Brightstar Technology Group Co., Ltd — Interim / Quarterly Report 2020

Apr 7, 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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IN TECHNICAL PRODUCTIONS HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8446)

ANNOUNCEMENT OF THIRD QUARTER RESULTS FOR THE NINE MONTHS ENDED 29 FEBRUARY 2020

The board (the ‘‘Board’’) of directors (the ‘‘Directors’’) of In Technical Productions Holdings Limited (the ‘‘Company’’) is pleased to announce the unaudited results of the Company and its subsidiaries for the nine months ended 29 February 2020 (the ‘‘Period’’). This announcement, containing the full text of the third quarterly report of the Company for the Period, complies with the relevant requirements of the Rules (the ‘‘GEM Listing Rules’’) Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited (the ‘‘Stock Exchange’’) in relation to information to accompany preliminary announcement of third quarter results for the Period. Printed version of the Company’s third quarterly report for the Period will be despatched to the shareholders of the Company and available for viewing on the GEM websites at www.hkgem.com and the Company’s website at www.intechproductions.com on or before 14 April 2020.

By order of the Board In Technical Productions Holdings Limited Yeung Ho Ting Dennis Chairman and Executive Director

Hong Kong, 7 April 2020

As at the date of this announcement, the Board comprises two executive Directors, namely, Mr. Yeung Ho Ting Dennis and Mr. Tam Chun Yu; and three independent non-executive Directors, namely, Mr. Li Kai Sing, Mr. Ma Tsz Chun and Ms. Loh Lai Ping Phillis.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the ‘‘Latest Company Announcements’’ page of the GEM website (www.hkgem.com) for at least seven days from the date of its posting and on the Company’s website (www.intechproductions.com).

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.

Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors (the “ Directors ”) of In Technical Productions Holdings Limited (the “ Company ”) collectively and individually accept full responsibilities, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the “ GEM Listing Rules ”) for the purpose of giving information with regard to the Company and its subsidiaries (together the “ Group ”). The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

香港聯合交易所有限公 司（「聯交所」）GEM 之特 色

GEM 乃為較於聯交所上市的其他公司 帶有更高投資風險的中小型公司提供 上市的市場。潛在投資者應了解投資 於該等公司的潛在風險，並應經過審 慎周詳的考慮後方作出投資決定。

由於在 GEM 上市之公司一般為中小型 公司，在 GEM 買賣的證券可能會較於 主板買賣的證券承受較大的市場波動 風險，同時亦無法保證在 GEM 買賣的 證券會有高流通量之市場。

香港交易及結算所有限公司及聯交所 對本報告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明 確表示概不就因本報告全部或任何部 分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。

本報告載有遵照聯交所GEM證券上 市規則（「 GEM上市規則 」）而提供有關 In Technical Productions Holdings Limited （「 本公司 」）及其附屬公司（統稱「 本集 團 」）的資料；本公司董事（「 董事 」）就 本報告共同及個別承擔全部責任。董 事在作出一切合理查詢後確認，就彼 等所深知及確信，本報告所載資料在 各重大方面均屬準確及完整，並無誤 導或欺詐成分，且並無遺漏任何其他 事宜，致使當中任何陳述或本報告產 生誤導。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

FINANCIAL HIGHLIGHTS

財務概要

		Nine months Nine months
		ended 29 ended 28
		February February
		2020 2019 截至 截至	Change
		二零二零年 二零一九年
		二月二十九日 二月二十八日
		止九個月 止九個月	變動
		HK$’000 HK$’000
		千港元 千港元
		(unaudited) (unaudited)
		（未經審核） （未經審核）
Revenue	收入	45,619 74,231	(38.5)%
Gross profit	毛利	12,060 37,178	(67.6)%
(Loss)/profit for the period	期內（虧損）╱溢利	(9,361) 18,320	(151.1)%
(Loss)/earnings per share	每股（虧損）╱盈利
(HK Cents)	（港仙）	(1.16) 2.28	(151.1)%

• The Group recorded an unaudited revenue of approximately HK$45.6 million for the nine months ended 29 February 2020, representing a decrease of approximately 38.5% as compared with that for the corresponding period in 2019.

• 截至二零二零年二月二十九日 止九個月，本集團錄得未經審 核收益約45.6百萬港元，較二零 一八年同期減少約38.5%。

• The Group’s unaudited loss was approximately HK$9.4 million for the nine months ended 29 February 2020, as compared with a profit of approximately HK$18.3 million for the corresponding period in 2019. The loss was primarily attributable to the decline in revenue for pop concerts and events due to (1) the postponement and rescheduling of the concerts and events by the organisers (a) in Asia region due to closure of venues across the infected region and emergency public health measures and various actions such as quarantine order, travel alert or travel restriction imposed by the local government to prevent the spread of the epidemic; and (b) in Hong Kong due to the unsettlement of social unrest and related demonstrations during the Period; and (2) the accrual of non-recurring professional expenses for the proposed transfer of listing of the Company from GEM to the Main Board of the Stock Exchange as stipulated in an announcement dated 19 August 2019.

• 截至二零二零年二月廿九日止 九個月，本集團未經審核虧損 約為 9.4 百萬港元，而二零一 九年同期溢利約為 18.3 百萬港 元。有關虧損乃主要由於流行 音樂會及活動的收益下跌，此 乃出於 (1) 本期間主辦單位延期 及更改以下地區的音樂會及活 動安排：(a) 亞洲地區（因受感染 地區關閉場所及當地政府為防 範疫情擴散而實施緊急公共衛 生措施及各類舉措（如隔離令、 旅遊警示、旅遊限制））；及 (b) 香港（因社會動盪不安及相關示 威活動）；及 (2) 誠如本公司日期 為二零一九年八月十九日之公 告所規定，就本公司從聯交所 GEM 轉往主板上市的建議轉版 上市而產生的非經常性專業服 務費之應計費用。

• The Board does not recommend the payment of dividend for the nine months ended 29 February 2020.

• 董事會不建議派付截至二零二 零年二月二十九日止九個月之 股息。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

UNAUDITED CONDENSED CONSOLIDATED THIRD QUARTER RESULTS FOR THE NINE MONTHS ENDED 29 February 2020

截至二零二零年二月二 十九日止九個月之未經 審核簡明綜合第三季度 業績

The board of Directors (the “ Board ”) of the Company is pleased to announce the unaudited condensed consolidated third quarter results of the Company and its subsidiaries (collectively referred to as the “ Group ”) for the three months and nine months ended 29 February 2020 together with the comparative unaudited figures of the corresponding periods in 2019, as follows:

本公司董事會（「 董事會 」）欣然宣佈截 至二零二零年二月二十九日止三個月 及九個月之本公司及其附屬公司（統 稱「 本集團 」）未經審核簡明綜合第三季 度業績及二零一九年同期之未經審核 比較數字如下：

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

未經審核簡明綜合損益及 其他全面收益表

			Three months Three months Nine months	Nine months
			ended ended ended	ended
			29 February 28 February 29 February	28 February
			2020 2019 2020	2019
			截至 截至 截至	截至
			二零二零年 二零一九年 二零二零年	二零一九年
			二月二十九日 二月二十八日 二月二十九日	二月二十八日
			止三個月 止三個月 止九個月	止九個月
		Note	HK$’000 HK$’000 HK$’000	HK$’000
		附註	千港元 千港元 千港元	千港元
			(Unaudited) (Unaudited) (Unaudited)	(Unaudited)
			（未經審核） （未經審核） （未經審核）	（未經審核）
Revenue	收入	4	12,147 22,005 45,619	74,231
Cost of services	服務成本		(10,825) (12,508) (33,559)	(37,053)
Gross profit	毛利		1,322 9,497 12,060	37,178
Other income	其他收入		66 — 260	9
Other gains and losses, net	其他收益及虧損淨額		2 (36) 92	(88)
Administrative expenses	行政開支		(4,963) (4,701) (21,568)	(15,096)
Operating (loss)/profit	經營（虧損）╱溢利		(3,573) 4,760 (9,156)	22,003
Finance income	財務收入		11 145 210	472
Finance costs	財務成本		(116) (132) (399)	(429)
Finance (costs)/income, net	財務（成本）╱收入淨額		(105) 13 (189)	43

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

		Three months Three months Nine months	Nine months
		ended ended ended	ended
		29 February 28 February 29 February	28 February
		2020 2019 2020	2019
		截至 截至 截至	截至
		二零二零年 二零一九年 二零二零年	二零一九年
		二月二十九日 二月二十八日 二月二十九日	二月二十八日
		止三個月 止三個月 止九個月	止九個月
		Note HK$’000 HK$’000 HK$’000	HK$’000
		附註 千港元 千港元 千港元	千港元
		(Unaudited) (Unaudited) (Unaudited)	(Unaudited)
		（未經審核） （未經審核） （未經審核）	（未經審核）
(Loss)/profit before income tax	所得稅前（虧損）╱溢利	(3,678) 4,773 (9,345)	22,046
Income tax expense	所得稅開支	5 1 (820) (16)	(3,726)
(Loss)/profit for the period	期內（虧損）╱溢利	(3,677) 3,953 (9,361)	18,320
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人	(3,630) 3,928 (9,316)	18,266
— Non-controlling interests	—非控股權益	(47) 25 (45)	54
		(3,677) 3,953 (9,361)	18,320
Other comprehensive income:	其他全面收入：
Item that may be subsequently	其後可能重新分類至
reclassified to profit or loss	損益的項目
— Exchange difference on	—換算海外業務之
translation of foreign	匯兌差額
operations		— — —	3
Total comprehensive income	期間全面收入總額
for the period		(3,677) 3,953 (9,361)	18,323
Attributable to:	以下人士應佔：
— Owners of the Company	—本公司擁有人	(3,630) 3,929 (9,316)	18,272
— Non-controlling interests	—非控股權益	(47) 24 (45)	51
		(3,677) 3,953 (9,361)	18,323
(Loss)/earnings per share	本公司擁有人應佔
attributable to the owners of	每股（虧損）╱盈利
the Company
Basic and diluted (HK cents)	基本及攤薄（港仙）	7 (0.45) 0.49 (1.16)	2.28

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the nine months ended 29 February 2020

未經審核簡明綜合權益變 動表

截至二零二零年二月二十九日止九個月

	Attributable to owners of the Company 本公司擁有人應佔 Share capital Share premium Capital reserve Exchange reserve Statutory reserve Retained earnings Total Non- controlling interests Total equity 股本 股份溢價 資本儲備 匯兌儲備 法定儲備 保留盈利 總計 非控股 權益 權益總額 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）
Balance at 1 June 2018 於二零一八年 六月一日的結餘 Profit for the period 期內溢利 Other comprehensive income/ (expense): 其他全面 收入╱（開支）： — Exchange difference on translation of foreign operations —換算海外業務 的匯兌差額	8,000 56,497 774 269 — 41,898 107,438 (291) 107,147 — — — — — 18,266 18,266 54 18,320 — — — 6 — — 6 (3) 3
Total comprehensive income 全面收入總額	— — — 6 — 18,266 18,272 51 18,323
Balance at 28 February 2019 於二零一九年 二月二十八日 的結餘	8,000 56,497 774 275 — 60,164 125,710 (240) 125,470
Balance at 1 June 2019 於二零一九年 六月一日的結餘 (Loss)/profit for the period 期內（虧損）╱溢利	8,000 56,497 774 252 332 64,050 129,905 (242) 129,663 — — — — — (9,316) (9,316) (45) (9,361)
Total comprehensive income/ (expense) 全面收入╱（開支）總 額	— — — — — (9,316) (9,316) (45) (9,361)
Balance at 29 February 2020 於二零二零年 二月二十九日 的結餘	8,000 56,497 774 252 332 54,734 120,589 (287) 120,302

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the nine months ended 29 February 2020

1. GENERAL INFORMATION

In Technical Productions Holdings Limited (the “ Company ”) was incorporated in the Cayman Islands on 4 November 2016 as an exempted company with limited liability under the Companies Law (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time. The address of its registered office is Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1008 Cayman Islands.

The Company is an investment holding company. The Company and its subsidiaries (together the “ Group ”) are principally engaged in the provision of visual display solution services for concerts and events primarily in Hong Kong, Macau, and the People’s Republic of China (the “ PRC ”) (the “ Business ”).

The Company’s shares (the “ Shares ”) were listed on GEM of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) (the “ Listing ”) on 14 June 2017 (the “ Listing Date ”).

The unaudited condensed consolidated financial statements are presented in Hong Kong dollars (“ HK$ ”), unless otherwise stated.

未經審核簡明綜合財務 報表附註

截至二零二零年二月二十九日止九個月

1. 一般資料

In Technical Productions Holdings Limited（「 本公司 」）於二零一六 年十一月四日根據開曼群島公 司法（經修訂）（經不時修訂、補 充或以其他方式修改）在開曼 群島註冊成立為獲豁免有限公 司。其註冊辦事處地址為 Clifton House, 75 Fort Street, P.O. Box 1350, Grand Cayman, KY1-1008 Cayman Islands。

本公司為一間投資控股公司。 本公司及其附屬公司（統稱「 本 集團 」）主要從事為香港、澳門 及中華人民共和國（「 中國 」）的 演唱會及活動提供視象顯示解 決方案服務（「 業務 」）。

本公司股份（「 股份 」）於二零一 七年六月十四日（「 上市日期 」） 於香港聯合交易所有限公司 （「 聯交所 」）GEM上市（「 上市 」）。

除特別註明外，未經審核簡明 綜合財務報表以港元（「 港元 」） 列示。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

2. BASIS OF PREPARATION

The unaudited condensed consolidated financial information of the Group for the nine months ended 29 February 2020 has been prepared in accordance with accounting policies conform with Hong Kong Financial Reporting Standards (“ HKFRSs ”) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) applicable to interim periods and the applicable disclosure provisions of the GEM Listing Rules. However, the unaudited condensed consolidated financial information does not contain sufficient information to constitute an interim financial report as defined in HKFRSs. The unaudited condensed consolidated financial information should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 May 2019 included in the annual report of the Company dated 13 August 2019, which have been prepared in accordance with HKFRSs issued by the HKICPA.

The unaudited condensed consolidated financial statements have been prepared on the historical cost basis.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies that have been used in the preparation of these unaudited condensed consolidated financial information are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 May 2019.

2. 編製基準

本集團截至二零二零年二月二 十九日止九個月的未經審核簡 明綜合財務資料乃根據符合香 港會計師公會（「 香港會計師公 會 」）頒佈的香港財務報告準則 （「 香港財務報告準則 」）的會計 政策編製。適用於中期及 GEM 上市規則的披露規定。然而， 未經審核簡明綜合財務資料並 無載有足夠資料構成香港財務 報告準則所界定之中期財務報 告。未經審核簡明綜合財務資 料應與本集團截至二零一九年 五月三十一日止年度的綜合財 務報表一併閱讀，該年度財務 報表已載列於本公司日期為二 零一九年八月十三日的年度報 告內，該報告乃根據香港會計 師公會頒佈的香港財務報告準 則編製。

未經審核簡明綜合財務報表乃 按歷史成本基準編製。

3. 主要會計政策概要

編製該等未經審核簡明綜合財 務資料所採納之重大會計政策 與下列編製本集團截至二零一 九年五月三十一日止年度之綜 合財務報表所用者一致。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

The Group has adopted and applied the following new standards, amendments to standards and interpretations that have been issued and effective for the accounting periods beginning on 1 June 2019:

3.1 Adoption of new or revised HKFRSs and HKASs

• (i) New standards, amendments and interpretations to existing standards adopted by the Group The HKICPA has issued the following new and amended standards and interpretations that are first effective for the current accounting period and relevant to the Group:

HKFRS 16	Leases
HK(IFRIC)-Int	Uncertainty over income
23	tax treatments
Amendments	Prepayment features with
to HKFRS 9	negative compensation
Amendments	Plan amendment,
to HKAS 19	curtailment or
	settlement
Amendments	Long-term interests in
to HKAS 28	associates and joint
	ventures
Amendments	Annual improvements to
to HKFRSs	HKFRSs 2015–2017
	cycle

The impact of adoption of HKFRS 16 is disclosed in Note 3.2 below. The other amended standards and interpretation did not have significant impact on the Group’s accounting policies and did not require retrospective adjustments.

本集團已採納並應用以下已頒 佈並於二零一九年六月一日開 始之會計期間生效的新準則、 準則修訂本及詮釋：

• 3.1 採納新訂或經修訂 香港財務報告準則 及香港會計準則

• (i) 本集團採納的新準則 以及現有準則的修訂 及詮釋 香港會計師公會已頒佈 以下於本會計期間首次 生效且與本集團相關的 新訂以及經修訂準則及 詮釋：

香港財務	租賃
報告準則
第16號
香港（國際	所得稅處理的不
財務報告	確定性
詮釋委員
會）－詮釋
第23號
香港財務報告	具有負補償的提
準則第9號	前還款特徵
（修訂本）
香港會計準則	計劃修訂、縮減
第19號	或清償
（修訂本）
香港會計準則	於聯營公司及合
第28號	營企業之長期
（修訂本）	權益
香港財務	香港財務報告準
報告準則	則二零一五年
（修訂本）	至二零一七年
	週期年度改進

採納香港財務報告準則 第 16 號的影響於下文附 註 3.2 披露。其他經修訂 準則及詮釋並未對本集 團的會計政策產生重大 影響且並不要求進行追 溯調整。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

• (ii) New standards, amendments and interpretations issued but not yet adopted by Group The followings are new standards and amendments which have been issued but are not effective and have not been early adopted. The Group plans to adopt these new standards and amendments when they become effective:

• (ii) 本集團尚未採納的已 頒佈新訂準則、修訂 及詮釋 以下為已頒佈但尚未生 效且並未被提前採納的 新準則及修訂。本集團計 劃於其生效時採納該等 新準則及修訂：

			Effective for
			annual periods
			beginning on or
			after
			於以下日期或
			之後開始的
			年度期間生效
Amendments to HKFRS 3	Definition of a Business		1 January 2020
香港財務報告準則第3號	業務的定義		二零二零年
（修訂本）			一月一日
Amendments to HKFRS 10	Sale or contribution of assets between		To be determined
and HKAS 28		an investor and its associate or joint
		venture
香港財務報告準則第10號	投資者與其聯營公司或合營企業間		待定
及香港會計準則第28號		的資產
（修訂本）		出售或注入
HKFRS 17	Insurance contracts		1 January 2021
香港財務報告準則第17號保險合約			二零二一年
			一月一日
Amendments to HKAS 1	Definition of Material		1 January 2020
and HKAS 8
香港會計準則第1號及	重大的定義		二零二零年
香港會計準則第8號			一月一日
（修訂本）
Conceptual Framework for	Revised Conceptual Framework for		1 January 2020
Financial Reporting 2018		Financial Reporting
財務報告概念框架	經修訂財務報告概念框架		二零二零年
（二零一八年版）			一月一日

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

3.2 Changes in accounting policies upon adoption of new HKFRS

Changes in Accounting Policies

This note explains the impact of the adoption of HKFRS 16 “Leases” on the Group’s interim financial information and discloses the new accounting policies that have been applied from 1 June 2019 in Note 3.2(a) and (b) below.

The Group has adopted HKFRS 16 from mandatory adoption date of 1 June 2019 and applied the simplified transition approach and did not restate comparative amounts for the year prior to first adoption. Right-of-use assets for leases were measured on transition at an amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments.

3.2 採納新香港財務報 告準則後的會計政 策變動

會計政策變動

本附註說明採納香港財 務報告準則第 16 號「租 賃」對本集團中期財務資 料的影響，並在下文附註 3.2(a) 及 (b) 中披露自二零 一九年六月一日已應用 的新會計政策。

本集團自強制採納日期 二零一九年六月一日起 採納香港財務報告準則 第16號，並應用簡化過渡 方法而未重列首次採納 前一年度的比較數字。過 渡時，租賃的使用權資產 按租賃負債同等金額計 量，並按任何預付或應計 租賃付款金額作出調整。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

• (a) Adjustments recognised on adoption of HKFRS 16

On adoption of HKFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as ’operating leases’ under the principles of HKAS 17 “Leases”. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 June 2019.

(a) 採納香港財務報告準則 第16號時確認的調整 於採納香港財務報告準 則第16號時，本集團就先 前根據香港會計準則第 17 號「租賃」的原則分類 為「經營租賃」的租賃確 認租賃負債。該等負債按 剩餘租賃付款的現值計 量，並使用承租人於二零 一九年六月一日的增量 借款利率進行折現。

HK$’000 千港元

Operating lease commitment disclosed as	於二零一九年五月三十一日
at 31 May 2019 (Audited)	的已披露經營租賃承擔
	（經審核）	4,107
(Less): short-term lease recognised on a	（減）：按直線基準確認為開
straight-line basis as expenses	支的短期租賃	(1,577)
Add: adjustments as a result of different	加：因合約期及預期租期
treatment of contractual and expected	（包括終止選擇權）的不同
lease periods including termination	處理方法而作出的調整
options		2,192
		4,722
Lease liabilities discounted using the	使用承租人於初始確認日期
lessee’s incremental borrowing rate	（二零一九年六月一日）的
at the date of initial recognition, 1	增量借款利率折現的租賃
June 2019 (Unaudited)	負債（未經審核）	4,480
Of which are:	其中：
Current lease liabilities	流動租賃負債	2,706
Non-current lease liabilities	非流動租賃負債	1,774
		4,480

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

The associated right-of-use assets were measured at the amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the consolidated balance sheet as at 31 May 2019. There were no onerous lease contracts that would have required an adjustment to the rightof-use assets at the date of initial application.

相關使用權資產按等同 於租賃負債的金額計量， 並按於二零一九年五月 三十一日的綜合資產負 債表中確認的租賃相關 的任何預付或應計租賃 付款金額作出調整。並無 任何將需要於初始應用 日期對使用權資產作出 調整的有償租賃合約。

The carry amounts of right-of-use assets by class of underlying asset are as below:

按相關資產類別劃分的 使用權資產的賬面值如 下：

		29 February 2020 二零二零年	1 June 2019 二零一九年
		二月二十九日	六月一日
		HK$’000	HK$’000
		千港元	千港元
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
Properties	物業	2,939	4,480

In applying HKFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:

於首次應用香港財務報 告準則第16號時，本集團 已使用該準則所允許的 以下實際權宜做法：

• the use of a single discount rate to a portfolio of leases with reasonably similar characteristics.

• 對具備合理相似特 徵的租賃組合應用 單一折現率。

• the accounting for operating leases with a remaining lease term of less than 12 months as at 1 June 2019 as short-term leases.

• 將於二零一九年六 月一日剩餘租期少 於 12 個月的經營租 賃作為短期租賃入 賬。

The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Group relied on its assessment made applying HKAS 17 and HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease.

本集團已選擇不在首次 應用日期重新評估一項 合約是否為租賃或包含 租賃，而是對於在過渡日 期之前訂立的合約，依賴 應用香港會計準則第 17 號及香港（國際財務報告 詮釋委員會）－詮釋第4 號 釐定一項安排是否包含 租賃所作的評估。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

• (b) The Group’s leasing activities and how these are accounted for

• The Group leases various offices, warehouses and visual display equipment. Rental contracts are typically made for fixed periods of 2 to 4 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.

Until 31 May 2019, leases of properties were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.

From 1 June 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. If the lease transfers ownership of the underlying assets to the Group by the end of the lease term or if the cost of the right-of-use assets reflect that the Group will exercise a purchase option, the Group depreciates the right-of-use asset from the commencement date of the lease to the end of the useful life of the underlying assets. Otherwise, right-of-use assets are depreciated over the shorter of the assets’ useful lives and their lease terms on a straight-line basis.

(b) 本集團的租賃活動及相 關租賃的入賬方法 本集團租賃各類辦公室、 倉庫及視像顯示設備。租 賃合約通常有 2 至 4 年的 固定期限。租賃條款按個 別基準協商，包含各種不 同條款及條件。租賃協議 並未規定任何契諾，但租 賃資產不得用作借款的 抵押品。

截至二零一九年五月三 十一日，物業的租賃分類 為融資租賃或經營租賃。 經營租賃下的付款（扣除 自出租人收取的任何優 惠）於租期內以直線法自 損益扣除。

自二零一九年六月一日 起，本集團於租賃資產可 供本集團使用當日就租 賃確認使用權資產及相 應的負債。各租賃付款在 負債及財務成本間分配。 財務成本於租期內自損 益扣除，從而計算出各期 間負債餘額的固定週期 性利率。倘租賃在租期結 束時將相關資產的所有 權轉移至本集團或倘使 用權資產成本反映本集 團將行使購買選擇權，則 本集團自租賃開始日期 至相關資產的使用年期 結束期間對使用權資產 進行折舊。否則，使用權 資產以直線基準按資產 的使用年期與租期中較 短者折舊。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

• fixed payments (including insubstance fixed payments), less any lease incentives receivable;

• variable lease payments that are based on an index or a rate;

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

Right-of-use assets are measured at cost comprising the following:

• t h e a m o u n t o f t h e i n i t i a l measurement of lease liability;

• any lease payments made at or before the commencement date less any lease incentives received;

• any initial direct costs; and

• restoration costs.

Payments associated with short-term leases

and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

租賃產生的資產及負債 初步以現值基準計量。租 賃負債包括以下租賃付 款之現值淨額：

• 定額付款（包括實 質定額付款），扣 減任何應收租賃優 惠；

• 基於某項指數或比 率的可變租賃付 款；

租賃付款採用租賃所隱 含的利率予以貼現。倘無 法釐定該利率，則使用承 租人的增量借款利率，即 承租人在類似條款及條 件的類似經濟環境中借 入獲得類似價值資產所 需資金所必須支付的利 率。

按成本計量之使用權資 產包括下列項目：

• 租賃負債之初始計 量金額；

• 任何在開始日期或 之前作出之租賃付 款減任何已收取租 賃優惠；

• 任何初始直接成 本；及

• 修復成本。

與短期租賃及低價值資 產租賃有關之付款按直 線法於損益中確認為開 支。短期租賃指租賃期為 12個月或以下之租賃。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

4. REVENUE

4. 收益

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Revenue from visual display solution services is recognised after each show or event of a project is performed, while revenue from equipment rental is recognised on a straightline basis over the term of the lease.

收益於以下情況下得到確認， 即經濟利益可能將流入本集團 及能夠可靠地計量收益金額。 視像顯示解決方案服務收益於 每個項目的演出或活動執行之 後被確認，及設備租賃收益於 租約期內以直線法確認。

An analysis of the Group’s revenue for the reporting period is as follows:

於報告期內本集團收益情況分 析如下：

		Three months ended 29 February 2020 Three months ended 28 February 2019 Nine months ended 29 February 2020 Nine months ended 28 February 2019 截至 二零二零年 二月二十九日 止三個月 截至 二零一九年 二月二十八日 止三個月 截至 二零二零年 二月二十九日 止九個月 截至 二零一九年 二月二十八日 止九個月
		HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元
Revenue from visual display	視像顯示解決方
solution services	案服務收益	11,985 21,761 45,307 73,950
Equipment rental income	設備租賃收入	162 244 312 281
		12,147 22,005 45,619 74,231

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

5. INCOME TAX EXPENSE

Pursuant to the enactment of two-tiered profit tax rates issued by the Inland Revenue Department (“ IRD ”) from the year of assessment 2018/19 onwards, the Group’s first HK$2 million of assessable profits under Hong Kong profits tax for the nine months ended 29 February 2020 is subject to a tax rate of 8.25%, while the remaining assessable profits are subject to a tax rate of 16.5%. Hong Kong profits tax has been provided for at the rate of 16.5% on the estimated assessable profits for the nine months ended 29 February 2020.

All PRC subsidiaries of the Company are subject to the PRC Enterprise Income Tax at the rate of 25.0% for the nine months ended 29 February 2020 and 28 February 2019.

The Macau subsidiary of the Company was subject to Macau complementary tax at the rate of 12.0% on the estimated assessable income exceeding MOP600,000 for the nine months ended 29 February 2020.

5. 所得稅開支

根據稅務局（「 稅務局 」）自二零 一八╱一九課稅年度起發出的 兩級制利得稅稅率，本集團截 至二零二零年二月二十九日止 九個月按香港利得稅制制定的 首個 2 百萬港元應課稅溢利，應 以稅率 8.25% 計算，而剩餘應課 稅溢利稅率為 16.5%。截至二零 二零年二月二十九日止九個月 的估計應課稅溢利按香港利得 稅率16.5%計提撥備。

截至二零二零年二月二十九日 及二零一九年二月二十八日止 九個月，本公司所有中國附屬 公司須按 25.0% 稅率繳納中國 企業所得稅。

截至二零二零年九月二十九日 止九個月本公司之澳門附屬公 司須按估計應課稅溢利超過澳 門幣 600,000 元的部分按 12.0% 稅率繳納澳門利得稅。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

The amounts of taxation charged/(credited) to profit and loss represent:

自損益扣除╱（計入）的稅項金 額指：

		Three months Three months Nine months	Nine months
		ended ended ended	ended
		29 February 28 February 29 February	28 February
		2020 2019 2020	2019
		截至 截至 截至	截至
		二零二零年 二零一九年 二零二零年	二零一九年
		二月二十九日 二月二十八日 二月二十九日	二月二十八日
		止三個月 止三個月 止九個月	止九個月
		HK$’000 HK$’000 HK$’000	HK$’000
		千港元 千港元 千港元	千港元
		(Unaudited) (Unaudited) (Unaudited)	(Unaudited)
		（未經審核）（未經審核）（未經審核）（未經審核）
Current income tax:	即期所得稅：
Hong Kong profits tax	香港利得稅	— 787 —	3,098
PRC enterprise income tax	中國企業所得稅	1 (49) (16)	546
Macau complementary tax	澳門利得稅	— 82 —	82
		1 820 (16)	3,726

6. DIVIDENDS

6. 股息

The Directors do not recommend the payment of dividend for the nine months ended 29 February 2020 (nine months ended 28 February 2019: Nil).

董事不建議派付截至二零二零 年二月二十九日止九個月的股 息（截至二零一九年二月二十八 日止九個月：零）。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

7. EARNINGS/(LOSS) PER SHARE

7. 每股盈利╱（虧損）

For the three months and nine months ended 29 February 2020 and the same corresponding periods in 2019, the basic earnings per Share is calculated based on (i) the profit attributable to owners of the Company and (ii) the weighted average number of Shares issued during the period.

截至二零二零年二月二十九日 止三個月及九個月及二零一九 年同期，每股基本盈利乃按 (i) 本 公司擁有人應佔溢利及 (ii) 期內 已發行股份之加權平均數計算。

		Three months Three months Nine months Nine months
		ended ended ended ended
		29 February 28 February 29 February 28 February
		2020 2019 2020 2019
		截至 截至 截至 截至
		二零二零年 二零一九年 二零二零年 二零一九年
		二月二十九日 二月二十八日 二月二十九日 二月二十八日
		止三個月 止三個月 止九個月 止九個月
		(Unaudited) (Unaudited) (Unaudited) (Unaudited)
		（未經審核）（未經審核）（未經審核）（未經審核）
(Loss)/profit attributable to	本公司擁有人應
owners of the Company	佔（虧損）╱
(HK$’000)	溢利（千港元） (3,630) 3,928 (9,316) 18,266
Weighted average number	已發行普通股之
of ordinary Shares in issue	加權平均數
(thousand Shares)	（千股）	800,000 800,000 800,000 800,000
(Loss)/earnings per Share	每股（虧損）╱
(HK cents)	盈利（港仙）	(0.45) 0.49 (1.16) 2.28

Diluted earnings per Share were same as the basic earnings per Share as there were no potential dilutive Shares in existence during the reporting period.

每股攤薄盈利與每股基本盈利 相同，因為於本報告期內並無 存在潛在的攤薄股份。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

The Group is principally engaged in the provision of visual display solution services.

During the nine months ended 29 February 2020, the Group was engaged in 295 pop concert shows for Hong Kong and non-Hong Kong artists/bands (nine months ended 28 February 2019: 323). The Group derived approximately 65.5% of its total revenue during the nine months ended 29 February 2020 from pop concerts (nine months ended 28 February 2019: approximately 80.0%), the majority of which took place in Hong Kong, the PRC and Macau. The remainder of the Group’s revenue was attributable to other live events, including corporate events, exhibitions, sports and recreational events and other live performances, as well as equipment rental.

FINANCIAL REVIEW

Revenue

The Group generates revenue from providing (i) visual display solutions to its customers in relation to pop concert shows and various other live events; and (ii) equipment rental.

管理層討論及分析

業務回顧

本集團主要從事提供視像顯示解決方 案服務。

截至二零二零年二月二十九日止九 個月，本集團為香港及非香港藝術 家╱樂隊舉辦了 295 場流行音樂會演 出（截至二零一九年二月二十八日止 九個月：323 場）。截至二零二零年二 月二十九日止九個月，本集團來自流 行音樂會佔總收益約 65.5%（截至二 零一九年二月二十八日止九個月：約 80.0%），其中大部分來自香港、中國 及澳門。本集團餘下的收益來自其他 現場活動，包括企業活動、展覽、體 育及休閒活動以及其他現場表演，及 設備租賃。

財務回顧

收益

本集團透過 (i) 為流行音樂會及多種其 他現場活動的相關客戶提供視像顯示 解決方案；及 (ii) 提供設備租賃產生收 益。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

The following table sets out a breakdown of the Group’s revenue by source of income during the nine months ended 29 February 2020 with the comparative figures for the nine months ended 28 February 2019:

下表按收入來源載列本集團截至二零 二零年二月二十九日止九個月之收益 明細及截至二零一九年二月二十八日 止九個月之比較數字：

		Nine months ended	Nine months ended	Nine months ended
		29 February 2020	28 February 2019
		截至二零二零年	截至二零一九年
		二月二十九日止九個月	二月二十八日止九個月
		% of total		% of total
		HK$’000 revenue	HK$’000	revenue
		佔收益		佔收益
		總額的		總額的
		千港元 百分比	千港元	百分比
Visual display solutions	視像顯示解決方案	45,307 99.3	73,950	99.6
Equipment rental	設備租賃	312 0.7	281	0.4
Total	總計	45,619 100.0	74,231	100.0

During the nine months ended 29 February 2020, the Group principally derived its revenue from the provision of visual display solutions. The Group’s revenue decreased by approximately 38.5% from approximately HK$74.2 million for the nine months ended 28 February 2019 to approximately HK$45.6 million for the nine months ended 29 February 2020.

截至二零二零年二月二十九日止九個 月，本集團收益主要來自提供視像顯 示解決方案。本集團收益由截至二零 一九年二月二十八日止九個月的約 74.2 百萬港元減少約 38.5% 至截至二 零二零年二月二十九日止九個月的約 45.6百萬港元。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

Visual display solutions

The following table sets out a breakdown of the Group’s revenue from visual display solutions during the nine months ended 29 February 2020 with the comparative figures for the nine months ended 28 February 2019. For the purpose of revenue breakdown presentation, other live events include corporate events, sports and recreation events, exhibitions and other live performances.

視像顯示解決方案

下表載列截至二零二零年二月二十九 日止九個月本集團來自視像解決方案 之收益明細及截至二零一九年二月二 十八日止九個月之比較數字。就呈列 收益明細而言，其他現場活動包括企 業活動、展覽、體育及娛樂活動及其 他現場表演。

		Nine months ended 29 February 2020	Nine	months ended 28 February 2019	months ended 28 February 2019	months ended 28 February 2019
		截至二零二零年二月二十九日止九個月	截至二零一九年二月二十八日止九個月
		% of total			% of total
		revenue			revenue
		from visual Average			from visual	Average
		No. of display revenue	No. of		display	revenue
		shows Revenue solutions per show 視像顯示	shows	Revenue	solutions 視像顯示	per show
		解決方案佔 每場			解決方案佔	每場
		總收益的 演出的			總收益的	演出的
		演出數目 收益 百分比 平均收益	演出數目	收益	百分比	平均收益
		(HK$’000) (HK$’000)		(HK$’000)		(HK$’000)
		（千港元） （千港元）		（千港元）		（千港元）
Pop concerts	流行音樂會	295 29,859 65.9 101	323	59,356	80.3	184
Other live events	其他現場活動	541 15,448 34.1 29	581	14,594	19.7	25
Total revenue from	視像顯示解決
visual display	方案收益總額
solutions		836 45,307 100.0 54	904	73,950	100.0	82

The decrease in revenue from pop concerts was mainly attributable to the decrease in the number of pop concert shows undertaken by the Group from 323 for the nine months ended 28 February 2019 to 295 for the nine months ended 29 February 2020. The average revenue per show for pop concerts was decreased from approximately HK$184,000 for the nine months ended 28 February 2019 to approximately HK$101,000 for the nine months ended 29 February 2020.

來自流行音樂會的收益減少主要是由 於本集團所承接流行音樂會的數目由 截至二零一九年二月二十八日止九個 月的 323 場減少至截至二零二零年二 月二十九日止九個月的 295 場。每場 流行音樂會演出平均收益由截至二零 一九年二月二十八日止九個月的約 184,000港元減少至截至二零二零年二 月二十九日止九個月的約 101,000 港 元。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

The increase in revenue from other live events was mainly attributable to the average revenue per show for other live events was increase from approximately HK$25,000 for the nine months ended 28 February 2019 to approximately HK$29,000 for the nine months ended 29 February 2020 because the Group undertook more complex visual effect corporate events in Macao for the nine months ended 29 February 2020. However, the number of other live events undertaken by the Group was decreased from 581 for the nine months ended 28 February 2019 to 541 for the nine months ended 29 February 2020.

來自其他現場活動收益增加乃主要歸 因於每場表演的平均收益由截至二 零一九年二月二十八日止九個月的約 25,000 港元增至截至二零二零年二月 二十九日止九個月的約 29,000 港元， 此乃由於本集團於截至二零二零年二 月二十九日止九個月在澳門承接較多 複雜視覺效果的企業活動。本集團承 接的其他現場活動數目由截至二零一 九年二月二十八日止九個月的 581 場 減至截至二零二零年二月二十九日止 九個月的541場。

Revenue analysis by geographical location

按地理位置劃分的收益分析

The following table sets out a breakdown of the revenue of the Group from pop concerts by geographical location during the nine months ended 29 February 2020 with comparative figures for the nine months ended 28 February 2019:

下表載列截至二零二零年二月二十九 日止九個月本集團按地理位置劃分的 流行音樂會的收益明細及截至二零一 九年二月二十八日止九個月之比較數 字：

		Nine months ended 29 February 2020	Nine	months ended 28 February 2019	months ended 28 February 2019	months ended 28 February 2019
		截至二零二零年二月二十九日止九個月	截至二零一九年二月二十八日止九個月
		% of total			% of total
		revenue Average			revenue	Average
		No. of from pop revenue	No. of		from pop	revenue
		shows Revenue concerts per show 流行音樂會	shows	Revenue	concerts 流行音樂會	per show
		佔總收益的 每場演出的			佔總收益的	每場演出的
		演出數目 收益 百分比 平均收益	演出數目	收益	百分比	平均收益
		(HK$’000) (HK$’000)		(HK$’000)		(HK$’000)
		（千港元） （千港元）		（千港元）		（千港元）
Pop concerts	流行音樂會
Hong Kong	香港	107 10,322 34.6 96	170	14,058	23.7	83
PRC	中國	114 13,856 46.4 121	96	32,138	54.1	335
Macau	澳門	37 4,801 16.1 130	32	6,948	11.7	217
Taiwan	台灣	5 495 1.6 99	13	3,265	5.5	251
Others	其他	32 385 1.3 12	12	2,947	5.0	246
Total revenue from	流行音樂會之
pop concerts	總收入	295 29,859 100.0 101	323	59,356	100.0	184

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

The following table sets out a breakdown of the revenue of the Group from other live events by geographical location during the nine months ended 29 February 2020 with comparative figures for the nine months ended 28 February 2019:

下表載列截至二零二零年二月二十九 日止九個月本集團按地理位置劃分的 其他現場活動的收益明細及截至二零 一九年二月二十八日止九個月之比較 數字：

		Nine months ended 29 February 2020	Nine	months ended 28 February 2019	months ended 28 February 2019	months ended 28 February 2019
		截至二零二零年二月二十九日止九個月	截至二零一九年二月二十八日止九個月
		% of total			% of total
		revenue Average			revenue	Average
		No. of from other revenue	No. of		from other	revenue
		shows Revenue live events per show 其他	shows	Revenue	live events 其他	per show
		現場活動			現場活動
		佔總收益的 每場演出的			佔總收益的	每場演出的
		演出數目 收益 百分比 平均收益	演出數目	收益	百分比	平均收益
		(HK$’000) (HK$’000)		(HK$’000)		(HK$’000)
		（千港元） （千港元）		（千港元）		（千港元）
Other live events	其他現場活動
Hong Kong	香港	358 7,306 47.3 20	349	6,149	42.1	18
PRC	中國	4 654 4.2 163	4	52	0.4	13
Macau	澳門	179 7,488 48.5 42	228	8,393	57.5	37
Total revenue from	自其他現場活動
other live events	之總收入	541 15,448 100.0 29	581	14,594	100.0	25

Gross profit and gross profit margin

The gross profit of the Group for the nine months ended 29 February 2020 amounted to approximately HK$12.1 million (nine months ended 28 February 2019: approximately HK$37.2 million), representing a gross profit margin of approximately 26.4% (nine months ended 28 February 2019: approximately 50.1%).

毛利及毛利率

截至二零二零年二月二十九日止九個 月，本集團的毛利約為 12.1 百萬港元 （截至二零一九年二月二十八日止九 個月：約 37.2 百萬港元），毛利率約為 26.4%（截至二零一九年二月二十八日 止九個月：約50.1%）。

Income tax expense

The Group is subject to income tax on an enterprise basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operate.

所得稅開支

本集團須就產生或源自本集團成員公 司所處及經營所在司法權區的溢利繳 納企業所得稅。

During the nine months ended 29 February 2020 and the nine months ended 28 February 2019, all PRC subsidiaries of the Company were subject to the PRC Enterprise Income Tax at the rate of 25.0%.

於截至二零二零年二月二十九日及二 零一九年二月二十八日止九個月，本 集團的所有中國附屬公司按 25.0% 稅 率繳納中國企業所得稅。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

The Hong Kong subsidiary of the Company was subject to Hong Kong profits tax at the rate of 16.5% on the estimated assessable profits during the nine months ended 28 February 2019. Pursuant to the enactment of two-tiered profit tax rates issued by the Inland Revenue Department (“ IRD ”) from the year of assessment 2018/19 onwards, the Group’s first HK$2 million of assessable profits under Hong Kong profits tax for the nine months ended 29 February 2020 is subject to a tax rate of 8.25%, while the remaining assessable profits are subject to a tax rate of 16.5%.

The Macau subsidiary of the Company was subject to Macau complementary tax at the rate of 12.0% on the estimated assessable income exceeding MOP600,000 during the nine months ended 29 February 2020.

The effective income tax rate of the Group was approximately –0.17% for the nine months ended 29 February 2020 (nine months ended 28 February 2019: approximately 16.9%).

(Loss)/profit for the period

As a result of the foregoing, the Group’s loss was approximately HK$9.4 million for the nine months ended 29 February 2020, as compare with a profit of approximately HK$18.3 million for the corresponding period in 2019. The loss was mainly due to (i) the decrease of revenue for the nine months ended 29 February 2020 as compared with that for the corresponding period in 2019 and (ii) the recognition of non-recurring professional expenses of HK$7.2 million for the proposed transfer of listing of the Company’s Shares from GEM to the Main Board of the Stock Exchange as stipulated in an announcement of the Company dated 19 August 2019. Excluding the non-recurring professional expenses, the Group’s adjusted loss for the nine months ended 29 February 2020 was HK$2.2 million, representing a decrease of approximately HK$20.5 million or approximately 112%, as compared with that for the corresponding period in 2019.

於截至二零一九年二月二十八日止 九個月，本公司之香港附屬公司按 16.5% 的稅率就估計應課稅溢利繳納 香港利得稅。根據稅務局（「 稅務局 」） 自二零一八╱一九課稅年度起發出的 兩級制利得稅稅率，本集團截至二零 二零年二月二十九日止九個月按香港 利得稅制制定的首個 2 百萬港元應課 稅溢利，應以稅率8.25%計算，而剩餘 應課稅溢利稅率為16.5%。

於截至二零二零年二月二十九日止九 個月，本公司之澳門附屬公司須就估 計應課稅收入超過 600,000澳門元的部 分按12.0%稅率繳納澳門所得補充稅。

截至二零二零年二月二十九日止九 個月，本集團的實際所得稅稅率約 為 –0.17%（截至二零一九年二月二十 八日止九個月：約16.9%）。

期內（虧損）╱溢利

由於上文所述，截至二零二零年二月 二十九日止九個月，本集團的虧損約 為 9.4 百萬港元，而二零一九年同期的 溢利約為 18.3 百萬港元。虧損主要是 由於 (i) 截至二零二零年二月二十九日 止九個月的收益較二零一九年同期減 少及 (ii) 誠如本公司日期為二零一九年 八月十九日之公告所規定，確認有關 建議本公司股份由 GEM 轉住聯交所主 板上市之非經常性專業顧問開支7.2 百 萬港元所致。不計及非經常性專業開 支，截至二零二零年二月二十九日止 九個月，本集團經調整虧損將約為 2.2 百萬港元，較二零一九年同期減少約 20.5百萬港元或約112%。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

LIQUIDITY AND CAPITAL RESOURCES

Financial Resources, Liquidity and Capital Structure

The Group finances its operations primarily through cash generated from operating activities and interest-bearing bank borrowing, overdrafts and finance leases. The Group recorded net current assets of approximately HK$25.9 million as at 29 February 2020 (28 February 2019: approximately HK$55.7 million).

As at 29 February 2020, the Group’s current ratio was approximately 2.2 (28 February 2019: approximately 3.3) and the Group’s gearing ratio calculated based on the total debt at the end of the period divided by total equity at the end of the period was approximately 3.7% (28 February 2019: approximately 6.7%). The decrease of the Group’s gearing ratio in the nine months ended 29 February 2020 was mainly due to decrease in bank borrowings.

As at 29 February 2020, the maximum limit of the banking facilities available to the Group amounted to HK$5.2 million. The bank borrowings were denominated in Hong Kong dollars, repayable within one year or on demand and interest-bearing at floating rates from 5.6% to 5.9% per annum (28 February 2019: 5.6% to 5.9% per annum).

As at 29 February 2020, the capital structure of the Group consisted of equity attributable to owners of the Company of approximately HK$120.3 million, comprising issued share capital and reserves.

The Shares were listed on the GEM of the Stock Exchange on the Listing Date. There has been no change in the capital structure of the Group since then.

流動資金及資本資源

財務資源、流動資金及資本架 構

本集團主要通過經營活動產生的現金 及計息銀行借款、透支及融資租賃為 其經營提供資金。本集團於二零二零 年二月二十九日錄得流動資產淨額約 為 25.9 百萬港元（二零一九年二月二十 八日：約55.7百萬港元）。

於二零二零年二月二十九日，本集團 的流動比率約為 2.2（二零一九年二月 二十八日：約 3.3）及本集團的資產負 債比率以期末債務總額除以期末權益 總額計算約為 3.7%（二零一九年二月 二十八日：約6.7%）。本集團資產負債 比率於截至二零二零年二月二十九日 止九個月下跌主要是由於銀行借貸減 少所致。

於二零二零年二月二十九日，本集團 最大限額銀行融資為 5.2 百萬港元。 銀行借款以港元計值，須於一年內或 按要求償還，浮動年利率介乎 5.6% 至 5.9%（二零一九年二月二十八日：年 利率介乎5.6%至5.9%）。

於二零二零年二月二十九日，本集團 資本架構包括本公司持有人應佔之權 益約 120.3 百萬港元（包括已發行股本 及儲備）。

股份於上市日期於聯交所 GEM 上市。 此後，本集團資本架構概無變動。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

FOREIGN CURRENCY EXPOSURE RISKS

The Group operates mainly in Hong Kong and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to certain purchases with United States dollars (“ US$ ”) and Macau Patacas (“ MOP ”) and certain sales with Renminbi (“ RMB ”). Foreign exchange risk arises when future commercial transactions, recognised assets and liabilities are denominated in a currency that is not the group entities’ functional currency. The Group however did not engage in any derivatives agreements and did not commit to any financial instrument to hedge its foreign exchange exposure during the nine months ended 29 February 2020.

TREASURY POLICIES

The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the nine months ended 29 February 2020. The Group strives to reduce exposure to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers. To manage liquidity risk, the Board closely monitors the Group’s liquidity position to ensure that the liquidity structure of the Group’s assets, liabilities and other commitments can meet its funding requirements from time to time.

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES

During the nine months ended 29 February 2020, the Group did not have any significant investments, material acquisitions nor disposals of subsidiaries and affiliated companies.

外匯風險

本集團主要在香港經營，並面臨各種 貨幣風險所引起的外匯風險，主要 指若干以美元（「 美元 」）及澳門幣（「 澳 門幣 」）購買及以人民幣（「 人民幣 」）出 售。當未來商業交易、確認資產及負 債以不是集團實體功能貨幣計值時， 則會出現外匯風險。於截至二零二零 年二月二十九日止九個月，本集團並 未涉及任何衍生工具協議及並無訂立 任何金融工具以對沖外匯風險。

庫務政策

本集團對其庫務政策採取審慎的財務 管理方法，因此，截至二零二零年二 月二十九日止九個月整段期間保持了 健康的流動資金狀況。本集團力求通 過持續的信貸評估及對其客戶財務狀 況進行評估以降低信用風險。為管理 流動性風險，董事會密切監察本集團 的流動資金狀況，確保本集團資產、 負債及其他承諾的流動性結構不時滿 足其資金需求。

重大投資、重大收購及出 售附屬公司

於截至二零二零年二月二十九日止九 個月，本集團並無任何重大投資、重 大收購或出售附屬公司及聯屬公司。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

As at 29 February 2020, the Group did not have any material capital commitments or any material contingent liabilities.

DIVIDEND

The Board does not recommend the payment of a dividend for the nine months ended 29 February 2020.

PLEDGE OF ASSETS

As at 29 February 2020, the Group has pledged shortterm bank deposits in the amount of HK$3.0 million as security for the Group’s banking facilities (28 February 2019: approximately HK$3.0 million).

資本承擔及或有負債

於二零二零年二月二十九日，本集團 並無任何重大資本承擔事項或任何重 大或有負債。

股息

截至二零二零年二月二十九日止九個 月，董事會不建議派付股息。

資產抵押

於二零二零年二月二十九日，本集團 的已抵押短期銀行存款為 3.0 百萬港 元，作為本集團銀行融資之抵押（二 零一八年二月二十八日：約 3.0 百萬港 元）。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

USE OF PROCEEDS AND COMPARISON OF BUSINESS OBJECTIVES WITH ACTUAL BUSINESS PROGRESS

所得款項用途及業務目標 與實際業務進程之比較

Net proceeds from the placing and public offer of the Company’s shares for the Listing were approximately HK$34.5 million (the “ Net Proceeds ”), after deducting the underwriting commissions and other listing expenses. The Company announced on 28 August 2018 for the change of proposed use of the Net Proceeds. For details, please refer to the announcement published on 28 August 2018. As at 29 February 2020, all the Net Proceeds have been utillised. Set out below are details of the original allocation of the Net Proceeds, the revised allocation of the Net Proceeds and the utilisation of the Net Proceeds as at 29 February 2020:

配售及公開發售本公司上市股份所得 款項淨額（扣除包銷佣金及上市相關 開支後）約為 34.5 百萬港元（「 所得款項 淨額 」）。本公司於二零一八年八月二 十八日宣佈更改所得款項淨額之擬定 用途。有關詳情請參閱於二零一八年 八月二十八日刊發之公告。於二零二 零年二月二十九日，所有所得款項淨 額已動用。下文載列所得款項淨額之 原有分配、所得款項淨額之經修訂分 配及於二零二零年二月二十九日所得 款項淨額之動用情況：

						Revised	Revised		Amount	Amount		Unutilised
					allocation as at				utilised as at			amount at
			Original			28 August			29 February			29 February
Utilization of the Net Proceeds			allocation			2019			2020			2020
												於二零二零年
						於二零一九年			於二零二零年			二月二十九日
						八月二十八日			二月二十九日			之尚未使用
所得款項淨額用途			原有分配			之經修訂分配			動用之金額			淨額
			(HK$’ million)			(HK$’ million)			(HK$’ million)			(HK$’ million)
			approximately			approximately			approximately			approximately
			（百萬港元）			（百萬港元）			（百萬港元）			（百萬港元）
			約為			約為			約為			約為
Repayment of bank loans	償還銀行貸款		9.9			9.9			9.9			—
Acquisition of visual display	收購視像顯示設備
equipment			11.6			11.6			11.6			—
Settlement of payables	結算應付款項		10.6			10.6			10.6			—
Recruitment of a creative director	招聘創作總監		1.7			—			—			—
Recruitment of staff for the Group’s	招聘員工以拓展澳門的
business expansions in Macau		業務	—			1.7			1.7			—
Working capital (after deducting	營運資金（經扣除相關開
the relevant expenses)		支後）	0.7			0.7			0.7			—
Total	總計		34.5			34.5			34.5			—

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EMPLOYEES AND REMUNERATION POLICIES

As at 29 February 2020, the Group engaged a total of 96 employees (28 February 2019: 98) including the Directors. For the nine months ended 29 February 2020, total staff costs amounted to approximately HK$15.1 million (nine months ended 28 February 2019: approximately HK$15.9 million). Remuneration (including employees’ benefits) is maintained at an attractive level and reviewed on a periodic basis. Employees’ salary and relevant benefits are determined on the basis of performance, qualification, experience, positions and the Group’s business performance.

EVENTS AFTER THE REPORTING PERIOD

As from 29 February 2020 to the date of this report, save as disclosed in this report, the Board is not aware of any occurrence of significant events requiring disclosure.

INTERESTS OF THE COMPLIANCE ADVISER

As at 29 February 2020, neither Shenwan Hongyuan Capital (H.K.) Limited, the compliance adviser of the Company, nor any of its directors, employees or close associates had any interests in the securities of the Company or any other companies in the Group (including option or rights to subscribe for such securities) pursuant to Rule 6A.32 of the GEM Listing Rules.

僱員及薪酬政策

於二零二零年二月二十九日，本集團 共聘用 96 名僱員（二零一九年二月二 十八日：98 名），其中包括董事。截至 二零二零年二月二十九日止九個月， 員工成本總額約為15.1 百萬港元（截至 二零一九年二月二十八日止九個月： 約 15.9 百萬港元）。薪酬（包括僱員福 利）維持在有吸引力的水平，並定期 審查。僱員薪酬及相關福利乃根據表 現、資質、經驗、職位以及本集團業 務績效確定。

報告期後事項

由二零二零年二月二十九日起至本報 告日期，除本報告所披露者外，董事 會並不知悉有發生任何須予披露的重 大事件。

合規顧問之權益

於二零二零年二月二十九日，根據 GEM 上市規則第6A.32 條，本公司合規 顧問申萬宏源融資（香港）有限公司及 其任何董事、僱員或緊密聯繫人均概 無擁有本公司或本集團任何其他公司 證券的權益（包括認購該等證券的期 權或權利）。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

AUDIT COMMITTEE

The Company has established an audit committee on 19 May 2017 (the “ Audit Committee ”) with written terms of reference in compliance with Rules 5.28 to 5.29 of the GEM Listing Rules. The primary duties of the Audit Committee are to review the Company’s draft annual, interim and quarterly financial reports and accounts and to provide advice and comments thereon to the Board. The Audit Committee is also responsible for reviewing and supervising the financial reporting process and internal control procedures of the Group. The Audit Committee currently comprises three independent nonexecutive Directors, namely Mr. Li Kai Sing (Chairman), Mr. Ma Tsz Chun and Ms. Loh Lai Ping Phillis.

The Audit Committee has reviewed this report and the unaudited condensed consolidated results of the Group for the nine months ended 29 February 2020 and the effectiveness of internal control system of the Group.

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

The Directors confirm that during the nine months ended 29 February 2020, there has been no purchase, sale or redemption of the Company’s listed securities.

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS IN COMPETING BUSINESS

During the nine months ended 29 February 2020, the Directors are not aware of any business and interest of the Directors nor the controlling shareholders of the Company nor any of their respective close associates (as defined in the GEM Listing Rules) that compete or may compete with the business of the Group and any other conflict of interests which any such person has or may have with the Group from the Listing Date to the date of this report.

審核委員會

本公司已遵照 GEM 上市規則第 5.28 條 至第 5.29 條於二零一七年五月十九日 成立審核委員會（「 審核委員會 」），並 訂有書面職權範圍。審核委員會主要 職責為審查本公司的年度、中期及季 度財務報告及賬目草擬本，並就此向 董事會提供建議及意見。審核委員會 亦負責審查及監督財務申報程序及本 集團內部控制進展。審核委員會目前 由三名獨立非執行董事（即李啟承先 生（主席）、馬時俊先生及羅麗萍女士） 組成。

審核委員會已審閱本報告及本集團截 至二零二零年二月二十九日止九個月 之未經審核簡明綜合業績及內部控制 制度的有效性。

購買、出售或贖回本公司 上市證券

董事確認，自上市日期至二零二零年 二月二十九日期間，本公司概無購 買、出售或贖回上市證券。

董事及控股股東在競爭業 務中的權益

於截至二零二零年二月二十九日止九 個月，董事並不知悉董事或本公司控 股股東或彼等各自的任何緊密聯繫人 （定義見 GEM 上市規則）自上市日期至 本報告日期擁有任何對本集團業務構 成或可能構成競爭的業務及權益，亦 不知悉任何有關人士與本集團存在或 可能存在任何其他利益衝突。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

DIRECTORS’ SECURITIES TRANSACTIONS

董事證券交易

The Company has adopted a code of conduct regarding Directors’ securities transactions on terms no less than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules. Having made specific enquiries of all Directors, the Company confirms that all of the Directors complied with such required standard of dealings and its code of conduct regarding directors’ securities transactions during the nine months ended 29 February 2020.

本公司已採納有關董事進行證券交易 的行為守則，其條款不遜於 GEM 上市 規則第 5.48 條至第 5.67 條所載的規定 交易標準。本公司對所有董事作出具 體查詢後，確認所有董事均於截至二 零二零年二月二十九日止九個月遵守 規定的交易標準及有關董事進行證券 交易的行為守則。

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

董事及主要行政人員於本 公司及其相聯法團的股 份、相關股份及債權證中 的權益及淡倉

As at 29 February 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 its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“ SFO ”)) as (i) recorded in the register required to be kept under section 352 of the SFO, or (ii) otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by directors of listed issuer as referred to in Rule 5.46 of the GEM Listing Rules, were as follows:

於二零二零年二月二十九日，董事及 本公司主要行政人員於本公司或其相 聯法團（定義見香港法例第 571 章證券 及期貨條例（「 證券及期貨條例 」）第 XV 部）的股份、相關股份或債權證中，(i) 擁有記入根據證券及期貨條例第 352 條須備存的登記冊內的權益及淡倉， 或 (ii) 根據 GEM 上市規則第 5.46 條所述 的上市發行人董事進行交易的規定標 準另行知會本公司及聯交所的權益及 淡倉如下：

(i) Interests in the Company

(i) 於本公司之權益

	Capacity/	Capacity/			Number of	Number of		Percentage of
Name of Director	Nature of interest			Shares(Note 1)				shareholding
					股份數目
董事姓名	身份╱權益性質				（附註1）			股權百分比
Mr. Yeung Ho Ting Dennis	Interest in a controlled			600,000,000 (L)				75.0%
(“Mr. Yeung”)		corporation (Note 2)
楊浩廷先生（「楊先生」）	受控法團權益（附註2）			600,000,000 (L)				75.0%

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

Notes:

附註：

1. The letter “L” denotes the person’s long position in the Shares.

2. 字母「L」代表相關人士於股份中 的好倉。

3. Next Vision was beneficially owned by Mr. Yeung as to 75%. By virtue of the SFO, Mr. Yeung was deemed to be interested in the Shares held by Next Vision.

4. 楊先生實益擁有 Next Vision 的 75% 權益。根據證券及期貨條 例，楊先生被視為於 Next Vision 持有的股份中擁有權益。

5. (ii) Interests in associated corporation of the Company

6. (ii) 於本公司相聯法團之權 益

										Number of
Name of	Name of									shares			Percentage of
Director	associated corporation				Capacity					(Note 1)			shareholding
										股份數目
董事姓名	相聯法團名稱				身份					（附註1）			股權百分比
Mr. Yeung	Next Vision (Note 2)				Beneficial owner					7,500 (L)			75%
楊先生	Next Vision（附註2）				實益擁有人					7,500 (L)			75%

Notes:

附註：

1. The letter “L” denotes the person’s long position in the Shares.

2. 字母「L」代表相關人士於股份中 的好倉。

3. Next Vision held 75% of issued Shares and was therefore a holding company of the Company.

4. Next Vision 持有 75% 的已發行股 份，故為本公司的控股公司。

Save as disclosed above, as at 29 February 2020, none of the Directors or the chief executive of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which were (i) recorded in the register required to be kept under section 352 of the SFO or (ii) otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by directors of listed issuer as referred to in Rule 5.46.

除上文所披露者外，於二零二 零年二月二十九日，概無董事 或本公司最高行政人員於本公 司或其相關法團（定義見證券及 期貨條例第 XV 部）的股份、相關 股份或債權證中擁有 (i) 須記存 於根據證券及期貨條例第352 條 須存置的登記冊內的權益或淡 倉；或 (ii) 根據 GEM 上市規則第 5.46 條所述上市發行人董事進 行買賣之規定準則須另行知會 本公司及聯交所的權益或淡倉。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

INTERESTS AND SHORT POSITIONS OF THE SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS IN SHARES AND UNDERLYING SHARES

As at 29 February 2020, so far as it is known to the Directors, the following persons (not being a Director or chief executive of the Company) had or were deemed to have interests or short positions in Shares or underlying Shares which were recorded in the register required to be kept by the Company under Section 336 of the SFO:

(i) Long positions in Shares

Capacity/ Name of shareholder Nature of interest

身份╱權益性質

股東名稱

Next Vision Beneficial owner (Note 2) Next Vision 實益擁有人（附註2）

Notes:

1. The letter “L” denotes the person’s long position in the Shares.

2. Next Vision was beneficially owned by Mr. Yeung as to 75%. By virtue of the SFO, Mr. Yeung was deemed to be interested in Shares held by Next Vision.

Save as disclosed above, as at 29 February 2020, the Directors have not been notified by any person who had interests or short positions in the Shares or underlying Shares which were recorded in the register required to be kept under Section 336 of the SFO, or which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO.

主要股東及其他人士於股 份及相關股份中的權益及 淡倉

於二零二零年二月二十九日，據董事 所知，下列人士（本公司董事或最高行 政人員除外）於股份或相關股份中擁 有或被視為擁有須記存於本公司根據 證券及期貨條例第 336 條須存置的登 記冊的權益或淡倉：

(i) 於股份之好倉

Number of Shares held/Interested Percentage of (Note 1) shareholding 持有╱擁有 權益股份數目 （附註1） 股權百分比

600,000,000 (L) 75.0% 600,000,000 (L) 75.0%

附註：

1. 字母「L」代表相關人士於股份中 的好倉。

2. 楊先生實益擁有 Next Vision 的 75% 權益。根據證券及期貨條 例，楊先生被視為於 Next Vision 持有的股份中擁有權益。

除上文披露者外，於二零二零 年二月二十九日，概無任何人 士知會董事彼於股份或相關股 份中擁有須記存於根據證券及 期貨條例第 336 條須存置的登記 冊內的權益或淡倉，或根據證 券及期貨條例第 XV 部第 2 及 3 分 部須予披露的權益或淡倉。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

SHARE OPTION SCHEME

The Company conditionally adopted a share option scheme (the “ Scheme ”) on 19 May 2017. The terms of the Scheme are in accordance with the provisions of Chapter 23 of the GEM Listing Rules. No share option has been granted since the adoption of the Scheme and there was no share option outstanding as at 29 February 2020.

CORPORATE GOVERNANCE

The Company is firmly committed to maintaining and ensuring a high level of corporate governance standards and will review and improve the corporate governance practices and standards constantly. Except for the deviation from code provision A.2.1 of the CG Code (as defined below), the Company has complied with the code provisions set out in the CG Code (as defined below) contained in Appendix 15 to the GEM Listing Rules (the “ CG Code ”) during the period from the Listing Date to 29 February 2020. Code provision A.2.1 of the CG Code stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Yeung is both the chairman of the Board and the chief executive officer of the Company. In view of Mr. Yeung’s role in day-to-day operations and management of the Group since April 2009, the Board believes that it is in the best interest of the Group to have Mr. Yeung taking up both roles for effective management and business development. Therefore, the Directors consider that the deviation from the code provision A.2.1 of the CG Code is appropriate in such circumstance and the Board is of the view that this management structure is effective for the Group’s operations and sufficient checks and balances are in place.

購股權計劃

本公司於二零一七年五月十九日有條 件地採納購股權計劃（「 該計劃 」）。該 計劃之條款符合 GEM 上市規則第 23 章 之條文。自採納該計劃以來概無授予 購股權及於二零二零年二月二十九日 概無未行使之購股權。

企業管治

本公司堅定不移地維持及確保保持高 水準的企業管治，不斷審查及完善企 業管治慣例及標準。除偏離企業管治 守則（定義如下）第 A.2.1 條守則條文 外，本公司自上市日期至二零二零年 二月二十九日期間，已遵守 GEM 上市 規則附錄十五所載企業管治守則（定 義如下）（「 企業管治守則 」）所載之守則 條文。企業管治守則第 A.2.1 條守則條 文規定主席與行政總裁的角色應有區 分，並不應由一人同時兼任。楊先生 為本公司之董事會主席兼行政總裁。 鑒於楊先生自二零零九年四月起於本 集團日常營運及管理方面的角色，董 事會相信楊先生同時兼任兩個角色有 利於實現有效的管理及業務發展，符 合本集團的最佳利益。因此，董事認 為，在該情況下，偏離企業管治守則 第 A.2.1 條守則條文乃屬適當，且董事 會認為，該管理架構對本集團的營運 及充分的制衡乃屬有效。

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020

COMMUNICATION WITH SHAREHOLDERS

The Company believes that maintaining a high level of transparency is a key to enhancing investor relations. It is committed to a policy of open and timely disclosure of corporate information to its shareholders and investment public. The Company updates the shareholders on its latest business developments and financial performance through its quarterly, interim and annual reports and communicates with the shareholders through annual general meetings and extraordinary general meetings. In compliance with the requirements of the GEM Listing Rules, the Company issued regular reports, announcements, circulars and notice of general meetings. Always updated with the latest information, the corporate website of the Company (www.intechproductions.com) has provided an effective communication platform to the public and the shareholders.

OUTLOOK

The outbreak of the Novel Coronavirus (“COVID-19”) since January 2020 severely affected the operating environment of concerts and events. To avoid the spread of COVID-19, there are postponement and rescheduling of the concerts and events by the organisers so as to comply with the social distancing measures as set by the various authorities. To cope with this, the Group’s management has kept monitoring the market conditions and adjusted the operation strategies timely. Also the Group would actively negotiate with the business partners to sort out feasible measures during such unabated difficult period.

股東通訊

本公司認為保持高水準的透明度是 加強投資者關係的關鍵。我們秉持 向股東及公眾投資者公開及時披露 企業資訊的政策。本公司通過季度、 中期及年度報告向股東介紹最新業 務發展情況和財務業績，並通過年度 股東大會及特別股東大會與股東溝 通。按照 GEM 上市規則的規定，本公 司定期發佈報告、公佈、通函及股東 大會通知。本公司的公司網站 (www. intechproductions.com) 會持續發佈最新 資訊，為公眾及股東提供了有效的溝 通平台。

展望

自 2020 年 1 月以來新型冠狀病毒 （「COVID-19」）的爆發已嚴重影響 音樂會及活動的運營環境。為避免 COVID-19 的傳播，主辦單位將音樂會 及活動延期並重新制定日程，以符合 各政策部門所製訂的社會隔離措施。 為應對此情況，本集團管理層保持對 市場情況的監控並及時調整經營策 略。本集團亦將積極與業務合作夥伴 磋商，以於此困難絲毫不減的時期挑 選出可行措施。

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In Technical Productions Holdings Limited 第三季度業績報告2019/2020

In the future, the Board believes that the Group will achieve another breakthrough in terms of its business performance by leveraging on its advantages, in particular with its wide variety of visual display equipment and innovative professional management with strong knowhow.

By order of the Board In Technical Productions Holdings Limited Yeung Ho Ting Dennis Chairman

Hong Kong, 7 April 2020

未來，董事會相信，透過善用本集團 自身的優勢（尤其是其視像顯示裝置 種類眾多，且創新專業的管理層擁有 深厚的專業知識），本集團的業務表現 將再創突破。

承董事會命 In Technical Productions Holdings Limited 主席 楊浩廷先生

香港，二零二零年四月七日

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In Technical Productions Holdings Limited Third Quarterly Report 2019/2020