CAI Corp — Interim / Quarterly Report 2017

Sep 20, 2017

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

(Stock Code: 股份代號： 80)

中期報告 INTERIM REPORT 2017

Contents 目錄

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	26
INTERIM CONDENSED	中期簡明財務報表
FINANCIAL STATEMENTS
Interim Condensed Statement of	中期簡明	33
Profit or Loss and Other Comprehensive	損益及其他
Income	全面收益表
Interim Condensed Statement of	中期簡明	34
Financial Position	財務狀況表
Interim Condensed Statement of	中期簡明	35
Changes in Equity	權益變動表
Interim Condensed Statement of	中期簡明	36
Cash Flows	現金流量表
Notes to Interim Condensed	中期簡明	38
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

AUDIT COMMITTEE

Mr. Lam Chun Ho (Chairman) Mr. Faris Ibrahim Taha Ayoub Mr. Pun Tit Shan

REMUNERATION COMMITTEE

Mr. Lam Chun Ho (Chairman) Mr. Faris Ibrahim Taha Ayoub Mr. Pun Tit Shan

NOMINATION COMMITTEE

Mr. Faris Ibrahim Taha Ayoub (Chairman) Mr. Lam Chun Ho Mr. Pun Tit Shan

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

審核委員會

林振豪先生（主席） Faris Ibrahim Taha Ayoub先生 潘鐵珊先生

薪酬委員會

林振豪先生（主席） Faris Ibrahim Taha Ayoub先生 潘鐵珊先生

提名委員會

Faris Ibrahim Taha Ayoub先生 （主席） 林振豪先生 潘鐵珊先生

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2

China New Economy Fund Limited / Interim Report 2017

Corporate Information 公司資料

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

CUSTODIAN

Deutsche Bank AG Hong Kong Branch Level 52 International Commerce Centre 1 Austin Road West Kowloon, Hong Kong

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

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

3

中國新經濟投資有限公司 / 中期報告 2017

Corporate Information 公司資料

REGISTERED OFFICE

註冊辦事處

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

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

於香港主要營業地點及 總部

Suite 902, 9/F., Ovest 77 Wing Lok Street Hong Kong

香港 永樂街77號 Ovest 9樓902室

AUDITORS

核數師

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

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

HONG KONG SHARE REGISTRAR

香港證券登記處

Computershare Hong Kong Investor 香港中央證券登記 Services Limited 有限公司 Shop 1712–1716, 17th Floor 香港 Hopewell Centre 灣仔 183 Queen’s Road East 皇后大道東183號 Wanchai 合和中心 Hong Kong 17樓1712–1716號舖

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號舖
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4

China New Economy Fund Limited / Interim Report 2017

Corporate Information 公司資料

LEGAL ADVISERS

as to Cayman Islands Law:

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

as to Hong Kong Law:

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

WEBSITE

www.chinaneweconomyfund.com

法律顧問

開曼群島法律：

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

香港法律：

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

網站

www.chinaneweconomyfund.com

5

中國新經濟投資有限公司 / 中期報告 2017

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 2017 (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」） 欣然提呈本公司於截至2017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, private equity and bond markets. The Company held thirty-nine investments in Hong Kong-listed companies, one private equity fund, one bond fund and five private equities investments as of 30 June 2017. One of our major investments is in the money lending sector focusing on the Hong Kong market. The Company reported net loss attributable to shareholders of HK$275,094,908 during the Period, which consisted of the net loss in fair value of HK$308,991,029 taken on the investment positions in the portfolio.

於本期間，本公司於上市及私 募股權及債券市場維持長期投 資戰略。本公司於2017年6月30 日持有三十九項香港上市公司投 資、一項私募股權基金、一項 債券基金及五項私募股權投資。 我們其中一項主要投資為專注 於香港市場的借貸板塊。本公 司於本期間錄得股東應佔淨虧 損275,094,908港元，其中包括 組合中投資持倉公平值淨虧損 308,991,029港元。

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6

China New Economy Fund Limited / Interim Report 2017

Management Discussion and Analysis 管理層討論與分析

The net asset value of the Company decreased during the Period alongside with the slowdown in the Chinese economy and the rising volatility of the Hong Kong stock market. As at 30 June 2017, the Company reported an unaudited net asset value of approximately HK$0.45 per share. The net loss is mainly attributable to both net realized loss HK$44,867,842 and net unrealized loss HK$264,123,187 on financial assets at fair value through profit or loss as a result of recent Hong Kong stock market volatility. The Company will continue to monitor investments cautiously due to recent uncertain market conditions.

鑒於中國經濟放緩及香港股市動 盪加劇，本公司的資產淨值於本 期間有所減少。於2017年6月30 日，本公司錄得未經審核資產淨 值約每股0.45港元。淨虧損主要 由於近期香港股市動盪以致按公 平值透過損益列賬的金融資產已 變現淨虧損44,867,842港元及未 變現淨虧損264,123,187港元。 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, the People’s Republic of China (the “PRC”) Government deepened its structural reform aiming to create a healthy social environment for a sustainable yet efficient economic growth. According to the National Bureau of Statistics of China, China’s gross domestic product (GDP) recorded an increase of 6.9% in the first half of 2017, realizing the target of 6.5%–7% set by PRC Government in the beginning of 2016, however in line with the market expectation as the government has indicated that the PRC economy has entered into a new normal era featured with medium growth rates and economic structure optimization driven by capacity cuts and consumption upgrade.

於本期間，中華人民共和國（「中 國」）政府深化其結構性改革，旨 在為可持續且有效的經濟增長創 造健康的社會環境。根據中國國 家統計局，中國2017年上半年 國內生產總值增長6.9%，實現 了中國政府於2016年年初設定 的目標 6.5%–7% ，與市場預期 相符，原因是政府已表明中國經 濟已進入新常態，其特色是透過 去產能及消費升級實現中速增長 率及優化經濟結構。

7

中國新經濟投資有限公司 / 中期報告 2017

Management Discussion and Analysis 管理層討論與分析

The benchmark of Shanghai Composite Index increased merely approximately 2.9% during the first half of 2017, while Hang Seng Index increased approximately 17.1%. During the Period, the Company adopted a timely and appropriate investment approach in response to the volatile market sentiment and complicated government policies, and to detect investment opportunities emerging from the sectors benefiting from the economic transformation in PRC, to obtain a substantial net asset appreciation. The Company will continue to implement its comprehensive risk management strategy with an aim to achieve stable returns on investments for our shareholders.

上證綜合指數於2017年上半年 輕微上升約2.9%，而恆生指數 則上升約17.1%。於本期間，本 公司已採納適時合宜的投資方 式，以應對多變的市場情緒及複 雜的政府政策，並尋找因中國經 濟轉型而受惠的行業中出現的 投資機遇，以令資產淨值大幅增 值。本公司將繼續實行其全面風 險管理策略，著眼於為股東取得 穩定投資回報。

During the Period, the Company has invested two new private equities and one bond fund, making a total of seven unlisted investments in our diversified portfolio. The Company believes they will bring a potential return alongside with listed investments in the long-run. Our Company will explore more investment opportunities toward private equities and other unlisted investments.

於本期間，本公司投資兩項新私 募股權及一項債券基金，我們多 元化投資組合內有合共七項非上 市投資。本公司相信彼等連同上 市投資將長遠帶來潛在回報。本 公司將探索更多私募股權及其他 非上市投資的機會。

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8

China New Economy Fund Limited / Interim Report 2017

Management Discussion and Analysis 管理層討論與分析

As global economy and politics are facing more risk, the Company expects that the US Federal Reserve will be more cautious to raise interest rate and possibly one more hike by the end of 2017. In addition, the PRC Government has lowered its GDP growth target, focusing on quality over quantity as it overhauls its growth model. Therefore, the Company remains cautiously optimistic on the prospects of securities market in China and Hong Kong.

由於全球經濟及政治正面臨較多 風險，本公司預期美國聯儲局將 更審慎加息，並可能於2017年 末前再一次加息。另外，由於增 長模式顯著改變，中國政府已下 調其國內生產總值增長目標，注 重質量而非數量。因此，本公司 仍然對中國及香港證券市場前景 持審慎樂觀態度。

The Company will continue to deploy an investment strategy focusing on Greater China and closely monitor changes in the global markets. With our professional investment and risk management team, we are confident to capture valuable investment opportunities to maximize profit for 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。憑藉我們的專業投資 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 2017

Management Discussion and Analysis 管理層討論與分析

INVESTMENT REVIEW

投資回顧

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 2017

於2017年6月30日

Listed Equity Securities – Hong Kong

上市權益證券－香港

									Dividend
				Proportion				Net asset	received/	% of gross
			Particular	of investee’s			Unrealized	attributable	receivable	assets
		Place of	of issued	capital		Market	gain/(loss)	to the	during the	of the
	Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	Period	Company
				擁有			已確認		於本期間	佔本公司
			所持已發行	所投資公司			未變現	本公司	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	收益╱（虧損）	應佔資產淨值	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)	First Credit Finance	Bermuda	99,460,000	2.74%	44,733	57,687	12,954	HK$26.27	–	9.10
	Group Limited		ordinary shares					million
			of HK$0.02 each
	第一信用金融集團	百慕達	99,460,000股					26,270,000
	有限公司		每股面值0.02港元					港元
			之普通股
(b)	Hong Kong Education	Bermuda	25,600,000	4.68%	15,006	36,864	21,858	HK$18.08	–	5.82
	(Int’l) Investments		ordinary shares					million
	Limited		of HK$0.05 each
	香港教育（國際）投資集團	百慕達	25,600,000股					18,080,000
	有限公司		每股面值0.05港元					港元
			之普通股
China New Economy Fund Limited			/ Interim Report 2017

10

Management Discussion and Analysis 管理層討論與分析

									Dividend
				Proportion				Net asset	received/	% of gross
			Particular	of investee’s			Unrealized	attributable	receivable	assets
		Place of	of issued	capital		Market	gain/(loss)	to the	during the	of the
	Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	Period	Company
				擁有			已確認		於本期間	佔本公司
			所持已發行	所投資公司			未變現	本公司	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	收益╱（虧損）	應佔資產淨值	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)	Universe International	Bermuda	40,338,500	4.73%	37,413	36,708	(705)	HK$43.51	–	5.79
	Financial Holdings		ordinary shares					million
	Limited		of HK$0.01 each
	寰宇國際金融控股	百慕達	40,338,500股					43,510,000
	有限公司		每股面值0.01港元					港元
			之普通股
(d)	Xinhua News Media	The Cayman Islands	67,284,000	4.67%	16,204	30,614	14,410	HK$5.79	–	4.83
	Holdings Limited		ordinary shares					million
			of HK$0.01 each
	新華通訊頻媒控股	開曼群島	67,284,000股					5,790,000
	有限公司		每股面值0.01港元					港元
			之普通股
(e)	LEAP Holdings Group	The Cayman Islands	140,000,000	2.66%	26,250	29,540	3,290	HK$9.18	–	4.66
	Limited		ordinary shares					million
			of HK$0.005 each
	前進控股集團有限公司	開曼群島	140,000,000股					9,180,000
			每股面值0.005港元					港元
			之普通股
(f)	China Parenting Network	The Cayman Islands	15,080,000	1.47%	22,031	26,088	4,057	RMB5.42	–	4.12
	Holdings Limited		ordinary shares					million
			of HK$0.01 each
	中國育兒網絡控股	開曼群島	15,080,000股					人民幣
	有限公司		每股面值0.01港元					5,420,000元
			之普通股
(g)	Town Health International	Bermuda	29,114,000	0.39%	41,835	19,798	(22,037)	HK$16.07	82	3.12
	Medical Group Limited		ordinary shares					million
			of HK$0.01 each
	康健國際醫療集團	百慕達	29,114,000股					16,070,000
	有限公司		每股面值0.01港元					港元
			之普通股

11

中國新經濟投資有限公司 / 中期報告 2017

Management Discussion and Analysis 管理層討論與分析

Private Equities – British Virgin Islands

私募股權－英屬處女群島

									Dividend
				Proportion				Net asset	received/	% of gross
			Particular	of investee’s			Unrealized	attributable	receivable	assets
		Place of	of issued	capital		Market	gain/(loss)	to the	during the	of the
	Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	Period	Company
				擁有			已確認		於本期間	佔本公司
			所持已發行	所投資公司			未變現	本公司	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	收益╱（虧損）	應佔資產淨值	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
(h)	Gransing Financial	British Virgin Islands	48	17.52%	42,799	56,919	14,120	HK$31.56	–	8.98
	Holdings Limited		ordinary shares					million
			of USD1 each
	鼎成金融控股有限公司	英屬處女群島	48股					31,560,000
			每股面值1美元					港元
			之普通股
(i)	WinHealth International	British Virgin Islands	84	8.40%	30,000	30,000	–	HK$2.46	–	4.73
	Company Limited		ordinary shares					million
			of HK$1.00 each
	維健國際有限公司	英屬處女群島	84股					2,460,000
			每股面值1.00港元					港元
			之普通股

Private Equity – Hong Kong

私募股權－香港

									Dividend
				Proportion				Net asset	received/	% of gross
			Particular	of investee’s			Unrealized	attributable	receivable	assets
		Place of	of issued	capital		Market	gain/(loss)	to the	during the	of the
	Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	Period	Company
				擁有			已確認		於本期間	佔本公司
			所持已發行	所投資公司			未變現	本公司	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	收益╱（虧損）	應佔資產淨值	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)	Help U Credit Finance	Hong Kong	37,000	19.95%	19,000	19,000	–	HK$17.56	–	3.00
	Limited		ordinary shares					million
			of HK$1.00 each
	幫人財務有限公司	香港	37,000股					17,560,000
			每股面值1.00港元					港元
			之普通股
China New Economy Fund Limited			/ Interim Report 2017

12

Management Discussion and Analysis 管理層討論與分析

At 31 December 2016

於2016年12月31日

Listed Equity Securities – Hong Kong

上市權益證券－香港

								Dividend
			Proportion				Net asset	received/	% of gross
		Particular	of investee’s			Unrealized	attributable	receivable	assets
	Place of	of issued	capital		Market	gain/(loss)	to the	during	of the
Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	the year	Company
			擁有			已確認		於本年度	佔本公司
		所持已發行	所投資公司			未變現	本公司	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	收益╱（虧損）	應佔資產淨值	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
Luen Wong Group Holdings	The Cayman Islands	8,120,000	0.65%	2,111	149,570	147,459	HK$0.54	–	20.88
Limited		ordinary shares					million
		of HK$0.01 each
聯旺集團控股有限公司	開曼群島	8,120,000股					540,000
		每股面值0.01港元					港元
		之普通股
China e-Wallet Payment Group	Bermuda	69,600,000	2.97%	22,294	45,240	22,946	HK$17.83	–	6.32
Limited (formerly known as		ordinary shares					million
RCG Holdings Limited)		of HK$0.04 each
中國錢包支付集團有限公司	百慕達	69,600,000股					17,830,000
（前稱宏霸數碼集團（控股）		每股面值0.04港元					港元
有限公司）		之普通股
Town Health International Medical	Bermuda	31,704,000	0.41%	46,708	39,313	(7,395)	HK$17.92	311	5.49
Group Limited		ordinary shares					million
		of HK$0.01 each
康健國際醫療集團有限公司	百慕達	31,704,000股					17,920,000
		每股面值0.01港元					港元
		之普通股
China Parenting Network	The Cayman Islands	14,002,000	1.36%	19,463	36,405	16,942	RMB4.86	–	5.08
Holdings Limited		ordinary shares					million
		of HK$0.01 each
中國育兒網絡控股有限公司	開曼群島	14,002,000股					人民幣
		每股面值0.01港元					4,860,000元
		之普通股
LEAP Holdings Group Limited	The Cayman Islands	70,000,000	2.66%	26,250	36,400	10,150	HK$9.22	–	5.08
		ordinary shares					million
		of HK$0.01 each
前進控股集團有限公司	開曼群島	70,000,000股					9,220,000
		每股面值0.01港元					港元
		之普通股

13

中國新經濟投資有限公司 / 中期報告 2017

Management Discussion and Analysis 管理層討論與分析

								Dividend
			Proportion				Net asset	received/	% of gross
		Particular	of investee’s			Unrealized	attributable	receivable	assets
	Place of	of issued	capital		Market	gain/(loss)	to the	during	of the
Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	the year	Company
			擁有			已確認		於本年度	佔本公司
		所持已發行	所投資公司			未變現	本公司	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	收益╱（虧損）	應佔資產淨值	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
Interactive Entertainment	Bermuda	289,800,000	5.43%	40,297	30,719	(9,578)	HK$53.94	–	4.29
China Cultural Technology		ordinary shares					million
Investments Limited		of HK$0.01 each
互娛中國文化科技投資有限公司	百慕達	289,800,000股					53,940,000
		每股面值0.01港元					港元
		之普通股
Hong Kong Education	Bermuda	22,000,000	4.02%	11,060	23,980	12,920	HK$15.53	–	3.35
(Int’l) Investments Limited		ordinary shares					million
		of HK$0.05 each
香港教育（國際）投資集團	百慕達	22,000,000股					15,530,000
有限公司		每股面值0.05港元					港元
		之普通股
Convoy Global Holdings Limited	The Cayman Islands	93,564,000	0.63%	47,221	21,426	(25,795)	HK$30.83	–	2.99
		ordinary shares					million
		of HK$0.10 each
康宏環球控股有限公司	開曼群島	93,564,000股					30,830,000
		每股面值0.10港元					港元
		之普通股
AMCO United Holding Limited	Bermuda	36,240,000	1.95%	14,748	21,019	6,271	HK$5.91	–	2.93
		ordinary shares					million
		of HK$0.01 each
雋泰控股有限公司	百慕達	36,240,000股					5,910,000
		每股面值0.01港元					港元
		之普通股
Private Equity – British Virgin Islands					私募股權－英屬處女群島
								Dividend
			Proportion				Net asset	received/	% of gross
		Particular	of investee’s			Unrealized	attributable	receivable	assets
	Place of	of issued	capital		Market	gain/(loss)	to the	during	of the
Name of investee	incorporation	shares held	owned	Cost	value	recognized	Company	the year	Company
			擁有			已確認		於本年度	佔本公司
		所持已發行	所投資公司			未變現	本公司	已收╱應收	總資產
所投資公司名稱	註冊成立地點	股份詳情	資本比例	成本	市值	收益╱（虧損）	應佔資產淨值	股息	百分比
						(Note 3)	(Note 2)
						（附註3）	（附註2）
				HK$’000	HK$’000	HK$’000		HK$’000
				千港元	千港元	千港元		千港元
Gransing Financial Holdings	British Virgin Islands	24 shares	17.52%	38,419	52,539	14,120	HK$21.05	–	7.33
Limited		of USD1 each					million
鼎成金融控股有限公司	英屬處女群島	24股					21,050,000
		每股面值1美元					港元
		之股份
China New Economy Fund Limited		/ Interim Report 2017

14

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) 本公司應佔之資產淨值乃根據各 項投資於各報告期末最後實際可 行日期所刊發最近期中期報告╱ 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 2016.

• (3) 未變現收益╱（虧損）指截至2016 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) First Credit Finance Group Limited (“First Credit”) is principally engaged in money lending business. The unaudited profit attributable to shareholders of First Credit for the six months ended 30 June 2017 was approximately HK$40,765,000 and the unaudited net assets attributable to shareholders of First Credit as at 30 June 2017 was approximately HK$958,919,000. The fair value of the investment in First Credit is based on quoted market bid prices.

• (a) 第一信用金融集團有限公 司（「第一信用」）主要從事 放債業務。第一信用股東 截至2017年6月30日止六 個月應佔未經審核溢利約 為 40,765,000 港元，而第 一信用股東於2017年6月 30日之應佔未經審核資產 淨值約為 958,919,000 港 元。第一信用投資的公平 值乃基於市場報價計算。

15

中國新經濟投資有限公司 / 中期報告 2017

Management Discussion and Analysis 管理層討論與分析

• (b) Hong Kong Education (Int’l) Investments Limited (“HK Education”) is principally engaged in provision of private educational services, investment in securities, property investments and money lending business. The unaudited loss attributable to shareholders of HK Education for the six months ended 31 December 2016 was approximately HK$223,294,000 and the unaudited net assets attributable to shareholders of HK Education as at 31 December 2016 was approximately HK$386,220,000. The fair value of the investment in HK Education is based on quoted market bid prices.

• (b) 香港教育（國際）投資集團 有限公司（「香港教育」）主 要從事提供私人教育服 務、投資證券、物業投資 及借貸業務。香港教育股 東截至2016年12月31日止 六個月應佔未經審核虧損 約為223,294,000港元，而 香港教育股東於2016年12 月31日之應佔未經審核資 產淨值約為386,220,000港 元。香港教育投資的公平 值乃基於市場報價計算。

• (c) Universe International Financial Holdings Limited (“Universe Int’l”) is principally engaged in film distribution & exhibition, licensing & sub-licensing of film rights, properties & securities investment, money lending, trade, wholesale & retail of optical, watch & jewellery products, securities brokerage & margin financing. The unaudited loss attributable to shareholders of Universe Int’l for the six months ended 31 December 2016 was approximately HK$39,496,000 and the unaudited net assets attributable to shareholders of Universe Int’l as at 31 December 2016 was approximately HK$919,817,000. The fair value of the investment in Universe Int’l is based on quoted market bid prices.

• (c) 寰宇國際金融控股有限公 司（「寰宇國際」）主要從事 電影發行及放映、授出及 轉授電影版權、物業及證 券投資、放債、光學、鐘 錶及珠寶產品貿易、批發 及零售業務、證券經紀及 孖展融資。寰宇國際股東 截至2016年12月31日止六 個月應佔未經審核虧損約 為 39,496,000 港元，而寰 宇國際股東於2016年12月 31日之應佔未經審核資產 淨值約為 919,817,000 港 元。寰宇國際投資的公平 值乃基於市場報價計算。

==> picture [119 x 92] intentionally omitted <==

16

China New Economy Fund Limited / Interim Report 2017

Management Discussion and Analysis 管理層討論與分析

• (d) Xinhua News Media Holdings Limited (“XH News Media”) is principally engaged in provision of cleaning and related services, medical waste treatment service, waste treatment service and television screen broadcast business. The audited loss attributable to shareholders of XH News Media for the year ended 31 March 2017 was approximately HK$18,033,000 and the audited net assets attributable to shareholders of XH News Media as at 31 March 2017 was approximately HK$123,926,000. The fair value of the investment in XH News Media is based on quoted market bid prices.

• (d) 新華通訊頻媒控股有限公 司（「新華通訊頻媒」）主要 從事提供清潔及相關服 務、醫療廢物處理服務、 廢物處理服務及電視屏幕 播放業務。新華通訊頻媒 股東截至2017年3月31日 止年度應佔經審核虧損約 為 18,033,000 港元，而新 華通訊頻媒股東於2017年 3月31日之應佔經審核資 產淨值約為123,926,000港 元。新華通訊頻媒投資的 公平值乃基於市場報價計 算。

• (e) LEAP Holdings Group Limited (“LEAP Holdings GP”) is principally engaged in provision of foundation works and ancillary services; and construction wastes handling at the public fill reception facilities managed by the Government in Hong Kong. The audited profit attributable to shareholders of LEAP Holdings GP for the year ended 31 March 2017 was approximately HK$8,359,000 and the audited net assets attributable to shareholders of LEAP Holdings GP as at 31 March 2017 was approximately HK$345,060,000. The fair value of the investment in LEAP Holdings GP is based on quoted market bid prices.

• (e) 前進控股集團有限公司 （「前進控股集團」）主要從 事提供地基工程及配套服 務以及於香港政府管理之 公眾填料接收設施進行建 築廢料處理服務業務。前 進控股集團股東截至2017 年3月31日止年度應佔經 審核溢利約為 8,359,000 港元，而前進控股集團股 東於2017年3月31日之應 佔經審核資產淨值約為 345,060,000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 2017

Management Discussion and Analysis 管理層討論與分析

• (f) China Parenting Network Holdings Limited (“China Parenting Network”) is principally engaged in online platform focusing on the children, babies and maternity market in China to provide marketing and promotional service; e-commerce business; and licensing of smart-hardware devices. The unaudited profit attributable to shareholders of China Parenting Network for the six months ended 30 June 2017 was approximately RMB16,522,000 and the unaudited net assets attributable to shareholders of China Parenting Network as at 30 June 2017 was approximately RMB368,822,000. The fair value of the investment in China Parenting Network is based on quoted market bid prices.

• (f) 中國育兒網絡控股有限公 司（「中國育兒」）主要從事 於中國孕嬰童市場的網 絡平台提供營銷及推廣服 務、電子商務業務以及 許可智能硬件設備。中 國育兒股東截至 2017 年 6月30日止六個月應佔未 經審核溢利約為人民幣 16,522,000 元，而中國育 兒股東於2017年6月30日 之應佔未經審核資產淨值 約為人民幣 368,822,000 元。中國育兒投資的公平 值乃基於市場報價計算。

• (g) Town Health International Medical Group Limited (“Town Health”) is principally e n g a g e d i n h e a l t h c a r e b u s i n e s s investments; provision and management of medical, dental and other healthcare 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 2017 was approximately HK$43,517,000 and the unaudited net assets attributable to shareholders of Town Health as at 30 June 2017 was approximately HK$4,119,476,000. The fair value of the investment in Town Health is based on quoted market bid prices.

• (g) 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2017年6月30日止六個 月應佔未經審核溢利約 43,517,000 港元，而康健 股東於2017年6月30日之 應佔未經審核資產淨值約 為4,119,476,000港元。康 健投資的公平值乃基於市 場報價計算。

==> picture [119 x 92] intentionally omitted <==

18

China New Economy Fund Limited / Interim Report 2017

Management Discussion and Analysis 管理層討論與分析

• (h) 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.

• (h) 鼎成金融控股有限公司 （「鼎成控股」）主要透過其 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。鼎成控股投 資的公平值乃按近期公平 市場交易價格列賬。

• (i) WinHealth International Company Limited (“WinHealth”) is principally engage in pharmaceutical products distribution in mainland China through its subsidiaries. WinHealth owns a number of exclusive distribution rights on patented drugs in mainland China. The fair value of the investment in WinHealth is stated as initial cost.

• (i) 維健國際有限公司（「維 健」）主要透過其附屬公司 於中國內地分銷醫藥產 品。維健擁有多個專利藥 物於中國內地的獨家分銷 權。維健投資的公平值乃 按初始成本列賬。

• (j) Help U Credit Finance Limited (“Help U”) is principally engaging in money lending business in Hong Kong. Help U is a licensed money lender and provides secured and unsecured loans to both individuals and corporations. The fair value of the investment in Help U is stated as initial cost.

• (j) 幫人財務有限公司（「幫 人」）主要從事於香港借貸 業務。幫人為持牌放債 人，向個人及公司提供已 抵押及無抵押貸款。幫人 投資的公平值乃按初始成 本列賬。

19

中國新經濟投資有限公司 / 中期報告 2017

Management Discussion and Analysis 管理層討論與分析

The top three investments with realized gain and loss for the Period are summarized 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：

本期間三大已變現收益

Top three realized gain for the Period	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$’000
			千港元
Luen Wong Group Holdings Limited	聯旺集團控股有限公司		4,261
Finsoft Financial Investment Holdings	匯財金融投資控股
Limited		有限公司	3,725
Rui Kang Pharmaceutical Group	銳康藥業集團投資
Investments Limited		有限公司	2,161
Top three realized loss for the Period		本期間三大已變現虧損
Name of investment			Realized loss
投資名稱			已變現虧損
			HK$’000
			千港元
Interactive Entertainment	互娛中國文化科技
China Cultural Technology		投資有限公司
Investment Limited			30,996
IR Resources Limited	同仁資源有限公司		10,472
Tianyun International Holdings Limited	天韵國際控股有限公司		6,511

==> picture [119 x 92] intentionally omitted <==

20

China New Economy Fund Limited / Interim Report 2017

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 出現機遇時把握獲可觀回報之良 機。

As at 30 June 2017, the gearing ratio, defined as total borrowings divided by shareholders’ equities, was 78.8% (31 December 2016: 52.7%). As at 30 June 2017, the Company has margin payables to brokers of total HK$186,998,852 (31 December 2016: HK$169,125,134) with interest rates ranged from 8% to 10% per annum, a short term loan HK$35,000,000 (31 December 2016: Nil) and two outstanding coupon unlisted and unsecured notes at amortized cost of HK$48,720,148 and HK$8,000,000 with interest rate 7.5% and 8% per annum (31 December 2016: HK$69,285,628 and HK$8,000,000 respectively). Details of the issuance of notes can be referred to the announcement dated 11 March 2016 and 21 September 2016.

於2017年6月30日，資產負債比 率（定義為借貸總額除以股東權 益）為78.8%（2016年12月31日： 52.7%）。於2017年6月30日， 本公司有應付證券經紀之保證 金合共 186,998,852 港元（ 2016 年 12 月 31 日： 169,125,134 港 元），年利率介乎8厘至10厘， 一項短期貸款 35,000,000 港元 （2016年12月31日：無），以及 按 48,720,148 港元及 8,000,000 港元之攤銷成本計算之兩項未付 票息非上市無抵押票據，年利 率介乎7.5厘至8厘（2016年12月 31 日：分別 69,285,628 港元及 8,000,000港元）。發行票據之詳 情可參閱日期為2016年3月11日 及2016年9月21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 2016: Nil).

董事不建議派付本期間的任何中 期股息（2016年6月30日：無）。

21

中國新經濟投資有限公司 / 中期報告 2017

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 2017, the Company had pledged Hong Kong listed securities of approximately HK$375.7 million to secure the margin payables to the brokers (31 December 2016: HK$495.9 million).

於2017年6月30日，本公司已抵 押約375,700,000港元之香港上 市證券作為應付證券經紀之保 證金之擔保（2016年12月31日： 495,900,000港元）。

There were no significant contingent liabilities as at 30 June 2017 (31 December 2016: Nil).

於2017年6月30日，本公司並無 重大或然負債（ 2016 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 2017, the capital of the Company comprises of 778,831,198 ordinary shares of HK$0.5 each.

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2017年6月30 日，本公司股本由778,831,198 股每股面值0.5港元之普通股組 成。

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22

China New Economy Fund Limited / Interim Report 2017

Management Discussion and Analysis 管理層討論與分析

RIGHTS ISSUE

供股

Rights issue on the basis of three rights shares for every two existing shares with bonus issue on the basis of two bonus shares for every three rights shares taken up

根據每兩股現有股份獲發三股供 股股份的基準供股及根據每承購 三股供股股份獲發兩股紅股的基 準發行紅股

During the Period, the Company had raised an approximately HK$159 million, net of expenses, by way of the rights issue of 333,784,800 rights shares and 222,523,198 bonus shares to the qualifying shareholders at a subscription price of HK$0.5 (effective subscription price HK$0.3) per rights share on the basis of three rights shares for every two existing shares with bonus issue on the basis of two bonus shares for every three rights shares taken up (closing price of the shares of the Company was HK$0.435 as at the date of announcement). The Company had applied such net proceeds from the rights issue for margin repayment to a broker of HK$150 million. Details of the rights issue were set out in the announcements of the Company dated 4 November 2016, circular dated 21 November 2016 and prospectus dated 23 December 2016.

於本期間，本公司已透過按每 股供股股份 0.5 港元之認購價 （有效認購價 0.3 港元）供股發 行 333,784,800 股供股股份及 222,523,198股紅股予合資格股 東，集資約159,000,000港元（經 扣除開支），基準為每持有兩股 現有股份獲發三股供股股份及每 承購三股供股股份獲發兩股紅股 （本公司股份於該公告日期之收 市價為0.435港元）。本公司已將 供股所得款項淨額用於償還應付 經紀保證金150,000,000港元。 供股之詳情載於本公司日期為 2016年11月4日之公告及日期為 2016年11月21日之通函以及日 期為2016年12月23日之招股章 程。

CAPITAL EXPENDITURE AND COMMITMENT

資本開支及承擔

Save as disclosed in note 21 of interim condensed financial statements, as at 30 June 2017, the Company made no capital expenditure or any other commitment (31 December 2016: Nil).

除中期簡明財務報表附註21所披 露外，於2017年6月30日，本公 司並無資本開支或任何其他承擔 （2016年12月31日：無）。

23

中國新經濟投資有限公司 / 中期報告 2017

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 2016: 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 （2016年12月31日：無）。

USE OF PROCEEDS

所得款項用途

The Company has forty-six investments as of 30 June 2017, comprising of equity securities listed in Hong Kong, private equity fund, bond fund and private equities. The largest one held by the Company is in the money lending sector focusing on the Hong Kong market.

本公司於 2017 年 6 月 30 日持有 四十六項投資，其中包括於香港 上市之權益證券、私募股權基 金、債券基金及私募股權。本公 司所持最大一項為專注於香港市 場的借貸板塊。

The rest of the net proceeds gained will be applied by the Board and the Investment Manager in making investments according to the investment objective, policies and restrictions of the Company and the requirements of the Articles of Association of the Company, the Listing Rules and the investment management agreement. Any proceeds not deployed are placed in bank deposits or invested in money market instruments or money market funds.

剩餘所得款項淨額將由董事會及 投資管理人根據本公司投資目 標、政策及限制和本公司組織章 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。

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24

China New Economy Fund Limited / Interim Report 2017

Management Discussion and Analysis 管理層討論與分析

EMPLOYEES AND REMUNERATION POLICY

僱員及薪酬政策

As at 30 June 2017, the Company had three fulltime employees (31 December 2016: three). All of the Company’s employees were based in Hong Kong.

於2017年6月30日，本公司有三 名全職僱員（2016年12月31日： 三名）。本公司所有僱員均以香 港為根據地。

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$775,821 (30 June 2016: HK$1,302,153).

於本期間，本公司產生的總薪酬 成本約為775,821港元（2016年6 月30日：1,302,153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。

25

中國新經濟投資有限公司 / 中期報告 2017

Other Information 其他資料

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

As at 30 June 2017, none of the Directors, chief executives and their respective associates had any interests and short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) (“SFO”)) as recorded in the register of the Company required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”).

董事及主要行政人員於股 份、相關股份及債權證之 權益及淡倉

於2017年6月30日，概無董事、 主要行政人員及彼等各自聯繫人 於本公司或其任何相聯法團（定 義見香港法例第571章證券及期 貨條例（「證券及期貨條例」）第 XV部）之股份、相關股份及債權 證中擁有任何根據證券及期貨條 例第352條登記於本公司須予存 置的登記冊內，或根據上市發行 人董事進行證券交易的標準守則 （「標準守則」）須另行知會本公司 及聯交所之任何權益及淡倉。

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26

China New Economy Fund Limited / Interim Report 2017

Other Information 其他資料

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

主要股東╱其他人士於股 份及相關股份之權益及淡 倉

As at 30 June 2017, 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:

於 2017 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：

Long positions in the ordinary shares of HK$0.50 each of the Company (the “Shares”)

於本公司每股面值0.50港元之普 通股中（「股份」）之好倉

				Approximate
		Number of	Number of	% of issued
	Capacity	shares held	shares held	share capital
	in which shares	(Direct	(Indirect	of the
Name of shareholder	are held	Interests)	Interests)	Company
				佔本公司
		所持股份數目	所持股份數目	已發行股本
股東名稱	於所持股份之身份	（直接權益）	（間接權益）	之概約百分比
Universe International	Interest in controlled	–	132,400,000	17.00
Financial Holdings Limited	corporation		(Note 1)
寰宇國際金融控股有限公司	受控制公司權益		（附註1）
Ng Wah Tung	Beneficial Owner	40,000,000	–	5.13
	實益擁有人

27

中國新經濟投資有限公司 / 中期報告 2017

Other Information 其他資料

Note:

• (1) Weluck Development Limited (“WDL”), which owns 132,400,000 Shares of the Company, is a wholly owned subsidiary of Fragrant River Entertainment Culture (Holdings) Limited (“FRECHL”). FRECHL is wholly owned by Universe International Financial Holdings Limited (“UIFHL”). Therefore, UIFHL is deemed to be interested in the 132,400,000 Shares held by WDL.

Saved as disclosed above, the Company has not been notified of any other interests or short positions in the Shares or underlying Shares representing 5% or more of the issued share capital of the Company as at 30 June 2017.

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.

附註︰

• (1) 永能發展有限公司（「永能發展」） 擁有本公司 132,400,000 股股 份，其為香江娛樂文化（控股）有 限公司（「香江娛樂文化（控股）」） 之全資附屬公司。香江娛樂文化

• （控股）由寰宇國際金融控股有限 公司（「寰宇國際金融控股」）全 資擁有。因此，寰宇國際金融 控股被視為於永能發展持有之 132,400,000股股份中擁有權益。

除上文所披露外，本公司並未獲 知會於股份或相關股份中任何 其他權益或淡倉相當於本公司 於2017年6月30日的已發行股本 5%或以上。

董事購買股份及債權證之 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權證而獲 益。

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28

China New Economy Fund Limited / Interim Report 2017

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 2016 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2016 年年報日期後之更改載列如下：

Name of Directors	Details of Changes	Details of Changes
董事姓名	更改詳情
Mr. Gu Xu	(1)	Ceased to be the director of Henan Agriculture
		Development Investment Fund Management
		Limited during the Period.
顧旭先生		於本期間停任成為河南農開投資基金管理有限責任
		公司董事。
Mr. Pun Tit Shan	(1)	Ceased to be a member of the Lions Club of Hong
		Kong Shouson Hill since August 2017.
潘鐵珊先生		自2017年8月起終止成為香港壽臣山獅子會成員。

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。

29

中國新經濟投資有限公司 / 中期報告 2017

Other Information 其他資料

CORPORATE GOVERNANCE PRACTICES

The Company has applied most of the principles set out in the Corporate Governance Code (the “CG Code”) contained in Appendix 14 to the Listing Rules. The Board is of the view that throughout the Period, the Company was in compliance with the code provisions as set out in the CG Code, save and except for code provision A.2.1 which stipulates the roles of Chairman and Chief Executive should be separated.

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.

企業管治常規

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。

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。

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30

China New Economy Fund Limited / Interim Report 2017

Other Information 其他資料

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules 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.

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 main duties of the Audit Committee are to assist the Board in reviewing the financial information and reporting process, risk management and internal control systems, audit plan and relationship with external auditors and arrangements to enable employees of the Company to raise, in confidence, concerns about possible improprieties in financial reporting, internal control or other matters of the Company.

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

證券交易的標準守則

本公司已採納上市規則附錄10所 載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。

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。

審核委員會之主要職責為協助董 事會審閱財務資料及申報程序、 風險管理及內部監控制度、審核 計劃及與外聘核數師之關係，以 及讓本公司之僱員可私下就本公 司之財務申報、內部監控或其他 事宜可能發生之不正當行為提出 關注之安排。

本公司審核委員會已審閱本公司 本期間之未經審核中期財務資料 及中期報告。

31

中國新經濟投資有限公司 / 中期報告 2017

Other Information 其他資料

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 2017.

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 2017

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2017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。

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，2017年8月30日

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32

China New Economy Fund Limited / Interim Report 2017

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 2017 截至2017年6月30日止六個月

Notes 附註	For the six months ended 30 June 2017	For the six months ended 30 June 2016 截至2016年 6月30日止 六個月 (Unaudited) （未經審核） HK$ 港元 1,966,258 78,550,810 (9,683,720) 70,833,348 (5,048,546) 65,784,802 (10,396,467) 55,388,335 0.14 0.14
	截至2017年 6月30日止 六個月
	(Unaudited)
	（未經審核）
	HK$
	港元
REVENUE 收入 4 Net changes in fair value of financial assets and financial liabilities at fair value through profit or loss 按公平值透過損益列賬之 金融資產及金融負債之 公平值變動淨值 5 Other operating expenses 其他營運開支 OPERATING (EXPENSE)/PROFIT 營運（開支）╱溢利 Finance costs 財務成本 6(a) (LOSS)/PROFIT BEFORE TAX 除稅前（虧損）╱溢利 6(b) Income tax credit/(expense) 所得稅抵免╱（開支） 9 (LOSS)/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（虧損）╱溢利 及全面收益總值 (LOSS)/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（虧損）╱盈利 10 – Basic (restated for 2016) －基本（2016年經重列） – Diluted (restated for 2016) －攤薄（2016年經重列）	622,150
	(308,991,029)
	(7,550,321)
	(315,919,200)
	(13,674,122)
	(329,593,322)
	54,498,414
	(275,094,908)
	(0.39)
	(0.39)

33

中國新經濟投資有限公司 / 中期報告 2017

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

As at 30 June 2017 於2017年6月30日

Notes 附註	30 June 2017
	2017年 6月30日
	(Unaudited)
	（未經審核）
	HK$
	港元
	55,859,476
	771,611
	56,631,087
	633,649
	642,911
	570,812,223
	5,205,398
	577,294,181
	1,223,842
	186,998,852
	160,000
	91,720,148
	280,102,842
	297,191,339
	353,822,426
	–
	353,822,426
	389,415,599
	(35,593,173)
	353,822,426
	0.45

34

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

For the six months ended 30 June 2017 截至2017年6月30日止六個月

	Issued capital 已發行股本 HK$ 港元	Share premium 股份溢價 HK$ 港元	Share Option reserve 購股權儲備 HK$ 港元	Retained earnings/ (Accumulated losses) 保留盈利╱ （累計虧損） HK$ 港元	Total 總計 HK$ 港元
At 1 January 2017 於2017年1月1日 Shares issued during the Period 本期間已發行股份 Share issue expenses 股份發行開支 Total comprehensive income for the Period 本期間全面收益總額 At 30 June 2017 (unaudited) 於2017年6月30日 （未經審核） At 1 January 2016 於2016年1月1日 Shares issued during the period 期內已發行股份 Share issue expenses 股份發行開支 Total comprehensive income for the period 期內全面收益總額 At 30 June 2016 (unaudited) 於2016年6月30日 （未經審核）	111,261,600	372,383,562	–	(15,771,397)	467,873,765
	278,153,999	(111,261,599)	–	–	166,892,400
	–	(5,848,831)	–	–	(5,848,831)
	–	–	–	(275,094,908)	(275,094,908)
	389,415,599	255,273,132*	–	(290,866,305) 353,822,426*
	61,812,000 49,449,600 – –	326,516,058 49,140,540 (3,273,036) –	3,258,000 – – –	(66,902,997) – – 55,388,335
	111,261,600	372,383,562*	3,258,000*

• These reserve accounts comprise the negative reserve of HK$35,593,173 (30 June 2016: reserve of HK$364,126,900) in the interim condensed statement of financial position.

• 此等儲備賬目包括中期簡明財務 狀況表內的負值儲備 35,593,173 港元 (2016 年 6 月 30 日︰儲備 364,126,900港元）。

35

中國新經濟投資有限公司 / 中期報告 2017

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

For the six months ended 30 June 2017 截至2017年6月30日止六個月

Notes 附註	For the six
	months ended
	30 June 2017
	截至2017年
	6月30日止
	六個月
	(Unaudited)
	（未經審核）
	HK$
	港元
	(329,593,322)
	13,674,122
	(158,094)
	–
	(316)
	(795,573,008)
	615,969,315
	44,867,842
	264,123,187
	(186,690,274)
	(511,824)
	(642,898)
	17,873,718
	(609,984)

36

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

For the six months ended 30 June 2017 截至2017年6月30日止六個月

Note 附註	For the six	For the six months ended 30 June 2016 截至2016年 6月30日止 六個月 (Unaudited) （未經審核） HK$ 港元 (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
	months ended
	30 June 2017
	截至2017年
	6月30日止
	六個月
	(Unaudited)
	（未經審核）
	HK$
	港元
Cash generated used in operations 營運活動所得所用現金 Dividend income received from listed equity securities 已收上市權益證券之 股息收入 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 operating activities 營運活動所用現金流量 淨值 CASH FLOW FROM FINANCING ACTIVITIES 融資活動所得之現金流量 Issuance of share 發行股份 Share issue expense 股份發行開支 Interest paid 已付利息 Net proceed from borrowings 借貸所得款項淨額 Cash outflow from financing activities 融資活動所得現金流出 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS 現金及現金等值（減少）╱ 增加淨值 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 現金及現金等值結餘分析 — Cash at bank －銀行現金 12	(170,581,262)
	158,094
	–
	316
	–
	(170,422,852)
	166,892,400
	(5,848,831)
	(9,300,182)
	10,060,579
	161,803,966
	(8,618,886)
	13,824,284
	5,205,398
	5,205,398

37

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017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 KY1-1104, Cayman Islands. The principal place of business of the Company is at Suite 902, 9/F., Ovest, 77 Wing Lok Street, Hong Kong.

本公司註冊辦事處為 P.O. Box 309, Ugland House, South Church Street, George Town, Grand Cayman KY1-1104, Cayman Islands 。本公司 主要營業地點為香港永樂 街77號Ovest 9樓902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. During the Period, the Company’s investment activities are managed by the Investment Manager, China Everbright Securities (HK) Limited.

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

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38

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017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 2016.

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2016年12月31日 止年度的年度財務報表一 併閱覽。

39

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017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 2016, 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 2016 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：

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 IFRSs Annual Improvements to IFRSs 2014–2016 Cycle Amendments to IAS 7 Disclosure Initiative Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses

國際財務報告準則 國際財務報告準則年 之修訂 度改進2014–2016 國際會計準則第7號 披露計劃 之修訂 國際會計準則第12號 就未變現虧損確認遞 之修訂 延稅項資產

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 financial statements and/or disclosures set out in these condensed 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 簡明財務報表呈報之數額 及╱或此等簡明財務報表 載列之披露事項並無重大 影響。

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40

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

2.3 ISSUED BUT NOT YET

EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS

2.3 已頒佈但尚未生效的 國際財務報告準則

The Company has not early applied 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。

IFRS 9	Financial Instruments1
IFRS 15	Revenue from Contracts with
	Customers1
IFRS 16	Leases2
Amendments to IFRS 10	Sale or Contribution of Assets
and IAS 28	between an Investor and its
	Associate or Joint Venture3
Amendments to IFRS 2	Classification and Measurement
	of Share-based Payment
	Transactions1
Amendments to IFRS 4	Applying IFRS 9 Financial
	Instruments with IFRS 4
	Insurance Contracts1
Amendments to IFRS 15	Clarifications to IFRS 151
Amendments to IFRS 40	Transfers of Investment Property1
Amendments to IFRS	Annual Improvements to IFRSs
	2014–2016 Cycle1
IFRIC – Int 22	Foreign Currency Transactions
	and Advance Consideration1
IFRIC – Int 23	Uncertainty over Income Tax
	Treatments2

國際財務報告準則 金融工具[1] 第9號 國際財務報告準則 自客戶合約產生的收入[1] 第15號 國際財務報告準則 租賃[2] 第16號 國際財務報告準則 於投資者與其聯營公司 第10號及國際 或合營企業之間出售 會計準則第28號 或注入資產[3] 之修訂 國際財務報告準則 以股份為基礎的付款交 第2號之修訂 易之分類及計量[1] 國際財務報告準則 應用國際財務報告準則 第4號之修訂 第9號金融工具與國 際財務報告準則第4 號保險合同[1] 國際財務報告準則 澄清國際財務報告準則 第15號之修訂 第15號[1] 國際財務報告準則 轉讓投資物業[1] 第40號之修訂 國際財務報告準則 國際財務報告準則年度 之修訂 改進2014–2016[1] 國際財務報告詮釋 外幣交易及預付代價[1] 委員會－詮釋 第22號 國際財務報告詮釋 所得稅處理不確定性[2] 委員會－詮釋 第23號

中國新經濟投資有限公司 / 中期報告 2017 41

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

30 June 2017 2017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）

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

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

• 3 No mandatory effective date yet determined but available for adoption

• 1 於2018年1月1日或之後開 始的年度期間生效

• 2 於2019年1月1日或之後開 始的年度期間生效

• 3 尚未釐定強制生效日期惟 可供採納

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。

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42

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

For management purposes, the Company is organized into business units based on the categories of investments. During the periods ended 30 June 2017 and 2016, the Company has two reportable operating segments as follows:

就管理目的而言，本公司 根據投資類別劃分業務單 位。於截至2017年及2016 年6月30日止期間，本公 司擁有以下兩個可呈報經 營分部：

Listed securities – Investments in equity s e c u r i t i e s l i s t e d on relevant stock exchange

Unlisted securities – I n v e s t m e n t s i n private equity funds, b o n d f u n d a n d private equities

上市證券 – 投資於在 相關證券 交易所上 市的權益 證券 非上市證券 – 投資於私 募股權基 金、債券 基金及私 募股權

F u r t h e r d e t a i l s o f t h e C o m p a n y ’ 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。

43

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

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

以下為按經營分部對本公 司業績所作之分析：

	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 30 June 2017 (unaudited) 截至2017年6月30日止 六個月（未經審核） Segment results 分部業績 Bank interest income 銀行利息收入 Unallocated expenses 未分配開支 Profit before tax 除稅前溢利
	(310,889,165)	2,056,229	(308,832,936)
			316
			(20,760,702)
			(329,593,322)

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44

China New Economy Fund Limited / Interim Report 2017

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

30 June 2017 2017年6月30日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

	Listed Unlisted securities 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 Bank interest income 銀行利息收入 Unallocated expenses 未分配開支 Loss before tax 除稅前虧損	70,169,846 10,346,975	80,516,821 247 (14,732,266)
		65,784,802

45

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017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 2017 and 2016, 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.

截至2017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， 而不計及行政開支、財務 成本及銀行存款利息收入 以及投資管理人費用分配。

As management considers the Company’s nature of business 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。

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46

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017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	Unlisted
	securities	securities	Total
	上市證券	非上市證券	總計
	HK$	HK$	HK$
	港元	港元	港元
As at 30 June 2017 (unaudited) 於2017年6月30日 （未經審核） 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
	418,998,160	151,814,063	570,812,223
			63,113,045
			633,925,268
			280,102,842
			280,102,842

47

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

3. OPERATING SEGMENT INFORMATION (CONTINUED)

3. 經營分部資料（續）

	Listed Unlisted securities securities 上市證券 非上市證券 HK$ HK$ 港元 港元	Total 總計 HK$ 港元
As at 31 December 2016 (audited) 於2016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	600,251,989 99,947,569	700,199,558 16,078,795
		716,278,353
		248,404,588
		248,404,588

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。

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48

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017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 For the six months ended months ended 30 June 2017 30 June 2016 截至2017年 截至2016年 6月30日止 6月30日止 六個月 六個月 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 158,094 1,086,012 – 879,999 316 247 432,740 – 31,000 – 622,150 1,966,258
	HK$
	港元
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 Interest income – bonds 利息收入－債券 Other income 其他收入	158,094
	–
	316
	432,740
	31,000
	622,150

中國新經濟投資有限公司 / 中期報告 2017 49

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

30 June 2017 2017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	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 30 June 2017 (unaudited) 截至2017年6月30日 止六個月（未經審核） Net realized (loss)/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（虧損）╱ 收益淨值 Net unrealized (loss)/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（虧損）╱ 收益淨值 Total net realized and unrealized (loss)/gain included in profit or loss 計入損益賬內之 已變現及未變現 （虧損）╱收益總 淨值
	(45,148,678)	280,836	(44,867,842)
	(265,898,581)	1,775,394	(264,123,187)
	(311,047,259)	2,056,230	(308,991,029)

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50

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017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 16,918,967 – 16,918,967 52,164,867 9,466,976 61,631,843
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） 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 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 Total net realized and unrealized gain included in profit or loss 計入損益賬內之 已變現及未變現 收益總淨值
	69,083,834 9,466,976 78,550,810

51

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

6. (LOSS)/PROFIT BEFORE TAX

6. 除稅前（虧損）╱溢利

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

本公司之除稅前（虧損）╱ 溢利經扣除╱（計入）以下 各項後達致：

	For the six	For the six months ended 30 June 2016 截至2016年 6月30日止 六個月 HK$ 港元
	months ended
	30 June 2017
	截至2017年
	6月30日止
	六個月
	HK$
	港元
(a) Finance costs (a)財務成本 Interest on other borrowings 其他借貸之利息 Interest on notes 票據之利息		3,742,137 1,306,409
	10,060,460
	3,613,662
		5,048,546
	13,674,122

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52

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

6. (LOSS)/PROFIT BEFORE TAX (CONTINUED)

6. 除稅前（虧損）╱溢利 （續）

	For the six	For the six months ended 30 June 2016 截至2016年 6月30日止 六個月 HK$ 港元
	months ended
	30 June 2017
	截至2017年
	6月30日止
	六個月
	HK$
	港元
(b) Other items (b)其他項目 Directors’ remuneration 董事酬金 – Fees －袍金 – Other emoluments －其他酬金 Staff cost (excluding directors’ remuneration) 員工成本（不包括董事 酬金） Investment management fee (note 8) 投資管理費（附註8） Foreign exchange (gain)/loss, net 外匯（收益）╱虧損， 淨額 Auditors’ remuneration 核數師酬金 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		635,467 –
	619,500
	–
		635,467
	619,500
		1,302,153 480,000 170 177,500 643,052 2,941,456 725,427
	775,821
	480,000
	(9,600)
	140,000
	646,183
	438,000
	1,913,051

53

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017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 2016: Nil).

董事會已議決不派付本 報告期之任何中期股息 （2016年6月30日：無）。

8. FEES

8. 費用

Administration fee

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.

行政管理費

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。

The administration fee is subject to a monthly minimum fee of USD7,500 plus 7% disbursement charge (30 June 2016: USD7,500 plus 7% disbursement charge) 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（2016年6月30日：7,500 美元加7%支出費）約束及 須於每月月底支付。

The administration fee for the current period is HK$386,737 (30 June 2016: HK$374,126). As at 30 June 2017, an administration fee of HK$62,634 (31 December 2016: HK$62,231) was payable to the Administrator.

本期間行政管理費為 386,737 港元（ 2016 年 6 月 30日：374,126港元）。於 2017年6月30日，行政管 理費 62,634 港元（ 2016 年 12 月 31 日：62,231 港元） 應付予行政管理人。

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54

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

8. FEES (CONTINUED)

8. 費用（續）

Custodian fee

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.

託管費

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。

The custodian fee is subject to a monthly minimum fee of USD2,500 (30 June 2016: USD2,500) and is payable monthly in arrears.

託管費須受每月最低費用 2,500美元（2016年6月30 日：2,500美元）約束及須 於每月月底支付。

The custodian fee for the current period is HK$120,749 (30 June 2016: HK$143,594). As at 30 June 2017, a custodian fee of HK$19,615 (31 December 2016: HK$20,222) was payable to the Custodian.

本期間託管費為 120,749 港元（ 2016 年 6 月 30 日： 143,594港元）。於2017年 6 月 30 日，託管費 19,615 港元（2016年12月31日： 20,222 港元）應付予託管 人。

Management fee

The Investment Manager is entitled to a monthly management fee of HK$80,000 (30 June 2016: 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 （2016年6月30日：80,000 港元）及須於每月月底支 付。

The management fee for the current period is HK$480,000 (30 June 2016: HK$480,000). As at 30 June 2017, a management fee of HK$160,000 (31 December 2016: HK$80,000) was payable to the Investment Manager.

本期間管理費為 480,000 港元（ 2016 年 6 月 30 日： 480,000港元）。於2017年 6月30日，管理費160,000 港元（2016年12月31日： 80,000港元）應付予投資管 理人。

55

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

9. TAXATION

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

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.

Hong Kong

Income tax credit of HK$54,498,414 (Income tax expense of 30 June 2015: HK$10,394,915) representing nil current Hong Kong profits tax (30 June 2016: Nil) and net deferred tax of HK$54,498,414 (30 June 2016: HK$10,394,915) that have been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong during the Period (30 June 2016: 16.5%).

9. 稅項

本公司使用適用於預期年 度收益總額之稅率計算期 間所得稅開支。

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。

香港

所得稅抵免為 54,498,414 港元（ 2015 年 6 月 30 日所 得稅開支： 10,394,915 港元），指並無香港即 期利得稅（ 2016 年 6 月 30 日：無）及遞延稅項淨額 54,498,414港元（2016年6 月30日：10,394,915港元） 乃按稅率16.5%（2016年6 月30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。

56

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017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）

遞延稅項乃採用按負債法 就報告期末時資產及負債 的稅基與兩者用作財務申 報賬面值之間的所有暫時 性差額作出撥備。

For presentation purposes, deferred tax assets and liabilities as at 30 June 2017 have been offset in the interim condensed statement of financial position. The deferred tax assets arising from unrealized investment valuation loss amounted to HK$22,999,773 and deferred tax assets arising from losses available to offsetting against future taxable profits amounted to HK$32,859,703 (31 December 2016: deferred tax liabilities arising from unrealized investment valuation gains amounted to HK$10,357,717 and deferred tax assets arising from losses available to offsetting against future taxable profits amounted to HK$11,718,779).

就呈列而言，於 2017 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 投資估值虧損而產生之遞 延稅項資產為 22,999,773 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 32,859,703 港元（2016年12月31日： 因未變現投資估值收益而 產生之遞延稅項負債為 10,357,717 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 11,718,779港元）。

PRC

No provision was made for taxation in the interim condensed financial statements as the Company did not generate any PRC sourced income during the current period (30 June 2016: PRC withholding tax HK$1,552).

中國

本公司於本期間並無產生 任何來自中國的收入，故 並無於中期簡明財務報表 作出稅項撥備（2016年6月 30日：中國預扣稅1,552港 元）。

57

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

10. (LOSS)/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（虧損）╱ 盈利

The calculation of basic and diluted loss per share amount (30 June 2016: earnings) is based on the Company’s loss of HK$275,094,908 (30 June 2016: profit of HK$55,388,355) for the Period attributable to ordinary equity holders of the Company and the weighted average number of ordinary shares in issue during the Period of 711,213,651 (30 June 2016: 405,405,700 (restated) ordinary shares), as adjusted to reflect the impact of rights issue and bonus issue completed on 20 January 2017.

每股基本及攤薄虧損 （ 2016 年 6 月 30 日：盈 利）以本公司普通權益持 有人應佔本期間本公司 虧損 275,094,908 港元 （ 2016 年 6 月 30 日：溢利 55,388,355 港元）及本期 間已發行普通股加權平均 數711,213,651股（2016年 6月30日：405,405,700股 （經重列）普通股）計算得 出，並已作出調整以反映 於2017年1月20日完成供 股及紅股發行的影響。

No adjustment has been made to the basic loss per share amount presented for the Period in respect of a dilution as the Company had no dilutive ordinary shares in issue during the Period (30 June 2016: No adjustment has been made to the basic earnings per share amount presented for the period ended 30 June 2016 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).

由於本公司於本期間並無 已發行攤薄普通股，故並 無就本期間所呈列的每股 基本虧損金額作出有關攤 薄的調整（ 2016 年 6 月 30 日：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 就截至2016年6月30日止 期間所呈列的每股基本盈 利金額作出有關攤薄的調 整）。

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58

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017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 31 December 2017 2016 2017年 2016年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 418,998,160 600,251,989 7,318,648 20,608,602 11,776,448 – 86,918,976 52,538,976 45,799,991 26,799,991 570,812,223 700,199,558
Listed equity securities – Hong Kong 上市權益證券 －香港 Investments in private equity funds – The Cayman Islands 投資於私募股權基金 －開曼群島 Investments in bond fund – The Cayman Islands 投資於債券基金 －開曼群島 Investments in private equities – 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。

59

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017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, bond fund and private 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、債券基金 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 loss on financial assets held for trading of HK$264,123,187 has been recognized in profit or loss in the interim condensed statement of profit or loss and other comprehensive income (30 June 2016: net unrealized gain of HK$61,631,843).

持作買賣之金融資產未變 現虧損淨額264,123,187港 元（2016年6月30日：未變 現收益淨額 61,631,843 港 元）之變動已於中期簡明損 益及其他全面收益表內確 認。

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60

China New Economy Fund Limited / Interim Report 2017

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

30 June 2017 2017年6月30日

12. CASH AND CASH EQUIVALENTS 12. 現金及現金等值

	30 June 31 December 2017 2016 2017年 2016年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 5,205,398 13,824,284
Cash at banks 銀行現金

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 2017 and 31 December 2016, the other payables are non-interest-bearing and have an average term of less than three months.

於2017年6月30日及2016 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。

中國新經濟投資有限公司 / 中期報告 2017 61

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

30 June 2017 2017年6月30日

14. AMOUNT DUE TO BROKERS

14. 應付經紀款項

As at 30 June 2017, amount due to brokers include HK$186,998,852 (31 December 2016: HK$169,125,134) of margin payable to a broker with interest rates ranged from 8% to 10% per annum. As at 30 June 2017, the Company had pledged Hong Kong listed securities of approximately HK$375.7 million to secure the margin payables to the broker (31 December 2016: HK$495.9 million).

於 2017 年 6 月 30 日，應 付經紀款項包括應付經 紀保證金 186,998,852 港 元（ 2016 年 12 月 31 日︰ 169,125,134 港元），該 保證金之年利率介乎 8 厘 至10厘。於2017年6月30 日，本公司已抵押香港 上市證券約 375,700,000 港元（2016年12月31日︰ 495,900,000港元）以擔保 應付該經紀之保證金。

15. AMOUNT DUE TO A RELATED COMPANY

15. 應付一間關聯公司款 項

As at 30 June 2017 and 31 December 2016, 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2017年6月30日及2016 年12月31日，應付一間關 聯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。

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62

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

16. LOAN PAYABLE & BORROWINGS

16. 應付貸款及借貸

	30 June 31 December 2017 2016 2017年 2016年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 48,720,148 69,285,628 8,000,000 8,000,000 35,000,000 – 91,720,148 77,285,628 30 June 31 December 2017 2016 2017年 2016年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 83,720,148 – 8,000,000 8,000,000 – 69,285,628 91,720,148 77,285,628 償還借貸如下：
7.5% coupon notes due 2018 (Note (a)) 於2018年到期之7.5厘票據 （附註(a)） 8% coupon notes due 2017 (Note (b)) 於2017年到期之8厘票據 （附註(b)） 8.5% revolving loan (Note (c)) 8.5厘循環貸款（附註(c)） The borrowings are repaid as follows:
	HK$
	港元
Within 1 year which contain a repayment on demand clause 一年內並包含按要求償還 條款 Within 1 year 一年內 Between 1 to 2 years 一年至兩年內	83,720,148
	8,000,000
	–
	91,720,148

63

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

16. LOAN PAYABLE & BORROWINGS (CONTINUED)

16. 應付貸款及借貸（續）

• (a) In April 2016, the Company issued two-year 7.5% coupon unlisted and unsecured notes due in 2018 (the “Notes”) in the aggregate principal amount of 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.

• (a) 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。

• (b) In October 2016, the Company issued one year 8% coupon unlisted and unsecured notes due in 2017 (the “Notes”) in the aggregate principal amount of HK$8,000,000. The Notes carried an interest of 8% per annum payable every three months. Details of the term of the Notes can be referred to the announcement of the Company dated 21 September 2016.

• (b) 於 2016 年 10 月，本 公司發行一年期8厘 非上市且無抵押票 據，該票據於 2017 年到期（「票據」），本 金總額為 8,000,000 港元。票據按年利率 8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9 月21日之公告。

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China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

16. LOAN PAYABLE & BORROWINGS (CONTINUED)

16. 應付貸款及借貸（續）

• (c) In March 2017, the Company had a loan amount HK$35,000,000 borrowed from an independent third party. The loan carried an interest of 8.5% per annum payable every three months.

• (c) 於2017年3月，本公 司向一名獨立第三方 借貸35,000,000港元 貸款。貸款按年利率 8.5 厘計息及須於每 三個月支付一次。

17. ISSUED CAPITAL

17. 已發行股本

	Number of shares Nominal amount 股份數目 面值 HK$ 港元
Issued and fully paid: 已發行及繳足： Ordinary shares as at 30 June 2017 於2017年6月30日之 普通股 Ordinary shares as at 31 December 2016 於2016年12月31日之 普通股
	778,831,198 389,415,599
	222,523,200 111,261,600

65

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

17. ISSUED CAPITAL (CONTINUED)

17. 已發行股本（續）

A summary of movements in the Company’s share capital is as follows:

本公司股本變動概述如下：

	Number of shares in issue 已發行股份數目	Issued capital 已發行股本 HK$ 港元	Share premium account 股份溢價賬 HK$ 港元	Total 總計 HK$ 港元 388,328,058 72,629,100 25,961,040 – 486,918,198 (3,273,036)
At 1 January 2016 於2016年1月1日 Right issue (Note (a)) 供股（附註(a)） Placing shares (Note (b)) 配售股份（附註(b)） Share consolidation (Note (c)) 股份合併（附註(c)） Share issue expenses 股份發行開支 At 31 December 2016 於2016年12月31日 Right issue with bonus issue (Note (d)) 供股及紅股（附註(d)） Share issue expenses 股份發行開支 At 30 June 2017 於2017年6月30日	618,120,000 309,060,000 185,436,000 (890,092,800)	61,812,000 30,906,000 18,543,600 –	326,516,058 41,723,100 7,417,440 –
	222,523,200 –	111,261,600 –	375,656,598 (3,273,036)
	222,523,200	111,261,600	372,383,562	483,645,162
	556,307,998	278,153,999	(111,261,599)	166,892,400
	778,831,198	389,415,599	261,121,963	650,537,562
	–	–	(5,848,831)	(5,848,831)
	778,831,198	389,415,599	255,273,132	644,688,731

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China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

17. ISSUED CAPITAL (CONTINUED)

17. 已發行股本（續）

Notes:

附註：

• (a) On 14 January 2016, a total of 309,060,000 ordinary shares of HK$0.10 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 發行合共 309,060,000 股 每股面值0.10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。

• (b) On 23 June 2016, a total of 185,436,000 ordinary shares of HK$0.10 each were placed at a price of HK$0.14 per share for a total cash consideration, before the related issue expense, of HK$25,961,040. The issued and fully paid capital of the Company was increased to 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0.10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。

• (c) In September 2016, share consolidation of every five issued and unissued shares of HK$0.10 each into one consolidated share of HK$0.50.

• (c) 於2016年9月，將每5股每 股面值0.10港元之已發行 及未發行股份合併為1股面 值0.50港元之合併股份。

• (d) On 23 January 2017, a total of 333,784,800 ordinary shares at par value of HK$0.50 per share and 222,523,198 bonus shares were issued for a total cash consideration, before the related issue expenses, of HK$166,892,400. The issued and fully paid capital of the Company was increased to HK$389,415,599, before deducting the rights issue expenses of HK$5,848,831.

• (d) 於2017年1月23日，本公 司發行合共333,784,800股 每股面值0.50港元之普通 股及222,523,198股紅股， 總現金代價（不包括相關發 行開支）為 166,892,400 港 元。本公司已發行及繳足 股本增至389,415,599港元

• （扣除供股開支 5,848,831 港元前）。

67

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

18. NET ASSET VALUE PER SHARE

18. 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 2017 of HK$353,822,426 (31 December 2016: HK$467,873,765) and on 778,831,198 ordinary shares being in issue as at 30 June 2017 (31 December 2016: 222,523,200 ordinary shares).

每股資產淨值乃按本公 司於 2017 年 6 月 30 日的 資產淨值 353,822,426 港 元（ 2016 年 12 月 31 日︰ 467,873,765 港元）及 於 2017 年 6 月 30 日已發 行普通股 778,831,198 股（ 2016 年 12 月 31 日︰ 222,523,200股普通股）計 算。

19. RELATED PARTY TRANSACTIONS

19. 關聯方交易

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 他部份詳述的關聯方交易 外，本公司於本期間與關 聯方進行下列交易：

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 30 December 2016. 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2016年 12 月 30 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。

68

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

20. FAIR VALUE MEASUREMENT

20. 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 to the fair value measurement is directly or indirectly observable

Level 3 — Valuation techniques for which the lowest level of input that is 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

69

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

20. FAIR VALUE MEASUREMENT (CONTINUED)

20. 公平值計量（續）

(a) Fair value hierarchy (Continued) (a) 公平值等級（續）

	30 June 2017 (Unaudited)
	2017年6月30日（未經審核）
	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 at fair value through profit or loss: 按公平值透過損益列 賬之金融資產： Listed 上市 – Equity securities －權益證券 Unlisted 非上市 – Private equity fund －私募股權基金 – Bond fund －債券基金 – Private equities －私募股權
	418,998,160 – – 418,998,160
	– – 7,318,648 7,318,648
	– – 11,776,448 11,776,448
	– – 132,718,967 132,718,967
	418,998,160 – 151,814,063 570,812,223

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70

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

20. FAIR VALUE MEASUREMENT (CONTINUED)

20. 公平值計量（續）

(a) Fair value hierarchy (Continued)

(a) 公平值等級（續）

	31 December 2016 (Audited) 2016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 at fair value through profit or loss: 按公平值透過損益列 賬之金融資產： Listed 上市 – Equity securities －權益證券 Unlisted 非上市 – Private equity funds －私募股權基金 – Private equities －私募股權	600,251,989 – – 600,251,989 – – 20,608,602 20,608,602 – – 79,338,967 79,338,967
	600,251,989 – 99,947,569 700,199,558

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。

71

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

20. FAIR VALUE MEASUREMENT (CONTINUED)

20. 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。

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72

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

20. FAIR VALUE MEASUREMENT (CONTINUED)

20. 公平值計量（續）

(a) Fair value hierarchy (Continued)

The investments in private equity funds and private equities are recognized 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 31 December 2017 2016 2017年 2016年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 99,947,569 80,562,687 65,091,100 38,419,040 (13,289,954) – 65,348 (19,034,158) 151,814,063 99,947,569
At 1 January 於1月1日 Purchases 購買 Sales 銷售 Total gain/(loss) recognized in profit and loss 於損益內確認之收益╱ （虧損）總值 At 30 June 2017 (Unaudited) and 31 December 2016 (Audited) 於2017年6月30日 （未經審核）及2016年 12月31日（經審核）

73

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

20. FAIR VALUE MEASUREMENT (CONTINUED)

(a) Fair value hierarchy (Continued)

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

• (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 2017 and 31 December 2016.

20. 公平值計量（續）

• (a) 公平值等級（續） 於本期間，第一級、 第二級及第三級之間 並無轉撥公平值計 量。

• (b) 按公平值以外列賬的 金融資產及負債的公 平值

• 於2017年6月30日及 2016 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。

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74

China New Economy Fund Limited / Interim Report 2017

Notes to Interim Condensed Financial Statements

中期簡明財務報表附註

30 June 2017 2017年6月30日

21. COMMITMENTS

21. 承擔

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

於報告期末，本公司於租 賃協議下未來租賃付款總 額的到期情況概約如下：

	30 June 31 December 2017 2016 2017年 2016年 6月30日 12月31日 (Unaudited) (Audited) （未經審核） （經審核） HK$ HK$ 港元 港元 858,000 948,000 354,000 140,000 1,212,000 1,088,000
Within one year 一年內 In the second year 第二年

75

中國新經濟投資有限公司 / 中期報告 2017

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

30 June 2017 2017年6月30日

22. EVENTS AFTER REPORTING PERIOD

22. 報告期後事項

The Company’s principal place of business in Hong Kong has been changed to Suite 902, 9/F., Ovest, 77 Wing Lok Street, Hong Kong with effect from 7 August 2017.

本公司的香港主要營業地 點已更改為香港永樂街77 號 Ovest 9 樓 902 室，自 2017年8月7日起生效。

Apart from the above, there were no other significant events since the end of the reporting period.

除上述外，自報告期末起 並無其他重大事件。

23. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

23. 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 2017.

中期簡明財務報表已於 2017年8月30日獲董事會 批准及授權刊發。

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76

China New Economy Fund Limited / Interim Report 2017

China New Economy Fund Limited 中國新經濟投資有限公司 www.chinaneweconomyfund.com