Bright Smart Securities & Commodities Group Limited — Interim / Quarterly Report 2021

Dec 18, 2020

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Contents 目錄

Corporate Information

Management Discussion and Analysis

Other Information

Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Condensed Consolidated Cash Flow Statement Notes to the Unaudited Interim Financial Report

Independent Auditor’s Review Report

公司資料	2
管理層討論與分析	5
其他資料	26
綜合全面收益表	31
綜合財務狀況表	32
綜合權益變動表	34
簡明綜合現金流量表	35
未經審核中期財務報告附註	36
獨立核數師審閱報告	67

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

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

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Corporate Information 公司資料

MEMBERS OF RISK MANAGEMENT COMMITTEE

Mr. Yu Yun Kong (Chairman)

• Mr. Yip Mow Lum

• Mr. Hui Yik Bun

• Mr. Szeto Wai Sun

• Mr. Ling Kwok Fai, Joseph

REGISTERED OFFICE

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

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

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

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

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

風險管理委員會成員

余韌剛先生（主席） 葉茂林先生 許繹彬先生 司徒維新先生 凌國輝先生

註冊辦事處

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

總辦事處及主要營業地點

香港中環 德輔道中71號 永安集團大廈10樓及23樓

主要股份過戶登記處

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

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Corporate Information 公司資料

HONG KONG SHARE REGISTRAR

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

PRINCIPAL BANKERS

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

AUDITOR

KPMG

Certified Public Accountants

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

WEBSITE

https://www.bsgroup.com.hk

香港股份過戶登記處

卓佳證券登記有限公司 香港 皇后大道東183號 合和中心54樓

主要往來銀行

中國銀行（香港）有限公司 交通銀行股份有限公司香港分行 中信銀行（國際）有限公司 中國建設銀行（亞洲）股份有限公司 招商銀行股份有限公司香港分行 中國民生銀行股份有限公司香港分行 創興銀行有限公司 招商永隆銀行有限公司 大新銀行有限公司 星展銀行（香港）有限公司 富邦銀行（香港）有限公司 恒生銀行有限公司 中國工商銀行（亞洲）有限公司 華僑永亨銀行有限公司 上海商業銀行有限公司 東亞銀行有限公司 香港上海滙豐銀行有限公司

核數師

畢馬威會計師事務所 執業會計師 按照財務匯報局條例註冊之公眾利益實體 核數師

網站

https://www.bsgroup.com.hk

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

MARKET REVIEW

The Hong Kong stock market in 2020 saw new hope after it was seemingly in the grip of a dead-end situation. Following last year’s social turmoil in the city and interminable China-US trade war, the already ailing economy suffered another setback due to the pandemic this year. Fortunately, the pandemic only has a mild impact on the US and Hong Kong stock markets. The Hang Seng Index (“HSI”) surged from the bottom to around 26,800 points at one time after it nosedived to 21,139 points from a high of 29,174 points at the beginning of 2020. Driven by the return of China concepts stocks and frequent record highs of new economy sectors, stock turnover stayed at a high level. Benefitting from this, the securities firms saw increasingly better results and created a miracle in the market.

Early this year, the COVID-19 pandemic was raging and swept across the world. The pandemic cast a deep gloom over Hong Kong, mainland China and the rest of the world, with rising confirmed cases and death toll. The global pandemic still ravages the world in the fourth quarter of this year. As long as vaccines have not yet been developed and mass-produced, it is believed that business activities around the world will not get back on track. All human beings are grounded by the rampaging pandemic. Lots of anti-pandemic efforts have been made, including working from home, banning parties and practising social distancing. The impact it caused are staggering. The retail, tourism, hospitality, aviation and shopping malls bore the brunt of the blow, and the knock-on effects spread to all walks of life. Industries are in a slump. The unemployment rate between July and September increased to a 16-year high of 6.4%. However, the worst is yet to come. Due to internal and external factors, Hong Kong’s second-quarter GDP contracted 9% from a year earlier. The private consumption expenditures tumbled 14.2% in the second quarter, a sharper decline from a 10.6% drop in the first quarter. If the pandemic worsens again this winter, the road to recovery will be far away.

市場回顧

二零二零年本港股票市場可謂是「山重水複疑 無路，柳暗花明又一村」。繼去年社會風波不 斷，中美貿易戰無日無之，今年又受到疫情突 襲，令原本已經疲弱的經濟再受重挫。慶幸的 是，疫情對美股及港股市場所帶來的影響僅屬 輕微，恒生指數（「恒指」）亦由年初高位29,174 點，急挫至低位21,139點後，曾由谷底回升至 約26,800點水平，在中概股強勢回歸潮以及新 經濟板塊屢創新高的推動下，成交額居高不 下，連帶證券業貨如輪轉，業績水漲船高，成 為逆市奇葩。

今年初，新冠肺炎疫情來勢洶洶「殺埋身」，疫 情於全球大爆發，本港、內地以至世界各國均 愁雲慘霧，確診及死亡人數不斷攀升，直至今 年第四季，環球疫情仍然揮之不去，疫苗一日 尚未成功研製及大量生產運用，全世界的商業 活動相信亦無法重回正軌。疫情肆虐令全人類 禁足：在家工作、禁聚令及保持社交距離，實 施大量防疫保護措施，影響可謂翻天覆地，零 售業、旅遊業、酒店業、航空業及商場舖位市 道，首當其衝受到重擊，連鎖效應波及各行各 業，百業蕭條，拖累今年七至九月失業率急升 至6.4% ，創十六年新高，預計慘況仍未見底。 內外夾擊之下，今年本港次季生產總值按年跌 9% ，同期私人消費開支激挫 14.2% ，較首季 10.6%的跌幅加劇，冬季疫情若再次惡化，復 甦之路料遙遙無期。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

On the contrary, the pandemic situation in mainland China has greatly improved due to strict control on people mobility in all provinces and municipalities. Take the National Day Golden Week as an example, a nationwide ‘retaliatory’ consumption boom emerged among mainlanders. The sales volume of milk tea alone stood at 1.1 billion cups within four days. Besides, China saw 637 million trips made during the long holiday, 79% of last year’s total. Domestic tourism revenue even reached RMB466.56 billion, reflecting the strong spending power of the public and the gradual recovery of the domestic retail market. Compared with other countries, China has demonstrated the strong resilience and recovery of the country’s economy.

The global economy and financial markets remain uncertain this year as the pandemic has yet to be brought under control and a vaccine is still not yet available. But countries should give the top priority to reviving their economies by taking trillions of dollars of relief measures and vigorously introducing loose fiscal and monetary policies to ease the liquidity crunch, which will help resume economic growth.

Although the market was volatile due to uncertainties such as the pandemic and the China-US conflict, as investors had spare time and idle money, and the pandemic swept across the world, otaku economy appeared and online shopping prevailed, which has created a growing demand for online investment. Lots of investors were enthusiastic about IPO subscriptions and kept an eye on new economy stocks for investment opportunities. The market turnover was very active. In addition, as many countries implemented loose monetary policies and injected a massive amount of funds into the market, bank balance in Hong Kong surpassed HK$450 billion and inflows of northbound capital and foreign capital sent stock turnover high.

反觀，內地在全國各省市嚴控人流管理之下， 疫情得到大大改善，以十一黃金週為例，「蟄 伏」已久的內地民眾掀起全國「報復式」消費熱 潮，單單奶茶的銷量已在四日之內達到 11 億 杯；而整個長假期間全國共接待國內遊客6.37 億人次，同比恢復 79% ，國內旅遊收入更達 4,665.6億元人民幣，反映民眾消費力強勁，國 內零售市場漸漸回暖。與其他國家相比而言， 內地的經濟可謂展現出強勁的韌力及復甦力。

新冠疫情於全球仍未有效受控，疫苗面世之日 只聞樓梯響，令今年環球經濟及金融市場屢添 變數，惟各國須以全力振興經濟為重中之重， 多番推出總規模達數以萬億的紓困措施，大力 推行寬鬆的財政及貨幣政策，緩解市場資金緊 張狀況，有助於經濟恢復增長。

雖然大市受累疫情及中美矛盾等不穩定因素而 變得波動，但證券市場受惠於投資者多了「餘 暇」及「餘資」，加上疫情肆虐，孕育了宅經濟 及網上消費模式的盛行，網上投資需求日益殷 切，吸引大批投資者熱衷大抽新股及留意新經 濟股熱潮，從中尋找投資良機，帶動大市成交 非常活躍。再加上多國實施寬鬆貨幣政策，向 市場注入大量資金，本港銀行結餘衝破 4,500 億港元，北水及外資流入資產市場，推動股票 市場成交水漲船高。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

According to the statistics of Hong Kong Exchanges and Clearing Limited (“HKEx”), the average daily turnover for the first half of this year (i.e. the second and third quarters of 2020) was approximately HK$128.08 billion, a significant increase of approximately 49.9% from approximately HK$85.45 billion for the same period of the previous year. Moreover, due to 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. As a result, more China concept stocks returned to Hong Kong for listing. This created an opportunity for the city’s IPO market and enthusiasm was aroused. In the first nine months of 2020, there were 97 new listed companies in Hong Kong. Despite a slight year-on-year decline of 3% in the number of new listed companies, the amount of funds raised through IPOs in Hong Kong stood at HK$211.4 billion, up 57.9% from HK$133.9 billion in the same period of last year. In terms of funds raised, the city broke into the top three in the world.

The significant growth in funds raised was mainly due to the return of many US-listed China concept stocks to Hong Kong. Seven companies completed their secondary listing as of the end of this September, raising a total of HK$102 billion, accounting for around 48% of the total money raised are largesized IPOs. The amount of funds raised through the top ten IPOs reached HK$142.7 billion, accounting for around 68% of the total money raised, which are all remarkable. The biggest highlight of the IPO market is none other than Ant Group (6688). As the largest IPO in the history of the world, Ant Group that sought a simultaneous A-share and H-share listing has attracted worldwide attention. Its IPO got an unprecedentedly strong investor response, which was expected to write a glorious chapter in the history of Hong Kong’s IPO market. Unfortunately, due to regulatory issues, Ant Group suddenly announced the suspension of the dual listing after the allotment, causing investors who subscribed the shares on margin to suffer losses before they could make profits. As a leader in the securities industry, the Group has been actively fulfilling its corporate social responsibilities and striving to protect investors’ benefits. It determined to give back the interest and administration fees arising from buying on margin to clients in cash. The Group alone will bear all losses, in a bid to minimize the damage to clients.

根據香港交易及結算所有限公司（「港交所」）的 統計資料，本年度首半年（即二零二零年第二 季及第三季）之每日平均交易額約為1,280.8億 港元，較上年度同期之約854.5億港元，大幅上 升約49.9% 。另外，由於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，促使更多中概股回流赴 港上市，反而為本港新股市場創造契機，燃點 熾熱氣氛。今年首九個月本港新增97家上市公 司，雖然較去年同期輕微下滑3% ，但本港首次 公開招股(IPO)集資額達 2,114 億港元，較去年 同期的1,339億港元上升57.9% ，以集資金額計 算，令香港躋身全球首三名之列。

集資額大幅上升，主要受惠於一眾已在美國上 市的中概股回流赴港，直至今年九月底便有七 家公司完成第二上市，共集資 1,020 億港元， 約佔總集資金額的 48%；當中亦迎來較多大 型新股，光是首十大新股之集資額已達 1,427 億港元，約佔總集資金額的68% ，可謂粒粒皆 星，但數到新股市場的最大亮點卻非螞蟻集團 (6688)莫屬。作為全球史上最大型之新股，螞 蟻集團選擇A+H同步招股上市乃全球矚目，其 招股反應更是空前踴躍，更有望為香港新股市 場歷史寫下光輝的一頁。可惜其後螞蟻集團因 監管問題，在招股完成後突然宣布暫緩A+H上 市，令以孖展認購此股的一眾投資者未見其 利，先見其害，無故遭受損失。本集團作為證 券行業領先者，一直積極履行社會企業責任， 更致力保障投資者的利益，希望盡一點企業良 心，決定將所有孖展認購所產生的利息及手續 費，全數以現金方式回贈給客戶，一力承擔所 有損失，務求將客戶的傷害減到最低。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

Even Ant Group’s blockbuster IPO experienced an unexpected “anticlimax”, not to mention that investors should always tip their toe and conduct risk management amid the complicated and volatile political and economic situation. In particular, the US presidential election takes place this year, and stock market will fluctuate surrounding the election time due to outburst of news and rumours. So, it is more difficult for investors to master. In recent years, the conflicts between China and the US have intensified, with the two countries competing with each other in technology, economy, national defence, etc. They both strive to become the “world’s No. 1 power”. Therefore, no matter which candidate will be the President of the United States of the next term, the United States is expected to take a tough stance towards China in the coming years. At the same time, in a bid to save their economy hit hard by the pandemic, governments tend to adopt quantitative easing monetary policy. This has increased the financial risk to the staggering global economy. Investors should be prepared for a turbulent global economy in the future.

OPERATING RESULTS

As of the six months ended 30 September 2020 (the “Period”), Bright Smart Securities & Commodities Group Limited (the “Company”) and its subsidiaries (collectively, the “Group”), recorded revenue of HK$582.9 million (2019: HK$393.8 million), representing a year-on-year increase of 48.0%. Profit attributable to equity shareholders for the Period amounted to HK$346.1 million (2019: HK$211.5 million), representing an increase of 63.6% as compared to that for the corresponding period last year. Basic and diluted earnings per share were 20.39 HK cents (2019: 12.46 HK cents). The board (the “Board”) of directors (the “Directors”) of the Company does not recommend the payment of any interim dividend for the Period (2019: Nil).

即使如螞蟻集團此等重磅新星上市亦出現「反 高潮」，令人大跌眼鏡，更遑論投資者在面對 複雜多變的政經局勢時，在風雨飄搖下須時 刻保持審慎，做好風險管理，尤其今年適逢美 國總統大選之年，在大選前後，股市因種種選 舉消息而浮沉，對投資者而言更難駕馭。而 且近年中美矛盾加劇，彼此在科技、經濟、國 防等層面上均處於競爭關係，務求成為「世界 一哥」，因此無論哪位候選人成功當選美國總 統，未來數年美國對華方針料是強硬。與此同 時，各國政府為求挽救被新冠疫情重挫的經 濟，而頻頻放寬貨幣政策，令原本已踏入低增 長的環球經濟面臨更大的金融風險，投資者更 應有心理準備，將來環球經濟或變得動蕩不 安。

經營業績

截至二零二零年九月三十日止六個月期間（「本 期間」），耀才證券金融集團有限公司（「本公 司」）連同其附屬公司，合稱（「本集團」）收入 錄得 582.9 百萬港元（二零一九年：393.8 百萬 港元），較去年同期增加 48.0%；本期間權益 股東應佔溢利為346.1百萬港元（二零一九年： 211.5百萬港元），較去年同期上升 63.6%；每 股基本盈利及每股攤薄盈利為20.39港仙（二零 一九年：12.46港仙）。本公司董事（「董事」）會 （「董事會」）不建議就本期間派發中期股息（二 零一九年：無）。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

==> picture [476 x 256] intentionally omitted <==

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

HK$Million百萬港元 Revenue HK$Million百萬港元 Net Profit
收入 純利
600 582.9 400
346.1
350
500
300
393.8 [+48.0%]
400 +63.6%
250
211.5
300 200
150
200
100
100
50
0 0
2019 2020 2019 2020
二零一九年 二零二零年 二零一九年 二零二零年
Six months ended 30 September Six months ended 30 September
截至九月三十日止六個月 截至九月三十日止六個月
----- End of picture text -----

The increase in the Group’s revenue in the past six months was largely because of the active market trading and the IPO boom. Although uncertainties, such as the COVID-19 pandemic and Sino-US relations, have made political, economic and financial markets unpredictable and investors have become cautious, the Group’s revenue rose significantly in the volatile market as investors actively sought hedging opportunities, stimulated trading in the futures market, or invested in hot sectors, such as new economy stocks, pharmaceuticals stocks and property management stocks.

本集團在過去半年收益上升，主要受惠於大市 成交活躍及新股市場熱潮。雖然大市充斥著各 種不穩定因素，如新冠疫情及中美關係等，令 政治、經濟及金融市場變得難以捉摸，投資者 態度趨於審慎；然而在波動市下，投資者積極 尋找機會進行對沖，刺激期貨市場交投，或投 資熱炒板塊如新經濟股、醫藥股及物管股等， 因而帶動本集團收入大幅上升。

TOTAL NUMBER OF CLIENT ACCOUNTS AND ASSETS

客戶戶口總數及資產

The Group has maintained a positive pace in both good and bad times. It continuously carried out policies for optimisation and expansion. As at the end of September 2020, the Group, with its Central Head Office and all branches, had a total of 14 business locations covering the core areas of Hong Kong, with most of them operating seven days a week, breaking the industry tradition. In addition, the Group with the spirit of innovation and client-oriented service attitude launched the industry-first “Bright Smart Mobile Teaching Centre”, which travels around the Hong Kong Island, Kowloon and the New Territories. It caters to the needs of clients in a more comprehensive manner and brings convenience to them.

本集團無論順逆市均保持積極進取的步伐， 繼續採取優化擴充政策，截至二零二零年九月 底，本集團的中環總行連同所有分行合共已有 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。此外， 本集團充份發揮創新的精神，秉承「以客為先」 的服務態度，推出開創證券界先河的「耀才教 學專車」，走遍港九新界，更全面地照顧客戶 需要，為客戶帶來便利。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

Moreover, with the rapid development of science and technology, the Group has been aware of investors’ needs for fintech and therefore engages 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)”, which allow clients to open an account and trade products anytime and anywhere. Both of them have enriched the online experience of clients and have been well received by investors, resulting in a steady growth in the total number of client accounts. During the Period, 67,957 new accounts were opened (after deducting accounts closed by clients), bringing the total number of client accounts to 405,761, representing an increase of 35.0% from 300,555 accounts as at 30 September 2019. In addition, client assets under management (including cash, stocks and margins) amounted to approximately HK$53.6 billion as at 30 September 2020 (30 September 2019: approximately HK$42.1 billion), representing an increase of 27.3%.

不但如此，隨著科技日新月異的發展，本集團 洞察到投資者對金融科技的需要，因而積極推 行投資數碼化，斥資巨額、花時半年研發「耀 才證券（寶寶）」及「耀才期貨（豆豆）」兩大手機 交易程式(APP) ，讓客戶足不出戶，可隨時隨地 開戶及進行投資買賣。「耀才寶寶」及「耀才豆 豆」APP豐富了客戶的線上體驗，備受投資者歡 迎，成功令客戶戶口總數保持穩健增長，本期 間新開立戶口達67,957個（已扣減結束賬戶之 客戶），令客戶戶口總數增加至405,761個，相 較於二零一九年九月三十日的 300,555 個，增 幅達35.0% 。另外，截至二零二零年九月三十 日，管理客戶資產（包括現金、股票及保證金） 約536億港元（二零一九年九月三十日：約421 億港元），上升27.3% 。

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Number of Client Accounts Client Assets
客戶戶口總數 HK$Billion十億港元 客戶資產
450,000 60
53.6
405,761
50
400,000
42.1 41.9
40
350,000
337,804
30
300,555
300,000
20
250,000
10
200,000 0
30 Sep 2019 31 Mar 2020 30 Sep 2020 30 Sep 2019 31 Mar 2020 30 Sep 2020
二零一九年 二零二零年 二零二零年 二零一九年 二零二零年 二零二零年
九月三十日 三月三十一日 九月三十日 九月三十日 三月三十一日 九月三十日
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10

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

REVENUE

收入

During the Period, the Group recorded revenue of HK$582.9 million (2019: HK$393.8 million), representing a year-on-year rise of 48.0%. A summary of the Group’s revenue by business divisions is shown below:

本期間，本集團收入錄得 582.9 百萬港元（二 零一九年：393.8百萬港元），較去年同期增加 48.0% 。本集團各業務分部之收入概要載列如 下：

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Six months ended 30 September
截至九月三十日止六個月
2020 2019
2020年 2019年
Proportion Proportion
of total of total Increment/
revenue revenue (decrement)
佔總收入 佔總收入 增加╱
比例 比例 （減少）
HK$’000 % HK$’000 % %
千港元 千港元
Revenue from: 收入來自：
— Securities brokerage — 證券經紀 219,990 37.7% 113,080 28.7% 94.5%
— Hong Kong futures and — 香港期貨及
options brokerage 期權經紀 62,460 10.7% 62,393 15.8% 0.1%
— Global futures brokerage — 環球期貨經紀 53,754 9.2% 46,606 11.8% 15.3%
— Bullion trading — 現貨金交易 6,682 1.1% 8,171 2.1% (18.2%)
— Leveraged foreign — 槓桿式外匯交易
exchange trading 1,469 0.3% 700 0.2% 110.2%
— Stock option brokerage — 股票期權經紀 7,707 1.3% 5,836 1.5% 32.1%
— IPO brokerage — 首次公開發售經紀 21,416 3.7% 3,857 1.0% 455.1%
Interest income from IPO 首次公開發售融資
financing 利息收入 95,321 16.4% 2,693 0.7% 3,439.6%
Interest income from margin 孖展融資利息收入
financing 114,092 19.6% 150,421 38.2% (24.2%)
582,891 100.0% 393,757 100.0% 48.0%
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11

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

I. Securities brokerage

I. 證券經紀

The total turnover of securities on HKEx for the Period was HK$16,010.4 billion, representing a year-on-year growth of 51.1% (2019: HK$10,595.7 billion). The Group’s commission income from securities brokerage stood at HK$220.0 million (2019: HK$113.1 million), representing a significant year-on-year increase of 94.5%, accounting for 37.7% (2019: 28.7%) of its total revenue.

港交所於本期間之總成交金額錄得 160,104 億港元，同比上升 51.1%（二零 一九年：105,957億港元）。本集團證券經 紀佣金收入錄得220.0百萬港元（二零一九 年：113.1 百萬港元），較去年同期大幅 上升 94.5% ，佔總收入 37.7%（二零一九 年：28.7%）。

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Commission Income from
HK$Million百萬港元 Securities Brokerage of the Group
本集團證券經紀佣金收入
250
220.0
200
+94.5%
150
113.1
100
50
0
2019 2020
二零一九年 二零二零年
Six months ended 30 September
截至九月三十日止六個月
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Transaction Amount of
HK$Billion十億港元 the Hong Kong Stock Market
香港股票市場成交金額
20,000
16,010.4
15,000
+51.1%
10,595.7
10,000
5,000
0
2019 2020
二零一九年 二零二零年
Six months ended 30 September
截至九月三十日止六個月
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12

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

II. Hong Kong futures and options brokerage

II. 香港期貨及期權經紀

The transaction volume of derivative contracts at the Hong Kong Futures Exchange Limited (“HKFE”) was 73.3 million (2019: 79.9 million) during the Period, representing a year-on-year decrease of 8.3%. The Group recorded commission income from Hong Kong futures and options brokerage of HK$62.5 million (2019: HK$62.4 million) for the Period, representing a year-on-year increase of 0.1%, accounting for 10.7% (2019: 15.8%) of its total revenue.

香港期貨交易所有限公司（「期交所」）之 衍生產品於本期間合約成交張數為 73.3 百萬張（二零一九年：79.9 百萬張），下 跌 8.3% 。本集團本期間錄得香港期貨及 期權經紀佣金收入達62.5百萬港元（二零 一九年：62.4百萬港元），較去年同期上 升0.1% ，佔總收入10.7%（二零一九年： 15.8%）。

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Commission Income from Transaction Volume of
Hong Kong Futures and Derivative Contracts on HKFE
Options Brokerage of the Group No. of contracts 衍生合約於期交所之交易量
HK$Million 來自本集團香港期貨及 (Million)
百萬港元 期權經紀之佣金收入 合約數目
(百萬)
70 100
65
62.4 62.5 79.9
80
60 +0.1% 73.3
55 60 -8.3%
50
40
45
40
20
35
30 0
2019 2020 2019 2020
二零一九年 二零二零年 二零一九年 二零二零年
Six months ended 30 September Six months ended 30 September
截至九月三十日止六個月 截至九月三十日止六個月
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III. Global futures brokerage

III. 環球期貨經紀

There are many uncertainties in the local investment market, as the global futures markets are open 24 hours a day, many investors turned to the global markets. So, the commission income from global futures brokerage went up 15.3% year-on-year to HK$53.8 million (2019: HK$46.6 million) during the Period, accounting for 9.2% (2019: 11.8%) of its total revenue.

本港投資市場存在眾多不確定因素，但 環球期貨因 24 小時開放關係，驅使一眾 投資者轉投環球市場，帶動本期間環球 期貨經紀佣金收入為53.8百萬港元（二零 一九年：46.6百萬港元），較去年同期上 升15.3% ，佔總收入9.2%（二零一九年： 11.8%）。

13

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

IV. Bullion trading

During the Period, the Group recorded revenue of HK$6.7 million (2019: HK$8.2 million) from bullion trading, representing a year-on-year drop of 18.2%, and accounting for 1.1% (2019: 2.1%) of the total revenue.

V. Leveraged foreign exchange trading

The Group’s business income from leveraged foreign exchange trading stood at HK$1.5 million (2019: HK$0.7 million) during the Period, accounting for 0.3% (2019: 0.2%) of its total revenue. The Group believes that investors’ demand for diversified financial investment products will continue to grow. It will therefore strive to identify opportunities to expand its business and provide investors with a wide range of investment instruments to choose from.

VI. Stock option brokerage

The Group’s commission income from stock option brokerage rose 32.1% year on year to HK$7.7 million (2019: HK$5.8 million) during the Period, accounting for 1.3% (2019: 1.5%) of its 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.

VII. IPO brokerage and IPO financing

The return of many China concept stocks for listing in Hong Kong this year triggered a flurry of IPOs. The total amount of funds raised through IPOs in Hong Kong amounted to HK$196.9 billion (2019: HK$112.7 billion) during the Period, representing a significant increase of 74.8% over the corresponding period last year. The Group’s commission income from IPO brokerage for the Period was HK$21.4 million (2019: HK$3.9 million), representing a year-on-year surge of 455.1%. Its interest income from IPO financing jumped 3,439.6% to HK$95.3 million (2019: HK$2.7 million).

IV. 現貨金交易

本期間，本集團錄得現貨金交易收入為 6.7 百萬港元（二零一九年：8.2 百萬港 元），較去年同期下跌 18.2% ，佔總收入 1.1%（二零一九年：2.1%）。

V. 槓桿式外匯交易

本期間，本集團錄得槓桿式外匯交易的業 務收入為1.5百萬港元（二零一九年：0.7百 萬港元），佔總收入 0.3%（二零一九年： 0.2%）。本集團相信投資者對多元化的金 融投資產品之需求有增無減，因此本集團 將會致力物色商機，拓展更多的業務，提 供更全面的投資工具予投資者選擇。

VI. 股票期權經紀

本集團於本期間錄得股票期權經紀佣金 收入為 7.7 百萬港元（二零一九年：5.8 百 萬港元），較去年同期上升 32.1% ，佔總 收入 1.3%（二零一九年：1.5%）。股票期 權為高槓桿的投資產品，本集團嚴謹監察 股票期權戶口的按金水平，並根據市況作 出調整，以妥善控制風險。

VII. 首次公開發售經紀及首次公開發售融 資

今年受惠於多隻中概股回流赴港上市， 掀起新股上市熱潮，於本期間，本港首次 上市集資總額錄得1,969億港元（二零一九 年：1,127億港元），較去年同期大幅上升 74.8% 。本集團本期間來自首次公開發售 經紀業務之佣金收入錄得 21.4 百萬港元 （二零一九年：3.9百萬港元），同比上升 455.1%；首次公開發售融資利息收入亦 上升3,439.6% 至95.3百萬港元（二零一九 年：2.7百萬港元）。

14

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

VIII. Margin financing

During the Period, the Group’s average daily margin borrowings increased 7.5% to HK$6.19 billion (2019: HK$5.76 billion). Affected by the drop in Hong Kong Interbank Offered Rate, the Group’s interest income from margin financing during the Period amounted to HK$114.1 million (2019: HK$150.4 million), representing a year-onyear decline of 24.2%, and accounting for 19.6% (2019: 38.2%) of the total revenue. The Group implements effective credit control procedures and recorded no bad debts in the past few years.

GAIN FROM INVESTMENT

In order to enhance its financial performance, the Group held Hong Kong-listed securities, bonds and futures contracts as investments during the Period. As at 30 September 2020, the carrying value of equity, bond and futures investments stood at HK$12.2 million (31 March 2020: HK$48.5 million). It was classified as financial assets at fair value through profit or loss and financial assets at amortised cost into the consolidated statement of financial position. During the Period, the investment returns from financial assets at fair value through profit or loss were HK$7.2 million (2019: loss of HK$0.7 million).

OPERATING EXPENSES AND NET PROFIT MARGIN

The Group well controlled its operating expenses during the Period. The total operating expenses stood at HK$329.6 million (2019: HK$265.6 million), and its net profit margin was 59.4% (2019: 53.7%).

VIII. 孖展融資

本期間，本集團日均孖展借貸上升 7.5% 至 61.9 億港元（二零一九年：57.6 億港 元）。本期間，本集團之孖展融資利息收 入為 114.1 百萬港元（二零一九年：150.4 百萬港元），在香港銀行同業拆息下跌影 響下，較去年同期下跌24.2% ，佔總收入 19.6%（二零一九年：38.2%）。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，本集團於本期間持有 香港上市證券、債券及期貨合約作為投資。於 二零二零年九月三十日，股票、債券及期貨投 資之賬面值為 12.2 百萬港元（二零二零年三月 三十一日：48.5 百萬港元），並在綜合財務狀 況表分類為按公平值計入損益之金融資產及按 攤銷成本計量之金融資產。於本期間，來自按 公平值計入損益之金融資產的投資收益為 7.2 百萬港元（二零一九年：0.7百萬港元虧損）。

經營開支及純利率

本期間，本集團之經營開支控制得宜，本期間 錄得經營開支總額為329.6百萬港元（二零一九 年：265.6 百萬港元），純利率為 59.4%（二零 一九年：53.7%）。

15

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

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%百分比 Net Profit Margin純利率
65.0
59.4%
60.0
53.7%
55.0 +5.7%
50.0
45.0
40.0
35.0
30.0
25.0
20.0
2019 2020
二零一九年 二零二零年
Six months ended 30 September
截至九月三十日止六個月
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A breakdown of operating expenses is set out below:

經營開支明細如下：

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Increment/
2020 2019 (decrement)
二零二零年 二零一九年 增加╱（減少）
HK$’000 HK$’000 %
千港元 千港元
Staff cost 員工成本 64,199 71,365 (10.0%)
Amortisation and depreciation 攤銷及折舊 39,954 45,389 (12.0%)
Finance cost 財務成本 99,139 55,967 77.1%
Advertising and promotion expenses 廣告及宣傳開支 15,707 5,148 205.1%
Auditors’ remuneration 核數師酬金 762 762 —
Commission, handling and settlement 經紀佣金、手續費及
expenses 結算費用 66,406 40,252 65.0%
Information and communication 資訊及通訊開支
expenses 23,757 22,109 7.5%
Rates and building management fees 差餉及樓宇管理費 2,372 2,879 (17.6%)
Legal and professional fee 法律及專業費用 1,260 1,668 (24.5%)
Miscellaneous expenses 雜項開支 16,085 20,104 (20.0%)
329,641 265,643 24.1%
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16

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

FUTURE PLANS

The COVID-19 pandemic is like a ‘band-tightening spell’ on the economy this year and next year, with more than 50 million cases confirmed worldwide. As the situation is uncertain and a new strain of the coronavirus that is more contagious emerged, the pandemic is likely to worsen in winter. The outlook is bleak. Shows about the US presidential election were staged one after another. Whoever wins the presidency, the American domestic political landscape and the global political and economic situation are bound to change in the next four years. The US is expected to maintain a hawkish stance towards China and continuously wage wars on trade, technology and finance. So, investors should get used to struggling to survive in the shadow of the pandemic and the wars between China and the US. Undoubtedly, the market will drastically rise and fall in the form of a “W”. If investors stay alert and flexible at all times, with the mindset of a “skillful butcher”, they may stand a good chance to make profits if they can ride on the volatile market.

The Chinese central government is making every effort to promote the integrated development of the Greater Bay Area. President Xi Jinping delivered a speech during his southern tour in 2020 celebrating the 40th anniversary of the establishment of the Shenzhen Special Economic Zone, saying that Shenzhen should play a leading role in the region. He added that the central government supports Shenzhen in starting at an early stage and on a pilot basis in capital market construction, including the launch of index futures based on SZSE market, pilot issuance of the China Depositary Receipts (CDR) and optimisation of market access for private equity funds. This reflects that the central government fully supports Shenzhen in catching up with Hong Kong in the development of financial market. Although Shenzhen’s GDP surpassed that of Hong Kong in 2018, the latter still leads the country in terms of GDP per capita and average monthly income. However, the future situation is not optimistic. According to a report of the China Development Institute in Shenzhen, the city’s GDP growth in the next five years is expected to reach 6.5%, and its GDP will reach total RMB4.2–4.5 trillion by 2025, with GDP per capita of US$35,000. Driven by new types of consumption and new tech companies, the scale of Shenzhen’s new economy is expected to maintain a growth rate of 9% in the coming five years, accounting for half of its GDP. The new economy sector will create nearly 5 million jobs during the period. By 2025, the consumption rate in the city is expected to reach 50% and the consumption expenditure will double to RMB2.2 trillion, only next to Beijing and Shanghai.

未來計劃

新冠疫情是今、明年經濟的緊箍咒，全球確診 人數突破五千萬宗，時好時壞，加上出現傳播 力更強的最新病毒株，踏入冬季或令疫情更 加惡化，前景不容樂觀。美國總統選戰好戲連 番上演，無論總統寶座花落誰家，未來四年勢 必牽動美國國內政治版圖以及全球政經局勢 變化，其對華方針料維持鷹派，有可能繼續大 打貿易戰、科技戰及金融戰，投資者要習慣於 「疫情」及「中美戰」陰霾下掙扎求存。大市走勢 必定大上大落，以「W」形式發展，投資者若果 時刻保持高警覺性、靈活性，以庖丁解牛的心 態，遊走於波動市，或是不俗的獲利良機。

中央如火如荼推動大灣區聯動發展，今年又適 逢深圳特區成立四十周年，國家主席習近平南 巡講話指明深圳擔當區內龍頭角色，又支持深 圳於資本市場建設上先行先試、推出深市股指 期貨、開展中國預託證券(CDR)試點及優化私 募基金市場準入環境等，反映中央大力扶持深 圳於金融市場向本港急起直追。深圳GDP於二 零一八年雖已超越香港，但香港在人均產值及 平均每月收入上則仍領先全國。惟未來形勢不 容樂觀，根據中國（深圳）綜合開發研究院的 報告預計，未來 5 年，深圳GDP增速預計達到 6.5% ，到二零二五年總量達到4.2萬億至4.5萬 億人民幣，人均GDP達3.5萬美元；在新消費和 新科技企業帶動下，未來五年，深圳新經濟增 速預計保持9% ，佔GDP比重一半，創造近500 萬工作崗位；到二零二五年，消費率有望達到 50% ，消費規模達2.2萬億人民幣，增長一倍， 僅次於北京、上海。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

The central government is determined to build Shenzhen into the third Chinese financial centre after Hong Kong and Shanghai. This has indeed sounded the alarm about Hong Kong’s future development. If Hong Kong continues relying solely on the financial, real estate and tourism industries, it will be overtaken by Singapore and Shenzhen. A social turmoil and a raging pandemic have clearly eroded Hong Kong’s traditional advantages. Meanwhile, new growth points have yet to emerge. So there is an urgent need for the Hong Kong government to make changes, such as technological innovation. It needs to strive to achieve economic transformation. The HKEx kept pace with times by introducing weighted voting rights structure, deepening the connect schemes between Hong Kong and mainland China and allowing the listing of China concept stocks, all of which are in line with new developments. Hong Kong should also actively seek transformation and diversification, and strive to develop innovative technologies to inject new vitality into the economy. Hong Kong’s development is closely linked to that of the mainland China. It must proactively join the planning of the Greater Bay Area and the “Belt and Road” Initiative, put words into action and seize every opportunity to avoid wasting the valuable time on endless arguments.

Foreign countries have a tough time and China and the US compete with each other, but Hong Kong, as a financial centre in Asia, is now the beneficiary, attracting a large amount of northbound capital and foreign capital to flow into the city’s stock market. Bank balance there topped HK$450 billion. As a leading securities broker in Hong Kong, the Group has seen increasingly better business performance since the beginning of this year, boosted by otaku economy and online shopping. With a network of 14 branches covering the core areas of Hong Kong, the Group will adopt a more aggressive development strategy and continue recruiting talents to optimize the branch network and enhance its service quality, in order to serve investors in Hong Kong and mainland China.

In the meantime, the Group believes that investors’ education should be open for all, easy to understand and diversified so as to enhance the financial literacy of the public and assist them in developing responsible financial habits, behaviours and decisions. Therefore, to take up an important role in investors’ education, the Group organises various investment seminars and investment simulation competitions free of charge. 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. Looking forward, the Group will continue to adopt diversified promotional and marketing strategies with a view to grasping all valuable business opportunities and building up itself.

中央要在香港及上海以外，銳意打造深圳作為 第三個中國的金融中心，確實為本港未來發展 敲響警號，香港若果一如既往只靠食金融、地 產及旅遊業的老本，一味原地踏步，勢被鄰近 的新加坡及深圳爬頭。一場社會風波加上疫情 肆虐，令香港傳統優勢明顯遭削弱，新的增長 點又未形成，政府銳意變革已經急在眉睫，譬 如科技創新，奮起直追實現經濟轉型。香港交 易所也因應市況不斷與時俱進，推出同股不同 權、加深中港互聯互通機制、吸納中概股回流 上市等，都是因時制宜迎合新發展。香港亦要 積極謀求轉型，尋求多元化發展，致力發展創 新科技，為經濟注入新活力。香港的發展與內 地緊密相連，必須積極融入粵港澳大灣區規劃 及「一帶一路」建設，坐言起行、緊握機遇，切 莫將寶貴的光陰虛耗於無窮無盡的爭拗中。

雖然外圍風起雲湧，中美相爭，香港作為亞洲 金融中心現階段是漁人得利，吸引大量北水及 外資進入投資港股，銀行結餘突破 4,500 億港 元，本集團作為本港證券業龍頭，今年以來受 到宅經濟及網上消費模式盛行帶動，令業務節 節高升。本集團將因應時勢，採取更積極進取 的發展策略，14 間分行網絡覆蓋全港核心區 域，以及持續招攬精英良材，藉以優化分行據 點及提升服務質素，為廣大中港投資者服務。

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

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

DEVELOP DIVERSIFIED GLOBAL FINANCIAL PRODUCTS

The Group has thoroughly studied consumer 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 trading 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, HKEx’s USD Gold Futures, leveraged foreign exchange products, iron ore futures, IPO share subscription and margin financing, so as to cater to the needs of different clients. The Group believes that investors’ interest in global financial products is growing. Therefore, it will continue to develop more global financial products to meet market demands.

PROMOTE DIGITALISED AND SMART TRADING SERVICES AMONGST CLIENTS

The Group is fully aware of investors’ need for fintech and therefore actively engages 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 examples, the Group launched the electronic Direct Debit Authorisation (eDDA) service recognised by the Hong Kong Monetary Authority. The service can enable clients to deposit money in just four minutes. The Baobao app now allows users to check the gain or loss of their positions, sell odd lots automatically, browse trading records within a month, search for warrants and Callable Bull/Bear Contracts (CBBC), check the amount of CBBC in public hand, and obtain AI stock recommendations. The Group’s trading systems have won the trust of its clients and praises from the industry and media, such as the award for outstanding securities and futures trading app by Sky Post, “Hong Kong Outstanding Enterprise 2020” by Economic Digest, “Listed Company Awards of Excellence” by Hong Kong Economic Journal for four straight years, 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 speed, stability, security and reliability.

開拓多元化環球金融產品

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

推動客戶交易服務邁向數碼化和智 能化

本集團洞悉到投資者對金融科技的需要，積極 推行投資數碼化，斥資巨額、花半年時間研發 「耀才證券（寶寶）」及「耀才期貨（豆豆）」APP ， 更特設AI3.0功能（行為認證、新聞追蹤、自選 組合偵察），客戶只要掌握一個手機應用程 式，便能滿足各種投資需要，足不出戶仍可極 速完成開戶程序、買賣全球金融產品及瀏覽環 球財經資訊。正因本集團力求進步，不斷加大 金融科技、軟件及硬件配套的資源投入，致力 開發「寶寶」、「豆豆」APP的新功能，以迎合市 場需要，例如推出由香港金融管理局認可的電 子直接付款授權(eDDA)存款服務，客戶只需透 過該服務便可４分鐘極速自動入數，立即進行 交易；並在「耀才寶寶」APP增設「持倉賺蝕」、 「自行沽碎股」、「一個月成交紀錄」、「窩輪牛 熊證搜尋」、「牛熊證街貨量」及「智能選股」等 多種功能，加強了客戶對本集團交易系統的 信心，更屢獲業界和媒體褒揚，包括：榮獲 《晴報》頒授「傑出證券及期貨交易手機程式大 獎」，以及由《經濟一週》頒發「2020年度香港傑 出企業」之殊榮，並連續四年獲《信報》頒發「上 市公司卓越大獎」，以表彰本集團於寶寶及豆 豆APP研發上取得的卓越成效，並足以證明本 集團網上交易系統快速、穩健、安全、可靠， 深受客戶、業界及傳媒歡迎。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

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 by using fintech, in a bid to strengthen its core competencies 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 and continuously improve service quality. In order to offer a more convenient and stable online trading platform, the Group has also made huge investment in improving its trading systems, relocated its central computer system to the centralised data centre of HKEx in Tseung Kwan O, and conducted large-scale tests on all transaction systems, including regular simulated tests involving a trading volume exceeding five times of the existing peak volume on HKEx, so as to continuously enhance the efficiency and stability of the existing securities and futures trading platforms. As for network security, the Group has implemented the “dual password” security measure and authentication by which two different passwords are required for logging into the trading systems and conducting transactions in order to provide adequate security to online transactions. Furthermore, emails are delivered instantly to notify the clients of any login or any transaction conducted electronically through their accounts in accordance with the regulatory requirements. In addition, the Group also closely monitors and counteracts any unrelated fake website. If any such website is identified, the Group will notify the clients immediately 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 及不斷改善服務質素。為使網上交易平台更快 捷及穩定，本集團過去已耗資巨額提升交易系 統，更將電腦中樞設備系統遷往位於將軍澳的 港交所中央機樓，並會為所有交易系統進行大 規模測試，包括定期進行比現時港交所高峰 期交易量高五倍的模擬測試，以持續優化現有 的證券及期貨交易平台的效率與穩健程度。同 時，在網絡保安上，本集團為保障客戶網上交 易的安全性，早前已率先推出「第二重密碼」 保安措施及行為認證，每位客戶登入交易系統 前必須輸入兩組不同的密碼才可進行交易，並 會因應監管機構要求，客戶透過電子渠道登入 或成交，本集團即時以電郵方式向客戶發出相 關提示。除此之外，本集團亦嚴密監控並慎防 與本集團無關的虛假網站出現，一旦發現相關 網站，將即時通知客戶並採取法律行動作出追 究，避免客戶造成不必要的損失。本集團會密 切留意市場的最新形勢，研究交易系統擴容的 需要及空間，並會加強教育客戶網上交易安全 的重要性，以提升客戶風險防範意識和技能。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

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. This year, 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 domestic demand of 1.4 billion people, the mainland enjoys enormous growth potential in the long run in terms of consumption power, productivity and investment capacity. The Group is determined to tap into the forward-looking mainland market via online diversified channels. To do so, it will not only actively recruit talents interested in working in the securities market, but also further raise its brand awareness and establish a unique brand image in the mainland based on its “high quality and cost-performance ratio” supported by its online and offline hardware and software support, professional and caring customer service team and upto-date promotional and marketing strategies.

CONCLUSION

The Group firmly believes that only by focusing on clients’ needs, always putting clients first, and responding quickly to market changes, can it win amid the fierce competition. The Group, with the attitude of “client-oriented, striving for excellence”, the business philosophy of “high quality and costperformance ratio” and the ability to explore and resist, has been committed to enhancing the functions and user experience of the Baobao and Doudou apps. Moreover, it allocated more resources for promotion on various platforms, attracting more investors from Hong Kong and mainland China to open accounts and trade products through Bright Smart Securities. As the market in the regions where some of its branches are located is almost saturated, the Group has further optimised its branch network and actively looked for potential regions to establish new footholds, in order to expand its market share and strengthen its brand competitiveness. The Group, which has today’s achievements and celebrates the 25th anniversary (also called jubilee) of its establishment and the 10th anniversary of its listing in 2020, owes much to 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 and faster trading platforms in the future, so as to reward them for their love and support and make them feel at home. The Group will meanwhile strengthen and deepen its existing advantages, 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。今年內地逐步撤銷外資持有中國 期貨、證券，以及互惠基金的金融機構股權限 制，意味着港商亦可全資擁有內地證券行股 權。而內地力谷14億人口的內需動力，不論消 費、生產還是投資能力均極具潛力，長遠具備 顯著的增長空間。本集團銳意透過線上多元化 渠道，開拓極具前瞻性的國內市場，不但會積 極廣納有意投身證券市場的賢才，更會貫徹本 集團「平靚正」的賣點，透過線上和線下的硬件 及軟件配套、專業貼心的客戶服務團隊、緊貼 市場步伐的市場及營銷活動，打響品牌於國內 的知名度，務求創造別具一格的品牌價值。

總結

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

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL RESOURCES

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

The Group maintained a strong cash position with total bank deposits, bank balances and cash amounted to HK$407.3 million as at 30 September 2020 (31 March 2020: HK$477.7 million). The Group had total bank borrowings of HK$23,765.1 million as at 30 September 2020 (31 March 2020: HK$2,858.8 million) which bore interest primarily at floating rates. The bank borrowings were primarily collateralised by its margin clients’ securities pledged to the Group. As at 30 September 2020, unutilised banking facilities amounted to HK$11,647.8 million (31 March 2020: HK$18,049.6 million). The Group’s gearing ratio (total bank borrowings divided by the total shareholders’ equity) was 1,340.4% (31 March 2020: 150.3%). As at 30 September 2020, the net current assets of the Group decreased by 6.3% to HK$1,601.5 million (31 March 2020: HK$1,708.3 million). As at 30 September 2020, the Group’s current ratio (current assets divided by current liabilities) was 1.1 times (31 March 2020: 1.4 times).

CAPITAL MANAGEMENT

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 each of the subsidiaries maintains liquidity adequate to support the level of activities with a sufficient buffer to accommodate potential increases in the level of business activities. During the Period, all the licensed subsidiaries have complied with the liquidity requirements under the Securities and Futures (Financial Resources) Rules (“FRR”).

CHARGES ON ASSETS

None of the Group’s assets were subject to any charges as at 30 September 2020 and 31 March 2020.

資本結構、流動資金及財務資源

本集團主要以股東權益、經營業務所得現金及 銀行借貸為營運提供資金。

本集團維持充裕流動資金。於二零二零年九 月三十日，其銀行存款、銀行結餘及現金合共 為407.3百萬港元（二零二零年三月三十一日： 477.7百萬港元）。於二零二零年九月三十日， 本集團之總銀行借貸為 23,765.1 百萬港元（二 零二零年三月三十一日：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。於二零二零年 九月三十日，未動用銀行融資為11,647.8百萬 港元（二零二零年三月三十一日：18,049.6 百 萬港元）。本集團之資產負債比率（總銀行借 貸除以總股東權益）為 1,340.4%（二零二零年 三月三十一日：150.3%）。於二零二零年九月 三十日，本集團之流動資產淨值下跌 6.3%至 1,601.5百萬港元（二零二零年三月三十一日： 1,708.3 百萬港元）。於二零二零年九月三十 日，本集團之流動比率（流動資產除以流動負 債）為 1.1 倍（二零二零年三月三十一日：1.4 倍）。

資本管理

本集團積極定期檢討及管理資本結構，並因應 經濟環境之轉變對資本結構作出調整。就持牌 附屬公司而言，本集團確保各附屬公司均保持 資金靈活週轉，足以支持業務經營，以及在業 務活動可能轉趨頻繁時亦能應付自如。於本期 間，所有持牌附屬公司均遵守證券及期貨（財 政資源）規則（「財政資源規則」）項下之流動資 金規定。

資產押記

於二零二零年九月三十日及二零二零年三月 三十一日，本集團之資產並無受限於任何押 記。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

CONTINGENT LIABILITIES

As at the end of the Period, corporate guarantees provided by the Company in respect of banking facilities granted by authorised institutions to its subsidiaries engaging in securities and futures brokerage amounted to HK$15,947.5 million (31 March 2020: HK$15,947.5 million). As at 30 September 2020, the subsidiaries of the Company have utilised HK$5,868.6 million of these aggregate banking facilities (31 March 2020: HK$2,334.0 million).

RISK MANAGEMENT

Credit risk

The Group’s credit risk is primarily attributable to accounts receivable from clients, brokers and clearing houses. The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.

In respect of amounts due from clients, individual credit evaluations are performed on all clients (including cash and margin clients) based on the underlying collaterals. Cash clients are required to place deposits as prescribed in the Group’s credit policy before execution of any purchase transactions. Receivables due from cash clients are due within the settlement period commonly adopted in the relevant market 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 in view of the prescribed deposit requirements and the short settlement period involved, the credit risk arising from the amounts due from cash clients is considered low. The Group normally obtains liquid securities and/or cash deposits as collateral for providing 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.

或然負債

於本期間期末，本公司就從事證券及期貨經紀 業務之附屬公司獲認可機構授出之銀行融資提 供 15,947.5 百萬港元（二零二零年三月三十一 日：15,947.5百萬港元）之公司擔保。於二零二 零年九月三十日，本公司之附屬公司已動用該 等銀行融資總額中5,868.6百萬港元（二零二零 年三月三十一日：2,334.0百萬港元）。

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信貸評 估。於執行任何購買交易前，現金客戶須按本 集團之信貸政策所訂明存入按金。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，一般為由交易日起計數天內。由於應收 現金客戶賬款涉及多名近期並無欠款記錄之 客戶，信貸質素並無重大變動及有關結餘被視 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 低。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應要求償還。就商 品及期貨經紀業務而言，於開倉前須支付基本 按金。管理層會每天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。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Management Discussion and Analysis 管理層討論與分析

In respect of accounts receivable from brokers and clearing houses, credit risks are considered low as the Group normally enters into transactions with brokers and clearing houses which are registered with regulatory bodies and have 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 it 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 ensuring compliance with FRR. The Group’s policies are to regularly monitor its liquidity requirement and its compliance with lending covenants, and to ensure that it maintains sufficient cash reserves and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term.

Interest rate risk

The Group charges interest to 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 bank deposits, and financial liabilities, such as bank loans and amount due to a related company, bear interest 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並於業內 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。

流動資金風險

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

利率風險

本集團按其資金成本另加漲價向孖展客戶及 尚未償還貸款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 貸款及應付一間關聯公司款項）主要按浮動息 率計息。本集團之收入及經營現金流量並無面 對重大利率風險。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Management Discussion and Analysis 管理層討論與分析

Foreign currency risk

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

Price risk

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

The Group’s equity investments are listed on HKEx while its investment in futures contracts are traded on HKFE. Listed investments held in the portfolio of financial assets at fair value through profit or loss 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.

EMPLOYEES AND REMUNERATION POLICIES

As at 30 September 2020, the Group had a work force of 261 employees (31 March 2020: 263 employees). The Group’s remuneration policy aims to offer competitive remuneration packages to recruit, retain and motivate competent employees. The Group believes the remuneration packages are reasonable, competitive, and in line with market trends. The Group has put in place a bonus scheme for its executives and employees in a bid to provide competitive remuneration packages 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 skills and personal effectiveness.

外幣風險

本集團面對之貨 幣 風險主要源自以美元、人民 幣、澳元、新加坡元、日圓及英鎊計值之金融 工具。由於港元與美元掛鈎，故本集團認為港 元與美元之匯率變動風險輕微。就以其他貨幣 計值之金融工具而言，本集團在有需要之情況 下按即期匯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於可接受之水 平。管理層每天監控所有外幣持倉。

價格風險

就分類為按公平值計入損益之金融資產的上市 股本投資及期貨合約而言，本集團面對其價格 變動風險。

本集團的股本投資均於港交所上市，而期貨合 約投資則於期交所進行交易。持作按公平值計 入損益之金融資產組合的上市投資乃根據其較 長遠增長潛力挑選，並定期監察表現與預期是 否相符。

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

僱員及薪酬政策

於二零二零年九月三十日，本集團共有 261 名僱員（二零二零年三月三十一日：263 名僱 員）。本集團之薪酬政策旨在提供具競爭力之 薪酬福利，以招聘、挽留及激勵能幹之僱員。 本集團相信該等薪酬福利屬合理、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福 利，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。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Other Information 其他資料

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

During the Period, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any listed securities of the Company.

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 Period, the Company did not adopt any new share option scheme and no share options were granted, exercised, lapsed or cancelled pursuant to the Scheme.

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 30 September 2020, 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 of Hong Kong Limited (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:

購買、出售或贖回本公司之上市證券

於本期間，本公司或其任何附屬公司概無購 買、出售或贖回本公司任何上市證券。

購股權計劃

於二零一零年八月四日，本公司有條件批准及 採納一項購股權計劃（「該計劃」），該計劃自 二零一零年八月二十五日起生效，有效期為十 年，因此於二零二零年八月二十四日屆滿。

於本期間，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、獲行使、 失效或被註銷。

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

於二零二零年九月三十日，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須記錄 於本公司根據證券及期貨條例第352條須備存 之登記冊或根據香港聯合交易所有限公司（「聯 交所」）證券上市規則（「上市規則」）之《上市發 行人董事進行證券交易的標準守則》（「標準守 則」）須另行知會本公司及聯交所之權益及淡倉 如下：

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Other Information 其他資料

Interests in shares of the Company (the “Shares”)

於本公司股份（「股份」）之權益

Name of Director 董事姓名	Nature of interest 權益性質	Long/short positions 好╱淡倉	Number of Shares 股份數目	Approximate percentage of issued voting Shares 佔已發行 表決股份之 概約百分比 (%)
Mr. Yip Mow Lum_(Note 1)_	Interest in a controlled	Long position	900,000,000	53.02%
葉茂林先生（附註1）	corporation	好倉
	受控法團權益
Mr. Yip Mow Lum	Beneficial owner	Long position	265,746,280	15.65%
葉茂林先生	實益擁有人	好倉
Mr. Hui Yik Bun	Beneficial owner	Long position	600,000	0.03%
許繹彬先生	實益擁有人	好倉
Mr. Yu Yun Kong	Beneficial owner	Long position	608,829	0.03%
余韌剛先生	實益擁有人	好倉
Mr. Szeto Wai Sun_(Note 2)_	Beneficiary of trust	Long position	631,666	0.03%
司徒維新先生（附註2）	信託受益人	好倉
Mr. Ling Kwok Fai, Joseph	Beneficial owner	Long position	210,700	0.01%
凌國輝先生	實益擁有人	好倉

Notes:

附註：

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.

2. 900,000,000 股股份由新長明控股有限公司持 有，而此公司由董事會主席葉茂林先生全資擁 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。

3. 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.

4. 作為信託受益人，獨立非執行董事司徒維新先 生根據證券及期貨條例被視為於該631,666股 股份中擁有權益。

Save as disclosed above, as at 30 September 2020, none of the Directors or the chief executive of the Company had any interests or short positions in any Shares, underlying Shares or 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 under section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

除上文所披露者外，於二零二零年九月三十 日，本公司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）之股份、相關股份或債券中擁 有須記錄於本公司根據《證券及期貨條例》第 352條須備存之登記冊，或根據標準守則須另 行知會本公司及聯交所之權益或淡倉。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Other Information 其他資料

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

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

As at 30 September 2020, 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:

於二零二零年九月三十日，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中 擁有須記錄於本公司根據證券及期貨條例第 336條須備存之登記冊內，或須另行知會本公 司及聯交所之權益或淡倉如下：

Name of shareholder 股東名稱	Nature of interest 權益性質	Long/short positions 好╱淡倉	Number of Shares 股份數目	Approximate percentage of the issued voting Shares 佔已發行 表決股份之 概約百分比 (%)
New Charming Holdings	Beneficial owner	Long position	900,000,000	53.02%
Limited_(Note)_	實益擁有人	好倉
新長明控股有限公司（附註）

Note:

附註：

900,000,000 Shares were held by New Charming Holdings Limited, a company wholly owned by Mr. Yip Mow Lum, the chairman of the Board. Therefore, Mr. Yip Mow Lum is deemed to be interested in these shares by virtue of the SFO.

900,000,000股股份由新長明控股有限公司持有，而 此公司由董事會主席葉茂林先生全資擁有。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。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Other Information 其他資料

Save as disclosed above, as at 30 September 2020, none of the parties (other than the Directors and 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.

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

The Board is committed to ensuring high standards of corporate governance practices. During the Period, the Company fully complied with the code provisions set out in the Corporate Governance Code and Corporate Governance Report as contained in Appendix 14 to the Listing Rules.

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. The Company has made specific enquiry with each Director and has confirmed that all the Directors have fully complied with the required standard set out in the Model Code during the Period.

REVIEW OF INTERIM FINANCIAL INFORMATION

The principal duties of the Audit Committee of the Company include the review and supervision of the financial reporting process and internal control procedures of the Company. The Audit Committee, together with the external auditor of the Group, KPMG, had reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters concerning the unaudited consolidated results of the Group for the six months ended 30 September 2020 and the review of this interim report.

除上文所披露者外，於二零二零年九月三十 日，概無本公司董事或最高行政人員以外人 士於股份或相關股份中，擁有須記錄於本公司 根據《證券及期貨條例》第336條須備存之登記 冊，或須另行知會本公司及聯交所之任何權益 或淡倉。

遵守企業管治守則

董事會恪守維持高水平之企業管治常規之承 諾。本期間內，本公司已全面遵守上市規則附 錄十四所載企業管治守則及企業管治報告之守 則條文。

遵守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標準守則 作為董事進行證券交易之行為守則。本公司已 向各董事作出具體查詢，確認所有董事於期內 已全面遵守標準守則所訂之規定標準。

審閱中期財務資料

本公司審核委員會之主要職責包括審閱及監督 本公司之財務申報過程及內部監控程序。審核 委員會已與本集團之外聘核數師畢馬威會計師 事務所審閱本集團採用之會計原則及常規，並 討論有關本集團截至二零二零年九月三十日止 六個月之未經審核綜合業績及審閱本中期報告 之財務滙報事宜。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Other Information 其他資料

INTERIM REPORT

This interim report is printed in both English and Chinese, and is available for electronic and print format. Electronic copy is available for download, at no charge, on our website at https://www.bsgroup.com.hk. Potential investors who are interested in knowing more about us may download the interim report from our website or to request a printed copy by giving a notice in writing to the Company or 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.

By Order of the Board

Hui Yik Bun

Executive Director & Chief Executive Officer

Hong Kong, 25 November 2020

中期報告

本中期報告以中英文印刷，備有電子及 印刷形式。電子版本可於我們的網站 https://www.bsgroup.com.hk 免費下載。有意 深入了解我們的潛在投資者可於我們的網站下 載中期報告，或向本公司或本公司之香港股份 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）發出書面 通知，索取中期報告印刷本。

承董事會命

執行董事兼行政總裁 許繹彬

香港，二零二零年十一月二十五日

30

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Consolidated Statement of Comprehensive Income 綜合全面收益表

For the six months ended 30 September 2020 — unaudited (Expressed in Hong Kong dollars unless otherwise indicated) — 截至二零二零年九月三十日止六個月 未經審核（除另有指明外，以港元列示）

==> picture [484 x 503] intentionally omitted <==

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
Note $’000 $’000
附註 千元 千元
Revenue 收入 4 582,891 393,757
Other income 其他收益 5 129,920 119,360
Other net gain/(loss) 其他收益╱（虧損）淨額 6 17,867 (10,746)
730,678 502,371
Staff costs 員工成本 (64,199) (71,365)
Amortisation and depreciation 攤銷及折舊 (39,954) (45,389)
Other operating expenses 其他經營開支 7(b) (126,349) (92,922)
Profit from operations 經營溢利 500,176 292,695
Finance costs 財務成本 7(a) (99,139) (55,967)
Profit before taxation 除稅前溢利 7 401,037 236,728
Income tax 所得稅 8 (54,984) (25,223)
Profit for the period 期內溢利 346,053 211,505
Other comprehensive income 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 損益之項目
— Exchange reserve —匯兌儲備 (144) 206
Total comprehensive income 期內權益股東應佔全面
attributable to equity shareholders 收益總額
for the period 345,909 211,711
Earnings per share 每股盈利
Basic (cents) 基本（仙） 9 20.39 12.46
Diluted (cents) 攤薄（仙） 9 20.39 12.46
----- End of picture text -----

The notes on pages 36 to 66 form part of this interim financial report.

第36至66頁之附註構成本中期財務報告其中部 分。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Consolidated Statement of Financial Position 綜合財務狀況表

At 30 September 2020 – unaudited (Expressed in Hong Kong dollars) 於二零二零年九月三十日－未經審核（以港元列示）

==> picture [483 x 616] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
Note $’000 $’000
附註 千元 千元
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 12 142,101 159,826
Intangible assets 無形資產 5,733 5,783
Deferred tax assets 遞延稅項資產 111 122
Other receivables, deposits and 其他應收款項、按金及
prepayments 預付款項 14 17,107 16,944
Other non-current assets 其他非流動資產 49,039 77,715
Total non-current assets 非流動資產總值 214,091 260,390
Current assets 流動資產
Accounts receivable 應收賬款 13 27,860,895 5,644,787
Other receivables, deposits and 其他應收款項、按金及
prepayments 預付款項 14 18,420 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 4,408 48,539
Financial assets at amortised cost 按攤銷成本計量之金融資產 7,789 —
Tax recoverable 可退回稅項 339 1,321
Cash and cash equivalents 現金及現金等價物 15 407,312 477,657
Total current assets 流動資產總值 28,299,166 6,198,745
Current liabilities 流動負債
Accounts payable 應付賬款 16 1,523,433 1,301,268
Accrued expenses and other payables 應計開支及其他應付款項 17 86,814 65,071
Amounts due to related companies 應付關聯公司款項 22(a)(iv) 1,203,493 200,136
Bank loans 銀行貸款 18 23,765,130 2,858,789
Lease liabilities 租賃負債 59,884 59,845
Current taxation 即期稅項 58,946 5,378
Total current liabilities 流動負債總額 26,697,700 4,490,487
Net current assets 流動資產淨值 1,601,466 1,708,258
Total assets less current liabilities 資產總值減流動負債 1,815,557 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 17 7,786 7,238
Lease liabilities 租賃負債 34,376 59,104
Deferred tax liabilities 遞延稅項負債 423 —
Total non-current liabilities 非流動負債總額 42,585 66,342
NET ASSETS 資產淨值 1,772,972 1,902,306
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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Consolidated Statement of Financial Position 綜合財務狀況表

At 30 September 2020 – unaudited (Expressed in Hong Kong dollars) 於二零二零年九月三十日－未經審核（以港元列示）

==> picture [484 x 194] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
Note $’000 $’000
附註 千元 千元
EQUITY 權益
Share capital 股本 19(a) 509,189 509,189
Share premium 股份溢價 19(c) 738,020 738,020
Exchange reserve 匯兌儲備 19(c) 354 498
Merger reserve 合併儲備 19(c) (20,000) (20,000)
Retained profits 保留溢利 545,409 674,599
TOTAL EQUITY 權益總值 1,772,972 1,902,306
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The notes on pages 36 to 66 form part of this interim financial report.

第36至66頁之附註構成本中期財務報告其中部 分。

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耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

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

For the six months ended 30 September 2020 – unaudited (Expressed in Hong Kong dollars) — 截至二零二零年九月三十日止六個月 未經審核（以港元列示）

==> picture [483 x 480] intentionally omitted <==

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

Share Share Exchange Merger Retained Total
capital premium reserve reserve profits equity
股份 匯兌 合併 保留 權益
股本 溢價 儲備 儲備 溢利 總計
Note $’000 $’000 $’000 $’000 $’000 $’000
附註 千元 千元 千元 千元 千元 千元
At 1 April 2019 於二零一九年四月一日 509,189 738,020 265 (20,000) 1,695,816 2,923,290
First adoption of HKFRS 16 首次採用香港財務報告準則
第16號 — — — — (1,969) (1,969)
Adjusted balance at 1 April 2019 調整後於二零一九年四月一日之結餘 509,189 738,020 265 (20,000) 1,693,847 2,921,321
Changes in equity for the six months 截至二零一九年九月三十日
ended 30 September 2019: 止六個月之權益變動：
— — — —
Profit for the period 期內溢利 211,505 211,505
Other comprehensive income 其他全面收益 — — 206 — — 206
Total comprehensive income for the period 期內全面收益總額 — — 206 — 211,505 211,711
— — — —
Dividend paid during the period 期內派付股息 19(b) (132,389) (132,389)
At 30 September 2019 於二零一九年九月三十日 509,189 738,020 471 (20,000) 1,772,963 3,000,643
At 1 October 2019 於二零一九年十月一日 509,189 738,020 471 (20,000) 1,772,963 3,000,643
Changes in equity for the six months 截至二零二零年三月三十一日
ended 31 March 2020: 止六個月之權益變動：
— — — —
Profit for the period 期內溢利 259,473 259,473
Other comprehensive income 其他全面收益 — — 27 — — 27
Total comprehensive income for the period 期內全面收益總額 — — 27 — 259,473 259,500
Dividend paid during the period 期內派付股息 — — — — (1,357,837) (1,357,837)
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 six months 截至二零二零年九月三十日
ended 30 September 2020: 止六個月之權益變動：
— — — —
Profit for the period 期內溢利 346,053 346,053
— — — —
Other comprehensive income 其他全面收益 (144) (144)
Total comprehensive income for the period 期內全面收益總額 — — (144) — 346,053 345,909
Dividend paid during the period 期內派付股息 19(b) — — — — (475,243) (475,243)
At 30 September 2020 於二零二零年九月三十日 509,189 738,020 354 (20,000) 545,409 1,772,972
----- End of picture text -----

The notes on pages 36 to 66 form part of this interim financial report.

第36至66頁之附註構成本中期財務報告其中部 分。

34

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表

For the six months ended 30 September 2020 — unaudited (Expressed in Hong Kong dollars) — 截至二零二零年九月三十日止六個月 未經審核（以港元列示）

==> picture [484 x 565] intentionally omitted <==

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
Note $’000 $’000
附註 千元 千元
Operating activities 經營活動
Cash (used in)/generated from 經營業務（所用）╱所得現金
operations (21,466,443) 510,202
— —
Hong Kong Profits Tax paid 已付香港利得稅
Net cash (used in)/generated from 經營活動（所用）╱所得現金淨
operating activities 額 (21,466,443) 510,202
Investing activities 投資活動
Purchase of property, plant and 購買物業、廠房及設備
equipment (16,186) (3,023)
Other net cash flows arising 投資活動產生之其他淨現金流
from investing activities 98,852 83,554
Net cash generated 投資活動所得現金淨額
from investing activities 82,666 80,531
Financing activities 融資活動
Dividends paid to equity shareholders 支付本公司權益股東之股息
of the Company (475,243) (132,389)
Net proceeds from/(repayment of) 銀行貸款所得款項淨額╱
bank loans （還款淨額） 20,906,341 (359,256)
Other net cash flows arising 融資活動產生之其他淨現金流
from financing activities 870,658 (92,764)
Net cash generated from/(used in) 融資活動所得╱（所用）現金淨
financing activities 額 21,301,756 (584,409)
Net (decrease)/ increase in cash 現金及現金等價物
and cash equivalents （減少）╱增加淨額 (82,021) 6,324
Cash and cash equivalents 於四月一日之現金
at 1 April 及現金等價物 477,657 401,254
Effect of foreign exchange rate 匯率變動之影響
changes 11,676 (6,715)
Cash and cash equivalents 於九月三十日之現金
at 30 September 及現金等價物 15 407,312 400,863
----- End of picture text -----

The notes on pages 36 to 66 form part of this interim financial report.

第36至66頁之附註構成本中期財務報告其中部 分。

35

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

1 GENERAL INFORMATION

Bright Smart Securities & Commodities Group Limited (the “Company”) was incorporated in the Cayman Islands on 4 August 2009 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The consolidated interim financial report of the Company as at and for the six months ended 30 September 2020 comprises the Company and its subsidiaries (together referred to as the “Group”).

2 BASIS OF PREPARATION

This interim financial report for the six months period ended 30 September 2020 has been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34, Interim Financial Reporting, issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). This interim financial report also complies with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2019/20 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2020/21 annual financial statements. Details of changes in accounting policies are set out in note 3.

The interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the end of the last annual reporting period. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”).

The interim financial report is unaudited, but has been reviewed by KPMG in accordance with the Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the HKICPA.

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》（一九六一年第三號法 例，經綜合及修訂）在開曼群島註冊成立 為獲豁免有限公司。本公司於二零二零年 九月三十日及截至二零二零年九月三十 日止六個月之綜合中期財務報告涵蓋本 公司及其附屬公司（統稱「本集團」）。

2 編製基礎

截至二零二零年九月三十日止六個月期 間之本中期財務報告乃根據香港會計師 公會頒佈之香港會計準則第34號「中期財 務報告」編製。本中期財務報告亦遵守香 港聯合交易所有限公司證券上市規則之 適用披露條文。

除預期於二零二零╱二一年度財務報表 反映之會計政策變動外，中期財務報告乃 按二零一九╱二零年度財務報表所採用 之相同會計政策編製。會計政策變動詳情 載於附註3。

中期財務報告包括簡明綜合財務報表及 經挑選之說明附註。該等附註載有多項事 件及交易之說明，對了解本集團自上一個 年度報告期結束以來財務狀況之變動及 表現實為重要。簡明綜合中期財務報表及 其附註並不包括根據香港財務報告準則 所編製整套財務報表所需之全部資料。

中期財務報告未經審核，惟已由畢馬威會 計師事務所根據香港會計師公會頒佈之 香港審閱委聘準則第2410號「由實體獨立 核數師審閱中期財務資料」審閱。

36

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

2 BASIS OF PREPARATION (Continued)

The financial information relating to the financial year ended 31 March 2020 that is included in the interim financial report as being previously reported information does not constitute the Company’s statutory financial statements for that financial year but is derived from those financial statements. Statutory financial statements for the year ended 31 March 2020 are available from the Company’s registered office. The auditors have expressed an unqualified opinion on those financial statements in their report dated 29 June 2020.

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”

None of these developments has had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented in this interim financial report.

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

2 編製基礎 （續）

中期財務報告所載關於截至二零二零年 三月三十一日止財政年度之財務資料（作 為以往已申報之資料）並不構成本公司該 財政年度之法定財務報表，惟乃摘錄自該 等財務報表。截至二零二零年三月三十一 日止年度之法定財務報表可於本公司之 註冊辦事處查閱。核數師於二零二零年六 月二十九日發表之報告中就該等財務報 表發表無保留意見。

3 會計政策變動

香港會計師公會已頒佈香港財務報告準 則之若干修訂，該等修訂於本集團當前會 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」

此等修訂概無對本集團本期間或上一期 間之業績及財務狀況於本中期財務報告 之編製或呈列方式構成重大影響。

本集團並無應用任何於本會計期間尚未 生效之新訂準則或詮釋。

37

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

4 REVENUE

4 收入

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

本集團之主要業務為證券經紀、孖展融 資、商品及期貨經紀、現貨金交易服務及 槓桿式外匯交易服務。

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

各重要類別收入金額如下：

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
Revenue from contracts with 香港財務報告準則第15號
customers within 範圍內之客戶合約收入
the scope of HKFRS 15
Brokerage commission 經紀佣金 365,327 231,772
Revenue from other sources 其他來源收入
Dealing income from bullion trading 現貨金交易收入 6,682 8,171
Dealing income from leveraged foreign 槓桿式外匯交易收入
exchange trading 1,469 700
Interest income from margin financing 孖展融資利息收入 114,092 150,421
Interest income from IPO financing 首次公開發售融資利息收入 95,321 2,693
217,564 161,985
582,891 393,757
----- End of picture text -----

38

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

5 OTHER INCOME

5 其他收益

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
Interest income from 利息收入來自
Financial assets carried at 按攤銷成本列賬之金融資產
amortised cost
—
— Authorised institutions 認可機構 38,932 71,325
—
— Others 其他 704 1,146
39,636 72,471
Financial assets carried at fair value 以按公平值計入損益之方式列賬之
through profit or loss (“FVPL”) 金融資產
—
— Cash clients 現金客戶 15,648 10,853
55,284 83,324
Handling and settlement fees 手續費及結算費用 59,489 32,913
Dividend income 股息收入 11 204
—
Government grants 政府補助 9,925
Sundry income 雜項收入 5,211 2,919
129,920 119,360
----- End of picture text -----

6 OTHER NET GAIN/(LOSS)

6 其他收益╱（虧損）淨額

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
Realised gain/(loss) from financial assets 來自按公平值計入損益之金融資產
at fair value through profit or loss 之已變現收益╱（虧損） 7,951 (9)
Unrealised loss from financial assets at 來自按公平值計入損益之金融資產
fair value through profit or loss 之未變現虧損 (736) (683)
7,215 (692)
Net foreign exchange gain/(loss) 外匯收益╱（虧損）淨額 11,820 (6,043)
Loss on disposals of property, 出售物業、廠房及設備
plant and equipment 虧損 (500) (1)
Error trades arising from dealings 錯盤交易 (29) (73)
Others 其他 (639) (3,937)
17,867 (10,746)
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39

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

7 PROFIT BEFORE TAXATION

7 除稅前溢利

Profit before taxation is arrived at after charging:

除稅前溢利乃於扣除下列各項後達致：

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
(a) Finance costs (a) 財務成本
Interest expense on 以下各項之利息開支
—
— Bank loans for IPO financing 首次公開發售融資
之銀行貸款 60,719 2,662
—
— Other bank loans 其他銀行貸款 35,704 45,943
—
— Lease liabilities 租賃負債 1,427 2,016
—
— Loans from related companies 來自關聯公司貸款 922 4,764
—
— Others 其他 367 582
99,139 55,967
(b) Other operating expenses (b) 其他經營開支
Advertising and promotion 廣告及宣傳開支
expenses 15,707 5,148
Auditors’ remuneration 核數師酬金 762 762
Commission, handling and 經紀佣金、手續費
settlement expenses 及結算費用 66,406 40,252
Information and communication 資訊及通訊開支
expenses 23,757 22,109
Legal and professional fees 法律及專業費用 1,260 1,668
Rates and building management 差餉及樓宇管理費
fees 2,372 2,879
Miscellaneous expenses 雜項開支 16,085 20,104
126,349 92,922
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40

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

8 INCOME TAX IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

• 8 綜合全面收益表之所得稅

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
—
Current tax — Hong Kong Profits 即期稅項 香港利得稅
Tax
Provision for the period 期內撥備 54,549 27,471
Deferred tax 遞延稅項
Origination and reversal of temporary 暫時差額之來源及撥回
differences 435 (2,248)
Total tax charge for the period 期內稅項支出總額 54,984 25,223
----- End of picture text -----

The provision for Hong Kong Profits Tax is calculated by applying the estimated annual effective tax rate of 16.5% (2019: 16.5%) to the six months ended 30 September 2020, except for one subsidiary of the Group which is a qualifying corporation under the two-tiered Profits Tax rate regime.

香港利得稅撥備乃按截至二零二零年九月 三十日止六個月估計年度實際稅率16.5% （二零一九年：16.5%）計算，惟本集團一 間附屬公司符合兩級制利得稅之條件除 外。

For this subsidiary, the first $2 million of assessable profits are taxed at 8.25% and the remaining assessable profits are taxed at 16.5%. The provision for Hong Kong Profits Tax for this subsidiary was calculated at the same basis in 2019.

就該附屬公司而言，首 2,000,000 元應課 稅溢利按8.25%徵稅，餘下應課稅溢利則 按16.5%徵稅。該附屬公司香港利得稅撥 備按與二零一九年相同之基準計算。

41

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

9 EARNINGS PER SHARE

9 每股盈利

Basic earnings per share

每股基本盈利

Basic earnings per share is calculated by dividing the profit for the period attributable to equity shareholders of the Company by the weighted average number of ordinary shares in issue during the period.

每股基本盈利乃以本公司權益股東應佔 期內溢利除以期內發行普通股之加權平 均數計算。

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
Earnings 盈利
Profit for the period attributable 本公司權益股東應佔期內溢利
to equity shareholders （千元）
of the Company ($’000) 346,053 211,505
Number of shares 股份數目
Weighted average number 已發行普通股之加權平均數
of ordinary shares in issue （千股）
(in thousands) 1,697,296 1,697,296
Basic earnings per share (cents) 每股基本盈利（仙） 20.39 12.46
----- End of picture text -----

Diluted earnings per share

每股攤薄盈利

There was no dilutive potential ordinary share during the period (six months ended 30 September 2019: nil) and diluted earnings per share is therefore equal to basic earnings per share.

期內並無攤薄性潛在普通股（截至二零 一九年九月三十日止六個月：無），因 此，每股攤薄盈利相等於每股基本盈利。

10 DIVIDEND

10 股息

The Board does not recommend the payment of an interim dividend in respect of the six months ended 30 September 2020 (six months ended 30 September 2019: nil).

董事會不建議就截至二零二零年九月三十 日止六個月派發中期股息（截至二零一九 年九月三十日止六個月：無）。

42

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

11 SEGMENT REPORTING

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

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

• Commodities and futures broking — provision of broking services in commodities and futures contracts traded in Hong Kong and overseas markets.

— Bullion trading — provision of trading services in bullion contracts traded in overseas markets.

(a) Segment results, assets and liabilities

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

Segment assets include all tangible assets and current assets with the exception of unallocated corporate assets. Segment liabilities include liabilities and accruals attributable to the activities of the individual segments.

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

11 分部報告

本集團按分部（按業務線組織）管理其業 務。本集團按與就資源分配及表現評估向 本集團最高行政管理人員內部呈報資料 一致之方式呈列以下三個可報告分部。概 無合併經營分部以組成下列可報告分部。

• —

• 證券經紀 提供於香港及特定海外 市場買賣之證券之經紀服務及向經 紀客戶提供孖展融資服務。

• —

• 商品及期貨經紀 提供於香港及海 外市場買賣之商品及期貨合約之經 紀服務。

• —

• 現貨金交易 提供於海外市場買賣 現貨金合約的交易服務。

(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。

43

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

11 SEGMENT REPORTING (Continued)

11 分部報告 （續）

(b) Segment information

(b) 分部資料

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

Six months ended 30 September 2020
截至二零二零年九月三十日止六個月
Commodities
Securities and futures Bullion
broking broking trading Total
商品及
證券經紀 期貨經紀 現貨金交易 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 249,113 117,420 366,533
— Dealing income — 交易收入 — — 6,682 6,682
—
— Interest income from margin 孖展融資利息收入
— —
financing 114,092 114,092
— Interest income from IPO — 首次公開發售融資
— —
financing 利息收入 95,321 95,321
Reportable segment revenue 可報告分部收入 458,526 117,420 6,682 582,628
Interest income from cash clients 現金客戶利息收入 15,648 — — 15,648
Other interest income 其他利息收入 34,020 5,577 39 39,636
Handling and settlement fees 手續費及結算費用 59,485 4 — 59,489
Reportable segment profit (EBIT) 可報告分部溢利(EBIT) 441,928 49,304 4,263 495,495
—
Amortisation and depreciation 攤銷及折舊 (8,447) (4) (8,451)
Finance costs 財務成本 (101,861) — — (101,861)
Additions to non-current segment 期內添置之非流動
— —
assets during the period 分部資產 16,186 16,186
----- End of picture text -----

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

At 30 September 2020
於二零二零年九月三十日
Commodities
Securities and futures Bullion
broking broking trading Total
商品及
證券經紀 期貨經紀 現貨金交易 總計
$’000 $’000 $’000 $’000
千元 千元 千元 千元
Reportable segment assets 可報告分部資產 27,649,148 897,588 24,212 28,570,948
Reportable segment liabilities 可報告分部負債 (26,076,327) (552,717) (19,742) (26,648,786)
----- End of picture text -----

44

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

11 SEGMENT REPORTING (Continued)

11 分部報告 （續）

(b) Segment information (Continued)

(b) 分部資料 （續）

		Six months ended 30 September 2019 截至二零一九年九月三十日止六個月 Securities broking Commodities and futures broking Bullion trading Total 證券經紀 商品及 期貨經紀 現貨金交易 總計 $’000 $’000 $’000 $’000 千元 千元 千元 千元	Six months ended 30 September 2019 截至二零一九年九月三十日止六個月 Securities broking Commodities and futures broking Bullion trading Total 證券經紀 商品及 期貨經紀 現貨金交易 總計 $’000 $’000 $’000 $’000 千元 千元 千元 千元	Six months ended 30 September 2019 截至二零一九年九月三十日止六個月 Securities broking Commodities and futures broking Bullion trading Total 證券經紀 商品及 期貨經紀 現貨金交易 總計 $’000 $’000 $’000 $’000 千元 千元 千元 千元	Six months ended 30 September 2019 截至二零一九年九月三十日止六個月 Securities broking Commodities and futures broking Bullion trading Total 證券經紀 商品及 期貨經紀 現貨金交易 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	122,774	109,540	—	232,314
— Dealing income	— 交易收入	—	—	8,171	8,171
— Interest income from margin	— 孖展融資利息收入
financing		150,421	—	—	150,421
— Interest income from IPO	— 首次公開發售融資
financing	利息收入	2,693	—	—	2,693
Reportable segment revenue	可報告分部收入	275,888	109,540	8,171	393,599
Interest income from cash clients	現金客戶利息收入	10,853	—	—	10,853
Other interest income	其他利息收入	60,550	11,723	190	72,463
Handling and settlement fees	手續費及結算費用	32,907	6	—	32,913
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	239,904	43,191	6,388	289,483
Amortisation and depreciation	攤銷及折舊	(9,166)	(4)	—	(9,170)
Finance costs	財務成本	(56,158)	(6)	—	(56,164)
Additions to non-current segment	期內添置之非流動
assets during the period	分部資產	3,019	—	—	3,019

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

At 31 March 2020
於二零二零年三月三十一日
Commodities
Securities and futures Bullion
broking broking trading Total
商品及
證券經紀 期貨經紀 現貨金交易 總計
$’000 $’000 $’000 $’000
千元 千元 千元 千元
Reportable segment assets 可報告分部資產 5,761,546 706,429 43,693 6,511,668
Reportable segment liabilities 可報告分部負債 (4,069,128) (363,944) (24,789) (4,457,861)
----- End of picture text -----

45

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

11 SEGMENT REPORTING (Continued)

11 分部報告 （續）

• (c) Reconciliation of reportable segment profit, assets and liabilities

• (c) 可報告分部溢利、資產及負債之 對賬

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
Revenue 收入
Reportable segment revenue 可報告分部收入 582,628 393,599
Elimination 對銷 (1,206) (541)
Unallocated corporate revenue 未分配公司收入 1,469 699
Consolidated revenue 綜合收入 582,891 393,757
Profit 溢利
Reportable segment profit (EBIT) 可報告分部溢利(EBIT) 495,495 289,483
Finance costs 財務成本 (99,139) (55,967)
Unallocated corporate income 未分配公司收入 25,112 11,962
Unallocated corporate expenses 未分配公司開支 (20,431) (8,750)
Consolidated profit before taxation 綜合除稅前溢利 401,037 236,728
----- End of picture text -----

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

At At
30 September 31 March
2020 2020
二零二零年 二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Assets 資產
Reportable segment assets 可報告分部資產 28,570,948 6,511,668
Elimination 對銷 (216,916) (226,695)
Unallocated corporate assets 未分配公司資產 159,225 174,162
Consolidated total assets 綜合資產總值 28,513,257 6,459,135
----- End of picture text -----

46

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

11 SEGMENT REPORTING (Continued)

• 11 分部報告 （續）

• (c) Reconciliation of reportable segment profit, assets and liabilities (Continued)

• (c) 可報告分部溢利、資產及負債之 對賬 （續）

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Liabilities 負債
Reportable segment liabilities 可報告分部負債 (26,648,786) (4,457,861)
Elimination 對銷 2,175,674 562,213
Unallocated corporate liabilities 未分配公司負債 (2,267,173) (661,181)
Consolidated total liabilities 綜合負債總額 (26,740,285) (4,556,829)
----- End of picture text -----

12 PROPERTY, PLANT AND EQUIPMENT

12 物業、廠房及設備

Acquisitions and disposals

收購及出售

The additions to right-of-use assets of the Group was amounted to $15,390,000 for the six months ended 30 September 2020 (six months ended 30 September 2019: $163,476,000).

截至二零二零年九月三十日止六個月， 本集團新增使用權資產 15,390,000 元（截 至二零一九年九月三十日止六個月： 163,476,000元）。

During the six months ended 30 September 2020, the Group acquired property, plant and equipment with a cost of $16,186,000 (six months ended 30 September 2019: $3,023,000). Property, plant and equipment with a net book value $8,480,000 (six months ended 30 September 2019: $2,250,000) were disposed during the six months ended 30 September 2020. A loss on disposal of $500,000 was recognised during the six months ended 30 September 2020 (six months ended 30 September 2019: loss of $1,000).

於截至二零二零年九月三十日止六個月， 本集團按成本 16,186,000 元（截至二零 一九年九月三十日止六個月：3,023,000 元）購入物業、廠房及設備。於截至二零 二零年九月三十日止六個月，賬面淨值 8,480,000元（截至二零一九年九月三十日 止六個月：2,250,000元）之物業、廠房及 設備已獲出售。於截至二零二零年九月 三十日止六個月，確認出售虧損500,000 元（截至二零一九年九月三十日止六個 月：虧損1,000元）。

47

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

13 ACCOUNTS RECEIVABLE

13 應收賬款

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At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Accounts receivable 應收賬款
Accounts receivable from: 應收賬款來自：
—
— Clearing houses 結算所 887,928 785,804
—
— Brokers and dealers 經紀及交易商 395,814 210,195
Less: Loss allowance 減：虧損撥備 (505) (505)
Financial assets measured at amortised 按攤銷成本計量之金融資產
cost 1,283,237 995,494
Accounts receivable from: 應收賬款來自：
—
— Cash clients 現金客戶 427,473 263,480
—
— Margin clients 孖展客戶 7,437,894 4,385,813
— —
— Subscription of new shares in IPO 認購首次公開發售新股 18,712,291
Financial assets measured at FVPL 以按公平值計入損益之方式計量之
金融資產 26,577,658 4,649,293
27,860,895 5,644,787
----- End of picture text -----

48

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

13 ACCOUNTS RECEIVABLE (Continued)

13 應收賬款 （續）

The ageing analysis of accounts receivable from cash clients based on the settlement date as at the end of the reporting period is as follows:

於報告期末之應收現金客戶賬款按結算 日之賬齡分析如下：

==> picture [461 x 189] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Current 即期 59,018 65,283
Less than 1 month 少於1個月 234,863 141,064
1 to 3 months 1至3個月 106,310 34,543
More than 3 months 多於3個月 27,282 22,590
368,455 198,197
427,473 263,480
----- End of picture text -----

Accounts receivable from cash clients relate to a wide range of customers for whom there was no recent history of default. These receivables are secured by their portfolios of securities. Cash clients are required to place deposits as prescribed in the Group’s credit policy before execution of any purchase transactions. At 30 September 2020, the total market value of their portfolios of securities was $2,082,388,000 (31 March 2020: $1,669,623,000). Based on past experience and current assessment, management believes that the balances are fully recoverable.

應收現金客戶賬款涉及多名近期並無欠款 記錄之客戶。該等應收款項由其證券組合 作抵押。於執行任何購買交易前，現金客 戶須按本集團之信貸政策存款。於二零二 零年九月三十日，其證券組合之總市值為 2,082,388,000元（二零二零年三月三十一 日：1,669,623,000元）。根據過往經驗及 當前評估，管理層相信有關結餘可全數收 回。

49

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

13 ACCOUNTS RECEIVABLE (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 30 September 2020, margin loans due from margin clients were current and repayable on demand except for $799,000 (31 March 2020: $90,000) where the margin loans were past due. $716,000 (31 March 2020: $18,000) were past due for less than 1 month. $1,000 (31 March 2020: $1,000) were past due for 1 to 3 months. $12,000 (31 March 2020: $5,000) were past due for 3 months to 1 year. $70,000 (31 March 2020: $66,000) were past due for over 1 year following the trading suspension of the pledged securities. At 30 September 2020, the total market value of securities pledged as collateral in respect of the loans to borrowing margin clients and all margin clients were $15,990,316,000 and $22,091,778,000 respectively (31 March 2020: $10,376,614,000 and $14,641,209,000 respectively). Margin loans that were past due relate to a number of independent customers that have a good track record with the Group.

For accounts receivable relating to subscriptions of new shares in IPO, no ageing analysis of subscriptions of new shares in IPO is disclosed as the ageing analysis does not give additional value in view of the nature of this business.

The fair value of accounts receivables from cash client, margin clients and subscription in new shares in IPO is determined by the fair value of collaterals, capped by the principal amount and accrued interest, without discounting.

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.

13 應收賬款 （續）

孖展客戶須向本集團質押證券抵押品， 以就證券交易獲取信貸融資。授予彼等之 信貸融資金額按本集團接納之證券貼現 價值釐定。於二零二零年九月三十日，除 799,000 元（二零二零年三月三十一日： 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應要求償還。 716,000 元（二零二零年三月三十一日： 18,000 元）逾期少於 1 個月。1,000 元（二 零二零年三月三十一日：1,000 元）逾期 一至三個月。12,000元（二零二零年三月 三十一日：5,000元）逾期三個月至一年。 70,000 元（二零二零年三月三十一日： 66,000元）於已質押證券暫停買賣後逾期 超過一年。於二零二零年九月三十日，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 15,990,316,000 元及 22,091,778,000 元 （二零二零年三月三十一日：分別為 10,376,614,000元及14,641,209,000元）。 逾期孖展貸款涉及若干與本集團有良好 往績紀錄之獨立客戶。

就認購首次公開發售新股之應收賬款而 言，由於此項業務之性質，賬齡分析並無 帶來額外價值，故並無披露認購首次公開 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。

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。

50

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

14 OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

14 其他應收款項、按金及預付款項

==> picture [461 x 173] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Rental and utility deposits 租金及水電費按金 19,135 20,875
Prepayments 預付款項 4,410 4,642
Other receivables 其他應收款項 12,025 17,911
35,570 43,428
Less: Loss allowance 減：虧損撥備 (43) (43)
35,527 43,385
----- End of picture text -----

Included in the above balances are amounts of $17,107,000 and $16,944,000 as at 30 September 2020 and 31 March 2020 respectively which are expected to be recovered in more than one year.

於二零二零年九月三十日及二零二零年 三月三十一日，計入上述結餘之款項分別 為17,107,000元及16,944,000元，預期將 於一年後收回。

15 CASH AND CASH EQUIVALENTS

15 現金及現金等價物

Cash and cash equivalents comprise:

現金及現金等價物包括：

==> picture [461 x 161] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Deposits with banks 銀行存款 40,715 56,253
Cash at bank and in hand 銀行及手頭現金 366,914 421,721
407,629 477,974
Less: Loss allowance 減：虧損撥備 (317) (317)
407,312 477,657
----- End of picture text -----

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

本集團於認可機構設有獨立賬戶，於日常 業務過程中持有客戶資金。

At 30 September 2020, client money maintained in segregated accounts not otherwise dealt with in the interim financial statements amounted to $8,812,788,000 (31 March 2020: $8,355,102,000).

於二零二零年九月三十日，於獨立賬戶存 放且並無於中期財務報表其他部分處理 之客戶資金為8,812,788,000元（二零二零 年三月三十一日：8,355,102,000元）。

51

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

16 ACCOUNTS PAYABLE

16 應付賬款

==> picture [461 x 183] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Accounts payable 應付賬款
—
— Cash clients 現金客戶 377,573 343,920
—
— Margin clients 孖展客戶 847,580 628,132
—
— Clearing houses 結算所 95,891 307,416
—
— Brokers 經紀 202,389 21,800
1,523,433 1,301,268
----- End of picture text -----

All of the accounts payable are current, and are expected to be settled within one year or repayable on demand.

所有應付賬款為即期及預期於一年內清 償或須應要求償還。

17 ACCRUED EXPENSES AND OTHER PAYABLES

17 應計開支及其他應付款項

==> picture [461 x 196] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Commission rebate payable 應付佣金回贈 38,424 26,948
Accrued bonuses 應計花紅 16,106 6,180
Stamp duty, trading levy 應付印花稅、交易徵費
and trading fee payables 及交易費 8,679 8,572
Receipt in advance 預收款項 3,659 2,891
Other payables 其他應付款項 27,732 27,718
94,600 72,309
----- End of picture text -----

Included in the above balances are amounts of $7,786,000 as at 30 September 2020 (31 March 2020: $7,238,000) which are expected to be settled in more than one year.

於二零二零年九月三十日，計入上述結 餘之款項為7,786,000元（二零二零年三月 三十一日：7,238,000元），乃預期於一年 後償付。

52

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

18 BANK LOANS

18 銀行貸款

==> picture [461 x 182] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Secured loans 有抵押貸款
—
— Bank loans 銀行貸款 4,830,130 2,423,789
— Bank loans for IPO — 首次公開發售銀行貸款 16,800,000 —
Unsecured loans 無抵押貸款
—
— Bank loans 銀行貸款 2,135,000 435,000
23,765,130 2,858,789
----- End of picture text -----

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

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

The bank loans as at 30 September 2020 and 31 March 2020 were interest-bearing. Securities collateral deposited by the Group’s margin clients was re-pledged to banks to secure these loan facilities. Such banking facilities were utilised to the extent of $21,630,130,000 (31 March 2020: $2,423,789,000). The fair value of the collateral repledged to banks as at 30 September 2020 amounted to $10,181,142,000 (31 March 2020: $5,918,574,000).

於二零二零年九月三十日及二零二零年 三月三十一日之銀行貸款均須計息。本集 團孖展客戶存置之證券抵押品再質押予 銀行，以取得有關貸款融資。有關銀行融 資已動用 21,630,130,000 元（二零二零年 三月三十一日：2,423,789,000元）。於二 零二零年九月三十日，再質押予銀行之抵 押品公平值為 10,181,142,000 元（二零二 零年三月三十一日：5,918,574,000元）。

53

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

19 SHARE CAPITAL, SHARE PREMIUM, RESERVES AND DIVIDENDS

19 股本、股份溢價、儲備及股息

(a) Share capital

(a) 股本

==> picture [438 x 143] intentionally omitted <==

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

Authorised ordinary shares of $0.30 each
每股0.30元之法定普通股
At 30 September 2020 At 31 March 2020
於二零二零年九月三十日 於二零二零年三月三十一日
No. of Nominal No. of Nominal
shares value shares value
股份數目 面值 股份數目 面值
$’000 $’000
千元 千元
At 1 April/30 September/ 於四月一日╱九月三十日╱
31 March 三月三十一日 10,000,000,000 3,000,000 10,000,000,000 3,000,000
----- End of picture text -----

==> picture [438 x 167] intentionally omitted <==

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

Issued and fully paid
已發行及繳足
At 30 September 2020 At 31 March 2020
於二零二零年九月三十日 於二零二零年三月三十一日
No. of Nominal No. of Nominal
shares value shares value
股份數目 面值 股份數目 面值
$’000 $’000
千元 千元
At 1 April/30 September/31 March 於四月一日╱
九月三十日╱
三月三十一日 1,697,296,308 509,189 1,697,296,308 509,189
----- End of picture text -----

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

普通股持有人均有權獲派本公司不 時宣派之股息，並於本公司大會上 就每股股份享有一票投票權。所有 普通股於本公司之剩餘資產方面均 享有同等地位。

54

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

19 SHARE CAPITAL, SHARE PREMIUM,

RESERVES AND DIVIDENDS (Continued)

19 股本、股份溢價、儲備及股息

（續）

(b) Dividends

(b) 股息

Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the interim period:

應付予本公司權益股東之股息乃來 自上一財政年度，並於中期期間獲 批准及派付：

==> picture [439 x 141] intentionally omitted <==

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

Six months ended
30 September
截至九月三十日止六個月
2020 2019
二零二零年 二零一九年
$’000 $’000
千元 千元
Final dividend in respect of the previous 上一財政年度之末期股息，
financial year, approved and paid 於中期期間獲批准及派付
during the interim period 475,243 132,389
----- End of picture text -----

(c) Nature and purpose of reserves

(c) 儲備性質及目的

(i) Share premium

(i) 股份溢價

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.

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

(ii) Exchange reserve

(ii) 匯兌儲備

The exchange reserve comprises all foreign exchange differences 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.

匯兌儲備包含所有產生自換算 海外業務之財務報表之匯兌差 額及因對沖此等海外業務淨投 資之有效匯兌差額部分。

55

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

19 SHARE CAPITAL, SHARE PREMIUM, RESERVES AND DIVIDENDS (Continued)

• 19 股本、股份溢價、儲備及股息 （續）

(c) Nature and purpose of reserves (Continued)

(c) 儲備性質及目的 （續）

(iii) Merger reserve

• (iii) 合併儲備

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”.

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 已發行之股本面值（作為代價） 兩者之差額視作權益變動處 理，並記錄在「合併儲備」內。

20 COMMITMENTS

20 承擔

Capital commitments

資本承擔

Capital commitments outstanding at 30 September 2020 not provided for in the financial statements were as follows:

於二零二零年九月三十日尚未撥備至財 務報表之資本承擔如下：

==> picture [461 x 115] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
於二零二零年 於二零 二零 年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Contracted for 已訂約 1,095 2,745
----- End of picture text -----

56

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND FAIR VALUES

(a) 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

21 財務風險管理及公平值

(a) 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 估值方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

57

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND

21 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

(a) Fair values measurement (Continued)

• (a) 公平值計量 （續）

• (i) Financial assets measured at fair value

• (i) 按公平值計量的金融資產（續）

(Continued)

Fair value hierarchy (Continued)

公平值層級（續）

The Group has a finance team performing daily valuations for the financial instruments, including financial assets at fair value through profit or loss. The team reports directly to the chief financial officer.

本集團擁有一支財務團隊為 金融工具（包括按公平值計入 損益之金融資產）每天進行估 值。該團隊直接向財務總監匯 報。

==> picture [415 x 219] intentionally omitted <==

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

Fair value measurement as at Fair value measurement as at
30 September 2020 categorised into 31 March 2020 categorised into
於二零二零年九月三十日的 於二零二零年三月三十一日的
公平值計量分類為 公平值計量分類為
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
第一級 第二級 第三級 第一級 第二級 第三級
$’000 $’000 $’000 $'000 $’000 $’000
千元 千元 千元 千元 千元 千元
Recurring fair value 經常性公平值計量
measurements
Assets: 資產：
Financial assets at fair value 按公平值計入損益之
through profit or loss 金融資產
— Listed securities — 上市證券 4,408 — — 48,539 — —
— Accounts receivable — 應收賬款 — 26,577,658 — — 4,649,293 —
----- End of picture text -----

During the six months ended 30 September 2020, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.

於截至二零二零年九月三十日 止六個月，第一級與第二級之 間並無發生任何轉讓，亦無任 何第三級轉入或轉出。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。

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND

21 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

(b) Offsetting financial assets and financial liabilities

(b) 抵銷金融資產及金融負債

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

(ii) 受抵銷、總淨額交割安排或 類似協議約束之金融資產

==> picture [416 x 316] intentionally omitted <==

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

As 30 September 2020
於二零二零年九月三十日
Gross
amount of Net amount
recognised of financial
financial assets
liabilities presented Related amounts not
Gross offset in the in the offset in the consolidated
amount of consolidated consolidated statement of
recognised statement statement financial position
financial of financial of financial Collateral Financial
assets position position received instruments Net amount
於綜合財務 綜合財務
狀況表抵銷之 狀況表呈列之 並無於綜合財務狀況表
已確認金融 已確認金融 金融資產 抵銷之相關金額
Type of financial assets 金融資產類別 資產總額 負債總額 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 應收結算所之賬款
—
from clearing houses 2,215,968 (1,907,556) 308,412 (95,891) 212,521
Accounts receivable due 應收客戶之賬款
from clients 9,536,512 (1,675,323) 7,861,189 (7,860,325) — 864
11,752,480 (3,582,879) 8,169,601 (7,860,325) (95,891) 213,385
----- End of picture text -----

59

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND

• 21 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

(b) Offsetting financial assets and financial

• (b) 抵銷金融資產及金融負債 （續）

liabilities (Continued)

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

• (ii) 受抵銷、總淨額交割安排或 類似協議約束之金融資產（續）

	As 31 March 2020
	於二零二零年三月三十一日
	Gross amount of recognised financial assets Gross amount of recognised financial liabilities offset in the consolidated statement of financial position Net amount of financial assets presented in the consolidated statement of financial position Related amounts not offset in the consolidated statement of financial position Collateral received Financial instruments Net amount
	已確認金融 資產總額 於綜合財務 狀況表抵銷之 已確認金融 負債總額 綜合財務 狀況表呈列之 金融資產 淨額 並無於綜合財務狀況表 抵銷之相關金額 已收抵押品 金融工具 淨額
Type of financial assets 金融資產類別
	$’000 $’000 $’000 $’000 $’000 $’000
	千元 千元 千元 千元 千元 千元
Accounts receivable due from clearing houses 應收結算所之賬款 Accounts receivable due from clients 應收客戶之賬款	2,056,549 (1,830,351) 226,198 — (226,198) — 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

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND

21 財務風險管理及公平值 （續）

• FAIR VALUES (Continued)

(b) Offsetting financial assets and financial

(b) 抵銷金融資產及金融負債 （續）

• liabilities (Continued)

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

(ii) 受抵銷、總淨額交割安排或 類似協議約束之金融負債（續）

==> picture [416 x 303] intentionally omitted <==

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

As 30 September 2020
於二零二零年九月三十日
Gross
amount of Net amount
recognised of financial
financial liabilities
assets presented Related amounts not
Gross offset in the in the offset in the consolidated
amount of consolidated consolidated statement of
recognised statement statement financial position
financial of financial of financial Collateral Financial
liabilities position position received instruments Net amount
於綜合財務 綜合財務
狀況表抵銷之 狀況表呈列之 並無於綜合財務狀況表
已確認金融 已確認金融 金融負債 抵銷之相關金額
Type of financial liabilities 金融負債類別 負債總額 資產總額 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 payable due to 應付結算所之賬款
— —
clearing houses 2,003,447 (1,907,556) 95,891 (95,891)
Accounts payable due to clients 應付客戶之賬款 2,167,941 (1,675,323) 492,618 — — 492,618
—
4,171,388 (3,582,879) 588,509 (95,891) 492,618
----- End of picture text -----

61

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND

• 21 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

(b) Offsetting financial assets and financial

• (b) 抵銷金融資產及金融負債 （續）

liabilities (Continued)

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

• (ii) 受抵銷、總淨額交割安排或 類似協議約束之金融負債（續）

==> picture [415 x 299] intentionally omitted <==

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

As 31 March 2020
於二零二零年三月三十一日
Gross
amount of Net amount
recognised of financial
financial liabilities
assets presented Related amounts not
Gross offset in the in the offset in the consolidated
amount of consolidated consolidated statement of
recognised statement statement financial position
financial of financial of financial Collateral Financial
liabilities position position received instruments Net amount
於綜合財務 綜合財務
狀況表抵銷之 狀況表呈列之 並無於綜合財務狀況表
已確認金融 已確認金融 金融負債 抵銷之相關金額
Type of financial liabilities 金融負債類別 負債總額 資產總額 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 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 to clients 應付客戶之賬款 2,012,049 (1,605,465) 406,584 406,584
—
4,149,816 (3,435,816) 714,000 (226,198) 487,802
----- End of picture text -----

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Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

21 FINANCIAL RISK MANAGEMENT AND

• 21 財務風險管理及公平值 （續）

FAIR VALUES (Continued)

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

• (b) 抵銷金融資產及金融負債 （續）

• (iii) The tables below reconcile the “net amounts of financial assets and financial liabilities presented in the consolidated statement of financial position”, as set out above, to the accounts receivable and accounts payable presented in the consolidated statement of financial position.

• (iii) 下表為「綜合財務狀況表呈列 之金融資產及金融負債之淨 額」（如上文所載）與綜合財務 狀況表呈列之應收賬款及應付 賬款之對賬。

==> picture [416 x 255] intentionally omitted <==

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

At At
30 September 31 March
2020 2020
二零二零年 二零二零年
九月三十日 三月三十一日
$’000 $’000
千元 千元
Net amount of financial assets after 如上述抵銷後
offsetting as stated above 金融資產淨額 8,169,601 4,870,594
Financial assets not in scope of 並非抵銷披露範圍之
offsetting disclosure 金融資產 19,691,799 774,698
Loss allowance 虧損撥備 (505) (505)
27,860,895 5,644,787
Net amount of financial liabilities 如上述抵銷後
after offsetting as stated above 金融負債淨額 588,509 714,000
Financial liabilities not in scope of 並非抵銷披露範圍之
offsetting disclosure 金融負債 934,924 587,268
1,523,433 1,301,268
----- End of picture text -----

63

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

22 MATERIAL RELATED PARTY TRANSACTIONS

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

(a) Balances with related parties

• (i) As at 30 September 2020, the Group had accounts receivable from directors of $22,133,000 (31 March 2020: $30,036,000) and accounts payable to directors of $25,109,000 (31 March 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 directors are set at same terms as those normally offered to third party clients.

• (ii) As at 30 September 2020, included in other receivables, deposits and prepayments were rental and office management deposits of $13,599,000 (31 March 2020: $13,592,000) which had been made to related companies owned by Mr. Yip, a director and controlling shareholder of the Company. These amounts are unsecured, interest-free and repayable upon expiry of the respective leases.

• (iii) As at 30 September 2020, right-of-use assets and lease liabilities arising from the lease arrangements with related companies owned by Mr. Yip were amounted to $76,371,000 and $74,436,000 respectively (31 March 2020: $101,827,000 and $98,604,000 respectively). For the six months ended 30 September 2020, the depreciation of the right-of-use assets and the interest expense of the lease liabilities were amounted to $25,457,000 and $1,162,000 respectively (six months ended 30 September 2019: $25,592,000 and $1,540,000 respectively).

22 重大關連人士交易

除中期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) 與關連人士之結餘

• (i) 於二零二零年九月三十日， 本集團擁有應收董事賬款 22,133,000 元（二零二零年三 月三十一日：30,036,000 元） 及應付董事賬款 25,109,000 元

• （二零二零年三月三十一日： 44,019,000元），此乃涉及本集 團日常業務中進行證券經紀、 孖展融資以及商品及期貨經紀 業務而產生。應收╱應付董事 賬款與一般提供予第三方客戶 者具有相同條款。

• (ii) 於二零二零年九月三十日，其 他應收款項、按金及預付款項 中有 13,599,000 元（二零二零 年三月三十一日：13,592,000 元）屬於向本公司董事及控股 股東葉先生擁有之關聯公司支 付之租金及辦公室管理按金。 該等金額為無抵押及免息，並 須於個別租約屆滿時償還。

• (iii) 於二零二零年九月三十日，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 76,371,000 元及 74,436,000 元（二零二 零年三月三十一日：分別為 101,827,000 元及 98,604,000 元）。截至二零二零年九月 三十日止六個月，使用權資產 折舊及租賃負債利息開支分別 為 25,457,000 元及 1,162,000 元

• （截至二零一九年九月三十日 止六個月分別為 25,592,000 元 及1,540,000元）。

64

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

22 MATERIAL RELATED PARTY

22 重大關連人士交易 （續）

TRANSACTIONS (Continued)

(a) 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 $774,000 was incurred during the period (six months ended 30 September 2019: $4,764,000). As at 30 September 2020, the Company had an amount of $279,045,000 (31 March 2020: $200,136,000) due to WML 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 $148,000 was incurred during the period (six months ended 30 September 2019: $Nil). As at 30 September 2020, BSSI had an amount of $924,448,000 (31 March 2020: $Nil) due to CFW under the facility.

(a) 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。期內產生利息開支 774,000元（截至二零一九年九 月三十日止六個月：4,764,000 元）。於二零二零年九月三十 日，本公司根據融資應付世 綸之款項為 279,045,000 元

• （二零二零年三月三十一日： 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。 期內產生利息開支 148,000 元

• （截至二零一九年九月三十日 止六個月：零元）。於二零二 零年九月三十日，耀才證券根 據融資應付中國財務之款項為 924,448,000 元（二零二零年三 月三十一日：零元）。

65

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

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

22 MATERIAL RELATED PARTY

22 重大關連人士交易 （續）

TRANSACTIONS (Continued)

(b) Other transactions with related parties

Brokerage income of $175,000 (six months ended 30 September 2019: $182,000) and interest income of $4,290,000 (six months ended 30 September 2019: $814,000) were earned from directors in the ordinary course of the Group’s business of securities broking, commodities and futures broking and margin and IPO financings. Commission rates and interest rates are set at the same level as those normally offered to third party clients.

(b) 與關連人士之其他交易

經紀收入 175,000 元（截至二零一九 年九月三十日止六個月：182,000 元）及利息收入 4,290,000 元（截至 二零一九年九月三十日止六個月： 814,000 元）乃於本集團日常進行證 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之過程中 向董事收取。佣金收費及利率訂於 一般向第三方客戶提供之相同水平。

66

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

Independent Auditor’s Review Report 獨立核數師審閱報告

Review report to the board of directors of Bright Smart Securities & Commodities Group Limited (Incorporated in the Cayman Islands with limited liability)

INTRODUCTION

We have reviewed the interim financial report set out on pages 31 to 66 which comprises the consolidated statement of financial position of Bright Smart Securities & Commodities Group Limited (the “Company”) as of 30 September 2020 and the related consolidated statement of comprehensive income, consolidated statement of changes in equity and condensed consolidated cash flow statement for the six-month period then ended and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34, Interim financial reporting, issued by the Hong Kong Institute of Certified Public Accountants. The directors are responsible for the preparation and presentation of the interim financial report in accordance with Hong Kong Accounting Standard 34.

Our responsibility is to form a conclusion, based on our review, on the interim financial report and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

致耀才證券金融集團有限公司 董事會之審閱報告

（於開曼群島註冊成立之有限公司）

緒言

我們已審閱列載於第 31 至 66 頁耀才證券金融 集團有限公司（「貴公司」）的中期財務報告，此 中期財務報告包括於二零二零年九月三十日的 綜合財務狀況表與截至該日止六個月期間的相 關綜合全面收益表、綜合權益變動表和簡明綜 合現金流量表以及附註解釋。根據《香港聯合 交易所有限公司證券上市規則》，上市公司必 須符合上市規則中的相關規定和香港會計師公 會頒佈的《香港會計準則》第34號「中期財務報 告」的規定編製中期財務報告。董事須負責根 據《香港會計準則》第34號編製及列報中期財務 報告。

我們的責任是根據我們的審閱對中期財務報 告作出結論，並按照我們雙方所協定的應聘條 款，僅向全體董事會報告。除此以外，我們的 報告書不可作其他用途。我們概不就本報告的 內容，對任何其他人士負責或承擔法律責任。

67

耀才證券金融集團有限公司 | 二零二零 / 二一年中期報告

Independent Auditor’s Review Report 獨立核數師審閱報告

SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity, issued by the Hong Kong Institute of Certified Public Accountants. A review of the interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim financial report as at 30 September 2020 is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34, Interim financial reporting.

KPMG

Certified Public Accountants

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

審閱範圍

我們已根據香港會計師公會頒佈的《香港審閱 工作準則》第2410號「由實體獨立核數師審閱中 期財務資料」進行審閱。中期財務報告審閱工 作包括主要向負責財務會計事項的人員詢問， 並實施分析及其他審閱程序。由於審閱的範圍 遠較按照香港審計準則進行審核的範圍為小， 所以不能保證我們會注意到在審核中可能會被 發現的所有重大事項。因此我們不會發表任何 審核意見。

結論

根據我們的審閱工作，我們並沒有注意到任何 事項，使我們相信於二零二零年九月三十日的 中期財務報告在所有重大方面沒有按照《香港 會計準則》第34號「中期財務報告」的規定編製。

畢馬威會計師事務所

執業會計師

香港中環 遮打道十號 太子大廈八樓

68

Bright Smart Securities & Commodities Group Limited | Interim Report 2020/21

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