CAI Corp — Interim / Quarterly Report 2015

Sep 24, 2015

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

Stock Code 股份代號 : 80

2015 Interim Report 中期報告

Contents 目錄

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CORPORATE INFORMATION	公司資料	2
MANAGEMENT DISCUSSION AND ANALYSIS	管理層討論與分析	6
OTHER INFORMATION	其他資料	30
INDEPENDENT REVIEW REPORT	獨立審閱報告	37
INTERIM CONDENSED	中期簡明財務資料
FINANCIAL INFORMATION
Interim Condensed Statement of	中期簡明	40
Proft or Loss and Other Comprehensive	損益及其他
Income	全面收益表
Interim Condensed Statement of	中期簡明	41
Financial Position	財務狀況表
Interim Condensed Statement of	中期簡明	42
Changes in Equity	權益變動表
Interim Condensed Statement of	中期簡明	43
Cash Flows	現金流量表
Notes to Interim Condensed	中期簡明	45
Financial Statements	財務報表
	附註

Corporate Information 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. Gu Xu (Chairman and Chief Executive Officer) (re-designated on 28 May 2015) Mr. Chan Cheong Yee Mr. Craig Blaser Lindsay (retired on 28 May 2015)

Independent Non-Executive Directors

Mr. Lam Chun Ho Mr. Huang Liangkuai (appointed on 17 February 2015) Mr. Faris Ibrahim Taha Ayoub Mr. Doyle Ainsworth Dally (retired on 28 May 2015)

AUDIT COMMITTEE

Mr. Lam Chun Ho (Chairman) Mr. Faris Ibrahim Taha Ayoub Mr. Huang Liangkuai (appointed on 17 February 2015) Mr. Doyle Ainsworth Dally (retired on 28 May 2015)

REMUNERATION COMMITTEE

Mr. Lam Chun Ho (Chairman) Mr. Faris Ibrahim Taha Ayoub Mr. Huang Liangkuai (appointed on 17 February 2015)

Mr. Doyle Ainsworth Dally

(retired on 28 May 2015)

董事會

執行董事

顧旭先生 （主席兼行政總裁） （於2015年5月28日獲調任） 陳昌義先生 Craig Blaser Lindsay 先生 （於2015年5月28日退任）

獨立非執行董事

林振豪先生 黃良快先生

（於2015年2月17日獲委任） Faris Ibrahim Taha Ayoub 先生 Doyle Ainsworth Dally 先生 （於2015年5月28日退任）

審核委員會

林振豪先生（主席）

Faris Ibrahim Taha Ayoub 先生 黃良快先生

（於2015年2月17日獲委任） Doyle Ainsworth Dally 先生 （於2015年5月28日退任）

薪酬委員會

林振豪先生（主席）

Faris Ibrahim Taha Ayoub 先生 黃良快先生

（於2015年2月17日獲委任） Doyle Ainsworth Dally 先生 （於2015年5月28日退任）

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China New Economy Fund Limited / Interim Report 2015

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NOMINATION COMMITTEE

Mr. Faris Ibrahim Taha Ayoub (Chairman)

Mr. Lam Chun Ho

Mr. Huang Liangkuai (appointed on 17 February 2015)

Mr. Doyle Ainsworth Dally (retired on 28 May 2015)

COMPANY SECRETARY

Mr. Tai Man Hin Tony (CPA, ACA, FCCA)

INVESTMENT MANAGER

China Everbright Securities (HK) Limited 36/F, Far East Financial Centre 16 Harcourt Road Hong Kong

ADMINISTRATOR

Amicorp Hong Kong Limited (appointed on 2 August 2015) Rooms 2103–4, 21/F Wing On Centre 111 Connaught Road Central Hong Kong

Corporate Information 公司資料

提名委員會

Faris Ibrahim Taha Ayoub 先生 （主席） 林振豪先生 黃良快先生 （於2015年2月17日獲委任） Doyle Ainsworth Dally 先生 （於2015年5月28日退任）

公司秘書

戴文軒先生 （執業會計師、ACA、FCCA）

投資管理人

中國光大證券（香港）有限公司 香港 夏愨道 16 號 遠東金融中心 36 樓

行政管理人

傲明香港有限公司 （於2015年8月2日獲委任） 香港 干諾道中 111 號 永安中心 21 樓 2103–4 室

3

中國新經濟投資有限公司 / 中期報告 2015

Corporate Information 公司資料

CUSTODIAN

Deutsche Bank AG Hong Kong Branch (appointed on 2 August 2015) Level 52 International Commerce Centre 1 Austin Road West Kowloon, Hong Kong

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

Room 707, 7/F New World Tower 1 16–18 Queen’s Road Central Central, Hong Kong

AUDITORS

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

託管人

德意志銀行香港分行 （於2015年8月2日獲委任） 香港九龍 柯士甸道西 1 號 環球貿易廣場 52 樓

註冊辦事處

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

於香港主要營業地點及總 部

香港中環 皇后大道中 16–18 號 新世界大廈 1 期 7 樓 707 室

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

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China New Economy Fund Limited / Interim Report 2015

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Corporate Information 公司資料

HONG KONG SHARE REGISTRAR

香港證券登記處

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

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 號舖

LEGAL ADVISERS

法律顧問

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

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

as to Hong Kong Law:

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

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

WEBSITE

www.chinaneweconomyfund.com

網站

www.chinaneweconomyfund.com

5

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

The board of directors (the “Board” or the “Directors”) of China New Economy Fund Limited (the “Company”) is pleased to present the Company’s interim results for the six months ended 30 June 2015 (the “Period”).

中國新經濟投資有限公司（「本 公司」）董事會（「董事會」或「董 事」）欣然提呈本公司截至 2015 年 6 月 30 日止六個月（「本期間」） 之中期業績。

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

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。

FINANCIAL HIGHLIGHTS

財務摘要

During the Period, the Company maintained a long-term investment strategy in both public and private equity markets. The Company held nineteen investments in Hong Kong-listed companies and two private equity funds in the Cayman Islands as of 30 June 2015. One of our major investments is still in the information technology (“IT”) sector focusing on the Hong Kong and mainland China market. The Company reported net profit attributable to shareholders of HK$62,345,811 during the Period, which c o n s i s t e d o f t h e n e t r e a l i z e d g a i n o f HK$78,357,822 taken on the investment positions in the portfolio.

於本期間，本公司於上市及私募 股票市場維持長期投資戰略。本 公司於 2015 年 6 月 30 日持有 十九項香港上市公司投資及於開 曼群島有兩項私募股權基金。本 公司其中一項主要投資仍為專注 於香港及中國內地市場的資訊科 技（「資訊科技」）板塊。本公司 於本期間錄得股東應佔純利 62,345,811 港元，其中包括組合 中投資持倉已變現收益淨值 78,357,822 港元。

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China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

The net asset value of the Company increased during the Period despite the slowdown in the Chinese economy and the rising volatility of the global stock market. As at 30 June 2015, the Company reported an unaudited net asset value of approximately HK$1.00 per share. The upswing was due to net unrealized mark to market gain of HK$5,090,374 and the net realized gain of HK$78,357,822 taken on the investment positions in the portfolio. The Company will continue to monitor investments cautiously due to recent uncertain market conditions.

儘管中國經濟放緩及全球股市動 盪加劇，本公司資產淨值於本期 間有所增加。於 2015 年 6 月 30 日，本公司錄得未經審核資產淨 值每股約 1.00 港元。上漲乃由 於組合中按市價計值的投資持倉 未變現收益 5,090,374 港元及已 變現收益淨值 78,357,822 港元 所致。鑒於最近市況不穩，本公 司將繼續謹慎監控投資。

BUSINESS REVIEW AND PROSPECT

業務回顧及前景

During the Period, China has been faced with complicated external and domestic economic conditions. The national economy is showing moderate but stable and sound momentum of development. According to the data of the National Bureau of Statistics of China, the gross domestic product (“GDP”) of China in the first half o f 2 0 1 5 i n c r e a s e d b y 7 . 0 % o v e r t h e corresponding period, which represents a decline of 0.4% compared with the first half of 2014. The GDP of the second quarter of 2015 went up by 1.7% on a quarter-to-quarter basis.

於本期間，中國面對複雜的內外 經濟狀況。國家經濟呈現溫和但 穩定健康的發展勢頭。根據中國 國家統計局之數據，中國 2015 年上半年國內生產總值（「國內 生產總值」）較同期增長 7.0%， 較 2014 年上半年下跌 0.4%。 2015 年第二季之國內生產總值 按季上升 1.7%。

7

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

During the Period, the benchmark of Shanghai Composite Index spiked 27.7%, while Hang Seng Index surged 10.0%. The Company has adopted a different investment approach and implementing a better strategy. By expanding our horizon, our investment team worked closely with variety of professional analysts for more timely reliable resources. This method allows the Company to detect investment opportunities from the emerging sectors efficiently and benefiting from substantial net asset appreciation. The Company will continue to develop its investment strategies with an aim to achieve stable return on investments for our shareholders.

於本期間，上證綜合指數躍升 27.7%，而恒生指數則急升 10.0%。本公司已採納不同的投 資方式，並實施更佳策略。透過 擴闊視野，我們的投資團隊與不 同專業分析師緊密合作，以獲得 更合時可靠的資源。此方法讓本 公司有效尋找新興行業中出現的 投資機遇，並受惠於資產淨值大 幅增值。本公司將繼續發展其投 資策略，著眼於為股東取得穩定 投資回報。

In addition, the Chinese government is stepping up to excite the economy although the GDP growth of 7.0% has been met, it is well below the double digit annual growth seen in the past decade. During the Period, the People’s Bank of China (“PBOC”) has lowered, not once but twice, the reserve requirement ratio (“RRR”) from 20.0% to 18.5% for all banks. The reduction of RRR is to add more liquidity to its market to help spur bank lending and combat slowing growth. Similarly, the PBOC also cut interest rate twice within the Period from 5.6% lending rate to 5.1%, in a bid to lower borrowing costs and spur demand.

此外，儘管國內生產總值增長已 達 7.0%，惟仍遠低於過去十年 錄得的雙位數年增長，故中國政 府正加大力度刺激經濟。於本期 間，中國人民銀行（「人民銀行」） 曾兩次將所有銀行的存款準備金 率（「存款準備金率」）由 20.0% 降低至 18.5%。存款準備金率降 低有助增加市場的流動資金，以 刺激銀行放貸和對抗經濟增長放 緩。同樣地，人民銀行亦於本期 間兩度減息，貸款利率由 5.6% 減至 5.1%，旨在降低借貸成本 及刺激需求。

8 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

During the Period, the Company has invested an additional private equity fund, making a total of two private equity investments in our diversified portfolio. The new private equity fund is specialized in conducting investments in pre-initial public offerings (“IPO”) equities. The Company believes it will bring a potential return in the longrun. Our Company will explore more investment opportunities toward private equities.

於本期間，本公司增加投資一項 私募股權基金，故我們多元化的 投資組合共有兩項私募股權投 資。新私募股權基金專門從事首 次公開發行（「首次公開發行」） 前的股權投資。本公司認為，從 長遠看其將帶來潛在回報。本公 司將於私募股權探尋更多投資機 遇。

We are continuously optimistic towards the IT, healthcare, environmental and creative culture industries as they will continue to benefit from the transformation of Chinese economy.

我們一直對將繼續受惠於中國經 濟轉型的資訊科技、保健、環境 及創意文化業抱有樂觀態度。

The Company will continue to deploy an investment strategy focusing on Greater China and closely monitor the changes in the global market. With our professional and experienced investment and risk management team, we are confident to capture valuable investment opportunities to maximize profit to our shareholders.

本公司將繼續部署投資策略，專 注於大中華並密切監察全球市場 變動。憑藉專業及富經驗的投資 及風險管理團隊，我們有信心把 握寶貴投資機會以為我們的股東 帶來最大利益。

9

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

Pursuant to the requirements stipulated in Rule 21.12 of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”), the Company discloses its ten largest investments and all individual investments with value exceeding 5% of the Company’s gross assets with brief description of the investee companies as follows:

根據聯交所證券上市規則（「上 市規則」）第 21.12 條訂明的規 定，本公司披露其十項最大投資 及所有價值超逾本公司總資產 5% 的投資，連同所投資公司的 資料簡述如下：

At 30 June 2015

於 2015 年 6 月 30 日

Listed Equity Securities — Hong Kong

上市權益證券[—] 香港

				Proportion					Dividend
				of					received/	% of net
			Particular	investee’s			Unrealized	Net assets	receivable	assets
			of issued	capital			gain/(loss)	attributable	during the	of the
			shares	owned			recognized	to the	Period	Company
		Place of	held	擁有所		Market	已確認未	Company	本期間	佔本公司
	Name of investee	incorporation	所持已發行	投資公司	Cost	value	變現收益╱	本公司應佔	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	（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
(a)	Finsoft Financial	The Cayman	100,000,000	2.50%	18,500	89,000	70,500	HK$1.48	–	17.24
	Investment	Islands	ordinary					million
	Holdings Limited	開曼群島	shares of					1,480,000
	(Formerly		HK$0.0005					港元
	known as Finsoft		each
	Corporation)		100,000,000股
	匯財金融投資		每股面值
	控股有限公司		0.0005港元
	（前稱匯財軟件		之普通股
	公司）
(b)	Suncorp	Bermuda	102,000,000	0.67%	24,992	53,040	28,050	HK$3.68	–	10.28
	Technologies	百慕達	ordinary					million
	Limited		shares of					3,680,000
	新確科技有限公司		HK$0.0003					港元
			each
			102,000,000股
			每股面值
			0.0003港元
			之普通股

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China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

				Proportion					Dividend
				of					received/	% of net
			Particular	investee’s			Unrealized	Net assets	receivable	assets
			of issued	capital			gain/(loss)	attributable	during the	of the
			shares	owned			recognized	to the	Period	Company
		Place of	held	擁有所		Market	已確認未	Company	本期間	佔本公司
	Name of investee	incorporation	所持已發行	投資公司	Cost	value	變現收益╱	本公司應佔	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	（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
(c)	Town Health	The Cayman	25,236,000	0.34%	35,414	51,986	16,590	HK$15.46	83	10.07
	International	Islands	ordinary					million
	Medical	開曼群島	shares of					15,460,000
	Group		HK$0.01					港元
	Limited		each
	康健國際醫療集團		25,236,000股
	有限公司		每股面值
			0.01港元
			之普通股
(d)	BBI Life	The Cayman	11,079,000	2.08%	19,584	35,231	15,648	RMB10.79	89	6.83
	Sciences	Islands	ordinary					million
	Corporation	開曼群島	shares of					人民幣
	BBI生命科學		HK$0.01					10,790,000
	有限公司		each					元
			11,079,000股
			每股面值
			0.01港元
			之普通股
(e)	Convoy	The Cayman	36,000,000	1.46%	9,000	34,560	25,591	HK$12.31	–	6.70
	Financial	Islands	ordinary					million
	Holdings	開曼群島	shares of					12,310,000
	Limited		HK$0.1					港元
	康宏金融控股		each
	有限公司		36,000,000股
			每股面值
			0.1港元
			之普通股

11

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

				Proportion					Dividend
				of					received/	% of net
			Particular	investee’s			Unrealized	Net assets	receivable	assets
			of issued	capital			gain/(loss)	attributable	during the	of the
			shares	owned			recognized	to the	Period	Company
		Place of	held	擁有所		Market	已確認未	Company	本期間	佔本公司
	Name of investee	incorporation	所持已發行	投資公司	Cost	value	變現收益╱	本公司應佔	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	（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
(f)	China Harmony	The Cayman	3,995,500	0.25%	36,334	34,441	(1,892)	RMB6.82	350	6.67
	New Energy	Islands	ordinary					million
	Auto	開曼群島	shares of					人民幣
	Holding		HK$0.01					6,820,000
	Limited		each					元
	中國和諧新能源汽車		3,995,500股
	控股有限公司		每股面值
			0.01港元
			之普通股
(g)	DX.com	The Cayman	194,848,000	3.48%	22,879	27,668	4,903	HK$6.01	–	5.36
	Holdings	Islands	ordinary					million
	Limited	開曼群島	shares of					6,010,000
	DX.com控股		HK$0.01					港元
	有限公司		each
			194,848,000股
			每股面值
			0.01港元
			之普通股
(h)	China	Bermuda	64,272,000	1.08%	12,854	20,246	7,491	RMB37.69	–	3.92
	Culiangwang	百慕達	ordinary					million
	Beverages		shares of					人民幣
	Holdings		HK$0.1					37,690,000
	Limited		each					元
	中國粗糧王飲品		64,272,000股
	控股有限公司		每股面值
			0.1港元
			之普通股

12 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

Private Equity Funds — Cayman Islands

私募股權基金[—] 開曼群島

				Proportion					Dividend
				of					received/	% of net
			Particular	investee’s				Net assets	receivable	assets
			of issued	capital			Unrealized	attributable	during the	of the
			shares	owned			gain	to the	Period	Company
		Place of	held	擁有所		Market	recognized	Company	本期間	佔本公司
	Name of investee	incorporation	所持已發行	投資公司	Cost	value	已確認未	本公司應佔	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	變現收益	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
(i)	Hydra Capital	The Cayman	3,750	16.74%	37,500	43,197	5,697	HK$43.20	–	8.37
	SPC	Islands	shares of					million
		開曼群島	HK$10,000					43,200,000
			each					港元
			3,750股
			每股面值
			10,000港元
			之股份
(j)	SBI China	The Cayman	N/A	15.04%	15,000	16,838	1,838	HK$16.84	–	3.26
	Capital	Islands	不適用					million
	M&A Fund	開曼群島						16,840,000
	LP							港元

13

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

At 31 December 2014

於 2014 年 12 月 31 日

Listed Equity Securities — Hong Kong

上市權益證券－香港

			Proportion					Dividend
			of					received/	% of net
		Particular	investee’s			Unrealized	Net assets	receivable	assets
		of issued	capital			gain/(loss)	attributable	during the	of the
		shares	owned			recognized	to the	year	Company
	Place of	held	擁有所		Market	已確認未	Company	本期間	佔本公司
Name of investee	incorporation	所持已發行	投資公司	Cost	value	變現收益╱	本公司應佔	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	（虧損）	資產淨值	應收股息	百分比
						(Note 3)	(Note 2)
						（附註3）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
Finsoft Corporation	The Cayman	173,650,000	4.34%	32,125	209,248	177,123	HK$2.62	–	43.85
匯財軟件公司	Islands	ordinary					million
	開曼群島	shares of					2,620,000
		HK$0.0005					港元
		each
		173,650,000股
		每股面值
		0.0005港元
		之普通股
China Mobile Games and	The Cayman	300,006,000	12.02%	33,682	57,601	23,919	HK$29.31	–	12.07
Cultural Investment Limited	Islands	ordinary					million
中國手遊文化投資	開曼群島	shares of					29,310,000
有限公司		HK$0.01					港元
		each
		300,006,000股
		每股面值
		0.01港元
		之普通股
Town Health International	The Cayman	22,236,000	0.44%	28,191	27,128	(1,063)	HK$5.26	–	5.69
Medical Group Limited	Islands	ordinary					million
康健國際醫療集團	開曼群島	shares of					5,260,000
有限公司		HK$0.01					港元
		each
		22,236,000股
		每股面值
		0.01港元
		之普通股

14 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

			Proportion					Dividend
			of					received/	% of net
		Particular	investee’s			Unrealized	Net assets	receivable	assets
		of issued	capital			gain/(loss)	attributable	during the	of the
		shares	owned			recognized	to the	year	Company
	Place of	held	擁有所		Market	已確認未	Company	本期間	佔本公司
Name of investee	incorporation	所持已發行	投資公司	Cost	value	變現收益╱	本公司應佔	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	（虧損）	資產淨值	應收股息	百分比
						(Note 3)	(Note 2)
						（附註3）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
BBI Life Sciences	The Cayman	11,079,000	2.11%	19,584	18,502	(1,082)	RMB10.43	–	3.88
Corporation	Islands	ordinary					million
BBI生命科學有限公司	開曼群島	shares of					人民幣
		HK$0.01					10,430,000
		each					元
		11,079,000股
		每股面值
		0.01港元
		之普通股
Jun Yang Solar Power	Bermuda	100,500,000	2.26%	18,741	18,090	(651)	HK$26.34	–	3.79
Investments Limited	百慕達	ordinary					million
君陽太陽能電力		shares of					26,340,000
投資有限公司		HK$0.01					港元
		each
		100,500,000股
		每股面值
		0.01港元
		之普通股
Nanjing Sinolife United	The People’s	10,000,000	1.19%	21,075	15,900	(5,175)	RMB7.47	–	3.33
Company Limited	Republic of	H shares of					million
南京中生聯合股份	China	RMB0.1					人民幣
有限公司	(“the PRC”)	each					7,470,000
	中華人民	10,000,000股					元
	共和國	每股面值
	（「中國」）	人民幣0.1元
		之H股

中國新經濟投資有限公司 / 中期報告 2015 15

Management Discussion and Analysis 管理層討論與分析

			Proportion					Dividend
			of					received/	% of net
		Particular	investee’s			Unrealized	Net assets	receivable	assets
		of issued	capital			gain/(loss)	attributable	during the	of the
		shares	owned			recognized	to the	year	Company
	Place of	held	擁有所		Market	已確認未	Company	本期間	佔本公司
Name of investee	incorporation	所持已發行	投資公司	Cost	value	變現收益╱	本公司應佔	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	（虧損）	資產淨值	應收股息	百分比
						(Note 3)	(Note 2)
						（附註3）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
DX.com Holdings	The Cayman	100,000,000	1.78%	17,252	13,100	(4,152)	HK$3.08	–	2.75
Limited	Islands	ordinary					million
DX.com控股有限公司	開曼群島	shares of					3,080,000
		HK$0.01					港元
		each
		100,000,000股
		每股面值
		0.01港元
		之普通股
Hong Kong Education	The Cayman	60,000,000	3.68%	7,339	7,020	(319)	HK$10.68	–	1.47
(Int’l) Investments	Islands	ordinary					million
Limited	開曼群島	shares of					10,680,000
香港教育（國際）		HK$0.1					港元
投資集團有限公司		each
		60,000,000股
		每股面值
		0.1港元
		之普通股
New Ray Medicine	Bermuda	14,288,000	1.49%	8,030	7,001	(1,029)	HK$4.52	–	1.47
International	百慕達	ordinary					million
Holding Limited		shares of					4,520,000
新銳醫藥國際		HK$0.01					港元
控股有限公司		each
		14,288,000股
		每股面值
		0.01港元
		之普通股

16 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

Private Equity Fund — Cayman Islands

私募股權基金[—] 開曼群島

			Proportion					Dividend
			of					received/	% of net
		Particular	investee’s				Net assets	receivable	assets
		of issued	capital			Unrealized	attributable	during the	of the
		shares	owned			gain	to the	year	Company
	Place of	held	擁有所		Market	recognized	Company	本期間	佔本公司
Name of investee	incorporation	所持已發行	投資公司	Cost	value	已確認未	本公司應佔	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	變現收益	資產淨值	應收股息	百分比
						(Note 3)	(Note 2)
						（附註3）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
Hydra Capital SPC	The Cayman	3,750	16.74%	37,500	37,522	22	HK$37.52	–	7.86
	Islands	shares of					million
	開曼群島	HK$10,000					37,520,000
		each					港元
		3,750股
		每股面值
		10,000港元
		之股份

Notes:

附註：

• (1) The unrealized gain/(loss) represented the changes in fair value of the respective investments during the Period.

• (1) 未變現收益╱（虧損）指本期間各 項投資之公平值變動。

• (2) The calculation of net assets attributable to the Company is based on the latest published interim/annual report of the respective investments as at the latest practicable date at the end of each reporting period.

• (2) 本公司應佔之資產淨值乃根據各 項投資於各報告期末於最後可行 日期所刊發之最近期中期報告或 年報計算。

• (3) The unrealized gain/(loss) represented the changes in fair value of the respective investments during the year ended 31 December 2014.

• (3) 未變現收益╱（虧損）指截至 2014 年 12 月 31 日止年度各項投資之公 平值變動。

中國新經濟投資有限公司 / 中期報告 2015 17

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) Finsoft Financial Investment Holdings Limited (“Finsoft”) is principally engaged in the provision of financial trading software solution, provision of other internet financial platforms, provision of referral services, money lending business, securities investments and provision of corporate finance advisory services. The unaudited loss attributable to shareholders of Finsoft for the six months ended 30 June 2015 was approximately HK$1,041,355 and the unaudited net assets attributable to the shareholders of Finsoft as at 30 June 2015 was approximately HK$59,267,709. The fair value of the investment in Finsoft is based on quoted market bid prices.

• (b) Suncorp Technologies Limited (“Suncorp”) is principally engaged in the sales and marketing of residential telephone products under its license for the Motorola brand, and the processing and trading of used computer-related components such as integrated circuit chips, hard-disk and motherboards from developed countries to developing countries. The unaudited loss attributable to shareholders of Suncorp for the six months ended 30 June 2015 was approximately HK$22,755,000 and the unaudited net assets attributable to the shareholders of Suncorp as at 30 June 2015 was approximately HK$549,510,000. The fair value of the investment in Suncorp 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) 匯財金融投資控股有限公 司（「匯財」）主要從事提供 金融交易軟件解決方案、 提供其他互聯網金融平 台、提供轉介服務、借貸 業務、證券投資及提供企 業財務諮詢服務。匯財股 東截至 2015 年 6 月 30 日止 六個月應佔未經審核虧損 約為 1,041,355 港元，而匯 財股東於 2015 年 6 月 30 日 之應佔未經審核資產淨值 約為 59,267,709 港元。匯 財投資的公平值乃基於市 場報價。

• (b) 新確科技有限公司（「新 確」）主要從事根據摩托羅 拉之特許授權為其品牌從 事家居電話產品之銷售及 市場推廣業務，以及處理 來自發達國家的二手電腦 相關組件（譬如集成電路芯 片、硬盤和主機板）並轉售 往發展中國家。新確股東 截至 2015 年 6 月 30 日止六 個月應佔未經審核虧損約 為 22,755,000 港元，而新 確股東於 2015 年 6 月 30 日 之應佔未經審核資產淨值 約為 549,510,000 港元。 新確投資的公平值乃基於 市場報價。

18 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

• (c) Town Health International Medical Group Limited (“Town Health”) is principally engaged in investment in healthcare business including medical institutions operation and pharmaceutical distribution in Hong Kong and China. The unaudited profit attributable to shareholders of Town Health for the six months ended 30 June 2015 was approximately HK$258,297,000 and the unaudited net assets attributable to the shareholders of Town Health as at 30 June 2 0 1 5 w a s a p p r o x i m a t e l y HK$4,546,619,000. The fair value of the investment in Town Health is based on quoted market bid prices.

• (c) 康健國際醫療集團有限公 司（「康健」）主要從事醫療 投資業務，包括於香港及 中國的醫療機構業務及醫 藥分銷。康健股東截至 2015 年 6 月 30 日止六個月 應佔未經審核溢利約為 258,297,000 港元，而康健 股東於 2015 年 6 月 30 日之 應佔未經審核資產淨值約 為 4,546,619,000 港元。康 健投資的公平值乃基於市 場報價。

• (d) BBI Life Sciences Corporation (“BBI”) is principally engaged in the provision of DNA synthesis products and life sciences research consumables primarily in China, North America, South America, Europe and Africa. The unaudited profit attributable to shareholders of BBI for the six months ended 30 June 2015 was approximately RMB21,283,000 and the unaudited net assets attributable to the shareholders of BBI as at 30 June 2015 was approximately RMB518,621,000. The fair value of the investment in BBI is based on quoted market bid prices.

• (d) BBI 生命科學有限公司 （「BBI」）之主要業務為主 要在中國、北美、南美、 歐洲及非洲提供 DNA 合成 產品及生命科學研究耗 材。BBI 股東截至 2015 年 6 月 30 日止六個月應佔未 經審核溢利約為人民幣 21,283,000 元，而 BBI 股 東於 2015 年 6 月 30 日之應 佔未經審核資產淨值約為 人民幣 518,621,000 元。 BBI 投資的公平值乃基於 市場報價。

19

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

• (e) Convoy Financial Holdings Limited (“Convoy”) is principally engaged in the independent financial adviser business, money lending business, proprietary investment business, asset management business and corporate finance advisory services. The audited profit attributable to shareholders of Convoy for the year ended 31 December 2014 was approximately HK$246,173,000 and the audited net assets attributable to the shareholders of Convoy as at 31 December 2014 was approximately HK$843,186,000. The fair value of the investment in Convoy is based on quoted market bid prices.

(e) 康宏金融控股有限公司 （「康宏」）主要從事獨立理 財顧問業務、借貸業務、 自營投資業務、資產管理 業務及企業融資顧問服 務。康宏股東截至 2014 年 12 月 31 日止年度應佔經審 核溢利約為 246,173,000 港元，而康宏股東於 2014 年 12 月 31 日之應佔經審 核資產淨值約為 843,186,000 港元。康宏投 資的公平值乃基於市場報 價。

• (f) China Harmony New Energy Auto Holding Limited (“Harmony Auto”) is principally engaged in the sale and service of motor vehicles in China. The audited profit attributable to shareholders of Harmony Auto for the year ended 31 December 2014 was approximately RMB544,365,000 and the audited net assets attributable to the shareholders of Harmony Auto as at 31 December 2014 was approximately RMB2,726,153,000. The fair value of the investment in Harmony Auto is based on quoted market bid prices.

• (f) 中國和諧新能源汽車控股 有限公司（「和諧汽車」）主 要於中國從事汽車銷售及 服務。和諧汽車股東截至 2014 年 12 月 31 日止年度 應佔經審核溢利約為人民 幣 544,365,000 元，而和 諧汽車股東於 2014 年 12 月 31 日之應佔經審核資產 淨值約為人民幣 2,726,153,000 元。和諧汽 車投資的公平值乃基於市 場報價。

20 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

• (g) DX.com Holdings Limited (“DX.com”) is principally engaged in e-commerce and provision of online sales platform and professional IT contract and maintenance services business. The unaudited loss attributable to shareholders of DX.com for the six months ended 31 December 2014 was approximately HK$29,115,000 and the unaudited net assets attributable to the shareholders of DX.com as at 31 December 2014 was approximately HK$172,774,000. The fair value of the investment in DX.com is based on quoted market bid prices.

• (g) DX.com 控股有限公司 （「DX.com」）主要從事電子 商務，提供網上銷售平 台、專業資訊科技合約及 維修保養服務的業務。 DX.com 股東截至 2014 年 12 月 31 日止六個月應佔未 經審核虧損約為 29,115,000 港 元， 而 DX.com 股東於 2014 年 12 月 31 日之應佔未經審核資 產淨值約為 172,774,000 港元。DX.com 投資的公平 值乃基於市場報價。

• (h) China Culiangwang Beverages Holdings Limited (“China Culiangwang”) is principally engaged in growing, processing and sales of agricultural products and consumer food and beverage products. The audited loss attributable to shareholders of China Culiangwang for the year ended 30 April 2015 was approximately RMB269,549,000 and the audited net assets attributable to the shareholders of China Culiangwang as at 30 April 2015 was approximately RMB3,489,391,000. The fair value of the investment in China Culiangwang is based on quoted market bid prices.

• (h) 中國粗糧王飲品控股有限 公司（「中國粗糧王」）主要 從事種植、加工及銷售農 產品、消費食品及飲料產 品業務。中國粗糧王股東 截至 2015 年 4 月 30 日止年 度應佔經審核虧損約為人 民幣 269,549,000 元，而 中國粗糧王股東於 2015 年 4 月 30 日之應佔經審核資 產淨值約為人民幣 3,489,391,000 元。中國粗 糧王投資的公平值乃基於 市場報價。

21

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

(i) Hydra Capital SPC (“Hydra Capital”) is an exempted company incorporated with limited liability and registered as a segregated portfolio company under the laws of the Cayman Islands established for the purpose of making investments on behalf of its portfolio holders. Hydra Capital has engaged a manager to make day-today decisions regarding the management of its investments. The manager has appointed an investment manager to manage and invest the assets of the investment portfolio on a discretionary basis. The investment manager is a company incorporated in Hong Kong with limited liability principally engaged in the provision of investment advisory, funds dealing, introducing brokers and asset management service. The investment portfolio of Hydra Capital is currently focused on making investments in internet-related and mobile-applicationsrelated industries. The fair value of the investment in Hydra Capital is stated as net asset value.

(i) Hydra Capital SPC（「Hydra Capital」）為根據開曼群島 法律註冊成立之獲豁免有 限公司，並登記為獨立投 資組合公司，成立目的為 代表其投資組合持有人進 行投資。Hydra Capital 已 委聘一名管理人負責有關 其投資管理之日常決策。 該管理人已委任一名投資 管理人按酌情基準管理及 投資投資組合之資產。該 投資管理人乃於香港註冊 成立之有限公司，主要從 事提供投資顧問、基金交 易、推介經紀及資產管理 服務。Hydra Capital 之投 資組合目前專注於互聯網 相關及移動應用相關行業 的投資。Hydra Capital 之 投資的公平值乃按資產淨 值列賬。

22 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

• (j) SBI China Capital M&A Fund LP (“SBI China Capital Fund”) is a segregated portfolio company registered with limited partnership under the laws of the Cayman Islands for the purpose of conducting investment in financial securities. The fund principally engaged in pre-IPO investments and is under the management of SBI China Capital, which owns extensive work experience in the research, IPO sponsorship and underwriting and financial advisers. The fair value of the investment in SBI China Capital Fund is stated as net asset value.

• (j) SBI China Capital M&A Fund LP（「 SBI China Capital Fund」）為根據開曼 群島法律登記為有限合夥 經營之獨立投資組合公 司，成立目的為進行金融 證券投資。該基金主要從 事首次公開發行前投資， 並由 SBI China Capital 管 理。SBI China Capital 於研 究、首次公開發行保薦、 包銷及財務顧問方面擁有 豐富之工作經驗。SBI China Capital Fund 之投資 之公平值乃按資產淨值列 賬。

The top three investments with realized gain and loss for the Period are summarised as below:

於本期間錄得已變現收益及虧損 之三大投資概述如下：

Top three realized gain for the Period

本期間三大已變現收益

Name of investment		Realized gain
投資名稱		已變現收益
		HK$’000
		千港元
Finsoft Financial Investment	匯財金融投資控股有限公司	51,396
Holdings Limited
China Mobile Games and Cultural	中國手遊文化投資有限公司	18,043
Investment Limited
Nanjing Sinolife United Company	南京中生聯合股份有限公司	14,053
Limited — H Shares	—H股

23

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

Top three realized loss for the Period	Top three realized loss for the Period	本期間三大已變現虧損	本期間三大已變現虧損
Name of investment			Realized loss
投資名稱			已變現虧損
			HK$’000
			千港元
China Culiangwang Beverages	中國粗糧王飲品控股有限公司		9,273
Holdings Limited
New Ray Medicine International	新銳醫藥國際控股有限公司		3,363
Holding Limited
Target Insurance (Holdings) Limited	泰加保險（控股）有限公司		3,212

LIQUIDITY, FINANCIAL RESOURCES AND GEARING

流動資金、財務資源及資 產負債比率

The Company has obtained stock borrowing facilities in 2011. As at 30 June 2015, the Company did not have any stock borrowings (31 December 2014: Nil).

本公司於 2011 年已獲得借股融 資。於 2015 年 6 月 30 日，本公 司並無任何借股（2014 年 12 月 31 日：無）。

The Company has maintained a sufficient cash position which will allow it to capture opportunities with promising returns in both listed and private equities.

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 把握機會，獲得豐厚回報。

As at 30 June 2015, the gearing ratio, defined as total borrowings divided by shareholders’ equities, was nil (31 December 2014: Nil). The Company did not have any borrowing as at 30 June 2015 (31 December 2014: Nil).

於 2015 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（2014 年 12 月 31 日： 零）。於 2015 年 6 月 30 日，本公 司並無任何借貸（2014 年 12 月 31 日：無）。

24 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

INTERIM DIVIDEND

中期股息

The Directors do not recommend the payment of any interim dividend during the Period (30 June 2014: Nil).

董事不建議派付本期間的任何中 期股息（2014年6月30日：無）。

CHARGES ON COMPANY’S ASSET AND CONTINGENT LIABILITIES

本公司的資產抵押及或然 負債

There were no material charges on the Company’s assets or significant contingent liabilities as at 30 June 2015 (31 December 2014: Nil).

於 2015 年 6 月 30 日，本公司並 無重大資產抵押或重大或然負債 （2014 年 12 月 31 日：無）。

CAPITAL STRUCTURE

股本架構

On 6 January 2011, 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, excluding the related issue expenses, for HK$312,090,000. Subsequent to the listing, the Company had acquired additional capital by completion of rights issue and placing of new shares under general mandate. As at 30 June 2015, the capital of the Company comprises of 515,100,000 ordinary shares.

於 2011 年 1 月 6 日，本公司完成 股份配售，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。上市後， 本公司已透過完成供股及根據一 般授權配售新股份取得額外資 本。於 2015 年 6 月 30 日，本公 司股本由 515,100,000 股普通股 組成。

25

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

SHARE OPTION SCHEME

購股權計劃

The Company has adopted a share option scheme (the “Share Option Scheme”) on 1 June 2015, pursuant to an ordinary resolution passed at the extraordinary general meeting held on 28 May 2015. No share option has been granted, exercised, cancelled or lapsed under the Share Option Scheme since the effective date of the Share Option Scheme and up to 30 June 2015.

根據於 2015 年 5 月 28 日舉行之 股東特別大會上通過之普通決議 案，本公司已於 2015 年 6 月 1 日 採納一項購股權計劃（「購股權 計劃」）。自購股權計劃生效日期 起至 2015 年 6 月 30 日止，概無 購股權根據購股權計劃獲授出、 行使、註銷或失效。

CAPITAL EXPENDITURE AND COMMITMENT

資本開支及承擔

Save as disclosed in note 18 of interim condensed financial statements, as at 30 June 2015, the Company made no capital expenditure or any other commitment (31 December 2014: Nil).

除中期簡明財務報表附註 18 所 披露外，於 2015 年 6 月 30 日， 本公司並無資本開支或任何其他 承擔（2014 年 12 月 31 日：無）。

MATERIAL ACQUISITION AND DISPOSAL

重大收購及出售

During the Period, the Company did not acquire or dispose of any subsidiaries or associated companies (31 December 2014: Nil).

於本期間，本公司並無收購或出 售任何附屬公司或聯營公司 （2014 年 12 月 31 日：無）。

USE OF PROCEEDS

所得款項用途

The Company has twenty one investments as of 30 June 2015, comprising of equity securities listed in Hong Kong and equity securities in private equity funds. The largest one held by the Company is in the IT sector focusing on the Hong Kong and Mainland China market.

本公司於 2015 年 6 月 30 日持有 二十一項投資，其中包括於香港 上市之權益證券，以及私募股權 基金之權益證券。本公司所持最 大一項為專注於香港及中國內地 市場的資訊科技板塊。

26 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

The rest of the net proceeds gained will be applied by the Board and China Everbright Securities (HK) Limited, (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 of the Company, the Listing Rules and the investment management agreement. Any proceeds not deployed are placed in bank deposits or invested in money market instruments or money market funds.

剩餘所得款項淨值將由董事會及 中國光大證券（香港）有限公司 （「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、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。

EMPLOYEES AND REMUNERATION POLICY

僱員及薪酬政策

As at 30 June 2015, the Company had four fulltime employees (31 December 2014: four full-time employees). All of the Company’s employees were based in Hong Kong.

於 2015 年 6 月 30 日，本公司擁 有四名全職僱員（2014 年 12 月 31 日：四名全職僱員）。本公司 所有僱員均位於香港。

The Company establishes its remuneration policy by making reference to the prevailing market conditions and a performance-based reward system and the policy is periodically reviewed. Apart from mandatory provident fund, salaries increment, share option and discretionary bonuses may be awarded to employees according to the assessment of individual performance.

本公司於制訂薪酬政策時會參考 現行市況及制訂一套績效獎勵制 度，並定期檢討該政策。除強制 性公積金外，本公司亦根據個人 表現評核而給予員工加薪、購股 權及酌情花紅。

The total remuneration cost incurred by the Company for the Period was approximately HK$990,973 (30 June 2014: HK$675,390).

於本期間，本公司產生的總薪酬 成本約為 990,973 港元（2014 年 6 月 30 日：675,390 港元）。

FOREIGN CURRENCY FLUCTUATION

外幣波動

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

董事會認為，由於本公司主要使 用港元進行業務交易，故外匯風 險極微。

27

中國新經濟投資有限公司 / 中期報告 2015

Management Discussion and Analysis 管理層討論與分析

EVENTS AFTER REPORTING PERIOD

報告期後事項

(i) Placing of new shares under general mandate

The Company has raised approximately HK$38.3 million, net of expenses, by way of entering into a placing agreement with the placing agent on 16 July 2015, to place 103,020,000 placing shares to Laberie Holdings Limited which is a wholly owned subsidiary of SEEC Media Group Limited, a company whose issued shares are listed on the Stock Exchange of Hong Kong Limited (stock code: 205).

(i) 根據一般授權配售新股份

本公司於 2015 年 7 月 16 日 透過與配售代理訂立配售 協議，向財訊傳媒集團有 限公司（其已發行股份於香 港聯合交易所有限公司上 市（股份代號：205））之全 資附屬公司麗寶利集團有 限公司配售 103,020,000 股配售股份，藉此籌集約 38,300,000 港元（經扣除 開支）。

The placing shares are issued at a gross price of HK$0.385 and net price of HK$0.372 per placing share (closing price of the Company was HK$0.385 as at the date of announcement) under the general mandate granted to the Directors at the annual general meeting of the Company held on 28 May 2015. The Company intended to use the net proceeds from the placing of new shares for investment in healthcare, environmental and creative culture in line with its ordinary course of business. Details of the placing of new shares under general mandate can be referred to the Company’s announcement dated 16 July 2015.

配售股份根據本公司於 2015 年 5 月 28 日舉行之股 東週年大會上授予董事之 一般授權按每股配售股份 總價 0.385 港元及淨價 0.372 港元（本公司於該公 告日期之收市價為 0.385 港元）發行。本公司擬將配 售新股份所得款項淨額用 於符合其一般業務範圍中 之保健、環境及創意文化 投資。根據一般授權配售 新股份之詳情可參閱本公 司日期為 2015 年 7 月 16 日 之公告。

28 China New Economy Fund Limited / Interim Report 2015

Management Discussion and Analysis 管理層討論與分析

(ii) Change of Custodian

The Company had terminated the custodian agreement with HSBC Institutional Trust Services (Asia) Limited effective on 2 August 2015 and entered into a new custodian agreement with Deutsche Bank AG Hong Kong Branch (the “Custodian Agreement”).

(ii) 更換託管人

本公司已終止與滙豐機構 信託服務（亞洲）有限公司 之託管協議，自 2015 年 8 月 2 日起生效，並與德意 志銀行香港分行訂立新託 管協議（「託管協議」）。

Under the Custodian Agreement, Deutsche Bank AG Hong Kong Branch was entitled to a custodian fee which is calculated of the net asset value of the Company at valuation day equal to the rate 0.02% per annum. The custodian fee subject to a monthly minimum fee of USD2,500 and is payable monthly in arrears. Details of the change of custodian can be referred to the Company’s announcement dated 29 July 2015.

根據託管協議，德意志銀 行香港分行有權收取託管 費，其按相當於按年本公 司於估值日資產淨值之 0.02% 計算。託管費須受 每月最低費用 2,500 美元 約束及須於每月月底支 付。更換託管人之詳情可 參閱本公司日期為 2015 年 7 月 29 日之公告。

(iii) Change of Administrator

The Company had terminated the administration agreement with HSBC Trustee (Cayman) Limited effective on 2 August 2015 and entered into a new administration agreement with Amicorp Hong Kong Limited (the “Administration Agreement”).

(iii) 更換行政管理人

本公司已終止與 HSBC Trustee (Cayman) Limited 之行政管理協議，自 2015 年 8 月 2 日起生效，並與傲 明香港有限公司訂立新行 政管理協議（「行政管理協 議」）。

Under the Administration Agreement, Amicorp Hong Kong Limited was entitled to an administration fee which is calculated of the net asset value of the Company at valuation day equal to the rate 0.11% per annum. The administration fee subject to a monthly minimum fee of USD7,500 and is payable monthly in arrears. Details of the change of administrator can be referred to the Company’s announcement dated 29 July 2015.

根據行政管理協議，傲明 香港有限公司有權收取行 政管理費，其按相當於按 年本公司於估值日資產淨 值之 0.11% 計算。行政管 理費須受每月最低費用 7,500 美元約束及須於每 月月底支付。更換行政管 理人之詳情可參閱本公司 日期為 2015 年 7 月 29 日之 公告。

29

中國新經濟投資有限公司 / 中期報告 2015

Other Information 其他資料

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

As at 30 June 2015, 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 of Hong Kong Limited (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 2015, the following persons (other than the Directors or chief executives of the Company) had interests or short positions in the shares or underlying shares of the Company which were recorded in the register required to be kept by the Company pursuant to 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 2015 年 6 月 30 日，董事或本 公司主要行政人員概無於本公司 或其任何相聯法團（定義見證券 及期貨條例（「證券及期貨條例」） 第 XV 部）之股份、相關股份或債 券中持有須登記於本公司根據證 券及期貨條例第 352 條存置登記 冊內之任何權益或淡倉，或須根 據上市規則附錄十所載上市發行 人董事進行證券交易的標準守則 （「標準守則」）另行知會本公司及 香港聯合交易所有限公司（「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 2015 年 6 月 30 日，以下人士 （董事或本公司主要行政人員除 外）於本公司之股份或相關股份 中持有須登記於本公司根據證券 及期貨條例第 336 條存置之登記 冊內之權益或淡倉：

30 China New Economy Fund Limited / Interim Report 2015

==> picture [173 x 34] intentionally omitted <==

Other Information 其他資料

Long positions in the ordinary shares of HK$0.10 each of the Company (the “Shares”)

於本公司每股面值 0.10 港元之 普通股（「股份」）中之好倉

			Number of
			shares held	Approximate %
		Number of	(Indirect	of issued
		shares held	Interests)	share capital
	Capacity in	(Direct	所持股份數目	of the Company
	which shares	Interests)	（間接權益）	佔本公司
Name of shareholder	are held	所持股份數目	(Note)	已發行股本之
股東名稱	於所持股份之身份	（直接權益）	（附註）	概約百分比
Guocang Group Limited	Interest in controlled	–	34,350,000	6.67
國藏集團有限公司	corporation
	受控制公司權益

Note: Brightpower Assets Management Limited (“Brightpower”) is 100% owned by Guocang Group Limited (“GGL”) and Brightpower holds 34,350,000 shares of the Company. Therefore, GGL is deemed to be interested in 34,350,000 shares of the Company by virtue of its shareholding in Brightpower.

• 附註： Brightpower Assets Management Limited（「Brightpower」）由國藏集 團有限公司（「國藏」）全資擁有， 而 Brightpower 持 有 本 公 司 34,350,000 股股份。因此，國藏 因持有 Brightpower 股權而被視為 擁有 34,350,000 股本公司股份之 權益。

Save as disclosed above, as at 30 June 2015, the Company has not been notified by any other persons 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.

除上文所披露者外，於 2015 年 6 月 30 日，本公司並未獲知會有 任何其他人士於本公司股份或相 關股份中擁有登記於本公司根據 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。

31

中國新經濟投資有限公司 / 中期報告 2015

Other Information 其他資料

DIRECTORS’ RIGHTS TO ACQUIRE SHARES AND DEBENTURES

董事購買股份及債券之 權利

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.

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 事或其各自之配偶或十八歲以下 之子女可藉購入本公司或任何其 他公司實體之股份或債券而獲 益。

CHANGES IN INFORMATION OF DIRECTORS

董事資料更改

Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in information of Directors of the Company subsequent to the date of the 2014 Annual Report of the Company are set out below:

根據上市規則第 13.51B(1) 條， 本公司董事資料於本公司 2014 年年報日期後之更改載列如下：

Name of Director	Details of Change
董事姓名	更改詳情
Mr. Gu Xu	(1) Appointed as an independent supervisor of Bank of
	Suzhou in May 2015.
顧旭先生	(1) 於2015年5月獲委任為蘇州銀行的獨立監事。

32 China New Economy Fund Limited / Interim Report 2015

==> picture [173 x 34] intentionally omitted <==

PURCHASE, SALE OR REDEMPTION 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 set out in the Corporate Governance Code (the “CG Code”) contained in Appendix 14 to the Listing Rules. The Board is of the view that throughout the Period, the Company was in compliance with the code provisions as set out in the CG Code, save and except for code provision A.2.1 which stipulates the roles of Chairman and Chief Executive should be separate and A.4.1 which states that the non-executive Directors should be appointed for a specific term, subject to re-election.

Other Information 其他資料

購回、出售或贖回本公司 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 之企業管治守則（「企業管治守 則」）所載大部分原則。董事會認 為，於本期間，本公司遵守企業 管治守則所載之守則條文，惟守 則條文第 A.2.1 條及第 A.4.1 條除 外，第 A.2.1 條規定主席與行政 總裁之角色應有區分，而第 A.4.1 條規定非執行董事須訂明 委任期限，並須接受重新選舉。

33

中國新經濟投資有限公司 / 中期報告 2015

Other Information 其他資料

Code provision A.2.1 stipulates that the roles of Chairman and Chief Executive should be separate and should not be performed by the same individual. During the Period, Mr. Gu Xu, the successor of Mr. Craig Blaser Lindsay, whom had been the Chairman and Chief Executive Officer of the Company since 28 May 2015. Each of them provided leadership to the Board and is responsible for the Company’s business development and daily management generally. The Board believes that vesting the roles of both Chairman and Chief Executive Officer in the same individual can provide the Company with strong and consistent leadership and allow for effective and efficient planning and implementation of business decisions and strategies. The Board believes that the balance of power and authority is adequately ensured by the operations of the Board which comprises experienced and highcalibre individuals, with three of them being independent non-executive Directors.

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 had complied with the required standard of dealings as set out in the Model Code throughout the Period.

守則條文第 A.2.1 條規定，主席 與行政總裁的角色應有區分，並 且不應由一人同時兼任。於本期 間，顧旭先生（Craig Blaser Lindsay 先生的繼任者）自 2015 年 5 月 28 日起已擔任本公司主 席及行政總裁之職務。彼等各自 領導董事會並負責本公司業務發 展及日常管理。董事會相信，由 一人同時兼任主席及行政總裁之 職務可為本公司提供有力而持續 的領導，並可讓本公司更有效及 更具效率地制定規劃及執行業務 決策及策略。董事會相信，董事 會由資深及優秀人士所組成，其 中三名為獨立非執行董事，其運 作管理將可充分確保權力及權責 取得平衡。

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，彼等於本 期間一直遵守標準守則所載的交 易準則規定。

34 China New Economy Fund Limited / Interim Report 2015

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AUDIT COMMITTEE

The Audit Committee currently comprises three independent non-executive Directors, namely Mr. Lam Chun Ho (being the chairman with professional qualifications in accountancy), Mr. Faris Ibrahim Taha Ayoub and Mr. Huang Liangkuai.

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 in a year and meet with the external auditors twice without the presence of the executive Directors.

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.

Other Information 其他資料

審核委員會

審核委員會現由三位獨立非執行 董事（即林振豪先生（主席，具 備會計師專業資格）、Faris Ibrahim Taha Ayoub 先生及黃良 快先生）組成。

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及在無執行 董事出席情況下與外部核數師會 晤兩次。

本公司審核委員會已審閱本公司 本期間之未經審核中期財務資料 及中期報告。

35

中國新經濟投資有限公司 / 中期報告 2015

Other Information 其他資料

PUBLICATION OF INTERIM REPORT

The interim report of the Company for the Period 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

Gu Xu

Chairman, Chief Executive Officer and Executive Director

Hong Kong, 27 August 2015

刊發中期報告

本公司本期間之中期報告載有上 市規則規定之所有適用資料，將 適時寄發予本公司股東，並於聯 交所(www.hkexnews.hk)及本公司 (www.chinaneweconomyfund. com) 網站刊登以供閱覽。

承董事會命 中國新經濟投資有限公司

主席、行政總裁兼執行董事 顧旭

香港，2015 年 8 月 27 日

36 China New Economy Fund Limited / Interim Report 2015

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Independent Review Report 獨立審閱報告

==> picture [71 x 76] intentionally omitted <==

To the board of directors 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 董事會

（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 information set out on pages 40 to 76, which comprises the interim condensed statement of financial position of China New Economy Fund Limited (the “Company”) as at 30 June 2015, and the related interim condensed statements of profit or loss and other 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”).

我們已審閱中國新經濟投資有限 公司（「貴公司」）載於第 40 至 76 頁的隨附中期簡明財務資料，包 括於 2015 年 6 月 30 日的中期簡 明財務狀況表及截至該日止六個 月期間相關的中期簡明損益及其 他全面收益表、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」）。

37

中國新經濟投資有限公司 / 中期報告 2015

Independent Review Report 獨立審閱報告

The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34. Our responsibility is to express a conclusion on this interim financial information 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.

SCOPE OF REVIEW

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 and 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.

貴公司的董事須負責根據國際會 計準則第 34 號編製及呈列本中 期財務資料。我們的責任是根據 我們的審閱對本中期財務資料作 出結論。我們僅根據我們協定的 委聘條款向整體董事會報告。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。

審閱範圍

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，因此我們未 能保證我們將知悉在審核中可能 被發現的所有重大事項。因此， 我們不會發表審核意見。

38 China New Economy Fund Limited / Interim Report 2015

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Independent Review Report 獨立審閱報告

CONCLUSION

結論

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

根據我們的審閱，並無任何事項 引致我們相信隨附中期財務資料 於所有重大方面並無根據國際會 計準則第 34 號編製。

Ernst & Young

Certified Public Accountants

22/F CITIC Tower 1 Tim Mei Avenue Central Hong Kong

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

27 August 2015

2015 年 8 月 27 日

39

中國新經濟投資有限公司 / 中期報告 2015

Interim Condensed Statement of Profit or Loss and Other Comprehensive Income 中期簡明損益及其他全面收益表

For the six months ended 30 June 2015 截至 2015 年 6 月 30 日止六個月

Notes 附註

For the six months ended 30 June 2015 For the six months ended 30 June 2014 截至2015年 6月30日 止六個月 截至2014年 6月30日 止六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 548,740 1,883,469 83,448,196 87,083,875 (9,141,178) (6,193,007) 74,855,758 82,774,337 (12,509,947) (13,136,625) 62,345,811 69,637,712 0.12 0.21 0.12 0.21

REVENUE 收入 4 Net change in fair value of financial assets at fair value through profit or loss 按公平值透過損益列賬 之金融資產之公平值 變動淨值 5 Other operating expenses 其他營運開支 PROFIT BEFORE TAX 除稅前溢利 6 Income tax expense 所得稅開支 9 PROFIT AFTER TAX AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY 本公司普通權益持有人 應佔期內除稅後溢利 及全面收益總值 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY 本公司普通權益持有人 應佔每股盈利 10 — Basic (restated for 2014) — 基本 （2014年經重列） — Diluted (restated for 2014) — 攤薄 （2014年經重列）

40

China New Economy Fund Limited / Interim Report 2015

Interim Condensed Statement of Financial Position 中期簡明財務狀況表

As at 30 June 2015 於 2015 年 6 月 30 日

Notes 附註

30 June 2015 31 December 2014 2015年 6月30日 2014年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 2,035,169 15,539,241 58,610,743 131 458,881,085 443,068,858 – 6,361,121 26,061,414 12,199,764 545,588,411 477,169,115 453,165 528,506 200 200 80,000 80,000 834,709 – 1,368,074 608,706 544,220,337 476,560,409 544,220,337 476,560,409 29,383,114 24,068,997 514,837,223 452,491,412 51,510,000 51,510,000 463,327,223 400,981,412 514,837,223 452,491,412 1.00 0.88

CURRENT ASSETS 流動資產 Prepayment, other receivables and deposits 預付款項、其他應收 款項及按金 Due from brokers 應收經紀人款項 Financial assets at fair value through profit or loss 按公平值透過損益列賬 之金融資產 11 Prepaid income tax 預付所得稅 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 Due to brokers 應付經紀人款項 Amount due to a related company 應付一間關連公司款項 14 Tax payable 應付稅項 Total current liabilities 流動負債總額 NET CURRENT ASSETS 流動資產淨值 TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債 NON-CURRENT LIABILITY 非流動負債 Deferred tax liabilities 遞延稅項負債 9 Net assets 資產淨值 EQUITY 權益 Issued capital 已發行股本 Reserves 儲備 Total equity 權益總值 NET ASSET VALUE PER SHARE 每股資產淨值 15

41

中國新經濟投資有限公司 / 中期報告 2015

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

For the six months ended 30 June 2015 截至 2015 年 6 月 30 日止六個月

	Issued capital 已發行股本 Share premium 股份溢價 Retained earnings/ (Accumulated losses) 保留盈利╱ （累計虧損） Total 總計 HK$ HK$ HK$ HK$ 港元 港元 港元 港元
At 1 January 2015 於2015年1月1日 Total comprehensive income for the period 期內全面收益總額 At 30 June 2015 (unaudited) 於2015年6月30日 （未經審核） At 1 January 2014 於2014年1月1日 Total comprehensive income for the period 期內全面收益總額 At 30 June 2014 (unaudited) 於2014年6月30日 （未經審核）	51,510,000 298,348,293 102,633,119 452,491,412 – – 62,345,811 62,345,811
	51,510,000 298,348,293 164,978,930** 514,837,223
	30,300,000 257,732,776 (33,704,704) 254,328,072 – – 69,637,712 69,637,712
	30,300,000 257,732,776 35,933,008 323,965,784

• These reserve accounts comprise the reserves of HK$463,327,223 (30 June 2014: HK$293,665,784) 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 463,327,223 港元

• （2014 年 6 月 30 日：293,665,784 港元）。

42 China New Economy Fund Limited / Interim Report 2015

Interim Condensed Statement of Cash Flows 中期簡明現金流量表

For the six months ended 30 June 2015 截至 2015 年 6 月 30 日止六個月

Notes 附註

For the six months ended 30 June 2015 For the six months ended 30 June 2014 截至2015年 6月30日止 六個月 截至2014年 6月30日止 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 74,855,758 82,774,337 (545,545) (1,214,784) – (639,573) (3,195) (29,112) (344,477,635) (248,034,906) 412,113,604 109,575,206 (78,357,822) 23,209,720 (5,090,374) (110,293,595) 58,494,791 (144,652,707) 13,528,109 (80,833) (58,610,612) – (75,341) 9,543,460 – (270,000) 13,336,947 (135,460,080) 521,461 1,214,784 – 832,328 3,242 28,493 13,861,650 (133,384,475)

CASH FLOWS FROM OPERATING ACTIVITIES 營運活動所得之 現金流量 Profit before tax 除稅前溢利 Adjustments for: 就以下項目調整： Dividend income from listed equity securities 上市權益證券之 股息收入 4 Interest income from listed debt securities 上市債務證券之 利息收入 4 Bank interest income 銀行利息收入 4 Payments for purchase of financial assets at fair value through profit or loss 購買按公平值透過 損益列賬之金融 資產付款 Proceeds from sale of financial assets at fair value through profit or loss 出售按公平值透過 損益列賬之金融 資產所得款項 Net realized (gain)/loss on financial assets at fair value through profit or loss 按公平值透過損益列賬 之金融資產變現 （收益）╱虧損淨值 5 Net unrealized gain on financial assets at fair value through profit or loss 按公平值透過損益列賬 之金融資產未變現 收益淨值 5 Decrease/(increase) in prepayments and deposits 預付款項及按金 減少╱（增加） Increase in amount due from brokers 應收經紀人款項增加 (Decrease)/increase in other payables 其他應付款項 （減少）╱增加 Decrease in amount due to a related company 應付一間關連公司 款項減少 Cash generated from/(used in) operations 營運活動所得╱（所用） 現金 Dividend income received from listed equity securities 已收上市權益證券之 股息收入 Interest income received from listed debt securities 已收上市債務證券之 利息收入 Bank interest received 已收銀行利息 Net cash flows generated from/ (used in) operating activities 營運活動所得╱（所用） 現金流量淨值

43

中國新經濟投資有限公司 / 中期報告 2015

Interim Condensed Statement of Cash Flows 中期簡明現金流量表

For the six months ended 30 June 2015 截至 2015 年 6 月 30 日止六個月

Notes 附註	For the six months ended 30 June 2015 For the six months ended 30 June 2014 截至2015年 6月30日止 六個月 截至2014年 6月30日止 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 13,861,650 (133,384,475) 12,199,764 201,849,766 26,061,414 68,465,291 26,061,414 68,465,291
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 現金及現金等值 增加╱（減少）淨額 Cash and cash equivalents at beginning of period 期初現金及現金等值 CASH AND CASH EQUIVALENTS AT END OF PERIOD 期末現金及現金等值 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS 現金及現金等值 結餘分析 — Cash at bank — 銀行現金 12

44

China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

1. CORPORATION INFORMATION

1. 公司資料

China New Economy Fund Limited 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-end investment company.

中國新經濟投資有限公司 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 KY11104, Cayman Islands. The principal place of business of the Company is at Room 707, 7/F., New World Tower 1, 16–18 Queen’s 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 C a y m a n K Y 1 - 1 1 0 4 , Cayman Islands。本公司 主要營業地點為香港中環 皇后大道中 16–18 號新世 界大廈 1 期 7 樓 707 室。

The principal investment objective of the Company is to achieve long-term capital appreciation through investing 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 過投資具能力生產或提供 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。

During the Period, the Company’s investment activities are managed by China Everbright Securities (HK) Limited, the Investment Manager.

於本期間，本公司的投資 活動由投資管理人中國光 大證券（香港）有限公司管 理。

45

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

2.1 BASIS OF PREPARATION

2.1 編製基準

The unaudited interim condensed financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable disclosure requirements of Appendix 16 of the Listing Rules of the Stock Exchange. They have been prepared under the historical cost convention, except for the financial assets 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 號中期財務報告及 聯交所上市規則附錄十六 之適用披露規定而編製。 除按公平值透過損益列賬 之金融資產以公平值計算 外，此等報表按照歷史成 本法編製。除另有表明 外，此中期簡明財務報表 以港元（港元）呈列。

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 as at 31 December 2014.

中期簡明財務報表不包括 年度財務報表所要求的所 有資料及披露，故應與本 公司於 2014 年 12 月 31 日 的年度財務報表一併閱覽。

46 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES

2.2 會計政策及披露之更 改

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 2014, except for the adoption of amendments to the standards effective as of 1 January 2015 that was assessed to have an impact to the annual financial statements of the Company or the interim condensed financial statements of the Company.

本公司於編製中期簡明財 務報表時所採納之會計政 策與本公司截至 2014 年 12 月 31 日止年度之年度財 務報表所用者一致，惟採 納於 2015 年 1 月 1 日生效 之準則修訂被評估為對本 公司之年度財務報表或本 公司中期簡明財務報表產 生影響則除外。

The nature and the impact of each amendment are described below:

各修訂之性質及影響詳述 於下文：

IAS 24 Related Party Disclosures

The amendment is applied retrospectively and clarifies that a management entity (an entity that provides key management personnel services) is a related party subject to the related party disclosures. In addition, an entity that uses a management entity is required to disclose the expenses incurred for management services. This amendment has been applied by the Company.

國際會計準則第24號關聯 方披露

該修訂將予追溯應用，其 釐清管理實體（即提供主要 管理人員服務之實體）為關 聯方，須遵守關聯方披露 規定。此外，使用管理實 體的實體必須披露管理服 務產生的開支。本公司已 應用該修訂。

47

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES (CONTINUED)

2.2 會計政策及披露之更 改（續）

International Financial Reporting Standard (“IFRS”) 13 Fair Value Measurement

The amendment is applied prospectively and clarifies that the portfolio exception in IFRS 13 can be applied not only to financial assets and financial liabilities, but also to other contracts within the scope of IFRS 9 (or IAS 39, as applicable). The Company does not apply the portfolio exception in IFRS 13.

國際財務報告準則（「國際 財務報告準則」）第13號公 平值計量

該修訂只對未來適用，其 釐清國際財務報告準則第 13 號的投資組合例外情況 不僅適用於金融資產及金 融負債，亦適用於國際財 務報告準則第 9 號（或國際 會計準則第39號，如適用） 範圍內的其他合約。本公 司並無應用國際財務報告 準則第 13 號的投資組合例 外情況。

48 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

2.3 ISSUED BUT NOT YET

EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS

2.3 已頒佈但尚未生效的 國際財務報告準則

The Company has not early applied 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 IFRSs, the following is 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 明財務報表內提早應用已 頒佈但尚未生效之任何新 訂及經修訂之國際財務報 告準則。於新訂之國際財 務報告準則中，以下準則 預計於生效後將與本公司 中期簡明財務報表相關：

IFRS 9 Financial Instruments[1]

IFRS 15 Revenue from Contracts with Customers[2]

國際財務報告 金融工具[1] 準則第 9 號 國際財務報告 自客戶合約 準則第 15 號 產生的收入[2]

1 Effective for annual periods beginning on or after 1 January 2018

2 Effective for annual periods beginning on or after 1 January 2017

• 1 於 2018 年 1 月 1 日或之後 開始的年度期間生效

• 2 於 2017 年 1 月 1 日或之後 開始的年度期間生效

The Company is in the process of making an assessment of the impact of these changes.

本公司正在評估此等變動 的影響。

49

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

For management purposes, the Company is organised into business units based on the categories of investments. During the Period, the Company has two reportable operating segments as follows:

就管理目的而言，本公司 根據投資類別劃分業務單 位。於本期間，本公司擁 有以下兩個可呈報經營分 部：

Listed securities – Investments in equity securities listed on relevant stock exchange Unlisted securities – Investments in private equity funds

上市證券 －投資於在相關 證券交易所 上市的權益 證券 非上市證券 －投資於私募 股權基金

Furthe r de tai l s o f the C o m p any’ s investments are included in note 11.

有關本公司投資的進一步 詳情載於附註 11。

50 China New Economy Fund Limited / Interim Report 2015

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

30 June 2015 2015 年 6 月 30 日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

The following is an analysis of the Company’s results by operating segments:

以下為按經營分部對本公 司業績所作之分析：

Listed securities Unlisted securities 上市證券 非上市證券 HK$ HK$ 港元 港元	Listed securities Unlisted securities 上市證券 非上市證券 HK$ HK$ 港元 港元	Total
		總計
		HK$
		港元
For the six months ended 30 June 2015 (unaudited) 截至2015年6月30日 止六個月 （未經審核） Segment results 分部業績 76,480,289 7,513,452 Bank interest income 銀行利息收入 Unallocated expenses 未分配開支 Profit before tax 除稅前溢利 Listed securities Unlisted securities 上市證券 非上市證券 HK$ HK$ 港元 港元
	76,480,289 7,513,452	83,993,741
		3,195
		(9,141,178)
		74,855,758
	Listed securities Unlisted securities 上市證券 非上市證券 HK$ HK$ 港元 港元	Total 總計 HK$ 港元 88,938,232 29,112 (6,193,007) 82,774,337
For the six months ended 30 June 2014 (unaudited) 截至2014年6月30日 止六個月 （未經審核） Segment results 分部業績 88,938,232 – Bank interest income 銀行利息收入 Unallocated expenses 未分配開支 Profit before tax 除稅前溢利

51

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

For the six months ended 30 June 2015 and 2014, segment results represented the net gain on fair value of listed equities, debt securities and private equity funds classified as financial assets at fair value through profit or loss and the corresponding interest income as well as dividend income earned by each segment without the allocation of administrative expenses and interest income from bank deposits as well as Investment Manager’s fees.

截至 2015 年及 2014 年 6 月 30 日止六個月，分部業 績指分類為按公平值透過 損益列賬之金融資產之上 市權益、債務證券及私募 股權基金公平值收益凈值 及相應利息收入以及各分 部賺取之股息收入，不計 及行政開支及銀行存款利 息收入以及投資管理人費 用分配。

As management considers the Company’s nature of business as investment holding, there was no information regarding major customers as determined by the Company and no segment revenue is presented.

由於管理層認為本公司的 業務性質為投資控股，故 概無有關本公司所釐定主 要客戶的資料，且概無呈 報分部收益。

52 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

The following is an analysis of the Company’s assets and liabilities by operating segments:

以下為按經營分部對本公 司資產及負債所作之分 析：

==> picture [225 x 69] intentionally omitted <==

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

||||
|---|---|---|
|Listed|Unlisted|
|securities|securities|Total|
|上市證券|非上市證券|總計|
|HK$|HK$|HK$|
|港元|港元|港元|

----- End of picture text -----

==> picture [319 x 215] intentionally omitted <==

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

|||||||||
|---|---|---|---|---|---|---|---|
|At 30 June 2015 (unaudited)|於|2015|年|6|月|30|日|
|（未經審核）|
|Assets:|資產：|
|Financial assets at fair value|按公平值透過損益|
|through profit or loss|列賬之金融資產|398,845,546|60,035,539|458,881,085|
|Unallocated assets|未分配資產|86,707,326|
|Total assets|資產總值|545,588,411|
|Liabilities:|負債：|
|Unallocated liabilities|未分配負債|30,751,188|
|Total liabilities|負債總額|30,751,188|

----- End of picture text -----

53

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

	Listed securities Unlisted securities 上市證券 非上市證券 HK$ HK$ 港元 港元	Total 總計 HK$ 港元
At 31 December 2014 (audited) 於2014年12月31日 （經審核） Assets: 資產： Financial assets at fair value through profit or loss 按公平值透過損益 列賬之金融資產 Unallocated assets 未分配資產 Total assets 資產總值 Liabilities: 負債： Unallocated liabilities 未分配負債 Total liabilities 負債總額	405,546,771 37,522,087	443,068,858 34,100,257
		477,169,115
		24,677,703
		24,677,703

For the purpose of monitoring segment performance and allocating resources between segments, all assets are allocated to reportable segments other than prepayments and other receivables, due from brokers, and cash and bank balances.

就監控分部表現及於分部 間配置資源而言，除預付 款項及其他應收款項、應 收經紀人款項及現金及銀 行結餘外，所有資產分配 至可呈報分部。

54 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

4. REVENUE

4. 收入

An analysis of revenue is as follows:

收入分析如下：

	For the six months ended 30 June 2015 For the six months ended 30 June 2014 截至2015年 6月30日止 六個月 截至2014年 6月30日止 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 545,545 1,214,784 – 639,573 3,195 29,112 548,740 1,883,469
Dividend income from listed equity securities 上市權益證券之股息收入 Interest income from listed debt securities 上市債務證券之利息收入 Bank interest income 銀行利息收入

55

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

5. NET CHANGE IN FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

5. 按公平值透過損益列 賬之金融資產之公平 值變動淨值

		Listed securities Unlisted securities Total 上市證券 非上市證券 總計 HK$ HK$ HK$ 港元 港元 港元
For the six months ended	截至2015年6月30日
30 June 2015 (unaudited)	止六個月
	（未經審核）
Net realized gain on financial	按公平值透過損益
assets at fair value through	列賬之金融資產
profit or loss	變現收益淨值	78,357,822 – 78,357,822
Net unrealized (loss)/gain 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（虧損）╱
	收益淨值	(2,423,078) 7,513,452 5,090,374
Total realized and unrealized	計入損益內之變現及
gain included in	未變現收益總值
profit or loss		75,934,744 7,513,452 83,448,196

56 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

5. NET CHANGE IN FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

5. 按公平值透過損益列 賬之金融資產之公平 值變動淨值（續）

		Listed	Unlisted
		securities	securities	Total
		上市證券	非上市證券	總計
		HK$	HK$	HK$
		港元	港元	港元
For the six months ended	截至2014年6月30日
30 June 2014 (unaudited)	止六個月
	（未經審核）
Net realized loss on financial	按公平值透過損益
assets at fair value through	列賬之金融資產
profit or loss	變現虧損淨值	(23,209,720)	–	(23,209,720)
Net unrealized gain on	按公平值透過損益
financial assets at fair value	列賬之金融資產未
through profit or loss	變現收益淨值	110,293,595	–	110,293,595
Total realized and unrealized	計入損益內之變現及
gain included in the	未變現收益總值
profit or loss		87,083,875	–	87,083,875

57

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

6. PROFIT BEFORE TAX

6. 除稅前溢利

The Company’s profit before tax is arrived at after charging/(crediting):

本公司之除稅前溢利經扣 除╱（計入）以下各項後達 致：

	For the six months ended 30 June 2015 For the six months ended 30 June 2014 截至2015年 6月30日止 六個月 截至2014年 6月30日止 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 812,540 774,000 1,000,000 – – – 1,812,540 774,000 990,973 675,390 480,000 480,000 149,250 149,250 (5,569) 252,801 435,549 89,825 838,000 1,207,500 799,181 427,840
Directors’ remuneration: 董事酬金： Fees 袍金 Bonus 花紅 Other emoluments 其他酬金 Staff cost (excluding directors’ remuneration) 員工成本（不包括董事 酬金） Investment management fee (note 8) 投資管理費（附註8） Auditors’ remuneration 核數師酬金 Foreign exchange (gain)/loss, net 外匯（收益）╱虧損，淨額 Minimum operating lease payments in respect of properties 有關物業之最低經營租賃 付款 Consultancy fees 顧問費 Legal and professional fees 法律及專業人士費用

58 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

7. INTERIM DIVIDEND

7. 中期股息

The Board has resolved not to pay any interim dividend in respect of the Period. (30 June 2014: Nil).

董事會已議決不派付本期 間之任何中期股息（2014 年 6 月 30 日：無）。

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	0.140%
net asset value	per annum
Next HK$1,200 million of	0.125%
net asset value	per annum
On the remainder of	0.110%
net asset value	per annum

資產淨值的	每年
首個8億港元	0.140%
資產淨值的	每年
下個12億港元	0.125%
資產淨值的	每年
餘下部分	0.110%

The administration fee is subject to a monthly minimum fee of HK$73,000 and is payable monthly in arrears.

行政管理費須受每月最低 費用為 73,000 港元約束及 須於每月月底支付。

The administration fee for the Period was HK$509,790 (30 June 2014: HK$438,000). As at 30 June 2015, an administration fee of H K $ 7 3 , 0 0 0 ( 3 1 D e c e m b e r 2 0 1 4 : H K $ 1 4 6 , 0 0 0 ) w a s p a y a b l e t o t h e Administrator.

本期間行政管理費為 509,790 港元（2014 年 6 月 30 日：438,000 港元）。於 2015 年 6 月 30 日，行政管 理費 73,000 港元（2014 年 12月31日：146,000港元） 應付予行政管理人。

59

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

8. FEES (CONTINUED)

8. 費用（續）

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 adhoc 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。

The valuation fee for the Period was HK$16,000 (30 June 2014: Nil). As at 30 June 2015, no valuation fee (31 December 2014: Nil) was payable to the Administrator.

本期間的估值費為 16,000 港 元（2014 年 6 月 30 日： 無）。於2015年6月30日， 並無估值費（2014 年 12 月 31 日：無）應付予行政管 理人。

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	0.040%
net asset value	per annum
Next HK$1,200 million of	0.035%
net asset value	per annum
On the remainder of	0.030%
net asset value	per annum

資產淨值的首個	每年
8億港元	0.040%
資產淨值的下個	每年
12億港元	0.035%
資產淨值的	每年
餘下部分	0.030%

The custodian fee is subject to a monthly minimum fee of HK$15,000 and is payable monthly in arrears.

託管費須受每月最低費用 為 15,000 港元約束及須於 每月月底支付。

The custodian fee for the Period was HK$114,651 (30 June 2014: HK$90,000). As at 30 June 2015, a custodian fee of H K $ 1 8 , 4 9 9 ( 3 1 D e c e m b e r 2 0 1 4 : HK$32,399) was payable to the Custodian.

本期間託管費為 114,651 港 元（2014 年 6 月 30 日： 90,000 港元）。於 2015 年 6 月 30 日，託管費 18,499 港元（2014 年 12 月 31 日： 32,399 港元）應付予託管 人。

60 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

8. FEES (CONTINUED)

8. 費用（續）

Management fee

China Everbright Securities (HK) Limited, the Investment Manager, was entitled to a monthly management fee of HK$80,000 (30 June 2014: HK$80,000) and payable monthly in arrears.

管理費

投資管理人中國光大證券 （香港）有限公司有權收取 每月管理費 80,000 港元 （ 2 0 1 4 年 6 月 3 0 日： 80,000 港元），並須於每 月月底支付。

The management fee for the Period was HK$480,000 (30 June 2014: HK$480,000). As at 30 June 2015, a management fee of H K $ 8 0 , 0 0 0 ( 3 1 D e c e m b e r 2 0 1 4 : HK$80,000) was payable to the Investment Manager.

本期間管理費為 480,000 港 元（2014 年 6 月 30 日： 480,000 港元）。於 2015 年 6 月 30 日，管理費 80,000 港元（2014 年 12 月 31 日： 80,000 港元）應付予投資 管理人。

9. TAXATION

9. 稅項

The Company calculates the Period income tax expenses using the tax rate that would be applicable to the expected total annual earnings.

本公司使用適用於預期年 度收益總額之稅率計算本 期間所得稅開支。

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. 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.

開曼群島

現時開曼群島法律並無任 何正生效的所得稅、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。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 日起二十年期間，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。

61

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

9. TAXATION (CONTINUED)

9. 稅項（續）

Hong Kong

Hong Kong profits tax of HK$12,509,947 ( 3 0 J u n e 2 0 1 4 : H K $ 1 3 , 1 3 6 , 6 2 5 ) representing Hong Kong profits tax of HK$7,195,830 (30 June 2014: Nil) and net deferred tax liability of HK$5,314,117 (30 June 2014: HK$13,136,625) that have been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong during the Period (30 June 2014: 16.5%).

香港

香港利得稅金額為 12,509,947 港元（2014 年 6 月 30 日：13,136,625 港 元），指香港利得稅 7,195,830 港元（2014 年 6 月 30 日：無）及遞延稅項 負債淨額 5,314,117 港元 （ 2 0 1 4 年 6 月 3 0 日： 13,136,625 港元），乃按於 本期間於香港產生之估計 應課稅溢利以稅率 16.5% （ 2 0 1 4 年 6 月 3 0 日： 16.5%）作出撥備。

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

於報告期末，資產及負債 之稅基與其作財務報告用 途賬面值之間的一切暫時 性差異以負債法計提遞延 稅項。

For presentation purposes, deferred tax assets and liabilities as at 30 June 2015 have been offset in the interim condensed statement of financial position. The deferred tax liabilities arising from unrealized investment valuation gains amounted to HK$29,383,114 (31 December 2014: HK$24,068,997).

就呈列而言，於 2015 年 6 月 30 日之遞延稅項資產及 負債已於中期簡明財務狀 況表內抵銷。因未變現投 資估值收益而產生之遞延 稅項負債為 29,383,114 港 元（ 2014 年 12 月 31 日： 24,068,997 港元）。

62 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

10. EARNINGS PER SHARE

ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

10. 本公司普通權益持有 人應佔每股盈利

The calculation of basic earnings per share is based on the Company’s profit for the Period attributable to the ordinary equity holders of HK$62,345,811 (30 June 2014: HK$69,637,712) and the weighted average number of ordinary shares in issue during the Period of 515,100,000 (30 June 2014: 334,443,396 (restated) ordinary shares), as adjusted to reflect the rights issue and placement shares issued during 2014. No adjustment has been made to the basic earnings per share amount presented for the Period in respect of a dilution as the Company had no dilutive ordinary shares in issue during the Period (30 June 2014: adjusted to reflect the rights issue and placement shares issued during the year 2014).

每股基本盈利以普通權益 持有人應佔本期間本公司 溢 利 62,345,811 港 元 （ 2 0 1 4 年 6 月 3 0 日： 69,637,712 港元）及本期 間已發行普通股加權平均 數 515,100,000 股（2014 年 6 月 30 日：334,443,396 股 普通股（經重列））計算得 出，並已作出調整以反映 於 2014 年已發行供股及配 售股份。由於本公司於本 期間並無已發行之攤薄普 通 股（2014 年 6 月 30 日： 已作出調整以反映於 2014 年已發行供股及配售股 份），因此，並無對本期間 已呈列之每股基本盈利作 出有關攤薄之調整。

63

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

11. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

11. 按公平值透過損益列 賬之金融資產

	30 June 2015 31 December 2014 2015年 6月30日 2014年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 398,845,546 405,546,771 60,035,539 37,522,087 458,881,085 443,068,858
Listed equity securities — Hong Kong 上市權益證券 — 香港 Investments in private equity funds — Cayman Islands 私募股權基金投資 — 開曼群島

The fair values of the listed equity securities are determined based on the quoted market bid prices available on the relevant stock exchanges at the end of the Period.

上市權益證券的公平值乃 根據相關證券交易所於本 期間末所提供的市場報價 釐定。

The Company invested in private equity funds which are not quoted in an active market. Transactions in such investments do not occur on a regular basis. The Company uses its net asset value to determine its fair value as the Company determined that this is the fair price in which shareholders subscribe and redeem from the fund.

本公司於私募股權基金的 投資在交投活躍的市場中 並無報價。該等投資的交 易並非定期進行。本公司 採用其資產淨值釐定其公 平值，乃由於本公司認為 此乃股東認購及自基金贖 回之公平價格。

64 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

11. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

11. 按公平值透過損益列 賬之金融資產（續）

Movement in net unrealized gain on financial assets at fair value through profit or loss of H K $ 5 , 0 9 0 , 3 7 4 ( 3 0 J u n e 2 0 1 4 : HK$110,293,595) has been recognized in profit or loss.

按公平值透過損益列賬之 金融資產未變現收益淨額 5,090,374 港元（2014 年 6 月 30 日：110,293,595 港 元）之變動已於損益內確 認。

12. CASH AND CASH EQUIVALENTS

12. 現金及現金等值

12. CASH AND CASH EQUIVALENTS	現金及現金等值
	30 June 2015 31 December 2014 2015年 6月30日 2014年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 26,061,414 4,815,793 – 7,383,971 26,061,414 12,199,764
Cash at bank 銀行現金 Short-term time deposits 短期定期存款

65

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

12. CASH AND CASH EQUIVALENTS (CONTINUED)

12. 現金及現金等值（續）

Cash at bank earns interest at floating rates based on daily bank deposit rates. Last year’s short-term time deposits are made for varying periods from 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 shortterm time deposits are placed with H o n g k o n g a n d S h a n g h a i B a n k i n g 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。去年短期定期存 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定 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。

At the end of the Period, cash at bank of the Company denominated in Renminbi (RMB) amounted to HK$1,217 (31 December 2014: HK$4,815,774). The RMB is not fully convertible into other currencies, however under the Mainland China’s Foreign Exchange Control Regulation and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for the currencies through banks authorized to conduct foreign exchange business.

於本期間末，本公司以人 民幣（人民幣）計值之銀行 現金為 1,217 港元（2014 年 12 月 31 日：4,815,774 港 元）。人民幣不得悉數兌換 為其他貨幣，然而，根據 中國內地之《外匯管理條 例》及《結匯、付匯及售匯 管理規定》，本公司獲准透 過獲授權經營外匯業務之 銀行將人民幣兌換為其他 貨幣。

66 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

13. OTHER PAYABLES AND ACCRUALS

13. 其他應付款項及應計 費用

As at 30 June 2015 and 31 December 2014, the other payables are non-interestbearing and have an average term of less than three months.

於 2015 年 6 月 30 日 及 2014 年 12 月 31 日，其他 應付款項乃不附利息及平 均年期少於三個月。

14. AMOUNT DUE TO A RELATED COMPANY

14. 應付一間關連公司 款項

As at 30 June 2015 and 31 December 2014, the amount due to a related company represents management fee payable to the Investment Manager. The payable is noninterest bearing and has a repayment term of less than one month.

於2015年6月30日及2014年 12 月 31 日，應付一間關連 公司款項指應付投資管理 人的管理費。該應付款項 不附利息及還款期限少於 一個月。

15. NET ASSET VALUE PER SHARE

15. 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 2015 of HK$514,837,223 (31 December 2014: HK$452,491,412) and on 515,100,000 ordinary shares being in issue as at 30 June 2015 (31 December 2014: 515,100,000 ordinary shares).

每股資產淨值乃按本公司 於 2015年6月30日的資產 淨值514,837,223港元（2014 年 12 月31日：452,491,412 港元）及於 2015年6月30日 已發行普通股515,100,000 股（ 2014 年 12 月 31 日： 515,100,000股普通股）計 算。

67

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

16. RELATED PARTY TRANSACTIONS

16. 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 Period:

除在中期簡明財務報表其 他部分詳述的關連方交易 外，本公司於本期間與關 連方進行下列交易：

Investment Manager — China Everbright Securities (HK) Limited

The Investment Manager is responsible to manage, supervise and direct the investment, disposition and re-investment of the assets of the Company, on a discretionary basis, but subject to the investment objective and restrictions of the Company. The Investment Manager is entitled to receive management fees for its respective services in terms of the agreement dated 18 December 2013. 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[—] 中國光大證 券（香港）有限公司

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 2013 年 12 月 18 日簽訂的協議條 款，有權就其提供的各項 服務收取管理費。有關投 資管理人有權收取的費用 詳情載於中期簡明財務報 表附註 8。

The Directors consider the key management personnel of the Company comprise of its Board, whose remuneration is shown in note 6 of the interim condensed financial statements. An one-off bonus was paid to a retired executive director.

董事認為，本公司主要管 理人員包括其董事會成 員，彼等之薪酬見中期簡 明財務報表附註 6。本公 司已向一名退任執行董事 一筆過支付花紅。

68 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

17. FAIR VALUE HIERARCHY

17. 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 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• 第一級[—] 可辨識資產或負債於 活躍市場的報價（未經 調整）

• Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

• 第二級[—] 最低水平輸入值直接 或間接為可觀察數 據，且對公平值計量 屬重大的估值技術

• Level 3 – Valuation techniques for which the lowest level of input that is significant to the fair value measurement is unobservable

• 第三級[—] 最低水平輸入值為不 可觀察數據，且對公 平值計量屬重大的估 值技術

69

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

17. FAIR VALUE HIERARCHY (CONTINUED)

17. 公平值等級（續）

(CONTINUED)
		Level 1 第一級 HK$ 港元	30 June 2015 (Unaudited) 2015年6月30日（未經審核） Level 2 Level 3 第二級 第三級 HK$ HK$ 港元 港元		Total 總計 HK$ 港元
Financial assets designated	按公平值透過
at fair value through profit	損益列賬之
or loss:	金融資產：
Listed	上市
— Equity securities	— 權益證券	398,845,546	–	–	398,845,546
Unlisted	非上市
— Private equity funds	— 私募股權基金	–	–	60,035,539	60,035,539
		398,845,546	–	60,035,539	458,881,085

			31 December	2014 (Audited)
			2014年12月31日（經審核）
		Level 1	Level 2	Level 3	Total
		第一級	第二級	第三級	總計
		HK$	HK$	HK$	HK$
		港元	港元	港元	港元
Financial assets designated	按公平值透過
at fair value through profit	損益列賬之
or loss:	金融資產：
Listed	上市
— Equity securities	— 權益證券	405,546,771	–	–	405,546,771
Unlisted	非上市
— Private equity fund	— 私募股權基金	–	–	37,522,087	37,522,087
		405,546,771	–	37,522,087	443,068,858

70

China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

17. FAIR VALUE HIERARCHY (CONTINUED)

17. 公平值等級（續）

Valuations are the responsibility of the Board of the Company. The fair values of listed equity securities are based on quoted bid prices. The fair values of the investments in private equity funds are based on its unadjusted net asset value. The valuation of investments in private equity funds are performed on a quarterly basis by management of the Company. The Directors believe that the estimated fair values are considered appropriate of the valuation method and inputs. Similarly, the Directors may request alternative valuation methods applied to support the valuation arising from the method chosen, which is a reasonable and most appropriate value at the end of the reporting period. Any changes in valuation methods are discussed and agreed with the Company’s Board.

估值乃屬本公司董事會之 責任。上市權益證券之公 平值乃基於所報買入價計 算。於私募股權基金之投 資之公平值乃基於其未經 調整資產淨值計算。本公 司管理層每季就私募股權 基金之投資進行估值。董 事相信，估計公平值就估 值方法及輸入值而言屬適 當。同樣地，董事可要求 應用其他估值方法，以支 持自所選方法產生之估 值，而該估值於報告期末 屬合理及最適當之數值。 估值方法之任何變動須經 本公司董事會討論及協商。

71

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

17. FAIR VALUE HIERARCHY (CONTINUED)

17. 公平值等級（續）

The movements in fair value measurements in Level 3 during the Period are as follows:

本期間第三級公平值計量 變動如下：

	30 June 2015 31 December 2014 2015年 6月30日 2014年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 37,522,087 – 15,000,000 71,382,750 – (33,882,750) 7,513,452 22,087 60,035,539 37,522,087
At 1 January 於1月1日 Purchases 購買 Transfer out of Level 3 to Level 1 自第三級轉撥至第一級 Total unrealized gain or loss recognized in profit and loss 於損益內確認之未變現 收益或虧損總值 At 30 June 2015 (Unaudited) and 31 December 2014 (Audited) 於2015年6月30日 （未經審核）及 2014年12月31日 （經審核）

During the Period, there were no transfers into or out of Level 1, Level 2 and Level 3 of fair value measurement.

於本期間，第一級、第二 級及第三級之間並無轉撥 公平值計量。

72 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

18. COMMITMENTS

18. 承擔

During the Period, the Company has two three-year tenancy agreements for the lease of its office premises. The total future lease payments under the tenancy agreements falling due at the end of the Period is as follows:

於本期間，本公司就租賃 辦公室物業訂有兩份為期 三年之租賃協議。於本期 間末，租賃協議下未來租 賃付款總額的到期情況如 下：

	30 June 2015 31 December 2014 2015年 6月30日 2014年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 1,142,352 582,120 1,142,352 582,120 517,194 388,080 2,801,898 1,552,320
Within one year 一年內 In the second year 第二年 In more than two years 超過兩年後

73

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

19. EVENTS AFTER REPORTING PERIOD

19. 報告期後事項

(i) Placing of new shares under general mandate

T h e C o m p a n y h a s r a i s e d approximately HK$38.3 million, net of expenses, by way of entering into a placing agreement with the placing agent on 16 July 2015, to place 103,020,000 placing shares to Laberie Holdings Limited which is a wholly owned subsidiary of SEEC Media Group Limited, a company whose issued shares are listed on the Stock Exchange of Hong Kong Limited (stock code: 205).

(i) 根據一般授權配售新 股份

本公司於 2015 年 7 月 16 日透過與配售 代理訂立配售協議， 向財訊傳媒集團有限 公司（其已發行股份 於香港聯合交易所有 限公司上市（股份代 號：205））之全資附 屬公司麗寶利集 團有限公司配售 103,020,000 股配售 股份，藉此籌集約 38,300,000 港元（經 扣除開支）。

The placing shares are issued at a gross price of HK$0.385 and net price of HK$0.372 per placing share (closing price of the Company was HK$0.385 as at the date of announcement) under the general mandate granted to the Directors at the annual general meeting of the Company held on 28 May 2015.

配售股份根據本公司 於 2015 年 5 月 28 日 舉行之股東週年大會 上授予董事之一般授 權按每股配售股份總 價 0.385 港元及淨價 0.372 港元（本公司 於該公告日期之收市 價為 0.385 港元）發 行。

74 China New Economy Fund Limited / Interim Report 2015

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2015 2015 年 6 月 30 日

19. EVENTS AFTER REPORTING PERIOD (CONTINUED)

19. 報告期後事項（續）

(ii) Change of Custodian

The Company had terminated the custodian agreement with HSBC Institutional Trust Services (Asia) Limited effective on 2 August 2015 and entered into a new custodian agreement with Deutsche Bank AG Hong Kong Branch.

(ii) 更換託管人

本公司已終止與滙豐 機構信託服務（亞洲） 有限公司之託管協 議，自 2015 年 8 月 2 日起生效，並與德意 志銀行香港分行訂立 新託管協議。

Under the Custodian Agreement, Deutsche Bank AG Hong Kong Branch was entitled to a custodian fee which is calculated of the net asset value of the Company at valuation day equal to the rate 0.02% per annum. The custodian fee subject to a monthly minimum fee of USD2,500 and is payable monthly in arrears.

根據託管協議，德意 志銀行香港分行有權 收取託管費，其按相 當於按年本公司於估 值日資產淨值之 0.02% 計算。託管費 須受每月最低費用 2,500 美元約束及須 於每月月底支付。

75

中國新經濟投資有限公司 / 中期報告 2015

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

30 June 2015 2015 年 6 月 30 日

19. EVENTS AFTER REPORTING PERIOD (CONTINUED)

19. 報告期後事項（續）

(iii) Change of Administrator

The Company had terminated the administration agreement with HSBC Trustee (Cayman) Limited effective on 2 August 2015 and entered into a new administration agreement with Amicorp Hong Kong Limited.

(iii) 更換行政管理人

本公司已終止與 H S B C T r u s t e e (Cayman) Limited 之 行政管理協議，自 2015 年 8 月 2 日起生 效，並與傲明香港有 限公司訂立新行政管 理協議。

Under the Administration Agreement, Amicorp Hong Kong Limited was entitled to an administration fee which is calculated of the net asset value of the Company at valuation day equal to the rate 0.11% per annum. The administration fee is subject to a monthly minimum fee of USD7,500 and is payable monthly in arrears.

根據行政管理協議， 傲明香港有限公司有 權收取行政管理費， 其按相當於按年本公 司於估值日資產淨值 之 0.11% 計算。行政 管理費須受每月最低 費用 7,500 美元約束 及須於每月月底支 付。

20. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

20. 中期簡明財務報表的 批准

The interim condensed financial statements were approved and authorized for issue by the Board of Directors on 27 August 2015.

本中期簡明財務報表已於 2015 年 8 月 27 日獲董事會 批准及授權刊發。

76 China New Economy Fund Limited / Interim Report 2015

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

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