Capital VC Limited — Interim / Quarterly Report 2020

Jun 2, 2020

BOARD OF DIRECTORS

Executive Directors Mr. Kong Fanpeng Mr. Chan Cheong Yee

Independent Non-executive Directors Mr. Lee Ming Gin Ms. Lai Fun Yin

Mr. Cheung Wai Kin

AUDIT COMMITTEE

Mr. Cheung Wai Kin (Chairman) Mr. Lee Ming Gin Ms. Lai Fun Yin

REMUNERATION COMMITTEE

Mr. Lee Ming Gin (Chairman) Ms. Lai Fun Yin Mr. Cheung Wai Kin

NOMINATION COMMITTEE

Mr. Lee Ming Gin (Chairman) Ms. Lai Fun Yin Mr. Cheung Wai Kin

COMPANY SECRETARY

Ms. Chan Yuet Ching

AUTHORISED REPRESENTATIVES

Mr. Chan Cheong Yee Ms. Chan Yuet Ching

INVESTMENT MANAGER

China Everbright Securities (HK) Limited 24th Floor, Lee Garden One 33 Hysan Avenue, Causeway Bay Hong Kong

PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation Limited Hang Seng Bank Limited

董事會 執行董事 孔凡鵬先生

陳昌義先生

獨立非執行董事 李明正先生 黎歡彥女士 張偉健先生

審核委員會 張偉健先生(主席) 李明正先生 黎歡彥女士

薪酬委員會 李明正先生(主席) 黎歡彥女士 張偉健先生

提名委員會 李明正先生(主席) 黎歡彥女士 張偉健先生

公司秘書 陳乙晴女士

授權代表 陳昌義先生 陳乙晴女士

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

主要往來銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司

AUDITOR

CHENG & CHENG LIMITED Certified Public Accountants Levels 35 & 36, Tower 1 Enterprise Square Five 38 Wang Chiu Road Kowloon Bay, Kowloon Hong Kong

HONG KONG SHARE REGISTRAR AND TRANSFER OFFICE

Tricor Tengis Limited Level 54, Hopewell Centre 183 Queen's Road East Hong Kong

REGISTERED OFFICE

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Room 2302, 23rd Floor New World Tower I 18 Queen's Road Central Hong Kong

WEBSITE

www.capital-vc.com

STOCK CODE 02324

核數師 鄭鄭會計師事務所有限公司 執業會計師 香港 九龍九龍灣 宏照道38號 企業廣場五期 一座35及36樓

香港股份過戶登記處

卓佳登捷時有限公司 香港 皇后大道東183號 合和中心54樓

註冊辦事處

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

香港主要營業地點 香港 皇后大道中18號 新世界大廈1期 23樓2302室

公司網址 www.capital-vc.com

股份代號 02324

INTERIM FINANCIAL STATEMENTS

The board (the "Board") of directors (the "Director(s)") of Capital VC Limited (the "Company") hereby announces the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 31 March 2020 (the "Period"). The unaudited condensed consolidated interim financial statements (the "Interim Financial Statements") have not been audited by the Company's independent auditor but have been reviewed by the Company's audit committee (the "Audit Committee").

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 MARCH 2020

中期財務報表

首都創投有限公司(「本公司」)董事(「董事」)會(「董 事會」)謹此公佈本公司及其附屬公司(「本集團」)截 至二零二零年三月三十一日止六個月(「本期間」)之 未經審核綜合業績。該未經審核之簡明綜合中期財務 報表(「中期財務報表」)並未經本公司獨立核數師審 核,但經由本公司之審核委員會(「審核委員會」)審 閱。

簡明綜合全面收益表

截至二零二零年三月三十一日止六個月

Loss for the Period attributable to equity holders of the Company	本公司股權持有人應佔 本期間虧損		(60,940,058)	(66,439,000)
Income tax	所得稅	8	–	–
Loss before tax	除稅前虧損	7	(60,940,058)	(66,439,000)
Finance costs	融資成本		(1,042,245)	(464,505)
Operating loss	營運虧損		(59,897,813)	(65,974,495)
plant and equipment		11	–	39,924
Gain on disposal of	出售廠房及設備之收益
Share-based payments	以股份為基準之付款		(2,106,500)	(1,875,500)
Administrative expenses	行政費用		(8,879,799)	(16,452,249)
Other income	其他收入		446,879	–
Turnover	營業額	5	(49,358,393)	(47,686,670)
		附註	港元	港元
		Notes	HK\$	HK\$
			(未經審核)	(未經審核)
			(unaudited)	(unaudited)
			三月三十一日	三月三十一日
			二零二零年	二零一九年
			2020	2019
			31 March	31 March
			截至下列日期止六個月
			Six months ended

			Six months ended 截至下列日期止六個月
			31 March	31 March
			2020	2019
			二零二零年	二零一九年
			三月三十一日	三月三十一日
			(unaudited)	(unaudited)
			(未經審核)	(未經審核)
		Notes	HK\$	HK\$
		附註	港元	港元
Other comprehensive income	除稅後之本期間其他全面收入
for the Period, net of tax			–	–
Total comprehensive loss for the Period attributable to	本公司股權持有人應佔 本期間全面虧損總額
equity holders of the Company			(60,940,058)	(66,439,000)
Dividend	股息	9	–	–
Loss per share (HK cents)	每股虧損(港仙)
– Basic	-基本	10	2.21	2.41
– Diluted	-攤薄		2.21	2.41

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

簡明綜合財務狀況表

AT 31 MARCH 2020

於二零二零年三月三十一日

			31 March	30 September
			2020	2019
			二零二零年	二零一九年
			三月三十一日	九月三十日
			(unaudited)	(audited)
			(未經審核)	(經審核)
		Notes	HK\$	HK\$
		附註	港元	港元
NON-CURRENT ASSETS	非流動資產
Plant and equipment	廠房及設備	11	–	26,100
Financial assets at fair value	按公允值計入損益處理之
through profit or loss	財務資產	12	14,768,320	14,768,320
Investments in financial assets	以攤銷成本計量之財務資產
at amortised cost	投資	13	107,487,492	84,446,250
			122,255,812	99,240,670
CURRENT ASSETS	流動資產
Financial assets at fair value	按公允值計入損益處理之
through profit or loss	財務資產	12	177,921,262	227,028,786
Investments in financial assets	以攤銷成本計量之財務資產
at amortised cost	投資	13	82,404,620	83,228,231
Prepayments, deposits and	預付款項、按金及
other receivables	其他應收款項	14	121,295,799	140,464,753
Bank balances and cash	銀行結餘及現金		12,251,842	26,045,002
			393,873,523	476,766,772

			31 March	30 September
			2020	2019
			二零二零年	二零一九年
			三月三十一日	九月三十日
			(unaudited)	(audited)
			(未經審核)	(經審核)
		Notes	HK\$	HK\$
		附註	港元	港元
CURRENT LIABILITIES	流動負債
Other payables and accruals	其他應付款項及應計費用		27,836,537	28,881,086
NET CURRENT ASSETS	流動資產淨值		366,036,986	447,885,686
NET ASSETS	資產淨值		488,292,798	547,126,356
CAPITAL AND RESERVES	資本及儲備
Share capital	股本	15	68,872,062	68,872,062
Reserves	儲備		419,420,736	478,254,294
			488,292,798	547,126,356
NET ASSET VALUE PER SHARE	每股資產淨值	16	0.1772	0.1986

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

簡明綜合權益變動表

FOR THE SIX MONTHS ENDED 31 MARCH 2020

截至二零二零年三月三十一日止六個月
-------------------	--

				Capital	Share
		Share	Share	reduction	options	Accumulated
		capital	premium	reserve	reserve	losses	Total equity
		股本	股份溢價	資本削減儲備	購股權儲備	累計虧損	權益總額
		HK\$	HK\$	HK\$	HK\$	HK\$	HK\$
		港元	港元	港元	港元	港元	港元
At 1 October 2019 (audited)	於二零一九年十月一日(經審核)	68,872,062	1,315,163,854	22,826,010	1,875,500	(861,611,070)	547,126,356
Loss for the Period and total	本期間虧損及本期間全面虧損總額
comprehensive loss for the Period		–	–	–	–	(60,940,058)	(60,940,058)
Lapse of share options	購股權失效	–	–	–	(1,875,500)	1,875,500	–
Grant of share options	授出購股權	–	–	–	2,106,500	–	2,106,500
At 31 March 2020 (unaudited)	於二零二零年三月三十一日
	(未經審核)	68,872,062	1,315,163,854	22,826,010	2,106,500	(920,675,628)	488,292,798
At 1 October 2018 (audited)	於二零一八年十月一日(經審核)	68,872,062	1,315,163,854	22,826,010	–	(671,307,888)	735,554,038
Loss for the Period and total	本期間虧損及本期間全面虧損總額
comprehensive loss for the Period		–	–	–	–	(66,439,000)	(66,439,000)
Grant of share options	授出購股權	–	–	–	1,875,500	–	1,875,500
At 31 March 2019 (unaudited)	於二零一九年三月三十一日
	(未經審核)	68,872,062	1,315,163,854	22,826,010	1,875,500	(737,746,888)	670,990,538

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

簡明綜合現金流量表

FOR THE SIX MONTHS ENDED 31 MARCH 2020

截至二零二零年三月三十一日止六個月
-------------------	--	--

		Six months ended
		截至下列日期止六個月
		31 March	31 March
		2020	2019
		二零二零年	二零一九年
		三月三十一日	三月三十一日
		(unaudited)	(unaudited)
		(未經審核)	(未經審核)
		HK\$	HK\$
		港元	港元
NET CASH USED IN OPERATING ACTIVITIES	經營活動之現金流出淨額	(20,478,393)	(79,992,888)
NET CASH FROM INVESTING ACTIVITIES	投資活動之現金流入淨額	6,685,233	37,089,520
NET CASH FROM FINANCING ACTIVITIES	融資活動之現金流入淨額	–	–
NET DECREASE IN CASH AND	現金及現金等價物減少淨額
CASH EQUIVALENTS		(13,793,160)	(42,903,368)
CASH AND CASH EQUIVALENTS	於二零一八年及二零一九年
AT 1 OCTOBER 2018 AND 2019	十月一日之現金及現金等價物	26,045,002	56,862,337
CASH AND CASH EQUIVALENTS	於二零一九年及二零二零年
AT 31 MARCH 2019 AND 2020	三月三十一日之現金
	及現金等價物
Represented by:	分析:
Bank balances and cash	銀行結餘及現金	12,251,842	13,958,969

The notes on pages 9 to 18 form an integral part of this condensed Interim financial statements.

第9至18頁之附註為本簡明中期財務報表之組成部分。

NOTES TO INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 MARCH 2020

1. GENERAL INFORMATION

Capital VC Limited (the "Company") was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands. The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The address of its principal place of business was Room 2302, 23/F, New World Tower 1, 18 Queen's Road Central, Hong Kong. The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). These condensed consolidated interim financial information are presented in Hong Kong dollars, unless otherwise stated.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The unaudited condensed consolidated financial statements ("Interim Financial Statements") have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules (the "Listing Rules") Governing the Listing of Securities on the Stock Exchange and Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").

The Interim Financial Statements should be read in conjunction with the 2018/19 annual financial statements. The accounting policies and methods of computation used in the preparation of these condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended 30 September 2019.

3. ACCOUNTING POLICIES

The Group has adopted all the new and revised HKFRSs issued by the HKICPA that are relevant to its operations and effective for its accounting period beginning on 1 October 2019. HKFRSs comprise Hong Kong Financial Reporting Standards ("HKFRS"); HKAS; and Interpretations. The adoption of these new and revised HKFRSs did not result in significant changes to the Group's accounting policies, presentation of the Group's financial statements and amounts reported for the current period and prior years.

The Group has not applied the new HKFRSs that have been issued but are not yet effective. The Company has already commenced an assessment of the impact of these new HKFRSs but is not yet in a position to state whether these new HKFRSs would have a material impact on its results of operations and financial position.

中期財務報表附註

截至二零二零年三月三十一日止六個月

1. 一般資料

首都創投有限公司(「本公司」)根據開曼群島公司法於 開曼群島註冊成立為獲豁免有限公司。其註冊辦事處地 址為Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands。其主要營 業地點為香港皇后大道中18號新世界大廈1期23樓2302 室。本公司之股份於香港聯合交易所有限公司(「聯交 所」)主板上市。除另有訂明者外,此等簡明綜合中期財 務資料以港元呈列。

2. 財務報表之編製基準

未經審核簡明綜合財務報表(「中期財務報表」)已根據 聯交所證券上市規則(「上市規則」)附錄16之適用披露 規定,以及根據香港會計師公會(「香港會計師公會」) 頒佈之香港會計準則(「香港會計準則」)第34號「中期 財務報告」而編製。

中期財務報表應與二零一八╱一九年年度財務報表一併 閱讀。編製此等簡明綜合財務報表所採用之會計政策及 計算方法,與編製截至二零一九年九月三十日止年度之 年度財務報表所採用者貫徹一致。

3. 會計政策

本集團已採納香港會計師公會所頒佈的與其營運有關 並於二零一九年十月一日開始之會計期間生效的所有 新訂及經修訂香港財務報告準則。香港財務報告準則包 括香港財務報告準則(「香港財務報告準則」);香港會 計準則;及詮釋。採納此等新訂及經修訂香港財務報告 準則並不引致本集團本期間及過往年度之會計政策、本 集團財務報表之呈列方式及已呈報金額出現重大變動。

本集團並無應用已頒佈但尚未生效之新訂香港財務報 告準則。本公司已開始評估此等新訂香港財務報告準則 之影響,但尚不可確定此等新訂香港財務報告準則是否 會對其營運業績及財務狀況產生重大影響。

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT

In preparing the Interim Financial Statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 September 2019.

5. TURNOVER

Revenue represents the amounts received and receivable on investments, net gains on financial assets at fair value through profit or loss ("FVTPL") and bank and other interest income during the Period as follows:

4. 重大會計估計及判斷

於編製中期財務報表時,管理層就應用本集團會計政策 作出之重大判斷,以及估計不確定因素之主要來源,均 與編製截至二零一九年九月三十日止年度的綜合財務 報表所應用者相同。

5. 營業額

收益指本期間投資之已收及應收款項、按公允值計入損 益處理(「按公允值計入損益處理」)之財務資產淨收益 以及銀行及其他利息收入,詳情如下:

		Six months ended
		截至下列日期止六個月
		31 March	31 March
		2020	2019
		二零二零年	二零一九年
		三月三十一日	三月三十一日
		(unaudited)	(unaudited)
		(未經審核)	(未經審核)
		HK\$	HK\$
		港元	港元
Net realized loss on financial assets of FVTPL	按公允值計入損益處理之財務資產
	之已變現虧損淨額	(57,769,788)	(39,799,733)
Net unrealized loss on financial assets of FVTPL	按公允值計入損益處理之
	財務資產之未變現虧損淨額	(2,318,736)	(18,282,881)
Dividend income from investments	投資上市證券之股息收入
in listed securities		70,369	73,981
Interest income on other receivables	其他應收款項之利息收入	1,987,732	2,782,727
Bank and bond interest income	銀行及債券利息收入	8,672,030	7,539,236
		(49,358,393)	(47,686,670)

6.	SEGMENT INFORMATION The Group identifies operating segments and prepares segment information based on the regular reports reviewed by the chief operating decision maker for decisions about resources allocated to the Group's business components and for their review of the performance of those components.	6.	分部資料 本集團識別經營分部,並根據主要經營決策者就本集團 業務組成部分之資源分配作決定及檢討該等組成部分 之表現審閱之定期報告編製分部資料。
	The principal activity of the Group is investing in listed and unlisted companies. The Group has identified the operating and reportable segments as follows.		本集團之主要業務為投資上市及非上市公司。本集團已 識別以下經營及可申報分部。
	Financial assets – Investments in securities listed on at FVTPL Hong Kong Stock Exchange		按公允值計入 於香港聯交所上市證券之 – 損益處理之財務 投資 資產
	Available-for-sale – Investments in unlisted securities investment		可供出售投資 於非上市證券之投資 –
	Plant and equipment, tax recoverable, accruals, interest-bearing borrowings and certain amount of prepayments, deposits and other		廠房及設備、可收回稅項、應計費用、計息借貸及若干 預付款項、按金及其他應收款項以及現金及現金等價物

For the six months ended 31 March 2020 截至二零二零年三月三十一日止六個月 Investment in unlisted bonds Investment in listed securities Investment in unlisted securities Unallocated Total 投資非上市債券 投資上市證券 投資非上市證券 未分配 總額 HK\$ HK\$ HK\$ HK\$ HK\$ 港元 港元 港元 港元 港元 Segment revenue 分部收益 9,117,630 (60,018,155) 1,987,732 1,279 (48,911,514) Administrative expenses 行政費用 – – – (8,879,799) (8,879,799) Segment result 分部業績 9,117,630 (60,018,155) 1,987,732 (8,878,520) (57,791,313)

receivables and cash and cash equivalents, were not allocated to

segment.

並無分配至分部。

6. SEGMENT INFORMATION (Continued)

6. 分部資料(續)

	For the six months ended 31 March 2019
				截至二零一九年三月三十一日止六個月
		Investment	Investment	Investment
		in unlisted	in listed	in unlisted
		bonds	securities	securities	Unallocated	Total
		投資非上市債券	投資上市證券	投資非上市證券	未分配	總額
		HK\$	HK\$	HK\$	HK\$	HK\$
		港元	港元	港元	港元	港元
Segment revenue	分部收益	6,826,539	(57,319,693)	2,782,727	(1,811,819)	(49,522,246)
Administrative expenses	行政費用	–	–	–	(16,452,249)	(16,452,249)
Segment result	分部業績	6,826,539	(57,319,693)	2,782,727	(18,264,068)	(65,974,495)

7. LOSS BEFORE TAX

7. 除稅前虧損

		Six months ended
		截至下列日期止六個月
		31 March	31 March
		2020	2019
		二零二零年	二零一九年
		三月三十一日	三月三十一日
		(unaudited)	(unaudited)
		(未經審核)	(未經審核)
		HK\$	HK\$
		港元	港元
The Group's loss before tax has been arrived at after charging:	本集團之除稅前虧損已扣除:
Total staff costs (including directors' remuneration	員工總成本(包括董事酬金及
and share-based payments)	以股份為基準之付款)	4,437,867	4,072,236
Depreciation on plant and equipment	廠房及設備之折舊	26,100	4,575,753
Operating lease charges on rented premises	租賃物業之經營租賃租金	72,600	72,600
Interest expenses	利息費用	1,042,245	464,505

8. INCOME TAX

As at 31 March 2020, the Group has unused tax losses of approximately HK\$929,542,000 available for offset against future profits. The unrecognised tax losses may be carried forward indefinitely. No provision for Hong Kong Profits Tax has been made for the six months ended 31 March 2020 and 2019.

9. DIVIDEND

The directors did not recommend the payment of an interim dividend for the six months ended 31 March 2020 (2019: Nil).

8. 所得稅

於二零二零年三月三十一日,本集團有未動用稅項虧損 約929,542,000港元可用作抵銷未來溢利。未確認稅項 虧損可無限期結轉。並無就截至二零二零年及二零一九 年三月三十一日止六個月作出任何香港利得稅撥備。

9. 股息

董事不建議派發截至二零二零年三月三十一日止六個 月之中期股息(二零一九年:無)。

10. LOSS PER SHARE

The calculations of basic and diluted loss per share are based on the Group's loss for the Period attributable to the equity holders of the Company of HK\$60,940,058 (2019: HK\$66,439,000).

The above basic and diluted losses per share are based on the weighted average number of 2,754,882,496 (2019: 2,754,882,496) ordinary shares in issue for the Period.

11. PLANT AND EQUIPMENT

During the six months ended 31 March 2019, the Group disposed of two motor vehicles at consideration of HK\$260,000 in aggregate. The carrying amounts of these two motor vehicles as at 31 March 2019 were HK\$220,076 in aggregate.

All plant and equipments have been fully depreciated during the Period.

12. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

10. 每股虧損

每股基本及攤薄虧損乃根據本期間本公司股權持有 人應佔本集團虧損60,940,058港 元( 二 零 一 九 年: 66,439,000港元)計算。

上述每股基本及攤薄虧損乃分別按本期間已發行普 通股之加權平均數2,754,882,496股( 二 零 一 九 年: 2,754,882,496股)計算。

11. 廠房及設備

於截至二零一九年三月三十一日止六個月,本集團按代 價總額260,000港元出售兩輛汽車。該兩輛汽車於二零 一九年三月三十一日之賬面總值為220,076港元。

於本期間內,所有廠房及設備已悉數折舊。

12. 按公允值計入損益處理之財務資產

		31 March	30 September
		2020	2019
		二零二零年	二零一九年
		三月三十一日	九月三十日
		(unaudited)	(audited)
		(未經審核)	(經審核)
		HK\$	HK\$
		港元	港元
Fair value	公允值
Unlisted equity securities	非上市股本證券	14,768,320	14,768,320
Listed equity securities	上市股本證券
– listed in Hong Kong other than suspended stocks	-香港上市(除停牌股票外)	177,921,262	227,028,786
– suspended stocks listed in Hong Kong	-於香港上市之停牌股票	–	–
		192,689,582	241,797,106
Analysed as:	分析為:
Current assets	流動資產	177,921,262	227,028,786
Non-current assets	非流動資產	14,768,320	14,768,320
		192,689,582	241,797,106

13. INVESTMENTS IN FINANCIAL ASSETS AT AMORTISED COST

13. 按攤銷成本列賬之財務資產投資

Included in current assets	計入流動資產	82,404,620	83,228,231
Less: Non-current assets	減:非流動資產	(107,487,492)	(84,446,250)
at amortised cost		189,892,112	167,674,481
Investments in financial assets	按攤銷成本列賬之財務資產投資
		港元	港元
		HK\$	HK\$
		(未經審核)	(經審核)
		(unaudited)	(audited)
		三月三十一日	九月三十日
		二零二零年	二零一九年
		2020	2019
		31 March	30 September

Particulars of the major bonds held as at 31 March 2020, are as follows:

於二零二零年三月三十一日持有之主要債券詳情如下:

						Fair value/
		Place of	Acquisition	Inputed	Expected	Carrying		Coupon
Name	Note	incorporation	cost	interest	credit loss 預期信貸	amount 公允值╱	Terms	rate p.a.
名稱	附註	註冊成立地點	收購成本 HK\$ 港元	推算利息 HK\$ 港元	虧損 HK\$ 港元	賬面值 HK\$ 港元	期限	年票息率
Hao Wen Holdings Limited ("Hao Wen")	(i)	Cayman Islands	30,000,000	682,000	(2,291,231)	28,390,769	From 12 January 2018 to 11 January 2021	11%
皓文控股有限公司(「皓文」)		開曼群島					二零一八年一月十二日 至二零二一年一月十一日	11%
Gold Medal Hong Kong Limited ("Gold Medal")	(ii)	Hong Kong	54,000,000	2,376,000	(2,362,149)	54,013,851	From 12 September 2018 to 11 September 2020	8%
金徽香港有限公司(「金徽」)		香港					二零一八年九月十二日 至二零二零年九月十一日	8%
Gold Medal	(ii)	Hong Kong	20,000,000	708,333	(847,870)	19,860,463	From 28 October 2019 to 27 October 2022	8.5%
金徽		香港					二零一九年十月二十八日至 二零二二年十月二十七日	8.5%
AMCO United Holding Limited ("AMCO")	(iii)	Bermuda	30,000,000	1,405,479	(5,000,000)	26,405,479	From 12 October 2018 to 11 October 2021	10%
雋泰控股有限公司(「雋泰」)		百慕達					二零一八年十月十二日 至二零二一年十月十一日	10%

13. INVESTMENTS IN FINANCIAL ASSETS AT AMORTISED COST (Continued)

Notes:

• (i) Hao Wen is a company incorporated in Cayman Islands with limited liability and principally engaged in money lending and processing and trading of electronic parts. It is listed on the GEM of the Hong Kong Stock Exchange (stock code: 8019). There is no provision of terms in the agreement regarding early redemption rights. HK\$3,300,000 coupon was received from the bonds issued by Hao Wen for the six months ended 31 March 2020.
• (ii) Gold Medal is a company incorporated in Hong Kong with limited liability and principally engaged in money lending business. It is a wholly owned subsidiary of WLS Holdings Limited which is listed on the GEM of the Hong Kong Stock Exchange (stock code: 8021). According to the terms of the agreement and subject to certain conditions, both the Group and Gold Medal have the early redemption rights as follows:

The Group can request early redemption of the bond at 100% of the outstanding principal amount and 50% of the outstanding coupon.

Gold Medal can early redeem the bond at 100% of the total amount of such bond together with any payment of interests accrued up to the date of such early redemption. An additional 1% will be given to the Group, together with the outstanding principal and coupon. No coupon was received from the bonds issued by Gold Medal for the six months ended 31 March 2020.

(iii) AMCO is a company incorporated in Bermuda with limited liability and principally engaged in manufacturing and selling of medical devices and plastic moulding products, providing construction services, money lending and securities investment. It is listed on the Main board of the Hong Kong Stock Exchange (stock code: 630). There is no provision of terms in the agreement regarding early redemption rights. HK\$3,000,000 coupon was received from the bonds issued by AMCO for the six months ended 31 March 2020.

13. 按攤銷成本列賬之財務資產投資(續)

附註:

• (i) 皓文是一間於開曼群島註冊成立之有限公司,主 要從事放貸及電子零部件加工及貿易。其於香港 聯交所 GEM 上市(股份代號:8019)。協議並無 有關提前贖回權之條文。於截至二零二零年三月 三十一日止六個月,自皓文發行之債券收取票息 3,300,000港元。
• (ii) 金徽為一間於香港註冊成立之有限公司,主要從 事放貸業務。其為滙隆控股有限公司(於香港聯 交所GEM 上市(股份代號:8021))之全資附屬公 司。根據協議之條款及於若干條件規限下,本集團 及金徽均有如下提前贖回權:

本集團可要求按100% 之未償還本金額及50% 之 未償還票息提前贖回債券。

金徽可按有關債券之總額的100% 連同截至提前 贖回日期之任何應計利息付款提前贖回債券。附 加1% 連同未償還本金及票息將授予本集團。於截 至二零二零年三月三十一日止六個月,概無自金 徽發行之債券收取票息。

(iii) 雋泰為一間於百慕達註冊成立之有限公司,主要 從事製造及銷售醫療設備及塑膠模具產品、提供 建造服務、放貸及證券投資。其於香港聯交所主板 上市(股份代號:630)。協議並無有關提前贖回權 之條文。截至二零二零年三月三十一日止六個月, 自雋泰發行之債券收取票息3,000,000港元。

PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES			14.	預付款項、按金及其他應收款項
					31 March	30 September
					2020	2019
					二零二零年	二零一九年
					三月三十一日	九月三十日
					(unaudited)	(audited)
					(未經審核)	(經審核)
				Notes	HK\$	HK\$
				附註	港元	港元
Prepayments and deposits		預付款項及按金			736,238	218,370
Margin receivables		應收孖展款項		(a)	12,057,667	8,032,207
Amounts receivable on disposal of		出售非上市投資之應收款項
unlisted investments				(b)	108,501,894	132,214,176
					121,295,799	140,464,753

at the end of the reporting period approximated their fair values.

Notes:

• (a) Margin receivables are generated from investment in financial assets at FVTPL, with interest rates ranged from 0.000% to 0.010% (30 September 2019: 0.001% to 0.125%) per annum.
• (b) The balance is represented by receivables from the purchasers of:

與其公允值相若。

附註:

• (a) 按公允值計入損益處理之財務資產投資所產生之 應收孖展款項乃按年利率介乎0.000厘至0.010厘 (二零一九年九月三十日:0.001厘至0.125厘)計 息。
• (b) 結餘按以下買方應收之款項呈列:

		31 March	30 September
		2020	2019
		二零二零年	二零一九年
		三月三十一日	九月三十日
		(unaudited)	(audited)
		(未經審核)	(經審核)
		HK\$	HK\$
		港元	港元
Starfame Investments Limited	星輝投資有限公司	8,718,334	8,502,084
Uni-Venture International Investment Limited	Uni-Venture International Investment Limited	18,978,449	29,978,449
34% equity interest of Kenservon Profits Inc.	Kenservon Profits Inc. 之34% 權益	2,300,225	5,160,225
66% equity interest of Kendervon Profits Inc.	Kendervon Profits Inc. 之66% 權益	73,670,757	79,039,275
Others	其他	4,834,129	9,534,143
		108,501,894	132,214,176

15.	SHARE CAPITAL		15.	股本
					Number of ordinary shares of
					HK\$0.025 each	Nominal value
					每股面值0.025港元
					之普通股數目	面值
						HK\$
						港元
	Authorised	法定 於二零二零年三月三十一日及
	At 31 March 2020 and 30 September 2019	二零一九年九月三十日
					8,000,000,000	200,000,000
	Issued and fully paid	已發行及繳足
	At 31 March 2020 and 30 September 2019	於二零二零年三月三十一日及
		二零一九年九月三十日			2,754,882,496	68,872,062
16.	NET ASSET VALUE PER SHARE		16.	每股資產淨值
	The calculation of net asset value per share is based on the net				每股資產淨值乃根據本集團於二零二零年三月三十一
	asset value of the Group as at 31 March 2020 of HK\$488,292,798				日之資產淨值488,292,798港元(二零一九年九月三十
	(30 September 2019: HK\$547,126,356) and on the number of				日:547,126,356港元)及於二零二零年三月三十一日
	2,754,882,496 ordinary shares of HK\$0.025 each in issue as at				每股面值0.025港元之已發行普通股數目2,754,882,496
	31 March 2020 (30 September 2019: 2,754,882,496 ordinary shares				股(二零一九年九月三十日:2,754,882,496股每股面值
	of HK\$0.025 each).			0.025港元之普通股)計算。
17.	RELATED PARTY AND CONNECTED TRANSACTIONS		17.	關連人士及關連交易
	(a) During the Period, significant transactions with related parties			(a)	本期間,與關連人士及關連方進行之重大交易如
	and connected parties are as follows:			下:
				Six months ended
					截至下列日期止六個月
					31 March	31 March
					2020 二零二零年	2019 二零一九年
					三月三十一日	三月三十一日
					(unaudited) (未經審核)	(unaudited) (未經審核)
					HK\$ 港元	HK\$ 港元
	China Everbright Securities (HK)	中國光大證券(香港)有限公司
	Limited ("CES")	(「CES」)
	Investment management fee paid	已付投資管理費		(Note)(附註)	300,000	300,000
	Note:			附註:
	CES is an investment manager of the Company and considered				CES 為本公司之投資管理人,並根據上市規則第
	as a connected person under 14A.08 of Chapter 21 of the Listing				21章第14A.08條被視為一名關連人士。根據本公
					司與CES 訂立日期為二零一七年十二月二十九日

Rules. Pursuant to an investment management agreement ("CES Agreement") dated 29 December 2017 entered into between the Company and CES, CES agreed to provide the Company with investment management services (excluding general administrative services) commencing on 1 January 2018. Pursuant to the terms of CES Agreement, the monthly investment advisory fee is HK\$50,000.

司與CES 訂立日期為二零一七年十二月二十九日 之投資管理協議(「CES 協議」),CES 同意自二零 一八年一月一日起向本公司提供投資管理服務(不 包括一般行政服務)。根據CES 協議條款,每月投 資顧問費為50,000港元。

17. R E L AT E D PA R T Y A N D C O N N E C T E D T R A N S A C T I O N S (Continued)

(b) Compensation of key management personnel. The remuneration of directors and other members of key management during the Period was as follows:

17. 關連人士及關連交易(續)

(b) 主要管理人員之酬金。本期間,董事及其他主要管 理層成員之酬金如下:

		Six months ended 截至下列日期止六個月
		31 March	31 March
		2020	2019
		二零二零年	二零一九年
		三月三十一日	三月三十一日
		(unaudited)	(unaudited)
		(未經審核)	(未經審核)
		HK\$	HK\$
		港元	港元
Short-term benefits (including	短期福利(包括以股份為

18. PLEDGE OF ASSETS

share-based payments)

The Group has pledged its financial assets at fair value through profit or loss, which are HK\$161,582,950 (30 September 2019: HK\$208,629,447), to secure margin financing facilities obtained from regulated securities dealers.

19. COMPARATIVE FIGURES

Certain comparative figures have been restated to conform with current period's presentation.

18. 資產抵押

基準之付款) 2,103,317 1,943,136

本集團已抵押其按公允值計入損益處理之財務 資 產161,582,950港 元( 二 零 一 九 年 九 月 三 十 日: 208,629,447港元),以獲得受規管證券交易商之保證金 融資信貸。

19. 比較數字

若干比較數字已作重列,以符合當期的呈列。

MANAGEMENT DISCUSSION AND ANALYSIS

Financial Highlights

For the six months ended 31 March 2020 (the "Period"), the Group reported a negative turnover of approximately HK\$49.4 million (2019: HK\$47.7 million) and net loss attributable to equity holders of the Company of approximately HK\$60.9 million (2019: HK\$66.4 million). There is no significant change in the turnover of the Group and the decrease in loss of the Group was principally due to the strengthened cost control measures implemented during the Period. The Group recorded a net loss on listed securities investment of approximately HK\$60.0 million in the six months ended 31 March 2020 (2019: HK\$58.0 million).

During the Period, the Group did not acquire or dispose of its unlisted equity investments. In relation to debt investments, the Group acquired bonds from two listed companies and one unlisted company at principal of HK\$51.7 million in aggregate. The bonds issued by two listed companies are in terms of three years and coupon rate of which are 8.5% and 9.0%, and those by the unlisted company are in terms of three years and the corresponding coupon rate is 12%.

As at 31 March 2020, the net asset value ("NAV") of the Group was approximately HK\$488.3 million (30 September 2019: HK\$547.1 million), representing a decrease of approximately 10.7% over the Period. The NAV per share of the Company was HK\$0.1772 (30 September 2019: HK\$0.1986), which decreased by approximately 10.8% during the Period. The decrease in NAV is principally attributable to the comprehensive loss for the Period attributable to equity holders of the Company of approximately HK\$60.9 million.

Business Review and Prospect

In Year 2020, the global investment market has experienced the largest crisis since the bankruptcy of Lehman Brothers in Year 2008, which is due to the outbreak of COVID-19. Hang Seng Index dropped sharply from the peak of 29,056 points in January 2020 to the bottom of 21,696 within two months in March 2020. Many nations, including China and United States, have adopted lockdown and quarantine policies and the business activities are influenced significantly. In such pessimistic market atmosphere, the Group's listed securities performed not so satisfactorily. The Group continued to make loss on listed investments and corresponding loss of approximately HK\$60.0 million was recorded during the Period. Increase in loss was made as compared to that of approximately HK\$57.3 million for the corresponding period of last year.

管理層討論及分析 財務摘要

截至二零二零年三月三十一日止六個月(「本期 間」),本 集 團 錄 得 負 營 業 額 約49,400,000港 元( 二 零 一 九 年:47,700,000港 元),本 公 司 股 權 持 有 人 應佔虧損淨額約為60,900,000港 元( 二 零 一 九 年: 66,400,000港元)。本集團營業額概無重大變動及本 集團虧損減少乃主要由於本期間實施的有力成本控制 措施。本集團於截至二零二零年三月三十一日止六個 月錄得上市證券投資之虧損淨額約60,000,000港元(二 零一九年:58,000,000港元)。

於本期間,本集團並無收購或出售其非上市股本 投資。有關債券投資,本集團已自兩間上市公司及一 間非上市公司收購債券,本金額合共51,700,000港元。 該兩間上市公司發行之債券為期三年,票息率分別為 8.5% 及9.0%,非上市公司發行之債券為期三年,票息 率為12%。

於二零二零年三月三十一日,本集團之資產淨值 (「資 產 淨 值」)約 為488,300,000港 元( 二 零 一 九 年 九 月 三 十 日:547,100,000港 元),於 本 期 間 減 少 約 10.7%。本公司之每股資產淨值為0.1772港元(二零 一九年九月三十日:0.1986港元),於本期間減少約 10.8%。資產淨值減少主要由於本公司股權持有人應 佔本期間全面虧損約60,900,000港元。

業務回顧與展望

於 二 零 二 零 年,由 於 COVID-19的 爆 發,全 球 投 資市場經歷二零零八年雷曼兄弟破產以來最大的危 機。於兩個月內,恆生指數由二零二零年一月的峰值 29,056點急劇下跌至二零二零年三月最低值21,696 點。包括中國和美國在內的許多國家均已採取封鎖 及隔離政策,業務活動受到重大影響。由於市場氣氛 低靡,本集團之上市證券表現並不理想。本集團的上 市投資繼續出現虧損,並於本期間錄得相應虧損約 60,000,000港元。與去年同期約57,300,000港元相比 虧損有所增加。

In connection with unlisted investments, the Group acquired three bonds in the Period, the terms of these three bonds have been stated under the headline of "Financial Highlights" on page 19 of this interim report. Bond coupons of approximately HK\$8.7 million were recorded in the Period.

Looking forward, along with the uncertainties brought from COVID-19 and the potential restart of trade war between China and the US, the global investment will be challenging in the rest of this year. However, the "QE Infinity" launched by the Federal Reserve in March 2020 may give investors good chances to make their investments. As such, the Directors will continue to adopt cautious measures to manage the Group's investment portfolio.

LIQUIDITY, FINANCIAL RESOURCES, CHARGE ON ASSETS, GEARING, CAPITAL COMMITMENT AND CONTINGENT LIABILITIES

The Group's liquidity position has regressed slightly over the Period. The Group's bank balances as at 31 March 2020 decreased to approximately HK\$12.3 million (30 September 2019: approximately HK\$26.0 million) and its current ratio (as defined by current assets/current liabilities) maintained a healthy level of 14.1 as at 31 March 2020 (30 September 2019: 16.5). Even so, the Board believes that the Group has sufficient resources to satisfy its working capital requirements.

During the Period, the Group maintained low level of gearing ratio (as defined by total liabilities/total assets) (31 March 2020: 5.4%; 30 September 2019: 5.0%), and the Group had no material commitment and contingent liabilities as at 31 March 2020.

Included in the Group's listed securities of HK\$177.9 million as at 31 March 2020 were amounts of approximately HK\$161.6 million secured for the margin payables of approximately HK\$23.2 million.

就非上市投資而言,於本期間,本集團已收購三隻 債券。有關三隻債券之條款已載列於本中期報告第19 頁標題「財務摘要」項下。於本期間錄得債券票息約 8,700,000港元。

展望將來,隨著COVID-19帶來的不确定性及中美 貿易戰重啟的可能性,於本年度餘下時間,全球投資 將面臨挑戰。然而,美聯儲於二零二零年三月推出的 「無限量化寬鬆措施」將為投資者提供投資的良機。因 此,董事將繼續採取審慎措施以管理本集團之投資組 合。

流動資金、財務資源、資產押記、資產負債 比率、資本承擔及或然負債

於本期間,本集團之流動資金狀況已輕微減弱。 本集團於二零二零年三月三十一日之銀行結餘減少 至 約12,300,000港 元( 二 零 一 九 年 九 月 三 十 日:約 26,000,000港元)。於二零二零年三月三十一日其流 動比率(定義為流動資產╱流動負債)維持於14.1之穩 健水平(二零一九年九月三十日:16.5)。儘管如此, 董事會相信,本集團擁有足夠資源應付其營運資金需 求。

於本期間,本集團之資產負債比率(定義為負債總 額╱資產總值)維持低水平(二零二零年三月三十一 日:5.4%;二零一九年九月三十日:5.0%),於二零二 零年三月三十一日,本集團並無重大承擔及或然負債。

於二零二零年三月三十一日,本集團上市證券為 177,900,000港元,其中約161,600,000港元作為應付 孖展款項約23,200,000港元之抵押品。

SIGNIFICANT INVESTMENTS

The Group's investments with fair value over 5% of value of its total assets are considered as significant investments. Significant investments of the Group as at 31 March 2020 are certain bonds investment, as detailed in note 13 to the consolidated financial statements. Set out below are further details on these investments:

Hao Wen Holdings Limited ("Hao Wen")

Hao Wen is a company incorporated in Cayman Islands with limited liability. Hao Wen and its subsidiaries are principally engaged in money lending, and processing and trading of electronic parts. It is listed on GEM of the Stock Exchange (stock code: 8019). Based on Hao Wen's annual report for the year ended 31 December 2019, its net asset value was approximately RMB348.7 million, its current assets were approximately RMB289.2 million and total liabilities were approximately RMB57.8 million. In view of Hao Wen's strong liquid assets and limited liabilities, the Company considers that Hao Wen has sufficient financial resources to meet its ongoing operation, there is no signal of default of bonds issued by Hao Wen to the Group.

Gold Medal Hong Kong Limited ("Gold Medal")

Gold Medal is a company incorporated in Hong Kong with limited liability and principally engaged in money lending business. It is a wholly owned subsidiary of WLS Holdings Limited, the guarantor of the bond, which is listed on GEM of the Stock Exchange (stock code: 8021). Based on WLS' interim report for the Year 2019/20, its net asset value was approximately HK\$621.8 million, and its total liabilities were only approximately HK\$181.2 million as at 31 October 2019. Accordingly, the Company considers that there is no signal of default of bonds issued by Gold Medal.

重大投資

本集團投資的公允值超過其資產總值5% 之投資被 認為重大投資。如綜合財務報表附註13所詳述,本集 團於二零二零年三月三十一日的重大投資為若干債券 投資,下文載列有關該等投資的進一步詳情:

皓文控股有限公司(「皓文」)

皓文為一間於開曼群島註冊成立之有限公司。皓 文及其附屬公司主要從事放債以及電子零部件生產 貿易。其於聯交所GEM 上市(股份代號:8019)。根據 皓文截至二零一九年十二月三十一日止年度之年度 報告,其資產淨值約為人民幣348,700,000元、流動資 產約為人民幣289,200,000元及負債總額約為人民幣 57,800,000元。鑒於皓文穩健的流動資產及負債有限, 本公司認為皓文有充足財務資源滿足其持續經營,皓 文向本集團發行之債券概無違約趨勢。

金徽香港有限公司(「金徽」)

金徽為一間於香港註冊成立之有限公司,主要從事 放貸業務。其為債券擔保人滙隆控股有限公司(於聯 交所GEM 上市(股份代號:8021))之全資附屬公司。 根據滙隆二零一九╱二零年年度之中期報告,於二零 一九年十月三十一日,其資產淨值約為621,800,000 港元,及其負債總額僅約為181,200,000港元。因此, 本公司認為金徽發行之債券概無違約趨勢。

AMCO United Holding Limited ("AMCO")

AMCO is a company incorporated in Bermuda with limited liability and principally engaged in (i) manufacture and sale of medical devices products; (ii) manufacture and sale of plastic moulding products; (iii) provision of construction services in building construction, building maintenance and improvement works, project management, renovation and decoration works; (iv) provision of money lending; and (v) investment in securities. It is listed on main board of the Stock Exchange (stock code: 630). Based on AMCO's annual report for the year ended 31 December 2019, its net asset value was approximately HK\$106.3 million, its current assets were approximately HK\$187.2 million and total liabilities were approximately HK\$86.5 million. Included in current assets of approximately HK\$187.2 million were substantially assets liquid in nature, which were cash and cash equivalents of approximately HK\$12.3 million, listed stocks investments of approximately HK\$14.3 million, trade receivables of approximately HK\$7.5 million and loan receivables of approximately HK\$132.7 million, totalling HK\$166.8 million. These liquid assets can fully cover AMCO's total liabilities of approximately HK\$86.5 million. Accordingly, the Company considers that AMCO has sufficient working capital to meet the ongoing business, there is no signal of default of bonds issued by AMCO.

雋泰控股有限公司(「雋泰」)

雋泰為一間於百慕達註冊成立之有限公司,主要 從事 (i) 製造及銷售醫療設備產品;(ii) 製造及銷售塑 膠模具產品;(iii)提供樓宇建造、樓宇維修及改善工程、 項目管理、裝修及裝飾工程方面之建造服務;(iv) 提供 放貸;及 (v) 證券投資。其於聯交所主板上市(股份代 號:630)。根據雋泰截至二零一九年十二月三十一日 止年度之年度報告,其資產淨值約為106,300,000港 元,其流動資產及負債總額分別為約187,200,000港元 及約86,500,000港元。計入流動資產之約187,200,000 港元大部分為流動性質之資產,乃現金及現金等價 物 約12,300,000港 元、上 市 股 票 投 資 約14,300,000 港元、貿易應收款項約7,500,000港元及應收貸款約 132,700,000港元,共計166,800,000港元。該等流動 資產可完全抵銷雋泰之負債總額約86,500,000港元。 因此,本公司認為雋泰有充足營運資金滿足其持續經 營,概無跡象表明雋泰發行之債券將出現違約。

SEGMENTAL INFORMATION

There is no material change in the Group's investment segment, principally investment in financial asset at fair value through profit or loss, during the Period.

FOREIGN CURRENCY FLUCTUATION

The Group's exposures to foreign currencies mainly arises from its investments in companies located in the PRC, which are financed internally. In order to mitigate the potential impact of currency fluctuations, the Group closely monitors its foreign currency exposures and will use suitable hedging instruments against significant foreign currency exposures, where necessary. No foreign currency hedge contract was entered into by the Group during the Period. As at 31 March 2020, the Group had no outstanding foreign currency hedge contracts (30 September 2019: Nil).

SIGNIFICANT ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATES

During the Period the Company does not have any significant acquisition and disposal of subsidiaries and associates.

HUMAN RESOURCES

As at 31 March 2020, the Group had 13 employees, excluding the directors of the Company. Total staff costs excluding Directors' remuneration amounted to approximately HK\$3.2 million. They perform clerical, research, business development and administrative functions for the Group. The Group's remuneration policies are in line with the prevailing market practice and the staff remuneration is determined on the basis of the performance and experience of individual employees.

分部資料

於本期間,本集團之投資分部(主要為按公允值計 入損益處理之財務資產投資)概無重大變動。

外匯變動

本集團主要因其於位於中國公司之投資而承受外 幣風險,該等投資均以內部資源撥付。為減輕幣值波 動可能產生之影響,本集團密切監察其外幣風險,在 有需要時將使用合適對沖工具對沖重大外幣風險。本 集團於本期間並無訂立任何外幣對沖合約。於二零二 零年三月三十一日,本集團並無任何未平倉外幣對沖 合約(二零一九年九月三十日:無)。

涉及附屬公司及聯營公司的重大收購及出售

於本期間,本公司並無任何涉及附屬公司及聯營 公司的重大收購及出售。

人力資源

於二零二零年三月三十一日,本集團有13名僱員 (不包括本公司董事)。員工總成本(不包括董事酬金) 約為3,200,000港元。彼等在本集團擔任文職、研究、 業務發展及行政等職務。本集團薪酬政策符合現行市 場慣例,員工之薪酬按個別僱員之表現及經驗而釐定。

CAPITAL STRUCTURE

The Company did not run any capital exercise during the Period. During the six months ended 31 March 2020, the share capital of the Company remained unchanged and comprised of 2,754,882,496 issued share capital with par value of HK\$0.025 each. Included in other payables as at 31 March 2020 were margin payables of approximately HK\$23.2 million bearing interest rates ranged from 8% to 15.25% (2019: 8% to 11%) per annum. The margin payables are in Hong Kong Dollars, and secured by listed investments of the Group, repayable on demand and are guaranteed by the Company on behalf of a subsidiary. In view of such immaterial amount of the margin payables in Hong Kong Dollars as compared to the Group's listed stocks of approximately HK\$177.9 million, the Company considers the currency and interest rate risks exposure of its debt and obligation are manageable.

FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS AND THEIR EXPECTED OF FUNDING IN COMING YEAR

As at 31 March 2020 and up to the date of this interim report approved, the Company does not have any concrete plan for material investments or capital assets.

DIRECTORS AND CHIEF EXECUTIVES' INTERESTS IN SECURITIES

As at 31 March 2020, save as the share options granted to Mr. Chan Cheong Yee and Mr. Kong Fanpeng as detailed in the section "SHARE OPTIONS SCHEME" below, none of the Directors or the chief executive of the Company had or were deemed to have any Discloseable Interests or Short Position in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the Securities and Futures Ordinance ("SFO") (including interests or short positions which they are taken or deemed to have under such provisions of the SFO), or which were required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein, or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies contained in the Listing Rules.

資本結構

於本期間內,本公司並無進行任何資本活動。於截 至二零二零年三月三十一日止六個月,本公司的股本 維持不變,包括2,754,882,496股每股面值0.025港元 之已發行股本。於二零二零年三月三十一日,應付孖 展款項約23,200,000港元按年利率介乎8厘至15.25厘 (二零一九年:8厘至11厘)計息,計入其他應付款項。 應付孖展款項乃以港元計值,由本集團之上市投資作 抵押及須於要求時償還並由本公司代表附屬公司作出 擔保。鑒於與本集團上市證券約177,900,000港元相 比,該等以港元計值之應付孖展款項屬微不足道,本 公司認為其債項及債務的貨幣及利率風險為可控制。

重大投資或資本資產之未來計劃及其預期 未來年度之資金來源

於二零二零年三月三十一日及直至本中期報告獲 批准日期,本公司並無任何有關重大投資或資本資產 之具體計劃。

董事及主要行政人員於證券之權益

於二零二零年三月三十一日,除向陳昌義先生及 孔凡鵬先生授出之購股權外(如下文「購股權計劃」一 節所詳述),概無本公司董事或主要行政人員在本公 司或其任何相聯法團(定義見證券及期貨條例(「證券 及期貨條例」)第XV 部)的股份、相關股份及債券中擁 有或被視為擁有根據證券及期貨條例第XV 部第7及第 8分部須知會本公司及聯交所的任何須予披露權益或 淡倉(包括根據證券及期貨條例有關條文彼等被當作 或視為擁有的權益或淡倉),或根據證券及期貨條例 第352條須登記在該條所述的登記冊內的須予披露權 益或淡倉,或根據上市規則所載上市公司董事進行證 券交易的標準守則須知會本公司及聯交所的須予披露 權益或淡倉。

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2020, there was no person who had any interest or short position in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO, or as otherwise notified to the Company and the Stock Exchange.

SHARE OPTION SCHEME

Pursuant to an ordinary resolution passed by shareholders of the Company at the annual general meeting on 10 December 2013, the Company adopted a new share option scheme (the "Scheme"). Under the Scheme, the directors of the Company may, at their absolute discretion, invite any employee (full-time or parttime), director, consultant or advisor of any member of the Group, or any substantial shareholder of any member of the Group, or any distributor, contractor, supplier, agent, customer, business partner or service provider of any member of the Group, or any company wholly owned by one or more persons belonging to any of the above classes to subscribe for shares in the Company representing up to a maximum of 10% of the shares in issue on date of the aforesaid annual general meeting.

On 13 February 2020 (after trading hours), the Company offered to grant an aggregate of 220,000,000 share options (the "Share Options") to certain directors and employees of the Company (the "Grantees"), subject to acceptance of the Grantees, under the Scheme. The Share Options will enable the Grantees to subscribe for an aggregate of 220,000,000 new shares, representing approximately 8.0% of the issued share capital of the Company as at the date of grant. The validity period of the Share Options was two years from the date of grant and the exercise price of the Share Options is HK\$0.025 per share. The fair value of the Share Options granted was HK\$2,106,500. Since then, the Group has not granted any new options under the Share Option Scheme up to the date of this report. Therefore, 55,488,249 share options remained ungranted which represent approximately 2.0% of the issued share capital of the Company up to the date of this report. None of the share options of the Company was exercised during the six months ended 31 March 2020.

主要股東

於二零二零年三月三十一日,概無人士於本公司 股份或相關股份中擁有根據證券及期貨條例第XV 部 第2及第3分部的條文須向本公司披露的任何權益或淡 倉,或已載入本公司根據證券及期貨條例第336條須 存置之登記冊內之任何權益或淡倉,或須另行通知本 公司及聯交所之任何權益或淡倉。

購股權計劃

根據本公司股東於二零一三年十二月十日舉行之 股東週年大會上通過之普通決議案,本公司已採納新 購股權計劃(「該計劃」)。根據該計劃,本公司董事可 全權酌情邀請本集團任何成員公司之任何僱員(全職 或兼職)、董事、諮詢人或顧問、或本集團任何成員公 司的任何主要股東、或本集團任何成員公司的任何分 銷商、承包商、供應商、代理、客戶、商業夥伴或服務 供應商,或由屬於上述任何類別人士或多名人士全資 擁有的任何公司認購本公司股份,最高數目為上述股 東週年大會日期之已發行股份之10%。

於二零二零年二月十三日(交易時段後),本公司 根據該計劃向本公司若干董事及僱員(「承授人」)授 出合共220,000,000份購股權(「購股權」),惟須待承 授人接納後方可作實。購股權將令承授人可認購合共 220,000,000股新股份,佔本公司於授出日期之已發 行股本約8.0%。購股權之有效期為於授出日期起計兩 年及購股權之行使價為每股股份0.025港元。已授出購 股權之公允值為2,106,500港元。自此,本集團直至本 報告日期概無根據購股權計劃授出任何新購股權。因 此,55,488,249份購股權仍未授出,相當於截至本報 告日期本公司之已發行股本約2.0%。於截至二零二零 年三月三十一日止六個月,本公司之購股權概無獲行 使。

Details of the options granted to the Grantees under the Scheme and movements in such holdings during the Period were as follows:

根據該計劃授予承授人之購股權詳情及於本期間 內有關持有變動如下:

Category	Date of Grant	Exercise Price	Option Period	Number of options held as at 1 October 2019 於二零一九年	Number of options granted during the Period	Number of options exercised during the Period	Number of options cancelled/ lapsed during the Period	Number of options held as at 31 March 2020 於二零二零年
類別	授出日期	行使價	購股權期限	十月一日 所持購股權數目	本期間內授出 之購股權數目	本期間內行使 之購股權數目	本期間內註銷╱ 失效之購股權數目	三月三十一日所持 購股權數目
Director 董事
Mr. Kong Fanpeng	13 February 2019	HK\$0.037	One year from date of grant	27,500,000	–	–	(27,500,000)	–
孔凡鵬先生	二零一九年 二月十三日	0.037港元	自授出日期起一年
	13 February 2020	HK\$0.025	Two years from date of grant	–	27,500,000	–	–	27,500,000
	二零二零年 二月十三日	0.025港元	自授出日期起两年
Mr. Chan Cheong Yee	13 February 2019	HK\$0.037	One year from date of grant	27,500,000	–	–	(27,500,000)	–
陳昌義先生	二零一九年 二月十三日	0.037港元	自授出日期起一年
	13 February 2020	HK\$0.025	Two years from date of grant	–	27,500,000	–	–	27,500,000
	二零二零年 二月十三日	0.025港元	自授出日期起两年
Employee	13 February 2019	HK\$0.037	One year from date of grant	110,000,000	–	–	(110,000,000)	–
僱員	二零一九年 二月十三日	0.037港元	自授出日期起一年
	13 February 2020	HK\$0.025	Two years from date of grant	–	165,000,000	–	–	165,000,000
	二零二零年 二月十三日	0.025港元	自授出日期起两年
Total 總計				165,000,000	220,000,000	–	(165,000,000)	220,000,000

The fair value of the Share Options granted of HK\$2,106,500, which was calculated by Binomial Option Pricing Model with the following assumptions:

Share price at the grant date:	HK\$0.025
Nature of the Share Options:	Call
Risk-free rate:	1.457%
Expected life of the options:	2 years
Expected dividend yield:	0%
Expected volatility:	77.125%

The expected volatility was based on the historical volatility of the Company's share prices. Expected dividends were based on historical dividends. Change in subjective input assumptions could materially affect the fair value estimate.

Save as mentioned above, no share option was granted by the Company during the Period, and there was no share option outstanding as at 1 October 2019 and 31 March 2020.

PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries repurchased, redeemed or sold any of the Company's listed securities during the six months ended 31 March 2020.

AUDIT COMMITTEE

As at 31 March 2020, the Audit Committee comprises three independent non-executive directors, namely, Mr. Cheung Wai Kin, Mr. Lee Ming Gin and Ms. Lai Fun Yin with written terms of reference in compliance. The Audit Committee has reviewed with management the accounting principles and practices adopted by the Company, and discussed risk management, internal control and financial reporting matters including the review of the unaudited interim results for the six months ended 31 March 2020.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Companies ("Model Code") as set out in Appendix 10 to the Listing Rules. The Company has made specific enquiry to all directors regarding any non compliance with the Model Code during the Period and they all confirmed that they have fully complied with the required standard set out in the Model Code.

已授出購股權之公允值為2,106,500港元,乃使用 二項式購股權定價模式根據以下假設計算:

於授出日期之股價:	0.025港元
購股權之性質:	認購
無風險利率:	1.457%
購股權之預期年期:	2年
預期股息收益率:	0%
預期波幅:	77.125%

預期波幅乃以本公司股價之過往波動為基準。預 期股息以過往股息為基準。主觀輸入數據假設如有變 動,可能對估計公允值構成重大影響。

除上文所述者外,於本期間內本公司概無授出購 股權,且於二零一九年十月一日及二零二零年三月 三十一日概無尚未行使購股權。

購買、贖回或出售本公司上市證券

於截至二零二零年三月三十一日止六個月,本公司 或其任何附屬公司概無購回、贖回或出售本公司任何 上市證券。

審核委員會

於二零二零年三月三十一日,審核委員會由三名 獨立非執行董事(即張偉健先生、李明正先生及黎歡 彥女士)組成,並已制訂符合規定之書面職權範圍。審 核委員會已聯同管理層審閱本公司採納之會計原則及 慣例,並討論風險管理、內部監控及財務報告事宜,包 括審閱截至二零二零年三月三十一日止六個月之未經 審核中期業績。

董事進行證券交易的標準守則

本公司已採納上市規則附錄10所載之上市公司董 事進行證券交易的標準守則(「標準守則」)。本公司 向全體董事作出具體查詢有關於本期間內是否有任何 不遵守標準守則之情況,彼等均確認已完全遵守標準 守則所載之規定準則。

CORPORATE GOVERNANCE PRACTICE

During the Period, the Company has complied with the code provisions in the Corporate Governance Code (the "CG Code") contained in Appendix 14 to the Listing Rules, except the deviations from the CG Code as described below:

CG 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 person. Decisions of the Company are made collectively by the executive directors. The Board believes that this arrangement enables the Company to make and implement decisions promptly, and thus achieve the Company's objectives efficiently and effectively in response to the changing environment. The Board also believes that the Company already has a strong corporate governance structure in place to ensure effective oversight of management.

CG Code provision A.4.1 requires that non-executive directors should be appointed for a specific term and subject to reelection. Currently all non-executive directors, including independent nonexecutive directors, have no specific term of appointment but they are subject to retirement by rotation in accordance with the articles of association of the Company. As such, the Company considers that sufficient measures have been taken to serve the purpose of this code provision.

On behalf of the Board Chan Cheong Yee Executive Director

Hong Kong, 20 May 2020

企業管治常則

本期間內,本公司已遵守上市規則附錄14所載之 企業管治守則(「企管守則」)之守則條文,惟下文所述 之偏離企管守則者除外:

企管守則條文第 A.2.1條訂明,主席及行政總裁之 角色必須分開及不能由同一人出任。本公司之決策乃 由執行董事共同作出。董事會認為此安排能讓本公司 迅速作出決定並付諸實行,並可有效率和有效地達到 本公司之目標,以適應不斷改變之環境。董事會同時 相信本公司已擁有堅實企業管治架構以確保能有效地 監管管理層。

企管守則條文第 A.4.1條要求,非執行董事應以指 定任期委任並須重選連任。現時所有非執行董事,包 括獨立非執行董事之委任並無特定任期,但彼等須根 據本公司章程細則輪席告退。因此,本公司認為已採 取足夠措施以符合本守則條文之目的。

代表董事會 執行董事 陳昌義

香港,二零二零年五月二十日