real economy, under the loose monetary policies of global governments and central banks, the market liquidity is abundant and capital flows into the asset markets, which drives the stock markets to maintain steady growth. The Group that has made constant progress over the years, regardless of market conditions, has invested a lot of resources to provide clients with more comprehensive, better quality and more professional services. As at the end of March 2021, the Group, together with the Central Head Office, all branches and "Bright Smart Mobile Teaching Centre", had a total of 14 outlets covering the core areas of Hong Kong, with most of them operating seven days a week, breaking the industry tradition. The mobile teaching centre improved client service quality and offered convenience to all clients. 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 144,609, increasing the total number of client accounts to 482,413, a growth of 42.8% as compared to 337,804 as at 31 March 2020. As at 31 March 2021, client assets (including cash, stocks and margin deposits) increased by 77.1% to approximately HK\$74.2 billion (31 March 2020: approximately HK\$41.9 billion).

客戶戶口總數及資產

新冠疫情雖為實體經濟帶來巨大衝擊,但在全 球政府及央行的寬鬆貨幣政策下,市場流動性 充裕,資金流入資產市場,推動股票市場仍然 保持穩步上揚 發展。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。 截至二零二一年三月底,本集團連同中環總行、 所有分行及「耀 才教學 專 車」合共已有14個營業 點,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,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, 年內新開立戶口達144,609個(已扣 減 結束 賬 戶 之客戶),令客戶戶口總數增加至482,413個,相 較於二零二零年三月三十一日的337,804個,增 幅達42.8%。於二零二一年三月三十一日,客戶 資產(包括現金、股票及保證金)上升77.1%至約 742億 港元(二零二零年三月三十一日:約419億 港元)。

REVENUE

During the Year, the Group recorded revenue of HK\$1,285.2 million (2020: HK\$864.0 million), representing an increase of 48.7% as compared to that for the Prior Year. A summary of the Group's revenue by business divisions is set out below.

收入

本年度,本 集 團 收 入 錄 得1,285.2百 萬 港 元(二 零 二 零 年:864.0百 萬 港 元), 較 上 年 度 上 升 48.7%。本集團各業務分部之收益概要載列如 下:

				Year ended 31 March 截至三月三十一日止年度
			2021 二零二一年	2020 二零二零年
		HK\$'000 千港元	Proportion of total revenue 佔總收入 之比例 %	HK\$'000 千港元	Proportion of total revenue 佔總收入 之比例 %	Increment/ (decrement) 增加╱ (減少) %
Revenue from: — Securities brokerage	來自以下各項之收入: — 證券經紀	517,581	40.3%	258,292	29.9%	100.4%
— H ong Kong futures and options brokerage — Global futures brokerage — Bullion trading	— 香港期貨及期權經紀 — 環球期貨經紀 — 貴金屬交易	120,400 92,753 15,177	9.4% 7.2% 1.2%	128,358 101,424 10,423	14.9% 11.7% 1.2%	(6.2%) (8.5%) 45.6%
— L everaged foreign exchange trading — Stock option brokerage — IPO brokerage	— 槓桿式外滙交易 — 股票期權經紀 — 首次公開發售經紀	3,305 16,167 46,919	0.2% 1.3% 3.6%	1,385 12,445 15,730	0.2% 1.4% 1.8%	138.6% 29.9% 198.3%
Interest income from IPO financing Interest income from margin	首次公開發售融資利息 收 入 孖展融資利息收入	201,661	15.7%	33,474	3.9%	502.4%
financing		271,238 1,285,201	21.1% 100.0%	302,486 864,017	35.0% 100.0%	(10.3%) 48.7%

耀才證券金融集團有限公司 | 二零二零 / 二一年年報

I. Securities brokerage

The total turnover of securities on HKEX for the Year was HK\$38,300.4 billion, a year-on-year increase of 67.4% (2020: HK\$22,875.3 billion). The surge in turnover of Hong Kong stocks boosted the performance of the Group's securities brokerage business. Commission income from the Group's securities brokerage business amounted to HK\$517.6 million (2020: HK\$258.3 million) and accounted for 40.3% (2020: 29.9%) of the total revenue, a rise of 100.4% as compared with the Prior Year.

I. 證券經紀

港交所於本年度之總成交金額錄得383,004 億 港 元,同 比 上 升67.4%(二 零 二 零 年: 228,753億 港元)。港股 成交金額躍升,帶 動本集團證券經紀業務的表現亮麗。本 集團證券經紀佣金收入錄得517.6百萬港元 (二零二零年:258.3百萬港元),佔總營業 額40.3%(二零二零年:29.9%),較上年度 上升100.4%。

II. Hong Kong futures and options brokerage

Due to the growing market volatility, investors tend to "avoid risks", resulting in a reduction in the transaction volume of derivative products the number of derivative contracts traded on the Hong Kong Futures Exchange Limited (the "HKFE") for the Year decreased by 13.7% to 139.6 million (2020: 161.7 million), commission income from the Group's Hong Kong futures and options brokerage business went down by 6.2% to HK\$120.4 million for the Year as compared to that for the Prior Year (2020: HK\$128.4 million), accounting for 9.4% (2020: 14.9%) of the total revenue.

II. 香港期貨及期權經紀

由於市場波幅加 劇,投 資 者 傾向「規 避 風 險」,令 衍生 產 品的交易量 減 少。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139.6百萬張(二零二零 年:161.7百萬張),錄得13.7%的跌幅,本 集團本年度錄得香港期貨及期權經紀佣金 收入達120.4百萬港元(二零二零年:128.4 百 萬 港 元),較 上年度 下跌6.2%,佔總營 業額9.4%(二零二零年:14.9%)。

III. Global futures brokerage

With the repeated outbreak of COVID-19, the global market situation has become even more unstable, leading to higher investment risks and a tendency to be cautious among investors. Commission income from global futures brokerage for the Year decreased by 8.5% to HK\$92.8 million as compared to that for the Prior Year (2020: HK\$101.4 million), accounting for 7.2% (2020: 11.7%) of the total revenue.

IV. Bullion trading

Geopolitical instability this year led to an increased risk aversion in the market and drove the gold price higher and higher. Income from the Group's bullion trading business for the Year rose by 45.6% to HK\$15.2 million as compared to that for the Prior Year (2020: HK\$10.4 million), accounting for 1.2% (2020: 1.2%) of the total revenue.

V. Leveraged foreign exchange trading

Income from the Group's leveraged foreign exchange trading business for the Year increased by 138.6% to HK\$3.3 million as compared to that for the Prior Year (2020: HK\$1.4 million), accounting for 0.2% (2020: 0.2%) of the total revenue.

VI. Stock options brokerage

Commission income from the Group's stock options brokerage business for the Year went up by 29.9% to HK\$16.2 million as compared to that for the Prior Year (2020: HK\$12.4 million), accounting for 1.3% (2020: 1.4%) of the total revenue. As stock options are highly leveraged investment products, the Group carefully monitors the margin level of stock option accounts and makes adjustments according to market conditions in order to properly control risks.

III. 環球期貨經紀

在新冠疫情發展反覆下,環球市況變得更 為不穩,增加投資風險,令投資者趨向謹 慎,本年度環球期貨經紀佣金收入為92.8 百萬港元(二零二零年:101.4百萬港元), 較上年下跌8.5%,佔總營業額7.2%(二零 二零年:11.7%)。

IV. 現貨金交易

近年地緣政治局勢不穩,令市場避險情緒 升温,帶動黃金價格持續上升。本年度, 本集團錄得現貨金交易收入為15.2百萬港 元(二零二零年:10.4百萬港元),較上年度 上 升45.6%,佔總營業額1.2%(二 零 二 零 年:1.2%)。

V. 槓桿式外匯交易

本年度,本 集 團 錄 得 槓 桿 式 外 匯 交易 收 入 為3.3百萬港元(二零二零年:1.4百萬港 元),較 上年度 上 升138.6%,佔總營業額 0.2%(二零二零年:0.2%)。

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16.2百 萬 港 元(二零二零 年:12.4百 萬 港元),較上年度上升29.9%,佔總營業額 1.3%(二零二零年:1.4%)。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。

VII. IPO brokerage and IPO financing

With the reform of the mechanism of HKEX and the thawing of Sino-US relations, more Chinese concept stocks are listed in Hong Kong, driving a surge in IPOs. Commission income from the Group's IPO brokerage business for the Year increased substantially by 198.3% to HK\$46.9 million as compared to that for the Prior Year (2020: HK\$15.7 million). Interest income from IPO financing surged by 502.4% correspondingly to HK\$201.7 million (2020: HK\$33.5 million).

VIII. Margin financing

During the Year, the Group's average daily margin lending increased by 34.0% to HK\$7.84 billion (2020: HK\$5.85 billion). Due to the decline in HIBOR, the Group's interest income from margin financing for the Year amounted to HK\$271.2 million (2020: HK\$302.5 million), representing a year-on-year decline of 10.3%, and accounting for 21.1% (2020: 35.0%) of the total revenue. The Group implements effective credit control procedures and recorded no bad debts in the past few years.

INVESTMENT RETURNS

In order to enhance its financial performance, the Group held Hong Kong-listed securities and futures contracts as investments during the Year. As at 31 March 2021, the carrying value of equity investments and futures investments stood at HK\$70.6 million (2020: HK\$48.5 million). During the Year, the investment returns from financial assets at fair value through profit or loss was HK\$10.1 million (2020: loss of HK\$2.1 million).

VII. 首次公開發售經紀及首次公開發售融 資

在港交所改革新機制,以及中美關係升 溫下,更多中概股赴港上市,掀起新股熱 潮。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46.9百萬港元(二零二 零年:15.7百萬港元),較去年同期大幅上 升198.3%;首次公開發售融資利息收入亦 相應急升502.4%至201.7百萬港元(二零二 零年:33.5百萬港元)。

VIII. 孖展融資

本年度本集團之日均孖展借貸上升34.0% 至78.4億港元(二零二零年:58.5億港元)。 由於 香 港銀行同業拆息下滑,本年度,本 集團之孖展融資利息收入為271.2百萬港元 (二零二零年:302.5百萬港元),較 上年度 下 跌10.3%,佔總營業額21.1%(二零二零 年:35.0%)。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。

投資收益

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。於二零二一年 三月三十一日,股票投資及期貨投資之賬面值 為70.6百萬港元(二零二零年:48.5百萬港元)。 於本年度,來自按公平值計入損益之金融資產 的投資收益為10.1百萬港元(二零二零年:2.1百 萬港元虧損)。

OPERATING EXPENSES AND NET PROFIT MARGIN

經營開支及純利率

Operating expenses of the Group for the Year increased by 34.3% to HK\$744.3 million as compared to that for the Prior Year (2020: HK\$554.3 million). Nevertheless, net profit margin of the Group rose to 54.8% (2020: 54.5%).

本年度本集團之經營開支較上年度上升34.3%, 為744.3百萬港元(二零二零年:554.3百萬港元); 但本集團純利率上升至54.8%(二 零 二 零 年: 54.5%)。

A breakdown of operating expenses is as follows:

經營開支明細如下:

		2021	2020	Increment/ (decrement) 增加╱
		二零二一年 HK\$'000 千港元	二零二零年 HK\$'000 千港元	(減少) %
Staff cost	員工成本	152,895	127,472	19.9%
Amortisation and depreciation	攤銷及折舊	79,519	89,635	(11.3%)
Finance costs	財務成本	239,223	138,178	73.1%
Advertising and promotion expenses	廣告及宣傳開支	34,979	15,595	124.3%
Auditors' remuneration	核數師酬金	1,703	1,704	(0.1%)
Commission, handling and	經紀佣金、手續費及結算費用
settlement expenses		143,997	88,593	62.5%
Information and communication	資訊及通訊開支
expenses		47,512	46,740	1.7%
Rental, rates and building	租金、差餉及樓宇管理費
management fees		4,772	5,733	(16.8%)
Legal and professional fee	法律及專業費用	2,133	2,783	(23.4%)
Miscellaneous expenses	雜項開支	37,579	37,906	(0.9%)
		744,312	554,339	34.3%

FUTURE PLANS

Looking ahead, the COVID-19 pandemic and political factors will continue to affect the development of global economy and financial markets. Variants of the virus continue to spread in many countries, but the availability of vaccines is expected to bring the pandemic under control. Markets look forward to economic recovery. Global trade and production activities have begun to resume, and demand for commodities and energy such as oil and metals will be stronger. Traditional sectors, such as retail, tourism, aviation and manufacturing, are expected to rebound after the pandemic eases. On the contrary, the new economy sector saw amazing growth in the past year, and its valuation grew rapidly. If there is an increase in debt and interest rates, the development of new economy stocks may be hindered, and market funds may frequently rotate between the old and new economy sectors. Meanwhile, geopolitical issues cannot be ignored. In recent years, the contradiction between China and the US has intensified, with the two countries competing with each other in technology, economy, national defence, etc. The US policy towards China will also increase market volatility and affect investment sentiment. Under the complex and volatile political and economic situation, investors should always remain prudent and manage risks well.

未來計劃

展望未來,新冠疫情變化及政治因素仍會繼續 左右環球經濟及金融市場的發展。變種病毒繼 續在多國蔓延,但疫苗面世亦有望令疫情得以 受控,市場憧憬經濟復元,全球貿易和生產活 動開始恢復,對於石油、金屬等商品及能源的 需求將更殷切,傳統經濟如零售、旅遊、航空 及製 造 業等 有望 疫 情 緩和而有所反彈;相反, 新 經 濟板塊在過去一年間的升幅驚人,估值增 長 急 速;倘若 債息及利 息出現 上調,對新 經 濟 股的發展可能受損,市場資金或將在新舊經濟 板塊之間頻繁轉動。與此同時,地緣政治問題 亦不可忽視,尤其近年中美矛盾加劇,彼此在 科技、經濟、國防等層面上均處於競爭關係, 美國對華的方針亦會增加市場波動性,牽動投 資氣氛。在複雜多變的政經局勢下,投資者須 時刻保持審慎,做好風險管理。

However, regardless of changes in market conditions, the Group will continue to adopt an aggressive development strategy and also introduce new products, services and market offers to expand its clientele. Apart from continuing to optimise and improve all online trading channels and regularly enhancing the functions of the Baobao and Doudou apps and improving the speed to place an order, the Group will also establish a complete branch network that will cover the 14 outlets in the core areas of Hong Kong, in a bid to provide investors with professional and considerate investment services. Moreover, it will continuously identify sites at prime geographical locations with high pedestrian flow to set up new branches to support the business development, and will also hold regular job fairs to attract a large number of talents with an aim of enhancing the service quality as well as taking up the responsibility to nurture the next generation of elites for the industry.

Meanwhile, to take up an important role in investors' education, the Group launched a broadcasting channel "Bright Smart Finance Channel", through which it makes a financial programme on each trading day to provide investors with instant information and answer their questions. Besides, it will organize various investment seminars free of charge and stock and futures investment simulation competitions. For instance, the Group partnered with world-renowned stock exchanges, financial institutions and top industry 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. It believes that investors' education should be open for all, easy to understand and diversified so as to enhance the financial literacy of the public via different channels and assist them in developing responsible financial habits, behaviours and decisions.

然而,不論市況如何變 化,本集團將 繼 續採取 積極進取的發展策略,更會在產品、服務及市 場優惠上推陳出新,以擴大客戶群。本集團除 繼續致力優化及完善所有網上交易渠道及定期 提 升 耀 才「寶寶」、「豆 豆」APP的功能及落盤速 度外,亦會建立完善的分行網絡,透過覆蓋全 港核心區域的14個營業 點,為廣 大投資者提 供 專業貼心的投資服務。同時,隨著集團規模日 益 壯 大,為了配 合業務 發展,本集團會 繼 續物 色地理位置優越和人流繁密的舖位開設分行, 並 定 期舉 辦招聘會,招攬大 量 精英 人才,除了 可提高本集團的服務質素外,更以培育業界下 一代精英為己任。

與 此同時,本集團亦肩負起推行投資者 教育的 重任,不 但 建 立自家 財 經 直 播 頻 道「耀 才財 經 台」,在每個交易日均製作財經節目為投資者提 供即 時資訊,以及 解答 他們的疑 難;並會 積極 舉辦各類免費投資講座、股票及期貨投資模擬 比賽等,例如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,從而擴闊投資 者的投資路向。本集團相信投資者教育應該要 普及、易明和多元化,故 透過不同渠道提升普 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。

DEVELOP DIVERSIFIED GLOBAL FINANCIAL PRODUCTS

The Group has thoroughly studied investors' habits, behaviour and investment trends, and analysed them according to client data and surveys. In view of the rising attention to and popularity of global financial products, investors have growing interest in such products. The Group has connected its online securities and futures trading platforms as well as mobile apps to markets around the world, providing comprehensive and professional brokerage services and bringing 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, USD Gold Futures, leveraged foreign exchange products, iron ore futures, IPO share subscription and margin financing. It will continuously seek and expand global investment products 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 demands.

開拓多元化環球金融產品

本集團仔細觀察投資者的習慣、行為和趨勢, 根據客戶數據及市場問卷調查進行分析,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、恆生指數期權、港股期權、道指期 貨、A50期貨、外匯期貨、期金、期油、期銅、 人 民幣(香 港)黄金期 貨、美 元黄金期 貨、槓 桿 式外匯產品、鐵礦石期貨、新股認購以及孖展 融資等,並會繼續搜羅及拓展全球投資產品, 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。

PROMOTE DIGITALISED INVESTMENT SERVICES

推動數碼化投資服務

As the Group anticipates that the development of fintech will significantly change the investment habits of its clients, it actively engaged in digitalising investment services 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 apps can fulfil all the investment needs of its 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 fintech and software and hardware support, new features were developed and added to the Baobao and Doudou apps with a view to satisfying market needs. For example, 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 receive push message. In order to bring investors closer to the global market, the Group launched "24-hour Electronic Direct Debit Authorisation (eDDA) Services" approved by the HKMA with famous banks in Hong Kong. This service allows clients to deposit money and trade stocks and futures anytime, anywhere regardless of time differences and Hong Kong holidays after going through a simple registration procedure with any bank account on Baobao and Doudou apps.

The Group keeps pace with the times and spends substantial costs to upgrade existing hardware and software. It has increased clients' confidence in the Group's brand, services and trading systems and won praises from the industry and media, including the Outstanding Stock and Futures Trading App Award by CAPITAL for two straight years, the award for outstanding securities and futures trading app by Sky Post, the Outstanding Securities Trading Mobile APP award by The Chamber of Hong Kong Computer Industry and Metro Broadcast, and the Best Securities Mobile Apps in Greater China Award by Metro Daily, in recognition of the Group's outstanding results in the development of the Baobao and Doudou apps. This demonstrates the popularity of its online trading systems amongst the clients, the industry and the media for its fast speed, stability, security and reliability.

本集團預視到金融科技發展將會大大改變到客戶 的投資習慣,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)」手機交易程式(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」、「窩輸牛熊證搜尋」、「牛熊證街 貨量」及「推送訊息」等多種功能。為能令投資者 與世界全球市場更加緊貼,夥拍香港的著名銀 行共同推出由金管局認可的「24小時電子即時直 接付款授權(eDDA)服務」,客戶不論持有任何銀 行的賬 戶,亦可以 透 過「寶寶」及「豆 豆」APP作 一次性簡單登記程序,便不受任何時差及香港 假期的限制,全天候24小時隨時隨地存款,和 24小時進行全球股票及期貨買賣,可謂打破業 界的傳統。

本集團與時並 進,不惜花費大 量 成本,將現有 的軟硬件配套升級,加強了客戶對集團品牌、 服務和交易系統的信心,並屢獲業界和媒體褒 揚,包括:連續兩年獲《資本雜誌》頒發「傑出股 票及期貨交易App」獎、《晴報》頒授「傑出證券及 期貨交易手機程式大獎」、香港電腦商會及新城 電台頒發「傑出證 券交易手機 程式」大獎、以及 《都市日報》「最佳大中華證券手機App大獎」等, 以表揚本集團於「寶寶」及「豆 豆」APP研發上取 得的優越成效,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。

As the application of fintech 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 their experience using fintech, in a bid to strengthen its core competitiveness and leadership position in the industry.

ENHANCE ONLINE TRADING SECURITY

At the same time, the Group has invested substantial resources in improving the efficiency and capacity of its online trading systems to meet clients' needs. In order to offer a more convenient and stable online trading platform, the Group has also made huge investment in upgrading 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. Furthermore, an email will be delivered instantly or a push message will be sent on Baobao and Doudou apps 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 of its trading systems. It will also step up client education on online trading security and enhance their awareness and skills of risk prevention.

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。

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。 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 團實行「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,並因應監管機 構要求,客戶 透 過電子渠 道登入或 成交,本集團會即時以電 郵、或「寶 寶」、「豆 豆」APP內設置的推送訊息 功能,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。

TAP INTO MAINLAND MARKET

In recent years, the mainland has been actively reforming and widening the opening-up of its capital market, as a gradual move towards internationalisation. The mainland is gradually lifting the restrictions on foreign ownership of mainland-based financial institutions, such as futures and securities firms and mutual funds. It means that Hong Kong investors can also wholly own the shares of mainland-based securities firms. With a huge population, the mainland enjoys enormous potential in terms of consumption power, productivity and investment capacity. In addition, the mainland's GDP grew 2.3% in 2020 despite the epidemic, demonstrating the strong resilience of its economy. Therefore, the Group is determined to tap into the potential and forward-looking mainland market. It will raise its brand awareness and establish a unique brand image in the mainland via its online and offline hardware and software support, professional and considerate client service team and up-to-date promotional and marketing strategies.

CONCLUSION

The Group, with the "client-oriented and service-first" philosophy and the "value-for-money" market positioning, adopted both aggressive and defensive strategies at the moment when the real economy went downhill. On the one hand, it has been committed to optimising the performance of Baobao and Doudou apps to improve user experience. On the other hand, it allocated more resources on various online and offline platforms for publicity and promotion and increasing brand exposure, attracting more investors from Hong Kong and mainland China to open accounts and trade products through Bright Smart Securities. As demand in the regions where some of its branches are located is almost saturated, the Group has further optimised its branch network, actively looks for potential locations to establish new footholds, and reaches a wider range of target clients, in order to expand its market share and strengthen its brand competitiveness. The Group's achievements today depend on the long-standing support, trust, recognition and loyalty of its clients. The Group will be dedicated to providing clients with better services and developing safer, more stable, faster and more convenient trading platforms in the future, so as to reward clients for their love and support and make them feel at home. The Group will meanwhile develop more diversified businesses, recruit talents from different sectors and seize every valuable opportunity, so as to enhance its operation efficiency and seek higher returns for shareholders.

銳意開拓內地業務版圖

近年內地積極改革並擴大開放資本市場,逐步 邁向國際化。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 味著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仍能在疫 情下保持2.3%的升幅,證明內地經濟具有強勁 的韌力。因此,本集團亦銳意拓展極具潛力及 前瞻性的國內市場,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。

總結

本 集 團 抱 著「以客為 本、服務第一」的 理 念,秉 持一貫「平靚正」的市場定位,在實體 經 濟走向 下坡的時刻,採 取攻守 兼 備的策略,一方面致 力 優 化「寶 寶」、「豆 豆」APP的性能,提升投資 者用戶體 驗;另一方面在不同線 上 及 線下平台 上投放更多資源進行宣傳推廣工作,增加品牌 曝光率,吸納更多中港投資者透過耀才開戶及 進行交易。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,本集團已去蕪存 菁,進一步完善分行網絡,積極物色具潛質的 地段建立新據點,接觸更廣大的目標客戶群, 藉此增加市場佔有率,並強化品牌競爭力。本 集團發展至今天的成就,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、更穩 定、更快速、更方便使用的交易平台,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。

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\$418.5 million as at 31 March 2021 (2020: HK\$477.7 million). The Group had bank borrowings of HK\$11,436.0 million as at 31 March 2021 (2020: HK\$2,858.8 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 2021, unutilised banking facilities amounted to HK\$9,183.4 million (2020: HK\$18,049.6 million). The Group's gearing ratio (total bank borrowings excluding IPO financing divided by the total shareholders' equity) was 425.7% (2020: 150.3%). As at 31 March 2021, the Group had net current assets of HK\$1,943.9 million (2020: HK\$1,708.3 million) and a current ratio (current assets divided by current liabilities) of 1.1 times (2020: 1.4 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 (Cap. 571N of the Laws of Hong Kong "FRR").

CHARGES ON ASSETS

No asset of the Group was subject to any charge as at 31 March 2021 and 2020.

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。於二零二一年三月 三十一日,其銀行存款、銀行結餘及現金合共為 418.5百萬港元(二零二零年:477.7百萬港元)。於 二零二一年三月三十一日,本集團之銀行借貸為 11,436.0百 萬 港 元(二零二零 年:2,858.8百萬港 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。於二零二一 年三月三十一日,未動用銀行融資為9,183.4百萬 港元(二零二零年:18,049.6百萬港元)。本集團 之資產負債比率(按不包括首次公開發售融資之 總銀行借貸除以總股東權益計算)為425.7%(二 零二零 年:150.3%)。於二零二一年三月三十一 日,本集團之流動資產 淨 值為1,943.9百萬港元 (二零二零 年:1,708.3百萬港元),流 動比率(流 動資產除以流動負債)為1.1倍(二零二零年:1.4 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 守香港法例第571N章證券及期貨(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

於二零二一年及二零二零年三月三十一日,本集 團之資產並無受限於任何抵押。

CONTINGENT LIABILITIES

As at 31 March 2021, 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\$14,917.2 million (2020: HK\$15,947.5 million). As at 31 March 2021, the subsidiaries of the Company have utilised HK\$7,535.0 million of these aggregate banking facilities (2020: HK\$2,334.0 million).

As at 31 March 2021, 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 2021 were approximately HK\$2.3 million (2020: HK\$2.7 million).

EMPLOYMENT AND REMUNERATION POLICIES

As at 31 March 2021, the Group had a work force of 260 employees (2020: 263 employees). Staff costs, excluding directors' emoluments, amounted to approximately HK\$127.1 million for the Year (2020: HK\$112.7 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 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

於二零二一年三月三十一日止,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14,917.2百萬港元(二零二零年: 15,947.5百 萬 港 元)之公司 擔 保。於二零二一 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7,535.0百萬港元(二零二零年: 2,334.0百萬港元)。

於二零二一年三月三十一日止,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

於二零二一年三月三十一日,資本 承擔約為2.3 百萬港元(二零二零年:2.7百萬港元)。

僱員及薪酬政策

於二零二一年三月三十一日,本集團共有260名 僱員(二零二零年:263名僱員)。本年度 之員工 成本(不包括董事酬金)約為127.1百萬港元(二零 二零年:112.7百萬港元)。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。

LITIGATION

As at 31 March 2021 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.

訴訟

於二零二一年三月三十一日及 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。

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.

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 terms.

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.

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。

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.

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 the SEHK 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, capped by the principal amount and accrued interest, without discounting.

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。

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,上限為 本金額及 應計利息,不予貼現,故該等賬款令 本集團面對價格風險。

EXECUTIVE DIRECTORS

Mr. YIP Mow Lum

Chairman & Executive Director

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

Aged 69, 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 around 30 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.

執行董事

葉茂林先生

主席及執行董事

(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)

69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,並擁有約30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。

Mr. HUI Yik Bun

Executive Director & Chief Executive Officer

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

Aged 47, 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 27 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 17 years of experience in frontline management. Mr. Hui is also 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.

許繹彬先生

執行董事及行政總裁

(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)

47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27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、 銷售管理及市場營運,並擁有超過17年前線管 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。

Mr. CHAN Wing Shing, Wilson

Executive Director

(Appointed on 4 August 2010)

Aged 56, 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, both are subsidiaries of the Group. 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 Mow Lum, 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 55, 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 30 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

(於二零一零年八月四日獲委任)

56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 先生亦為本集團附屬公司耀才證 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 東葉茂林先生之外甥,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)

55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30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。

Mr. SZETO Wai Sun

Independent Non-executive Director

(Appointed on 4 August 2010)

Aged 62, 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 LLP (formerly known as W.S. Szeto & Lee, Solicitors) in 2003. He remains the Senior Partner of Sun Lawyers and is a practising Notary Public in Hong Kong. He had been an independent non-executive director of Target Insurance (Holdings) Limited (a company of which its shares are listed on The Stock Exchange of Hong Kong Limited, Stock Code: 6161) during the period from November 2014 to December 2020.

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)

62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 徒維新律師行有限法律責任合夥,現為該行高 級合夥人,並為香港之執業國際公證人。彼曾於 二零一四年十一月至二零二零年十二月期間任泰 加保險(控股)有限公司(一家股份於香港聯合交 易所有限公司上市之公司,股份代號:6161)之 獨立非執行董事。

Mr. LING Kwok Fai, Joseph

Independent Non-executive Director

(Appointed on 4 August 2010)

Aged 65, 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 25 years' experience in accounting, finance and administration and has been a director and the company secretary of a charitable organisation since 2004. Mr. Ling has been an independent non-executive director of Pangaea Connectivity Technology Limited (a company of which its shares are listed on The Stock Exchange of Hong Kong Limited, Stock Code: 1473) since January 2021. 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 Chartered Governance Institute (formerly, The Institute of Chartered Secretaries and Administrators) and The Hong Kong Institute of Chartered Secretaries, holding Chartered Secretary and Chartered Governance Professional dual designations.

SENIOR MANAGEMENT

Mr. YIP Mow Lum	葉茂林先生
(Biographical details are set out on page 54)	(簡歷已列於第54頁)
Mr. HUI Yik Bun	許繹彬先生
(Biographical details are set out on page 55)	(簡歷已列於第55頁)
Mr. CHAN Wing Shing, Wilson	陳永誠先生
(Biographical details are set out on page 56)	(簡歷已列於第56頁)

凌國輝先生

獨立非執行董事

高級管理層

(於二零一零年八月四日獲委任)

65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25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 先生自二零二一年一 月起任環聯連訊科技有限公司(一家股份於香港 聯合交易有限公司上市之公司,股份代號:1473) 之獨立非執行董事。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。凌先生為特許 公司治 理公會(前稱 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 許管治專業雙重資格。

Ms. YIP Wing Yan, Jacquelyn

Assistant to Chairman

(Joined the Group in July 2018)

Aged 40, is the Assistant to Chairman of the Group with the responsibilities for assisting the Chairman of the Board in overseeing the Group's daily internal operations 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 Mow Lum, 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.

葉頴恩小姐

主席助理

(於二零一八年七月加入本集團)

40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 兼控股股東葉茂林先生之女兒,亦為本公司其 中一名執行董事陳永誠先生之表妹。

Ms. LI Wan Mei

Chief Financial Officer

(Joined the Group in November 2008)

Aged 37, is the Chief Financial Officer in charge of the overall financial and accounting management of the Group. Ms. Li has over 15 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 64, is a member of The Chartered Governance Institute (formerly, The Institute of Chartered Secretaries and Administrators) and The 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)

37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15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)

64歲,為特許公司治理公會(前稱特許秘書及行 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。

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 2020 to 31 March 2021 (the "Year"). Disclosure are made primarily under the Environmental, Social and Governance Reporting Guide set out in Appendix 27 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "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 二零二零年四月一日起至二零二一年三月三十一 日止(「本年度」),主要根據香港聯合交易所有限 公司 證 券上市規 則(「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。

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。

環境及天然資源 Environment and natural resources

1. Greenhouse gases

1.	溫室氣體

Scope of greenhouse gas emissions	Sources of emissions	Volume of emissions (in tonnes of CO2 e) 排放量 (以噸二氧化碳	Emissions as a percentage of total emission 總排放量
溫室氣體排放範圍	排放源	當量計)	佔比
Scope 1
Direct emissions	Consumption of petrol by the Group's fleet of vehicles	75.6	6.7%
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	1,002.1	88.4%
範圍2
間接排放	購用電力
Scope 3
Other indirect emissions	Consumption of paper	55.4	4.9%
範圍3
其他間接排放	紙張消耗
Total
總計		1,133.1	100.0%

During the Year, a total of 1,133.1 tonnes of CO2 e, which mainly comprises carbon dioxide, methane and nitrous oxide, were emitted from the Group's operations as greenhouse gas emissions.

2. Electricity

During the Year, the Group consumed 1,002,118 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.

在本年度,本集團業務產生的總 溫 室氣體排放量為1,133.1噸二氧化碳當 量(主要為二 氧化碳、甲烷、氧化亞 氮)。

1. 電力

在 本 年 度, 本 集 團 的 耗 電 量 為 1,002,118千瓦時。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。

3. Water

During the Year, the Group consumed approximately 1,822 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 Year, the Group consumed 28,072 litres of petrol in its vehicles, representing emission of 75.6 tonnes of CO2 e 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 11.5 tonnes of paper and in turn 55.4 tonnes of CO2 e emission during the reporting period. The recycled papers were not included in the calculation of GHG emission. 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

在本年度,本集團的耗水量約為1,822 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

在本年度,本集團汽車耗用的汽油總 量為28,072公升,合共排放75.6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 11.5噸,排放55.4噸二氧化碳當量。 回收的紙張未包括在溫室氣體排放 的計算中。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。

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。

2. Health and safety

The Group provides a safe and healthy workplace for its employees in compliance with relevant laws and regulations such as 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 frontline staff of the Group.

4. Labour standards

Recruitment are conducted by the human resources department of the Group according to relevant labour laws and regulations, including but not limited 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

本集團遵循如香港的《職業安全及健 康條例》之類的相關法律和法規,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。

本集團會為集團前線員工安排證券及 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相關勞工 法律法規,包括但不限於香港的《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。

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。

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)政策╱私隱政策聲明》,向客戶披 露相關保障政策。

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。

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 2021, 117 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 二零二一年三月三十一日止,本集團 有117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。

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

• Top Active Exchange Participants in Stock Futures, Top Active Exchange Participants in Stock Options, Top Active Exchange Participants in Weekly Index Options, Top Active Traders in Options — After-Hours Trading, and Top Breakthrough Exchange Participant — Leveraged and Inverse Product Turnover by HKEX
• Listed Company Award of Excellence 2020 by Hong Kong Economic Journal
• Most Popular Brokerage Brand by TVB Weekly
• Best Reward & Recognition Strategy Award (Platinum) by CTgoodjobs
• Outstanding securities and futures trading app by Sky Post
• Outstanding stock and futures trading app by CAPITAL
• Extraordinary Enterprise Award 2020 and Hong Kong Outstanding Enterprise Award 2020 by Economic Digest
• Best IPO service Award by Zhitong Caijing/ Hithink RoyalFlush Information Network
• Best Integrated Service by iFeng Finance

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「最活躍股票 期 貨 經 紀商」大 獎、「最 活 躍 股 票期權經紀商」大獎、「最活躍每 周 指 數 期 權 經 紀商」大 獎、「收 市後交易時段最活躍期權交易 商」大 獎 及「交 投 躍 升交易所 參 與者 — 槓桿及反向產品成交額」 大獎
• 《信報財經新聞》頒發的「上市公 司卓越大獎2020」
• 《TVB Weekly》頒 發 的「最 強 人 氣券商品牌」大獎
• 《CTgoodjobs》 「最佳獎 勵及 表彰大獎(白金)」大獎
• 《晴報》頒發的「傑出證券及期貨 交易手機程式」大獎
• 《資本雜誌》頒發的「傑出股票及 期貨交易App」大獎
• 《經濟一週》頒發的「非凡企業大 獎2020」及「香 港傑出企業 大獎 2020」
• 《智通 財經》╱《同花順 財經》頒 發的「最 佳新股 服務獎」
• 《鳳凰網財經》頒發的「最佳綜合 服務」大獎

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.

Hong Kong has been ravaged by COVID-19 since 2020, Mr. Yip Mow Lum, Chairman of the Group, provided some support for the frontline medical workers in their fight against the virus, by donating HK\$10 million to the Hospital Authority of Hong Kong (HA) in the name of "Yip Mow Lum Charity Fund".

During the Year, the Group has made a donation of HK\$250,000 to The Chinese International School Foundation Limited, in order to support the all-rounded development of students.

During the Year, the Group donated HK\$100,000 to UNICEF Hong Kong in support of the implementation of COVAX, to help and ensure the people in middle-and low-income countries and regions can be vaccinated.

During the Year, the Group has sponsored The Community Chest BEA Charity Golf Day 2021 with a donation of HK\$45,000 for mental health services provided by the Chest's member agencies

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

• Award of Excellence by The Community Chest
• Caring Company Award granted by the Hong Kong Council of Social Service

Caring Company Scheme

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。

自2020年起,新冠疫情持續肆虐,本集團 主席葉茂林先生盼能為前線醫護人員盡一 份綿力,今年再度以「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。

本年度,本集團向漢基國際學校捐贈二十五 萬港元,以支持學生全方位的教育發展。

本年度,本 集 團 向 聯 合國 兒 童 基 金香 港 委員會捐款十萬港元,支持UNICEF 推 進 「COVAX計劃」,協助及確保中、低收入國 家和地區的人民能夠公平地獲得疫苗。

本年度,本集團捐贈四萬五千港元的善款 贊助公益金東亞慈善高爾夫球賽2021,用 以公益金會員機構提供精神健康服務之 用。

本集團亦 獲 頒下列感謝及 嘉許 狀:

• 香港公益金 「公益卓越獎」
• 香港社會服務聯會頒發的「商界展關 懷」

商界展關懷計劃

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.

During the year ended 31 March 2021 (the "Year"), the Company has applied the principles of, and has complied with, all the code provisions set out in the Corporate Governance Code (the "CG Code") contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

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 2021, 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。

截至二零二一年三月三十一日止年度(「本年度」), 本公司已應用並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》(「企業管治守則」)之全部守則條 文。

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。於二零二一 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。

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.

RESPONSIBILITIES AND DELEGATION

The Board, under the leadership of the Chairman, is responsible for formulating the Company's corporate strategy, overseeing the management of the Company and evaluating the business performance, with the ultimate aim to maximise the shareholders' value and long-term success of the Company. The management is responsible for day-to-day management and operation of the Group within the authority delegated by the Board.

In addition, the Board has established four Board committees namely, the Audit Committee, the Risk Management Committee, the Nomination Committee and the Remuneration Committee and has delegated to these committees various functions and responsibilities set out in their respective terms of reference.

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分 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。

職責及授權

董事會在主席的領導下,負責制定本公司的長 期企業戰略、監督本公司的管理工作以及評估 業務表現,最終目標為實現股東價值最大化和 使本公司長遠發展取得成功。管理層在董事會 授權範圍內負責本集團的日常管理及營運。

此外,董事會已成立四個董事委員會,即審核 委員會、風險管理委員會、提名委員會及薪酬 委員會,並向該等委員會授予其各自職權範圍 內所載之各項職能及職責。

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. In addition, the Company has received written confirmation from each of the independent non-executive Directors of his independence to the Group pursuant to Rule 3.13 of the Listing Rules and considers all the independent non-executive Directors are independent.

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。此外,本 公司亦已收到各獨立非執行董事就其獨立於本 集 團(根 據 上市規 則第3.13條 之 規 定)而發出之 書面確認,並認為全體獨立非執行董事均為獨 立。

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若干 附屬公司之董事。除上述披露者外,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。

BOARD PRACTICES

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.

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 meeting are as follows:

董事會常規

董事會每年最少舉行四次定期會議,約每季舉 行一次,討論本集團之業務發展、營運及財務 表現。就董事會所有定期會議,全體董事均會 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。

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:

			Attendance/
		Attendance/	number of
		number of board	general
		meetings held	meeting held
		出席╱舉行董事會	出席╱舉行股東
Name of Director	董事姓名	會議之次數	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	1/1
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

CONTINUOUS PROFESSIONAL DEVELOPMENT

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.

In addition, all Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills. During the Year, all Directors participated in continuous professional development through reading materials on regulatory updates, director's duties and responsibilities and corporate governance matters and attending relevant seminar(s) or course(s) provided by professional bodies. All Directors have provided the Company with a record of the relevant training undertaken during the Year as summarized below:

持續專業發展

每名新委任董事均會獲公司秘書提供全面、正 式及專屬的就任須知,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。

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。於本 年度內,全體董事透過閱讀有關監管更新、董 事職責及責任及企業管治事宜的材料,以及參 加專業機構提供的相關研討會或課程,參與持 續專業發展。全體董事已向本公司提供於本年 度 進行之相關培訓的記 錄,概述如下:

		In-house training	Type of trainings 培訓種類 Seminars and/or conferences and/or forums 研討會及╱或	Reading and online studying
Name of Director	董事姓名	內部培訓	會議及╱或論壇	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	✓	✓	✓

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 3 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 shall also be given to Directors in accordance with the requirement specified in terms of reference of respective committee, and agendas and meeting documents are also sent to all Directors 3 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 their 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 議同樣會根據各委員會職權範圍規定的要求發 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。

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, shall retire from office by rotation at least once every three years. A retiring Director shall be eligible for re-election. Any Director appointed by the Board to fill a casual vacancy shall hold office only until the first general meeting of the Company after his/her appointment and shall be subject to re-election at such meeting. Any Director appointed by the Board as an addition to the existing Board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election.

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。任何由董事會委任以填補臨時空缺 的董事,其任期僅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。任何 獲董事會委任為現有董事會增補之董事,其任 期僅至本公司下屆股東周年大會為止,屆時將 合資格膺選連任。

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. Having made specific enquiries of each Director, 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.

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.

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。經向各董 事作出具體查詢後,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。

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。

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 2020;
• reviewed the interim financial statements of the Company for the six months ended 30 September 2020;
• 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.

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之工作概述如下:

• ‧ 審閱本公司截至二零二零年三月三十一日 止年度之經審 核財務報表;
• ‧ 審閱本公司截至二零二零年九月三十日止 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。

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:

		Attendance/ number of Audit Committee meetings held 出席╱舉行審核委
Name of Director	董事姓名	員會會議之次數
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

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.

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.

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

• reviewed the effectiveness of the internal control system; and
• reviewed the risk register to identify, mitigate and monitor significant risks.

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

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。

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。

風險管理委員會於本年度之工作 概述如下:

• ‧ 檢討內部監 控系統之效能;及
• ‧ 審閱風險登記冊,以識別、降低及監察重 大風險。

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:

		Attendance/ number of Risk Management Committee meeting held 出席╱舉行風險 管理委員會會議
Name of Director	董事姓名	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

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.

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.

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

• reviewed the structure, size, diversity of composition and succession of the Board;
• reviewed the independence of the independent nonexecutive Director; and
• made recommendation to the Board on the re-election of Directors.

提名委員會

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。

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。

提名委員會於本年度之工作 概述如下:

• ‧ 檢討董事會之架構、人數、組 成多樣性及 繼任計劃;
• ‧ 評核獨立非 執行董事之獨立性;及
• ‧ 就重選董事向董事會提供建議。

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:

		Attendance/
		number of
		Nomination
		Committee
		meeting held
		出席╱舉行提名
		委員會會議
Name of Director	董事姓名	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

The nomination policy aims to set out the nomination criteria and procedures to nominate, select and appoint (including the re-election thereof) suitable candidates to be a director of the Company.

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.

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.

提名政策

提名政策旨在列載提名標準及程序,以提名、 甄選及委任(包括其重 選)合適候 選人為本公司 董事。

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。

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。

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。

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:

		Attendance/
		number of
		Remuneration
		Committee
		meeting held
		出席╱舉行薪酬
		委員會會議
Name of Director	董事姓名	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
	凌國輝先生

CORPORATE GOVERNANCE FUNCTION

The Board is responsible for, inter alia, developing and reviewing the Company's policies and practices on corporate governance; reviewing and monitoring the training and continuous professional development of Directors and senior management; reviewing and monitoring the Company's policies and practices on compliance with legal and regulatory requirements; and reviewing the Company's compliance with the code and disclosure in the corporate governance report. This corporate governance report has been reviewed by the Board in discharge of its corporate governance function.

REMUNERATION OF DIRECTORS/SENIOR MANAGEMENT

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 of this annual report for the Year:

企業管治職能

董事會 負責(其中包括)制定和審閱本公司的 企 業管治政 策和常規;檢討和監督董事及高級管 理 人員的培訓和持 續專業發展;審查和監督 公 司在遵守法律和監管規定方面的政 策和常規; 審閱本公司遵守守則的情況及於企業管治報告 中之披露。本企業管治報告已由董事會審閱以 履行其企業管治職能。

董事╱高級管理人員薪酬

下表列出本年報「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:

	Number of persons
HK\$ 港元	人數
15,000,001–20,000,000	1
10,000,001–15,000,000	—
5,000,001–10,000,000	2
1–5,000,000	5
Total 總數	8

ACCOUNTABILITY AND AUDIT

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

COMPANY SECRETARY

Mr. Chan Kwan Pak, the Company Secretary, is 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 Chartered Governance Institute (formerly 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.

The primary contact person with the Company Secretary during the Year was Ms. Li Wan Mei, the Chief Financial Officer of the Company.

INDEPENDENT AUDITOR

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

問責及審核

董事會負責監察各財政期間之財務報表編製工 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。

公司秘書

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特許公司治理公會 (前稱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。

本年度公司秘書的主要聯絡人為本公司財務總 監李韻媚小姐。

獨立核數師

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:

		HK\$'000
Service rendered	所提供服務	千港元
Audit services	審核服務
Annual audit	年度審核	1,456
Non-audit services	非審核服務
Interim review	中期審閱	247
Taxation service	稅務服務	61
Total	總計	1,764

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。

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。

SHAREHOLDERS' RIGHTS

• Procedures for convening an extraordinary general meeting and putting forward proposals

Pursuant to Article 64 of the Company's Articles, any one or more shareholders of the Company (the "Shareholder(s)") holding, at the date of deposit of the requisition, not less than one-tenth of the paid up capital of the Company having the right of voting at general meetings of the Company can deposit a written request to convene an extraordinary general meeting ("EGM") for the transaction of any business specified in such requisition to the Board or the Company Secretary at Head Office of the Company at 10/F, Wing On House, 71 Des Voeux Road Central, Central, Hong Kong. Shareholders can also put forward proposal(s) at general meetings in the same manner.

The Company will verify the request with the Company's branch share registrar in Hong Kong and upon their confirmation that the request is proper and in order, the Board will be asked to convene an EGM by serving sufficient notice to all Shareholders in accordance with the requirements set out in the Listing Rules and the Articles.

Such EGM shall be held within two months after the deposit of the requisition. If within 21 days of such deposit, the Board fails to proceed to convene an EGM, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

股東權利

‧ 召開股東特別大會及提呈議案之程序

根據本公司組織章程細則第 64 條,本公 司任 何一名或多名股 東(「股 東」),於提出 要求之日持有不少於本公司實繳股本10% 且有權在本公司股東大會上投票,可以向 董事會或公司秘 書 提 交書面要求(地 址 為 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),以召開股東特別大會 (「股東特別大會」)來處理要求中指定的任 何事務。股東亦可以同樣方式在股東大會 上提呈議案。

本公司將與本公司香港股份過戶登記分處 核實該等要求,並在他們確認該等要求適 當且有序後,要求董事會根據載於上市規 則及章程細則的要求向所有股東發出充分 通知,召開股東特別大會。

該等股東特別大會須於提交要求後兩個 月內舉行。如果於提交後 21 天內董事會 未能召開股東特別大會,遞呈要求者本人 (他們自己)可以以同樣方式召開股 東特別 大會,並且遞呈要求者因董事會的未能召 開大會而產生的所有合理費用應由公司予 以補償。

• Procedures for sending enquiries to the Board

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. Moreover, resolutions are proposed at annual general meetings on each substantially separate issue, including the election of individual Directors and details of the proposed resolutions are set out in a circular.

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

‧ 向董事會發送查詢之程序

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告。股東亦可 藉股東週年大會與董事會交流意見。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)。

The Board of Directors is pleased to present their report together with the audited consolidated financial statements of 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 of this annual report.

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 31 to 53 and the environmental policies can be found in the Environmental, Social and Governance Report on pages 61 to 72 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 分析詳情載於本年報財務報表附註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31至53頁的管理層討 論與分析,而環境政策則載於本年報第61至72 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。

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 118 to 211 of this annual report.

FINAL DIVIDENDS

The Board recommended the payment of a final dividend of 13.0 HK cents per share for the year ended 31 March 2021, subject to the approval of the final dividend by the Company's shareholders at the forthcoming annual general meeting ("AGM") to be held on Wednesday, 18 August 2021. If approved, the final dividend will be paid to the Company's shareholders on Thursday, 9 September 2021. Shareholders whose names appear on the register of members of the Company on Thursday, 26 August 2021 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本年 報第118至211頁的財務報表。

末期股息

董事會建議派發截至二零二一年三月三十一日止 年度之末期股息每股13.0港仙,惟須待本公司 股東於二零二一年八月十八日(星期三)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 零二一年九月九日(星期四)派付予本公司股東。 於二零二一年八月二十六日(星期四)名列本公司 股東名冊之股東將有權收取擬派末期股息。

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 Thursday, 12 August 2021 to Wednesday, 18 August 2021 (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 Wednesday, 11 August 2021. The AGM will be held on Wednesday, 18 August 2021.

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 Tuesday, 24 August 2021 to Thursday, 26 August 2021 (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 Monday, 23 August 2021.

SHARE CAPITAL

Details of the movements in the share capital of the Company are set out in note 26(c) to the financial statements of this annual report.

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

本公司將於二零二一年八月十二日(星期四)至二 零二一年八月十八日(星期三)(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,則須於二零二一年八月十一日 (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過 戶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。股東週年大會將於二零二一年八月十八日 (星期三)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

本公司將於二零二一年八月二十四日(星期二)至 二零二一年八 月二十六日(星期 四)(包括首尾兩 天)暫停 辦 理 股 份 過 戶登 記,以 釐 定 股 東 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 於二零二一年八月二十三日(星 期一)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過戶登 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。

股本

本公司之股本變動詳情載於本年報財務報表附 註26(c)。

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 2021, the aggregate amount of reserves available for distribution to equity shareholders of the Company was HK\$746,407,000 (2020: HK\$740,569,000).

DONATIONS

Charitable donations made by the Group during the Year amounted to HK\$395,000 (2020: HK\$2,280,000).

FIVE-YEAR FINANCIAL SUMMARY

A summary of the results, assets and liabilities of the Group for the last five years ended 31 March 2021 are set out in the "Fiveyear Financial Summary" section on page 212 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。

於二零二一年三月三十一日,可供分派予本公司 權益股東之儲備總金額為746,407,000港元(二零 二零年:740,569,000港元)。

捐款

於本年度,本集團作出之慈善捐款達395,000港 元(二零二零年:2,280,000港元)。

五年財務摘要

本集團截 至二零二一年三月三十一日止 過往 五 個年度之業績、資產及負債概要載於本年報第 212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。

EQUITY-LINKED AGREEMENTS

Apart from those disclosed in the "Share Option Scheme" below, no equity-linked agreements were entered into during the Year or subsisted at end of the Year.

SHARE OPTION SCHEME

The Company conditionally approved and adopted a share option scheme (the "Scheme") on 4 August 2010. The Scheme was effective for 10 years from 25 August 2010 and hence it expired on 24 August 2020. During the Year, the Company did not adopt any new share option scheme and no share options were granted, exercised, lapsed or cancelled pursuant to the Scheme.

SUBSIDIARIES

Details of the Company's subsidiaries as at 31 March 2021 are set out in note 19 to the financial statements of this annual report.

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 0.7% and 2.8% (2020: 1.9% and 6.0% 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 close associates nor any shareholders of the Company (which to the best knowledge of the Directors, who owns more than 5% of the number of issued shares of the Company) had any interest in any of the Group's five largest customers.

股票掛鈎協議

除下文「購股權 計劃」所披 露 者外,概無於本年 度訂立或於本年度末存續之股票掛鈎協議。

購股權計劃

本公司於二零一零年八月四日有條件批准及採 納一項 購 股 權 計劃(「該 計劃」)。該 計劃之有 效 期由二零一零年八月二十五日起為期十年,因此 其於二零二零年八月二十四日屆滿。於本年度, 本公司並無採納任何新購股權計劃,亦無購股 權根據該計劃獲授出、行使、失效或遭註銷。

附屬公司

於二零二一年三月三十一日,本公司附屬公司之 詳情載於本年報財務報表附註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0.7%及2.8%(二零二零年: 分別為1.9%及6.0%)。本集團之主要業務為提供 證券、商品及期貨經紀、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,概無本公司董事或任 何彼等之緊密聯繫人或任何股東(據董事所知, 擁有本公司已發行股份數目超過5%者)於本集團 任何五大客戶中擁有任何權益。

DIRECTORS' INTERESTS IN COMPETING BUSINESS

As at 31 March 2021, 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 of this annual report.

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 are set out in notes 9 and 10 to the financial statements of this annual report.

董事於競爭業務中之權益

於二零二一年三月三十一日,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 計劃詳情載於本年報財務報表附註24。

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、 表現以及市場薪酬水平釐定。

截至本年度之董事酬金及本集團五位最高薪酬 人士之詳情載於本年報財務報表附註9及10。

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 Article 108 of the Company's Articles of Association, Mr. Chan Wing Shing, Wilson and Mr. Yu Yun Kong will, retire by rotation and, being eligible, offer themselves for reelection at the forthcoming annual general meeting.

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 54 to 60 of this annual report.

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第108條,陳永誠先生 及余韌剛先生將於應屆股東週年大會上輪值退 任,且符 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54至60頁之「董事及高級管理 層之簡歷」一節。

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 without payment of compensation other than statutory compensation.

PERMITTED INDEMNITY PROVISION

Pursuant to the Company's Articles of Association, every Director shall be indemnified out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which he/she shall or may incur or sustain by reason of any act done or about the execution of their duty or otherwise in relation thereto. In addition, the Group has arranged appropriate insurance covers relevant legal actions against the directors. The level of such insurance coverage is reviewed annually.

INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCE

Save as disclosed in the sections headed "Connected Transactions/Continuing Connected Transactions" and "Material Related Party Transactions" as set out in note 30 to the consolidated financial statement in this annual report, no transaction, arrangement or contract of significance to which the Company or its holding companies or controlling shareholders or any of its respective subsidiaries was a party and in which a Director or an entity connected with a Director is or was materially interested, whether directly or indirectly, subsisted at the end of the Year or at any time during the Year.

Save as disclosed in the sections headed "Connected Transactions/Continuing Connected Transactions" and "Material Related Party Transactions" as set out in note 30 to the consolidated financial statement in this annual report, no contract of significance (i) between the Company (or any of its subsidiaries) and its controlling shareholder (or any of its subsidiaries); or (ii) for the provision of services to the Company (or any of its subsidiaries) by its controlling shareholder (or any of its subsidiaries) subsisted at the end of the Year or at any time during the Year.

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 公司於一年內毋須 支付賠 償(法 定 賠 償除外)而 終止之服務合約。

獲准許彌償條文

根據本公司組織章程細則,每名董事因履行其 職責時作出的任何行動或關於履行其職責或與 之相關的其他原因其須或可能產生或承擔的所 有 訴 訟、費 用、收 費、損 失、損 害及 開支,均 應以本公司的資產彌償。此外,本集團已針對 董事的相關法律訴訟購買適當的保險。該保險 範圍水平每年進行檢討。

於交易、安排或重大合約之利益

除本年報 之「關連 交易╱持續關連 交易」及 綜合 財務報表附註30所載之「重 大關連人士交易」章 節所披露者外,於年末或年度任何時間,概無 存續本公司或其控股公司或控股股東或其各自 之任何附屬公司參與董事或與董事有關的實體 直接或間接於其中擁有重大利益之交易、安排 或重大合約。

除本年報「關連 交易╱持續關連 交易」及 綜合財 務報表附註30所載之「重 大關連人士交易」章節 所披露者外,於年末或年度任何時間,概無存 續(i)本公司(或其任 何 附屬公司)與 其 控 股 股 東 (或其任 何附屬公司);或(ii)其控股 股東(或其任 何附屬公司)向本公司(或其任何附屬公司)提供 服務之重大合約。

CONNECTED TRANSACTIONS/CONTINUING CONNECTED TRANSACTIONS

1. Tenancy Agreements

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

關連交易╱持續關連交易

1. 租賃協議

本集團(作為租戶)與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:

Transaction (Note 1) 交易 (附註1)	Name of counterparty (Note 2) 交易對方 (附註2)	Term of agreement 協議年期	Address of premises 物業地址	Amount for the Year HK\$'000 本年度金額 千港元
Tenancy made on 3 January 2019 (monthly rental: HK\$1,142,000)	Victory Beauty Limited as the landlord	1 April 2019 to 31 March 2022	10/F, Wing On House, 71 Des Voeux Road Central, Central, Hong Kong	13,704
於二零一九年一月三日訂立之租約 (月租:1,142,000港元)	冬勝有限公司作為業主	二零一九年四月一日至 二零二二年三月三十一日	香港中環德輔道中 71號永安集團大廈10樓
Tenancy made on 3 January 2019 (monthly rental: HK\$430,000)	Well Point Limited as the landlord	1 April 2019 to 31 March 2022	Mezzanine Floor, Peter Building, 58–60 Queen's Road Central, 13–17 Stanley Street, Central, Hong Kong	5,160
於二零一九年一月三日訂立之租約 (月租:430,000港元)	泓鼎有限公司作為業主	二零一九年四月一日至 二零二二年三月三十一日	香港中環皇后大道中58-60號及士丹 利 街13-17號振邦大廈閣樓
Tenancy made on 3 January 2019 (monthly rental: HK\$240,000)	Sea Magic Limited as the landlord	1 April 2019 to 31 March 2022	G/F. & Cockloft, Nos. 141–145 Kwong Fuk Road, Tai Po, New Territories, Hong Kong	2,880
於二零一九年一月三日訂立之租約 (月租:240,000港元)	妙詩有限公司作為業主	二零一九年四月一日至 二零二二年三月三十一日	香港新界大埔廣福道 141–145號地下及閣樓
Tenancy made on 3 January 2019 (monthly rental: HK\$180,000)	Top Sunshine Development Limited as the landlord	1 April 2019 to 31 March 2022	1/F, Golden Hill Commercial Building, Nos. 39–41 Argyle Street, Kowloon, Hong Kong	2,160
於二零一九年一月三日訂立之租約 (月租:180,000港元)	冠旭發展有限公司 作為業主	二零一九年四月一日至 二零二二年三月三十一日	香港九龍亞皆老街 39–41號金山商業大廈

1樓全層

Transaction (Note 1) 交易 (附註1)	Name of counterparty (Note 2) 交易對方 (附註2)	Term of agreement 協議年期	Address of premises 物業地址	Amount for the Year HK\$'000 本年度金額 千港元
Tenancy made on 3 January 2019 (monthly rental: HK\$861,000)	Fortunate State Limited as the landlord	1 April 2019 to 31 March 2022	The Entrance (at Left Frontage) of 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	10,332
於二零一九年一月三日訂立之租約 (月租:861,000港元)	福治有限公司作為業主	二零一九年四月一日至 二零二二年三月三十一日	九龍彌敦道375-381及375A-379A 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 (monthly rental: HK\$785,000)	Peaceful Smart Limited as the landlord	1 April 2019 to 31 March 2022	Rooms 2301 & 2302 on 23/F., Wing On House, 71 Des Voeux Road Central, Central, Hong Kong	9,420
於二零一九年一月三日訂立之租約 (月租:785,000港元)	捷威行有限公司 作為業主	二零一九年四月一日至 二零二二年三月三十一日	香港中環德輔道中71號 永安集團大廈23樓 2301及2302室
Tenancy made on 3 January 2019 (monthly rental: HK\$550,000) 於二零一九年一月三日訂立之租約 (月租:550,000港元)	Realmate Limited as the landlord 維渼有限公司作為業主	1 April 2019 to 31 March 2022 二零一九年四月一日至 二零二二年三月三十一日	5th to 9th floor and Roof, 79 Pok Fu Lam Road, Hong Kong 香港薄扶林道79號5至9樓全層連天台	6,600
Tenancy made on 3 January 2019 (monthly rental: HK\$ \$19,800)	Great Challenge Limited as the landlord	1 April 2019 to 31 March 2022	Car Parking Space Nos. 1, 2, 3, 4, 5, & 5S on Lower Ground Floor of Floral Tower, Nos. 1–9 Mosque	238
於二零一九年一月三日訂立之租約 (月租:19,800港元)	溢暢有限公司作為業主	二零一九年四月一日至 二零二二年三月三十一日	Street, Hong Kong 香港摩羅廟街1至9號福熙苑地下低層 1、2 、3 、4 、5及5S號之停車位
TOTAL 總 計				50,494
Notes:			附 註:
1. Monthly rental was exclusive of management fees, government rent and rates.			月租不包括管理費、地租及差餉。 1.
2. 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 2. 東 葉 茂林先生(「葉先生」)之聯 繫人。

1. The annual cap for the Year was HK\$53,110,000.

2. 本年度之年度上限為53,110,000港元。

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

		Amount for the annual cap HK\$'000	Payment from/ to the Group	Maximum amount for the Year HK\$'000 本年度	Amount for the Year HK\$'000
Name of connected person 關連人士姓名	Annual cap 年度上限	年度上限金額 千港元	本集團支付╱ 付予本集團之金額	最高金額 千港元	本年度金額 千港元
Mr. Yip and his associates, together as "Mr. Yip's Group"	IPO Annual Cap 首次公開發售年度上限		4,000,000 Advance from the Group 本集團之墊款	2,199,023
葉先生及其聯繫人, 統稱「葉先生集團」	Margin Annual Cap 孖展年度上限		1,000,000 Advance from the Group 本集團之墊款 Interest paid to the Group	593,019	9,437
			支付予本集團之利息
Mr. Hui Yik Bun ("Mr. Hui") and his associates	IPO Annual Cap 首次公開發售年度上限		100,000 Advance from the Group 本集團之墊款	8,045
許繹彬先生(「許先生」)及其聯繫人	Margin Annual Cap 孖展年度上限		10,000 Advance from the Group 本集團之墊款	1,363
			Interest paid to the Group 支付予本集團之利息		61
Mr. Chan Wing Shing, Wilson ("Mr. Chan") and his associates,	IPO Annual Cap 首次公開發售年度上限		20,000 Advance from the Group 本集團之墊款	4,126
together as "Mr. Chan's Group" 陳 永 誠 先生(「陳 先生」)及 其 聯 繫 人,	Margin Annual Cap 孖展年度上限		10,000 Advance from the Group 本集團之墊款	49
統稱「陳先生集團」			Interest paid to the Group 支付予本集團之利息		13
Mr. Yu Yun Kong ("Mr. Yu") and his associates	IPO Annual Cap 首次公開發售年度上限		20,000 Advance from the Group 本集團之墊款	5,227
余韌剛先生(「余先生」)及其聯繫人	Margin Annual Cap 孖展年度上限		10,000 Advance from the Group 本集團之墊款	282
			Interest paid to the Group 支付予本集團之利息		3
Mr. Szeto Wai Sun ("Mr. Szeto") and his associates	IPO Annual Cap 首次公開發售年度上限		20,000 Advance from the Group 本集團之墊款	—
司徒維新先生(「司徒先生」)及其聯繫人	Margin Annual Cap 孖展年度上限		10,000 Advance from the Group 本集團之墊款	—
			Interest paid to the Group 支付予本集團之利息		—
Mr. Ling Kwok Fai, Joseph ("Mr. Ling") and his associates	IPO Annual Cap 首次公開發售年度上限		20,000 Advance from the Group 本集團之墊款	—
凌國輝先生(「凌先生」)及其聯繫人	Margin Annual Cap 孖展年度上限		10,000 Advance from the Group 本集團之墊款	—
			Interest paid to the Group 支付予本集團之利息		—

Note:

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.

3. Brokerage Services Agreements

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

附 註:

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. 經紀服務協議

本年度,相關關連人士就本集團提供之經 紀服務所付經紀佣金收入總額載列如下:

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	962
Mr. Chan's Group 陳先生集團	2,900	2

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 Rule 14A.56 of the Listing Rules. A copy of the auditor's letter has been provided by the Company to The Stock Exchange of Hong Kong Limited (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) 根據相關交易協議進行,條款公平 合理及符合本公司股東整體利益之條 款。

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。 本公司已向香港聯 合交易所有限公司(「聯 交 所」)提 交核數師函件副本。

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 of this annual report. 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 100 to 104 of this annual report, 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 (i) below the de minimis threshold under Rule 14A.76(1) or (ii) 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.90.

INTERESTS AND SHORT POSITIONS OF THE DIRECTORS AND CHIEF EXECUTIVE OF THE COMPANY IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATIONS

As at 31 March 2021, the interests and short positions of the Directors and the chief executive of the Company in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) as recorded in the register required to be kept under section 352 of 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") of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") were as follows:

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 易之詳情載於本年報綜合財務報表附註30內。 根據上市規則構成關連交易╱持續關連交易(載 於本年報第100至104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(i)低於根據 第14A.76(1)條的最低豁免水平或(ii)所收取的財 務資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.90項下之該等交 易抵押本集團的資產。

本公司董事及最高行政人員於本公司 或任何相聯法團之股份、相關股份及 債券之權益及淡倉

於二零二一年三月三十一日,本公司董事及最高 行政人員於本公司或其任 何相聯法團(按《證券 及 期貨條 例(「《證 券及 期貨條 例》」)第XV部所指 之定義)之股份、相關股份或債券中擁有以下權 益 及 淡 倉,而該等 權 益 及 淡 倉是 於根 據《證 券 及期貨條例》第352條規定須備存之登記冊內記 錄,或根據聯交所證券上市規則(「上市規則」)的 《上市發行人董事進行證券交易的標準守則》(「標 準守則」)已另行知 會本公司及聯交 所之權 益 及 淡 倉:

Interests in shares of the Company (the "Shares")

於本公司股份(「股份」)之權益

Name of Director	Nature of interest	Long/short positions	Number of Shares	Approximate percentage of the issued voting Shares 佔已發行 投票股份
董事姓名	權益性質	好╱淡倉	股份數目	之概約百分比 (%)
Mr. Yip Mow Lum (Note 1) 葉茂林先生(附註1)	Interest in a controlled corporation 受控法團權益	Long position 好倉	900,000,000	53.02%
Mr. Yip Mow Lum 葉茂林先生	Beneficial owner 實益擁有人	Long position 好倉	183,776,280	10.83%
Mr. Hui Yik Bun 許繹彬先生	Beneficial owner 實益擁有人	Long position 好倉	600,000	0.03%
Mr. Yu Yun Kong 余韌剛先生	Beneficial owner 實益擁有人	Long position 好倉	608,829	0.03%
Mr. Szeto Wai Sun (Note 2) 司徒維新先生(附註2)	Beneficiary of trust 信託受益人	Long position 好倉	631,666	0.03%
Mr. Ling Kwok Fai, Joseph 凌國輝先生	Beneficial owner 實益擁有人	Long position 好倉	210,700	0.01%

• Notes:
• 1. 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 by virtue of the SFO.
• 1. As a beneficiary of a trust, Mr. Szeto Wai Sun, an independent non-executive Director, is deemed to be interested in those 631,666 Shares by virtue of the SFO.

附 註:

• 1. 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,葉茂林先生根據《證券及期貨條例》被視為 於該等股份中擁有權益。
• 1. 根 據《證 券及 期 貨 條 例》, 作 為 信 託 受 益 人, 獨立非執行董事司徒維新先生被視為於該等 631,666股股份擁有權益。

Save as disclosed above, as at 31 March 2021, none of the Directors or the chief executive of the Company had any interest or short positions in any 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.

INTERESTS AND SHORT POSITIONS OF THE PARTIES OTHER THAN DIRECTORS OR CHIEF EXECUTIVE OF THE COMPANY IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY

As at 31 March 2021, the parties (other than Directors or chief executive of the Company) who had interests or short positions in the Shares and underlying Shares as recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO, or as otherwise notified to the Company and the Stock Exchange are as follows:

除上 文 所披 露 者外,於二零二一年三月三十一 日,本公司各董事或最高行政人員概無在本公司 或其任 何相 聯法團(按《證 券及 期 貨條 例》第XV 部所指之定義)之任何股份、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。

本公司董事或最高行政人員以外人士 於本公司股份及相關股份之權益及淡 倉

於二零二一年三月三十一日,本公司董事或最高 行政人員以外人士於股份及相關股份中擁有以 下權益或淡倉,而該等權益或淡倉是於本公司 根 據《證 券及 期 貨條 例》第336條規定須備存之 登記冊內記錄,或已另行知會本公司及聯交所 之權益或淡 倉:

Name of Shareholder 股東姓名	Nature of interest 權益性質	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 voting Shares 佔已發行投票股份 之概約百分比
New Charming Holdings Limited (Note) 新長明控股有限公司(附註)	Beneficial owner 實益擁有人	Long position 好倉	900,000,000	53.02%

Note:

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.

附 註:

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 2021, none of the parties (other than the Directors or chief executive of the Company) had any interest or short position in the Shares or underlying Shares as 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.

DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed in the section headed "Share Option Scheme" in this annual report, at no time during the Year was the Company, its holding company or any of their subsidiaries, a party to any arrangements 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.

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 annual 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 73 to 91 of this annual report.

除上 文 所披 露 者外,於二零二一年三月三十一 日,概無任何人士(本公司董事或最高行政人員 除外)於股份或相關股份中,擁有記錄於本公司 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。

董事購入股份或債券之權利

除本年報「購股權 計劃」一節所披 露 者外,於本 年度內任 何時間,本公司、其控 股公司或彼等 之任何附屬公司概無參與任何安排,使董事透 過購入本公司或任何其他法團之股份或債券而 獲利。

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, 截至本年報日期,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73至91頁之「企業管治報告」一節。

ENVIRONMENTAL POLICIES AND PERFORMANCE

The Group is committed to discharging its corporate social responsibility as well as protecting the environment by minimizing the negative impact of the Group's existing business activities on the environment. Details of which are set out in the Environmental, Social and Governance Report on pages 61 to 72 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 are independent.

INDEPENDENT AUDITOR

The financial statements for the year ended 31 March 2021 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 Certified Public Accountants, 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.

環保政策及表現

本集團致力於履行其企業社會責任,同時盡量 降低本集團現有業務活動對環境的負面影響以 保護環境。有關詳情載於本年報第61至72頁的 環境、社會及管治報告。

確認獨立非執行董事之獨立性

本公司已收悉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。

獨立核數師

截 至二零二一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執業會計師審核。 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 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 2021, 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.

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。於編製截至二零二一年三月三十一日 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。

On behalf of the Board

Hui Yik Bun Executive Director & Chief Executive Officer

Hong Kong 28 June 2021 執行董事兼行政總裁 許繹彬

代表董事會

香港 二零二一年六月二十八日

To the shareholders of Bright Smart Securities & Commodities Group Limited (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 118 to 211, which comprise the consolidated statement of financial position as at 31 March 2021, 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 2021 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.

致耀才證券金融集團有限公司股東

(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 118至211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 於二零二一年三月三十一 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 貴集團於二零二一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。

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 154.

The Key Audit Matter How the matter was addressed in our audit

Brokerage commission income represented 62% of the total revenue of the Group for the year ended 31 March 2021.

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.

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.

Our audit procedures to assess the recognition of brokerage commission income included the 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;
• 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;
• 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154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

貴集團經紀佣金收入佔 貴集團截 至二零二一年三月三十一日止年度 之總收入之62%。 我們評估確認經紀業務收入之審計 程序包括以下內容:

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

我們已將經紀佣金收入確認為一 項關鍵審計事項,是由於該收入 為 貴集團關鍵業績指標之一,因 此存在收入之時間安排可能被操 縱以滿足特定目標或期望之固有風

險。

‧ 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 佣金收入及遞延收入之預期數 額,比較我們的預期值與 貴 集團記錄之實際經紀佣金收入, 我們分析預期值與 貴集團記 錄之 金 額 之 間 的重 大差 異;

• ‧ 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。

Valuation of accounts receivable from margin clients

Refer to notes 16 and 28 to the consolidated financial statements and the accounting policies on pages 170 to 173 and pages 190 to 203.

關鍵審計事項 我們的審計如何處理該等事項 於二零二一年三月三十一日,應收 孖展客戶款項總計10,805百萬港 元,佔本集團總資產68%。 貴集團將應收孖展客戶款項分類為 按公平值計入損益計量之金融資 產。 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。 授予孖展客戶的信貸融資之金額按 本集團接納作抵押品之證券貼現價 值釐定。 管理層需要判斷按照抵押品估值估 計應收孖展客戶款項之公平值。管 理層於報告日期參照報價評估所持 抵押品(主要包括上市證券)價值。 倘抵押品不足,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。 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。 我們評估應收孖展客戶款項之減值 之審 計 程 序包括以下內容: ‧ 了解及評估批准、記錄及監控 應收孖展客戶款項及抵押敞口 以及估值評估程序的關鍵內部 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基礎系 統,我們利用我們的信息技術 專家來評估一系列相關關鍵內 部控制之設計、實施及 運營有 效性,包括對該等系統之控制 及 對 數 據 及 變 更管 理 之 控 制; • 通過將保證金逆差報告記錄的 有關證券的賬面值與公開市價 進行抽樣比較,評估應收孖展 客戶款 項的 估值; • 通過將摘錄自本集團記錄的持 作抵押品的有關證券與來自經 紀或結算所的保管人結單進行 抽樣比較,評估抵押品存在與 否;及 • 參考現行會計準則的規定評估 綜合財務報表的披露事項。 The Key Audit Matter How the matter was addressed in our audit At 31 March 2021 accounts receivable from margin clients totalled HK\$10,805 million, representing 68% of the Group's total assets. 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 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. 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. Our audit procedures to assess the valuation of accounts receivable from margin clients included the following: • understanding and assessing the design, implementation and operating effectiveness of the key internal controls over the approval, recording and monitoring of accounts receivable from margin clients and collateral s h o r t f a l l s a n d va l u ati o n a s s e s s m e nt 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; • assessing the valuation of accounts receivable from margin clients by comparing the carrying value of underlying securities as recorded in the margin shortfall report with publicly available market prices on a sample basis; • assessing the existence of collateral by comparing underlying securities held as collateral as extracted from the Group's records with custodian statements from brokers or clearing houses on a sample basis; and • assessing the disclosures in the consolidated financial statements with reference to the requirements of the prevailing accounting

應收孖展客戶款項之估值

和第190至203頁之會計政策。

參閱綜合財務報表附註16和28及 第170至173頁

standards.

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 necessary 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

董事須對其他資料負責。其他資料包括在年報 內的全部資料,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資料, 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 是閱讀其他資料,在此過程中,考慮其他資料 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,如果我們認為其他資 料存在重大錯誤陳述,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。

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有或承擔任何責任。

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。

• 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, actions taken to eliminate threats or safeguards applied.

• ‧ 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,為消 除威脅而採取的行動或應用的防範措施。

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.

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。

KPMG

Certified Public Accountants

8th Floor, Prince's Building 10 Chater Road Central, Hong Kong 28 June 2021

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 二零二一年六月二十八日

Consolidated Statement of Comprehensive Income 綜合全面收益表

For the year ended 31 March 2021 (Expressed in Hong Kong dollars) 截至二零二一年三月三十一日止年度(以港元列示)

			2021	2020
		Note	二零二一年 \$'000	二零二零年 \$'000
		附註	千元	千元
Revenue	收入	4	1,285,201	864,017
Other income	其他收益	5	243,395	239,503
Other net gain/(loss)	其他收 益 ╱(虧損)淨額	6	32,904	(20,270)
			1,561,500	1,083,250
Staff costs	員工成本	7(b)	(152,895)	(127,472)
Amortisation and depreciation	攤銷及折舊		(79,519)	(89,635)
Other operating expenses	其他經營開支	7(c)	(272,675)	(199,054)
Profit from operations	經營溢利		1,056,411	667,089
Finance costs	財務成本	7(a)	(239,223)	(138,178)
Profit before taxation	除稅前溢利	7	817,188	528,911
Income tax	所得稅	8	(113,283)	(57,933)
Profit for the year	年內溢利		703,905	470,978
Other comprehensive income for the year:	年內其他全面收益:
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		(293)	233
Total comprehensive income	權益股東應佔年內全面
attributable to equity	收益總額
shareholders for the year			703,612	471,211
Earnings per share	每股盈利
Basic (cents)	基 本(仙)	11	41.47	27.75
Diluted (cents)	攤薄(仙)	11	41.47	27.75

The notes on pages 124 to 211 form part of these financial statements. Details of dividends declared for the year are set out in note 26(b).

第124至211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)。

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 March 2021 (Expressed in Hong Kong dollars) 於二零二一年三月三十一日(以港元列示)

			2021	2020
		Note	二零二一年 \$'000	二零二零年 \$'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	106,516	159,826
Intangible assets	無形資產	14	5,783	5,783
Deferred tax assets	遞延稅項資產	25(b)	268	122
Other receivables, deposits and	其他應收款項、按金及
prepayments	預付款項	17	3,822	16,944
Other non-current assets	其他非流動資產	15	78,429	77,715
Total non-current assets	非流動資產總值		194,818	260,390
Current assets	流動資產
Accounts receivable	應收賬款	16	15,139,668	5,644,787
Other receivables, deposits and	其他應收款項、按金及
prepayments	預付款項	17	26,063	26,441
Amount due from a related company	應收一間關聯公司款項		3	—
Financial assets at fair value through	按公平值計入損益之
profit or loss	金融資產		70,593	48,539
Financial assets at amortised cost Tax recoverable	按攤銷成本計量之金融資產 可退回稅項	25(a)	7,787 972	— 1,321
Cash and cash equivalents	現金及現金等價物	18(a)	418,483	477,657
Total current assets	流動資產總值		15,663,569	6,198,745
Current liabilities	流動負債
Accounts payable	應付賬款	20	2,061,356	1,301,268
Accrued expenses and other payables	應計開支及其他應付款項	21	103,417	65,071
Amount due to a related company	應付一間關聯公司款項		—	200,136
Bank loans	銀行貸款	22	11,436,038	2,858,789
Lease liabilities	租賃負債	23	61,141	59,845
Current taxation	即期稅項	25(a)	57,764	5,378
Total current liabilities	流動負債總額		13,719,716	4,490,487
Net current assets	流動資產淨值		1,943,853	1,708,258
Total assets less current liabilities	資產總值減流動負債		2,138,671	1,968,648
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	1,431	7,238
Lease liabilities	租賃負債	23	6,565	59,104
Total non-current liabilities	非流動負債總額		7,996	66,342
NET ASSETS	資產淨值		2,130,675	1,902,306

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 March 2021 (Expressed in Hong Kong dollars) 於二零二一年三月三十一日(以港元列示)

			2021 二零二一年	2020 二零二零年
		Note 附註	\$'000 千元	\$'000 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	205	498
Merger reserve	合併儲備	26	(20,000)	(20,000)
Retained profits	保留溢利	26	903,261	674,599
TOTAL EQUITY	權益總值		2,130,675	1,902,306

Approved and authorised for issue by the board of directors on 28 June 2021.

經董事會於二零二一年六月二十八日批准並授權 刊發。

Directors
董事

Yip Mow Lum Hui Yik Bun

葉茂林 許繹彬

The notes on pages 124 to 211 form part of these financial statements. 第124至211頁之附註構成此等財務報表其中部 分。

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

For the year ended 31 March 2021 (Expressed in Hong Kong dollars) 截至二零二一年三月三十一日止年度(以港元列示)

		Note	Share capital 股本 \$'000	Share premium 股份溢價 \$'000	Exchange reserve 滙兌儲備 \$'000	Merger reserve 合併儲備 \$'000	Retained profits 保留溢利 \$'000	Total equity 權益總值 \$'000
At 1 April 2019	於二零一九年四月一日	附 註	千 元 509,189	千 元 738,020	千 元 265	千 元 (20,000)	千 元 1,695,816	千 元 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 ended 31 March 2020:	截至二零二零年 三月三十一日止
Profit for the year	年度 之權 益 變 動: 年內溢利		—	—	—	—	470,978	470,978
Other comprehensive income	其他全面收益		—	—	233	—	—	233
Total comprehensive income for the year	年內全面收益總額		—	—	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
At 1 April 2020	於二零二零年四月一日		509,189	738,020	498	(20,000)	674,599	1,902,306
Changes in equity for the year ended 31 March 2021:	截至二零二一年 三月三十一日止 年度 之權 益 變 動:
Profit for the year	年內溢利		—	—	—	—	703,905	703,905
Other comprehensive income	其他全面收益		—	—	(293)	—	—	(293)
Total comprehensive income for the year	年內全面收益總額		—	—	(293)	—	703,905	703,612
Dividend paid during the year	年內派付的股息	26(b)	—	—	—	—	(475,243)	(475,243)
At 31 March 2021	於二零二一年 三月三十一日		509,189	738,020	205	(20,000)	903,261	2,130,675

The notes on pages 124 to 211 form part of these financial statements.

第124至211頁之附註構成此等財務報表其中部 分。

Consolidated Cash Flow Statement 綜合現金流量表

For the year ended 31 March 2021 (Expressed in Hong Kong dollars) 截至二零二一年三月三十一日止年度(以港元列示)

			2021 二零二一年	2020 二零二零年
		Note 附註	\$'000 千元	\$'000 千元
Operating activities	經營活動
Cash (used in)/generated from operations Hong Kong Profits Tax paid	經營業務(所用)╱所得現金 已付香港利得稅	18(b)	(7,680,611) (60,694)	2,297,392 (44,596)
Net cash (used in)/generated from operating activities	經營活動(所用)╱所得現金 淨額		(7,741,305)	2,252,796
Investing activities	投資活動
Purchase of financial assets at amortised cost	購買按攤銷成本計量之金 融資產		(7,789)	—
Purchase of financial assets at fair value through profit or loss	購買按公平值計入損益之金 融資產		(333,101)	(108,317)
Proceeds from disposal of financial assets at fair value through profit or loss	出售按公平值計入損益之金 融資產所得款項		321,150	66,452
Payment for purchase of property, plant and equipment	購買物業、廠房及 設備付款		(16,721)	(4,936)
Dividend received Interest received	已收股息 已收利息		21 93,195	214 167,326
Net cash generated from investing	投資活動所得現金淨額
activities			56,755	120,739

Consolidated Cash Flow Statement 綜合現金流量表

For the year ended 31 March 2021 (Expressed in Hong Kong dollars) 截至二零二一年三月三十一日止年度(以港元列示)

		Note 附註	2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Financing activities	融資活動
Capital element of lease rentals paid Interest element of lease rentals paid Net proceeds from /(repayment of)	已付租賃租金之資本部分 已付租賃租金之利息部分 銀行貸款所得款項淨額╱		(60,456) (2,491)	(70,244) (3,838)
bank loans (Repayment of)/proceeds from amount due	(還款淨額) 應付一間關聯公司(還款)╱		8,571,666	(582,204)
to a related company Dividend paid Interest paid	所得款項 已付股息 已付利息		(200,136) (475,243) (236,732)	60 (1,490,226) (134,340)
Net cash generated from/(used in) financing activities	融資活動所得╱(所用)現金 淨額		7,596,608	(2,280,792)
Net (decrease)/increase in cash and cash equivalents	現金及現金等價物 (減少)╱增加淨額		(87,942)	92,743
Cash and cash equivalents at 1 April	於四月一日之現金及 現金等價物		477,657	401,254
Effect of foreign exchange rates changes	滙率變動之影響		28,768	(16,340)
Cash and cash equivalents at 31 March	於三月三十一日之現金及 現金等價物	18(a)	418,483	477,657

The notes on pages 124 to 211 form part of these financial statements.

第124至211頁之附註構成此等財務報表其中部 分。

(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 2021 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, KY1- 1205, Cayman Islands。截至二零二一年三 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

此等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。此等 財務報表亦符合《香港聯合交易所有 限公司證券上市規則》之適 用披 露條 文。本集團採納之主要會計政策概要 於下文披露。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

(a) Statement of compliance (Continued)

The HKICPA has issued certain amendments to 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 accounting period 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.

2 主要會計政策(續)

(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 用之若干香港財務報告準則的修訂。 初始應用與此等財務報表內反映之本 集團當前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 該修訂之年度及未來年度確認。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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)(ii)) unless the investment is classified as held for sale.

2 主要會計政策(續)

(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)(ii))。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c) Basis of consolidation (Continued)

(ii) Business combinations involving entities under common control

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

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

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

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

2 主要會計政策(續)

• (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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Property, plant and equipment

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)).

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.

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:

2 主要會計政策(續)

(d) 物業、廠房及設備

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。

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。

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 Lease term	—	自用租賃物業	租期內
—	Leasehold improvements	Shorter of the unexpired term of lease and 3 years	—	租賃裝修	未屆滿租期及 3年(以較短期 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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.

2 主要會計政策(續)

(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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(f) Leased assets (Continued)

As a lessee

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 nonlease components as a single lease component for all leases.

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.

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.

2 主要會計政策(續)

(f) 租賃資產(續)

作為承租人

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。

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。

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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(f) Leased assets (Continued)

As a lessee (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 rightof-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.

2 主要會計政策(續)

(f) 租賃資產(續)

作為承租人(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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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.

2 主要會計政策(續)

(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:

• 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 流量而持有則按攤銷成本。投 資的利息收入採用實際利率法 計算(參閱附註2(p)(iii))。
• 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,則按公平值計入 其他全 面 收 益(可劃 轉)。 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

(h) Credit losses and impairment of assets

(i) Credit loss from financial instruments

The Group recognises expected credit losses allowance ("ECL") on the following items:

• financial assets measured at amortised cost (including cash and cash equivalents, accounts and other receivables, deposits and prepayments);
• debt securities measured at FVOCI (recycling); and
• loan commitments issued, which are not measured at FVPL.

Financial assets measured at fair value, including units in 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).

2 主要會計政策(續)

• (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(「預期信 貸虧損」)撥備:

• 以攤銷成本計量的金融資 產(包 括 現 金 及 現 金 等 價 物、應收賬款及其他應收 款項、按金及預付款項);
• 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 擔。

以公平值計量的金融資產,包 括按公平值計入損益的權益證 券單位、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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

• (h) Credit losses and impairment of assets (Continued)
• (i) Credit loss from financial instruments (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 receivable and other receivables: 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.

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (i) 金融工具的信貸虧損(續)

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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

• (h) Credit losses and impairment of assets (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.

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (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 虧損的金額計量貿易應收賬款、 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(h) Credit losses and impairment of assets (Continued)

(i) Credit loss from financial instruments (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.

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (i) 金融工具的信貸虧損(續)

預期信貸虧損的計量(續) 至於所有其他金融工具(包括已 發出的貸款承擔),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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

• (h) Credit losses and impairment of assets (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;
• an actual or expected signif icant deterioration in a financial instrument's external or internal credit rating (if available);
• an actual or expected signif icant 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.

2 主要會計政策(續)

• (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) 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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).

2 主要會計政策(續)

• (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。

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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

• (h) Credit losses and impairment of assets (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;

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (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;

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

• (h) Credit losses and impairment of assets (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 loss allowance in profit or loss in the period in which the recovery occurs.

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (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 認為虧損撥備撥回。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

(h) Credit losses and impairment of assets (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;
• intangible assets; and
• investment in subsidiaries in the Company's statement of financial position.

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

— Calculation of recoverable amount

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

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (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;
  • 無形資產;及
  • 本公司財務狀況表中於附 屬公司之投資。
  • 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

• (h) Credit losses and impairment of assets (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.

2 主要會計政策(續)

• (h) 信貸虧損及資產減值(續)
• (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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(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 ECLs in accordance with the policy set out in note 2(h)(i).

2 主要會計政策(續)

(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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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 Black-Scholes model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.

Where the Company enters into 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).

2 主要會計政策(續)

(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)。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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.

2 主要會計政策(續)

(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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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.

2 主要會計政策(續)

(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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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 taxes 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

2 主要會計政策(續)

(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

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

2 SIGNIFICANT ACCOUNTING POLICIES (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.

2 主要會計政策(續)

• (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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(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.

2 主要會計政策(續)

(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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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 is recognised on a trade date basis.

(vii) Government grants

Government grants are recognised in the statement of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised as income in profit or loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are deducted from the carrying amount of the asset and consequently are effectively recognised in profit or loss over the useful life of the asset by way of reduced depreciation expense.

(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.

2 主要會計政策(續)

• (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 包括交易投資已變現公平值收 益或虧損的投資收入按交易日 確認。
• (vii) 政府補助 當可合理保證會收到政府補助, 而本集團將會遵守補助所附條 件時,政府補助初步於財務狀 況表內確認。補償本集團所產 生開支的補助於產生開支的相 同期間內系統地於損益內確認 為收益。補償本集團資產成本 的補助從資產賬面值扣除,隨 後以經扣減折舊開支的方式在 資產的使用年限內在損益中有 效確認。
• (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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

(q) Translation of foreign currencies (Continued)

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.

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.

2 主要會計政策(續)

(q) 外幣換算(續)

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。

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份 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES

(Continued)

(s) Related parties (Continued)

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

2 主要會計政策(續)

• (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:
  • (1) 該實體與本集團屬同一集 團 之 成 員公司(即 各 母 公 司、附屬公司及同系附屬 公司之間互有關連)。
  • (2) 一間實體為另一實體之聯 營公司或合營企業(或為該 另一實體所屬集團旗下成 員公司之聯營公司或合營 企業)。
  • (3) 兩間實體均為同一第三方 之合營企業。
  • (4) 一間實體為某第三方實體 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。

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

2 SIGNIFICANT ACCOUNTING POLICIES (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 number of amendments to HKFRSs that are first effective for the current accounting period of the Group.

• Amendments to HKFRS 3, "Definition of a business"
• Amendments to HKFRS 16, "Covid-19-Related Rent Concessions"

The Group has elected not to adopt and apply the practical expedient to all qualifying Covid-19-related rent concessions granted to the Group during the reporting period. Consequently, rent concessions received have been accounted for as lease measurement. There is no impact on the opening balance of equity at 1 April 2020.

2 主要會計政策(續)

(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。

• 香港財務報告準則第3號之修訂「業務 之定義」
• 香港財務報告準則第16號之修訂「新 冠疫情相關租金優惠」

本集團已選擇不對報告期內授予本集團的 所有符合條件的Covid-19相關租金優惠採 用和應用權宜之計。因此,收到的租金優 惠已經作為租賃計量入賬,此對於2020年 4月1日的權益期初餘額沒有影響。

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

3 CHANGES IN ACCOUNTING POLICIES

(Continued)

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.

4 REVENUE

The principal activities of the Group are securities broking, margin financing, commodities and futures broking, bullion trading and leveraged foreign exchange trading.

The amount of each significant category of revenue is as follows:

3 會計政策變動(續)

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。

4 收入

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。

各重要類別收 入金額如下:

		2021 二零二一年	2020 二零二零年
		\$'000 千元	\$'000 千元
Revenue from contracts with customers within the scope of HKFRS 15	香港財務報告準則第15號 範圍內之客戶合約收入
Brokerage commission	經紀佣金	793,820	516,249
Revenue from other sources Dealing income from bullion trading Dealing income from leveraged foreign	其他來源收入 貴金屬交易收入 槓桿式外滙交易收入	15,177	10,423
exchange trading Interest income from margin financing Interest income from IPO financing	孖展融資利息收入 首次公開發售融資利息收入	3,305 271,238 201,661	1,385 302,486 33,474
		491,381 1,285,201	347,768 864,017

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

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%。

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。

(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

		2021 二零二一年	2020 二零二零年
		\$'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	53,438	141,933
— Others	— 其他	1,178	4,064
		54,616	145,997
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	38,561	21,329
		93,177	167,326
Handling and settlement fees	手續費及結算費用	125,022	65,142
Dividend income	股息收入	21	214
Government grants (note)	政府補助(附註)	14,923	—
Sundry income	雜項收入	10,252	6,821
		243,395	239,503

Note: During the year, the Group successfully applied for funding support from the Employment Support Scheme under the Anti-epidemic Fund, set up by the Hong Kong SAR Government. The purpose of the funding is to provide financial support to enterprises to retain their employees who would otherwise be made redundant. Under the terms of the grant, the Group is required not to make redundancies during the subsidy period and to spend all the funding on paying wages to the employees.

附 註: 年內,本集團已成功向香港特別行政區 政府設立的防疫抗疫基金下轄「保就業」 計劃申請資金支持。該資金旨在向企業 提供財務資助以挽留其可能會被裁員的 僱員。根據補助條款,本集團不得於補 助期間裁員並須將所有資金用於向僱員 支付薪金。

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

6 OTHER NET GAIN/(LOSS) 6 其他收益╱(虧損)淨額

		2021 二零二一年	2020 二零二零年
		\$'000	\$'000
		千元	千元
Realised gain/(loss) from — Financial assets at fair value through	已變現收 益 ╱(虧損)來自 — 按公平值計入損益之
profit or loss	金融資產	14,714	(3,130)
Unrealised (loss)/gain from	未變現(虧損)╱收 益來自
— Financial assets at fair value through	— 按公平值計入損益之
profit or loss	金融資產	(4,611)	1,059
		10,103	(2,071)
Net foreign exchange gain/(loss)	外滙收 益 ╱(虧損)淨額	24,666	(10,033)
Loss on disposals of property,	出售物業、廠房及
plant and equipment	設備虧損	(503)	(385)
Error trades arising from dealings	錯盤交易	(112)	(345)
Others	其他	(1,250)	(7,436)
		32,904	(20,270)

(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:

				2021	2020
				二零二一年	二零二零年
				\$'000 千元	\$'000 千元
(a)	Finance costs	(a)	財務成本
	Interest expenses 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	144,156	28,565
	— Other bank loans		— 其他銀行貸款	84,836	93,788
	— Lease liabilities (note 13)		— 租賃負債(附註13)	2,491	3,838
	— Loans from related companies		— 來自關聯公司貸款	6,029	11,014
	— Others		— 其他	1,711	973
				239,223	138,178
(b)	Staff costs	(b)	員工成本
	Salaries, allowances and benefits in kind		薪金、津貼及實物福利	103,490	105,253
	Discretionary bonuses		酌情花紅	45,822	18,360
	Contributions to Mandatory Provident		強制性公積金供款
	Fund			3,583	3,859
				152,895	127,472
(c)	Other operating expenses	(c)	其他經營開支
	Advertising and promotion expenses		廣告及宣傳開支	34,979	15,595
	Auditors' remuneration		核數師酬金	1,703	1,704
	Commission, handling and		經紀佣金、手續費及
	settlement expenses		結算費用	143,997	88,593
	Information and communication		資訊及通訊開支
	expenses Legal and professional fees		法律及專業費用	47,512 2,133	46,740 2,783
	Operating lease payments —		經營租約付款
	property rentals		— 物業租金	146	98
	Rates and building management fees		差餉及樓宇管理費	4,626	5,635
	Miscellaneous expenses		雜項開支	37,579	37,906
				272,675	199,054

(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:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Current tax — Hong Kong Profits Tax	即期稅項 — 香港利得稅
Provision for the year (Over)/under-provision in respect of prior years	年內撥備 過往年度 (超額)╱不足撥備	114,157 (728)	57,867 121
Deferred tax	遞延稅項	113,429	57,988
Origination and reversal of temporary differences (note 25(b)(i))	暫時差額之產生及撥回 (附註25(b)(i))	(146)	(55)
Total tax charge for the year	年內稅項支出總額	113,283	57,933

The provision for Hong Kong Profits Tax for 2021 is calculated at 16.5% (2020: 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.

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 2020.

二零二一年之香港利得稅撥備乃以年 內估計應課稅溢利按16.5%(二零二 零年: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。

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二零二零年相 同之基準計算。

(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 (Continued)

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

The provision for Hong Kong Profits Tax for 2021 is taken into account a reduction granted by the Hong Kong SAR Government of 100% of the tax payable for the year of assessment 2020–21 subject to a maximum reduction of \$10,000 for each business (2020: a maximum reduction of \$20,000 was granted for the year of assessment 2019–20 and was taken into account in calculating the provision for 2020).

(b) Reconciliation between tax expense and accounting profit at applicable tax rates:

• 8 綜合全面收益表之所得稅(續)
• (a) 綜合全面收益表之稅項指:(續)

二零二一年之香港利得稅撥備已計及 香港特別行政區政府就二零二零至 二一年課稅年度授予每一業務100% (上 限 為10,000元)之 應 付 稅 項 寬 減 (二零二零年:二零二零年之撥備已計 及就二零一九至二零年課稅年度授予 之最高20,000元寬減)。

(b) 按適用稅率計算之稅項開支與會 計溢利對賬:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Profit before taxation	除稅前溢利	817,188	528,911
Notional tax on profit before taxation calculated at the rates applicable to profits in the countries concerned Tax effect of non-deductible expenses Tax effect of non-taxable revenue Tax effect of unused tax losses not recognised	按適用於相關國家溢利之 稅率計算之除稅前 溢利名義稅項 不可扣稅開支之稅務影響 毋須課稅收益之稅務影響 未確認未動用稅項虧損之 稅務影響	134,670 3,716 (20,851) 1	87,105 3,313 (29,702) 17
Utilisation of tax loss previously not recognised (Over)/under-provision in respect of prior years Others	動用先前未確認之 稅項虧損 過往年度(超額)╱ 不足撥備 其他	(192) (728) (3,333)	— 121 (2,921)
Total tax charge for the year	年內稅項支出總額	113,283	57,933

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

9 DIRECTORS' EMOLUMENTS

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:

9 董事酬金

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:

			2021 二零二一年
		Directors'	Salaries, allowances and benefits	Discretionary	Contributions to Mandatory Provident
		fees	in kind 薪金、津貼及	bonuses	Fund	Total
		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	—	8,942	7,104	—	16,046
Hui Yik Bun	許繹彬	—	2,293	5,456	18	7,767
Chan Wing Shing, Wilson	陳永誠	—	968	323	18	1,309
Yu Yun Kong	余韌剛	252	—	—	—	252
Szeto Wai Sun	司徒維新	219	—	—	—	219
Ling Kwok Fai, Joseph	凌國輝	185	—	—	—	185
Total	總 計	656	12,203	12,883	36	25,778

				2020
				二零二零年
			Salaries,		Contributions
			allowances and	Discretionary	to Mandatory
		Directors' fees	benefits in kind	bonuses	Provident 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

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

9 DIRECTORS' EMOLUMENTS (Continued)

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

10 INDIVIDUAL WITH HIGHEST EMOLUMENTS

Included in the emoluments of the five individuals with the highest emoluments were the emoluments of 2 (2020: 2) Directors. The emoluments of Directors have been disclosed in note 9 above. The aggregate of the emoluments in respect of the other 3 (2020: 3) individuals are as follows:

9 董事酬金(續)

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

10 最高薪酬人士

五名薪酬最高的僱員中包括兩名(二零二零 年:兩名)董事。董事酬金已於上文附註9 披露。餘下三名(二零二零年:三名)人士之 酬金總額如下:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Salaries, allowances and benefits in kind Discretionary bonuses Contributions to Mandatory Provident Fund	薪金、津貼及實物福利 酌情花紅 強積金供款	4,929 8,152 54	4,989 1,430 54
		13,135	6,473

The emoluments of the 3 (2020: 3) individuals with the highest emoluments are within the following bands:

該三名(二零二零 年:三名)最高 薪 酬 人士 之酬金 介乎以下範圍:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Nil to \$2,000,000	零至2,000,000元	2	2
\$2,000,001 to \$4,000,000	2,000,001元至4,000,000元	—	1
\$4,000,001 to \$6.000,000	4,000,001元至6,000,000元	—	—
\$6,000,001 to \$8,000,000	6,000,001元至8,000,000元	—	—
\$8,000,001 to \$10,000,000	8,000,001元至10,000,000元	1	—

No emoluments have been paid to these individuals as an inducement to join or upon joining the Group or as compensation for loss of office during the financial year (2020: 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(二零二零年:無)。

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

11 EARNINGS PER SHARE

Basic earnings per share

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.

11 每股盈利

每股基本盈利

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。

		2021 二零二一年	2020 二零二零年
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)	703,905	470,978
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)	41.47	27.75

Diluted earnings per share

每股攤薄盈利

There was no dilutive potential ordinary share during the year (2020: 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(二零二零年: 無),因此,每 股 攤 薄盈利 相 等於 每 股 基 本盈利。

(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 overseas markets, margin and IPO 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 提供於香港及海外市場 買賣之證券之經紀服務、向經紀客戶 提供孖展及首次公開發售融資服務。
• 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。

(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

		2021 二零二零年
		Securities broking 證券經紀 \$'000	Commodities and futures broking 商品及 期貨經紀 \$'000	Bullion trading 貴金屬交易 \$'000	Total 總計 \$'000
Revenue from customers: — Brokerage commission — Dealing income	來自客戶之收入: — 經紀佣金 — 交易收入	千元 580,667 —	千元 214,816 —	千元 — 15,177	千元 795,483 15,177
— Interest income from margin financing — 孖展融資利息收入 — Interest income from IPO financing	— 首次公開發售融資 利息收入	271,238 201,661	— —	— —	271,238 201,661
Reportable segment revenue	可報告分部收入	1,053,566	214,816	15,177	1,283,559
Interest income from cash clients Other interest income Handling and settlement fees	現金客戶利息收入 其他利息收入 手續費及結算費用	38,561 47,481 125,010	— 7,095 9	— 39 3	38,561 54,615 125,022
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	964,392	72,338	11,014	1,047,744
Amortisation and depreciation for the year Finance costs Additions to non-current segment assets	年內攤銷及折舊 財務成本 年內添置之非流動分部資產	(17,511) (243,975)	(8) —	— —	(17,519) (243,975)
during the year		16,685	—	—	16,685
Reportable segment assets Reportable segment liabilities	可報告分部資產 可報告分部負債	14,994,772 (13,095,598)	922,895 (557,230)	26,329 (16,211)	15,943,996 (13,669,039)

(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)

		2020 二零二零年
			Commodities
		Securities broking	and futures broking 商品及	Bullion trading	Total
		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 — Interest income from IPO financing	— 首次公開發售融資	302,486	—	—	302,486
	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 during the year	年內添置之非流動分部資產	4,931	—	—	4,931
Reportable segment assets Reportable segment liabilities	可報告分部資產 可報告分部負債	5,761,546 (4,069,128)	706,429 (363,944)	43,693 (24,789)	6,511,668 (4,457,861)

(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

		2021	2020
		二零二一年	二零二零年
		\$'000	\$'000
		千元	千元
Revenue	收入
Reportable segment revenue	可報告分部收入	1,283,559	863,604
Elimination	對銷	(1,663)	(972)
Unallocated corporate revenue	未分配公司收入	3,305	1,385
Consolidated revenue	綜合收入	1,285,201	864,017
Profit	溢利
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	1,047,744	663,057
Finance costs	財務成本	(239,223)	(138,178)
Unallocated corporate income	未分配公司收入	117,345	107,446
Unallocated corporate expenses	未分配公司開支	(108,678)	(103,414)
Consolidated profit before taxation	綜合除稅前溢利	817,188	528,911
Assets	資產
Reportable segment assets	可報告分部資產	15,943,996	6,511,668
Elimination	對銷	(213,541)	(226,695)
Unallocated corporate assets	未分配公司資產	127,932	174,162
Consolidated total assets	綜合資產總值	15,858,387	6,459,135
Liabilities	負債
Reportable segment liabilities	可報告分部負債	(13,669,039)	(4,457,861)
Elimination	對銷	1,735,642	562,213
Unallocated corporate liabilities	未分配公司負債	(1,794,315)	(661,181)
Consolidated total liabilities	綜合負債總額	(13,727,712)	(4,556,829)

(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

		Properties leased for	Leasehold	Motor vehicles and	Office	Furniture and	Computers
		own use 自用租賃物業	improvements 租賃裝修	yacht 汽 車及遊艇	equipment 辦公室設備	fixtures 傢具及裝置	and software 電腦及軟件	Total 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 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	採用香港財務報告準則第16號	35,939	—	—	—	—	—	35,939
At 1 April 2019	於二零一九年四月一日	35,939	53,712	31,418	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
At 1 April 2020	於二零二零年四月一日	188,985	46,980	32,316	18,843	13,066	35,208	335,398
Additions	添 置	19,292	15,323	213	469	339	377	36,013
Disposals Derecognition of right-of-use assets 終止確認使用權資產	出售	—	(5,436)	—	(1,006)	(2,260)	(127)	(8,829)
Exchange adjustments	滙率調整	(25,562) —	— 14	— —	— 17	— —	— 28	(25,562) 59
At 31 March 2021	於二零二一年三月三十一日	182,715	56,881	32,529	18,323	11,145	35,486	337,079
Accumulated depreciation:	累積折舊:
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
At 1 April 2020	於二零二零年四月一日	66,693	44,645	8,507	16,371	11,800	27,556	175,572
Charge for the year	年內開支	63,906	4,982	6,490	982	631	2,528	79,519
Written back on disposals	於出售時撥回	—	(5,160)	—	(914)	(2,125)	(127)	(8,326)
Derecognition of right-of-use assets 終止確認使用權資產		(16,261)	—	—	—	—	—	(16,261)
Exchange adjustments	滙率調整	–	14	—	17	—	28	59
At 31 March 2021	於二零二一年三月三十一日	114,338	44,481	14,997	16,456	10,306	29,985	230,563
Net book value:	賬面淨值:
At 31 March 2021	於二零二一年三月三十一日	68,377	12,400	17,532	1,867	839	5,501	106,516
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

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

13 PROPERTY, PLANT AND EQUIPMENT

(Continued)

Right-of-use assets

The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:

13 物業、廠房及設備(續)

使用權資產

按相關資產類別劃分之使用權資產賬面淨 值分析如下:

		31 March 2021 二零二一年 三月三十一日 \$'000 千元	31 March 2020 二零二零年 三月三十一日 \$'000 千元
Properties leased for own use, carried at	自用租賃物業,按折舊成本
depreciated cost	列賬	68,377	122,292

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:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Depreciation charge on properties leased for own use	自用租賃物業折舊開支	63,906	73,781
Interest on lease liabilities (note 7(a)) Expense relating to short-term leases and other leases with lease terms end within	租賃負債利息(附註7(a)) 與短期租賃及租期於12個月內 結束的其他租賃有關之開支	2,491	3,838
12 months		146	98

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

13 PROPERTY, PLANT AND EQUIPMENT

(Continued)

Right-of-use assets (Continued)

During the year, additions to right-of-use assets were \$19,292,000 (2020: \$173,339,000), which primarily related to the capitalised lease payments payable under new tenancy agreements.

Details of total cash outflow for leases and the maturity analysis of lease liabilities as of 31 March 2021 are set out in notes 18(d) and 23, respectively.

As of 31 March 2021, there are no leases subject to variable lease payment arrangement.

14 INTANGIBLE ASSETS

13 物業、廠房及設備(續)

使用權資產(續)

年內添置之使用權資產為19,292,000元 (2020年: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。

截 至二零二一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。

於二零二一年三月三十一日,概無 租 賃涉 及可變租賃付款安排。

14		無形資產

		Debentures 債券 \$'000 千元
Cost:	成本:
At 1 April 2019, 31 March 2020, 1 April 2020 and 31 March 2021	於二零一九年四月一日、 二零二零年三月三十一日、 二零二零年四月一日及 二零二一年三月三十一日	6,600
Accumulated amortisation:	累積攤銷:
At 1 April 2019 Charge for the year	於二零一九年四月一日 年內開支	317 500
At 31 March 2020	於二零二零年三月三十一日	817
At 1 April 2020 and 31 March 2021	於二零二零年四月一日及 二零二一年三月三十一日	817
Net book value:	賬面淨值:
At 31 March 2021	於二零二一年三月三十一日	5,783
At 31 March 2020	於二零二零年三月三十一日	5,783

(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

		2021 二零二一年	2020 二零二零年
		\$'000 千元	\$'000 千元
Statutory deposits with exchanges and clearing houses	交易及結算所之法定按金	78,429	77,715

16 ACCOUNTS RECEIVABLE

16 應收賬款

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Accounts receivable from:	應收 賬款來自:
— Clearing houses	— 結算所	873,022	785,804
— Brokers and dealers	— 經紀及交易商	461,807	210,195
Less: Loss allowance	減:虧損撥備	(1,248)	(505)
Financial assets measured at amortised	按攤銷成本計量之金融資產
cost		1,333,581	995,494
Accounts receivable from:	應收 賬款來自:
— Cash clients	— 現金客戶	634,721	263,480
— Margin clients	— 孖展客戶	10,804,648	4,385,813
— Subscription of new shares in IPO	— 認購首次公開發售新股	2,366,718	—
Financial assets measured at FVPL	以按公平值計入損益之
	方式計量之金融資產	13,806,087	4,649,293
		15,139,668	5,644,787

(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

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:

16 應收賬款(續)

(a) 賬齡分析

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:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Current	即期	109,579	65,283
Less than 1 month	少於1個月	361,767	141,064
1 to 3 months	1至3個月	137,648	34,543
More than 3 months	多於3個月	25,727	22,590
		525,142	198,197
		634,721	263,480

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 2021, the total market value of their portfolios of securities was \$2,864,960,000 (2020: \$1,669,623,000).

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。於二零二一年三 月三十 一日,其 證 券 組 合之 總 市值 為2,864,960,000元(二 零 二 零 年: 1,669,623,000元)。

(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 2021, margin loans due from margin clients were current and repayable on demand except for \$195,000 (2020: \$90,000) where the margin loans were past due. \$122,000 (2020: \$18,000) were past due for less than 1 month. \$1,000 (2020: \$1,000) were past due for 1 to 3 months. \$1,000 (2020: \$5,000) were past due for 3 months to 1 year. \$71,000 (2020: \$66,000) were past due for over 1 year following the trading suspension of the pledged securities. At 31 March 2021, the total market value of securities pledged as collateral in respect of the loans to borrowing margin clients and all margin clients were \$24,420,252,000 and \$32,897,670,000 respectively (2020: \$10,376,614,000 and \$14,641,209,000 respectively). Margin loans that were past due were considered immaterial by management.

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 二一年三月三十一日,除195,000元 (二零二零年:90,000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。 122,000元 (二零二零年:18,000元)逾期少於一 個月, 1,000元(二零二零年:1,000 元)逾期一至三個月 , 1,000元(二零 二零年:5,000元)逾 期 三 個 月 至 一 年 , 71,000元(二零二零年:66,000 元)於已抵押證券暫停買賣後逾期超 過一年。於二零二一年三月三十一 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24,420,252,000元及 32,897,670,000元(二零二零年:分別 為10,376,614,000元 及14,641,209,000 元)。 逾期孖展貸款被管理層認為不 重大。

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。

(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)

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.

(b) Loss allowance of accounts receivable

Loss allowance in respect of accounts receivable measured at amortised cost 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.

The movement in the loss allowance during the year is as follows:

16 應收賬款(續)

(a) 賬齡分析(續)

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) 應收賬款虧損撥備

以攤銷成本計量之應收賬款之虧損 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。

虧損撥備年內之變動如下:

		2021 二零二一年	2020 二零二零年
		\$'000 千元	\$'000 千元
At 1 April	於四月一日	505	183
Loss allowance recognised	已確認虧損撥備	743	322
At 31 March	於三月三十一日	1,248	505

(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

2021 2020 二零二一年 二零二零年 \$'000 \$'000 千元 千元 Rental and utility deposits 租金及水電費按金 19,421 20,875 Prepayments 預付款項 2,434 4,642 Other receivables 其他應收款項 8,061 17,911 29,916 43,428 Less: Loss allowance 減:虧損撥備 (31) (43) 29,885 43,385

Included in the above balances are amounts of \$3,822,000 as at 31 March 2021 (2020: \$16,944,000) which are expected to be recovered in more than one year.

於二 零二一 年 三 月三十 一日,計入 上 述 結餘之款項為3,822,000元(二零二零 年: 16,944,000元),預期將於一年後收回。

18 CASH AND CASH EQUIVALENTS

(a) Cash and cash equivalents comprise:

18 現金及現金等價物

(a) 現金及現金等價物包括:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Deposits with banks	銀行存款	53,811	56,253
Cash at bank and in hand	銀行及手頭現金	365,109	421,721
		418,920	477,974
Less: Loss allowance	減:虧損撥備	(437)	(317)
		418,483	477,657

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

At 31 March 2021, client money maintained in segregated accounts not otherwise dealt with in the financial statements amounted to \$12,315,788,000 (2020: \$8,355,102,000).

本集團於認可機構設有獨立賬戶,於日常 業務過程中持有客戶資金。

於二零二一年三月三十一日,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12,315,788,000元(二零二零 年: 8,355,102,000元)。

(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 (used in)/generated from operating activities:
• (b) 除稅前溢利與經營業務(所用)╱ 所得現金之對賬:

		2021	2020
		二零二一年	二零二零年
		\$'000 千元	\$'000 千元
Profit before taxation	除稅前溢利	817,188	528,911
Adjustments for:	就以下各項作出調整:
Amortisation and depreciation	攤銷及折舊	79,519	89,635
Finance costs	財務成本	239,223	138,178
Dividend income	股息收入	(21)	(214)
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)	(93,177)	(167,326)
Net foreign exchange (gain)/loss	外滙(收 益)╱虧損淨額	(24,666)	10,033
Loss on disposals of property, plant and equipment	出售物業、廠房及 設備之虧損	503	385
Net (gain)/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(收 益)╱虧損	(14,714)	3,130
Net unrealised loss/(gain) 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	淨虧損 ╱(收 益)	4,611	(1,059)
Others	其他	(204)	111
Changes in working capital: Increase in other non-current assets	營運資金變動: 其他非流動資產
	增加	(714)	(27,631)
(Increase)/decrease in accounts	應收 賬款(增加)╱減少
receivable		(9,472,735)	1,617,016
Decrease in other receivables, deposits	其他應收款項、按金及
and prepayments	預付款項減少	13,505	4,546
Increase in amount due from a related	應收一間關聯公司
company	款項增加	(3)	—
Increase in accounts payable	應付賬款增加	738,377	91,719
Increase in accrued expenses and other	應計開支及其他應付
payables	款項增加	32,697	9,958
Cash (used in)/generated from operations	經營業務(所用)╱
	所得現金	(7,680,611)	2,297,392

(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)

(c) Reconciliation of liabilities arising from financing activities:

18 現金及現金等價物(續)

(c) 融資活動產生的負債之對賬:

		Bank loans	Lease liabilities	Amount due to a related company 應付一間	Accounts payable	Total
		銀行貸款 \$'000 千元	租賃負債 \$'000 千元	關聯公司 款項 \$'000 千元	應付賬款 \$'000 千元	總計 \$'000 千元
At 1 April 2019	於二零一九年
Changes from financing cash flows:	四月一日 融資現金流之變動:	3,445,515	36,259	200,076	1,226,209	4,908,059
Repayment of bank loans Proceeds from amount due to a related company	償還銀行貸款 應付一間關聯 公司款項之	(582,204)	—	—	—	(582,204)
Other borrowing cost paid	所得款項 已付其他借貸	—	—	60	—	60
Capital element of lease	成本 已付租賃租金之資	(122,353)	—	(11,014)	(973)	(134,340)
rentals paid Interest element of lease	本部分 已付租賃租金之	—	(70,244)	—	—	(70,244)
rentals paid Changes from operating cash	利息部分 經營現金流之	—	(3,838)	—	—	(3,838)
flows: Change in accounts payable Exchange adjustments	變動: 應付賬款變動 滙兌調整	— (4,522)	— —	— —	91,719 (16,660)	91,719 (21,182)
Increase in lease liabilities from entering into new leases Interest expenses	因訂立新租賃而 增加租賃負債 利息開支	— 122,353	152,934 3,838	— 11,014	— 973	152,934 138,178
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
At 1 April 2020	於二零二零年 四月一日	2,858,789	118,949	200,136	1,301,268	4,479,142
Changes from financing cash flows:	融資現金流之變動:
Net proceeds from bank loans	銀行貸款所得款項 淨額	8,571,666	—	—	—	8,571,666
Repayment of amount due to a related company	應付一間關聯 公司還款	—	—	(200,136)	—	(200,136)
Other borrowing cost paid	已付其他借貸 成本	(228,992)	—	(6,029)	(1,711)	(236,732)
Capital element of lease rentals paid	已付租賃租金之資 本部分	—	(60,456)	—	—	(60,456)
Interest element of lease rentals paid	已付租賃租金之 利息部分	—	(2,491)	—	—	(2,491)
Changes from operating cash flows:	經營現金流之 變動:
Change in accounts payable Exchange adjustments	應付賬款變動 滙兌調整	— 5,583	— —	— —	738,377 21,711	738,377 27,294
Increase in lease liabilities from entering into new leases	因訂立新租賃而 增加租賃負債	—	9,213	—	—	9,213
Interest expenses	利息開支	228,992	2,491	6,029	1,711	239,223
At 31 March 2021	於二零二一年 三月三十一日	11,436,038	67,706	—	2,061,356	13,565,100

(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)

(d) Total cash outflow for leases

Amounts included in the cash flow statement for leases comprise the following:

18 現金及現金等價物(續)

(d) 租賃現金流出總額

現金流量表所列租賃款項包括:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Within operating cash flows	於經營活動現金流量內	146	98
Within financing cash flows	於融資活動現金流量內	62,947	74,082
		63,093	74,180

19 INVESTMENT IN SUBSIDIARIES

At 31 March 2021, the Company had direct or indirect interests in the following subsidiaries, all of which are private companies, particulars of which are set out below:

19 於附屬公司之投資

於二零二一年三月三十一日,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:

Name of company 公司名稱	Place and date of incorporation 註冊成立地點及日期	Issued and fully paid-up capital 已發行及繳足股本	Attributable equity interest 應佔股本權益 Direct 直接	Indirect 間接	Principal activities 主要業務
Bright Smart Investment Holdings Limited 耀才投資控股有限公司	British Virgin Islands (BVI)/ 22 October 2009 英屬處女群島╱ 二零零九年十月二十二日	US\$100 100美 元	100%	—	Investment holding 投資控股
Choice Max Limited 滿擇有限公司	British Virgin Islands (BVI)/ 2 April 2014 英屬處女群島╱ 二零一四年四月二日	US\$1 1美 元	100%	—	Investment holding 投資控股
Fine Profit Investments Limited 秀潤投資有限公司	British Virgin Islands (BVI)/ 21 August 2018 英屬處女群島╱ 二零一八年八月二十一日	US\$1 1美 元	100%	—	Investment holding 投資控股
Marick Investments Limited	British Virgin Islands (BVI)/ 15 April 2014 英屬處女群島╱ 二零一四年四月十五日	US\$1 1美 元	100%	—	Investment holding 投資控股
Bright Smart Advertising Company Limited	Hong Kong/ 2 March 2020 香港╱ 二零二零年三月二日	HK\$1 1港 元	—	100%	Inactive 暫無營業

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

19 於附屬公司之投資(續) 19 INVESTMENT IN SUBSIDIARIES (Continued)

Name of company Place and date of incorporation Issued and fully paid-up capital Attributable 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 Asset Management Limited 耀才資產管理有限公司 Hong Kong/ 18 August 2011 香港╱ 二零一一年八月十八日 HK\$5,000,000 5,000,000港 元 — 100% Asset management services 資產管理服務 Bright Smart Facilities Management Limited (formerly known as Bright Smart Easy Finance Company Limited) 耀才設施管理有限公司 (前稱耀才易借財務有限公司) Hong Kong/ 6 March 2014 香港╱ 二零一四年三月六日 HK\$1 1港 元 — 100% Inactive 暫無營業 Bright Smart Finance Channel Management Limited 耀才財經台管理有限公司 Hong Kong/ 22 May 2014 香港╱ 二零一四年五月二十二日 HK\$1 1港 元 — 100% Administrative services 行政服務 Bright Smart Finance Online Channel Limited 耀才財經網上直播有限公司 Hong Kong/ 22 May 2014 香港╱ 二零一四年五月二十二日 HK\$1 1港 元 — 100% Production and broadcast finance programs 製作及廣播財經節目 Bright Smart Facilities Service Limited (formerly known as Bright Smart Financial Technology Limited) 耀才設施及服務有限公司 (前稱耀才金融科 技有限公司) Hong Kong/ 7 September 2018 香港╱ 二零一八年九月七日 HK\$1 1港 元 — 100% Administrative services 行政服務 Bright Smart Forex Limited 耀才環球外滙有限公司 Hong Kong/ 23 April 2012 香港╱ 二零一二年 四月二十三日 HK\$30,000,000 30,000,000港 元 — 100% Forex trading service 外滙交易服務 Bright Smart Futures & Commodities Company Limited 耀才期貨及商品有限公司 Hong Kong/ 14 November 1995 香港╱ 一九九五年十一月十四日 HK\$214,000,000 214,000,000港 元 — 100% Futures and commodities broking 期貨及商品經紀 Bright Smart Global Bullion Limited 耀才環球金業有限公司 Hong Kong/ 10 October 2012 香港╱ 二零一二年十月十日 HK\$10,000 10,000港 元 — 100% Bullion dealing and provision of bullion trading service to customer 貴金屬買賣及向客戶提供 貴金屬交易服務 Bright Smart Investment Consultancy (China) Company Limited 耀 才 投 資諮 詢 顧 問(中國)有 限公司 Hong Kong/ 9 November 2010 香港╱ HK\$1 1港 元 — 100% Investment holding 投資控股

二零一零年十一月九日

(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)

Name of company 公司名稱	Place and date of incorporation 註冊成立地點及日期	Issued and fully paid-up capital 已發行及繳足股本	Attributable equity interest 應佔股本權益		Principal activities 主要業務
			Direct 直接	Indirect 間接
Bright Smart Promotion Limited 耀才推廣有限公司	Hong Kong/ 25 August 2015 香港╱ 二零一五年八月二十五日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Bright Smart Property & Facility Management Limited 耀才物業及設施管理有限公司	Hong Kong/ 3 June 2020 香港╱ 二零二零年六月三日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Bright Smart Property Management Limited 耀才物業管理有限公司	Hong Kong/ 31 March 2014 香港╱ 二零一四年三月三十一日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Bright Smart Property Management Service Limited 耀才物業管理服務有限公司	Hong Kong/ 22 August 2017 香港╱ 二零一七年八月二十二日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Bright Smart Securities International (H.K.) Limited 耀才證券國際(香港)有限公司	Hong Kong/ 10 August 1998 香港╱ 一九九八年八月十日	HK\$1,141,000,000 1,141,000,000港 元	—	100%	Securities broking and margin financing 證券經紀及孖展融資
Charm Capital Limited 曦資有限公司	Hong Kong/ 18 February 2016 香港╱ 二零一六年二月十八日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Everlasting Source Limited 粵彩有限公司	Hong Kong/ 8 December 2010 香港╱ 二零一零年十二月八日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Glow Dragon Limited 晴龍有限公司	Hong Kong/ 21 January 2010 香港╱ 二零一零年一月二十一日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Huge Dynasty Limited 展躍有限公司	Hong Kong/ 13 January 2010 香港╱ 二零一零年一月十三日	HK\$1 1港 元	—	100%	Administrative services 行政服務

(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)

Name of company 公司名稱	Place and date of incorporation 註冊成立地點及日期	Issued and fully paid-up capital 已發行及繳足股本	Attributable equity interest 應佔股本權益 Direct 直接	Indirect 間接	Principal activities 主要業務
Ideal Magic Limited 裕驊有限公司	Hong Kong/ 13 January 2010 香港╱ 二零一零年一月十三日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Merit Act Limited 浤烽有限公司	Hong Kong/ 3 November 2009 香港╱ 二零零九年十一月三日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Rainbow Town Limited 虹域有限公司	Hong Kong/ 8 October 2015 香港╱ 二零一五年十月八日	HK\$1 1港 元	—	100%	Administrative services 行政服務
Victor Tone Limited 圍通有限公司	Hong Kong/ 21 January 2010 香港╱ 二零一零年一月二十一日	HK\$1 1港 元	—	100%	Administrative services 行政服務
耀才投資諮詢(深圳)有限公司 (Note)(附註)	People's Republic of China/ 10 January 2011 中華人民共和國╱ 二零一一年一月十日	HK\$1,600,000 1,600,000港 元	—	100%	Inactive 暫無營業

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

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Accounts payable	應付賬款
— Cash clients	— 現金客戶	471,844	343,920
— Margin clients	— 孖展客戶	891,915	628,132
— Clearing houses	— 結算所	210,178	307,416
— Brokers	— 經 紀	487,419	21,800
		2,061,356	1,301,268

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。

(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

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Commission rebate payable	應付佣金回贈	56,311	26,948
Accrued bonuses	應計花紅	9,214	6,180
Stamp duty, trading levy and trading fee	應付印花稅、交易徵費及
payables	交易費	13,711	8,572
Receipt in advance	預收款項	2,905	2,891
Other payables	其他應付款項	22,707	27,718
		104,848	72,309

Included in the above balances are amounts of \$1,431,000 as at 31 March 2021 (2020: \$7,238,000) which are expected to be settled in more than one year.

於二 零二一 年 三 月三十 一日,計入 上 述 結餘之款項為1,431,000元(二零二零 年: 7,238,000元),乃預期於一年後償付。

22 BANK LOANS

22 銀行貸款

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Secured loans	有抵押貸款
— Bank loans	— 銀行貸款	7,357,038	2,423,789
— Bank loans for IPO	— 首次公開發售銀行貸款	2,365,000	—
Unsecured loans	無抵押貸款
— Bank loans	— 銀行貸款	1,714,000	435,000
		11,436,038	2,858,789

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

The bank loans as at 31 March 2021 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 \$9,722,038,000 (2020: \$2,423,789,000). The fair value of the collateral re-pledged to banks as at 31 March 2021 amounted to \$14,240,019,000 (2020: \$5,918,574,000).

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

於二零二一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9,722,038,000元(二 零二零年:2,423,789,000元)。於二零二一 年三月三十一日,再抵押予銀行之抵押品 公平值為14,240,019,000元(二零二零 年: 5,918,574,000元)。

(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:

		As at 31 March 2021 於二零二一年三月三十一日		As at 31 March 2020 於二零二零年三月三十一日
		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	61,141	61,864	59,845	62,245
After one year but within	一年後但於五年內
five years		6,565	6,667	59,104	59,983
		67,706	68,531	118,949	122,228
Less: total future lease	減:未 來租 賃開支 總額
expense			(825)		(3,279)
Present value of lease	租賃負債現值
liabilities			67,706		118,949

24 EMPLOYEE RETIREMENT BENEFITS — DEFINED CONTRIBUTION RETIREMENT PLAN

The Group operates a Mandatory Provident Fund Scheme ("the MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance and not previously covered by the defined benefit retirement plan. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees' relevant income, subject to a cap of monthly relevant income of \$30,000 (2020: \$30,000). Contributions to the plan vest immediately.

24 僱員退休福利 — 定額供款退休 計劃

本集團根據香港強制性公積金計劃條例為 根據香港僱傭條例於司法權區聘用及以往 不受定額福利退休計劃保障之僱員營辦強 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(二零二零 年:30,000元)為上限。計劃供款即時歸屬 於僱員。

(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:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Provision for Hong Kong Profits Tax	年內香港利得稅開支
expense for the year	撥備	114,157	57,867
Provisional Profits Tax paid	已付暫繳利得稅	(57,365)	(53,810)
		56,792	4,057
Represented by:	以下列各項表示:
Current taxation	即期稅項	57,764	5,378
Tax recoverable	可退回稅項	(972)	(1,321)

(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

(Continued)

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

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

25 綜合財務狀況表之所得稅(續)

(b)(i) 遞延稅項資產及負債指:

於綜合財務狀況表確認之遞延稅項 (資產)╱負債組成部分及年內變動如 下:

		Credit loss allowance 信貸虧損 撥 備 \$'000 千元	Accrued bonuses 應計花紅 \$'000 千元	Differences between depreciation allowance and the related depreciation 折舊撥備與 相關折舊之差異 \$'000 千元	Total 總計 \$'000 千元
Deferred tax (assets)/liabilities arising from:	因以下各項而產生之遞延稅項 (資產)╱負債:
At 1 April 2019 (Credited)/charged to consolidated statement of comprehensive income	於二零一九年四月一日 於綜合全面收 益表(計入)╱ 扣 除(附註8(a))	(78)	(1,310)	1,321	(67)
(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)
At 1 April 2020 (Credited)/charged to consolidated statement of comprehensive income (note 8(a))	於二零二零年四月一日 於綜合全面收 益表(計入)╱ 扣 除(附註8(a))	(143) (137)	(1,029) (480)	1,050 471	(122) (146)
At 31 March 2021	於二零二一年三月三十一日	(280)	(1,509)	1,521	(268)

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

(b)(ii)與綜合財務狀況表之對賬

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Net deferred tax asset recognised in the consolidated statement of financial position	已於綜合財務狀況表中 確認之遞延稅項資產 淨 值	(268)	(122)

(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

(a) Movement in components of equity

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

The Company

(a) 權益組成部分之變動

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:

本公司

		Share capital 股本 \$'000 千元	Share premium 股份溢價 \$'000 千元	Retained profits 保留溢利 \$'000 千元	Total equity 權益總值 \$'000 千元
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
At 1 April 2020	於二零二零年四月一日	509,189	738,020	2,549	1,249,758
Profit and total comprehensive	年內溢利及全面收益總額
income for the year		—	—	481,081	481,081
Dividend paid during the year	年內派付之股息	—	—	(475,243)	(475,243)
At 31 March 2021	於二零二一年
	三月三十一日	509,189	738,020	8,387	1,255,596

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

26 CAPITAL, RESERVES AND DIVIDENDS

(Continued)

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

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

26 資本、儲備及股息(續)

• (b) 股息
• (i) 本集團權益股東應佔本年度 應付股息

就 本年度已宣派 之股 息如下:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Final dividend proposed after the end of the reporting period of 13.0 cents per ordinary share (2020: 28.0 cents per ordinary share) (2020 and 2021: 1,697,296,308 shares)	於報告期末後建議末期 股息每股普通股13.0仙 (二零二零年:每股普通 股 28.0仙)(二零二零年及二 零二一年:1,697,296,308
Special dividend declared and paid of 80.0 cents per share on 1,697,296,308 shares	股) 就1,697,296,308股股份 宣派及支付特別股息 每股80.0仙	220,649 —	475,243 1,357,837

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):

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Final dividend in respect of previous financial year, approved and paid during the year, of 28.0 cents per ordinary share (2020: 7.8 cents per ordinary share) (2020 and 2021: 1,697,296,308 shares)	上一財政年度之末期股息每 股普通股28.0仙 (年內已批准及 派付) (二零二零年: 每股普通股7.8仙) (二零二零年及二零二一年:
	1,697,296,308股)	475,243	132,389

(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

		2021 二零二一年		2020 二零二零年
		No. of shares 股份數目	Nominal value 面值 \$'000 千元	No. of shares 股份數目	Nominal value 面值 \$'000 千元
Authorised ordinary shares of \$0.30 each:	每股面值0.30元的 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

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.

During the year ended 31 March 2020 and 31 March 2021, no share options were exercised to subscribe for any ordinary shares.

(d) Nature and purpose of reserve

(i) Share premium

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

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。

於截至二零二零年三月三十一日及二 零二一年三月三十一日止年度,並無 行使購股權認購普通股。

(d) 儲備性質及目的

(i) 股份溢價 根 據開曼群 島公司法,本公司 之股份溢價賬可用於向股東支 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。

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

26 CAPITAL, RESERVES AND DIVIDENDS

(Continued)

(d) Nature and purpose of reserve (Continued)

(ii) Exchange reserve

The exchange reserve comprises all foreign exchange dif ferences arising from 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

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 2021, the aggregate amount of reserves available for distribution to equity shareholders of the Company was \$746,407,000 (2020: \$740,569,000).

26 資本、儲備及股息(續)

• (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。

於二零二一年三月三十一日,可 供分派予本公司權益股東之儲 備總金額為746,407,000元(二零 二零年:740,569,000元)。

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

26 CAPITAL, RESERVES AND DIVIDENDS (Continued)

(e) Capital management

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

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

27 CAPITAL COMMITMENTS

Capital commitments outstanding at 31 March 2021 not provided for in the financial statements were as follows:

26 資本、儲備及股息(續)

(e) 資本管理

本集團管理資本之首要目標為保障本 集團持續經營之能力,以便透過因應 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。

27 資本承擔

於二零二一年三月三十一日尚未 於財務報 表撥備之資本承擔如下:

		2021 二零二一年	2020 二零二零年
		\$'000 千元	\$'000 千元
Contracted for	已訂約	2,255	2,745

(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

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 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。

(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)

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.

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

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.

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 accrued expenses and other payables amounted to \$1,431,000 and lease liabilities amounted to \$6,565,000, 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 2021 amounted to \$11,439,016,000 (2020: \$2,859,590,000) and lease liabilities as set out in note 23.

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,包括籌措貸款以應付預期現 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 資金儲備以應付長短期需要。除應計 開支及其他應付款項1,431,000元及租 賃負債6,565,000元外,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 於二零二一年三月三十一日之已訂約 未貼現現金流出量為11,439,016,000 元(二零二零年:2,859,590,000元), 亦不包括載列於附註23的租賃負債。

(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

(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.

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

28 財務風險管理及公平值(續)

(c) 利率風險

(i) 利率組合 本集團按其資金成本另加漲價 向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。

下表載列本集團於報告日期之 利率組合:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Assets	資產
Deposits with banks	銀行存款	53,811	56,253
Statutory deposits with exchanges	交易及結算所之法定按金
and clearing houses		76,079	75,365
Accounts receivable from	應收以下各項之賬款
— Margin loans	— 孖展貸款	10,804,648	4,385,813
— Cash clients with outstanding	— 尚未償還貸款的
loan amounts	現金客戶	525,142	198,197
— Subscription of new shares in	— 認購首次公開發售
IPO	新股	2,366,718	—
		13,826,398	4,715,628

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Liabilities	負債
Secured bank loans	有抵押銀行貸款	9,722,038	2,423,789
Unsecured bank loans	無抵押銀行貸款	1,714,000	435,000
Amount due to a related company	應付一間關聯公司款項	—	200,000
Lease liabilities	租賃負債	67,706	118,949
		11,503,744	3,177,738

(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.

Expect for lease liabilities amounted to \$6,565,000, all the above interest-bearing financial liabilities are repayable within one year.

(ii) Sensitivity analysis

As at 31 March 2021, 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 \$23,227,000 (2020: \$15,379,000).

As at 31 March 2021, 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 \$22,175,000 (2020: \$14,859,000).

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 2020.

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。

除租賃負債6,565,000元外,所 有上述計息金融負債須於一年 內償還。

(ii) 敏感度分析

於二零二一 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23,227,000元(二 零 二 零 年: 15,379,000元)。

於二零二一 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22,175,000元(二 零 二 零 年: 14,859,000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。 分析乃採用與二零二零年相同 之基準進行。

(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 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.

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。

(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)

(d) Foreign currency risk (Continued)

(d) 外滙風險(續)

			2021 二零二一年			2020 二零二零年
				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	150,546	5	7,527	138,122	5	6,906
			(5)	(7,527)		(5)	(6,906)
SGD	新加坡元	4,756	5	238	4,431	5	222
			(5)	(238)		(5)	(222)
JPY	日圓	6,964	5	348	6,436	5	322
			(5)	(348)		(5)	(322)
AUD	澳 元	5,571	5	279	3,828	5	191
			(5)	(279)		(5)	(191)
GBP	英 鎊	717	5	36	2,106	5	105
			(5)	(36)		(5)	(105)

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 2020.

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 項分析乃採用與二零二零年相同之基 準進行。

(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)

(e) Equity price risk

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

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.

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:

28 財務風險管理及公平值(續)

(e) 股價風險

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。

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。

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:

		2021 二零二一年 % %	Effects on profit before tax 對除稅前溢利 的影響 \$'000 千元	2020 二零二零年 % %	Effects on profit before tax 對除稅前溢利 的影響 \$'000 千元
Change in the relevant equity price risk variable: Financial assets at fair value through profit or loss: Increase Decrease	相關股價風險變數的 變動: 按公平值計入損益之 金融資產: 增加 減 少	10 (10)	7,059 (7,059)	10 (10)	4,854 (4,854)

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。

(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。

(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 (Continued)
• (i) Financial assets measured at fair value (Continued) Fair value hierarchy (Continued)

28 財務風險管理及公平值(續)

• (f) 公平值計量(續)
• (i) 按公平值計量的金融資產(續)

公平值層級(續)

Fair value measurement as at 31 March 2021 categorised into Fair value measurement as at 31 March 2020 categorised into 於二零二一年三月三十一日的 公平值計量分類為 於二零二零年三月三十一日的 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 profit or loss 按公平值計入損益之 金融資產 — Listed securities — 上市證券 70,593 — — 48,539 — — — Accounts receivable — 應收賬款 — 13,806,087 — — 4,649,293 —

During the year ended 31 March 2021, 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.

(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.

截至二零二一年三月三十一日止 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) 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。

(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 (Continued)
• (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 2021 and 31 March 2020.

(g) Offsetting financial assets and financial liabilities

(i) Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements

• (f) 公平值計量(續)
• (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 於二零二一年三 月三十一日及二零二零年三月 三十一日之公平值並無重大差 異。
• (g) 抵銷金融資產及金融負債
• (i) 受抵銷、總淨額交割安排或 類似協議約束之金融資產

		As 31 March 2021
					於二零二一年三月三十一日
			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		3,050,083	(2,766,000)	284,083	—	(210,178)	73,905
Accounts receivable due	應收客戶之賬款
from clients		13,864,927	(2,425,783)	11,439,144	(11,438,895)	—	249
		16,915,010	(5,191,783)	11,723,227	(11,438,895)	(210,178)	74,154

(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)

• (g) Offsetting financial assets and financial liabilities (Continued)

• (i) Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements (Continued)

• (g) 抵銷金融資產及金融負債(續)

• (i) 受抵銷、總淨額交割安排或 類似協議約束之金融資產(續)

		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

(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)

• (g) Offsetting financial assets and financial liabilities (Continued)

• (ii) Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements

• (g) 抵銷金融資產及金融負債(續)

• (ii) 受抵銷、總淨額交割安排或 類似協議約束之金融負債

		As 31 March 2021
					於二零二一年三月三十一日
			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		2,976,178	(2,766,000)	210,178	(210,178)	—	—
Accounts payable due	應付客戶之賬款
to clients		2,996,278	(2,425,783)	570,495	—	—	570,495
		5,972,456	(5,191,783)	780,673	(210,178)	—	570,495

(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)

• (g) Offsetting financial assets and financial liabilities (Continued)

• (ii) Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements (Continued)

• (g) 抵銷金融資產及金融負債(續)

• (ii) 受抵銷、總淨額交割安排或 類似協議約束之金融負債(續)

				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

(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)

• (g) Offsetting financial assets and financial liabilities (Continued)

• (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

• (g) 抵銷金融資產及金融負債(續)

• (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

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Net amount of financial assets after offsetting as stated above Financial assets not in scope of offsetting disclosure	如上述抵銷後金融資產 淨額 並非抵銷披露範圍之 金融資產	11,723,227 3,417,689	4,870,594 774,698
Loss allowance	虧損撥備	(1,248) 15,139,668	(505) 5,644,787
Net amount of financial liabilities after offsetting as stated above Financial liabilities not in scope of offsetting disclosure	如上述抵銷後金融負債 淨額 並非抵銷披露範圍之 金融負債	780,673 1,280,683	714,000 587,268
		2,061,356	1,301,268

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

29 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 \$14,917,000,000 (2020: \$15,948,000,000). As at 31 March 2021, the subsidiaries of the Company have utilised \$7,535,038,000 of these aggregate banking facility (2020: \$2,334,000,000).

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.

30 MATERIAL RELATED PARTY TRANSACTIONS

In addition to the related party information disclosed elsewhere in the financial statements, the Group entered into the following material related party transactions.

(a) Key management personnel remuneration

Remuneration for key management personnel of the Group, including amounts paid to the Company's directors as disclosed in note 9 and certain of the highest paid employees as disclosed in note 10, is as follows:

29 或然負債

於報告期末,本公司就從事證券及期貨經 紀業務之附屬公司自認可機構取得之銀行 融資發出14,917,000,000元(二零二零 年: 15,948,000,000元)之 公 司 擔 保。 於 二 零 二一年三月三十一日,本公司之附屬公司 已動用該等銀行融資總額之7,535,038,000 元(二零二零年:2,334,000,000元)。

於報告期末,董事認為就任何擔保對本集 團提出任何申索的機會不大。由於擔保之 公平值不能可靠計量及交易價為零,故本 集團並無就該等擔保確認任何遞延收入。

30 重大關連人士交易

除財務報表其他部分披露之關連人士資料 外,本集團訂有下列重大關連人士交易。

(a) 主要管理人員薪酬

本集團主要管理人員之薪酬(包括附 註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:

		2021 二零二一年 \$'000 千元	2020 二零二零年 \$'000 千元
Directors' fees	董事袍金	656	630
Salaries, allowances and benefits in kind	薪金、津貼及實物福利	16,097	14,749
Discretionary bonuses	酌情花紅	20,330	4,254
Contributions to Mandatory	強制性公積金供款
Provident Fund		72	72
		37,155	19,705

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))。

(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)

(b) Loans to directors and entities connected with directors

30 重大關連人士交易(續)

(b) 董事及與董事有關連實體的貸款

	Yip Mow Lum and his connected	Hui Yik Bun and his connected	Chan Wing Shing, Wilson and his
Name of borrower	entities 葉茂林及	entities 許繹彬及	connected entities 陳永誠及	Yu Yun Kong
借款人名稱	其關連實體	其關連實體	其關連實體	余韌剛
Relationship with the Company 與本公司之關係	Director of the Company and entities connected to director 本公司董事及與董事	Director of the Company and entities connected to director 本公司董事及與董事	Director of the Company and entities connected to director 本公司董事及與董事	Director of the Company 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 — 借款期及清還條款	Repayable on demand 須按要求償還	Repayable on demand 須按要求償還	Repayable on demand 須按要求償還	Repayable on demand 須按要求償還
— Facilities granted — 獲授之融資
— IPO loan — 首次公開發售貸款	4,000,000,000	100,000,000	20,000,000	20,000,000
— Margin loan — 孖展貸款	1,000,000,000	10,000,000	10,000,000	10,000,000
— Interest rate — 利率
— IPO loan — 首次公開發售貸款	1.98%–3.48%	2.08%–3.08%	2.18%–2.98%	2.88%
— Margin loan	HIBOR plus 2% per annum – Hong Kong Dollar Prime Rate plus 5% per annum	HIBOR plus 2% per annum – Hong Kong Dollar Prime Rate plus 5% per annum	Hong Kong Dollar Prime Rate plus 5% per annum	HIBOR plus 4% per annum
— 孖展貸款	香港銀行同業拆息加2% 年利率 – 港元最優惠利率 加5%年利率	香港銀行同業拆息加2% 年利率 – 港元最優惠利率 加5%年利率	港元最優惠利率 加5%年利率	香港銀行同業拆息加4%年利率
— Security — 證 券	Marketable securities 有價證券	Marketable securities 有價證券	Marketable securities 有價證券	Marketable securities 有價證券

(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)

30 重大關連人士交易(續)

• (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)

Name of borrower	Yip Mow Lum and his connected entities	Hui Yik Bun and his connected entities	Chan Wing Shing, Wilson and his 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
Balance of the loan 貸款結餘 — At 1 April 2019 — 於二零一九年四月一日 — IPO loan — 首次公開發售貸款 — Margin loan — 孖展貸款	— 68,761,000	— 57,000	— —	— —
— At 31 March 2020 and 1 April 2020 — 於二零二零年 三月三十一日及 二零二零年四月一日
— IPO loan	—	—	—	—
— 首次公開發售貸款 — Margin loan — 孖展貸款	30,036,000	—	—	—
— At 31 March 2021
— 於二零二一年三月三十一日 — IPO loan	—	—	—	—
— 首次公開發售貸款 — Margin loan — 孖展貸款	382,488,000	1,424,000	—	—
Maximum balance outstanding 未償還最高結欠 — During 2021 — 於二零二一年
— IPO loan	2,199,023,000	8,045,000	4,126,000	5,227,000
— 首次公開發售貸款 — Margin loan — 孖展貸款	593,019,000	1,363,000	49,000	282,000
— During 2020
— 於二零二零年 — IPO loan — 首次公開發售貸款	1,462,785,000	5,565,000	960,000	—
— Margin loan	139,309,000	1,162,000	—	214,000

— 孖展貸款

206

(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)

(c) Balances with related parties

• (i) As at 31 March 2021, the Group had accounts receivable from related parties of \$383,912,000 (2020: \$30,036,000) and accounts payable due to related parties of \$83,502,000 (2020: \$44,019,000) 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 2021, included in the other receivables, deposits and prepayments were rental and office management deposits of \$13,599,000 (2020: \$13,592,000) 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 2021, right-of-use assets and lease liabilities arising from the lease arrangements with related companies owned by Mr. Yip were amounted to \$50,914,000 and \$49,949,000 respectively (2020: \$101,827,000 and \$98,604,000 respectively). For the year ended 31 March 2021, the depreciation of the right-of-use assets and the interest expense of the lease liabilities were amounted to \$50,914,000 and \$2,006,000 respectively (2020: \$52,119,000 and \$3,017,000 respectively).

30 重大關連人士交易(續)

• (c) 與關連人士之結餘
• (i) 於二零二一 年三 月三十 一日, 本集團應收關連人士之賬款為 383,912,000元(二 零 二 零 年: 30,036,000元)及應付關連人士 之賬款為83,502,000元(二零二 零 年:44,019,000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) 於二零二一年三月三十一日,其 他應收款項、按金及預付款項 中有13,599,000元(二零二零年: 13,592,000元)屬於向葉先生所 擁有之關聯公司支付之租金及 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) 於二零二一年三月三十一日,因 與葉先生所擁有之關聯公司之 租賃安排而產生之使用權資產 及租賃負債分別為50,914,000 元 及49,949,000元(二 零 二 零 年: 分 別 為101,827,000元 及 98,604,000元)。截 至二零二一 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50,914,000元 及 2,006,000元(二 零 二 零 年:分 別 為52,119,000元 及3,017,000 元)。

(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)

(c) Balances with related parties (Continued)

(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 \$1,621,000 was incurred during the year (2020: \$11,014,000). As at 31 March 2021, no drawing was made (2020: \$200,136,000) under the facility.

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 ("CFW"), 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 loan bore interest at HIBOR plus 2.75% per annum, is unsecured and repayable on demand. Interest expense of \$4,408,000 was incurred during the year (2020: \$Nil). As at 31 March 2021, no drawing was made (2020: \$Nil) under the facility.

(d) Other transactions with related parties

Brokerage income of \$1,066,000 (2020: \$673,000) and interest income of \$9,514,000 (2020: \$2,573,000) 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.

30 重大關連人士交易(續)

(c) 與關連人士之結餘(續)

(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1,621,000元 (二 零 二 零 年:11,014,000元)。 於二零二一年三月三十一日,概 無根據該項融資提取任何款項 (二零二零年:200,136,000元)。

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。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 4,408,000元(二 零 二 零 年:零 元)。於二零二一年三月三十 一 日,概無根據該項融資提取任 何款項(二零二零年:零元)。

(d) 與關連人士之其他交易

經紀收入1,066,000元(二零二零年: 673,000元)及 利 息 收 入9,514,000元 (二零二零年:2,573,000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 聯公司收取。佣金收費按與一般向第 三方客戶提供之相同水平制訂。

(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 2021

於二零二一年三月三十一日

			2021	2020
		Note	二零二一年 \$'000	二零二零年 \$'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
Deferred tax assets	遞延稅項資產		2	—
Total non-current asset	非流動資產總值		19,889	19,887
Current assets	流動資產
Amounts due from subsidiaries	應收附屬公司款項		2,944,958	1,763,593
Other receivables, deposits and	其他應收款項、按金及
prepayments	預付款項		242	—
Tax recoverable Cash and cash equivalents	可退回稅項 現金及現金等價物		— 9,782	932 3,377
Total current assets	流動資產總值		2,954,982	1,767,902
Current liabilities	流動負債
Other payables	其他應付款項		481	235
Amounts due to subsidiaries	應付附屬公司款項		4,000	2,660
Amount due to a related company	應付一間關聯公司款項		—	200,136
Bank loans	銀行貸款		1,714,000	335,000
Current taxation	即期稅項		794	—
Total current liabilities	流動負債總額		1,719,275	538,031
Net current assets	流動資產淨值		1,235,707	1,229,871
NET ASSETS	資產淨值		1,255,596	1,249,758
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	8,387	2,549
TOTAL EQUITY	權益總值		1,255,596	1,249,758

Approved and authorised for issue by the board of directors on 28 June 2021.

經 董事會 於二零二一年六月二十八日批 准 並授權刊發。

Directors 董事

Yip Mow Lum Hui Yik Bun 葉茂林 許繹彬

(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 2021 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 2021

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 2021 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group.

• Am endments to HKFRS 3, Reference to the Conceptual Framework1
• Am endments to HKAS 16, Property, Plant and Equipment: Proceeds before Intended Use1
• Am endments to HKAS 37, Onerous Contracts Cost of Fulfilling a Contract1

32 直接及最終控股公司

董事認 為,於二零二一年三月三十一日, 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 於截至二零二一年三月三十一日 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 於截至二零二一年三月三十一 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》第3號修訂「對概念 框架之引述」¹
• 《香港會計準則》第16號修訂「物業、廠房 和設備:達 到預 定用途前所 獲收 入」¹
• 《香港會計準則》第37號修訂「虧損性合約 — 履行合約之 成本」¹

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

33 POSSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE FOR THE YEAR ENDED 31 MARCH 2021 (Continued)

Annual Improvements to HKFRSs 2018–2020 Cycle1

Am endments to HKAS 1, Classification of Liabilities as Current or Non-current2

HKFRS 17, Insurance Contracts²

• 1 Effective for accounting periods beginning on or after 1 January 2022
• 2 Effective for accounting periods beginning on or after 1 January 2023

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.

33 於截至二零二一年三月三十一日 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(續)

《香港財務報告準則》的年度改進(2018至 2020年度周期)¹

《香 港 會 計準則》第1號修訂「流 動與 非流 動負債的劃分」²

《香港財務報告準則》第17號「保險合約」²

• ¹ 於二零二二年一月一日或之後開始之會計 期間生效
• ² 於二零二三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。

Five-year Financial Summary 五年財務摘要

		Year ended 31 March 截至三月三十一日止年度
		2021	2020	2019	2018	2017
Results	業 績	二零二一年	二零二零年	二零一九年	二零一八年	二零一七年
		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	1,285,201	864,017	830,305	944,440	562,517
Profit before taxation	除稅前溢利	817,188	528,911	499,185	600,592	314,589
Income tax	所得稅	(113,283)	(57,933)	(58,257)	(84,493)	(42,679)
Profit for the year	年內溢利	703,905	470,978	440,928	516,099	271,910
Other comprehensive income	其他全面收益	(293)	233	250	2,241	(13,369)
Total comprehensive income for the year	年內全面收益總額	703,612	471,211	441,178	518,340	258,541

			As at 31 March 於三月三十一日
Assets and Liabilities	資產及負債	2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元	2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元	2017 二零一七年 HK\$'000 千港元
Current assets Non-current assets	流動資產 非流動資產	15,663,569 194,818	6,198,745 260,390	7,725,443 125,898	12,425,457 213,647	8,402,230 120,723
Total assets	資產總值	15,858,387	6,459,135	7,851,341	12,639,104	8,522,953
Current liabilities Non-current liabilities	流動負債 非流動負債	13,719,716 7,996	4,490,487 66,342	4,928,034 17	10,002,103 39	6,323,168 94
Total liabilities	負債總值	13,727,712	4,556,829	4,928,051	10,002,142	6,323,262
Net assets	資產淨值	2,130,675	1,902,306	2,923,290	2,636,962	2,199,691