CAI Corp — Interim / Quarterly Report 2016

Sep 19, 2016

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

Stock Code 股份代號 : 80

2016 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	33
INTERIM CONDENSED	中期簡明財務報表
FINANCIAL STATEMENTS
Interim Condensed Statement of	中期簡明	43
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	44
Financial Position	財務狀況表
Interim Condensed Statement of	中期簡明	45
Changes in Equity	權益變動表
Interim Condensed Statement of	中期簡明	46
Cash Flows	現金流量表
Notes to Interim Condensed	中期簡明	48
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) Mr. Chan Cheong Yee

Independent Non-Executive Directors

Mr. Lam Chun Ho Mr. Faris Ibrahim Taha Ayoub Mr. Pun Tit Shan (appointed on 8 April 2016) Mr. Huang Liangkuai (retired on 27 May 2016)

AUDIT COMMITTEE

Mr. Lam Chun Ho (Chairman) Mr. Faris Ibrahim Taha Ayoub Mr. Pun Tit Shan (appointed on 8 April 2016) Mr. Huang Liangkuai (retired on 27 May 2016)

REMUNERATION COMMITTEE

Mr. Lam Chun Ho (Chairman) Mr. Faris Ibrahim Taha Ayoub Mr. Pun Tit Shan (appointed on 8 April 2016) Mr. Huang Liangkuai (retired on 27 May 2016)

董事會

執行董事

顧旭先生 （主席兼行政總裁） 陳昌義先生

獨立非執行董事

林振豪先生

Faris Ibrahim Taha Ayoub 先生 潘鐵珊先生 （於2016年4月8日獲委任） 黃良快先生 （於2016年5月27日退任）

審核委員會

林振豪先生（主席）

Faris Ibrahim Taha Ayoub 先生 潘鐵珊先生 （於2016年4月8日獲委任） 黃良快先生 （於2016年5月27日退任）

薪酬委員會

林振豪先生（主席）

Faris Ibrahim Taha Ayoub 先生 潘鐵珊先生 （於2016年4月8日獲委任） 黃良快先生 （於2016年5月27日退任）

2 China New Economy Fund Limited / Interim Report 2016

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NOMINATION COMMITTEE

Mr. Faris Ibrahim Taha Ayoub (Chairman) Mr. Lam Chun Ho Mr. Pun Tit Shan (appointed on 8 April 2016) Mr. Huang Liangkuai (retired on 27 May 2016)

COMPANY SECRETARY

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

INVESTMENT MANAGER

China Everbright Securities (HK) Limited 24/F., Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong

ADMINISTRATOR

Amicorp Hong Kong Limited 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 潘鐵珊先生 （於2016年4月8日獲委任） 黃良快先生 （於2016年5月27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 銅鑼灣 希慎道 33 號 利園一期 24 樓

行政管理人

傲明香港有限公司 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 2016

Corporate Information 公司資料

CUSTODIAN

Deutsche Bank AG Hong Kong Branch 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

HLB Hodgson Impey Cheng Limited 31/F, Gloucester Tower The Landmark 11 Pedder Street Central Hong Kong

託管人

德意志銀行香港分行 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

國衛會計師事務所有限公司 香港 中環 畢打街 11 號 置地廣場 告羅士打大廈 31 字樓

4

China New Economy Fund Limited / Interim Report 2016

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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:

Michael Li & Co. 19/F., Prosperity Tower 39 Queen’s Road Central Central Hong Kong

香港法律：

李智聰律師事務所 香港 中環 皇后大道中 39 號 豐盛創建大廈 19 樓

WEBSITE

網站

www.chinaneweconomyfund.com

www.chinaneweconomyfund.com

5

中國新經濟投資有限公司 / 中期報告 2016

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”) are pleased to present the Company’s interim results for the six months ended 30 June 2016 (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 2016 年 6 月 30 日止六個月（「本期間」） 之中期業績。

The Company is a closed-ended 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 thirtythree investments in Hong Kong-listed companies, three private equity funds and three private equities investments as of 30 June 2016. One of our major investments is in the construction sector focusing on the Hong Kong market. The Company reported net profit attributable to shareholders of HK$55,388,335 during the Period, which consisted of the net gain in fair value of HK$78,550,810 taken on the investment positions in the portfolio.

於本期間，本公司於上市及私募 股權市場維持長期投資戰略。本 公司於 2016 年 6 月 30 日持有 三十三項香港上市公司投資、三 項私募股權基金及三項私募股權 投資。本公司其中一項主要投資 為專注於香港市場的建造板塊。 本公司於本期間錄得股東應佔純 利 55,388,335 港元，其中包括 組合中投資持倉公平值收益淨值 78,550,810 港元。

6

China New Economy Fund Limited / Interim Report 2016

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 2016, the Company reported an unaudited net asset value of approximately HK$0.43 per share. The upswing in net asset value of the Company was due to net unrealized mark to market gain of HK$61,631,843 and the net realized gain of HK$16,918,967 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，本公司的資產淨值於本 期間有所增加。於 2016 年 6 月 30 日，本公司錄得未經審核資 產淨值約每股 0.43 港元。本公 司的資產淨值上漲乃由於組合中 按市價計值的投資持倉未變現收 益淨值 61,631,843 港元及已變 現收益淨值 16,918,967 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 of 2016 increased by 34,063.7 billion RMB over the corresponding period, which represents an increase of 6.7% compared with the first half of 2015. The GDP of the second quarter of 2016 went up by 1.8% on a quarter-to-quarter basis.

於本期間，中國一直面對複雜的 外部及國內經濟環境。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 2016 年上半年國內生 產總值（「國內生產總值」）較同 期增長人民幣 340,637 億元，較 2015 年上半年增加 6.7%。2016 年第二季之國內生產總值按季上 升 1.8%。

7

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

During the Period, the benchmark of Shanghai Composite Index dropped 17.22%, while Hang Seng Index declined 5.11%. 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，上證綜合指數下跌 17.22%，而恒生指數則下跌 5.11%。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 economic growth is expected to enter an L-shaped trajectory for the next few years, and China will maintain its accommodative monetary policy. During the Period, the People’s Bank of China has lowered once, the reserve requirement ratio (“RRR”) from 17.5% to 17% for all banks. The reduction of RRR is to add more liquidity to its market to help spur bank lending and combat slowing growth.

此外，中國經濟增長預期於未來 數年進入 L 形軌道，而中國將維 持其寬鬆的貨幣政策。於本期 間，中國人民銀行曾一度將所有 銀行的存款準備金率（「存款準 備金率」）由 17.5% 降低至 17%。 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。

8 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

During the Period, the Company has invested an additional private equity, making a total of six private equities and equity fund investments in our diversified portfolio. The new private equity 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，故我們多元化的投資 組合共有六項私募股權及股權基 金投資。新私募股權專門從事首 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 司將探尋更多私募股權的投資機 遇。

We are continuously optimistic towards the information technology (“IT”), healthcare, education, 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（「資訊科 技」）、保健、教育、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.

本公司將繼續部署針對大中華區 的投資策略，並密切監察全球市 場的變動。憑藉我們專業及富經 驗的投資及風險管理團隊，我們 有信心把握寶貴的投資機會，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 2016

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 及所有個別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 2016

於 2016 年 6 月 30 日

Listed Equity Securities — Hong Kong

上市權益證券[—] 香港

								Unrealized		Dividend
					Proportion			gain/		received/	% of gross
				of investee’s				(loss)	Net assets	receivable	assets
			Particular		capital			recognized	attributable	during the	of the
			of issued		owned			已確認	to the	Period	Company
		Place of	shares held		擁有		Market	未變現	Company	於本期間	佔本公司
	Name of investee	incorporation	所持已發行		所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
	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	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)	LEAP Holdings	The Cayman	70,000,000		2.85%	26,250	50,400	24,150	HK$4.74	–	7.25
	Group Limited	Islands	ordinary						million
	前進控股集團	開曼群島	shares of						4,740,000
	有限公司		HK$0.01 each						港元
			70,000,000股
			每股面值
			0.01港元之
			普通股
(b)	Luen Wong Group	The Cayman	8,120,000		0.65%	2,111	44,660	42,549	HK$0.52	–	6.42
	Holdings Limited	Islands	ordinary						million
	聯旺集團控股	開曼群島	shares of						520,000
	有限公司		HK$0.01 each						港元
			8,120,000股
			每股面值
			0.01港元之
			普通股

10 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

							Unrealized		Dividend
				Proportion			gain/		received/	% of gross
				of investee’s			(loss)	Net assets	receivable	assets
			Particular	capital			recognized	attributable	during the	of the
			of issued	owned			已確認	to the	Period	Company
		Place of	shares held	擁有		Market	未變現	Company	於本期間	佔本公司
	Name of investee	incorporation	所持已發行	所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
	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	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)	First Credit Finance	Bermuda	180,000,000	4.96%	32,574	43,020	10,446	HK$44.96	–	6.19
	Group Limited	百慕達	ordinary					million
	第一信用金融集團		shares of					44,960,000
	有限公司		HK$0.02 each					港元
			180,000,000股
			每股面值
			0.02港元之
			普通股
(d)	Town Health	Bermuda	31,704,000	0.41%	46,708	39,947	(6,761)	HK$18.39	311	5.74
	International	百慕達	ordinary					million
	Medical Group		shares of					18,390,000
	Limited		HK$0.01 each					港元
	康健國際醫療集團		31,704,000股
	有限公司		每股面值
			0.01港元之
			普通股
(e)	RCG Holdings	Bermuda	69,600,000	4.57%	22,294	37,584	15,290	HK$30.36	–	5.40
	Limited	百慕達	ordinary					million
	宏霸數碼集團		shares of					30,360,000
	（控股）有限公司		HK$0.04 each					港元
			69,600,000股
			每股面值
			0.04港元之
			普通股

11

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

							Unrealized		Dividend
				Proportion			gain/		received/	% of gross
				of investee’s			(loss)	Net assets	receivable	assets
			Particular	capital			recognized	attributable	during the	of the
			of issued	owned			已確認	to the	Period	Company
		Place of	shares held	擁有		Market	未變現	Company	於本期間	佔本公司
	Name of investee	incorporation	所持已發行	所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
	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	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)	Interactive	Bermuda	289,800,000	5.88%	40,297	33,327	(6,970)	HK$73.05	–	4.79
	Entertainment	百慕達	ordinary					million
	China Cultural		shares of					73,050,000
	Technology		HK$0.01 each					港元
	Investments		289,800,000股
	Limited		每股面值
	互娛中國文化科技		0.01港元之
	投資有限公司		普通股
(g)	Convoy Global	The Cayman	93,564,000	0.63%	47,221	32,747	(14,474)	HK$31.09	–	4.71
	Holdings Limited	Islands	ordinary					million
	(Formerly known	開曼群島	shares of					31,090,000
	as Convoy		HK$0.1 each					港元
	Financial		93,564,000股
	Holdings Limited)		每股面值
	康宏環球控股有限		0.1港元之
	公司		普通股
	（前稱康宏金融
	控股有限公司）
(h)	China Parenting	The Cayman	14,002,000	1.36%	19,463	32,205	12,742	RMB4.46	–	4.63
	Network Holdings	Islands	Ordinary					million
	Limited	開曼群島	shares of					人民幣
	中國育兒網絡控股		HK$0.01 each					4,460,000元
	有限公司		14,002,000股
			每股面值
			0.01港元之
			普通股

12 China New Economy Fund Limited / Interim Report 2016

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

									Dividend	% of
				Proportion			Unrealized		received/	gross
				of investee’s			gain/(loss)	Net assets	receivable	assets
			Particular of	capital			recognized	attributable	during the	of the
			issued	owned			已確認	to the	Period	Company
		Place of	shares held	擁有		Market	未變現	Company	於本期間	佔本公司
	Name of investee	incorporation	所持已發行	所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
	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	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 SPC	The Cayman	3,750	16.74%	37,500	41,368	3,868	HK$41.37	–	5.95
		Islands	shares of					million
		開曼群島	HK$10,000					41,370,000
			each					港元
			3,750股
			每股面值
			10,000港元之
			股份

Private Equity — British Virgin Islands

私募股權[—] 英屬處女群島

									Dividend	% of
				Proportion			Unrealized		received/	gross
				of investee’s			gain/(loss)	Net assets	receivable	assets
			Particular	capital			recognized	attributable	during the	of the
			of issued	owned			已確認	to the	Period	Company
		Place of	shares held	擁有		Market	未變現	Company	於本期間	佔本公司
	Name of investee	incorporation	所持已發行	所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
	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	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
(j)	Gransing Financial	British Virgin	20 shares of	16.67%	31,619	32,000	381	HK$12.45	–	4.60
	Holdings Limited	Islands	US$1 each					million
	鼎成金融控股	英屬處女群島	20股					12,450,000
	有限公司		每股面值					港元
			1美元之
			股份

13

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

At 31 December 2015

於 2015 年 12 月 31 日

Listed Equity Securities — Hong Kong

上市權益證券[—] 香港

									Dividend	% of
				Proportion			Unrealized		received/	gross
			of investee’s				gain/(loss)	Net assets	receivable	assets
		Particular		capital			recognized	attributable	during the	of the
		of issued		owned			已確認	to the	year	Company
	Place of	shares held		擁有		Market	未變現	Company	於本年度	佔本公司
Name of investee	incorporation	所持已發行		所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
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	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
Town Health	Bermuda	31,704,000		0.42%	46,621	50,409	3,789	HK$19.23	83	14.82
International Medical	百慕達	ordinary						million
Group Limited		shares of						19,230,000
康健國際醫療集團有限公司		HK$0.01 each						港元
		31,704,000股
		每股面值
		0.01港元之
		普通股
China Parenting	The Cayman	14,002,000		1.36%	19,463	33,325	13,862	RMB4.12	–	9.80
Network Holdings Limited	Islands	ordinary						million
中國育兒網絡控股有限公司	開曼群島	shares of						人民幣
		HK$0.01 each						4,120,000元
		14,002,000股
		每股面值
		0.01港元之
		普通股
Convoy Financial	The Cayman	63,564,000		0.43%	36,438	27,333	(9,105)	HK$21.17	–	8.04
Holdings Limited	Islands	ordinary						million
康宏金融控股有限公司	開曼群島	shares of						21,170,000
		HK$0.1 each						港元
		63,564,000股
		每股面值
		0.1港元之
		普通股

14 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

								Dividend	% of
			Proportion			Unrealized		received/	gross
			of investee’s			gain/(loss)	Net assets	receivable	assets
		Particular	capital			recognized	attributable	during the	of the
		of issued	owned			已確認	to the	year	Company
	Place of	shares held	擁有		Market	未變現	Company	於本年度	佔本公司
Name of investee	incorporation	所持已發行	所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
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	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
RCG Holdings Limited	Bermuda	69,600,000	4.63%	22,294	18,444	(3,850)	HK$30.76	–	5.42
宏霸數碼集團（控股）	百慕達	ordinary					million
有限公司		shares of					30,760,000
		HK$0.04 each					港元
		69,600,000股
		每股面值
		0.04港元之
		普通股
AMCO United Holding	Bermuda	31,430,000	2.53%	17,042	15,558	(1,484)	HK$6.17	–	4.57
Limited	百慕達	ordinary					million
雋泰控股有限公司		shares of					6,170,000
		HK$0.01 each					港元
		31,430,000股
		每股面值
		0.01港元之
		普通股
Suncorp Technologies	Bermuda	102,000,000	0.67%	24,990	12,546	(12,444)	HK$4.18	–	3.69
Limited	百慕達	ordinary					million
新確科技有限公司		shares of					4,180,000
		HK$0.0003					港元
		each
		102,000,000股
		每股面值
		0.0003港元之
		普通股
China Wah Yan Healthcare	Hong Kong	100,424,554	3.84%	16,148	12,252	(3,896)	HK$14.54	–	3.60
Limited	香港	ordinary shares					million
中國華仁醫療有限公司		100,424,554股					14,540,000
		普通股					港元

15

中國新經濟投資有限公司 / 中期報告 2016

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

								Dividend	% of
			Proportion			Unrealized		received/	gross
			of investee’s			gain/(loss)	Net assets	receivable	assets of
		Particular	capital			recognized	attributable	during the	the
		of issued	owned			已確認	to the	year	Company
	Place of	shares held	擁有		Market	未變現	Company	於本年度	佔本公司
Name of investee	incorporation	所持已發行	所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
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	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	32,221	(5,279)	HK$32.22	10,365	9.47
	Islands						million
	開曼群島						32,220,000
							港元
SBI China M&A	The Cayman	1,612	13.49%	12,897	12,070	(827)	HK$12.07	–	3.55
Opportunities	Islands						million
Fund SPC	開曼群島						12,070,000
							港元

Private Equity — Hong Kong

私募股權[—] 香港

							Unrealized		Dividend	% of
				Proportion			gain/		received/	gross
			of investee’s				(loss)	Net assets	receivable	assets
		Particular		capital			recognized	attributable	during the	of the
		of issued		owned			已確認	to the	year	Company
	Place of	shares held		擁有		Market	未變現	Company	於本年度	佔本公司
Name of investee	incorporation	所持已發行		所投資公司	Cost	value	收益╱	本公司應佔	已收╱應收	總資產
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	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
Sense Key Design	Hong Kong	199		19.9%	25,000	25,000	–	HK$1.28	–	7.35
Holdings Limited	香港							million
森基設計工程控股								1,280,000
有限公司								港元

16

China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

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╱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 2015.

• (3) 未變現收益╱（虧損）指截至 2015 年 12 月 31 日止年度各項投資之公 平值變動。

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

投資項目之業務及財務資料的簡 明概要如下：

• (a) LEAP Holdings Group Limited (“LEAP Holdings GP”) is principally engaged in provision of foundation works and ancillary services and construction wastes handling. The audited profit attributable to shareholders of LEAP Holdings GP for the y e a r e n d e d 3 1 M a r c h 2 0 1 6 w a s approximately HK$29,225,000 and the audited net assets attributable to shareholders of LEAP Holdings GP as at 31 M a r c h 2 0 1 6 w a s a p p r o x i m a t e l y HK$166,461,000. The fair value of the investment in LEAP Holdings GP is based on quoted market bid prices.

• (a) 前進控股集團有限公司 （「前進控股集團」）主要從 事提供基建工程及配套服 務以及建築廢料處理服務 業務。前進控股集團股東 截至 2016 年 3 月 31 日止年 度應佔經審核溢利約為 29,225,000 港元，而前進 控股集團股東於 2016 年 3 月 31 日之應佔經審核資產 淨值約為 166,461,000 港 元。前進控股集團投資的 公平值乃基於市場報價計 算。

17

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

• (b) Luen Wong Group Holdings Limited (“Luen Wong GP”) is principally engaged in provision of civil engineering works and investment holding. The unaudited profit attributable to shareholders of Luen Wong GP for the three months ended 30 June 2016 was approximately HK$3,703,000 and the unaudited net assets attributable to shareholders of Luen Wong GP as at 30 J u n e 2 0 1 6 w a s a p p r o x i m a t e l y HK$79,950,000. The fair value of the investment in Luen Wong GP is based on quoted market bid prices.

(b) 聯旺集團控股有限公司 （「聯旺集團」）主要從事提 供土木工程以及投資控股 業務。聯旺集團股東截至 2016 年 6 月 30 日止三個月 應佔未經審核溢利約為 3,703,000 港元，而聯旺集 團股東於 2016 年 6 月 30 日 之應佔未經審核資產淨值 約為 79,950,000 港元。聯 旺集團投資的公平值乃基 於市場報價計算。

• (c) First Credit Finance Group Limited (“First Credit”) is principally engaged in money lending business which provides customers with a wide range of loan products and services to meet their financial needs. The unaudited profit attributable to shareholders of First Credit for the six months ended 30 J u n e 2 0 1 6 w a s a p p r o x i m a t e l y HK$14,643,390 and the unaudited net assets attributable to shareholders of First C r e d i t a s a t 3 0 J u n e 2 0 1 6 w a s approximately HK$906,408,322. The fair value of the investment in First Credit is based on quoted market bid prices.

• (c) 第一信用金融集團有限公 司（「第一信用」）主要從事 借貸業務，為客戶提供廣 泛的貸款產品及服務，以 滿足其金融需求。第一信 用股東截至 2016 年 6 月 30 日止六個月應佔未經審核 溢利約為 14,643,390 港 元，而第一信用股東於 2016 年 6 月 30 日之應佔未 經審核資產淨值約為 906,408,322 港元。第一信 用投資的公平值乃基於市 場報價計算。

18 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

• (d) Town Health International Medical Group Limited (“Town Health”) is principally engaged in healthcare business investment; provision and management of medical, dental and other healthcare care related services; investments and trading in properties and securities. The unaudited profit attributable to shareholders of Town Health for the six months ended 30 June 2016 was approximately HK$54,239,000 and the unaudited net assets attributable to shareholders of Town Health as at 30 June 2 0 1 6 w a s a p p r o x i m a t e l y HK$4,501,188,000. The fair value of the investment in Town Health is based on quoted market bid prices.

• (d) 康健國際醫療集團有限公 司（「康健」）主要從事醫療 保健業務投資；提供及管 理醫療、牙科及其他保健 相關服務；物業及證券投 資及買賣業務。康健股東 截至 2016 年 6 月 30 日止六 個月應佔未經審核溢利約 為 54,239,000 港元，而康 健股東於 2016 年 6 月 30 日 之應佔未經審核資產淨值 約為 4,501,188,000 港元。 康健投資的公平值乃基於 市場報價計算。

• (e) RCG Holdings Limited (“RCG Holdings”) is principally engaged in the provision of b r i o m e t r i c a n d R a d i o F r e q u e n c y Identification products and solution services. The audited profit attributable to shareholders of RCG Holdings for the year e n d e d 3 1 D e c e m b e r 2 0 1 5 w a s approximately HK$156,498,000 and the audited net assets attributable to shareholders of RCG Holdings as at 31 December 2015 was approximately HK$664,602,000. The fair value of the investment in RCG Holdings is based on quoted market bid prices.

• (e) 宏霸數碼集團（控股）有限 公司（「宏霸數碼集團（控 股）」）主要從事生物識別及 射頻識別產品以及解決方 案服務業務。宏霸數碼集 團（控股）股東截至 2015 年 12 月 31 日止年度應佔經審 核溢利約為 156,498,000 港元，而宏霸數碼集團（控 股）股東於 2015 年 12 月 31 日之應佔經審核資產淨值 約為 664,602,000 港元。 宏霸數碼集團（控股）投資 的公平值乃基於市場報價 計算。

19

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

• (f) Interactive Entertainment China Cultural Technology Investments Limited (“IE China”) is principally engaged in i) mobile internet cultural business and provision of IT services; ii) provision of hospitality and related services in Australia; iii) provision of medical diagnostic and health check services; iv) provision of integral marketing services; v) money lending business; and vi) assets investments business. The unaudited loss attributable to shareholders of IE China for the six months ended 30 June 2016 was approximately HK$98,791,000 and the unaudited net assets attributable to shareholders of IE China as at 30 June 2016 was approximately HK$1,241,673,000. The fair value of the investment in IE China is based on quoted market bid prices.

(f) 互娛中國文化科技投資有 限公司（「互娛中國」）主要 從事 i）移動互聯網文化業 務及提供資訊科技服務； ii）於澳洲提供住宿款待及 相關服務；iii）提供醫學診 斷及體檢服務；iv）提供完 善營銷服務；v）借貸業務； 及 vi）資產投資業務。互娛 中國股東截至 2016 年 6 月 30 日止六個月應佔未經審 核虧損約為 98,791,000 港 元，而互娛中國股東於 2016 年 6 月 30 日之應佔未 經審核資產淨值約為 1,241,673,000 港元。互娛 中國投資的公平值乃基於 市場報價計算。

• (g) Convoy Global Holdings Limited (“Convoy”) is principally engaged in the independent financial advisory (“IFA”) business, money lending business, proprietary investment business, asset management business, corporate finance advisory services and securities dealing business and investment holdings. The unaudited profit attributable to shareholders of Convoy for the six months ended 30 June 2016 was approximately HK$7,916,000 and the unaudited net assets attributable to shareholders of Convoy as at 3 0 J u n e 2 0 1 6 w a s a p p r o x i m a t e l y HK$4,963,533,000. The fair value of the investment in Convoy is based on quoted market bid prices.

• (g) 康宏環球控股有限公司 （「康宏」）主要從事獨立理 財顧問（「獨立理財顧問」） 業務、借貸業務、自營投 資業務、資產管理業務、 企業融資顧問服務及證券 交易業務以及投資控股。 康宏股東截至 2016 年 6 月 30 日止六個月應佔未經審 核溢利約為 7,916,000 港 元，而康宏股東於 2016 年 6 月 30 日之應佔未經審核 資 產 淨 值 約 為 4,963,533,000 港元。康宏 投資的公平值乃基於市場 報價計算。

20 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

• (h) China Parenting Network Holdings Limited (“China Parenting”) is principally engaged in online platform focusing on the ChildrenBabies-Maternity market in China to provide marketing and promotional service and e-commerce business. The unaudited profit attributable to shareholders of China Parenting for the six months ended 30 June 2016 was approximately RMB20,597,000 and the unaudited net assets attributable to shareholders of China Parenting as at 30 J u n e 2 0 1 6 w a s a p p r o x i m a t e l y RMB326,720,000. The fair value of the investment in China Parenting is based on quoted market bid prices.

• (h) 中國育兒網絡控股有限公 司（「中國育兒」）主要從事 專注於中國孕嬰童市場的 網絡平台提供營銷及推廣 服務以及電子商務業務。 中國育兒股東截至 2016 年 6 月 30 日止六個月應佔未 經審核溢利約為人民幣 20,597,000 元，而中國育 兒股東於 2016 年 6 月 30 日 之應佔未經審核資產淨值 約為人民幣 326,720,000 元。中國育兒投資的公平 值乃基於市場報價計算。

21

中國新經濟投資有限公司 / 中期報告 2016

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 投資投資組合的資產計 算。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 2016

Management Discussion and Analysis 管理層討論與分析

• (j) Gransing Financial Holdings Limited (“Gransing Holdings”) is principally engage in provision of quality brokerage, corporate finance, asset management and financial adviser services to institutional and individual investors through its subsidiaries. The fair value of the investment in Gransing Holdings is stated as recent arm’s length market transactions.

• (j) 鼎成金融控股有限公司 （「鼎成控股」）主要從事透 過其附屬公司向機構及私 人投資者提供優質經紀、 企業融資、資產管理及財 務顧問服務業務。鼎成控 股之投資的公平值乃按近 期公平市場交易列賬。

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
Amco United Holding Ltd.	雋泰控股有限公司	9,328
Luen Wong Group Holdings Ltd.	聯旺集團控股有限公司	9,305
Gameone Holdings Ltd.	智傲控股有限公司	1,904

Top three realized loss for the Period

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
Smartac Group China Holdings Ltd.	中國智能集團控股有限公司	2,657
ICO Group Ltd.	揚科集團有限公司	1,860
Sky Light Holdings Ltd.	天彩控股有限公司	364

23

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

LIQUIDITY, FINANCIAL RESOURCES AND GEARING

流動資金、財務資源及資 產負債比率

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 2016, the gearing ratio, defined as total debts divided by shareholders’ equities, was 46% (31 December 2015: Nil). As at 30 June 2016, the Company has a margin payable to a securities broker of HK$149,947,594 with interest rates ranged from 8% to 9% per annum and an outstanding 7.5% coupon unlisted and unsecured notes at amortized cost of HK$68,571,611 (31 December 2015: Nil). Details of the issuance of notes can be referred to the announcement dated 11 March 2016.

於 2016 年 6 月 30 日，資產負債 比率（定義為負債總額除以股東 權益）為46%（2015年12月31日： 零）。於 2016 年 6 月 30 日，本公 司應付證券經紀之保證金為 149,947,594 港元，年利率介乎 8 厘至 9 厘，以及按 68,571,611 港元（2015 年 12 月 31 日：無）之 攤銷成本計算之 7.5 厘息率非上 市無抵押票據。發行票據之詳情 可參閱日期為 2016 年 3 月 11 日 之公告。

INTERIM DIVIDEND

中期股息

The Directors do not recommend the payment of any interim dividend during the Period (30 June 2015: Nil).

董事不建議派付本期間的任何中 期股息（2015年6月30日：無）。

24 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

CHARGES ON COMPANY’S ASSET AND CONTINGENT LIABILITIES

本公司的資產抵押及或然 負債

As at 30 June 2016, the Company had pledged Hong Kong listed securities of approximately HK$388.5 million to secure the margin payables to the securities broker (31 December 2015: Nil).

於 2016 年 6 月 30 日，本公司已 抵押約 388,500,000 港元之香港 上市證券作為應付證券經紀之保 證金之擔保（2015年12月31日： 無）。

There were no significant contingent liabilities as at 30 June 2016 (31 December 2015: Nil).

於 2016 年 6 月 30 日，本公司資 產並無重大或然負債（2015 年 12 月 31 日：無）。

CAPITAL STRUCTURE

股本架構

On 6 January 2011 (the “Listing Date”), the Company completed a share placement and a total of 303,000,000 ordinary shares of HK$0.1 each were placed at a price of HK$1.03 per share for a total cash consideration, excluding the related issue expenses, for approximately HK$312.1 million. 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 2016, the capital of the Company comprises of 1,112,616,000 ordinary shares.

於 2011 年 1 月 6 日（「上市日 期」），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）約為 312,100,000 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 2016 年 6 月 30 日，本公司股 本由 1,112,616,000 股普通股組 成。

25

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

SHARE OPTION SCHEME

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.

購股權計劃

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」）。

The Company operates the share option scheme for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations.

本公司經營購股權計劃，旨在向 為本公司業務之成功作出貢獻之 合資格參與者提供獎勵及報酬。

The maximum number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Share Option Scheme and any other share option schemes of the Company must not in aggregate exceed 30% of the issued share capital of the Company in issue from time to time.

根據購股權計劃及本公司任何其 他購股權計劃已授出但有待行使 之尚未行使購股權獲全數行使後 可予發行之最高股份數目，合共 不得超過本公司不時已發行股本 之 30%。

The total number of shares which may be issued upon exercise of all options to be granted under the Share Option Scheme and any other share option schemes of the Company must not in aggregate exceed 10% of shares in issue on 28 May 2015 unless the Company seeks the approval of the shareholders in general meeting for refreshing the 10% limit under the Share Option Scheme. The Share Option Scheme will remain in force for a period of 10 years commencing from 28 May 2015.

根據購股權計劃及本公司任何其 他購股權計劃將授出之全數購股 權獲行使而可發行之股份總數， 合共不得超過於 2015 年 5 月 28 日已發行股份之 10%，惟本公 司於股東大會上尋求股東批准根 據購股權計劃更新 10% 限額則 除外。購股權計劃自 2015 年 5 月 28 日起計維持生效 10 年。

26 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

The subscription price for shares under the Share Option Scheme shall be a price determined by the Board, but shall not be lower than the highest of (i) the closing price of shares as stated in the daily quotation sheet of the Stock Exchange on the date on which the Board approves the making of the offer for the grant of options (the “Date of Grant”), which must be a trading day; (ii) the average closing price of shares as stated in the daily quotation sheet of the Stock Exchange for the five trading days immediately preceding the Date of Grant; and (iii) the nominal value of a share on the Date of Grant. The time of acceptance of an offer for the grant of options shall not be later than 21 days from the Date of Grant.

購股權計劃項下股份之認購價由 董事會決定，惟不得低於下列三 者中之最高者：(i) 於董事會批准 提出授出購股權要約之日（「授 出日期」）（該日須為交易日）聯交 所每日報價表上註明之股份收市 價；(ii) 於緊接提出授出日期前五 個交易日內聯交所每日報價表上 註明之股份平均收市價；及 (iii) 於授出日期之股份面值。接納授 出購股權要約之時間須於授出日 期起計不遲於 21 天。

Particulars and movement to the share options granted under the Company’s Share Option Scheme during the Period are set out in note 18 to the interim condensed financial statements.

於本期間根據本公司購股權計劃 授出之購股權詳情及變動載於中 期簡明財務報表附註 18。

27

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

RIGHTS ISSUE

供股

During the Period, the Company had raised an approximately HK$70 million, net of expense, by way of the rights issue of 309,060,000 rights shares to the qualifying shareholders at a subscription price of HK$0.235 (net price HK$0.226) per rights share on the basis of one rights share for every two shares (closing price of the shares of the Company was HK$0.258 as at the date of announcement). The Company had applied such net proceeds from the rights issue for investment in the publicly listed enterprises in information technology, creative culture and healthcare sectors. Details of the rights issue were set out in the announcements of the Company dated 23 November 2015 and 14 January 2016 and prospectus dated 16 December 2015.

於本期間內，本公司已透過按每 股供股股份 0.235 港元之認購價 （淨價 0.226 港元）供股發行 309,060,000 股供股股份予合資 格股東，集資約 70,000,000 港 元（經扣除開支），基準為每持有 兩股股份獲發一股供股股份（本 公司股份於該公告日期之收市價 為 0.258 港元）。本公司已將供 股所得款項淨額用於資訊科技、 創意文化及保健領域的上市公司 投資。供股之詳情載於本公司日 期為 2015 年 11 月 23 日及 2016 年 1 月 14 日之公告以及日期為 2015 年 12 月 16 日之章程。

28 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

PLACING OF NEW SHARES UNDER GENERAL MANDATE

根據一般授權配售新股份

During the Period, the Company had raised approximately HK$25.1 million, net of expenses, by way of entering the placing agreement with the placing agent, to place 185,436,000 placing shares to six placees which are professional investors and independent third party with the Company. The placing shares are issued at a gross price of HK$0.14 and net price of HK$0.135 per placing share (closing price of the Company was HK$0.161 as at the last trading day for the shares prior to the issue of the announcement) under the general mandate granted to the Directors at the annual general meeting of the Company held on 27 May 2016. The Company intended to use the net proceeds from the placing of new shares for investment in information technology, healthcare, environmental, education 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 announcement dated 13 June 2016.

於本期間內，本公司已透過與配 售代理訂立配售協議，向六名承 配人（均為專業投資者及本公司 之獨立第三方）配售185,436,000 股配售股份，籌集約 25,100,000 港元（經扣除開支）。配售股份根 據本公司於 2016 年 5 月 27 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 0.14 港元及淨價 0.135 港元（本 公司股份於刊發該公告前最後交 易日之收市價為 0.161 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 圍中之資訊科技、保健、環境、 教育及創意文化投資。根據一般 授權配售新股份之詳情可參閱日 期為 2016 年 6 月 13 日之公告。

CAPITAL EXPENDITURE AND COMMITMENT

資本開支及承擔

Save as disclosed in note 22 to the interim condensed financial statements, as at 30 June 2016, the Company made no capital expenditure or any other commitment (31 December 2015: Nil).

除中期簡明財務報表附註 22 所 披露外，於 2016 年 6 月 30 日， 本公司並無資本開支或任何其他 承擔（2015 年 12 月 31 日：無）。

29

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

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 2015: 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 （2015 年 12 月 31 日：無）。

USE OF PROCEEDS

所得款項用途

The Company has thirty-nine investments as of 30 June 2016, comprising of equity securities listed in Hong Kong, private equity funds and private equities. The largest one held by the Company is in the construction sector focusing on the Hong Kong market.

本公司於 2016 年 6 月 30 日持有 三十九項投資，其中包括於香港 上市之權益證券、私募股權基金 及私募股權。本公司所持最大一 項為專注於香港市場的建造板 塊。

The rest of the net proceeds gained will be applied by the Board and the Investment Manager (as defined in page 48) 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.

剩餘所得款項收益淨額將由董事 會及投資管理人（在 48 頁面中定 義）根據本公司投資目標、政策 及限制以及本公司組織章程細 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 2016, the Company had five fulltime employees (31 December 2015: five full-time employees). All of the Company’s employees are based in Hong Kong.

於 2016 年 6 月 30 日，本公司擁 有五名全職僱員（2015 年 12 月 31 日：五名全職僱員）。本公司 所有僱員均位於香港。

30 China New Economy Fund Limited / Interim Report 2016

Management Discussion and Analysis 管理層討論與分析

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$1,302,153 (30 June 2015: HK$990,973).

於本期間，本公司產生的總薪酬 成本約為 1,302,153 港元（2015 年 6 月 30 日：990,973 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。

EVENTS AFTER REPORTING PERIOD

報告期後事項

(1) Change of auditor

Ernst & Young had resigned as the auditor of the Company with effect from 4 August 2016. HLB Hodgson Impey Cheng Limited had been appointed as the auditor of the Company to fill the casual vacancy following the resignation of Ernst & Young and to hold office until the conclusion of the next annual general meeting of the Company.

• (1) 更換核數師

安永會計師事務所已辭任 本公司之核數師，由 2016 年 8 月 4 日起生效。國衛會 計師事務所有限公司已獲 委任為本公司之核數師以 填補因安永會計師事務所 辭任而產生之臨時空缺， 任期直至本公司下屆股東 週年大會結束為止。

Details of the change of auditor can be referred to the announcement dated 4 August 2016.

更換核數師之詳情可參閱 日期為 2016 年 8 月 4 日之 公告。

31

中國新經濟投資有限公司 / 中期報告 2016

Management Discussion and Analysis 管理層討論與分析

(2) Proposed share consolidation and change in board lot size

The Company has proposed that every five existing shares of HK$0.10 each in the issued and unissued share capital be consolidated into one consolidated share of HK$0.50 each in the issued and unissued share capital of the Company (the “Share Consolidation”). The Company has also proposed to change the board lot size for trading from 100,000 existing shares to 20,000 consolidated shares upon the Share Consolidation becoming effective. The implementation of the Share Consolidation is upon approval by the shareholders at the extraordinary general meeting of the Company to be held on 22 September 2016.

Details of the proposed Share Consolidation and change in board lot size can be referred to the announcement dated 12 August 2016 and circular dated 29 August 2016.

(2) 建議股份合併及更改每手 買賣單位

本公司已建議將已發行及 未發行股本中每五股每股 面值 0.10 港元之現有股份 合併為本公司已發行及未 發行股本中一股每股面值 0.50 港元之合併股份（「股 份合併」）。本公司亦已建 議於股份合併生效後，將 交易之每手買賣單位由 100,000 股現有股份更改 為 20,000 股合併股份。進 行股份合併須待股東於本 公司將於 2016 年 9 月 22 日 舉行之股東特別大會上批 准後方可作實。

建議股份合併及更改每手 買賣單位之詳情可參閱日 期為 2016 年 8 月 12 日之公 告及日期為 2016 年 8 月 29 日之通函。

32 China New Economy Fund Limited / Interim Report 2016

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

As at 30 June 2016, the interests and short positions of the Directors and the chief executives in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) as recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 of the Listing Rules were as follows:

Other Information 其他資料

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 2016 年 6 月 30 日，董事及主 要行政人員於本公司或其相聯法 團（定義見證券及期貨條例（「證 券及期貨條例」）第 XV 部）之股 份、相關股份或債券中擁有根據 證券及期貨條例第 352 條登記於 本公司須予存置的登記冊內之權 益及淡倉，或須根據上市規則附 錄 10 所載上市發行人董事進行 證券交易的標準守則（「標準守 則」）另行知會本公司及聯交所 之權益及淡倉如下：

33

中國新經濟投資有限公司 / 中期報告 2016

Other Information 其他資料

Interests in Shares — Long positions

於股份之權益[—] 好倉

		Number
		of underlying
		shares held in
		long position
		(Notes 1 and 2)	Approximate
Name of Director/		以好倉所持	percentage
chief executive	Capacity	相關股份數目	of interests
董事╱主要行政人員姓名	身份	（附註1及2）	概約權益百分比
Mr. Gu Xu	Beneficial owner	5,295,228	0.48
顧旭先生	實益擁有人
Mr. Chan Cheong Yee	Beneficial owner	5,295,228	0.48
陳昌義先生	實益擁有人
Mr. Lam Chun Ho	Beneficial owner	529,522	0.05
林振豪先生	實益擁有人
Mr. Faris Ibrahim Taha Ayoub	Beneficial owner	529,522	0.05
Faris Ibrahim Taha Ayoub先生	實益擁有人

Notes:

附註：

• (1) Long position in the underlying shares of the Company under share options granted pursuant to Share Option Scheme adopted by the Company on 1 June 2015.

• (1) 根據本公司於 2015 年 6 月 1 日採 納之購股權計劃所授出之購股權 項下之本公司相關股份之好倉。

• (2) The share options were granted by the Company on 11 September 2015 and exercisable within a period of one year from the Date of Grant to 10 September 2016.

• (2) 該等購股權乃本公司於 2015 年 9 月 11 日授出，並可於自授出日期 起至 2016 年 9 月 10 日止一年期間 內行使。

• (3) During the Period, save for 529,522 share option (as adjusted for the right issue of shares completed in January 2016) held by Mr. Huang Liangkuai, a former independent non-executive Director who was retired on 27 May 2016, had been lapsed, no other option held by the Directors/chief executive had been exercised, lapsed or cancelled.

• (3) 在本期間內，除黃良快先生（於 2016 年 5 月 27 日退任之前獨立非 執行董事）所持之 529,522 份購股 權（已就於 2016 年 1 月完成的供股 作出調整）已失效外，概無董 事╱主要行政人員所持之購股權 獲行使、失效或註銷。

34 China New Economy Fund Limited / Interim Report 2016

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Details of share options held by the Directors and chief executives of the Company are disclosed under note 18 to the interim condensed financial statements.

Save as stated above, as at 30 June 2016, none of the Directors and chief executives had any interests or short positions in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which (a) were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO or (b) were required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein or (c) were required, pursuant to the Model Code to notified to the Company and the Stock Exchange.

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

As at 30 June 2016, 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:

Other Information 其他資料

董事及本公司主要行政人員所持 購股權之詳情於中期簡明財務報 表附註 18 項下披露。

除上文所述者外，於 2016 年 6 月 30 日，概無董事及主要行政 人員於本公司或其相聯法團（定 義見證券及期貨條例第 XV 部）之 股份、相關股份或債券中，擁有 任何 (a) 根據證券及期貨條例第 XV 部第 7 及 8 分部須知會本公司 及聯交所之權益或淡倉（包括根 據證券及期貨條例有關條文被當 作或視為擁有之權益及淡倉）或 (b) 根據證券及期貨條例第 352 條 須登記於該條所述登記冊內之權 益或淡倉或 (c) 須根據標準守則 知會本公司及聯交所之權益或淡 倉。

主要股東╱其他人士於股 份及相關股份之權益及淡 倉

於 2016 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 中持有根據證券及期貨條例第 336 條登記於本公司須予存置之 登記冊內之權益或淡倉：

35

中國新經濟投資有限公司 / 中期報告 2016

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 普通股中（「股份」）之好倉

			Number of	Approximate
			shares held	% of issued
		Number of	(Indirect	share capital
		shares held	Interests)	of the
	Capacity in	(Direct	所持股份數目	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
SEEC Media Group Limited	Interest in controlled	–	103,020,000	9.26
財訊傳媒集團有限公司	corporation		(Note 1)
	受控制公司權益		（附註1）
Laberie Holdings Limited	Beneficial Owner	103,020,000	–	9.26
	實益擁有人

Notes:

附註：

• (1) SEEC Media Group Limited (“SEEC”) owns the entire issued share capital of Laberie Holdings Limited (“Laberie”) which beneficially owns 103,020,000 Shares of the Company. Accordingly, SEEC is deemed to have interests in the 103,020,000 Shares held by Laberie pursuant to the SFO

• (1) 財訊傳媒集團有限公司（「財訊傳 媒」）擁有 Laberie Holdings Limited

• （「Laberie」）之全部已發行股本， 而Laberie則實益擁有103,020,000 股本公司股份。因此，根據證券 及期貨條例，財訊傳媒被視為於 Laberie 持有的 103,020,000 股股 份中擁有權益。

36 China New Economy Fund Limited / Interim Report 2016

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

Save as disclosed above, as at 30 June 2016, the Company has not been notified by any other persons (other than the Directors or chief executive of the Company, whose interests are set out in the section “Directors’ and chief executive’s interests and short positions in shares and underlying shares and debentures”) 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.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES AND DEBENTURES

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

Other Information 其他資料

除上文所披露外，於 2016 年 6 月 30 日，本公司並未獲知會有 任何其他人士（董事或本公司主 要行政人員除外，彼等之權益載 於「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」一節）於本公司股份或相關 股份中擁有根據證券及期貨條例 第 336 條規定登記於本公司須存 置之登記冊之權益或淡倉。

董事購買股份及債券之權 利

於本期間內任何時間，本公司概 無訂立任何安排，致使本公司董 事或其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。

37

中國新經濟投資有限公司 / 中期報告 2016

Other Information 其他資料

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 2015 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 2015 年年報日期後之更改載列如下：

• Name of Directors Details of Change 董事姓名 更改詳情 Mr Gu Xu (1) Resigned from independent supervisor of Bank of 顧旭先生 Suzhou during the Period. 於本期間辭任蘇州銀行的獨立監事。

• (2) Appointed as president of Henan Zhongyuan Lianchuang Investment Funds Management Company*. 獲委任為河南中原聯創基金管理公司總經理。

• (3) Appointed as independent supervisor of Suzhou Financial Leasing Company Limited in May 2016. 於 2016 年 5 月獲委任為蘇州金融租賃股份有限公 司的獨立監事。

• (4) Appointed as an independent supervisor of China Shipping Container Lines Company Limited* in June 2016.

  • 於 2016 年 6 月獲委任為中海集裝箱運輸股份有限 公司的獨立監事。

• For identification purpose only

• 僅供識別

38

China New Economy Fund Limited / Interim Report 2016

Other Information 其他資料

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

Name of Directors	Details of Change	Details of Change
董事姓名	更改詳情
Mr Pun Tit Shan	(1)	Resigned as chief investment officer of Astrum
潘鐵珊先生		Capital Management Limited in July 2016.
(appointed on 8 April 2016)		於2016年7月辭任阿仕特朗資本管理有限公司首
（於2016年4月8日獲委任）		席投資總監。

(2) Appointed as chief executive officer of Asia Wealth Securities Limited in August 2016. 於 2016 年 8 月獲委任為亞洲創富證券有限公司行 政總裁。

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

購回、出售或贖回本公司 上市股份

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

本公司於本期間內並無購回、出 售或贖回本公司任何股份。

CORPORATE GOVERNANCE PRACTICES

企業管治常規

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.

本公司已應用上市規則附錄 14 之企業管治守則（「企業管治守 則」）所載之大部份原則。董事會 認為，於本期間，本公司一直遵 守企業管治守則所載之守則條 文，惟守則條文第 A.2.1 條除 外，該條文規定主席與行政總裁 之角色應有區分。

39

中國新經濟投資有限公司 / 中期報告 2016

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. Throughout the Period, Mr. Gu Xu has been both the Chairman and Chief Executive Officer of the Company. He provides 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 high-calibre 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。於整個 本期間，顧旭先生擔任本公司主 席及行政總裁之職務。彼領導董 事會並一般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。

40 China New Economy Fund Limited / Interim Report 2016

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

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. Pun Tit Shan.

The primary audit related duties of the committee are to provide the Board with an independent review of the effectiveness of the financial reporting process, internal control and risk management system of the Company, to oversee the audit process and to perform other duties and responsibilities as assigned by the Board. The Audit Committee shall hold not less than two meetings a year and meet with the external auditors twice without the presence of the Executive Directors.

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

SUFFICIENCY OF PUBLIC FLOAT

The Company has maintained the prescribed public float under the Listing Rules, based on the information that is publicly available to the Company and within the knowledge of the Directors, throughout the six months ended 30 June 2016.

Other Information 其他資料

審核委員會

審核委員會現由三名獨立非執行 董事（即林振豪先生（主席，具 備會計師專業資格）、Faris Ibrahim Taha Ayoub 先生及潘鐵 珊先生）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報表 及中期報告。

充足公眾持股量

根據本公司自市場所得資料及董 事所知悉，截至 2016 年 6 月 30 日止六個月整個期間，本公司根 據上市規則所規定之公眾持股量 充足。

41

中國新經濟投資有限公司 / 中期報告 2016

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, 30 August 2016

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，2016 年 8 月 30 日

42 China New Economy Fund Limited / Interim Report 2016

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 2016 截至 2016 年 6 月 30 日止六個月

Notes 附註	For the six months ended 30 June 2016	For the six months ended 30 June 2015 截至2015年 6月30日止 六個月 (Unaudited) （未經審核） HK$ 港元 548,740 83,448,196 (9,141,178) 74,855,758 – 74,855,758 (12,509,947) 62,345,811 0.12 0.12
	截至2016年 6月30日止 六個月
	(Unaudited)
	（未經審核）
	HK$
	港元
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 OPERATING PROFIT 營運溢利 Finance costs 財務成本 6(a) PROFIT BEFORE TAX 除稅前溢利 6(b) Income tax expense 所得稅開支 9 PROFIT 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 — 基本 — Diluted — 攤薄	1,966,258
	78,550,810
	(9,683,720)
	70,833,348
	(5,048,546)
	65,784,802
	(10,396,467)
	55,388,335
	0.06
	0.06

43

中國新經濟投資有限公司 / 中期報告 2016

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

As at 30 June 2016 於 2016 年 6 月 30 日

Notes 附註	30 June 2016	31 December 2015 2015年 12月31日 (Audited) （經審核） HK$ 港元 10,528,600 506,545 11,035,145 400,928 14,556,735 300,993,458 13,083,050 329,034,171 660,628 14,645,627 80,000 15,386,255 313,647,916 324,683,061 – 324,683,061 61,812,000 262,871,061 324,683,061 0.53
	2016年 6月30日
	(Unaudited)
	（未經審核）
	HK$
	港元
NON-CURRENT ASSETS 非流動資產 Deferred tax assets 遞延稅項資產 Deposits 按金 Total non-current assets 非流動資產總值 CURRENT ASSETS 流動資產 Prepayments and other receivables 預付款項及其他應收款項 Amount due from brokers 應收經紀款項 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 Cash and cash equivalents 現金及現金等值 12 Total current assets 流動資產總值 CURRENT LIABILITIES 流動負債 Other payables and accruals 其他應付款項及應計費用 13 Amount due to brokers 應付經紀款項 14 Amount due to a related company 應付一間關連公司款項 15 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 LIABILITIES 非流動負債 Borrowings 借貸 16 NET ASSETS 資產淨值 EQUITY 權益 Issued capital 已發行股本 17 Reserves 儲備 Total equity 權益總值 NET ASSET VALUE PER SHARE 每股資產淨值 19
	133,685
	506,545
	640,230
	3,134,071
	4,016,985
	656,206,319
	31,397,818
	694,755,193
	1,407,718
	149,947,594
	80,000
	151,435,312
	543,319,881
	543,960,111
	68,571,611
	475,388,500
	111,261,600
	364,126,900
	475,388,500
	0.43

44 China New Economy Fund Limited / Interim Report 2016

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

For the six months ended 30 June 2016 截至 2016 年 6 月 30 日止六個月

	Retained Share earnings/ Issued Share option (Accumulated capital premium reserve losses) Total 已發行股本 股份溢價 購股權儲備 保留盈利╱ （累計虧損） 總計 HK$ HK$ HK$ HK$ HK$ 港元 港元 港元 港元 港元
At 1 January 2016 於2016年1月1日 Shares issued during the Period 本期間已發行股份 Share issue expenses 發行股份開支 Total comprehensive income for the Period 本期間全面收益總額 At 30 June 2016 (unaudited) 於2016年6月30日 （未經審核） 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）	61,812,000 326,516,058 3,258,000 (66,902,997) 324,683,061 49,449,600 49,140,540 – – 98,590,140 – (3,273,036) – – (3,273,036) – – – 55,388,335 55,388,335
	111,261,600 372,383,562 3,258,000 (11,514,662) *475,388,500
	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

• These reserve accounts comprise the reserves of HK$364,126,900 (30 June 2015: HK$463,327,223) in the interim condensed statement of financial position.

• 此等儲備賬目包括中期簡明財務 狀況表內的儲備 364,126,900 港元 （2015 年 6 月 30 日：463,327,223 港元）。

中國新經濟投資有限公司 / 中期報告 2016 45

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

For the six months ended 30 June 2016 截至 2016 年 6 月 30 日止六個月

Notes 附註

For the six months ended 30 June 2016 For the six months ended 30 June 2015 截至2016年 6月30日止 六個月 截至2015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 65,784,802 74,855,758 5,048,546 – (1,086,012) (545,545) (879,999) – (247) (3,195) (672,848,540) (344,477,635) 393,815,399 412,113,604 (16,918,967) (78,357,822) (61,631,843) (5,090,374) (288,716,861) 58,494,791 (362,053) 13,528,109 10,539,750 (58,610,612) 135,301,967 – 747,090 (75,341)

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： Finance costs 財務成本 Dividend income from listed equity securities 上市權益證券之 股息收入 4 Dividend income from private equity funds 私募股權基金之 股息收入 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 on financial assets at fair value through profit or loss 按公平值透過損益列賬 之金融資產已變現 收益淨值 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 (Increase)/decrease in prepayments and deposits 預付款項及按金 （增加）╱減少 Decrease/(increase) in amount due from brokers 應收經紀款項 減少╱（增加） Increase in amount due to brokers 應付經紀款項增加 Increase/(decrease) in other payables 其他應付款項 增加╱（減少）

46 China New Economy Fund Limited / Interim Report 2016

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

For the six months ended 30 June 2016 截至 2016 年 6 月 30 日止六個月

Notes 附註	For the six months ended 30 June 2016 For the six months ended 30 June 2015 截至2016年 6月30日止 六個月 截至2015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 (142,490,107) 13,336,947 1,086,012 521,461 879,999 – 247 3,242 (1,552) – (140,525,401) 13,861,650 98,590,140 – (3,273,036) – (4,782,335) – 68,305,400 – 158,840,169 – 18,314,768 13,861,650 13,083,050 12,199,764 31,397,818 26,061,414 31,397,818 26,061,414
	HK$
	港元
Cash (used in)/generated from operations 營運活動（所用）╱ 所得現金 Dividend income received from listed equity securities 已收上市權益證券之 股息收入 Dividend income received from private equity funds 已收私募股權基金之 股息收入 Bank interest received 已收銀行利息 Withholding tax paid 已付預扣稅 Net cash flows (used in)/generated from operating activities 營運活動（所用）╱所得 現金流量淨值 CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所得之現金流量 Issuance of share 發行股份 Share issue expense 發行股份開支 Interest paid 已付利息 Net proceed from borrowings 借貸所得款項淨額 Cash flow generated from financing activities 融資活動所得之 現金流量 NET INCREASE IN CASH AND CASH EQUIVALENTS 現金及現金等值增加淨額 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 banks — 銀行現金 12	(142,490,107)
	1,086,012
	879,999
	247
	(1,552)
	(140,525,401)
	98,590,140
	(3,273,036)
	(4,782,335)
	68,305,400
	158,840,169
	18,314,768
	13,083,050
	31,397,818
	31,397,818

47

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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-ended 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。本公司以作為 封閉式投資公司而建立。

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 globally 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 過投資全球具能力生產或 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 活動由中國光大證券（香 港）有限公司（「投資管理 人」）管理。

48 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 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 International Accounting Standards (“IAS”) 34 Interim Financial Reporting and the applicable disclosure requirements of Appendix 16 of the Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“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.

未經審核中期簡明財務報 表乃根據國際會計準則 （「國際會計準則」）第 34 號 中期財務報告及香港聯合 交易所有限公司（「聯交 所」）主板證券上市規則附 錄 16 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，中期簡明財務報表 以港元（「港元」）呈列。

The preparation of interim financial statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

編製符合國際會計準則第 34 號之中期財務報表要求 管理層作出會影響政策應 用以及年初至今資產及負 債、收入及開支的申報金 額的判斷、估計及假設。 實際結果可能與此等估計 有所不同。

The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended 31 December 2015.

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 公司截至 2015 年 12 月 31 日止年度的年度財務報表 一併閱覽。

49

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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 2015, except for the adoption of the new amendments to International Financial Reporting Standards (“IFRS”) that are first effective for the current Period as described below:

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 2015 年 12 月 31 日止年度之年度財 務報表所用者一致，惟採 納以下所述於本期間首次 生效之國際財務報告準則 （「國際財務報告準則」）之 新修訂除外：

50 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 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）

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：

Amendments to IAS 1	Disclosure Initiative	國際會計準則	披露計劃
		第1號之修訂
Amendments to IAS	Clarification of Acceptable	國際會計準則	澄清折舊及攤銷之
16 and IAS 38	Methods of Depreciation	第16號及	可接受方法
	and Amortization	國際會計準則
		第38號之修訂
Amendments to IAS 16	Agriculture: Bearer Plants	國際會計準則	農業：生產性植物
and IAS 41		第16號及
		國際會計準則
		第41號之修訂
Amendments to IAS 27	Equity Method in Separate	國際會計準則	獨立財務報表之
	Financial Statements	第27號之修訂	權益法
Amendments to	Investment Entities:	國際財務報告	投資實體：
IFRS 10, IFRS 12	Applying the	準則第10號、	應用綜合入賬之
and IAS 28	Consolidation	國際財務報告	例外情況
	Exception	準則第12號及
		國際會計準則
		第28號之修訂
Amendments to IFRS 11	Accounting for Acquisitions	國際財務報告	收購於合營業務
	of Interests in Joint	準則第11號之	權益之會計處理
	Operations	修訂
Amendments to IFRSs	Annual Improvements to	國際財務報告	國際財務報告準則
	IFRSs 2012–2014 Cycle	準則之修訂	年度改進
			2012–2014
IFRS 14	Regulatory Deferral	國際財務報告	監管遞延賬目
	Accounts	準則第14號

51

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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）

The application of the new and amendments to IFRSs in the current interim period has had no material effect on the amounts reported in these condensed consolidated financial statements and/or disclosures set out in these condensed consolidated financial statements.

於本中期期間應用新訂國 際財務報告準則及國際財 務報告準則之修訂對此等 簡明綜合財務報表呈報之 數額及╱或此等簡明綜合 財務報表載列之披露事項 並無重大影響。

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 the following new or revised IFRSs that have been issued but are not yet effective.

本公司並未提早應用以下 已頒佈但尚未生效之新訂 或經修訂之國際財務報告 準則。

52 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

2.3 ISSUED BUT NOT YET

EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINUED)

2.3 已頒佈但尚未生效的 國際財務報告準則 （續）

Amendments to Disclosure Initiative[1] IAS 7 Amendments to Recognition of Deferred Tax IAS 12 Assets for Unrealised Losses[1] IFRS 9 (2014) Financial Instruments[2] IFRS 15 Revenue from Contracts with Customers[2] IFRS 16 Leases[3] Amendments to Sale or Contribution of Assets IFRS 10 and between an Investor and its IAS 28 Associate or Joint Venture[4] Amendments to Classification and Measurement IFRS 2 of Share-based Payment Transactions[2]

國際會計準則 披露計劃[1] 第 7 號之修訂 國際會計準則 確認未變現虧損 第 12 號之修訂 產生的遞延 稅項資產[1] 國際財務報告準則 金融工具[2] 第 9 號（2014 年） 國際財務報告準則 自客戶合約 第 15 號 產生的收入[2] 國際財務報告準則 租賃[3] 第 16 號 國際財務報告準則 於投資者與其 第 10 號及 聯營公司或 國際會計準則 合營企業之間 第 28 號之修訂 出售或注入 資產[4] 國際財務報告準則 以股份為基礎的 第 2 號之修訂 付款交易之 分類及計量[2]

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

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

• 3 Effective for annual periods beginning on or after 1 January 2019

• 4 Effective date is deferred

• 1 於 2017 年 1 月 1 日或之後 開始的年度期間生效

• 2 於 2018 年 1 月 1 日或之後 開始的年度期間生效

• 3 於 2019 年 1 月 1 日或之後 開始的年度期間生效

• 4 生效日期延遲

53

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

2.3 ISSUED BUT NOT YET

EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINUED)

2.3 已頒佈但尚未生效的 國際財務報告準則 （續）

The Company is in the process of making an assessment of the impact of adopting the above new, revised or amended standards to the Company but is not yet in a position to state whether those amendments to standards would have a significant impact on the Company’s accounting policies and presentation of the financial statements.

本公司正在評估採納上述 新訂或經修訂準則對本公 司之影響，惟未確定該等 準則之修訂對本公司之會 計政策及財務報表呈列會 否造成任何重大影響。

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

Management has determined the operating segments based on the information reviewed by the chief operating decisionmaker, being the Board of Directors, that are used to making strategic decisions. 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:

管理層已根據主要經營決 策者（即董事會）審閱並用 於作策略決定之資料釐定 經營分部。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 and private equities

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 投資於私募 券 股權基金及 私募股權

54 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

Furthe r de ta i 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。

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

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 2016 (unaudited) 截至2016年6月30日 止六個月 （未經審核） Segment results 分部業績 70,169,846 10,346,975 Bank interest income 銀行利息收入 Unallocated expenses 未分配開支 Profit before tax 除稅前溢利
	70,169,846 10,346,975	80,516,821
		247
		(14,732,266)
		65,784,802

55

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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	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		83,993,741 3,195 (9,141,178)
		74,855,758

56 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 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 2016 and 2015, segment results represented the net gain on fair values of listed equities, unlisted private equity funds and private equities 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, finance costs, interest income from bank deposits and Investment Manager’s fees. This is the measure reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance.

截至 2015 年及 2016 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、非上市私募股權基 金及私募股權公平值收益 淨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、財務成 本、銀行存款利息收入及 投資管理人費用分配。此 乃就資源分配及分部表現 評估向主要經營決策者報 告的基準。

As management considers the Company’s nature of business to be investment trading and there are no major customers, no information regarding major customers or segment revenue is presented.

由於管理層認為本公司的 業務性質為投資貿易且並 無主要客戶，故概無呈列 有關主要客戶或分部收入 的資料。

57

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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 segment:

以下為按經營分部對本公 司資產及負債所作之分 析：

	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

At 30 June 2016 (unaudited) 於 2016 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 534,557,616 121,648,703 656,206,319 Unallocated assets 未分配資產 39,189,104 Total assets 資產總值 695,395,423 Liabilities: 負債： Unallocated liabilities 未分配負債 220,006,923 Total liabilities 負債總額 220,006,923

58 China New Economy Fund Limited / Interim Report 2016

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

30 June 2016 2016 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 2015 (audited) 於2015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	220,430,771 80,562,687	300,993,458 39,075,858
		340,069,316
		15,386,255
		15,386,255

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

就監控分部表現及於分部 間配置資源而言，除按 金、預付款項及其他應收 款項、應收經紀款項、遞 延稅項資產及現金及現金 等值外，所有資產均分配 至可呈報分部。

中國新經濟投資有限公司 / 中期報告 2016 59

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

30 June 2016 2016 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 2016 For the six months ended 30 June 2015 截至2016年 6月30日止 六個月 截至2015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 1,086,012 545,545 879,999 – 247 3,195 1,966,258 548,740
Dividend income from listed equity securities 上市權益證券股息收入 Dividend income from unlisted equity securities 非上市權益證券股息收入 Bank interest income 銀行利息收入

60 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 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2016年6月30日
30 June 2016 (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	已變現收益淨值	16,918,967 – 16,918,967
Net unrealized 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	未變現收益淨值	52,164,867 9,466,976 61,631,843
Total realized and unrealized	計入損益內之已變現
gain included in profit or	及未變現收益總值
loss		69,083,834 9,466,976 78,550,810

61

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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	已變現收益淨值	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	計入損益內之已變現
gain included in profit or	及未變現收益總值
loss		75,934,744	7,513,452	83,448,196

62 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 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 2016 For the six months ended 30 June 2015 截至2016年 6月30日止 六個月 截至2015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 3,742,137 – 1,306,409 – 5,048,546 –
(a) Finance costs (a)財務成本 Interest on other borrowings 其他借貸之利息 Interest on unlisted and unsecured notes 非上市無抵押票據之 利息

63

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

6. PROFIT BEFORE TAX (CONTINUED)

6. 除稅前溢利（續）

6. PROFIT BEFORE TAX (CONTINUED)	除稅前溢利（續）
	For the six months ended 30 June 2016 For the six months ended 30 June 2015 截至2016年 6月30日止 六個月 截至2015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 635,467 812,540 – 1,000,000 635,467 1,812,540 1,302,153 990,973 480,000 480,000 177,500 149,250 170 (5,569) 643,052 435,549 2,941,456 838,000 725,427 799,181
(b) Other items (b)其他項目 Directors’ remuneration: 董事酬金： Fees 袍金 Bonus 花紅 Staff costs (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 loss/(gain), net 外匯虧損╱（收益）， 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

64 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 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 current reporting period (30 June 2015: Nil).

董事會已議決不派付本報 告期之任何中期股息 （2015 年 6 月 30 日：無）。

8. FEES

8. 費用

Administration fee

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

行政管理費

本公司已終止與 HSBC Trustee (Cayman) Limited 之行政管理協議（「滙豐行 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。

A m i c o r p H o n g K o n g L i m i t e d ( t h e “Administrator”) is entitled to receive an administration fee which is calculated based on the net asset value of the Company at valuation day equal to the rate of 0.11% per annum.

傲明香港有限公司（「行政 管理人」）有權收取行政管 理費，其根據相等於按年 本公司於估值日資產淨值 之 0.11% 計算。

Prior to the termination of the HSBC Administration Agreement, HSBC Trustee (Cayman) Limited was entitled to receive an administration fee which was calculated at each valuation day at the following rates:

終止滙豐行政管理協議 前， H S B C T r u s t e e (Cayman) Limited 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 net asset value 0.140% per annum

資產淨值的首個 8 億港元 每年 0.140%

Next HK$1,200 million of net asset value 0.125% per annum

資產淨值的下個 12 億港元 每年 0.125%

65

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

8. FEES (CONTINUED)

8. 費用（續）

Administration fee (Continued)

On the remainder of net asset value 0.110% per annum

行政管理費（續）

資產淨值的餘下部份每年 0.110%

The administration fee is subject to a monthly minimum fee of USD7,500 plus 7% disbursement charge (30 June 2015: HK$73,000) and is payable monthly in arrears.

行政管理費須受每月最低 費用 7,500 美元加 7% 支出 費（ 2 0 1 5 年 6 月 3 0 日： 73,000 港元）約束及須於 每月月底支付。

The administration fee for the Period is HK$374,126 (30 June 2015: HK$509,790). As at 30 June 2016, an administration fee of H K $ 6 2 , 3 5 4 ( 3 1 D e c e m b e r 2 0 1 5 : H K $ 6 2 , 2 0 9 ) 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 374,126 港元（2015 年 6 月 30 日：509,790 港元）。於 2016 年 6 月 30 日，行政管 理費 62,354 港元（2015 年 12 月 31 日：62,209 港元） 應付予行政管理人。

Custodian fee

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

託管費

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（「滙豐託管協 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。

Deutsche Bank AG, Hong Kong Branch (the “Custodian”) is entitled to a custodian fee which is calculated based on the net asset value of the Company at valuation day equal to the rate of 0.02% per annum.

德意志銀行香港分行（「託 管人」）有權收取託管費， 其根據相等於按年本公司 於估值日資產淨值之 0.02% 計算。

66

China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

8. FEES (CONTINUED)

8. 費用（續）

Custodian fee (Continued)

Prior to the termination of the HSBC Custodian Agreement, HSBC Institutional Trust Services (Asia) Limited was entitled to receive a custodian fee which was calculated at each valuation day at the following rates:

託管費（續）

終止滙豐託管協議前，滙 豐機構信託服務（亞洲）有 限公司有權收取於各估值 日按下列費率計算的託管 費：

First HK$800 million of net asset value 0.040% per annum

資產淨值的首個 8 億港元 每年 0.040%

Next HK$1,200 million of net asset value 0.035% per annum

資產淨值的下個 12 億港元 每年 0.035%

On the remainder of net asset value 0.030% per annum

資產淨值的餘下部份每年 0.030%

The custodian fee is subject to a monthly minimum fee of US$2,500 (30 June 2015: HK$15,000) and is payable monthly in arrears.

託管費須受每月最低費用 2,500 美元（2015 年 6 月 30 日：15,000 港元）約束及 須於每月月底支付。

The custodian fee for the Period is HK$143,594 (30 June 2015: HK$114,651). As at 30 June 2016, a custodian fee of H K $ 2 0 , 5 6 3 ( 3 1 D e c e m b e r 2 0 1 5 : HK$23,625) was payable to the Custodian.

本期間託管費為 143,594 港 元（2015 年 6 月 30 日： 114,651 港元）。於 2016 年 6 月 30 日，託管費 20,563 港元（2015 年 12 月 31 日： 23,625 港元）應付予託管 人。

67

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

8. FEES (CONTINUED)

8. 費用（續）

Management fee

The Investment Manager was entitled to a monthly management fee of HK$80,000 (30 June 2015: HK$80,000) and payable monthly in arrears.

管理費

投資管理人有權收取每月 管理費為 80,000 港元 （ 2 0 1 5 年 6 月 3 0 日： 80,000 港元）及須於每月 月底支付。

The management fee for the Period is HK$480,000 (30 June 2015: HK$480,000). As at 30 June 2016, a management fee of H K $ 8 0 , 0 0 0 ( 3 1 D e c e m b e r 2 0 1 5 : HK$80,000) was payable to the Investment Manager.

本期間管理費為 480,000 港 元（2015 年 6 月 30 日： 480,000 港元）。於 2016 年 6 月 30 日，管理費 80,000 港元（2015 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 income tax expenses of the Period 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。

68 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

9. TAXATION (CONTINUED)

9. 稅項（續）

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 政局承諾，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。

Hong Kong

Income tax expense of HK$10,394,915 (30 June 2015: HK$12,509,947) representing nil current Hong Kong profits tax (30 June 2015: HK$7,195,830) and net deferred tax of HK$10,394,915 (30 June 2015: HK$5,314,117) that have been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong during the Period (30 June 2015: 16.5%).

香港

所得稅開支為 10,394,915 港 元（2015 年 6 月 30 日： 12,509,947 港元），指並無 香港即期利得稅（2015 年 6 月 30 日：7,195,830 港元） 及遞延稅項淨額 10,394,915 港元（2015 年 6 月 30 日：5,314,117 港 元），乃按稅率 16.5% （ 2 0 1 5 年 6 月 3 0 日： 16.5%）就於本期間於香港 產生之估計應課稅溢利作 出撥備。

69

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

9. TAXATION (CONTINUED)

9. 稅項（續）

Hong Kong (Continued)

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.

香港（續）

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 2016 have been offset in the interim condensed statement of financial position. The deferred tax liabilities arising from unrealized investment valuation gains amounted to HK5,466,806 and deferred tax assets arising from losses available to offsetting against future taxable profits amounted to HK$5,600,491 (31 December 2015: deferred tax assets arising from unrealized investment valuation loss amounted to HK$4,567,567 and losses available to offsetting against future taxable profits amounted to HK$5,961,033).

就呈列而言，於 2016 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 5,466,806 港 元及因虧損允許抵銷未來 應課稅溢利而產生之遞延 稅項資產為 5,600,491 港 元（2015 年 12 月 31 日：因 未變現投資估值虧損而產 生之遞延稅項資產為 4,567,567 港元及因虧損允 許抵銷未來應課稅溢利而 產生之遞延稅項資產為 5,961,033 港元）。

PRC

PRC withholding tax of HK$1,552 (30 June 2015: Nil) was incurred on dividend income received by the Company during the Period.

中國

本公司於本期間收取之股 息收入產生中國預扣稅 1,552 港元（2015 年 6 月 30 日：無）。

70 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註 30 June 2016 2016 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 and diluted earnings per share is based on the Company’s profit for the Period attributable to the ordinary equity holders of HK$55,388,335 (30 June 2015: HK$62,345,811) and the weighted average number of ordinary shares in issue during the Period of 914,412,513 (30 June 2015: 528,600,605 (restated) ordinary shares), as adjusted to reflect the rights issue of shares completed during 2016. No adjustment has been made to the basic earnings per share amount presented for the Period in respect of a dilution as the impact of the share options outstanding had an anti-dilutive effect on the basic earnings per share amounted presented. The Company had no dilutive ordinary shares in issue during the period ended 30 June 2015.

每股基本及攤薄盈利以普 通權益持有人應佔本期間 本公司溢利 55,388,335 港 元（ 2 0 1 5 年 6 月 3 0 日： 62,345,811 港元）及本期 間已發行普通股加權平均 數 914,412,513 股（2015 年 6 月 30 日：528,600,605 股 普通股（經重列））計算得 出，並已作出調整以反映 於 2016 年完成供股。由於 尚未行使購股權對所呈列 每股基本盈利金額具反攤 薄影響，故並無就本期間 所呈列的每股基本盈利金 額作出有關攤薄的調整。 本公司於截至 2015 年 6 月 30 日止期間並無已發行潛 在攤薄普通股。

71

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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 2016 31 December 2015 2016年 6月30日 2015年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 534,557,615 220,430,771 56,648,704 47,562,687 32,000,000 – 33,000,000 33,000,000 656,206,319 300,993,458
Listed equity securities — Hong Kong上市權益證券 — 香港 Investments in private equity funds — Cayman Islands 投資於私募股權基金 — 開曼群島 Investments in private equity — British Virgin Islands 投資於私募股權 — 英屬處女群島 Investments in private equities — Hong Kong 投資於私募股權 — 香港

The listed equity securities were classified as held for trading and their fair values are determined based on the quoted market bid prices available on the relevant stock exchanges at the end of the reporting period.

上市權益證券分類為持作 買賣及其公平值乃根據相 關證券交易所於本報告期 末所提供的市場報價釐定。

72 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註 30 June 2016 2016 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）

The above investments in private equities and equity funds were classified as held for trading and their values are determined based on valuation techniques for which inputs that have a significant effect on the recorded fair value are not based on observable market data (unobservable inputs).

以上私募股權及私募股權 基金投資分類為持作買賣 及其價值乃根據估值技術 （並非根據可觀察市場數據 之輸入值（不可觀察輸入 值）對公平值計量有重大影 響）釐定。

Movement in net unrealized gain on financial assets held for trading of HK$61,631,843 has been recognized in profit or loss in the interim condensed statement of profit or loss and other comprehensive income (30 June 2015: HK$5,090,374).

持作買賣之金融資產未變 現收益淨額 61,631,843 港 元（ 2 0 1 5 年 6 月 3 0 日： 5,090,374 港元）之變動已 於中期簡明損益及其他全 面收益表內確認。

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 2016 31 December 2015 2016年 6月30日 2015年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 31,397,818 13,083,050
Cash at banks 銀行現金

73

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 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. The cash at banks are placed with DBS Bank Limited and Deutsche Bank AG, Hong Kong Branch.

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。銀行現金已存入 星展銀行有限公司及德意 志銀行香港分行。

13. OTHER PAYABLES AND ACCRUALS

13. 其他應付款項及應計 費用

As at 30 June 2016 and 31 December 2015, the other payables are non-interestbearing and have an average term of less than three months.

於 2016 年 6 月 30 日 及 2015 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 BROKERS

14. 應付經紀款項

As at 30 June 2016, amount due to brokers include HK$149,947,594 (31 December 2015: Nil) of margin payable to a securities broker with interest rates ranged from 8% to 9% per annum. As at 30 June 2016, the Company had pledged Hong Kong listed securities of approximately HK$388.5 million to secure the margin payables to the securities broker (31 December 2015: Nil).

於 2016 年 6 月 30 日，應付 經紀款項包括應付證券經 紀保證金 149,947,594 港 元（ 2015 年 12 月 31 日： 無），該保證金之年利率介 乎 8 厘至 9 厘。於 2016 年 6 月 30 日，本公司已抵押 香港上市證券約 388,500,000 港元（2015 年 12 月 31 日：無）以擔保應 付該證券經紀之保證金。

74 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註 30 June 2016 2016 年 6 月 30 日

15. AMOUNT DUE TO A RELATED COMPANY

15. 應付一間關連公司款 項

As at 30 June 2016 and 31 December 2015, 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 2 0 1 6 年 6 月 3 0 日 及 2015 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。

16. BORROWINGS

16. 借貸

		30 June 2016 31 December 2015 2016年 6月30日 2015年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元
7.5% coupon notes due 2018 at	按攤銷成本計值於2018年
amortized cost	到期之7.5厘票據	68,571,611 –

75

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

16. BORROWINGS (CONTINUED)

16. 借貸（續）

The borrowings are repaid as follows:

償還借貸如下：

	30 June 2016 31 December 2015 2016年 6月30日 2015年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 – – – – 68,571,611 – 68,571,611 –
On demand 按要求 Within 1 year 一年內 Between 1 to 2 years 一年至兩年內 Total 總計

In April 2016,, the Company issued twoyear 7.5% coupon unlisted and unsecured notes due in 2018 (the “Notes”) in the a g g r e g a t e p r i n c i p a l a m o u n t o f HK$71,300,000. The Notes carried an interest of 7.5% per annum payable every three months. Details of the term of the Notes can be referred to the announcement of the Company dated 11 March 2016.

於 2016 年 4 月，本公司發 行兩年期 7.5 厘非上市且 無抵押票據，該票據於 2018 年到期（「票據」），本 金總額為 71,300,000 港 元。票據按年利率 7.5 厘計 息及須於每三個月支付一 次。票據條款之詳情可參 閱本公司日期為 2016 年 3 月 11 日之公告。

76 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

17. ISSUED CAPITAL

17. 已發行股本

ISSUED CAPITAL	17.已	發行股本
		30 June 2016 2016年 6月30日 (Unaudited) （未經審核） HK$ 港元	31 December 2015 2015年 12月31日 (Audited) （經審核） HK$ 港元
Issued and fully paid	已發行及繳足
618,120,000 (2015: 515,100,000)	於1月1日之618,120,000股
ordinary shares as at 1 January	（2015年：515,100,000股）
	普通股	61,812,000	51,510,000
Right issue of shares (Note (a))	供股（附註(a)）	30,906,000	–
Placing of shares (Note (b))	配售股份（附註(b)）	18,543,600	10,302,000
1,112,616,000 (31 December 2015:	於2016年6月30日之
618,120,000) ordinary shares as at	1,112,616,000股（2015年
30 June 2016	12月31日：618,120,000股）
	普通股	111,261,600	61,812,000
Notes:	附	註：

附註：

(a) On 14 January 2016, a total of 309,060,000 ordinary shares of HK$0.1 each were issued at a price of HK$0.235 per share for a total cash consideration, before the related issue expenses, of HK$72,629,100. The issued and fully paid capital of the Company was increased to HK$92,718,000 and resulted in a share premium of HK$41,723,100, before deducting the rights issues expenses of HK$2,494,204.

(a) 於 2016 年 1 月 14 日，本公 司按每股 0.235 港元之價 格配售合共 309,060,000 股每股面值 0.1 港元之普通 股，總現金代價（不包括相 關發行開支）為 72,629,100 港元。本公司已發行及繳 足股本增至 92,718,000 港 元，扣除供股開支 2,494,204 港元前導致股份 溢價 41,723,100 港元。

77

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

17. ISSUED CAPITAL (CONTINUED)

17. 已發行股本（續）

Notes:

附註：

• (b) On 23 June 2016, a total of 185,436,000 ordinary shares of HK$0.1 each were placed at a price of HK$0.14 per share for a total cash consideration, b e f o r e t h e r e l a t e d i s s u e e x p e n s e , o f HK$25,961,040. The issued and fully paid capital o f t h e C o m p a n y w a s i n c r e a s e d t o HK$111,261,600 and resulted in a share premium of HK$7,417,440, before deducting the share placement expense of HK$778,832.

• (b) 於 2016 年 6 月 23 日，本公 司按每股 0.14 港元之價格 配售合共 185,436,000 股 每股面值 0.1 港元之普通 股，總現金代價（不包括相 關發行開支）為 25,961,040 港元。本公司已發行及繳 足股本增至 111,261,600 港元，扣除股份配售開支 778,832 港元前導致股份 溢價 7,417,440 港元。

On 16 July 2015, a total of 103,020,000 ordinary shares of HK$0.1 each were placed at a price of HK$0.385 per share (the “2015 Placing”) for a total cash consideration, before the related issue expense, of HK$39,662,700. The issued and fully paid capital of the Company was increased to HK$61,812,000 and resulted in a share premium of HK$29,360,700, before deducting the share placement expense of HK$1,192,935. The net proceeds of the 2015 Placing, after deduction of the costs of the Company, were subsequently applied by the Investment Manager in making investments according to the investment objectives, policies and restrictions of the Company and the requirements of the Articles of Association of the Company.

於 2015 年 7 月 16 日，本公 司按每股 0.385 港元之價 格配售合共 103,020,000 股每股面值 0.1 港元之普通 股（「2015 年配售」），總現 金代價（不包括相關發行開 支）為 39,662,700 港元。本 公司已發行及繳足股本增 至 61,812,000 港元，扣除 股份配售開支 1,192,935 港 元前導致股份溢價 29,360,700 港元。投資管 理人其後已於作出投資時 根據本公司的投資目標、 政策及限制，以及本公司 組織章程細則之規定使用 2015 年配售所得款項淨額 （經扣除本公司成本）。

18. SHARE OPTION SCHEME

18. 購股權計劃

The Company’s Share Option Scheme was adopted on 1 June 2015, pursuant to an ordinary resolution passed at the extraordinary general meeting held on 28 May 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，本公司購 股權計劃於 2015 年 6 月 1 日獲採納。

Details of share options granted by the Company under the Share Option Scheme to the Directors, employees and consultants of the Company and the movement in such holdings during the Period were as follow:

本公司於本期間根據購股 權計劃向董事、本公司僱 員及顧問授出之購股權及 所持購股權之變動詳情如 下：

78

China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

18. SHARE OPTION SCHEME (CONTINUED)

18. 購股權計劃（續）

Date of grant Exercise period Exercise price Name or category of Participant 參與者 姓名或類別 授出日期 行使期 行使價**	Number of share options 購股權數目
	Outstanding as at 1 January 2016 Granted during the Period Exercised during the Period Canceled/ lapsed during the Period Outstanding as at 30 June 2016 *於2016年 1月1日 尚未行使 本期間授出 本期間行使 本期間 註銷╱失效 於2016年 6月30日 尚未行使***
Directors 董事 Mr. Gu Xu 顧旭先生 11/9/2015 11/9/2015–10/9/2016 0.25 Mr. Chan Cheong Yee 陳昌義先生 11/9/2015 11/9/2015–10/9/2016 0.25 Mr. Lam Chun Ho 林振豪先生 11/9/2015 11/9/2015–10/9/2016 0.25 Mr. Faris Ibrahim Taha Ayoub Faris Ibrahim Taha Ayoub 先生 11/9/2015 11/9/2015–10/9/2016 0.25 Mr. Huang Liangkuai 黃良快先生 11/9/2015 11/9/2015–10/9/2016 0.25 Sub-total 小計 Employees 僱員 11/9/2015 11/9/2015–10/9/2016 0.25 Consultants 顧問 11/9/2015 11/9/2015–10/9/2016 0.25 Total 總計	5,295,228 – – – 5,295,228 5,295,228 – – – 5,295,228 529,522 – – – 529,522 529,522 – – – 529,522 529,522 – – (529,522) –
	12,179,022 – – (529,522) 11,649,500 18,533,299 – – (2,647,614) 15,885,685 5,295,229 – – – 5,295,229
	36,007,550 – – (3,177,136) 32,830,414

• The exercise price and the amount of share options had been adjusted due to the right issue completed in January 2016.

• 由於2016年1月完成供股， 故購股權之行使價及數額 已作調整。

19. NET ASSET VALUE PER SHARE

19. 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 2016 of HK$475,388,500 (31 December 2015: HK$324,683,061) and on 1,112,616,000 ordinary shares being in issue as at 30 June 2016 (31 December 2015: 618,120,000 ordinary shares).

每股資產淨值乃按本公司 於 2016 年 6 月 30 日的資產 淨值475,388,500港元（2015 年12月31日：324,683,061 港元）及於2016年6月30日 已發行普通股1,112,616,000 股（ 2015 年 12 月 31 日： 618,120,000 股普通股）計 算。

79

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

20. RELATED PARTY TRANSACTIONS

20. 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 他部份詳述的關連方交易 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 of Directors, whose remuneration is shown in note 6 to the interim condensed financial statements.

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。

80 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

21. FAIR VALUE MEASUREMENT

21. 公平值計量

(a) Fair value hierarchy

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

• (a) 公平值等級 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

• Level 2 — Valuation techniques for which the lowest level input that is significant t o t h e f a i r v a l u e measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level o f i n p u t t h a t i s significant to the fair value measurement is unobservable

• 第一級 可辨識資產或 負債於活躍市 場的報價（未經 調整）

— 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

• 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

81

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

21. FAIR VALUE MEASUREMENT (CONTINUED)

21. 公平值計量（續）

(a) Fair value hierarchy (Continued)

(a) 公平值等級（續）

		Level 1 第一級 HK$ 港元	30 June 2016 (Unaudited) 2016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	30 June 2016 (Unaudited) 2016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 at	按公平值透過損益列賬之
fair value through profit or	金融資產：
loss:
Listed	上市
— Equity securities	— 權益證券	534,557,615	–	–	534,557,615
Unlisted	非上市
— Private equity funds	— 私募股權基金	–	–	56,648,704	56,648,704
— Private equities	— 私募股權	–	–	65,000,000	65,000,000
		534,557,615	–	121,648,704	656,206,319

82

China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

21. FAIR VALUE MEASUREMENT (CONTINUED)

21. 公平值計量（續）

(a) Fair value hierarchy (Continued)

(a) 公平值等級（續）

			31 December	2015 (Audited)
			2015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 at	按公平值透過損益列賬之
fair value through profit or	金融資產：
loss:
Listed	上市
— Equity securities	— 權益證券	220,430,771	–	–	220,430,771
Unlisted	非上市
— Private equity fund	— 私募股權基金	–	–	47,562,687	47,562,687
— Private equities	— 私募股權	–	–	33,000,000	33,000,000
		220,430,771	–	80,562,687	300,993,458

Valuations are the responsibility of the Board of Directors of the Company. The fair values of listed equity securities are based on quoted market bid prices and are classified as Level 1.

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 所報市場買入價計算 及被分類為第一級。

83

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

21. FAIR VALUE MEASUREMENT (CONTINUED)

21. 公平值計量（續）

(a) Fair value hierarchy (Continued)

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 of Directors.

• (a) 公平值等級（續）

於私募股權基金之投 資的公平值乃基於其 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。

The investments in the private equities are not quoted in an active market. Transactions in such investments do not occur on a regular basis. The Company uses prices on recent arm’s length market transactions as the Company determined that this is the fair price.

私募股權投資在交投 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 司採用近期按公平原 則之市場交易價格， 乃由於本公司認為此 乃公平價格。

84 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

21. FAIR VALUE MEASUREMENT (CONTINUED)

21. 公平值計量（續）

(a) Fair value hierarchy (Continued)

The investments in private equity funds and private equities are classified as a Level 3 investments.

(a) 公平值等級（續）

• 私募股權基金投資及 私募股權投資被分類 為第三級投資。

T h e m o v e m e n t s i n f a i r v a l u e 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 2016 31 December 2015 2016年 6月30日 2015年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 80,562,687 37,522,087 32,000,000 48,000,000 9,086,017 (4,959,400) 121,648,704 80,562,687
At 1 January 於1月1日 Purchases 購買 Total gain or (loss) recognized in profit and loss 於損益內確認之收益或 （虧損）總值 At 30 June 2016 (Unaudited) and 31 December 2015 (Audited) 於2016年6月30日 （未經審核）及2015年 12月31日（經審核）

During the Period, there were no 於本期間，第一級、 transfers into or out of Level 1, Level 2 第二級及第三級之間 and Level 3 of fair value measurement. 並無轉撥公平值計 量。

85

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

21. FAIR VALUE MEASUREMENT (CONTINUED)

21. 公平值計量（續）

• (b) Fair value of financial assets and liabilities carried at other than fair value

All financial assets and liabilities are carried at amounts not materially different from their fair values as at 30 June 2016 and 31 December 2015.

• (b) 按公平值列賬的金融 資產及負債（公平值 除外）

於 2016 年 6 月 30 日 及 2015 年 12 月 31 日，所有金融資產及 負債均以其公平值相 差不大的金額列賬。

22. COMMITMENTS

The Company had the total future lease payments under the tenancy agreement falling due at the end of the reporting period as follows:

22. 承擔

於報告期末，本公司於租 賃協議下未來租賃付款總 額的到期情況如下：

	30 June 2016 31 December 2015 2016年 6月30日 2015年 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 1,142,352 1,142,352 517,194 948,312 – 140,058 1,659,546 2,230,722
Within one year 一年內 In the second year 第二年 In more than two years 超過兩年

Operating leases relate to office premises with initial lease terms of 3 years.

有關辦公室物業之經營租 賃，初步租賃年期為三年。

86 China New Economy Fund Limited / Interim Report 2016

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2016 2016 年 6 月 30 日

23. EVENTS AFTER REPORTING PERIOD

23. 報告期後事項

(1) Change of auditor

• Ernst & Young had resigned as the auditor of the Company with effect from 4 August 2016. HLB Hodgson Impey Cheng Limited had been appointed as the auditor of the Company to fill the casual vacancy following the resignation of Ernst & Young and to hold office until the conclusion of the next annual general meeting of the Company.

(1) 更換核數師 安永會計師事務所已 辭任本公司之核數 師，由 2016 年 8 月 4 日起生效。國衛會計 師事務所有限公司已 獲委任為本公司之核 數師以填補因安永會 計師事務所辭任而產 生之臨時空缺，任期 直至本公司下屆股東 週年大會結束為止。

Details of the change of auditor can be referred to the announcement of the Company dated 4 August 2016.

更換核數師之詳情可 參閱本公司日期為 2016 年 8 月 4 日之公 告。

87

中國新經濟投資有限公司 / 中期報告 2016

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

30 June 2016 2016 年 6 月 30 日

23. EVENTS AFTER REPORTING PERIOD (CONTINUED)

23. 報告期後事項（續）

(2) Proposed share consolidation and change in board lot size

• The Company had proposed that every five existing shares of HK$0.10 each in the issued and unissued share capital be consolidated into one consolidated share of HK$0.50 each in the issued and unissued share capital of the Company (the “Share Consolidation”). The Company had also proposed to change the board lot size for trading from 100,000 existing shares to 20,000 consolidated shares upon the Share Consolidation b e c o m i n g e f f e c t i v e . T h e i m p l e m e n t a t i o n o f t h e S h a r e Consolidation is upon approval by the shareholders at the extraordinary general meeting of the Company on 22 September 2016.

• (2) 建議股份合併及更改 每手買賣單位 本公司已建議將已發 行及未發行股本中每 五股每股面值 0.10 港元之現有股份合併 為本公司已發行及未 發行股本中一股每股 面值 0.50 港元之合 併股份（「股份合 併」）。本公司亦已建 議於股份合併生效 後，將交易之每手買 賣單位由 100,000 股 現有股份更改為 20,000股合併股份。 進行股份合併須待股 東於 2016 年 9 月 22 日之本公司股東特別 大會上批准後方可作 實。

Details of the proposed Share Consolidation and change in board lot s i z e c a n b e r e f e r r e d t o t h e announcement dated 12 August 2016 and circular dated 29 August 2016.

建議股份合併及更改 每手買賣單位之詳情 可參閱日期為 2016 年 8 月 12 日之公告 及日期為 2016 年 8 月 29 日之通函。

24. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

24. 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 30 August 2016.

中期簡明財務報表已於 2016 年 8 月 30 日獲董事會 批准及授權刊發。

88 China New Economy Fund Limited / Interim Report 2016

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

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