CAI Corp — Interim / Quarterly Report 2012

Sep 20, 2012

China New Economy Fund Limited 中國新經濟投資有限公司 Stock Code 股份代號 : 80

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Interim Report 中期報告

		Contents
		目錄
		Pages
		頁次
CORPORATE INFORMATION	公司資料	2-3
MANAGEMENT DISCUSSION AND ANALYSIS	管理層討論與分析	4-19
OTHER INFORMATION	其他資料	20-23
REPORT ON REVIEW OF INTERIM	中期財務資料審閱報告	24-25
FINANCIAL INFORMATION
INTERIM CONDENSED	中期簡明財務報表
FINANCIAL STATEMENTS
Interim Condensed Statement of	中期簡明全面收益表	26
Comprehensive Income
Interim Condensed Statement of	中期簡明財務狀況表	27
Financial Position
Interim Condensed Statement of	中期簡明權益變動表	28
Changes in Equity
Interim Condensed Statement of	中期簡明現金流量表	29
Cash Flows
Notes to Interim Condensed	中期簡明財務報表附註	30-48
Financial Statements

二零一二年中期報告 1 Interim Report 2012

Corporate Information 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. Craig Blaser Lindsay (Chairman) Mr. Wang Junyan (Chief Executive Officer) Mr. Gu Xu

Independent Non-Executive Directors

Mr. Siu Kam Chau Professor Xu Yangsheng Mr. Doyle Ainsworth Dally

AUDIT COMMITTEE

Mr. Siu Kam Chau (Chairman) Professor Xu Yangsheng Mr. Doyle Ainsworth Dally

REMUNERATION COMMITTEE

Mr. Siu Kam Chau (Chairman) Professor Xu Yangsheng Mr. Doyle Ainsworth Dally

NOMINATION COMMITTEE

Mr. Doyle Ainsworth Dally (Chairman) Mr. Siu Kam Chau Professor Xu Yangsheng

COMPANY SECRETARY

Mr. Wong Sze Wai Winston (FCCA)

INVESTMENT MANAGER

CITIC Securities International Investment Management (HK) Limited 17/F, Chuang’s Tower 30-32 Connaught Road Central Central Hong Kong

CUSTODIAN

HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road Central Hong Kong

ADMINISTRATOR

HSBC Trustee (Cayman) Limited P.O. Box 484, HSBC House 68 West Bay Road Grand Cayman KY1–1106 Cayman Islands

董事會

執行董事 Craig Blaser Lindsay 先生（主席） 王俊彥先生（行政總裁） 顧旭先生

獨立非執行董事 蕭錦秋先生 徐揚生教授 Doyle Ainsworth Dally 先生

審核委員會

蕭錦秋先生（主席） 徐揚生教授 Doyle Ainsworth Dally 先生

薪酬委員會

蕭錦秋先生（主席） 徐揚生教授 Doyle Ainsworth Dally 先生

提名委員會

Doyle Ainsworth Dally 先生（主席） 蕭錦秋先生 徐揚生教授 公司秘書 黃詩偉先生 (FCCA) 投資管理人

中信証券國際投資管理（香港）有限公司 香港 中環 干諾道中 30-32 號 莊士大廈 17 樓

託管人

滙豐機構信託服務（亞洲）有限公司 香港 皇后大道中 1 號

行政管理人

HSBC Trustee (Cayman) Limited P.O. Box 484, HSBC House 68 West Bay Road Grand Cayman KY1–1106 Cayman Islands

2 中國新經濟投資有限公司 China New Economy Fund Limited

Corporate Information 公司資料

REGISTERED OFFICE

P.O. Box 309, Ugland House South Church Street, George Town Grand Cayman KY1-1104 Cayman Islands

PRINCIPAL PLACE OF BUSINESS IN HONG KONG AND HEADQUARTERS

17/F, Chuang’s Tower 30-32 Connaught Road Central Central Hong Kong

COMPLIANCE ADVISER

China Everbright Capital Limited 17/F, Far East Finance Centre 16 Harcourt Road Hong Kong

AUDITORS

Ernst & Young Certified Public Accountants 22/F CITIC Tower 1 Tim Mei Avenue Central Hong Kong

HONG KONG SHARE REGISTRAR

Computershare Hong Kong Investor Services Ltd Shop 1712-1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong

LEGAL ADVISERS

as to Cayman Islands Law: Maples and Calder P.O. Box 309 Ugland House, South Church Street George Town, Grand Cayman KY1-1104 Cayman Islands

as to Hong Kong Law:

Clifford Chance, Hong Kong 28th Floor, Jardine House One Connaught Place Central Hong Kong

WEBSITE

www.chinaneweconomyfund.com

註冊辦事處

P.O. Box 309, Ugland House South Church Street, George Town Grand Cayman KY1-1104 Cayman Islands 本公司於香港主要營業地點及總部

香港 中環 干諾道中 30-32 號 莊士大廈 17 樓 合規顧問 中國光大融資有限公司 香港 夏愨道 16 號 遠東金融中心 17 樓 核數師 安永會計師事務所 執業會計師 香港 中環 添美道 1 號 中信大廈 22 樓

香港證券登記處

香港中央證券登記有限公司 香港 灣仔 皇后大道東 183 號 合和中心 17 樓 1712-1716 室 法律顧問 開曼群島法律： Maples and Calder P.O. Box 309 Ugland House, South Church Street George Town, Grand Cayman KY1-1104 Cayman Islands 香港法律： 高偉紳律師行，香港 香港 中環 康樂廣場 1 號 怡和大廈 28 樓 網站

www.chinaneweconomyfund.com

二零一二年中期報告Interim Report 2012 3

Management Discussion and Analysis 管理層討論與分析

On behalf of the board of directors (the “Directors” or the “Board”) of China New Economy Fund Limited (the “Company”), I present to you the Company’s interim results for the six months ended 30 June 2012 (the “Period”).

The Company is a closed-ended investment company established on 1 February 2010. By investing globally in both private and public enterprises supported by the new economies of Greater China, the Company is devoted to achieving long-term capital appreciation for professional investors.

INVESTMENT REVIEW

Following the successful listing (the “Listing”) of the Company on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 6 January 2011 (the “Listing Date”), the Company held eleven investments in listed companies on 30 June 2012. The largest sector held by the Company is information technology in Mainland China.

The net asset value of the Company increased during the six months ended 30 June 2012 amid the decline of the global and China markets in the first half of the year. As at 30 June 2012, the Company reported an unaudited net asset value of approximately HK$0.80 per share. The upswing is due to unrealized mark to market valuation and realized gains taken on the investment positions in the portfolio.

本人謹代表中國新經濟投資有限公司（「本公司」） 董事會（「董事」或「董事會」）欣然向股東提呈本公 司截至2012年6月30日止六個月（「本期間」）之中 期業績。

本公司為一家於 2010 年 2 月 1 日成立的封閉式投 資公司。透過投資全球獲大中華地區新經濟支持 之私人及公眾企業，本公司致力於為專業投資者 取得長期資本增值。

投資回顧

繼本公司於 2011 年 1 月 6 日（「上市日期」）在香 港聯合交易所有限公司（「聯交所」）主板成功上市 （「上市」）後，本公司於2012年6月30日持有十一 項上市公司投資，其中本公司持有之最大一項為 專注於中國大陸的資訊科技。

在本年度上半年全球及中國市場下滑背景下，本 公司資產淨值於截至2012年6月30日止六個月有 所增加。於2012年6月30日，本公司錄得未經審 核資產淨值約每股 0.80 港元。上漲乃由於組合中 的投資持倉產生未變現按市值計價的價值及變現 收益所致。

4 中國新經濟投資有限公司 China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

Over the past six months, there has been a clear sign of economic slowdown in China, resulting in a moderation of inflation which was an issue in 2011. In addition, there have been indications of loosening monetary policy in China which includes reduction of interest rates and increased liquidity in the banking system.

The Company remains Greater China focused and will continue to approach the markets very conservatively. In May 2012, China’s State Council issued a “Decision on Accelerating the Fostering and Development of Emerging Industries” (the “Decision”), outlining clearly a series of policies in support of seven emerging industries which include energy-saving and environmental protection, next generation information technology, bio-technology, advanced equipment manufacturing, new energy, new materials and new-energy vehicles.

These seven strategic sector accounts for approximately 3 percent of GDP at the end of 2010, and the Chinese government aims to generate 8 percent of GDP in 2015 and 15 percent by 2020 from the seven strategic industries. The Company will capitalize on the forthcoming growth opportunities by taking a long term view to investment strategy both in the public and private equity markets.

在過去六個月，中國經濟明顯下滑，造成2011年 輕度通貨膨脹。另外，有跡象表明中國正放寬貨 幣政策，其中包括調低利率及增加銀行系統的流 動性。

本公司仍關注大中華市場，並將繼續以非常謹慎 的態度涉足有關市場。於 2012 年 5 月，中國國 務院頒佈《關於加快培育和發展戰略性新興產業 的決定》（「該決定」），明確概述了支持七大新興 產業的一系列政策，該等新興產業包括節能與環 保、新一代信息技術、生物技術、先進裝備製造 業、新能源、新材料和新能源汽車。

該七大戰略性產業於2010年底佔國內生產總值約 3%，且中國政府訂立目標，到 2015 年，該七大 戰略性產業佔國內生產總值的比重達到 8%，到 2020年達15%，本公司將利用即將到來的發展機 遇，對公共及私募股權市場採取長期投資策略。

二零一二年中期報告Interim Report 2012 5

Management Discussion and Analysis 管理層討論與分析

Details of the Company’s financial assets at fair value through profit or loss are as follows:

本公司按公平值透過損益列賬之金融資產詳情載 述如下：

At 30 June 2012

於 2012 年 6 月 30 日

Listed equity securities – Hong Kong

上市權益證券－香港

			Proportion			Unrealized
			of			gain/(loss)		Dividend	% of net
		Particular	investee’s			recognized	Net asset	received/	assets
		of issued	capital			during	attributable	receivable	of the
		shares	owned			the Period	to the	during the	Company
Name of	Place of	held	擁有所		Market	期內確認	Company	Period	本公司
investee	incorporation	所持已發行	投資公司	Cost	value	之未變現收	本公司應佔	期內已收╱	資產淨值
所投資公司名稱	註冊成立地點	股份詳情	資本比例	成本	市值	益╱（虧損）	資產淨值	應收股息	百分比
							(Note 1)	(Note 2)
							（附註1）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
EPRO Limited	The Cayman	33,000,000	0.62%	24,750	25,740	990	HK$1.63	–	10.56
(note a)	Islands	ordinary					million
易寶有限公司	開曼群島	shares of					1,630,000
（附註a）		HK$0.01 each					港元
		33,000,000股
		每股0.01港元
		之普通股
Lenovo Group	Hong Kong	2,500,000	0.02%	16,716	16,325	(391)	US$0.50	–	6.70
Limited	香港	ordinary					million
(note b)		shares of					500,000
聯想集團有限公司		HK$0.025 each					美元
（附註b）		2,500,000股
		每股0.025港元
		之普通股
HKT Trust and	Hong Kong	2,500,000	0.04%	13,106	15,175	2,045	HK$12.53	50	6.23
HKT Limited	香港	ordinary					million
(note c)		shares of					12,530,000
香港電訊信託與香港		HK$0.0005 each					港元
電訊有限公司		2,500,000股
（附註c）		每股0.0005港元
		之普通股

China New Economy Fund Limited

6 中國新經濟投資有限公司

Management Discussion and Analysis 管理層討論與分析

			Proportion			Unrealized
			of			gain/(loss)		Dividend	% of net
		Particular	investee’s			recognized	Net asset	received/	assets
		of issued	capital			during	attributable	receivable	of the
		shares	owned			the Period	to the	during the	Company
Name of	Place of	held	擁有所		Market	期內確認	Company	Period	本公司
investee	incorporation	所持已發行	投資公司	Cost	value	之未變現收	本公司應佔	期內已收╱	資產淨值
所投資公司名稱	註冊成立地點	股份詳情	資本比例	成本	市值	益╱（虧損）	資產淨值	應收股息	百分比
							(Note 1)	(Note 2)
							（附註1）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
China Mobile	Hong Kong	150,000	0.0007%	11,795	12,713	918	RMB4.54	–	5.22
Limited	香港	ordinary					million
(note d)		shares of					人民幣
中國移動有限公司		HK$0.1 each					4,540,000元
（附註d）		150,000股
		每股0.1港元
		之普通股
Dongjiang	The People’s	306,900	0.20%	7,886	9,974	2,455	RMB4.20	–	4.09
Environment	Republic	H shares of					million
Company	of China	RMB1.00 each					人民幣
Limited	中華人民共和國	306,900股					4,200,000元
(note e)		每股人民幣
東江環保股份有限公司		1.00元之H股
（附註e）
Beijing	Hong Kong	120,000	0.01%	5,510	5,556	46	HK$3.76	54	2.28
Enterprises	香港	ordinary					million
Holdings		shares of					3,760,000
Limited		HK$0.1 each					港元
(note f)		120,000股
北京控股有限公司		每股0.1港元
（附註f）		之普通股

二零一二年中期報告 7 Interim Report 2012

Management Discussion and Analysis 管理層討論與分析

American Depositary Shares (“ADS”) – The 美國存託股份（「美國存託股份」）－美國 United States

			Proportion			Unrealized
			of			gain/(loss)		Dividend	% of net
		Number of	investee’s			recognized	Net asset	received/	assets
		ADS	capital			during	attributable	receivable	of the
		held	owned			the Period	to the	during the	Company
Name of	Place of	所持	擁有所		Market	期內確認	Company	Period	本公司
investee	incorporation	美國存託	投資公司	Cost	value	之未變現收	本公司應佔	期內已收╱	資產淨值
所投資公司名稱	註冊成立地點	股份數目	資本比例	成本	市值	益╱（虧損）	資產淨值	應收股息	百分比
						(Note 1)	(Note 2)
						（附註1）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
Renren Inc.	The Cayman	500,000	0.13%	54,390	17,529	3,658	US$1.51	–	7.19
(note g)	Islands						million
人人公司	開曼群島						1,510,000
（附註g）							美元
NetEase, Inc.	The Cayman	26,000	0.02%	11,672	11,859	187	RMB2.83	–	4.87
(note h)	Islands						million
網易公司	開曼群島						人民幣
（附註h）							2,830,000元
Baidu Inc.	The Cayman	8,000	0.002%	7,422	7,134	(288)	RMB0.40	–	2.93
(note i)	Islands						million
百度公司	開曼群島						人民幣
（附註i）							400,000元

8 中國新經濟投資有限公司China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

Listed debt securities – Singapore

上市債務證券－新加坡

					Unrealized
					gain/(loss)					Interest	% of net
					recognized				received/		assets
					during					accrued	of the
					the Period	Yield				during	Company
Name of	Place of			Market	期內確認	per	Maturity		the Period		本公司
issuer	incorporation	Quantity	Cost	value	之未變現收	annum		date	期內已收╱		資產淨值
所投資公司名稱	註冊成立地點	數量	成本	市值	益╱（虧損）	年回報率		到期日		應計利息	百分比
					(Note 1)	(%)
					（附註1）
			HK$’000	HK$’000	HK$’000					HK$’000
			千港元	千港元	千港元					千港元
China WindPower	Bermuda	9,800,000	10,396	10,270	(126)	6.375		4 April		100	4.21
Group Limited	百慕達							2014
(note j)								2014年
中國風電集團有限公司							4月4日
（附註j）
Hero Asia Investment	The People’s	5,000,000	6,094	6,013	(81)	4.5 21 December				27	2.47
Limited	Republic							2013
(A wholly-owned	of China							2013年
subsidiary of	中華人民共和國						12月21日
China Longyuan
Power Group
Corporation
Limited) (note k)
雄亞投資有限公司
（為龍源電力集團
股份有限公司的
全資附屬公司）
（附註k）

二零一二年中期報告Interim Report 2012 9

Management Discussion and Analysis 管理層討論與分析

At 31 December 2011

於 2011 年 12 月 31 日

Listed equity securities – Hong Kong

上市權益證券－香港

						Unrealized
						gain/(loss)		Dividend
						recognized		received/
						during the		receivable
						year ended		during the
						31 December		year ended	% of net
			Proportion			2011	Net asset	31 December	assets
		Particular	of investee’s			截至2011年	attributable	2011	of the
Name of	Place of	of issued	capital			12月31日止	to the	截至2011年	Company
investee	incorporation	shares held	owned		Market	年度確認	Company	12月31日止	本公司
所投資	註冊	所持已發行	擁有所投資	Cost	value	之未變現	本公司應佔	年度已收╱	資產淨值
公司名稱	成立地點	股份詳情	公司資本比例	成本	市值	收益╱（虧損）	資產淨值	應收股息	百分比
						(Note 1)	(Note 2)
						（附註1）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
Dongjiang	The People’s	306,900	0.24%	7,886	7,519	(367)	RMB2.27	–	3.15
Environment	Republic	H shares of					million
Company	of China	RMB1.00 each					人民幣
Limited	中華人民共和國	306,900股每股					2,270,000元
東江環保股份		人民幣1.00元之
有限公司		H股
HKT Trust and	Hong Kong	1,200,000	0.019%	5,436	5,460	24	HK$5.84	–	2.29
HKT Limited	香港	ordinary					million
香港電訊信託與		shares of					5,840,000
香港電訊有限公司		HK$0.0005 each					港元
		1,200,000股每股
		0.0005港元之普通股

10 中國新經濟投資有限公司China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

ADS – The United States

美國存託股份－美國

						Unrealized
						gain/(loss)		Dividend
						recognized		received/
						during the		receivable
						year ended		during the
						31 December		year ended	% of net
			Proportion			2011	Net asset	31 December	assets
			of investee’s			截至2011年	attributable	2011	of the
Name of	Place of	Number of	capital			12月31日止	to the	截至2011年	Company
investee	incorporation	ADS held	owned		Market	年度確認	Company	12月31日止	本公司
所投資	註冊	所持美國	擁有所投資	Cost	value	之未變現	本公司應佔	年度已收╱	資產淨值
公司名稱	成立地點	存託股份數目	公司資本比例	成本	市值	收益╱（虧損）	資產淨值	應收股息	百分比
						(Note 1)	(Note 2)
						（附註1）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
Renren Inc.	The Cayman	500,000	0.13%	54,390	13,871	(40,519)	US$1.57	-	5.82
人人公司	Islands						million
	開曼群島						1,570,000
							美元

Notes:

附註：

• (1) The unrealized gain/(loss) recognized during the Period/year ended 31 December 2011 represented the changes in fair value of the respective investments during the Period/year ended 31 December 2011.

• (1) 期內╱截至2011年12月31日止年度確認之未變現收 益╱（虧損）指於期內╱截至 2011 年 12 月 31 日止年 度投資之公平值變動。

• (2) The calculation of net assets attributable to the Company is based on the latest published quarterly/interim reports or annual report of the respective investments as at the latest practicable date of this report.

• (2) 本公司應佔資產凈值乃根據各項投資於本報告之最 後實際可行日期所刊發之最近期季度╱中期報告或 年度報告計算。

二零一二年中期報告 11 Interim Report 2012

Management Discussion and Analysis 管理層討論與分析

A brief description of the business and financial information of the investments is as follows:

• (a) EPRO Limited (“EPRO”) is principally engaged in the provision of professional information technology contract services and maintenance services, and re-selling of hardware and software. The unaudited profit attributable to shareholders of EPRO for the nine months period ended 31 March 2012 was approximately HK$99 million and the unaudited net assets attributable to shareholders of EPRO at 31 March 2012 was approximately HK$264 million. The fair value of the investment in EPRO is based on quoted market bid prices.

• (b) Lenovo Group Limited (“Lenovo”) is principally engaged in the provision of advanced information technology products and services. The audited profit attributable to shareholders of Lenovo for the year ended 31 March 2012 was approximately US$473 million and the audited net assets attributable to shareholders of Lenovo as at 31 March 2012 was approximately US$2,361 million. The fair value of the investment in Lenovo is based on quoted market bid prices.

投資項目之業務及財務資料的簡明概要如下：

• (a) 易寶有限公司（「易寶」）主要從事提供專業 資訊科技合約服務及維修保養服務以及硬 件及軟件轉售。易寶截至 2012 年 3 月 31 日止九個月期間之股東應佔未經審核溢利 約為 99,000,000 港元及易寶於 2012 年 3 月 31 日之股東應佔未經審核資產淨值約為 264,000,000 港元。易寶投資之公平值乃 基於市場報價。

• (b) 聯想集團有限公司（「聯想」）主要從事提供 先進資訊技術產品及服務。聯想截至 2012 年 3 月 31 日止年度之股東應佔經審核溢利 約為 473,000,000 美元及聯想於 2012 年 3 月 31 日之股東應佔經審核資產淨值約為 2,361,000,000美元。聯想投資之公平值乃 基於市場報價。

12 中國新經濟投資有限公司 China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

• (c) HKT Trust and HKT Limited (“HKT”) is principally engaged in the provision of integrated telecommunications service. The unaudited profit attributable to shareholders of HKT for the six months period ended 30 June 2012 was approximately HK$778 million and the unaudited net assets attributable to shareholders of HKT as at 30 June 2012 was approximately HK$31,329 million. The fair value of the investment in HKT is based on quoted market bid prices.

• (d) China Mobile Limited (“China Mobile”) is principally engaged in the provision of mobile telecommunication and related services. The audited profit attributable to shareholders of China Mobile for the year ended 31 December 2011 was approximately RMB125,870 million and the audited net assets attributable to shareholders of China Mobile at 31 December 2011 was approximately RMB649,064 million. The fair value of the investment in China Mobile is based on quoted market bid prices.

• (e) Dongjiang Environment Company Limited (“Dongjiang Environment”) is principally engaged in the environmental protection industry. The unaudited profit attributable to shareholders of Dongjiang Environment for the six months period ended 30 June 2012 was approximately RMB141 million and the unaudited net assets attributable to shareholders of Dongjiang Environment at 30 June 2012 was approximately RMB2,010 million. The fair value of the investment in Dongjiang Environment is based on quoted market bid prices.

• (c) 香港電訊信託與香港電訊有限公司（「香港 電訊」）主要提供綜合電訊服務。香港電訊 截至2012年6月30日止六個月期間之股東 應佔未經審核溢利約為 778,000,000 港元 及香港電訊於2012年6月30日之股東應佔 未經審核資產凈值約為 31,329,000,000 港 元。香港電訊投資之公平值乃基於市場報 價。

• (d) 中國移動有限公司（「中國移動」）主要從 事提供移動通訊及相關服務。中國移動截 至 2011 年 12 月 31 日止年度之股東應佔 經審核溢利約為人民幣 125,870,000,000 元及中國移動於 2011 年 12 月 31 日之 股東應佔經審核資產凈值約為人民幣 649,064,000,000 元。中國移動投資之公 平值乃基於市場報價。

• (e) 東江環保股份有限公司（「東江環保」）主要 從事環保產業。東江環保截至 2012 年 6 月 30 日止六個月之股東應佔未經審核溢利 約為人民幣 141,000,000 元及東江環保於 2012 年 6 月 30 日之股東應佔未經審核資產 凈值約為人民幣2,010,000,000元。東江環 保投資之公平值乃基於市場報價。

二零一二年中期報告Interim Report 2012 13

Management Discussion and Analysis 管理層討論與分析

• (f) Beijing Enterprises Holdings Limited (“Beijing Enterprises”) is a conglomerate and its principal businesses included (i) the distribution and sale of piped natural gas and the provision of related services in China; (ii) the production, distribution and sale of beer in China; (iii) the construction of sewage and water treatment plants and other infrastructural facilities and the provision of related services in China; and (iv) investment in transportation infrastructure in China. The audited profit attributable to shareholders of Beijing Enterprises for the year ended 31 December 2011 was approximately HK$2,776 million and the audited net assets attributable to shareholders of Beijing Enterprise at 31 December 2011 was approximately HK$37,610 million. The fair value of the investment in Beijing Enterprises is based on quoted market bid prices.

• (g) Renren Inc. is principally engaged in the provision of social networking internet platform in China. The unaudited loss attributable to shareholders of Renren Inc. for the six months period ended 30 June 2012 was approximately US$39 million and the unaudited net assets attributable to shareholders of Renren Inc. at 30 June 2012 was approximately US$1,161 million. The fair value of the investment in Renren Inc. is based on quoted market bid prices.

• (f) 北京控股有限公司（「北京控股」）為一間綜 合企業，其主要業務包括 (i) 於中國分銷及 銷售管道天然氣及提供相關服務；(ii) 於中 國生產、分銷及銷售啤酒；(iii) 於中國建造 污水處理廠及其他基礎設施以及提供相關 服務；及 (iv) 於中國投資交通基礎設施。北 京控股截至 2011 年 12 月 31 日止年度之股 東應佔經審核溢利約為2,776,000,000港元 及北京控股於 2011 年 12 月 31 日之股東應 佔經審核資產凈值約為 37,610,000,000 港 元。北京控股投資之公平值乃基於市場報 價。

• (g) 人人公司主要於中國從事提供社交網絡平 臺。人人公司截至 2012 年 6 月 30 日止六 個月期間之股東應佔未經審核虧損約為 39,000,000 美元及人人公司於 2012 年 6 月 30 日之股東應佔未經審核資產凈值約為 1,161,000,000美元。人人公司投資之公平 值乃基於市場報價。

14 中國新經濟投資有限公司 China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

• (h) NetEase, Inc. is principally engaged in the provision of internet and online game services in China. The unaudited profit attributable to shareholders of NetEase, Inc. for the three months period ended 31 March 2012 was approximately RMB942 million and the unaudited net assets attributable to shareholders of NetEase, Inc. at 31 March 2012 was approximately RMB14,126 million. The fair value of the investment in NetEase, Inc. is based on quoted market bid prices.

• (i) Baidu, Inc. is principally engaged in the provision of Chinese language internet search service. The unaudited profit attributable to shareholders of Baidu, Inc. for the six months period ended 30 June 2012 was approximately RMB4,653 million and the unaudited net assets attributable to shareholders of Baidu, Inc. at 30 June 2012 was approximately RMB20,011 million. The fair value of the investment in Baidu, Inc. is based on quoted market bid prices.

• (j) China WindPower Group Limited (“China WindPower”) issued the CNY denominated guarantee bonds amounted to CNY750,000,000 and is listed on Singapore Exchange Securities Trading Limited (“SGX”) on 5 April 2011 (“China WindPower Bond”).

• (h) 網易公司主要於中國從事提供網絡及在線 遊戲服務。網易公司截至 2012 年 3 月 31 日止三個月期間之股東應佔未經審核溢利 約為人民幣 942,000,000 元及網易公司於 2012 年 3 月 31 日之股東應佔未經審核資產 凈值約為人民幣 14,126,000,000 元。網易 公司投資之公平值乃基於市場報價。

• (i) 百度公司主要從事提供中文網絡搜索服 務。百度公司截至2012年6月30日止六個 月期間之股東應佔未經審核溢利約為人民 幣4,653,000,000元及百度公司於2012年6 月 30 日之股東應佔未經審核資產凈值約為 人民幣 20,011,000,000 元。百度公司投資 之公平值乃基於市場報價。

• (j) 中國風電集團有限公司（「中國風電」）已 發行以人民幣計值之擔保債券達人民幣 750,000,000元，並已於2011年4月5日在 新加坡證券交易所有限公司（「新交所」）上 市（「中國風電債券」）。

二零一二年中期報告Interim Report 2012 15

Management Discussion and Analysis 管理層討論與分析

• China WindPower is principally engaged in engineering, procurement and construction of power plants, manufacture of equipment, operation and maintenance of power plants and investment in power plants. The audited profit attributable to shareholders of China WindPower for the year ended 31 December 2011 was approximately HK$372 million and the audited net assets attributable to shareholders of China WindPower at 31 December 2011 was approximately HK$4,474 million. The fair value of the investment in China WindPower Bond is based on quoted bid prices.

• (k) Hero Asia Investment Limited is a whollyowned subsidiary of China Longyuan Power Group Corporation Limited (“China Longyuan”), which has issued the CNY denominated bonds amounted to CNY690,000,000 and is listed on the SGX on 21 December 2011 (“China Longyuan Bond”).

China Longyuan is principally engaged in wind and coal power generation and sale, coal trading and other related business in China. The audited profit attributable to shareholders of China Longyuan for the year ended 31 December 2011 was approximately RMB2,638 million and the audited net assets attributable to shareholders of China Longyuan at 31 December 2011 was approximately RMB25,490 million. The fair value of the investment in China Longyuan Bond is based on quoted bid prices.

中國風電主要從事電廠的設計、採購及 施工、設備製造、電廠運行及維護及電 廠投資。中國風電截至 2011 年 12 月 31 日止年度之股東應佔經審核溢利約為 372,000,000 港元及中國風電於 2011 年 12 月 31 日之股東應佔經審核資產凈值約為 4,474,000,000港元。中國風電債券投資之 公平值乃基於市場報價。

• (k) 雄亞投資有限公司為龍源電力集團股份有 限公司（「中國龍源」）的全資附屬公司， 其已發行以人民幣計值之債券達人民幣 690,000,000元，並已於2011年12月21日 在新交所上市（「中國龍源債券」）。

中國龍源主要於中國從事風力和煤炭發電 及銷售、煤炭貿易和其他相關業務。中國 龍源截至 2011 年 12 月 31 日止年度之股東 應佔經審核溢利約為人民幣2,638,000,000 元及中國龍源於 2011 年 12 月 31 日之 股東應佔經審核資產凈值約為人民幣 25,490,000,000 元。中國龍源債券投資之 公平值乃基於市場報價。

16 中國新經濟投資有限公司China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

The Company reported a net profit attributable to shareholders of HK$5,358,263 during the Period, which consisted of the unrealized gain of HK$9,413,432 arising from the net mark to market gains taken on the investment positions in the portfolio as listed out above, and the realized gain of HK$485,350 arising from the trading of two index futures contracts in Hong Kong that were exclusively for hedging purpose during the Period.

LIQUIDITY, FINANCIAL RESOURCES AND GEARING

The Company has obtained stock borrowing facilities during the year ended 31 December 2011. As at 30 June 2012, the Company did not have any stock borrowing (31 December 2011: Nil).

The Company has maintained a sufficient cash position which will allow it to capture opportunities with good upside when the opportunities present themselves in both listed and private equities.

As at 30 June 2012, the gearing ratio, defined as total borrowings divided by shareholders’ equities, was nil (31 December 2011: Nil).

INTERIM DIVIDEND

The Directors do not recommend the payment of any interim dividend for the Period (31 December 2011: Nil).

本公司於期間內呈報股東應佔純利 5,358,263 港元，其中包括因上述所列組合中投資持倉產 生按市值計價之淨收益而產生之未變現收益 9,413,432 港元及於期內純粹為對沖為目的在 香港買賣兩項指數期貨合約產生之已變現收益 485,350 港元。

流動資金、財務資源及資本負債比率

本公司於截至 2011 年 12 月 31 日止年度已獲得借 股融資。於2012年6月30日，本公司並無任何借 股（2011 年 12 月 31 日：無）。

本公司維持充裕現金狀況，從而使本公司在上市 及私募股權方面出現機遇時把握上漲趨勢之良 機。

於 2012 年 6 月 30 日，資產負債比率（按借貸總 額除以股東權益計算）為零（2011 年 12 月 31 日： 無）。

中期股息

董事不建議派付本期間任何中期股息（2011 年 12 月 31 日：無）。

二零一二年中期報告 17 Interim Report 2012

Management Discussion and Analysis 管理層討論與分析

CAPITAL STRUCTURE

On the Listing Date, the Company completed a share placement and a total of 303,000,000 ordinary shares of HK$0.1 each were placed at a price of HK$1.03 per share for a total cash consideration, before the related issue expenses, of HK$312,090,000. Since the Listing, there has been no change in the capital structure of the Company. The capital of the Company comprises only ordinary shares.

CHARGES ON COMPANY’S ASSET AND CONTINGENT LIABILITIES

There were no other charges on the Company’s assets nor significant contingent liabilities as at 30 June 2012.

CAPITAL EXPENDITURE AND COMMITMENT

During the Period, the Company made no capital expenditures or any other commitments.

MATERIAL ACQUISITION AND DISPOSAL

During the Period, the Company did not acquire or dispose of any subsidiaries or associated companies.

USE OF PROCEEDS

The Company has made 13 investments during the Period, which comprised listed equities, listed bonds and future contracts that were exclusively for hedging purpose. The largest one is in provision of professional information technology contract services and maintenance services focusing on the mainland China market.

股本架構

於上市日期，本公司完成股份配售及合共 303,000,000 股每股面值 0.1 港元之普通股以每股 1.03 港元的價格獲配售，總現金代價（扣除相關 發行開支前）為312,090,000港元。自上市起，本 公司股本架構概無變動。本公司股本僅由普通股 組成。

本公司的資產抵押及或然負債

本公司於2012年6月30日並無其他資產抵押，亦 無重大或然負債。

資本開支及承擔

本公司於本期間內並無資本開支，亦無任何其他 承擔。

重大收購及出售

於本期間內，本公司並無收購或出售任何附屬公 司或聯營公司。

所得款項用途

本公司已於本期間內作出十三項投資，其中包括 上市股票、上市債券及純粹為對冲目的之期貨合 約，最大一項為專注於中國大陸市場提供專業資 訊科技合約服務及維護服務。

中國新經濟投資有限公司

18 China New Economy Fund Limited

Management Discussion and Analysis 管理層討論與分析

The rest of the net proceeds will be applied by the Investment Manager in making investments according to the investment objective, policies and restrictions of the Company and the requirements of the Articles of Association, the Rules Governing the Listing of Securities on the Stock Exchange (“Listing Rules”) and the investment management agreement. Any proceeds not deployed are placed on bank deposit or invested in money market instruments or money market funds.

EMPLOYEES

As at 30 June 2012, the Company had no employees but have three executive Directors and three independent non-executive Directors. The Company does not have a share option scheme.

FOREIGN CURRENCY FLUCTUATION

The Board believes that foreign exchange risks are minimal as the Company mainly uses the Hong Kong or United States dollar to carry out its business transactions.

PROSPECTS

Looking into the second half of the year, the Company will continue to seek excellent investment opportunities as we anticipate a soft landing in the Chinese economy. We expect the economic growth will gradually recover as policy efforts begin to boost domestic demand. We will also continue to monitor economic and related events outside of China, such as actions to be taken in the Eurozone to contain the crisis, for their effects on our portfolio.

剩餘所得款項淨額將由投資管理人根據本公司投 資目標、政策及限制和組織章程細則、聯交所證 券上市規則（「上市規則」）及投資管理協議的規定 進行投資。未動用的任何所得款項將存作銀行存 款或投資於貨幣市場工具或貨幣市場基金。

僱員

於2012年6月30日，本公司並無僱員，僅有三名 執行董事及三名獨立非執行董事。本公司並未設 有購股權計劃。

外幣波動

董事會認為，由於本公司主要使用港元或美元進 行業務交易，故外匯風險極微。

前景

展望本年度下半年，由於我們預期中國經濟會實 現軟著陸，本公司將因此繼續尋求絕佳投資機 遇。由於政策實施開始促進內需，我們預計經濟 增長將逐漸恢復。我們亦將繼續監控中國境外的 經濟及相關事件（如在歐元區採取遏制經濟危機 的措施）對本公司投資組合的影響。

二零一二年中期報告Interim Report 2012 19

Other Information 其他資料

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES

As at 30 June 2012, none of the Directors or chief executives of the Company had any interest or short position 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 by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules (the “Model Code”).

SUBSTANTIAL SHAREHOLDERS’/ OTHER PERSON’S INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

As at 30 June 2012, the Company has not been notified by any persons (other than the Directors or chief executives of the Company) who had interests or short positions in the shares or underlying shares of the Company which are required to be recorded in the register required to be kept by the Company under Section 336 of the SFO.

董事及主要行政人員於股份、相關股份及 債券之權益及淡倉

於 2012 年 6 月 30 日，概無本公司董事或主要行 政人員於本公司或其任何聯營法團（定義見證券 及期貨條例（「證券及期貨條例」）第 XV 部份）之股 份、相關股份或債券中，擁有須錄入本公司根據 證券及期貨條例第 352 條存置之登記冊，或根據 上市規則附錄10所載上市發行人董事進行證券交 易的標準守則（「標準守則」）須知會本公司及聯交 所之任何權益或淡倉。

主要股東╱其他人士於股份及相關股份之 權益及淡倉

於 2012 年 6 月 30 日，本公司並無知悉任何人士 （本公司董事或主要行政人員除外）於本公司股份 或相關股份中擁有記錄於本公司根據證券及期貨 條例第336條規定須存置之登記冊之權益或淡倉。

20 中國新經濟投資有限公司China New Economy Fund Limited

Other Information 其他資料

DIRECTORS’ RIGHTS TO ACQUIRE SHARES AND DEBENTURES

At no time during the Period was the Company a party to any arrangement to enable the Directors of the Company or their respective spouse or children under 18 years of age to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

PURCHASE, REDEMPTION OR SALE OF THE LISTED SHARES OF THE COMPANY

The Company has not purchased, sold or redeemed any of the Company’s shares during the Period.

CORPORATE GOVERNANCE PRACTICES

The Company has applied most of the principles and complied with all code provisions of the Code on Corporate Governance Practices during the period from 1 January 2012 to 31 March 2012 and the Corporate Governance Code (the “CG Code”) during the period from 1 April 2012 to 30 June 2012 as contained in Appendix 14 of the Listing Rules. The Board is of the view that throughout the Period, the Company was in compliance with the code provisions of the CG Code, save and except for code provision A.4.1 which states that the Nonexecutive Directors should be appointed for a specific term, subject to re-election.

董事購買股份及債券之權利

於本期間內任何時間，本公司概無訂立任何安 排，致使本公司董事或其配偶或未滿18歲子女可 藉購入本公司或其任何其他法團之股份或債券而 獲益。

購回、贖回或出售本公司上市股份

本公司於本期間內並無購回、出售或贖回本公司 任何股份。

企業管治常規

本公司已應用上市規則附錄十四之企業管治常規 守則（於2012年1月1日至2012年3月31日期間） 及企業管治守則（「企業管治守則」）（於 2012 年 4 月1日至2012年6月30日期間）所載大部分原則， 並已遵守所有守則條文。董事認為，於整個期間 內，本公司遵守企業管治守則之守則條文，惟守 則條文第 A.4.1 條除外，該條文規定非執行董事 須訂明委任期限，並須接受重新選舉。

二零一二年中期報告 21 Interim Report 2012

Other Information 其他資料

None of the existing Non-executive Directors of the Company is appointed for a specific term. However, one third of the Non-executive Directors of the Company for the time being shall retire by rotation (provided that every Nonexecutive Director shall be subject to retirement at least once every three years) and be eligible for re-election at the annual general meeting of the Company. As such, even though each Nonexecutive Director is not appointed for a specific term, his term of office is the period up to his retirement by rotation which is in accordance with Code A.4.2 of the CG Code.

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code as its own code of conduct for dealing in securities of the Company by the Directors. Having made specific enquiry to all the Directors of the Company, all the Directors confirmed that they have complied with the required standard of dealings as set out in the Model Code throughout the Period.

AUDIT COMMITTEE

The Audit Committee currently comprises three Independent Non-executive Directors, namely Mr. Siu Kam Chau (being the chairman with professional qualifications in accountancy), Professor Xu Yangsheng, and Mr. Doyle Ainsworth Dally.

現時本公司非執行董事概無具體委任期限。然 而，本公司非執行董事之三分之一須輪席告退 （惟各非執行董事須至少每三年告退一次）並符合 資格於本公司股東週年大會上膺選連任。因此， 儘管各非執行董事並無具體委任期限，其在職期 限為直至其輪席退任止之期間，而此期間則符合 企業管治守則第 A.4.2 條。

證券交易的標準守則

本公司採納標準守則作為董事進行本公司證券交 易的操守守則。經向本公司全體董事作出具體查 詢後，全體董事確認，整個期間一直遵守標準守 則所載的交易準則規定。

審核委員會

審核委員會現由三位獨立非執行董事即蕭錦秋先 生（主席，具備會計師專業資格）、徐揚生教授及 Doyle Ainsworth Dally 先生組成。

22 中國新經濟投資有限公司 China New Economy Fund Limited

Other Information 其他資料

The primary audit related duties of the committee are to provide the Board with an independent review of the effectiveness of the financial reporting process, internal control and risk management system of the Company, to oversee the audit process and to perform other duties and responsibilities as assigned by the Board. The Audit Committee shall hold not less than two meetings a year.

The unaudited interim financial information and the interim report of the Company for the Period have been reviewed by the Audit Committee of the Company.

PUBLICATION OF INTERIM REPORT

The interim report of the Company for the six months ended 30 June 2012 containing all the applicable information required by the Listing Rules will be dispatched to the shareholders of the Company and made available for review on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.chinaneweconomyfund.com) in due course.

By order of the Board China New Economy Fund Limited Craig Blaser Lindsay Chairman and Executive Director

Hong Kong, 16 August 2012

委員會有關審核的主要職責為向董事會提供本公 司財務申報程序、內部監控以及風險管理系統的 有效性的獨立審查、監控審核程序及履行董事會 所指派之其他職責及責任。審核委員會每年應舉 行不少於兩次會議。

本公司審核委員會已審閱本公司於本期間內之未 經審核中期財務資料及中期報告。

刊登中期報告

載有上市規則規定的所有資料的本公司截至 2012 年 6 月 30 日止六個月之中期報告將會 寄發予本公司股東，並將可在適當時間於聯 交所網站（www.hkexnews.hk）及本公司網站 （www.chinaneweconomyfund.com）備供查閱。

承董事會命 中國新經濟投資有限公司 主席兼執行董事 Craig Blaser Lindsay

香港，2012 年 8 月 16 日

二零一二年中期報告Interim Report 2012 23

Report on Review of Interim Financial Information 中期財務資料審閱報告

==> picture [152 x 38] intentionally omitted <==

To the shareholders of China New Economy Fund Limited

(An exempted company incorporated in the Cayman Islands with limited liability)

致中國新經濟投資有限公司股東

（於開曼群島註冊成立的獲豁免有限公司）

INTRODUCTION

緒言

We have reviewed the accompanying interim condensed financial statements of China New Economy Fund Limited (the “Company”) set out on pages 26 to 49, comprising of the interim condensed statement of financial position as at 30 June 2012 and the related interim condensed statements of comprehensive income, changes in equity and cash flows for the six-month period then ended and explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim Financial Reporting (“IAS 34”).

本會計師事務所已審閱載於第26頁至第49頁之中 國新經濟投資有限公司（「貴公司」）的隨附中期簡 明財務報表，包括於2012年6月30日的中期簡明 財務狀況表及截至該日止六個月相關的中期簡明 全面收益表、權益變動表及現金流量表及闡明附 註。香港聯合交易所有限公司主板證券上市規則 規定編製中期財務資料報告須遵守其相關條文及 國際會計準則第34號中期財務報告（「國際會計準 則第 34 號」）。

The directors of the Company are responsible for the preparation and presentation of these interim condensed financial statements in accordance with IAS 34. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review. Our report is made 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.

貴公司的董事須負責根據國際會計準則第 34 號 編製及呈列此等中期簡明財務報表。我們的責任 是根據我們的審閱對此等中期簡明財務報表作出 結論。我們僅根據我們協定的委聘條款向整體股 東報告。除此以外，我們的報告不可用作其他用 途。我們概不就本報告的內容，對任何其他人士 負責或承擔法律責任。

24 中國新經濟投資有限公司 China New Economy Fund Limited

Report on Review of Interim Financial Information 中期財務資料審閱報告

SCOPE OF REVIEW

審閱範圍

We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity . A review of interim financial information consists of making inquiries, 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 International Standards on Auditing. Consequently, it 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.

我們已根據國際審閱委聘準則第2410號由實體的 獨立核數師執行中期財務資料審閱進行審閱。中 期財務資料審閱包括對負責財務及會計事宜的主 要人員作出查詢，應用分析及其他審閱程序。審 閱範圍遠遜於根據國際審核準則進行的審核。因 此，其不能令我們可保證我們將知悉在審核中可 能被發現的所有重大事項。於是，我們不會發表 審核意見。

CONCLUSION

結論

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34.

根據我們的審閱，並無任何事項引致我們相信隨 附的中期簡明財務報表於所有重大方面並無根據 國際會計準則第 34 號編製。

Ernst & Young 安永會計師事務所 Certified Public Accountants 執業會計師 22/F CITIC Tower 香港 1 Tim Mei Avenue 中環 Central 添美道 1 號 Hong Kong 中信大廈 22 樓 16 August 2012 2012 年 8 月 16 日

二零一二年中期報告Interim Report 2012 25

Interim Condensed Statement of Comprehensive Income 中期簡明全面收益表

For the six months ended 30 June 2012 截至 2012 年 6 月 30 日止六個月

Notes 附註 REVENUE 收入 4 Net change in fair value of financial 按公平值透過損益 assets and liabilities at fair 列賬之金融資產與負 value through profit or loss 債之公平值變動淨額 5 Other operating expenses 其他營運開支 PROFIT/(LOSS) BEFORE TAX 除稅前溢利╱（虧損） 6 Income tax expense 所得稅開支 9 PROFIT/(LOSS) AND TOTAL 本公司普通權益 COMPREHENSIVE INCOME/(LOSS) 持有人應佔期內 FOR THE PERIOD ATTRIBUTABLE 溢利╱（虧損）及全面 TO ORDINARY EQUITY HOLDERS 收益╱（虧損）總額 OF THE COMPANY EARNING/(LOSS) PER SHARE 本公司普通權益 ATTRIBUTABLE TO ORDINARY 持有人應佔每股 EQUITY HOLDERS OF THE COMPANY盈利╱（虧損） 10 – Basic (HK cents) －基本（港仙） – Diluted (HK cents) －攤薄（港仙）

For the six For the six months ended months ended 30 June 2012 30 June 2011 截至2012年 截至2011年 6月30日止 6月30日止 六個月 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 239,524 3,129 9,898,782 (17,432,982) (4,780,043) (5,013,154) 5,358,263 (22,443,007) – – 5,358,263 (22,443,007) 1.77 (7.62) 1.77 (7.62)

26 中國新經濟投資有限公司China New Economy Fund Limited

Interim Condensed Statement of Financial Position 中期簡明財務狀況表 As at 30 June 2012 2012 年 6 月 30 日

Notes 附註 CURRENT ASSETS 流動資產 Prepayment and other receivables 預付款項及其他應收款項 Financial assets at fair value 按公平值透過損益 through profit or loss 列賬之金融資產 11 Cash and cash equivalents 現金及現金等值 12 Total current assets 流動資產總值 CURRENT LIABILITIES 流動負債 Other payables and accruals 其他應付款項及應計費用 13 Amount due to a related company 應付一間關連公司款項 14 Total current liabilities 流動負債總值 Net assets 淨資產 EQUITY 權益 Issued capital 已發行股本 15 Reserves 儲備 Total equity 權益總值 NET ASSET VALUE PER SHARE 每股資產淨值 16

30 June 31 December 2012 2011 2012年 2011年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 1,037,702 582,448 138,287,990 26,850,106 105,556,602 211,661,841 244,882,294 239,094,395 758,203 322,929 386,863 392,501 1,145,066 715,430 243,737,228 238,378,965 30,300,000 30,300,000 213,437,228 208,078,965 243,737,228 238,378,965 0.80 0.79

二零一二年中期報告 27

Interim Report 2012

Interim Condensed Statement of Changes in Equity 中期簡明權益變動表

For the six months ended 30 June 2012 截至 2012 年 6 月 30 日止六個月

Note 附註 At 1 January 2012 於2012年1月1日 Total comprehensive income for期內全面收益總額 the period At 30 June 2012 (unaudited) 於2012年6月30日（未經審核） At 1 January 2011 於2011年1月1日 Issue of shares by placing 透過配售發行股份 15 Share placement expenses 股份配售開支 15 Total comprehensive loss for 期內全面虧損總額 the period At 30 June 2011 (unaudited) 於2011年6月30日（未經審核）	Share Share Accumulated capital premium losses Total 股份 累計 股本 溢價 虧損 總計 HK$ HK$ HK$ HK$ 港元 港元 港元 港元
	30,300,000 257,732,776 (49,653,811) 238,378,965 – – 5,358,263 5,358,263
	30,300,000 257,732,776 (44,295,548) 243,737,228
	–# – (555,377) (555,377) 30,300,000 281,790,000 – 312,090,000 – (24,057,224) – (24,057,224) – – (22,443,007) (22,443,007)
	30,300,000 257,732,776 (22,998,384) 265,034,392

Less than HK$1

• 少於 1 港元

• These reserve accounts comprise the reserves of HK$213,437,228 (30 June 2011: HK$234,734,392) in the interim condensed statement of financial position.

• 該等儲備賬目包括中期簡明財務狀況表內的儲備 213,437,228 港元（2011 年 6 月 30 日：234,734,392 港元）。

28 中國新經濟投資有限公司China New Economy Fund Limited

Interim Condensed Statement of Cash Flows 中期簡明現金流量表 For the six months ended 30 June 2012 截至 2012 年 6 月 30 日止六個月

Net cash flows used in 經營活動所用之 operating activities 現金流量淨額 Net cash flows generated 融資活動所得之 from financing activities 現金流量淨額 NET (DECREASE)/INCREASE IN CASH現金及現金等值 AND CASH EQUIVALENTS （减少）╱增加淨額 Cash and cash equivalents 期初現金及現金等值 at beginning of period CASH AND CASH EQUIVALENTS 期末現金及現金等值 AT END OF PERIOD ANALYSIS OF BALANCES OF CASH 現金及現金等值結餘分析 AND CASH EQUIVALENTS – Cash at bank －銀行現金 – Short-term time deposits with －購入時到期日少於三個月的 original maturity of less 短期定期存款 than three months, when acquired

For the six For the six months ended months ended 30 June 2012 30 June 2011 截至2012年 截至2011年 6月30日 6月30日 止六個月 止六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 (106,105,239) (78,493,938) – 288,032,776 (106,105,239) 209,538,838 211,661,841 – 105,556,602 209,538,838 – 4,960,733 105,556,602 204,578,105 105,556,602 209,538,838

二零一二年中期報告 29

Interim Report 2012

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

1. CORPORATION INFORMATION

1. 公司資料

China New Economy Fund Limited (the “Company”) was incorporated in the Cayman Islands on 1 February 2010 under the Companies Law of the Cayman Islands as an exempted company with limited liability. The Company was established for the purpose of acting as a closed-ended investment company.

中國新經濟投資有限公司（「本公司」）根據 開曼群島公司法於 2010 年 2 月 1 日在開曼 群島註冊成立為一間獲豁免有限公司。本 公司乃建立為封閉式投資公司。

The Company’s registered office is at P.O. Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands. The principal place of business of the Company is at 17th Floor, Chuang’s Tower, 30-32 Connaught Road Central, Central, Hong Kong.

本公司註冊辦事處為P.O. Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands。本公司主要營業地點為香港中環 干諾道中 30-32 號莊士大廈 17 樓。

The principal investment objective of the Company is to achieve long-term capital appreciation through investing globally in both private and public enterprises that have demonstrated the ability to manufacture a product or deliver a service that is supported by the economies of Mainland China, Hong Kong, Macau and Taiwan.

本公司主要投資目標為透過投資全球具能 力生產及提供獲中國內地、香港、澳門及 台灣經濟支持之產品或服務之私人及公眾 企業，以取得長期資本增值。

The Company’s investment activities are managed by CITIC Securities International Investment Management (HK) Limited (the “Investment Manager”).

本公司的投資活動由中信証券國際投資管 理（香港）有限公司（「投資管理人」）管理。

The shares of the Company were listed by way of private placing (the “Placing”) on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 6 January 2011.

於 2011 年 1 月 6 日，本公司股份透過私人 配售（「配售」）方式於香港聯合交易所有限 公司（「聯交所」）主板上市。

30 中國新經濟投資有限公司China New Economy Fund Limited

2.1 BASIS OF PREPARATION

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註 30 June 2012 2012 年 6 月 30 日 2.1 編製基準

The unaudited interim condensed financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) and the applicable disclosure requirements of Appendix 16 of the Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong. They have been prepared under the historical cost convention, except for the financial assets and liabilities at fair value through profit or loss which have been measured at fair values. The interim condensed financial statements are presented in Hong Kong dollars (“HK$”) except when otherwise indicated.

此等未經審核中期簡明財務報表乃根據國 際會計準則第 34 號中期財務報告（「國際會 計準則第 34 號」）及香港聯合交易所有限公 司證券主板證券上市規則附錄 16 之適用披 露規定而編製，除金融資產及負債按公平 值計量並按公平值透過損益列賬計算外， 本報表按照歷史成本法編製。除另有規定 者外，中期簡明財務報表以港元呈列。

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

2.2 會計政策變動及披露

The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended 31 December 2011. The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended 31 December 2011 except for the adoption of new and revised International Financial Reporting Standards (“IFRSs”) as of 1 January 2012, noted below:

中期簡明財務報表並未包括年度財務報表 所需之所有資料及披露，而應與本公司截 至 2011 年 12 月 31 日止年度的年度財務報 表一併閱覽。編製中期簡明財務報表所採 納之會計政策與本公司截至 2011 年 12 月 31 日止年度之年度財務報表所採用者一 致，除採納下文所述於 2012 年 1 月 1 日新 訂及經修訂國際財務報告準則（「國際財務 報告準則」）外：

二零一二年中期報告Interim Report 2012 31

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (CONTINUED)

2.2 會計政策變動及披露（續）

IFRS 7 Disclosures-Transfers of financial assets (Amendment)

The IASB issued an amendment to IFRS 7 that enhances disclosures for financial assets. These disclosures relate to assets transferred (as defined under IAS 39). If the assets transferred are not derecognized entirely in the financial statements, an entity has to disclose information that enables users of financial statements to understand the relationship between those assets which are not derecognized and their associated liabilities. If those assets are derecognized entirely, but the entity retains a continuing involvement, disclosures have to be provided that enable users of financial statements to evaluate the nature of, and risks associated with, the entity’s continuing involvement in those derecognized assets. Effective implementation date is for annual periods beginning on or after 1 July 2011 with no comparative requirements.

國際財務報告準則第 7 號披露－金融資產 轉讓（修訂本）

國際會計準則委員會頒佈國際財務報告 準則第 7 號之修訂本，強調金融資產的披 露。該等披露關於資產轉讓（定義見國際 會計準則第 39 號）。倘轉讓之資產未能全 部於財務報表內取消確認，實體須披露資 料，使財務報表使用者理解該等未取消確 認之資產與其相關負債之間的聯繫。倘該 等資產全部取消確認，但該實體仍為持續 參與，須作出披露以使財務報表使用者能 評估於該等取消確認資產中持續參與之實 體之性質及其有關風險。實行生效日期為 自2011年7月1日或之後開始的年度期間， 此外並無比較要求。

The adoption of these new and revised IFRSs has had no significant financial effect on these interim condensed financial statements of the Company.

採納該等新訂及經修訂之國際財務報告準 則對本公司中期簡明財務報表不會造成重 大財務影響。

中國新經濟投資有限公司 China New Economy Fund Limited

32

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS

30 June 2012 2012 年 6 月 30 日 2.3 已頒佈但尚未生效的國際財務報告準 則

The Company has not adopted any of the new and revised IFRSs, that have been issued but are not yet effective, in these interim condensed financial statements. Among the new and revised IFRSs, the following are expected to be relevant to the Company’s interim condensed financial statements upon becoming effective:

本公司並未於此等中期簡明財務報表內採 納任何已頒佈但尚未生效之新訂及經修訂 國際財務報告準則。於新訂及經修訂國際 財務報告準則中，以下準則預計於生效後 將與本公司之中期簡明財務報表相關：

IAS 1 Financial Statements Amendments Presentation

• Presentation of

國際會計準則 財務報表之呈列 第 1 號（修訂本） －其他全面收益 項目呈列[1]

• items of Other

• Comprehensive Income[1]

IFRS 9 Financial Instruments:

Classification and Measurement[3]

IFRS 13 Fair Value Measurement[2]

國際財務報告 金融工具： 準則第 9 號 分類與計量[3]

國際財務報告 公平值計量[2] 準則第 13 號

1 Effective for annual periods beginning on or after 1 July 2012

2 Effective for annual periods beginning on or after 1 January 2013

3 Effective for annual periods beginning on or after 1 January 2015

• 1 2012 年 7 月 1 日或之後開始的年度期間生效

• 2 2013 年 1 月 1 日或之後開始的年度期間生效

• 3 2015 年 1 月 1 日或之後開始的年度期間生效

二零一二年中期報告Interim Report 2012 33

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

• 30 June 2012 2012 年 6 月 30 日

2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINUED)

2.3 已頒佈但尚未生效的國際財務報告準 則（續）

The Company is in the process of making an assessment of the impact of these new and revised IFRSs upon initial application. Other than IFRS 9 and IFRS 13, management considers that these new and revised IFRSs are unlikely to have a significant impact on the Company’s results of operations and financial positions.

本公司正在評估此等新訂及經修訂國際財 務報告準則初始應用時的影響。除國際財 務報告準則第 9 號及國際財務報告準則第 13 號外，管理層認為，此等新訂及經修訂 國際財務報告準則不大可能對本公司的經 營業績及財務狀況產生重大影響。

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

During the periods ended 30 June 2012 and 2011, all of the Company’s investments are equity securities listed either on the Stock Exchange, New York Stock Exchange or NASDAQ, and debt securities listed in the Singapore Exchange Securities Trading Limited. For management purposes, the Company is organised into one main operating segment, which invests in equity and debt securities. All of the Company’s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the interim condensed financial statements as a whole.

於截至2012年及2011年6月30日止期間， 本公司之所有投資為在聯交所、紐約證券 交易所或納斯達克上市之股本證券及在新 加坡證券交易所有限公司上市之債務證 券。為管理目的，本公司組織為一個主要 經營分部，投資於股本及債務證券。本公 司的所有活動均相互聯繫，每項活動均依 賴於其他活動。因此，所有重大經營決策 均基於本公司作為一個分部的分析。該分 部的財務業績與本公司作為整體的中期簡 明財務報表對等。

34 中國新經濟投資有限公司China New Economy Fund Limited

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註 30 June 2012 2012 年 6 月 30 日

4. REVENUE

4. 收入

An analysis of revenue is as follows:

收入分析如下：

Dividend income from listed equity上市股本證券之股息收入 securities Interest income from listed debt 上市債務證券之利息收入 securities Bank interest income 銀行利息收入	For the For the six months six months ended ended 30 June 30 June 2012 2011 截至2012年 截至2011年 6月30日止 6月30日止 六個月 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 104,400 – 126,935 – 8,189 3,129 239,524 3,129

二零一二年中期報告 35

Interim Report 2012

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

1. NET CHANGE IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

2. 按公平值透過損益列賬之金融資產與 負債之公平值變動淨額

Net realized gain on financial 按公平值透過損益 assets at fair value 列賬之金融資產 through profit or loss 變現收益淨額 Net unrealized gain/(loss) on 按公平值透過損益 financial assets at fair value 列賬之金融資產 through profit or loss 未變現收益╱（虧損）淨額 Net unrealized gain on financial 按公平值透過損益 liabilities at fair value 列賬之金融負債 through profit or loss 未變現收益淨額	For the For the six months six months ended ended 30 June 30 June 2012 2011 截至2012年 截至2011年 6月30日止 6月30日止 六個月 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 485,350 892,063 9,413,432 (19,054,656) – 729,611 9,898,782 (17,432,982)

36 中國新經濟投資有限公司China New Economy Fund Limited

6. PROFIT/(LOSS) BEFORE TAX

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註 30 June 2012 2012 年 6 月 30 日 6. 除稅前溢利╱（虧損）

The Company’s profit/(loss) for the period is arrived at after charging:

本公司之期內溢利╱（虧損）經扣除以下各 項後達致：

Directors’ remuneration: 董事酬金： Fees 袍金 Other emoluments 其他薪酬 Investment management fee 投資管理費（附註8） (note 8) Foreign exchange loss, net 外匯虧損淨額	For the For the six months six months ended ended 30 June 30 June 2012 2011 截至2012年 截至2011年 6月30日止 6月30日止 六個月 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 232,770 233,543 – – 232,770 233,543 2,455,055 2,721,949 160,341 20,660

7. INTERIM DIVIDEND

7. 中期股息

The Board has resolved not to pay any interim dividend in respect of the current reporting period (30 June 2011: Nil).

董事會已議決不派付本報告期間之任何中 期股息（2011 年 6 月 30 日：無）。

二零一二年中期報告 37

Interim Report 2012

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

8. FEES

8. 費用

Administration fee

HSBC Trustee (Cayman) Limited (the “Administrator”) is entitled to receive an administration fee which is calculated at each valuation day at the following rates:

行政管理費

HSBC Trustee (Cayman) Limited（「行政管 理人」）有權收取於各估值日按下列費率計 算的行政管理費：

First HK$800 million of	0.14%
net asset value	per annum
Next HK$1,200 million of	0.125%
net asset value	per annum
On the remainder of	0.11%
net asset value	per annum

資產淨值的首個 8 億港元 每年 0.14% 資產淨值的下個 12 億港元 每年 0.125% 資產淨值的餘下部分 每年 0.11%

The administration fee is subject to a monthly minimum fee of HK$73,000 (reduced by 50% in the first six months after listing) and is payable monthly in arrears.

行政管理費須受每月最低費用 73,000 港元 （於上市後首六個月削減 50%）約束及須於 每月到期後支付。

The administration fee for the current period is HK$438,000 (30 June 2011: HK$213,113). As at 30 June 2012, an administration fee of HK$73,000 (31 December 2011: HK$73,000) was payable to the Administrator.

本期間行政管理費為438,000港元（2011年 6 月 30 日：213,113 港元）。於 2012 年 6 月 30 日，73,000 港元行政管理費（2011 年 12 月31日：73,000港元）應付予行政管理人。

Valuation fee

The Administrator is also entitled to a fee of HK$8,000 per additional valuation. This is payable on a monthly basis for a calculation of the Company’s net asset value on an ad-hoc basis.

估值費

行政管理人每次額外估值亦有權收取 8,000 港元費用。該費用須按月支付，用 於按專項基準計算本公司資產淨值。

No valuation fee was charged for the current period (30 June 2011: Nil). As at 30 June 2012, no valuation fee (31 December 2011: Nil) was payable to the Administrator.

本期間並無產生任何估值費（2011年6月30 日：無）。於 2012 年 6 月 30 日，並無估值 費（2011 年 12 月 31 日：無）應付予行政管 理人。

中國新經濟投資有限公司 China New Economy Fund Limited

38

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

8. FEES (CONTINUED)

30 June 2012 2012 年 6 月 30 日 8. 費用（續）

Custodian fee

HSBC Institutional Trust Services (Asia) Limited (the “Custodian”) is entitled to receive a custodian fee which is calculated at each valuation day at the following rates:

託管費

滙豐機構信託服務（亞洲）有限公司（「託管 人」）有權收取於各估值日按下列費率計算 的託管費：

First HK$800 million of	0.04%
net asset value	per annum
Next HK$1,200 million of	0.035%
net asset value	per annum
On the remainder of	0.03%
net asset value	per annum

資產淨值的首個8億港元	每年0.04%
資產淨值的下個12億港元	每年0.035%
資產淨值的餘下部分	每年0.03%

The custodian fee is subject to a monthly minimum fee of HK$15,000 (reduced by 50% in the first six months after listing) and is payable monthly in arrears.

託管費須受每月最低費用 15,000 港元（於 上市後首六個月削減 50%）約束及須於每 月到期後支付。

The custodian fee for the current period is HK$90,000 (30 June 2011: HK$54,448). As at 30 June 2012, a custodian fee of HK$15,000 (31 December 2011: H K $ 1 5 , 0 0 0 ) w a s p a y a b l e t o t h e Custodian.

本期間託管費為 90,000 港元（2011 年 6 月 30日：54,448港元）。於2012年6月30日， 15,000 港元託管費（2011 年 12 月 31 日： 15,000 港元）應付予託管人。

Management fee

The Investment Manager is entitled to a management fee accruing monthly at the annual rate of 2% of the net asset value of the Company on each valuation day and payable monthly in arrears.

管理費

投資管理人有權收取按本公司於各估值 日資產淨值 2% 的年比率按月累計的管理 費，並須於每月到期後支付。

The management fee for the current period is HK$2,455,055 (30 June 2011: HK$2,721,949). As at 30 June 2012, a management fee of HK$386,863 (31 December 2011: HK$392,501) was payable to the Investment Manager.

本期間管理費為 2,455,055 港元（2011 年 6 月30日：2,721,949港元）。於2012年6月 30 日，386,863 港元管理費（2011 年 12 月 31日：392,501港元）應付予投資管理人。

二零一二年中期報告Interim Report 2012 39

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

8. FEES (CONTINUED)

8. 費用（續）

Performance fee

The Investment Manager is entitled to receive a performance fee at the rate of 20% per annum of the net increase in the net asset value per share on the immediately preceding valuation date, above the previous highest net asset value per share on any preceding valuation date in respect of which a performance fee was last paid (or where no performance fee has been paid, the aggregate placing price of the shares subscribed at the listing date) multiplied by the number of shares in issue at the time of calculating the performance fee. The performance fee is payable semiannually in arrears.

表現費

投資管理人有權收取表現費，按最近的前 一估值日每股資產淨值較上一次支付表現 費的任何前一估值日的前最高每股資產淨 值的任何增值淨額的 20%（或倘並未支付 表現費，則為上市日已認購股份的合計配 售價）乘以計算表現費時的已發行股份數 目計算。表現費每半年到期後支付。

No performance fee was charged for the current period (30 June 2011: Nil). As at 30 June 2012, no performance fee (31 December 2011: Nil) was payable to the Investment Manager.

本期間並無產生任何表現費（2011年6月30 日：無）。於 2012 年 6 月 30 日，並無表現 費（2011 年 12 月 31 日：無）應付予投資管 理人。

9. TAXATION

9. 稅項

Cayman Islands

Under the current Cayman Islands law, there are no income tax, corporation tax, capital gains tax or any other kinds of tax on profits or gains or tax in the nature of estate duty or inheritance tax currently in effect.

開曼群島

現時開曼群島法律並無任何所得稅、公司 稅、資本增值稅或任何其他種類的溢利或 收益稅或遺產或承繼稅。

The Company received an undertaking from the Governor-in-Council of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no law that is hereafter enacted in the Cayman Islands imposing any tax on income will be levied on the Company.

本公司已收到開曼群島總督會同行政會議 承諾，由承諾作出日期起 20 年期間，開曼 群島之後頒佈的任何就收入施加任何稅項 的法律概不會對本公司徵稅。

中國新經濟投資有限公司 China New Economy Fund Limited

40

9. TAXATION (CONTINUED)

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註 30 June 2012 2012 年 6 月 30 日 9. 稅項（續）

Hong Kong

No provision for Hong Kong profits tax has been made as the Company did not generate any assessable profits arising in Hong Kong during the current period (30 June 2011: Nil).

香港

由於本公司在本期內並無於香港產生任何 應課稅溢利（2011 年 6 月 30 日：無），故並 無就香港利得稅作出撥備。

For presentation purposes, deferred tax assets and liabilities as at 30 June 2012 have been offset in the interim condensed statement of financial position. The deferred tax assets arising from recognized tax losses and the deferred tax liabilities arising from unrealized investment revaluation gains amounted to HK$831,266 (31 December 2011: Nil) and HK$831,266 (31 December 2011: Nil), respectively.

為作呈列用途，於2012年6月30日之遞延 稅項資產及負債已於中期簡明財務狀況表 中抵銷。已確認稅項虧損產生之遞延稅項 資產及未變現投資重估收益產生之遞延稅 項負債分別達 831,266 港元（2011 年 12 月 31 日：無）及 831,266 港元（2011 年 12 月 31 日：無）。

PRC

No provision was made for taxation in the interim condensed financial statements as the Company did not generate any PRC sourced income during the current period (30 June 2011: Nil).

中國

由於本公司在本期內並無於中國產生任何 收入（2011 年 6 月 30 日：無），故並無於中 期簡明財務報表內作出稅項撥備。

10. EARNING/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

10. 本公司普通權益擁有人應佔每股盈 利╱（虧損）

The calculation of basic earning per share amount is based on the Company’s profit for the current period attributable to the ordinary equity holders of HK$5,358,263 (30 June 2011: loss of HK$22,443,007) and the weighted average number of ordinary shares in issue during the current period of 303,000,000 (30 June 2011: 294,629,834 ordinary shares). No adjustment has been made to the basic earning per share amount presented for the period ended 30 June 2012 in respect of a dilution as the Company had no dilutive ordinary shares in issue during the period (30 June 2011: Nil).

每股基本盈利金額以普通權益持有人應佔 本期間本公司溢利5,358,263港元（2011年 6 月 30 日：虧損 22,443,007 港元）及本期 內已發行普通股加權平均數 303,000,000 股（2011年6月30日：294,629,834股普通 股）計算得出。由於本公司於本期間並無 已發行之攤薄普通股（2011 年 6 月 30 日： 無），因此，並無對截至 2012 年 6 月 30 日 止期間已呈列之每股基本盈利作出有關攤 薄之調整。

二零一二年中期報告 41 Interim Report 2012

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

1. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

2. 按公平值透過損益列賬之金融資產

Listed equity securities: 上市股本證券： – Hong Kong －香港 – The United States －美國 Listed debt securities: 上市債務證券： – Singapore －新加坡	30 June 31 December 2012 2011 2012年 2011年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 85,482,750 12,979,050 36,521,757 13,871,056 122,004,507 26,850,106 16,283,483 – 138,287,990 26,850,106

The fair value of listed equity securities and listed debt securities are determined based on the quoted bid prices available on the relevant stock exchanges at the end of the reporting period.

上市股本證券及上市債務證券之公平值按 報告期末相關證券交易所所報之買入價釐 定。

Net unrealized gain on financial assets held for trading of HK$9,413,432 has been recognized in profit or loss in the interim condensed statement of comprehensive income (30 June 2011: net unrealized loss of HK$19,054,656).

持作買賣之金融資產未變現收益淨額 9,413,432港元（2011年6月30日：未變現 虧損淨額 19,054,656 港元）已於中期簡明 全面收益表之損益賬內確認。

42 中國新經濟投資有限公司 China New Economy Fund Limited

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

12. CASH AND CASH EQUIVALENTS

30 June 2012 2012 年 6 月 30 日 12. 現金及現金等值

Cash at bank 銀行現金 Short-term time deposits 短期定期存款	30 June 31 December 2012 2011 2012年 2011年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 – 3,664,389 105,556,602 207,997,452 105,556,602 211,661,841

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term time deposits are made for varying periods between one day to three months depending on the immediate cash requirements of the Company, and earn interest at the respective short-term time deposit rates. The cash at bank and short-term time deposits are placed with Hong Kong and Shanghai Banking Corporation Limited.

銀行現金乃以基於每日銀行存款利率之浮 動利率賺取利息。短期定期存款之期限介 乎一日至三個月不等，視乎本公司對現金 需求之迫切性而定，而短期定期存款按各 短期存款利率賺取利息。銀行現金及短期 定期存款已存入香港上海滙豐銀行有限公 司。

13. OTHER PAYABLES AND ACCRUALS

13. 其他應付款項及應計費用

As at 30 June 2012 and 31 December 2011, other payables are non-interestbearing and have an average term of less than three months.

於2012年6月30日及2011年12月31日， 其他應付款項不計息，及平均年期少於三 個月。

二零一二年中期報告 43

Interim Report 2012

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

14. AMOUNT DUE TO A RELATED COMPANY

14. 應付關連公司款項

As at 30 June 2012 and 31 December 2011, the amount due to a related company represents management fee payable to the Investment Manager. The payable is non-interest bearing and has a repayment term of less than one month.

於2012年6月30日及2011年12月31日， 應付關連公司款項指應付投資管理人的管 理費。該款項不附利息及還款期限少於一 個月。

15. ISSUED CAPITAL

15. 已發行股本

Authorized: 法定： 776,000,000 ordinary 776,000,000股 shares (31 December （2011年12月31日： 2011: 776,000,000 776,000,000股 ordinary shares) of 普通股）每股面值 HK$0.1 each 0.1港元的普通股 Issued and fully paid: 已發行及繳足： 303,000,000 ordinary 303,000,000股 shares (31 December （2011年12月31日： 2011: 303,000,000 303,000,000股 ordinary shares) of 普通股）每股面值 HK$0.1 each 0.1港元的普通股	30 June 31 December 2012 2011 2012年 2011年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 77,600,000 77,600,000 30,300,000 30,300,000

44 中國新經濟投資有限公司 China New Economy Fund Limited

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

15. ISSUED CAPITAL (CONTINUED)

30 June 2012 2012 年 6 月 30 日 15. 已發行股本（續）

O n 6 J a n u a r y 2 0 1 1 , a t o t a l o f 303,000,000 ordinary shares of HK$0.1 each (the “Placing Shares”) were placed at a price of HK$1.03 per share for a total cash consideration, before the related issue expenses, of HK$312,090,000. The issued and fully paid capital of the Company increased to HK$30,300,000 and resulted in a share premium of HK$281,790,000, before deducting the share placement expenses of HK$24,057,224. The Subscriber Share was transferred to the lead placing agent of the Placing and then forms part of the Placing Shares for subscription under the Placing. The Subscriber Share has no special rights that distinguish it from any other of the Placing Shares. The Placing Shares are not redeemable at the discretion of the shareholders. The net proceeds of the Placing, after deduction of the start-up costs of the Company, were subsequently applied by the Investment Manager in making investments according to the investment objectives, policies and restrictions of the Company and the requirements of the Articles of Association, the Listing Rules and the Investment Management Agreement. Any proceeds not deployed have been placed on bank deposits or invested in money market instruments or money market funds.

於2011年1月6日，合共303,000,000股每 股面值 0.1 港元的普通股（「配售股份」） 按每股股份 1.03 港元的價格予以配售， 現金代價總額為 312,090,000 港元（扣除 相關發行開支前）。本公司已發行及繳足 股本增至 30,300,000 港元，導致股份溢 價 281,790,000 港元（扣除股份配售開支 24,057,224 港元前）。認購人股份轉讓予 配售的牽頭配售代理，並於隨後構成根據 配售認購配售股份的一部分。認購人股份 概無特別權利以區別於任何其他配售股 份。配售股份不可由股東酌情贖回。投資 管理人將於作出投資時根據本公司的投資 目標、政策及限制，以及組織章程細則、 上市規則及投資管理協議之規定其後使用 配售的所得款項淨額（經扣減本公司的成 立初期費用）。任何未動用所得款項將存 作銀行存款或用作投資貨幣市場工具或貨 幣市場基金。

Dealings in the shares of the Company on the Stock Exchange commenced on 6 January 2011. After listing, no director of the Company or the Investment Manager, or the Investment Manager itself, held any shares in the Company.

本公司股份於 2011 年 1 月 6 日開始於聯交 所買賣。上市後，本公司或投資管理人的 董事，或投資管理人本身並沒有持有本公 司任何股份。

二零一二年中期報告Interim Report 2012 45

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

16. NET ASSET VALUE PER SHARE

16. 每股資產淨值

The calculation of net asset value per share is based on the net assets of the Company as at 30 June 2012 of HK$243,737,228 (31 December 2011: HK$238,378,965) and on 303,000,000 ordinary shares being in issue as at 30 June 2012 (31 December 2011: 303,000,000 ordinary share).

每股資產淨值乃按本公司於 2012 年 6 月 30 日的資產淨值243,737,228港元（2011年12 月31日：238,378,965港元）及於2012年6 月30日已發行普通股303,000,000股（2011 年 12 月 31 日：303,000,000 股普通股）計 算。

17. RELATED PARTIES TRANSACTIONS

17. 關連方交易

In addition to the related party transactions detailed elsewhere in the interim condensed financial statements, the Company had the following transactions with related parties during the current period:

除了在中期簡明財務報表其他部分載述的 關連方交易外，本公司於期內與關連方進 行下列交易：

Investment manager – CITIC Securities International Investment Management (HK) Limited

投資管理人 – 中信証券國際投資管理（香 港）有限公司

The Investment Manager is responsible to manage, supervise and direct the investment, disposition and rei n v e s t m e n t o f t h e a s s e t s o f t h e Company, on a discretionary basis, but subject to the investment objective and restrictions of the Company. The Investment Manager is entitled to receive management and performance fees for its respective services in terms of the agreement dated 10 December 2010. Details of the fees to which the Investment Manager is entitled are provided in note 8 to the interim condensed financial statements.

投資管理人負責以全權酌情基準，管理、 監督及指示本公司資產的投資、處置及再 投資，惟須受本公司的投資目標及限制約 束。投資管理人按日期為 2010 年 12 月 10 日的協議的條款，有權就其各自的服務收 取管理費及表現費。有關投資管理人有權 收取的費用的詳情載於中期簡明財務報表 附註 8。

46 中國新經濟投資有限公司China New Economy Fund Limited

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註 30 June 2012 2012 年 6 月 30 日 17. 關連方交易（續）

17. RELATED PARTIES TRANSACTIONS (CONTINUED)

Two directors of the Company served on the Board of Directors of the Investment Manager for the periods ended 30 June 2012 and 2011.

本公司兩名董事於截至2012年及2011年6 月 30 日止期間於投資管理人董事會任職。

Key management personnel compensation

主要管理人員薪酬

T h e d i r e c t o r s c o n s i d e r t h e k e y management personnel of the Company comprises of its Board of Directors, whose remuneration is shown in note 6 of the interim condensed financial statements.

董事認為，本公司之主要管理人員包括其 董事會，有關薪酬見中期簡明財務報表附 註 6。

18. FAIR VALUE HIERARCHY

18. 公平值等級

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:

本公司使用下列等級釐定及披露金融工具 之公平值：

• Level 1: fair values measured based on quoted prices (unadjusted) in active markets for identical assets or liabilities

• 第一級： 按可辨識資產或負債於活躍市場 的報價（未經調整）計算的公平值

• Level 2: fair values measured based o n v a l u a t i o n t e c h n i q u e s for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly

• 第二級： 按估值技巧計算的公平值，而該 等估值技巧的所有輸入值直接或 間接為可觀察數據，並對已入賬 公平值具重大影響

• Level 3: fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair value are not based on observable market data (unobservable inputs)

• 第三級： 按估值技巧計算的公平值，而該 等估值技巧的任何輸入值並非依 據可觀察市場數據（不可觀察輸 入值）得出，並對已入賬公平值 具重大影響

二零一二年中期報告 47 Interim Report 2012

Notes to Interim Condensed Financial Statements 中期簡明財務報表附註

30 June 2012 2012 年 6 月 30 日

18. FAIR VALUE HIERARCHY (CONTINUED)

18. 公平值等級（續）

As at 30 June 2012, the Company’s financial assets at fair value through profit or loss was HK$138,287,990 (31 December 2011: HK$26,850,106). As at 30 June 2012 and 31 December 2011, all of them were classified as Level 1 fair value measurements.

於2012年6月30日，本公司按公平值透過 損益列賬之金融資產為 138,287,990 港元 （2011 年 12 月 31 日：26,850,106 港元）。 於2012年6月30日及2011年12月31日， 均按第一級公平值計量進行分類。

During the period ended 30 June 2012 and the year ended 31 December 2011, there were no transfers between Level 1 and Level 2 of fair value measurements, and no transfers into and out of Level 3.

截至 2012 年 6 月 30 日止期間及截至 2011 年12月31日止年度，第一級與第二級之間 公平值計量並無轉撥，亦無轉撥至及轉撥 自第三級。

19. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

19. 中期簡明財務報表的批准

The interim condensed financial statements were approved and authorised for issue by the Board of Directors on 16 August 2012.

本中期簡明財務報表已於2012年8月16日 獲董事會批准及授權刊發。

48 中國新經濟投資有限公司China New Economy Fund Limited

China New Economy Fund Limited 中國新經濟投資有限公司