CMON Limited — Annual Report 2017

Mar 29, 2018

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

香港交易及結算所有限公司及香港聯合交易 所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確 表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。

==> picture [38 x 35] intentionally omitted <==

瀋陽公用發展股份有限公司 Shenyang Public Utility Holdings Company Limited

(a joint stock limited company incorporated in the People’s Republic of China)

（在中華人民共和國註冊成立之股份有限公司）

(Stock code: 747) （股份代碼：747）

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017 截至 2017 年 12 月 31 日止年度 全年業績公佈

FINANCIAL HIGHLIGHTS

財務業績摘要

The revenue for the 2017 Financial Year was approximately RMB15,499,000, a decrease of 85.7% as compared with 2016 Corresponding Period of RMB108,370,000.

2017 年財政年度的收益約為人民幣 15,499,000 元，較 2016 年同期人民幣 108,370,000元減少85.7%。

Loss after tax for the 2017 Financial Year amounted to approximately RMB29,591,000 as compared with the profit after tax of approximately RMB6,151,000 for the 2016 Corresponding Period.

2017年財政年度除稅後虧損約為人民幣 29,591,000元，而2016年同期為除稅後 溢利約為人民幣6,151,000元。

Basic loss per share for the 2017 Financial Year was RMB2.23 cents (2016 Corresponding Period: basic earnings per share RMB0.16 cents.)

2017年財政年度每股基本虧損為人民幣 2.23分（2016年同期：每股基本盈利人民 幣0.16分）。

The Board does not recommended the payment of a final dividend for the 2017 Financial Year (2016 Corresponding Period: Nil).

董事會建議不派付2017年財政年度之末 期股息（2016年同期：無）。

– 1 –

The board of directors of Shenyang Public Utility Holdings Company Limited is pleased to announce the audited consolidated results of the Group for the 2017 Financial Year together with the comparative figures for the 2016 Corresponding Period.

瀋陽公用發展股份有限公司董事會欣然提呈 本集團2017年財政年度的經審計綜合業績， 連同2016年同期的比較數字。

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2017

綜合損益表

截至2017年12月31日止年度

Notes 附註 Revenue 收益 3 Sales taxes on revenue 收益銷售稅 Cost of sales 營業成本 Gross profit 毛利 Other income 其他收入 5 Impairment loss recognised in respect of goodwill 就商譽確認 減值虧損 Impairment loss recognised in respect of interest in an associate 就於一間聯營公司的 權益確認減值虧損 Fair value change on held-for-trading investments 持作買賣投資公允價值 變動 Loss on disposal of held-for-trading investments 出售持作買賣投資 虧損 Loss on disposal of convertible instruments designated as financial asset at fair value through profit or loss 出售指定為按公允價值 計入損益的財務資產的 可換股工具的虧損 Loss on disposal of subsidiaries 出售附屬公司虧損 Exchange (loss) gain, net 匯兌（虧損）收益淨額 Depreciation 折舊 Staff costs 員工成本 Other operating expenses 其他經營開支 Share of profit of an associate 分佔一間聯營公司溢利 Finance cost 財務成本 6 (Loss) profit before tax 除稅前（虧損）溢利 Income tax expense 所得稅開支 7 (Loss) profit for the year 年內（虧損）溢利 8 (Loss) profit attributable to: （虧損）溢利歸屬於： – owners of the Company －本公司擁有人 – non-controlling interests －非控股權益 (Loss) earnings per share 每股（虧損）盈利 – Basic (RMB cents) －基本（人民幣分） 9 – Diluted (RMB cents) －攤薄（人民幣分） Dividends 股息 16	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 15,499 108,370 – (468) (2,066) (78,707)
	13,433 29,195 3,013 538 (24,459) (20,000) – (3,561) (42) (30) – (993) – (1,141) (2,003) – (9,861) 16,898 (147) (145) (3,491) (3,627) (4,895) (5,092) 738 41 – (51)
	(27,714) 12,032 (1,877) (5,881)
	(29,591) 6,151
	(32,832) 2,349 3,241 3,802
	(29,591) 6,151
	(2.23) 0.16
	N/A不適用 N/A不適用
	– –

– 2 –

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2017

綜合損益及其他全面收益表

截至2017年12月31日止年度

(Loss) profit for the year 年內（虧損）溢利 Other comprehensive (expense) income, net of income tax 其他全面（開支）收入， 扣除所得稅 Items that may be reclassified subsequently to profit or loss: 其後可能重新分類至 損益之項目： Exchange differences arising on translation of foreign operations 換算海外業務產生之 匯兌差額 Total comprehensive (expense) income for the year 年內全面（開支）收入 總額 Total comprehensive (expense) income attributable to: 年內全面（開支）收入總額 歸屬於： – owners of the Company －本公司擁有人 – non-controlling interests －非控股權益	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 (29,591) 6,151 (4,748) 1,859
	(34,339) 8,010
	(34,285) 3,733 (54) 4,277
	(34,339) 8,010

– 3 –

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2017

綜合財務狀況表

於2017年12月31日

Notes 附註 NON-CURRENT ASSETS 非流動資產 Plant and equipment 廠房及設備 Goodwill 商譽 Interest in an associate 於一間聯營公司的權益 Available-for-sale investments 可供出售投資 Deposit paid for capital contribution 資本注資所支付的訂金 10 Deposit paid for acquisition of properties 收購物業所支付的訂金 Deposit paid for acquisition of an investment 收購一筆投資所支付的 訂金 CURRENT ASSETS 流動資產 Properties under development 發展中物業 11 Held-for-trading investments 持作買賣投資 Loan and interest receivables 應收貸款及利息 12 Trade receivables 應收賬款 13 Deposits and other receivables 按金及其他應收款 Amount due from an associate 應收一間聯營公司款項 Amount due from a non-controlling interest 應收一名非控股 股東款項 Bank balances and cash 銀行結餘及現金 Assets classified as held for sale 分類為持作銷售的資產 CURRENT LIABILITIES 流動負債 Trade payables 應付賬款 14 Other payables and accruals 其他應付款及應計費用 Amount due to a non-controlling interest 應付一名非控股股東款項 Deposit received 已收訂金 Tax liabilities 稅項負債 Liabilities associated with assets classified as held for sale 與分類為持作銷售的 資產相關的負債 NET CURRENT ASSETS 流動資產淨值 TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動 負債 CAPITAL AND RESERVES 資本及儲備 Share capital 股本 Reserves 儲備 Equity attributable to owners of the Company 本公司擁有人 應佔權益 Non-controlling interests 非控股權益 TOTAL EQUITY 總權益	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 943 1,085 1,320 25,779 147,218 146,480 178,390 48,390 150,000 – 140,000 110,000 – 185,000
	617,871 516,734
	198,796 174,150 115 85 179,357 304,636 128,701 145,701 2,436 241 4,365 375 – 49,295 11,198 30,307
	524,968 704,790 – 50,878
	524,968 755,668
	110,825 107,118 1,989 9,627 1,952 – – 24,000 1,462 4,119
	116,228 144,864 – 6,870
	116,228 151,734
	408,740 603,934
	1,026,611 1,120,668
	1,469,376 1,469,376 (468,260) (433,975)
	1,001,116 1,035,401 25,495 85,267
	1,026,611 1,120,668

– 4 –

N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L STATEMENTS

For the year ended 31 December 2017

1. GENERAL INFORMATION

Shenyang Public Utility Holdings Company Limited (the “Company”) is a joint stock limited company incorporated in the People’s Republic of China (the “PRC”). The Company’s ultimate holding company is Shenzhen Jinma Asset Management Company Limited (“Jinma Asset”), a private limited liability company incorporated in the PRC. It’s ultimate controlling party is Mr. Ma Zhong Hong.

The addresses of the principal place of business and registered office of the Company in PRC are 14/F., Jinmao International Apartment, No. 1 Xiao Dong Road, Da Dong District, Shenyang, the PRC and No. 1–4, 20A, Central Street, Shenyang Economic and Technological Development Zone, the PRC, respectively.

The address of the principal place of business in Hong Kong is Unit C, 21/F, Eton Building, 288 Des Voeux Road Central, Sheung Wan, Hong Kong.

The Company is an investment holding company and the principal activities of its subsidiaries are construction of infrastructure and developments of properties, credit business and securities investments.

The consolidated financial statements are presented in Renminbi (“RMB”). Other than those subsidiaries established in Hong Kong whose functional currencies are Hong Kong Dollars (“HK$”), the functional currency of the Company and its subsidiaries (collectively known as the “Group”) are RMB.

The Company’s H-shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

綜合財務報表附註

截至2017年12月31日止年度

1. 一般資料

瀋陽公用發展股份有限公司（「本公 司」）是一家在中華人民共和國（「中 國」）註冊成立的股份有限公司。本公 司的最終控股公司為深圳市金馬資產 管理有限公司（「金馬資產」），該公司 為於中國註冊成立的私人有限責任公 司。其最終控制方為馬鐘鴻先生。

本公司於中國的主要營業地點及註冊 辦事處之地址分別為中國瀋陽市大東 區小東路1號金茂國際公寓14樓及中 國瀋陽經濟技術開發區中央大街20甲 1–4號。

本公司於香港主要營業地點位於香港 上環德輔道中288易通商業大廈21樓C 室。

本公司為投資控股公司，其附屬公司 主要業務為基礎設施建設及物業發 展、信貸業務及證券投資。

綜合財務報表以人民幣（「人民幣」）列 示。除於香港成立的該等附屬公司以 港元（「港元」）為功能貨幣外，人民幣 是本公司及其附屬公司（統稱「本集 團」）的功能貨幣。

本公司的H股在香港聯合交易所有限公 司（「聯交所」）上市。

– 5 –

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

2.1 Amendments to HKFRSs that are mandatorily effective for the current year

The Group has applied the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time in the current year:

Amendments to Hong Kong Disclosure Initiative Accounting Standard (“HKAS” 7)

Amendments to HKAS 12 Recognition of Deferred Tax Assets for Unrealised Losses Amendments to HKFRS 12 As part of the Annual Improvements to HKFRSs 2014–2016 Cycle

The application of the amendments to HKFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

2. 採用新頒佈及經修訂的香港財務報 告準則（「香港財報告準則」）

2.1 於本年度強制生效的香港財務 報告準則修訂

本集團已於本年度首次應用下 列由香港會計師公會（「香港會 計師公會」）頒佈的香港財務報 告準則：

香港會計準則 披露計劃 （「香港會計準 則」）第7號（修訂 本） 香港會計準則 就未變現虧損確認 第12號（修訂本） 遞延稅項資產 香港財務報告準則 作為香港財務報告 第12號（修訂本） 準則2014年至 2016年週期的 年度改進一部分

於本年度應用香港財務報告準 則（修訂本）對本集團於本年度 及過往年度的財務表現及狀況 及╱或該等綜合財務報表的披 露並無任何重大影響。

– 6 –

2.2 New and revised HKFRSs in issue but not yet effective

The Group has not early applied the following new and revised HKFRSs that have been issued but are not yet effective:

HKFRS 9	Financial Instruments1
HKFRS 15	Revenue from Contracts with
	Customers and the related
	Amendments1
HKFRS 16	Leases2
HKFRS 17	Insurance Contract4
HK (IFRIC) – Interpretation	Foreign Currency Transactions and
(“Int”) 22	Advance Consideration1
HK (IFRIC) – Int 23	Uncertainty over Income Tax
	Treatment2
Amendments to HKFRS 2	Classification and Measurement
	of Share-based Payment
	Transactions1
Amendments to HKFRS 4	Applying HKFRS 9 Financial
	Instruments with HKFRS 4
	Insurance Contracts1
Amendments to HKFRS 9	Prepayment Features with Negative
	Compensation2
Amendments to HKFRS 10	Sale or Contribution of Assets
and HKAS 28	between an Investor and its
	Associate or Joint Venture3
Amendments to HKAS 40	Transfers of Investment Property1
Amendments to HKAS 28	As part of the Annual
	Improvements to HKFRSs
	2014–2016 Cycle1
Amendments to HKAS 28	Long-term Interest In Associates
	and Joint Ventures2
Amendments to HKFRSs	Annual Improvements to HKFRSs
	2015–2017 Cycle2

• 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 Effective for annual periods beginning on or after a date to be determined.

• 4 Effective for annual periods beginning on or after 1 January 2021.

Except for the new and amendments to HKFRSs and interpretations mentioned in the consolidated financial statements, the directors of the Company (the “Directors”) anticipate that the application of all other new and amendments to HKFRSs and interpretations will have no material impact on the consolidated financial statements in the foreseeable future.

2.2 已頒佈但尚未生效的新頒佈及 經修訂的香港財務報告準則

本集團並無提早應用下列已頒 佈但尚未生效的新頒佈及經修 訂的香港財務報告準則：

香港財務報告準則	金融工具1
第9號
香港財務報告準則	客戶合約收益及
第15號	相關修訂1
香港財務報告準則	租賃2
第16號
香港財務報告準則	保險合約4
第17號
香港（國際財務報告	外幣交易及
詮解委員會）	預付代價1
－詮釋第22號
香港（國際財務報告	所得稅處理的
詮解委員會）	不確定性2
－詮釋第23號
香港財務報告準則	以股份為基礎支付
第2號（修訂本）	的交易的分類及
	計量1
香港財務報告準則	應用香港財務報告
第4號（修訂本）	準則第9號金融
	工具與香港財務
	報告準則第4號
	保險合約1
香港財務報告準則	具有負補償的提前
第9號（修訂本）	付款特性2
香港財務報告準則	投資者與其聯營公
第10號及香港	司或合營企業之
會計準則第28號	間的資產出售或
（修訂本）	注資3
香港會計準則	投資物業之轉讓1
第40號（修訂本）
香港會計準則	作為香港財務報告
第28號（修訂本）	準則2014年至
	2016年週期的年
	度改進一部分1
香港會計準則	於聯營及合營企業
第28號（修訂本）	的長期權益2
香港財務報告準則	香港財務報告準
（修訂本）	則於2015年至
	2017年週期之年
	度改進2

• 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 於有待釐定日期或之後開始 的年度期間生效。

• 4 於2021年1月1日或之後開始 的年度期間生效。

除綜合財務報表所述之新訂及 經修訂香港財務報告準則及詮 釋外，本公司董事（「董事」）預 期應用所有其他新訂及經修訂 香港財務報告準則及詮釋將不 會對於可見將來的綜合財務報 表產生重大影響。

– 7 –

3. REVENUE

3. 收益

An analysis of the Group’s revenue for the year is as follows:

年內本集團之收益分析如下：

Construction of infrastructure and development of properties 基礎設施建設及 物業發展 Interest income from the provision of loan financing 提供貸款融資的 利息收入	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 – 69,903 15,499 38,467
	15,499 108,370

4. SEGMENT INFORMATION

4. 分部資料

Information reported to the Board, being the chief operating decision maker (“CODM”), for the purposes of resource allocation and assessment of segment performance focuses on types of goods or services delivered or provided. No operating segments identified by the CODM have been aggregated in arriving at the reportable segments of the Group.

就資源分配及分部表現評估而向董事 會（即「主要經營決策者」）匯報之資料 專注於所交付或提供之商品或服務類 別。概無經營分部獲主要經營決策者 識別，以達致本集團之可報告分部。

Specifically, the Group’s reportable segments under HKFRS 8 are as follows:

特別是，本集團根據香港財務報告準 則第8號的可報告分部如下：

• Construction of infrastructure and development of properties

• 基礎設施建設及物業發展

• Credit business

• 信貸業務

• Securities investments

• 證券投資

– 8 –

Segment revenues and results

分部收益及業績

The following is an analysis of the Group’s revenue and results by reportable and operating segment:

以下為本集團按可報告及經營分部劃 分的收益及業績分析：

For the year ended 31 December

截至 12 月 31 日止年度

Construction of infrastructure and development of properties 基礎設施建設及 物業發展 Credit business 信貸業務 Securities investments 證券投資 Total 總計 Share of profit of an associate 分佔一間聯營公司溢利 Impairment loss recognised in respect of interest in an associate 就於一間聯營公司的權益確認 減值虧損 Other income 其他收入 Unallocated exchange (loss) gain 未分配匯兌（虧損）收益 Central administration costs 中央行政成本 (Loss) profit before tax 除稅前（虧損）溢利	Segment revenue 分部收益 2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 – 69,903 15,499 38,467 – –	Segment results 分部業績 2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 (24,459) (14,344) 28,563 20,892 (42) (2,215)
	15,499 108,370	4,062 4,333 738 41 – (3,561) 3,013 538 (24,991) 19,562 (10,536) (8,881)
		(27,714) 12,032

Segment revenue reported above represents revenue generated from external customers. There were no intersegment sales in the current year (2016: Nil).

以上報告的分部收益指來自外部客 戶的收益。本年度並無分部間銷售 （2016年：無）。

The accounting policies of the operating segments are the same as the Group’s accounting policies. Segment results represents the (loss from) profit earned by each segment without allocation of share of profit of an associate, other income, certain depreciation, certain unallocated exchange (loss) gain and central administration costs including director’s emoluments, staff costs, finance cost and loss on disposal of subsidiaries. This is the measure reported to the CODM for the purposes of resource allocation and performance assessment.

經營分部的會計政策與本集團的會計 政策相同。分部業績指各分部賺取的 （虧損）溢利，並無計及分配分佔一間 聯營公司溢利、其他收入、若干折 舊、若干未分配匯兌（虧損）收益及中 央行政成本（包括董事酬金及員工成 本），財務成本以及出售附屬公司虧 損。此乃就資源分配及表現評估而向 主要經營決策者匯報的方法。

– 9 –

Segment assets and liabilities

分部資產及負債

The following is an analysis of the Group’s assets and liabilities by reportable and operating segment:

以下為本集團按可報告及經營分部劃 分的資產及負債分析：

Segment assets 分部資產 Construction of infrastructure and development of properties 基礎設施建設及 物業發展 Credit business 信貸業務 Securities investments 證券投資 Total segment assets 分部資產總額 Unallocated 未分配 Consolidated assets 綜合資產 Segment liabilities 分部負債 Construction of infrastructure and development of properties 基礎設施建設及 物業發展 Credit business 信貸業務 Securities investments 證券投資 Total segment liabilities 分部負債總額 Unallocated 未分配 Consolidated liabilities 綜合負債	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 327,497 344,310 180,677 305,956 115 85
	508,289 650,351 634,550 622,051
	1,142,839 1,272,402
	110,825 107,118 43 7,412 – –
	110,868 114,530 5,360 37,204
	116,228 151,734

For the purposes of monitoring segment performance and allocating resources between segments:

就分部間監察分部表現及分配資源而 言：

• all assets are allocated to operating segments other than plant and equipment, interest in an associate, available-for-sale investment, deposits paid for acquisition of properties/an investment, deposit paid for capital contribution, deposits and other receivables, bank balances and cash, amount due from an associate/a non-controlling interest and assets classified as held for sale.

• 分配予廠房及設備，於一間聯 營公司之權益、可供出售投 資、收購物業╱一筆投資所 支付的訂金、注資所支付的訂 金、按金及其他應收款、銀行 結餘及現金、應收一間聯營公 司╱一名非控股股東款項及分 類為持作銷售的資產以外經營 分部的所有資產。

• all liabilities are allocated to operating segments other than certain other payables and accruals, tax liabilities, amount due to a non-controlling interest, deposit received and liabilities associated with assets classified as held for sale.

• 分配予若干其他應付款及應計 費用、稅項負債、應付一名非 控股股東款項、已收訂金及與 分類為持作銷售的資產相關的 負債以外經營分部的所有負債。

– 10 –

Geographical information

地區資料

For the years ended 31 December 2017 and 2016, the Group operated in two principal geographical areas – the PRC (excluding Hong Kong) and Hong Kong.

截至2017年及2016年12月31日止年 度，本集團在兩個主要地區經營業務 － 中國（不包括香港）及香港。

Information about the Group’s revenue from external customers is presented based on the location of operations. Information about the Group’s non-current assets is presented based on the geographical location of the assets.

本集團來自外部客戶收益的資料按業 務所在地區呈列。本集團非流動資產 的資料按資產所在地區呈列。

PRC 中國 Hong Kong 香港	Revenue from external customers Non-current assets 外部客戶的收益 非流動資產* *2017 2016 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 – 69,903 288,140 281,990 15,499 38,467 1,341 1,354
	15,499 108,370 289,481 283,344

• Non-current assets excludes financial instruments, deposit paid for capital contribution and deposits paid for acquisition of an investment.

• 非流動資產不包括金融工具、注資所 支付的訂金及收購一筆投資所支付的 訂金。

Information about major customers

主要客戶資料

Revenue from customer of the corresponding years contributing over 10% of the total revenue of the Group is as follows:

相應年度來自客戶的收益佔本集團總 收益10%的詳情如下：

			2017	2016
			RMB’000	RMB’000
			人民幣千元	人民幣千元
Customer A – Construction of	客戶A－ 基礎
infrastructure and development	設施建設及
of properties	物業發展		–	69,903
OTHER INCOME		5.	其他收入
			2017	2016
			RMB’000	RMB’000
			人民幣千元	人民幣千元
Bank interest income	銀行利息收入		46	116
Dividend income	股息收入		1,528	393
Investment income	投資收入		1,419	–
Sundry income	雜項收入		20	29
			3,013	538

5. OTHER INCOME

– 11 –

6. FINANCE COST

6. 財務成本

An analysis of the Group’s finance cost is as follows:

本集團財務成本的分析如下：

		2017	2016
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Interest expense on margin securities	孖展證券賬戶利息
account	開支	–	51
INCOME TAX EXPENSE	7.	所得稅開支
		2017	2016
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Current tax	即期稅項
– PRC Enterprise Income Tax	－ 中國企業所得稅	152	1,997
– Hong Kong profits tax	－ 香港利得稅	1,725	2,530
Deferred tax	遞延稅項	–	1,354
		1,877	5,881

7. INCOME TAX EXPENSE

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both years.

香港利得稅按該兩年度估計應課稅溢 利的16.5%計算。

Under the Law of the People’s Republic of China on Enterprise Income Tax (the “EIT Law”) and Implementation Regulation of the EIT Law, the tax rate of the Company and the PRC subsidiaries are 25% for both years.

根據中華人民共和國企業所得稅法 （「企業所得稅法」）及企業所得稅法實 施條例，本公司及中國附屬公司於該 兩個年度之稅率為25%。

– 12 –

8. (LOSS) PROFIT FOR THE YEAR

8. 年內（虧損）溢利

(Loss) profit for the year has been arrived at after charging: 年內（虧損）溢利 已扣除： Directors’, supervisors’ and chief executives’ remuneration 董事、監事及主要行政人員 的酬金 Other staff cost 其他員工成本 – Salaries, wages and other benefits － 薪金、工資和其他福利 – Contributions to retirement benefits schemes － 退休福利計劃 供款 Total staff costs 員工成本總額 Depreciation of plant and equipment 廠房及設備折舊 Auditor’s remuneration (including the fee for PRC subsidiaries) 核數師酬金（包括中國附屬 公司的核數費用） – Audit service － 核數服務 – Non-audit service － 非核數服務 Minimum lease payments under operating leases 根據經營租賃的 最低租賃付款 Donation 捐款	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 1,583 1,536 1,690 1,847 218 244
	3,491 3,627
	147 145 942 870 7 103 177 207 200 –

9. (LOSS) EARNINGS PER SHARE

9. 每股（虧損）盈利

The calculation of the basic (loss) earnings per share attributable to the owners of the Company is based on the following data:

本公司擁有人應佔每股基本（虧損）盈 利乃按以下數據計算：

(Loss) profit for the year attributable to owners of the Company 本公司擁有人應佔年度（虧 損）溢利 Number of shares 股份數目 Weighted average number of ordinary shares for the purpose of basic earnings per share 就每股基本盈利 而言的普通股 加權平均數	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 (32,832) 2,349
	2017 2016 ’000 ’000 千份 千份 1,469,376 1,436,828

No diluted (loss) earnings per share for both 2017 and 2016 were presented as there was no potential ordinary shares in issue for both years.

由於2017年及2016年均無潛在已發行 普通股，故並無呈列該兩個年度之每 股攤薄（虧損）盈利。

– 13 –

10. DEPOSIT PAID FOR CAPITAL CONTRIBUTION

10. 注資所支付的訂金

		2017	2016
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Deposit paid for capital contribution to	向深圳市眾德物流有限公司
Shenzhen Zhong De Logistics Company	（「眾德物流」）注資所支付
Limited (“Zhong De Logisitics”)	的訂金	150,000	–

On 11 May 2017, Shenzhen Shenxi Investment & Development Company Limited (“Shenzhen Shenxi”), a wholly-owned subsidiary of the Company, entered into the capital contribution agreement with Shenzhen He Hui Huang Development Company Limited (“SHHH Development”) and Shenzhen Newpont Investment Group Limited (“SND Investment”), pursuant to which Shenzhen Shenxi, being the new investor, agreed to make capital contribution in the total sum of RMB155,000,000 (the “Capital Contribution”) to Zhong De Logistics, in which RMB5,000,000 will be contributed to the registered share capital while RMB150,000,000 will be contributed as the capital reserve of Zhong De Logistics. Upon completion of capital contribution, Shenzhen Shenxi will hold 20% equity interest in Zhong De Logistics.

於2017年5月11日，深圳市沈璽投資發展有 限公司（「深圳沈璽」）（本公司全資附屬公司） 與深圳市合輝煌發展有限公司（「深圳合輝煌 發展」）及深圳市新邦投資集團有限公司（「深 圳新邦投資」）訂立注資協議，據此，深圳沈 璽（作為新投資者）同意向眾德物流注資總額 人民幣155,000,000元（「注資」），其中人民 幣5,000,000元將注入註冊資本，而人民幣 150,000,000元將注入作為眾德物流的資本公 積。於注資完成後，深圳沈璽將持有眾德物 流20%股權。

Zhong De Logistics is a company with limited liability established under the laws of the PRC. Zhong De Logistics is currently engaged in an integrated logistics park development project (the “Logistics Project”). The Logistics Project will be developed into an integrated and multifunctional logistics park, providing comprehensive range of integrated logistics and warehouse storage facilities and service. The major asset of Zhong De Logistics currently consists of the land use right of a parcel of land located at Henggang Street, Longgang District, Shenzhen, with a gross floor area of approximately 236,518.85 square meters. The construction work of the Logistics Project has been started since 2013 and the construction is expected to be completed before 31 December 2019. It is expected that the logistics park will starts operation in June 2020.

眾德物流為根據中國法律成立的有限公司。 眾德物流目前正從事於該土地上建設的綜合 物流園區開發項目（「物流項目」），物流項目 將會發展為一個綜合且多功能的物流園區， 提供全面的綜合物流服務及倉儲設施和服 務。眾德物流主要資產現時包括位於深圳市 龍崗區橫崗街道建築面積約236,518.85平方 米的一幅土地的土地使用權。物流項目已於 2013年開始動工，而預期項目將於2019年12 月31日前竣工，預計物流園區將於2020年6 月開始營運。

Details of the Capital Contribution has been disclosed in the Company’s announcement date 11 May 2017.

注資詳情已於本公司日期為2017年5月11日 的公告內披露。

As at 31 December 2017, RMB150,000,000 represented the deposit paid to Zhong De Logistics and the Capital Contribution has not completed as the related registration procedures was in progress. Zhong De Logistics has pledged the Logistics Projects with market value of approximately RMB1,297,600,000 to secure the deposit paid.

於2017年12月31日，人民幣150,000,000元 指支付予眾德物流的訂金，及由於相關註冊 程序正在進行中，故注資尚未完成。眾德物 流已抵押市場價值為約人民幣1,297,600,000 元之物流項目以為已付訂金作擔保。

– 14 –

11. PROPERTIES UNDER DEVELOPMENT

11. 發展中物業

Properties under development which are 預期將於12個月內落成並可 expected to be completed and available 供銷售之發展中物業包括 for sale within 12 months comprise of 以下各項： the following: Construction costs and expenditure 建築成本及資本化開支 capitalised

2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 198,796 174,150

The properties under development are all located in the PRC.

12. LOAN AND INTEREST RECEIVABLES

發展中物業均位於中國。

12. 應收貸款及利息

Fixed-rate loan and interest receivables 定息應收貸款及利息 Less: Accumulated impairment allowance 減：累計減值撥備	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 179,556 304,851 (199) (215)
	179,357 304,636

At 31 December 2017, the loan receivables arising from credit business are unsecured (2016: arising from credit business are unsecured) bear fixed interest at 8% (2016: ranging from 10%–15%) per annum.

於2017年12月31日，因信貸業務產生 的應收貸款為無抵押（2016年：因信 貸業務產生的應收貸款為無抵押），按 固定年利率8%（2016年：10%–15%） 計息。

The maturity profile of these loan receivables from customers (including interest receivables), net of impairment losses recognised, at the end of reporting period, analysed by the remaining periods to their contracted maturity, is as follows:

於報告期末，該等應收客戶貸款（包括 應收利息）扣除已確認減值虧損按合約 到期日餘下期間的到期情況如下：

Repayable: 於下列期間內償還： Within 3 months 三個月內 Over 3 months but less than 1 year 超過三個月但少於一年	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 39,476 304,636 139,881 –
	179,357 304,636

– 15 –

The movements of allowance for impairment during the year were as follows:

年內減值撥備變動如下：

At 1 January	於1月1日
Exchange adjustments	匯兌調整
At 31 December	於12月31日

2017	2016
RMB’000	RMB’000
人民幣千元	人民幣千元
215	203
(16)	12
199	215

The loan receivables from customers have been reviewed by the management of the Company to assess impairment allowances which are based on the evaluation of collectability, aging analysis of accounts and on management’s judgment, including the current creditworthiness and the past collection statistics of individually significant accounts or a portfolio of accounts on a collective basis.

本公司管理層已審閱應收客戶貸款， 以評估減值撥備，乃基於可收回程度 之評估、賬目的賬齡分析以及管理層 之判斷（包括現時信用度及個別重大賬 戶或按集體基準賬戶組合的過往收款 記錄）。

At 31 December 2017, none of the loan and interest receivables was past due but not impaired (2016: Nil).

於2017年12月31日，概無貸款及應收 利息已逾期但未減值（2016年：無）。

The loan receivables outstanding as at 31 December 2017 and 2016 are denominated in Hong Kong dollars.

於2017年及2016年12月31日尚未償還 的應收貸款以港元計值。

13. TRADE RECEIVABLES

13. 應收賬款

Trade receivables 應收賬款 Less: Allowance for doubtful debts 減：呆賬撥備	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 128,701 145,701 – –
	128,701 145,701

– 16 –

The Group has not specified the credit period to its trade customer. The following is an aged analysis of trade receivables net of allowance for doubtful debts presented based on the repurchase agreement date at the end of the reporting period, which approximated the respective revenue recognition date:

本集團並無為其貿易客戶指定信貸 期。於報告期末根據回購協議日期（約 為各自之收入確認日期）的應收賬款 （扣除呆賬撥備）的賬齡分析情況如下：

0–30	days	0至30天
Over	1 year	一年以上
Over	2 years	兩年以上

2017	2016
RMB’000	RMB’000
人民幣千元	人民幣千元
–	72,000
72,000	73,701
56,701	–
128,701	145,701

All of the trade receivables were related to a sole customer of construction of infrastructure and development of properties segment. This customer was a stated-owned enterprise located in the PRC and has long-term business relationship with the Group.

所有應收賬款與基礎設施建設及物業 發展分部一名獨立客戶有關。此客戶 為中國的國有企業，與本集團建有長 久業務關係。

The Group has received RMB17,000,000 from this sole customer during the year ended 31 December 2017. The Directors are negotiating the settlement schedule with the sole customer but no formal agreement has been reached at the date of this announcement. In view of the financial background of the sole customer, the Directors are of the opinion that no impairment on the outstanding receivable is required. The Group does not hold any collateral over these balances for both years.

於截至 2017 年 12 月 31 日止年度， 本集團向該唯一客戶收取人民幣 17,000,000元。董事正與唯一客戶磋 商時間表安排，但於本公告日期雙方 尚未達成正式協議。鑑於唯一客戶的 財務背景，董事認為，無須就尚未償 還之應收賬款作出任何減值。本集團 於該兩個年內均無就該等結餘持有任 何抵押品。

14. TRADE PAYABLES

14. 應付賬款

Trade payables represented construction payables on construction comprises construction costs and other project-related expenses which are payable based on project progress measured by the Group. The suppliers have not specified the credit period granted to the Group.

應付賬款為應計建築開支包括建築費 用及其他項目相關開支，乃根據本集 團計量的項目進度支付。供應商並無 授予本集團指定信貸期。

The following is an aged analysis of trade payables at the end of the reporting period:

以下為於報告期末的應付賬款的賬齡 分析：

Within 90 days 90天內 Over 90 days 90天以上	2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 – 36,349 110,825 70,769
	110,825 107,118

– 17 –

15. CAPITAL COMMITMENT

15. 資本承擔

At the end of the reporting period, the Group had the following capital commitment:

於報告期末，本集團有以下資本承擔：

Capital expenditure contracted for but not provided in the consolidated financial statements in respect of: 有關下列事項的已訂約但尚 未於綜合財務報表內 撥備的資本開支： (i) Capital contribution to Zhong De Logistics_(Note 10) (i) 向眾德物流注資 （附註10） (ii) Capital contribution to Guangzhou Xiaoma Chuang Fu Hu Lian Wang Xinxi Fuwu Company Limited* (ii) 向廣州小馬創富 互聯網信息服務 有限公司注資 (iii) Capital contribution to Shenzhen Shenhe Chuangli Investment and Development Company Limited (iii) 向深圳市深合創立 投資發展有限公司 注資 (iv) Acquisition of properties (iv) 收購物業 (v) Establish a joint venture in PRC(Note)_ (v) 於中國成立合營企業 （附註）

2017 2016 RMB’000 RMB’000 人民幣千元 人民幣千元 5,000 – 50,000 50,000 200,000 – 12,800 42,800 – 4,000

267,800 96,800

• English name for identification purpose only.

Note: On 26 June 2017, Shenzhen Tonghe Chuangjian Investment Development Company Limited ("Shenzhen Tonghe"), a wholly-owned subsidiary of the Company, entered into an agreement with Shenzhen Galaxy Real Estate Development Company Limited ("Shenzhen Galaxy Real Estate"), to which Shenzhen Tong He agree to disposed the entire interest held of 40% of the joint venture at a consideration of RMB1,000.

附註： 於2017年6月26日，深圳同合創建投 資發展有限公司（「深圳同合」，本公 司之全資附屬公司）與深圳市星河房 地產開發有限公司（「深圳星河地產」） 訂立協議，據此深圳同合同意出售由 合營企業持有40%股權的全部股權， 代價為人民幣1,000元。

16. DIVIDENDS

16. 股息

No dividend was paid or proposed for ordinary shareholders of the Company during 2017, nor has any dividend been proposed since the end of the reporting period (2016: Nil).

於2017年，董事會不派發或不建議派 發任何股息予本公司普通股股東，而 自報告期末以來亦無建議派發任何股 息（2016年：無）。

– 18 –

EXTRACT OF THE INDEPENDENT AUDITOR’S REPORT

The following is an extract of the independent auditor’s report on the Group’s consolidated financial statements for the year ended 31 December 2017 which has included a qualified opinion:

OPINION

In our opinion, except for the effects of the matter described in the Basis of Qualified Opinion section of our report, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2017, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR QUALIFIED OPINION

As at 31 December 2017, trade receivables of approximately RMB128,701,000 was an amount due from a debtor (the “Debtor”) which is a sole customer located in the People’s Republic of China, in which approximately RMB72,000,000 and RMB56,701,000 were aged for more than one and two years respectively, and properties under development of approximately RMB198,796,000 represented the completed construction land, which was subject to the acceptance of completion by the Debtor. Details of the trade receivables and properties under development are disclosed in Notes 27 and 24 to the consolidated financial statements respectively.

During the year ended 31 December 2017, only settlement of RMB17,000,000 was received from the Debtor and no acceptance of completion for the properties under development was performed by the Debtor. Up to the date of this report, the acceptance of completion for the remaining land is still in negotiation with the Debtor.

We were unable to obtain sufficient appropriate audit evidence we consider as necessary in order to assess the recoverability of the trade receivables and net realisable value of properties under development or to determine the amount of impairment loss, if any. Accordingly, we were unable to satisfy ourselves as to whether any impairment loss should be recognised during the year ended 31 December 2017 and the balance of the trade receivables and properties under development as at 31 December 2017 were fairly stated, which would have consequential effect on the net current assets and net assets of the Group as at 31 December 2017 and the loss for the year then ended.

Any adjustment to the amount of the above trade receivables and properties under development found to be necessary would affect the Group’s net current assets and net assets as at 31 December 2017 and the Group’s loss for the year then ended and related disclosures to the consolidated financial statements.

節錄自核數師報告

以下為節錄自截至2017年12月31日止年度本 集團綜合財務報表之獨立審計師報告，當中 載有保留意見：

意見

吾等認為，除本報告保留意見之基準一節所 述事項之影響外，按照由香港會計師公會 （「香港會計師公會」）發佈的香港財務報告準 則（「香港財務報告準則」）編製之綜合財務報 表均真實與公平地顯示 貴集團於2017年12 月31日之綜合財務狀況及截至該日止年度的 綜合財政表現及其綜合現金流量，並已按照 香港公司條例之披露規定妥善編製。

保留意見之基準

於 2017 年 12 月 31 日，應收賬款約人民幣 128,701,000元為應收一名債務人（「該債務 人」）款項，該債務人為位於中華人民共和國 之唯一客戶，其中約人民幣72,000,000元及 人民幣56,701,000元之賬齡分別超過一年及 兩年，而發展中物業約人民幣198,796,000元 指已竣工建設用地，惟須待該債務人進行竣 工驗收。應收賬款及發展中物業之詳情分別 披露於綜合財務報表附註27及24。

於截至2017年12月31日止年度內，僅自該債 務人收到結算款人民幣17,000,000元，且該 債務人並無對發展中物業進行竣工驗收。截 至本報告日期，餘下土地之竣工驗收仍在與 該債務人磋商中。

我們未能獲得我們認為必要之充足適當審核 憑證以評估應收賬款或發展中物業之可變現 淨值之可收回性，或釐定減值金額（如有）。 因此，我們未能信納截至2017年12月31日止 年度是否有任何減值虧損應予確認及於2017 年12月31日之應收賬款及發展中物業之結餘 已公平呈列，其因而會對 貴集團於2017年 12月31日之流動資產淨值及資產淨值以及截 至該日止年度之虧損帶來影響。

對上述應收賬款及發展中物業之金額之任何 調整將會影響 貴集團於2017年12月31日之 流動資產淨值及流動資產以及 貴集團截至 該日止年度之虧損及綜合財務報表之相關披 露。

– 19 –

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL REVIEW

The revenue of the Group for the 2017 Financial Year amounted to RMB15,499,000 (2016 Corresponding Period: RMB108,370,000), representing a significant decrease of approximately 85.70% as compared with the 2016 Corresponding Period. The substantial decrease in revenue is primarily due to the no income was recorded for the construction of infrastructure and development of properties in the PRC and the decrease in the interest income from the provision of loan financing.

During the 2017 Financial Year, the Group has not completed any acceptance and transfer of (2016 Corresponding Period: 300mu) construction land of the Zhongfang Chaozhou Jing Nan Industrial Park Project and no revenue was recognised for 2017 Financial Year (2016 Corresponding Period: RMB69,903,000). The acceptance and transfer of the remaining construction land of the Zhongfang Chaozhou Jing Nan Industrial Park Project will be completed in the coming years.

Credit business contributed the revenue for the 2017 Financial Year amounted to RMB15,499,000 (2016 Corresponding Period: RMB38,467,000). The revenue for credit business decreased by 59.71% as compared with that for the 2016 Corresponding Period following the capital reduction in Chung Hwa Finance.

Loss before tax for the 2017 Financial Year amounted to RMB27,714,000 comparing with profit of RMB12,032,000 for 2016 Corresponding Period.

After the disposal of securities investments, including convertible bonds in the 2016 Corresponding Period, the Group had not disposed any securities investment in 2017 Financial Year. A loss arising from the fair value changes on held for trading investment of RMB42,000 was recorded in the 2017 Financial Year (2016: Corresponding Period: RMB30,000). No loss on disposal of held-for-trading investments (2016 Corresponding Period: RMB993,000) and of sale of convertible bonds (2016 Corresponding Period: RMB1,141,000) was recorded in the 2017 Financial Year. The market value of held-for-trading investments as at 31 December 2017 was RMB115,000 (2016: RMB85,000).

In addition, the loss for the 2017 Financial Year is primarily attributable to (a) an exchange loss of approximately RMB9,861,000 (2016 Corresponding Period: gain of RMB16,898,000); (b) the impairment of goodwill of RMB24,459,000 (2016 Corresponding Period: RMB20,000,000) in relation to the Zhongfang Chaozhou Jing Nan Industrial Park Project; and (c) loss from disposal of subsidiaries RMB2,003,000 (2016 Corresponding Period: nil).

管理層討論與分析

財務回顧

本集團於 2017 年財政年度的收入為人民 幣 15,499,000 元（ 2016 年同期：人民幣 108,370,000元），較2016年同期大幅減少約 85.70%。收入大幅下降主要是由於未錄得中 國基礎設施建設及物業發展之收入及提供貸 款融資之利息收入減少所致。

於2017年財政年度，本集團沒有完成中房潮 州徑南工業園項目（2016年同期：300畝）建設 用地的驗收交付手續，並無於2017年財政年 度確認收入（2016年同期：人民幣69,903,000 元）。中房潮州徑南工業園項目餘下建設用地 的驗收交付手續將於未來數年完成。

於 2017 年財政年度，信貸業務收入為人 民幣 15,499,000 元（ 2016 年同期：人民幣 38,467,000元）。繼向中華信貸減資後，信貸 業務收入較2016年同期減少59.71%。

本集團於2017年財政年度的除稅前虧損為人 民幣27,714,000元，而2016年同期溢利為人 民幣12,032,000元。

於出售證券投資（包括於2016年同期之可換股 債券）後，本集團於2017年財政年度並無出售 任何證券投資。於2017年財政年度錄得就持 作買賣投資公允價值變動產生之虧損人民幣 42,000元（2016年同期：人民幣30,000元）。 於2017年財政年度並無錄得出售持作買賣投 資之虧損（2016年同期：人民幣993,000元）， 亦無出售可換股債券之虧損（2016年同期：人 民幣1,141,000元）。於2017年12月31日，持 作買賣投資之市值為人民幣115,000元（2016 年：人民幣85,000元）。

此外，2017 年財政年度的虧損主要是由於 (a) 匯兌虧損約人民幣 9,861,000 元（ 2016 年 同期：收益人民幣 16,898,000 元）； (b) 就 中房潮州徑南工業園項目錄得商譽減值人 民幣 24,459,000 元（ 2016 年同期：人民幣 20,000,000元）；及(c)出售附屬公司虧損為人 民幣2,003,000元（2016年同期：無）所致。

– 20 –

In view of no revenue was recognised from the acceptance and transfer of construction land in respect of Zhongfang Chaozhou in the 2017 Financial Year and the slow settlement of the trade receivable therefrom as well as the uncertainty in the phase II and phase III of the Zhongfang Chaozhou Jing Nan Industrial Park Project, the impairment of the balance of the goodwill in relation to Zhongfang Chaozhou in the sum of RMB24,459,000 (2016 Corresponding Period: 20,000,000) was recognised in the profit or loss for the 2017 Financial Year.

The losses incurred on the disposal of the subsidiaries namely, Cheng He Chuang Jian and National Asia amounted to RMB 2,003,000 and RMB nil respectively. Details of the disposal of subsidiaries were set out in the paragraph headed “Material Acquisition and Disposal of Subsidiaries and Associate Companies”.

Income Tax Expenses

Income tax expenses of the Group for the 2017 Financial Year amounted to RMB1,877,000, representing a decrease of approximately 68.08% as compared with RMB5,881,000 for the 2016 Corresponding Period. The decrease in income tax expenses was mainly attributable to the combined tax effect on (i) expenses not deductible for tax purpose; (ii) loss not recognised for tax purpose; and (iii) income not taxable for tax purpose.

Donations

The Group has made a donations of RMB200,000 in total to support the reconstruction of poor households in town for the 2017 Financial Year (2016 Corresponding Period: nil).

Loss/earnings per share

Loss per share was approximately RMB2.23 cents comparing with the earnings per share for the 2016 Corresponding Period of RMB0.16 cents.

BUSINESS REVIEW

Infrastructure Construction Business

During the 2017 Financial Year, the Group has not completed any acceptance and transfer of construction land (2016 Corresponding Period: 300-mu) and accordingly no revenue was recorded (2016 Corresponding Period: RMB69,903,000). Zhongfang Chaozhou has completed the procedures for acceptance of completion and transfer of accumulated total 3,700-mu. The completion of the procedure of acceptance for the remaining land is still in progress.

鑑於2017年財政年度並未就有關中房潮州之 建設用地之驗收交付確認收益及有關應收賬 款之結算緩慢以及中房潮州徑南工業園項目 二期及三期存在不確定性，收購中房潮州產 生之商譽結餘減值為數人民幣24,459,000元 （2016年同期：人民幣20,000,000元）於2017 年財政年度之損益內確認。

出售附屬公司城合創建及國民亞洲產生之虧 損分別為人民幣2,003,000元及人民幣零元。 有關出售附屬公司之詳情載於「重大收購及出 售附屬及聯營公司」一段。

所得稅開支

本集團於 2017 年財政年度的所得稅開支為 人民幣1,877,000元，較2016年同期人民幣 5,881,000元減少約68.08%。所得稅開支減 少主要是由於(i)不可扣稅開支；(ii)並無就稅項 目的確認的虧損；及(iii)毋須課稅收入的合併 影響所致。

捐款

於 2017 年財政年度，本集團作出捐款共人 民幣200,000元以幫扶鄉鎮貧困戶民房改造 （2016年同期：無）。

每股虧損╱盈利

每股虧損約為人民幣2.23分，而2016年同期 為每股盈利人民幣0.16分。

業務回顧

基礎設施建設業務

於 2017 年財政年度，本集團沒有完成任何 （2016年同期：300畝）建設用地的驗收交付手 續，因此並無錄得收入（2016年同期：人民幣 69,903,000元）。中房潮州已累計完成3,700 畝建設用地的驗收交付工作。餘下建設用地 的驗收工作仍在進行中。

– 21 –

The Group will continue to liaise with the relevant authorities to complete the procedures for acceptance of completion and transfer process of the remaining completed construction land. As explained in the Financial Review, an impairment the balance of goodwill in relation to Zhongfang Chaozhou in the sum of RMB24,459,000 (2016 corresponding Period: RMB20,000,000) has been recognised in the 2017 Financial Year.

Credit Business

On 21 February 2017, Chung Hwa Finance has effectively reduced its share capital from HK$200,000,000 to HK$50,000,000 (the “Capital Reduction”). The reduced share capital has been returned to the existing shareholders. No share is cancelled upon completion of the share capital reduction.

Chung Hwa Finance is continued to be owned as to 55% by Kingma Overseas and 45% by Chung Hwa Finance Holdings Limited respectively. Details of which are set out in the announcement of the Company dated 23 January 2017.

Following the completion of Chung Hwa Finance’s Capital Reduction during the 2017 Financial Year, the Group gradually rationalised the credit business in Hong Kong. Chung Hwa Finance, a licensed money lender in Hong Kong recognised revenue of approximately RMB15,499,000 (2016 Corresponding Period: RMB38,467,000).

BUSINESS PROSPECTS

The Group is seeking investments other than the existing infrastructure construction business in the PRC and the credit business in Hong Kong. The Group has identified certain projects with investment potential so as to diversify the business horizon in order to create value for shareholders.

The Group has entered into certain agreements and letter of interest, details of which are set out in the paragraphs headed “Major Acquisition and Disposal of Subsidiaries and Associated Companies” and “Events after the Reporting Period”.

本集團將繼續與有關當局聯絡以完成餘下已 竣工建設用地的驗收交付手續。誠如財務回 顧所說明，已就中房潮州於2017年財政年度 確認商譽結餘減值人民幣24,459,000元（2016 年同期：人民幣20,000,000元）。

信貸業務

於 2017 年 2 月 21 日，中華信貸已將其實 際股本由港幣 200,000,000 元削減至港幣 50,000,000元（「減股」）。所削減股本已退還 予現有股東。概無股份於減股完成後被註銷。

中華信貸仍分別由金馬海外及中華信貸集團 有限公司擁有55%及45%的權益。有關詳情 載於本公司日期為2017年1月23日的公告。

繼 2017 年財政年度完成中華信貸的減股 後，本集團逐漸精簡香港的信貸業務。香 港持牌放債人中華信貸於本期確認收入約 人民幣15,499,000元（2016年同期：人民幣 38,467,000元）。

業務展望

本集團正尋求中國既有基礎設施基礎建設業 務以及香港信貸業務以外的其他投資。本集 團已物色若干具有投資潛力的項目以擴闊業 務視野，藉以為股東創造價值。

本集團已訂立若干協議及意向書，有關詳情 載於「重大收購及出售附屬及聯營公司」及「報 告期後事件」等段。

– 22 –

LIQUIDITY AND FINANCIAL RESOURCES

The Group adopts a prudent financial management policy to manage the working capital. As of 31 December 2017, the Group’s total assets amounted to RMB1,142,839,000 (2016: RMB1,272,402,000), representing an decrease of 10.18%. Noncurrent assets and currents assets as at 31 December 2017 were RMB617,871,000 (2016: RMB516,734,000) and RMB524,968,000 (2016: RMB755,668,000) respectively. The increase in noncurrent assets by RMB101,137,000, being 19.57%, is attributable to the deposit paid for the acquisition of properties in Beijing by Beijing Shen Shang and for capital contribution to Zhong De Logistics, details of which are set out in the paragraph headed “Major Acquisition and Disposal of Subsidiaries and Associate Companies”. The assets were financed by current liabilities of RMB116,228,000 (2016: RMB151,734,000) and shareholders’ equity of RMB1,001,116,000 (2016: RMB1,035,401,000).

As of 31 December 2017, the Group has no bank borrowings. The Group’s current ratio (current assets/current liabilities) was 4.52(2016: 4.98) and gearing ratio (total liabilities/total assets) was 0.10 times (2016: 0.12 times).

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATE COMPANIES

Acquisition of 20% equity interest of Hai Yue Real Estate

The acquisition of 20% equity interest of Hai Yue Real Estate has been completed during the 2017 Financial Year.

Details of the acquisition have been set out in the announcements of the Company dated 27 July 2015, 19 July 2016, 26 October 2016, 20 December 2016 and 3 March 2017.

Pre-acquisition of property in Beijing PRC

On 15 November 2016, Beijing Shen Shang, being the subscriber entered into the pre-acquisition agreement (the “Pre-Acquisition Agreement”) with Beijing Zhong Tou, pursuant to which Beijing Zhong Tou agreed to sell and Beijing Shen Shang agreed to acquire a property (the “Beijing Property”) at a total consideration of RMB152,800,000. The Beijing Property is a commercial premise with the construction area of 2,800 square meters (with the right to use 5,000 square meters of car parks at the basement level two of the Convention Center), being part of Phase 3 of the ancillary facility project of Beijing International Zone Convention Center 北 京會展國際港展館 to be constructed to be constructed in Beijing Shunyi District Tianzhu Airport Commercial Zone 北京市順義區 天竺空港商務區. Details of the Pre-Acquisition Agreement are set out in the announcement of the Company dated 15 November 2016.

流動資金與財務資源

本集團採納審慎的財務管理政策以管理營運 資金。截至2017年12月31日，本集團的資 產總值為人民幣1,142,839,000元（2016年： 人民幣 1,272,402,000 元），減少 10.18% 。 於2017年12月31日，非流動資產及流動資 產分別為人民幣617,871,000元（2016年：人 民幣 516,734,000 元）及人民幣 524,968,000 元（ 2016 年：人民幣 755,668,000 元）。非 流動資產增加人民幣101,137,000元，增幅 19.57%，是由於北京瀋商收購北京物業支 付的訂金及向眾德物流注資所致，有關詳情 載於「重大收購及出售附屬及聯營公司」一 段。資產以流動負債人民幣116,228,000元 （2016年：人民幣151,734,000元）及股東資 金人民幣1,001,116,000元（2016年：人民幣 1,035,401,000元）撥付。

截至2017年12月31日，本集團並無銀行貸 款。本集團的流動比率（流動資產╱流動負 債）及資產負債比率（總負債╱總資產）分別為 4.52（2016年：4.98）及0.10倍（2016年：0.12 倍）。

重大收購及出售附屬及聯營公司

收購海粵房地產 20% 股權

收購海粵房地產20%股權已於2017財政年度 完成。

有關收購的詳情載於本公司日期分別為2015 年7月27日、2016年7月19日、2016年10月 26日、2016年12月20日及2017年3月3日的 公告。

預購於中國北京的物業

於2016年11月15日，北京瀋商（即認購方） 與北京中投訂立預購協議（「預購協議」）， 據此，北京中投同意出售及北京瀋商同意 收購物業（「北京物業」），總代價為人民幣 152,800,000元。北京物業為建築面積2,800 平方米並有權使用會展中心地下負二層5,000 平方米停車場之商用物業，即位於北京市順 義區天竺空港商務區將興建的北京會展國際 港展館配套設施項目3期的一部分。有關預購 協議之詳情載於本公司日期為2016年11月15 日的公告。

– 23 –

As at the date of this announcement, the transaction was still in progress. As part of the consideration, deposit amounting to RMB140,000,000 is paid by instalments according to the terms of the Pre-Acquisition Agreement. Currently, the project has obtained the construction permit. The completion of construction of the Beijing Property is expected to be postponed to December 2019.

Termination of the acquisition of 28% equity interest of Shenzhen Hui Ye Micro Lending

In March 2016, the Company entered into an acquisition agreement with an Independent Third Party to acquire 28% equity interest in Shenzhen Hui Ye Micro Lending for a consideration of RMB42,000,000. On 10 March 2017, the Company entered into the termination agreement to terminate the acquisition with immediate effect and the consideration paid in the sum of RMB32,000,000 has been refunded to Shenzhen Shen He.

Signing of the gold investment agreements

On 10 March 2017, Ju Sheng Chuang Jian entered into the gold investment agreements with Independent Third Parties. Pursuant to the gold investment agreements, Ju Sheng Chuang Jian agreed to invest in standard gold in Au99.99 fineness with the total investment amount of RMB54,620,000. The investment period is nine months and it is agreed that the return for such investment shall not be less than 3% of the total investment amount. On 31 December 2017, the Group has received a gold investment gain RMB1,419,000. As the respective percentage ratios for the transaction are less than 5%, the transaction is not subject to announcement requirement under the Listing Rules.

Investment in BGA China

On 14 March 2017 (after trading hours), Modern Key International Limited (“Modern Key”), the wholly-owned subsidiary of the Company and BGA China entered into a non-legally binding letter of intent (the “Letter of Intent”). Pursuant to the Letter of Intent, it is agreed that Modern Key shall conditionally acquire not less than 20% equity interest of BGA China (the “Possible Investment”) subject to certain conditions. BGA China is a limited company incorporated in the British Virgin Islands, engaging in the business development of organic fertilizers. As at the date of this announcement, both parties were unable to enter into the formal agreement within the period of independent negotiation, and accordingly terminated the cooperation according to the Letter of Intent. Details of the Letter of Intent are set out in the announcement of the Company dated 14 March 2017.

於本公告日期，該交易仍在進行當中，作為 代價一部分，訂金人民幣140,000,000元按照 預購協議之條款分期支付。目前該項目已取 得施工許可證，北京物業之建設將預期延遲 至2019年12月完成。

終止收購深圳匯業小額貸款 28% 股權

於2016年3月，本公司與獨立第三方訂立收購 協議以收購深圳匯業小額貸款28%股權，代 價為人民幣42,000,000元。於2017年3月10 日，本公司訂立終止協議以即時終止收購， 已付訂金人民幣32,000,000元已退還予深圳 沈和。

簽訂黃金投資協議

於2017年3月10日，聚晟創建與獨立第三方 訂立黃金投資協議。根據黃金投資協議，聚 晟創建同意以總投資額人民幣54,620,000元 投資純度為99.99的標準黃金。投資期為9個 月，根據協議，該投資回報應不少於總投資 額3%。於2017年12月31日，本集團已收到 黃金投資收益人民幣1,419,000元。由於交易 的相關百分比率低於5%，交易毋須遵守上市 規則的公告規定。

投資於神農中華

於2017年3月14日（交易時段結束後），現基 國際有限公司（「現基」，本公司全資附屬公 司）與神農中華訂立不具法律約束力的意向 書（「意向書」）。根據意向書，現基有條件地 收購神農中華不少於20%股權（「潛在投資事 項」），惟須遵守若干條件。神農中華為於英 屬處女群島註冊成立的有限公司，從事有機 肥料的推廣業務。於本公告日期，雙方未能 於獨立磋商期內簽訂正式協議，已根據意向 書終止合作意向。有關意向書的詳情於本公 司日期為2017年3月14日的公告中披露。

– 24 –

Increase in registered capital of Zhongfang Chaozhou

On 17 March 2017, the Board has passed a resolution to increase the registered capital of Zhongfang Chaozhou from RMB150,000,000 to RMB400,000,000. The purpose for the capital increase is to enhance the capital base of Zhongfang Chaozhou as well as strengthen its infrastructure and construction business in the PRC. As at the date of this announcement, the increase of registered capital of Zhongfang Chaozhou has been completed.

Establishment of a wholly-owned subsidiary in China

On 10 April 2017, the Company established Shenhe Chuangli with a registered capital of RMB200,000,000. The valid scope of business includes operation and investment in enterprise (actual project details to be declared), commerce in the PRC (other than projects subject to approval prior to registration as provided by the laws, administrative regulations and decisions of the State Council). This company will be used for expansion and management of the Group’s project in Shenzhen.

Capital contribution to Zhong De Logistics

On 11 May 2017, Shenzhen Shenxi entered into the capital contribution agreement with Independent Third Parties, pursuant to which Shenzhen Shenxi shall make capital contribution in the sum of RMB155,000,000 to Zhong De Logistics and account for 20% equity interest in Zhong De Logistics upon the completion of the capital contribution. Details are set out in the announcement of the Company dated 11 May 2017.

As at the date of this announcement, Shenzhen Shenxi has paid the capital contribution of RMB150,000,000. As additional time is required by Zhong De Logistics to release the equity interest pledged with the bank, according to the Supplementary Agreement to Capital Contribution Agreement of Zhong De Logistics entered into on 5 February 2018, the completion of registration procedures for industry and commerce is expected to be completed by 30 September 2018. The remaining capital contribution amounting to RMB5,000,000 will be paid upon completion of the registration procedures for industry and commerce.

增加中房潮州註冊資本

於2017年3月17日，董事會通過決議案將中 房潮州的註冊資本由人民幣150,000,000元增 至人民幣400,000,000元。增資旨在擴大中房 潮州的資本基礎及鞏固其於中國的基礎設施 建設業務。於本公告日期，增加中房潮州註 冊資本已完成。

於中國成立全資附屬公司

於2017年4月10日，本公司成立深合創立， 註冊資本為人民幣200,000,000元。合法取得 經營投資興辦實業（具體項目另行申報），國 內貿易（法律、行政法規、國務院決定規定在 登記前須經批准的項目除外）業務，該公司將 用於本集團開拓及管理深圳項目。

注資眾德物流

於2017年5月11日，深圳沈璽與獨立第三方 簽署注資協議，據此，深圳沈璽向眾德物流 出資人民幣155,000,000元，佔眾德物流完成 注資後20%的股份。有關詳情，請參閱本公 司日期為2017年5月11日的公告。

於本公告日期，深圳沈璽已支付注資款項人 民幣150,000,000元。由於眾德物流需要額外 時間釋放質押於銀行的股權，根據2018年2 月5日簽訂的《眾德物流增資擴股協議補充協 議》，工商變更登記預計將於2018年9月30日 前完成。剩餘注資款項人民幣5,000,000元將 於工商變更登記完成後支付。

– 25 –

Transfer the 100% Equity Share in National Asia

On 13 October 2017, Shenzhen Shen He transferred its 100% Equity Share in National Asia to an Independent Third Party at a consideration of RMB9,867,000. On 16 October 2017, the parties entered into a supplemental agreement, the Independent Third Party would assume Shenzhen Shen He’s liability of RMB9,860,000 owed to National Asia in proportion to their holdings, the debt obligation is deeded to be a part of transaction consideration, the remaining transaction consideration of RMB7,000 has been satisfied in cash by the Independent Third Party to Shenzhen Shen He. National Asia has completed the registration procedures for industry and commerce on 17 October 2017. As the relevant percentage ratio in respect of each transaction is less than 5%, the transaction is not subject to the announcement requirement under the Listing Rules.

Transfer of 40% equity interest of Shenzhen Xingma Hongyun

On 31 May 2017, Shenzhen Tonghe transferred its 40% equity interest in Shenzhen Xingma Hongyun to Shenzhen Galaxy Real Estate at a consideration of RMB1,000. As the registered capital of Shenzhen Xingma Hongyun is not yet paid by both parties and Shenzhen Xingma Hongyun has not yet commenced business, Shenzhen Tonghe transferred its equity interest in Shenzhen Xingma Hongyun to Shenzhen Galaxy Real Estate at a nominal consideration of RMB1,000. As the respective percentage ratios for each transaction are less than 5%, the transaction is not subject to announcement requirement under the Listing Rules.

Disposal of the entire issued share capital of Cheng He Chuang Jian

On 15 March 2016, Shenzhen Shen He entered into the disposal agreement with an Independent Third Party (the “Buyer”), whereby the Buyer has conditionally agreed to purchase and Shenzhen Shen He has conditionally agreed to sell the entire issued share capital of Cheng He Chuang Jian at the consideration of RMB44,000,000 (the “Disposal”).

The principal activity of Cheng He Chuang Jian is investment holding. On 26 December 2016, both parties entered into an agreement to postpone the completion date to 30 June 2017. On 5 May 2017, Cheng He Chuang Jian completed the registration procedures for industry and commerce. Accordingly, the Disposal has been completed. On 28 June 2017, both parties entered into the extension agreement to extend the final payment term for the remaining amount of RMB17,000,000 to 31 December 2017.

轉讓國民亞洲 100% 股權

於2017年10月13日，深圳沈和將其持有的國 民亞洲100%股權，以代價人民幣9,867,000 元轉讓給獨立第三方。於2017年10月16日， 雙方簽訂《補充協議》，獨立第三方按照持股 比例承擔深圳沈和對國民亞洲的債務人民幣 9,860,000元，該債務的承擔作為交易對價的 一部分，剩餘交易對價人民幣7,000元已由獨 立第三方以現金方式支付給深圳沈和。國民 亞洲於2017年10月17日完成工商變更。由於 各項交易的相關百分比低於5%，交易無須遵 守上市規則的公告規定。

轉讓深圳星馬鴻運 40% 股權

於2017年5月31日，深圳同合將其持有的深 圳星馬鴻運40%股權，以代價人民幣1,000元 轉讓給星河地產。由於深圳星馬鴻運的註冊 資本雙方尚未實繳及深圳星馬鴻運尚未開展 實際業務，因此深圳同合以形式代價人民幣 1,000元轉讓所持有的深圳星馬鴻運股權予星 河地產。由於各項交易的相關百分比率低於 5%，交易無須遵守上市規則的公告規定。

出售城合創建全部已發行股本

於 2016 年 3 月 15 日，深圳沈和與獨立第三 方（「買方」）訂立出售協議，據此，買方有 條件同意購買而深圳沈和有條件同意出售 城合創建全部已發行股本，代價為人民幣 44,000,000元（「出售事項」）。

城合創建的主要業務為投資控股。於2016年 12月26日，雙方簽署協議同意將完成日押後 至2017年6月30日。於2017年5月5日，城合 創建完成工商變更登記。因此，出售事項已 完成。於2017年6月28日，雙方就餘款人民 幣17,000,000元簽署延期協議，將餘款最後 支付期限延遲至2017年12月31日。

– 26 –

As at 31 December 2017, the Group has received the balance of RMB 15,000,000. On 5 February 2018, Shenzhen Shen He entered into a supplemental agreement with the Buyer. Due to the poor operating conditions of the project invested by Cheng He Chuang Jian, the parties agreed that price for the transfer the equity and liabilities of Cheng He Chuang Jian be revised to RMB42,000,000 from original RMB44,000,000 and waived the balance of the consideration RMB2,000,000. The loss arising from disposal was approximately RMB2,003,000.

NUMBER OF EMPLOYEES, EMOLUMENTS, TRAINING SCHEMES AND SHARE OPTION SCHEMES

As at 31 December 2017, the Group employed a total of 42 (2016: 47) employees (including Directors of the Company). The Group has entered into employment contracts with all employees, and offered employment package according with their positions, qualifications, experience and ability. During the 2017 Financial Year, the aggregate salaries and emoluments amounted to RMB3,491,000 (2016 Corresponding Period: RMB3,627,000). The Group also provide benefits to employees, such as contributions to endowment insurance, basic medical insurance and housing reserve in accordance with the relevant laws of the PRC.

The Group has not adopted any share option scheme for any of its senior management or employees.

ASSETS SECURED/PLEDGED

As at 31 December 2017, no assets of the Group was secured or pledged (2016: nil).

CURRENCY RISKS

Other than those subsidiaries established in Hong Kong, the revenue and expenses of the Group are mainly denominated in Renminbi. The Group is exposed to foreign currency risk on transactions denominated in currencies other than the functional and reporting currency of the Group which is Renminbi. The change in the exchange rate of Hong Kong Dollar against Renminbi will affect the result of the Group. In view of the depreciation of Hong Kong Dollar against Renminbi, the reporting currency, an exchange loss of RMB9,861,000 (2016 Corresponding Period: gain of RMB16,898,000) has been recorded in the results for the 2017 Financial Year. The Group currently does not have hedging policy against foreign exchange risk. The management will consider hedging significant currency exposure in future should the need arise.

CONTINGENT LIABILITIES

As at 31 December 2017, the Group had no significant contingent liabilities (2016: nil).

於2017年12月31日，本集團已收到餘款人 民幣15,000,000元。於2018年2月5日，深圳 沈和與買方簽訂補充協議，由於城合創建所 投項目經營狀況不良，雙方協商同意，轉讓 城合創建股權及債權的價格由原來的人民幣 44,000,000元修訂為人民幣42,000,000元， 並豁免剩餘人民幣2,000,000元交易代價。出 售事項產生的虧損約為人民幣2,003,000元。

僱員人數、薪酬、培訓計劃及購股權計 劃

於2017年12月31日，本集團共聘用42名僱 員（包括本公司董事在內）（2016年：47名）。 本集團與全體僱員均已簽署聘用合同，根據 僱員所在不同崗位、資歷、經驗及能力提供 不同之薪酬待遇。於2017年財政年度，薪金 及酬金總額為人民幣3,491,000元（2016年同 期：人民幣3,627,000元）。同時，根據中國 有關法律規定，本集團為僱員提供福利如交 納養老保險金、基本醫療報銷金和住房公積 金。

本集團尚未採納任何高級管理人員或員工購 股權計劃。

資產抵押╱質押

於2017年12月31日，本集團並無任何資產抵 押及質押（2016年：無）。

外匯風險

除於香港成立的該等附屬公司外，本集團之 收入及開支主要以人民幣計值。本集團承受 以本集團功能及申報貨幣（人民幣）以外計值 的交易的外匯風險。港元兌人民幣的匯率變 動將影響本集團的業績。鑒於港元兌人民幣 （申報貨幣）貶值，於2017年財政年度的業績 中確認匯兌虧損人民幣9,861,000元（2016年 同期：收益人民幣16,898,000元）。本集團目 前並無外匯盈利風險的對沖政策。管理層將 考慮日後於有需要時對沖重大貨幣風險。

或然負債

於2017年12月31日，本集團並無重大或然負 債（2016年：無）。

– 27 –

CAPITAL COMMITMENTS

As of 31 December 2017, the total capital commitments of the Group amounted to RMB267,800,000 (2016: RMB96,800,000), details of which were set out in Note 15 to the this announcement.

EVENTS AFTER THE REPORTING PERIOD

Supplemental agreement in relation to capital contribution to Zhong De Logistics

On 5 February 2018 (after trading hours), Shenzhen Shenxi, an direct wholly-owned subsidiary of the Company, Shenzhen He Hui Huang Development Company Limited, Shenzhen Newpont Investment Group Limited and Zhong De Logistic entered into a supplemental agreement in relation to capital contribution to Zhong De Logistics, certain terms and conditions of the capital contribution agreement has been amended. Details of the Capital Contribution Agreement are set out in the announcement of the Company dated 5 February 2018.

Acquisition of properties in Hebei Province

On 9 February 2018 (after trading hours), Beijing Shen Shang, an wholly-owned subsidiary of the Company, and San He Jing Jiao Property Development Company Limited* ( 三河京郊房地 產開發有限公司 ) entered into an agreement (the “Property Acquisition Agreement”) pursuant to which the Vendor have conditionally agreed to sell, and the Purchaser has conditionally agreed to acquire, the properties at the cash consideration of RMB110,000,000. The properties, comprises 11 shop units (including Shop No. 5-1-101, 5-1-102, 5-1-103, 5-1-104, 5-5111, 5-5-112, 5-5-222, 5-5-223, 5-5-324, 5-5-425, 5-5-426) with a total gross floor area of approximately 3,168 square meter together with 60 car parking spaces (No. 001–005, 008–010, 012–024, 027–029, 032–034, 036–055, 059–071) on basement level of Phase 5 of Tian Zi Zhuang Yuan ( 天子莊園 ), located at Yanjiao National HighTech Industrial Development Area, Sanhe City, Hebei Province. The vendor and the purchaser shall have completed and performed all of their respective obligations under the Property Acquisition Agreement no later than 9 August 2018, or such later date as the parties may agree in writing. As at the date of this announcement, the aquisition is still in progress. Details of the Property Aquisition Agreement are set out in the announcement of the Company dated 9 February 2018.

資本承擔

於2017年12月31日，本集團的總資本承擔 為人民幣 267,800,000 元（ 2016 年：人民幣 96,800,000元），有關詳情載本公告附註15。

報告期後事件

有關向眾德物流注資的補充協議

於2018年2月5日（交易時段後），深圳沈璽（本 公司直接全資附屬公司）、深圳市合輝煌發 展有限公司、深圳市新邦投資集團有限公司 與眾德物流就有關向眾德物流注資訂立一份 補充協議，以修訂注資協議的若干條款及條 件。有關注資協議的詳情載於本公司日期為 2018年2月5日之公告。

收購河北省物業

於2018年2月9日（交易時段後），北京瀋商 （為本公司之全資附屬公司）與三河京郊房地 產開發有限公司訂立一份協議（「物業收購協 議」），據此，賣方有條件同意出售，而買方 有條件同意收購該物業，現金代價為人民幣 110,000,000元。該物業包括於河北省三河 市燕郊國家高新技術產業開發區天子莊園五 期11個商舖單位（包括第5-1-101、5-1-102、 5-1-103、5-1-104、5-5-111、5-5-112、5-5222、5-5-223、5-5-324、5-5-425、5-5-426 號舖），總建築面積約3,168平方米，連同地 庫的 60 個停車位（第 001–005 、008–010 、 012–024、027–029、032–034、036–055、 059–071號）。賣方與買方須於2018年8月9日 前（或各訂約方可能以書面協定之其他較後日 期）完成及履行彼等於物業收購協議項下全部 的相關責任。於本公告日期，收購仍在進行 中。有關物業收購的詳情載於本公司日期為 2018年2月9日之公告。

– 28 –

Transfer of shares of Chaozhou Rural Credit Cooperative

On 20 March 2018, Zhongfang Chaozhou entered into the share transfer agreements with three Independent Third Parties of the Company respectively pursuant to which Zhongfang Chaozhou agreed to transfer a total number of 3,000,000 shares of Chaozhou Rural Credit Cooperative* 潮州市區農村信用合作聯社 to three Independent Third Parties of the Company at a price of RMB1.80 per share. As the relevant percentage ratio in respect of each transaction is less than 5%, the transaction is not subject to the announcement requirement under the Listing Rules.

Supplemental agreement in relation to the Pre-acquisition of property in Beijing

Pursuant to the Pre-Acquisition Agreement, in the event of Beijing Zhong Tou failing to obtain the Commodity House Pre-sale Permit in accordance with the stipulated time by the 31 December 2017, Beijing Zhong Tou shall pay Beijing Shen Shang a compensation amount of 0.03% of the amount paid under the Pre-Acquisition Agreement per day for each day of delay.

Due to the delay in construction of the Beijing Property arising from the relevant government policies, Beijing Shen Shang, a wholly-owned subsidiary of the Company and Beijing Zhong Tou entered into a supplemental agreement (the “Supplemental Agreement”) in relation to the Pre-Acquisition Agreement on 26 March 2018 to postpone the date of completion and acceptance of the Beijing Property to 31 December 2019. Beijing Shen Shang also agreed to waive the compensation amount resulting from the delay in obtaining the permits. In the meanwhile, Beijing Zhong Tou shall return a prepaid amount of RMB30,000,000 to Beijing Shen Shang within 3 months upon signing of the Supplemental Agreement. Beijing Shen Shang will settle such amount upon the Commodity House Pre-sale Permit in relation to the Beijing Property is obtained.

SIGNIFICANT INVESTMENT HELD

Saved as disclosed herein this announcement, the Group had no significant investment held for the 2017 Financial Year.

ENLARGING SHARE CAPITAL

In January 2017, the Company has received a formal approval dated 11 January 2017 (the “Formal Approval”) from the CSRC that the Company has been approved to place no more than 121,075,200 new H-Shares under the General Mandate 2016 (the “Placing”). The Formal Approval has been expired.

轉讓潮州市區農村信用合作聯社股份

於2018年3月20日，中房潮州分別與本公司 三名獨立第三方人士訂立股份轉讓協議，據 此，中房潮州同意按每股人民幣1.80元轉讓 潮州市區農村信用合作聯社合計3,000,000股 股份予本公司三名獨立第三方人士。由於與 各筆交易相關的相關百分比率低於5%，故交 易毋須遵守上市規則的公告規定。

與預購北京物業相關之補充協議

根據預購協議，倘於2017年12月31日前北 京中投未能按約定時間取得商品房預售許可 證，則每延遲一日，北京中投須向北京瀋商 支付金額為預購協議項下已支付款項每日 0.03%之補償金。

由於相關政府政策導致北京物業建造延遲， 於2018年3月26日，北京瀋商（本公司的全資 附屬公司）與北京中投就預購協議訂立補充協 議（「補充協議」）以推遲北京物業驗收交付日 期至2019年12月31日。北京瀋商亦同意豁免 延遲取得許可證導致的賠償金。與此同時， 北京中投須自簽署補充協議後3個月內向北京 瀋商退還預付款項人民幣30,000,000元。北 京瀋商將於取得有關北京物業之商品房預售 許可證後結清該筆款項。

所持重大投資

除本公告所披露者外，本集團於2017年財政 年度並無持有任何重大投資。

擴大股本

於2017年1月，本公司收到中國證監會日期為 2017年1月11日的正式批文（「正式批文」）， 本公司獲准根據 2016 一般授權配售不超過 121,075,200股新H股（「配售」）。正式批文已 經失效。

– 29 –

OTHER INFORMATION

Code of Corporate Governance

The Company has complied with the applicable code of provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules throughout for the 2017 Financial Year, except the following:

Code provision A.1.8 of the CG Code requires that the Company should arrange appropriate insurance cover in respect of legal action against its directors. The Company did not arrange such insurance cover during the Period as Directors considered that the risk of material legal claims against Directors is minimal. Nevertheless, the Board will review this arrangement from time to time in light of the prevailing circumstances and arrange for appropriate insurance coverage when necessary.

Model Code for Securities Transactions by Directors

The Company has adopted the Model Code for Securities Transactions (the “Model Code”) by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules as the code for dealing in securities of the Company by the directors. Having made enquiry of all the directors of the Company, the Company confirms that all the directors of the Company have complied with the required standard set out in the Model Code for the 2017 Financial Year.

Purchase, Sale or Redemption of Listed Securities of the Company

Neither the Company, nor any of its subsidiaries has purchased, redeemed or sold any of the listed securities of the Company during the 2017 Financial Year.

Review of Annual Results Announcements

The Audit Committee has reviewed with the management the accounting principles, accounting standards and practice adopted by the Company and discussed the matters concerning the financial reporting, including the review of the financial statements of the Group for the 2017 Financial Year.

Final Dividend

The Board does not recommend the payment of final dividends for the 2017 Financial Year.

Publication of the Annual Report

The Company’s annual report for the 2017 Financial Year will be dispatched to the Shareholders and published on the websites of the Stock Exchange and the Company in due course.

其他資料

企業管治守則

於2017年財政年度，本公司一直遵守載於上 市規則附錄14之企業管治守則之適用守則條 文，惟以下除外：

企管守則之守則條文A.1.8規定，本公司應就 對其董事之法律行動投購合適之保險覆蓋。 由於董事認為對董事提出重大法律索償之風 險不大，故本期本公司並無投購有關保險覆 蓋。然而，董事會將視乎當前狀況不時檢討 此安排，並於有需要時投購合適之保險覆蓋。

董事進行證券交易之標準守則

本公司已採納載於上市規則附錄10之上市發 行人之董事進行證券交易之標準守則（「標準 守則」），作為本公司董事買賣證券之守則。 經向本公司全體董事作出查詢後，本公司確 認所有董事於2017年財政年度已遵守載於標 準守則之規定標準。

購買、銷售或贖回本公司上市證券

於2017年財政年度內，本公司及其附屬公司 概無購買、贖回或銷售本公司任何上市證券。

審閱全年業績公告

審核委員會已與管理層審閱本公司所採納之 會計原則、會計準則及慣例，並討論財務報 告等事宜，包括審閱本集團於2017年財政年 度之財務報表。

末期股息

董事會不建議就2017年財政年度派發末期股 息。

刊發年報

本公司於2017年財政年度的年報將於稍後寄 發予股東並刊登於聯交所及本公司的網站。

– 30 –

GLOSSARY

專用詞彙

In this announcement (other than the Financial Statements), unless the context otherwise requires, the following expressions shall have the following respective meanings.

於本公告（財務報表除外），除文義另有所指 外，以下詞彙具有以下涵義。

“2016 Corresponding Period” for the year ended 31 December 2016 「2016年同期」 截至2016年12月31日止年度 “2017 Financial Year” for the year ended 31 December 2017 「2017年財政年度」 截至2017年12月31日止年度 “Beijing Shen Shang” Beijing Shen Shang Investment & Consulting Company Limited, a wholly owned subsidiary of the Company 「北京瀋商」 北京瀋商投資諮詢有限公司，本公司全資附屬公司 “Beijing Zhong Tou” Beijing Zhong Tou Chuang Zhan Property Limited 「北京中投」 北京中投創展置業有限公司 “BGA China” BGA China Technology Company Limited 「神農中華」 神農中華科技有限公司 “Board” the board of Directors 「董事會」 董事會 “Company” Shenyang Public Utility Holdings Company Limited 「本公司」 瀋陽公用發展股份有限公司 “Cheng He Chuang Jian” Shenzhen Cheng He Chuang Jian Investment and Development Company Limited*, a wholly-owned subsidiary of the Company 「城合創建」 深圳市城合創建投資發展有限公司，本公司全資附屬公司 “Chung Hwa Finance” Chung Hwa Finance Limited (formerly known as Newpont Finance Limited), a licensed money lender in Hong Kong under the Money Lenders Ordinance 「中華信貸」 中華信貸有限公司（前稱新邦信貸有限公司），根據《放債人條例》的香港持牌放 債人 “CSRC” China Securities Regulatory Commission 「中國證監會」 中國證券監督管理委員會 “Director(s)” the directors of the Company 「董事」 本公司董事 “Domestic Shares” domestic shares with a nominal value of RMB1 each in the share capital of the Company which are subscribed for in RMB 「內資股」 本公司股本中每股面值人民幣1元的內資股，以人民幣認購

– 31 –

“General Mandate 2016” the general mandate granted to the Directors by the Shareholders at the annual general meeting of the Company held on 15 June 2016, pursuant to which the Directors are authorised to allot, issue and deal with each of the H-Shares and Domestic Shares with an aggregate nominal amount of up to but not exceeding 20% of the then aggregate nominal amount of H-Shares and Domestic Shares, respectively

	general meeting of the Company held on 15 June 2016, pursuant to which the Directors are authorised to allot, issue and deal with each of the H-Shares and Domestic Shares with an aggregate nominal amount of up to but not exceeding 20% of the then aggregate nominal amount of H-Shares and Domestic Shares, respectively
「2016一般授權」	於本公司2016年6月15日舉行的股東週年大會上獲股東授予董事的一般授權，
	據此，董事獲授權配發、發行及處理總面值最高但不超過H股及內資股當時總
	面值20%的H股及內資股
“Group”	the Company and its subsidiaries
「本集團」	本公司及其附屬公司
“Hai Yue Real Estate”	Guangzhou Hai Yue Real Estate Development Company Limited*
「海粵房地產」	廣州海粵房地產發展有限公司
“Hong Kong”	the Hong Kong Special Administrative Region of the People’s Republic of China
「香港」	中華人民共和國香港特別行政區
“H-Shares”	overseas listed foreign ordinary share(s) of the Company with a nominal value of
	RMB1 each, all of which are listed on the main board of the Stock Exchange and
	subscribed for and traded in Hong Kong dollars
「H股」	本公司股本中每股面值人民幣1元之境外上市外資普通股，全部均在聯交所主板
	上市及以港元認購及買賣
“Independent Third Party(ies)”	the independent third party(ies) who is/are, to the best of the Directors’
	knowledge, information and belief having made all reasonable enquiry,
	independent of the Company and its connected persons (as defined under the
	Listing Rules)
「獨立第三方」	於作出一切合理查詢後，就董事深知、得悉及確信，獨立於本公司及其關連人
	士（定義見上市規則）的獨立第三方
“Ju Sheng Chuang Jian”	Shenzhen Ju Sheng Chuang Jian Investment and Development Limited*, a
	wholly-owned subsidiary of the Company
「聚晟創建」	深圳市聚晟創建投資發展有限公司，本公司全資附屬公司
“Kingma Overseas”	Kingma Overseas Investment Development Corporate Limited, a wholly-owned
	subsidiary of the Company
「金馬海外」	金馬海外投資發展有限公司，本公司全資附屬公司
“Listing Rules”	the Rules Governing the Listing of Securities on the Stock Exchange
「上市規則」	聯交所證券上市規則
“Model Code”	Model Code for Securities Transactions by Directors of Listed Issuers
「標準守則」	上市發行人董事進行證券交易的標準守則
“National Asia”	Shenzhen National Asia Fund Management Limited, a wholly-owned subsidiary
	of the Company
「國民亞洲」	深圳市國民亞洲基金管理有限公司，本公司全資附屬公司
“PRC”	the People’s Republic of China
「中國」	中華人民共和國

– 32 –

“RMB” Renminbi, the lawful currency of the PRC 「人民幣」 中國法定貨幣人民幣 “Share” H-Share(s) and Domestic Share(s) 「股份」 H股及內資股 “Shareholders” holders of the H-Shares and Domestic Shares 「股東」 H股及內資股持有人 “Shenhe Chuangli” Shenzhen Shenhe Chuangli Investment Development Company Limited, a wholly-owned subsidiary of the Company 「深合創立」 深圳市深合創立投資發展有限公司，本公司全資附屬公司 “Shenzhen Galaxy Real Estate” Shenzhen Galaxy Real Estate Development Company Limited 「星河地產」 深圳市星河房地產開發有限公司 “Shenzhen Hui Ye Micro Lending” Shenzhen Hui Ye Micro Lending Company Limited 「深圳匯業小額貸款」 深圳市匯業小額貸款有限公司 “Shenzhen Shen He” Shenzhen Shen He Chuang Jian Investment Development Company Limited, a wholly-owned subsidiary of the Company 「深圳沈和」 深圳市沈和創建投資發展有限公司，本公司全資附屬公司 “Shenzhen Shenxi” Shenzhen Shenxi Investment & Development Company Limited, a wholly owned subsidiary of the Company 「深圳沈璽」 深圳市沈璽投資發展有限公司，本公司全資附屬公司 “Shenzhen Tong He” Shenzhen Tong He Chuangjian Investment Development Company Limited, a wholly-owned subsidiary of the Company 「深圳同合」 深圳市同合創建投資發展有限公司，本公司全資附屬公司 “Shenzhen Xingma Hongyun” Shenzhen Xingma Hongyun Real Estate Development Co., Ltd, a joint venture established by Shenzhen Tong He and Shenzhen Galaxy Real Estate 「深圳星馬鴻運」 深圳市星馬鴻運房地產開發有限公司，由深圳同合及深圳星河房地產成立的合 營企業 “Stock Exchange” The Stock Exchange of Hong Kong Limited 「聯交所」 香港聯合交易所有限公司 “Tai He Chuang Jian” Shenzhen Tai He Chuang Jian Investment Development Company Limited, a wholly-owned subsidiary of the Company 「泰合創建」 深圳泰合創建投資發展有限責任公司，本公司全資附屬公司 “Zhong De Logistics” Shenzhen Zhong De Logistics Company Limited 「眾德物流」 深圳市眾德物流有限公司 “Zhongfang Chaozhou” Zhongfang Chaozhou Investment Development Company Limited, a whollyowned subsidiary of the Company 「中房潮州」 中房潮州投資開發有限公司，本公司全資附屬公司

– 33 –

“Zhongfang Chaozhou Jing Nan Industrial Park Project” 「中房潮州徑南工業園項目」

a infrastructure construction project in Jing Nan Industrial Park, in Chaozhou

位於潮州徑南工業園的基礎設施建設項目

• For identification purpose only * 僅供識別

By order of the board of Shenyang Public Utility Holdings Company Limited Zhang Jing Ming Chairman

承董事會命 瀋陽公用發展股份有限公司 張敬明 董事長

Shanyang, the PRC, 29 March 2018

中國，瀋陽，2018年3月29日

As at the date of this announcement, the executive directors of the Company are Mr. Zhang Jing Ming, Mr. Deng Xiao Gang and Mr. Huang Zhen Kun, the non-executive directors are Mr. Yin Zong Chen and Ms. Li Yu Xiang and the independent nonexecutive directors are Mr. Chan Ming Sun Jonathan, Mr. He Qing Jia and Ms. Gao Hong Hong.

於本公告日期，本公司執行董事為張敬明先 生、鄧曉綱先生及黃鎮坤先生；非執行董事 為尹宗臣先生及李玉香女士；及獨立非執行 董事為陳銘燊先生、何慶佳先生及高紅紅女 士。

– 34 –