CMON Limited — Annual Report 2020

Apr 1, 2021

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。

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 AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 截至2020年12月31日止年度 經審計全年業績公告

FINANCIAL HIGHLIGHTS

財務業績摘要

The revenue for the 2020 Financial Year was approximately RMB7,008,000, a decrease of 68.18% as compared with the 2019 Corresponding Period of RMB22,023,000.

2020年財政年度的收益約為人民幣7,008,000 元，較2019年同期人民幣22,023,000元減少 68.18%。

Loss after tax for the 2020 Financial Year amounted to approximately RMB48,278,000 as compared with the loss after tax of approximately RMB94,440,000 for the 2019 Corresponding Period.

2020 年財政年度除稅後虧損約為人民幣 48,278,000元，而2019年同期除稅後虧損約 為人民幣94,440,000元。

Basic loss per share for the 2020 Financial Year was RMB2.70 cents (2019 Corresponding Period: basic loss per share RMB6.06 cents).

2020年財政年度每股基本虧損為人民幣2.70 分（2019年同期：每股基本虧損為人民幣6.06 分）。

The Board does not recommend the payment of a final dividend for the 2020 Financial Year (2019 Corresponding Period: Nil).

董事會建議不派付2020年財政年度之末期股 息（2019年同期：無）。

– 1 –

ANNUAL RESULTS

全年業績

The auditor of the Group (the “ Auditor ”), Asian Alliance (HK) CPA Limited, has completed the audit process of the Group’s consolidated financial statements for the year ended 31 December 2020. The Board hereby announces the audited consolidated results of the Group for the year ended 31 December 2020 as follows:

本集團之核數師（「核數師」）華融(香港)會計師事 務所有限公司已完成本集團截至2020年12月31 日止年度的綜合財務報表審核程序。董事會謹 此公佈本集團截至2020年12月31日止年度之經 審核綜合業績如下：

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2020

綜合損益表

截至2020年12月31日止年度

Notes 附註 Continuing operations 持續經營 Revenue 收益 3 Contracts with customers 客戶合約 Leases 租賃 Total revenue 總收益 Cost of sales 銷售成本 Gross profit 毛利 Other income 其他收入 5 Impairment losses under expected credit loss model, net of reversal 預期信貸虧損模型下的減值 虧損，扣除撥回 7 Impairment loss recognised in respect of property, plant and equipment 物業、廠房及設備之 已確認減值虧損 Loss from changes in fair value of investment properties 投資物業的公允價值變動 的虧損 Gain on disposal of subsidiaries, net 出售附屬公司收益淨額 Exchange gain, net 匯兌收益淨額 Depreciation 折舊 Staff costs 員工成本 Other operating expenses 其他經營開支 Share of loss of associates 分佔聯營公司虧損 Finance cost 融資成本 6 Loss before tax 除稅前虧損 Income tax expense 所得稅開支 8 Loss for the year from continuing operations 持續經營年內虧損 Discontinued operations 已終止經營 Loss for the year from discontinued operations 已終止經營年內虧損 9 Loss for the year 年內虧損 10

2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (Restated) （經重列） 6,624 21,893 384 130 7,008 22,023 (6,666) (21,127) 342 896 3,006 1,316 (10,504) (71,111) (36,380) – (428) (730) 15,554 1,072 1,993 90 (1,629) (1,779) (4,486) (4,497) (5,319) (7,277) – (8,548) (31) (53) (37,882) (90,621) (96) (90) (37,978) (90,711) (10,300) (3,729) (48,278) (94,440)

– 2 –

Notes 附註 Loss attributable to owners of the Company: 歸屬於本公司擁有人的虧損： – from continuing operations －持續經營 – from discontinued operations －已終止經營 Loss for the year attributable to owners of the Company 本公司擁有人應佔年內虧損 Loss attributable to non-controlling interests: 歸屬於非控股權益的虧損： – from continuing operations －持續經營 – from discontinued operations －已終止經營 Loss for the year attributable to non-controlling interests 非控股權益應佔年內虧損 Loss per share 每股虧損 11 From continuing and discontinued operations 持續和已終止經營 – Basic (RMB cents) －基本（人民幣分） – Diluted (RMB cents) －攤薄（人民幣分） From continuing operations 持續經營 – Basic (RMB cents) －基本（人民幣分） – Diluted (RMB cents) －攤薄（人民幣分）

2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (Restated) （經重列） (34,016) (85,600) (5,665) (3,449) (39,681) (89,049) (3,962) (2,571) (4,635) (2,820) (8,597) (5,391) (48,278) (94,440) (Restated) （經重列） (2.70) (6.06) N/A不適用 N/A不適用 (2.31) (5.83) N/A不適用 N/A不適用

– 3 –

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2020

綜合損益及其他全面收益表

截至2020年12月31日止年度

Loss for the year 年內虧損 Other comprehensive income (expense) 其他全面收入（開支） Items that will not be reclassified to profit or loss: 不會重新分類至損益之項目： Fair value gain (loss) on investments in equity instruments at fair value through other comprehensive income 按公允價值計入其他全面收入 的股本工具投資的 公允價值收益（虧損） 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 Other comprehensive expense for the year, net of income tax 年內其他全面開支， 扣除所得稅 Total comprehensive expense for the year 年內全面開支總額 Total comprehensive expense attributable to: 全面開支總額歸屬於： – Owners of the Company －本公司擁有人 – Non-controlling interests －非控股權益 Total comprehensive expense attributable to owners of the Company: 本公司擁有人應佔全面開支總額： – from continuing operations －持續經營 – from discontinued operations －已終止經營	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (48,278) (94,440)
	52 (57,188) (2,321) 790
	(2,269) (56,398)
	(50,547) (150,838)
	(40,889) (145,811) (9,658) (5,027)
	(50,547) (150,838)
	(33,927) (142,810) (6,962) (3,001)
	(40,889) (145,811)

– 4 –

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2020

綜合財務狀況表

於2020年12月31日

Notes 附註 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、廠房及設備 Right-of-use assets 使用權資產 Investment properties 投資物業 Equity instruments at fair value through other comprehensive income (“FVTOCI”) 按公允價值計入其他全面收入（「按公允價 值計入其他全面收入」）的股本工具 Deposits paid 所支付的訂金 Deferred tax assets 遞延稅項資產 CURRENT ASSETS 流動資產 Contract costs 合約成本 Loan and interest receivables 應收貸款及利息 13 Deposits and other receivables 訂金及其他應收款 Restricted bank balances 受限制銀行結餘 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 9 CURRENT LIABILITIES 流動負債 Trade payables 應付賬款 14 Contract liabilities 合同負債 Other payables and accruals 其他應付款及應計費用 Lease liabilities – current portion 租賃負債－流動部分 Amount due to a non-controlling interest 應付一名非控股股東款項 Amount due to a shareholder 應付一名股東款項 Deposits received 已收訂金 Tax liabilities 稅項負債 Liabilities associated with assets classified as held for sale 分類為持作銷售與資產相關的負債 9 NET CURRENT ASSETS 流動資產淨值 TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動負債 NON-CURRENT LIABILITY 非流動負債 Lease liabilities – non-current portion 租賃負債－非流動部分 NET ASSETS 資產淨值 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	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 12,307 49,411 15,103 15,834 157,300 19,400 34,883 52,743 294,100 313,100 31 839
	513,724 451,327
	131,761 128,124 – 14,339 164,169 74,998 75,826 80,542 2,343 7,627
	374,099 305,630 10,307 239,454
	384,406 545,084
	65,797 67,231 54,926 61,749 86,339 22,926 676 754 – 2,625 2,153 5,219 – 20,000 1,532 1,605
	211,423 182,109 1,978 6,525
	213,401 188,634
	171,005 356,450
	684,729 807,777
	– 264
	684,729 807,513
	1,469,376 1,469,376 (791,340) (750,451)
	678,036 718,925 6,693 88,588
	684,729 807,513

– 5 –

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2020

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 addresses of the principal place of business of the Company in PRC is Room 2-12-5, Block B, Diwang Club Apartment, No. 19 Wenyi Road, Shenhe District, Shenyang, the PRC.

The address of the registered office of the Company in PRC is No. 1-4, 20A, Central Street, Shenyang Economic and Technological Development Zone, the PRC.

The address of the principal place of business in Hong Kong is 8/F, Skyway Centre, 23 Queen’s Road West, Sheung Wan, Hong Kong.

The Company is an investment holding company and the principal activities of its subsidiaries are set out in the consolidated financial statements. The Group was also engaged in credit business and securities investments which were discontinued in current year (Note 9).

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 ”) with effect from 16 December 1999.

綜合財務報表附註

截至2020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。

本公司於中國的主要營業地點之地址位於中國 瀋陽市沈河區文藝路19號地王俱樂部公寓B座 2-12-5室。

本公司於中國的註冊辦事處之地址位於中國瀋 陽經濟技術開發區中央大街20甲1–4號。

於香港主要營業地點之地址位於香港上環皇后 大道西23號天威中心8樓。

本公司為投資控股公司，其附屬公司主要業務 載於綜合財務報表。本集團亦從事信貸業務及 證券投資，於本年度已終止（附註9）。

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股自1999年12月16日起在香港聯合 交易所有限公司（「聯交所」）上市。

– 6 –

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

Amendments to HKFRSs that are mandatorily effective for the current year

In the current year, the Group has applied the Amendments to References to the Conceptual Framework in HKFRS Standards and the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements:

Amendments to Hong Kong Accounting Definition of Material Standards (“ HKAS ”) 1 and HKAS 8 Amendments to HKFRS 3 Definition of a Business Amendments to HKFRS 9, HKAS 39 and Interest Rate Benchmark HKFRS 7 Reform

In addition, the Group has early applied the Amendment to HKFRS 16 COVID19-Related Rent Concessions .

Except as described below, the application of the Amendments to References to the Conceptual Framework in HKFRS Standards and the amendments to HKFRSs in the current year had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

2.1 Impacts on application of Amendments to HKAS 1 and HKAS 8 Definition of Material

The Group has applied the Amendments to HKAS 1 and HKAS 8 for the first time in the current year. The amendments provide a new definition of material that states “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments also clarify that materiality depends on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements taken as a whole.

The application of the amendments in the current year had no impact on the consolidated financial statements.

2.2 Impacts on application of Amendments to HKFRS 3 Definition of a Business

The Group has applied the amendments for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.

The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired.

2. 採用經修訂的香港財務報告準則（「香港財務報 告準則」）

於本年度強制生效的經修訂香港財務報告準則

於本年度，本集團已就編製綜合財務報表，首 次應用香港財務報告準則中對概念框架參考修 訂及以下於2020年1月1日或之後開始之年度期 間強制生效的由香港會計師公會（「香港會計師 公會」）頒佈的經修訂香港財務報告準則：

香港會計準則（「香港會計準 重大的定義 則」）第1號及香港會計準則 第8號（修訂本） 香港財務報告準則第3號 業務的定義 （修訂本） 香港財務報告準則第9號、 利率基準改革 香港會計準則第39號及香港 財務報告準則第7號（修訂本）

此外，本集團已提早應用香港財務報告準則 第16號（修訂本）「2019冠狀病毒病相關租金寬 減」。

除下文說明者外，於本年度應用香港財務報告 準則中對概念框架參考修訂及經修訂香港財務 報告準則對本集團於本年度及過往年度的財務 狀況及表現及╱或該等綜合財務報表所載的披 露並無重大影響。

2.1 應用香港會計準則第 1 號及香港會計準則 第 8 號（修訂本）「重大的定義」的影響

本集團已於本年度首次應用香港會計 準則第1號及香港會計準則第8號（修訂 本）。該等修訂為「重大」提供新的定義， 列明「倘遺漏、錯誤陳述或隱瞞資料可以 合理預期會影響一般用途財務報表的主 要使用者根據該等財務報表（提供特定報 告實體之財務資料）作出之決策，則該資 料屬重大」。該等修訂亦釐清，重大性取 決於資料的性質或重要性大小，在整體 財務報表內以單獨或與其他資料結合考 慮。

本年度應用等修訂對綜合財務報表並無 影響。

2.2 應用香港財務報告準則第 3 號（修訂本） 「業務的定義」的影響

本集團已於本年度首次應用該等修訂 本。該等修訂釐清，雖然業務通常具有 產出，但對於一組整合的活動及資產而 言，產出非屬符合業務定義之要件。如 果要構成業務，所收購的一組活動及資 產必須至少包括一項投入和一項實質性 過程，二者可以共同顯著促進創造產出 的能力。

該等修訂刪除了對市場參與者是否有能 力替換缺失的投入或過程並繼續創造產 出的評估。該等修訂還為評估所取得的 過程是否為實質性過程提供了額外指引。

– 7 –

In addition, the amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. The election on whether to apply the optional concentration test is available on transaction-by-transaction basis.

The Group has elected to apply the optional concentration test on the acquisition of certain target companies and concluded that such acquisition does not constitute a business.

2.3 Impacts on early application of Amendment to HKFRS 16 Covid19-Related Rent Concessions

The Group has applied the amendment for the first time in the current year. The amendment introduces a new practical expedient for lessees to elect not to assess whether a Covid-19-related rent concession is a lease modification. The practical expedient only applies to rent concessions occurring as a direct consequence of the Covid-19 that meets all of the following conditions:

• the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;

• any reduction in lease payments affects only payments originally due on or before 30 June 2021; and

• there is no substantive change to other terms and conditions of the lease.

A lessee applying the practical expedient accounts for changes in lease payments resulting from rent concessions the same way it would account for the changes applying HKFRS 16 Leases if the changes were not a lease modification. Forgiveness or waiver of lease payments are accounted for as variable lease payments. The related lease liabilities are adjusted to reflect the amounts forgiven or waived with a corresponding adjustment recognised in the profit or loss in the period in which the event occurs.

The application of the amendment had no impact to the opening accumulated losses at 1 January 2020. The Group has benefited from 7 to 9 months concession of lease payments on several leases in the PRC and Hong Kong. The Group has derecognised the part of lease liability that has been extinguished by the forgiveness of lease payments using the discount rates originally applied to these leases respectively, resulting in a decrease in the lease liabilities of RMB145,000, which has been recognised as variable lease payments in profit or loss for the current year.

此外，該等修訂引入了選擇性集中度測 試，簡化所收購的一組活動及資產是否 不屬於業務的評估。根據選擇性集中度 測試，如所收購總資產之公允價值基本 上都集中於單一可識別資產或一組相似 的可識別資產中，則所收購的一組活動 及資產不構成業務。評估總資產不包括 現金及現金等值項目、遞延稅項資產以 及由遞延稅項負債的影響所產生的商 譽。是否應用選擇性集中度測試，可按 逐筆交易進行選擇。

本集團已選擇就收購若干目標公司應用 選擇性集中度測試，並總結該收購並不 構成業務。

• 2.3 提早應用香港財務報告準則第 16 號（修訂 本）「 2019 冠狀病毒病相關租金寬減」的 影響

本集團已於本年度首次應用該等修訂 本。該等修訂引入新的可行權宜方法， 承租人可選擇不評估2019冠狀病毒病相 關租金寬減是否屬租賃修改。該可行權 宜方法僅適用於因2019冠狀病毒病直接 產生之租金寬減，且須符合下列所有條 件：

• 租賃付款變動導致經修訂租賃代 價與緊接變動前的租賃代價大致 相同或低於該代價；

• 任何租賃付款減少僅影響原到期 日為2021年6月30日或之前的付 款；及

• 其他租賃條款及條件並無實質變 動。

應用可行權宜方法將租賃寬減導致的租 賃付款變動列賬的承租人將以同一方式 將應用香港財務報告準則第16號「租賃」 的變動入賬（倘變動並非租賃修改）。租 賃付款的寬免或豁免按可變租賃付款列 賬。相關租賃負債經調整以反映寬免或 豁免的金額，並於該事件發生的期內在 損益中確認相應調整。

應用該等修訂對於2020年1月1日之期初 累積虧損並無影響。本集團受惠於中國 及香港若干租賃的7至9個月租賃付款寬 減。本集團已終止確認因寬免租賃付款 （分別採用該等租賃最初適用的貼現率） 而消除的部分租賃負債，導致租賃負債 減少人民幣145,000元，並已於本年度的 損益內確認為可變租賃付款。

– 8 –

New and amendments to HKFRSs in issue but not yet effective

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

HKFRS 17 Insurance Contracts and the related Amendments[1] Amendment to HKFRS 16 COVID-19-Related Rent Concessions[4] Amendments to HKFRS 3 Reference to the Conceptual Framework[2] Amendments to HKFRS 9, HKAS 39, Interest Rate Benchmark Reform – Phase 2[5] HKFRS 7, HKFRS 4 and HKFRS 16 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture[3] Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020)[1] Amendments to HKAS 16 Property, Plant and Equipment – Proceeds before Intended Use[2] Amendments to HKAS 37 Onerous Contracts – Cost of Fulfilling a Contract[2] Amendments to HKFRSs Annual Improvements to HKFRSs 2018-2020[2] Hong Kong Accounting Guideline 5 Merger Accounting for Common Control Combinations[2] (Revised)

• 1 Effective for annual periods beginning on or after 1 January 2023.

• 2 Effective for annual periods beginning on or after 1 January 2022.

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

• 4 Effective for annual periods beginning on or after 1 June 2020.

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

Except for the new and amendments to HKFRSs 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 will have no material impact on the consolidated financial statements in the foreseeable future.

已頒佈但尚未生效的新頒佈及經修訂香港財務 報告準則

本集團尚未提早應用以下已頒佈但尚未生效的 新頒佈及經修訂香港財務報告準則：

香港財務報告準則第17號	保險合約及相關修訂1
香港財務報告準則第16號（修訂本）	2019冠狀病毒病相關租金寬減4
香港財務報告準則第3號（修訂本）	概念框架參考2
香港財務報告準則第9號、香港會計準則	利率基準改革－第2階段5
第39號、香港財務報告準則第7號、
香港財務報告準則第4號及
香港財務報告準則第16號（修訂本）
香港財務報告準則第10號及	投資者與其聯營公司或合營企業之
香港會計準則第28號（修訂本）	間的資產出售或注資3
香港會計準則第1號（修訂本）	將負債分類為流動或非流動及
	對香港詮釋第5號的相關修訂
	（2020年）1
香港會計準則第16號（修訂本）	物業、廠房及設備－作擬定用途前
	之所得款項2
香港會計準則第37號（修訂本）	虧損性合約－履行合約的成本2
香港財務報告準則修訂本	香港財務報告準則2018-2020年的
	年度改進2
香港會計指引第5號（經修訂）	共同控制合併之合併會計處理2

• 1 於2023年1月1日或之後開始的年度期間 生效。

• 2 於2022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2020年6月1日或之後開始的年度期間 生效。

• 5 於2021年1月1日或之後開始的年度期間 生效。

除綜合財務報表提述的新頒佈及經修訂香港財 務報告準則外，本公司董事（「董事」）預計，應 用所有其他新頒佈及經修訂香港財務報告準則 於可見將來不會對綜合財務報表有任何重大影 響。

– 9 –

3. REVENUE

An analysis of the Group’s revenue from continuing operations for the years is as follows:

3. 收益

該等年內本集團之持續經營收益分析如下：

Continuing operations 持續經營業務 Revenue from contracts with customer 客戶合約收益 Type of services 服務類別 Construction of infrastructure and development of properties: 基礎設施建設及 物業發展 Slope stabilisation works 斜坡鞏固工程 Construction of land 土地建設 Leases 租賃 Total revenue 總收益	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (Restated) （經重列） – 21,893 6,624 – 6,624 21,893 384 130 7,008 22,023

– 10 –

4. OPERATING SEGMENTS

4. 經營分部

Information reported to the board of directors of the Company (the “ Board ”), being the chief operating decision maker (the “ CODM ”), for the purposes of resource allocation and assessment of segment performance focus 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.

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

就資源分配及分部表現評估而言，向本公司董 事會（「董事會」）（即主要經營決策者（「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。於達致本集團可報告分部時， 並無併入獲主要經營決策者所識別的經營分部。

具體而言，本集團根據香港財務報告準則第8號 的報告分部如下：

• Construction of infrastructure and development of properties

• Property investment

Operating segments regarding credit business and securities investment were discontinued in the current year. The segment information reported on the next pages does not include any amounts for these operations, which are described in more details in Note 9.

• － 基礎設施建設及物業發展

• 物業投資

• －

有關信貸業務及證券投資的經營分部已於本年 度終止。下頁報告的分部資料不計入該等業務 的任何金額（詳見附注9）。

Segment revenues and results

The following is an analysis of the Group’s revenue and results from continuing operations by reportable segments:

分部收益及業績

以下為本集團按可報告分部劃分的持續經營收 益及業績分析：

For the year ended 31 December

截至 12 月 31 日止年度

Continuing operations 持續經營業務 Construction of infrastructure and development of properties 基礎設施建設及 物業發展 Property investment 物業投資 Total 總計 Share of loss of associates 分佔聯營公司虧損 Impairment losses under expected credit loss model, net of reversal 預期信貸虧損模型下的 減值虧損，扣除撥回 Other income 其他收入 Exchange gain, net 匯兌收益淨額 Gain on disposal of subsidiaries, net 出售附屬公司收益淨額 Depreciation of property, plant and equipment 物業、廠房及 設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Impairment loss recognised in respect of property, plant and equipment 物業、廠房及設備之 已確認減值虧損 Staff costs 員工成本 Other operating expenses 其他經營開支 Finance cost 融資成本 Loss before tax from continuing operations 持續經營業務之 除稅前虧損	Segment revenue Segment results 分部收益 分部業績 2020 2019 2020 2019 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 (Restated) (Restated) （經重列） （經重列） 6,624 21,893 (42) 766 384 130 (44) (600) 7,008 22,023 (86) 166 – (8,548) (10,504) (71,111) 3,006 1,316 1,993 90 15,554 1,072 (196) (259) (1,433) (1,520) (36,380) – (4,486) (4,497) (5,319) (7,277) (31) (53) (37,882) (90,621)
	7,008 22,023

– 11 –

5. OTHER INCOME

5. 其他收入

Continuing operations 持續經營業務 Bank interest income 銀行利息收入 Loan interest income 貸款利息收入 Dividends from equity instruments at FVTOCI relating to investments held at the end of the reporting period 與報告期末所持投資相關並 按公允價值計入其他全面收入 的股本工具的股息 Covid-19 – related rent concessions 2019冠狀病毒病相關租金寬減 Government grants_(Note) 政府補助金（附註） Sundry income 雜項收入 _Note: 附註：	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (Restated) （經重列） 10 101 819 1,053 1,934 – 145 – 91 – 7 162 3,006 1,316

Note:	附註：
During the current year, the Group recognised government grants of	於本年度，本集團就2019冠狀病毒相關補貼確
appropriately RMB91,000 in respect of Covid-19-related subsidies, which	認政府補助金人民幣91,000元，其與香港政府
relates to Employment Support Scheme provided by the Hong Kong	提供的「保就業」計劃有關。
government.

6. FINANCE COST

6. 融資成本

		2020	2019
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Continuing operations	持續經營業務
Interest on lease liabilities	租賃負債利息	31	53

– 12 –

7. IMPAIRMENT LOSSES UNDER EXPECTED CREDIT LOSS MODEL, NET OF 7. 預期信貸虧損模式下的減值虧損，扣除撥回 REVERSAL

				2020	2019
				RMB’000	RMB’000
				人民幣千元	人民幣千元
					(Restated)
					（經重列）
	Continuing operations	持續經營業務
	Impairment losses recognised on:	於以下項目確認減值虧損：
	– other receivables	－其他應收款		10,504	71,111
8.	INCOME TAX EXPENSE	8.	所得稅開支
				2020	2019
				RMB’000	RMB’000
				人民幣千元	人民幣千元
					(Restated)
					（經重列）
	Continuing operations	持續經營業務
	Current tax:	即期稅項：
	– PRC Enterprise Income Tax	－中國企業所得稅		96	90

On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “ Bill ”) which introduces the twotiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

於2018年3月21日，香港立法會通過2017年 稅務（修訂）（第7號）條例草案（「該草案」），引 入兩級制利得稅率制度。該草案於2018年3月 28日簽署成為法律，並於翌日刊登憲報。根 據兩級制利得稅率制度，合資格集團實體的首 2,000,000港元的溢利將按8.25%的稅率徵稅， 而超過2,000,000港元的溢利將按16.5%的稅率 徵稅。不符合兩級制利得稅率制度的集團實體 溢利將繼續按16.5%的統一稅率徵稅。

During the year ended 31 December 2020 and 31 December 2019, the Directors considered the amount involved upon implementation of the twotiered profits tax rates regime is insignificant to the consolidated financial statements. Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits for the year ended 31 December 2020. No provision for taxation in Hong Kong has been made as the Group did not generated any assessable profits arising in Hong Kong.

於截至2020年12月31日和2019年12月31日止 年度，董事認為，於實施利得稅兩級制後涉及 的金額就綜合財務報表而言微不足道。香港利 得稅按截至2020年12月31日止年度估計應課稅 溢利16.5%計稅。由於本集團並無於香港產生 任何應課稅溢利，並無對香港稅項作出撥備。

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

根據中國企業所得稅法（「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%。

Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.

其他司法權區產生的稅項按相關司法權區現行 的稅率計算。

– 13 –

9. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD FOR SALE

9.

已終止經營業務╱持作銷售的出售組別

The loss for the year from discontinued operations is set out below:

來自已終止經營業務之年內虧損載列如下：

			2020	2019
		Notes	RMB’000	RMB’000
		附註	人民幣千元	人民幣千元
Loss for the year from:	年內虧損來自：
Credit business	信貸業務	(a)	(10,300)	(3,729)
Securities investment	證券投資	(b)	–	–
			(10,300)	(3,729)
Assets classified as held for sale is set out below:		分類為持作銷售的資產載列如下：
			2020	2019
		Notes	RMB’000	RMB’000
		附註	人民幣千元	人民幣千元
Assets classified as held for sale related to:	分類為持作銷售的資產與
	下列各項相關：
Disposal of Shenzhen Shen Wu	出售深圳市沈物投資發展	(a)
Investment & Development Company	有限公司（「深圳沈物」）
Limited (“Shenzhen Shen Wu”)			10,307	–
Disposal of Shenzhen He Hui Huang	出售深圳市合輝煌發展	(c)
Development Company Limited	有限公司（「合輝煌發展」）
(“SHHH Development”)			–	239,454
			10,307	239,454
Liabilities associated with assets classified as held for sale is set out below:		與分類為持作銷售資產相關的負債載列如下：
			2020	2019
		Notes	RMB’000	RMB’000
		附註	人民幣千元	人民幣千元
Liabilities associated with assets classified	與分類為持作銷售資產相關的負債
as held for sale related to:	與下列各項相關：
Disposal of Shenzhen Shen Wu	出售深圳沈物	(a)	1,978	–
Disposal of SHHH Development	出售合輝煌發展	(c)	–	6,525
			1,978	6,525
Notes:		附註：

(a) Disposal of Shenzhen Shen Wu

During the year ended 31 December 2020, the Directors resolved to cease all the Group’s credit business. On 31 December 2020, the Company entered into a disposal agreement with an independent third party (the “ Purchaser I ”), pursuant to which the Company sell the entire equity interest of Shenzhen Shen Wu and its subsidiaries, which include Chung Hwa Finance Limited (“ Chung Hwa Finance ”), at a consideration of approximately RMB5,000,000. Chung Hwa Finance carried out all of the Group’s credit business. The assets and liabilities attributable to the credit business, which are expected to be sold within twelve months, have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position (see below). The net carrying amount of the relevant assets and liabilities are not expected to exceed the net proceeds of disposal and accordingly, no impairment loss has been recognised.

(a) 出售深圳沈物

截至2020年12月31日止年度，董事通 過決議停止本集團的所有信貸業務。於 2020年12月31日，本公司與獨立第三方 （「買方 I 」）訂立出售協議，據此，本公司 出售深圳沈物及其子公司（包括中華信 貸有限公司（「中華信貸」））全部股權， 代價約為人民幣5,000,000元。中華信貸 開展本公司的所有信貸業務。預計該等 信貸業務應佔的資產及負債將於十二個 月內出售，已分類為持作銷售的出售組 別，並於綜合財務狀況表單獨呈列（見下 文）。預計出售所得款項淨額超出相關資 產及負債的賬面淨值，故並無確認減值 虧損。

– 14 –

來自已終止信貸業務之年內虧損載列如 下。綜合損益表內的比較數字已重列， 以將信貸業務重新呈列為已終止經營業 務。

The loss for the year from the discontinued credit business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the credit business as a discontinued operation.

discontinued operation.		務。
		2020	2019
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Revenue	收益
Interest under effective interest method	實際利率法下的利息	–	4,537
Cost of sales	銷售成本	–	(203)
Impairment losses under expected	預期信貸虧損模型下的減值虧損，
credit loss model, net of reversal	扣除撥回	(10,175)	(6,503)
Depreciation	折舊	–	(11)
Staff costs	員工成本	–	(219)
Other operating expenses	其他經營開支	(35)	(264)
Loss before tax	除稅前虧損	(10,210)	(2,663)
Income tax expense	所得稅開支	(90)	(1,066)
Loss for the year	年內虧損	(10,300)	(3,729)
Loss for the year from discontinued operation	includes the following:	來自已終止經營業務之年內虧損包括下

來自已終止經營業務之年內虧損包括下 列各項：

Director’s remuneration 董事酬金 Other staff cost (excluding directors’ emoluments) 其他員工成本（不包括董事酬金） – 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 Auditor remuneration 核數師薪酬	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 – –
	– 211 – 8
	– 219
	– 219
	17 15

During the year, the credit business contributed net cash inflow of approximately RMB39,000 (2019: outflow of approximately RMB678,000) to the Group’s net operating cash flows, no net cash flow (2019: RMB Nil) in respect of investing activities and net cash outflow of approximately RMB27,000 (2019: net cash inflow of approximately RMB345,000) in respect of financing activities.

年內，信貸業務對本集團的經營現金 流量淨額貢獻現金流入淨額約人民幣 39,000 元（ 2019 年：流出額約人民幣 678,000元），就投資活動而言，無現金 流量（2019年：人民幣零元），就融資活 動而言，現金流出淨額約人民幣27,000 元（ 2019 年：現金流入淨額約人民幣 345,000元）。

– 15 –

The major classes of assets and liabilities of the Shenzhen Shen Wu and its subsidiaries as at 31 December 2020, which have been presented separately in the consolidated statement of financial position, are as follows:

於2020年12月31日，深圳沈物及其子公 司的主要資產及負債類別如下，已在綜 合財務狀況表中分別呈列：

Property, plant and equipment 物業、廠房及設備 Deferred tax assets 遞延稅項資產 Loan and interest receivables 應收貸款及利息 Bank balances and cash 銀行結餘及現金 Other receivables 其他應收款 Tax recoverable 可收回稅項 Total assets associated with assets classified as held for sale 與分類為持作銷售資產關連的資產總額 Other payable 其他應付款 Amount due to a shareholder 應付一名股東款項 Total liabilities associated with assets classified as held for sale 與分類為持作銷售資產關連的負債總額	2020 RMB’000 人民幣千元 512 766 3,317 154 5,329 229
	10,307
	230 1,748
	1,978

Cumulative amount of approximately RMB546,000 relating to the disposal group classified as held for sale has been recognised in other comprehensive income and included in equity.

• (b) Securities investments business

On 24 June 2019, the Company entered into a disposal agreement with an independent third party (the “ Purchaser II ”), pursuant to which the Company sell the entire equity interests of Shenzhen Shen He Chuang Jian Investment Development Company Limited (“ Shenzhen Shen He ”) and its wholly-owned subsidiaries, Shenzhen Shen Shang Chuang Jian Investment Development Company Limited, Sichuang Overseas Investment Development Corporation Limited (“ Sichuang Overseas ”) and Sichuang International Ltd (collectively known as the “ Disposal Group ”) to the Purchase II at a consideration of RMB13,950,000. Sichuang Overseas carried out all of the Group’s securities investments. The disposal was completed on 28 June 2019. Details of the disposal are disclosed in the consolidated financial statements. During the year ended 31 December 2020, the management of the Group decided to cease the business of securities investments.

與分類為持作銷售之出售組合相關的累 計金額約人民幣546,000元已於其他全面 收入確認並計入權益。

(b) 證券投資業務

於2019年6月24日，本公司與獨立第三 方（「買方 II 」）訂立出售協議，據此，本 公司出售深圳市沈和創建投資發展有限 公司（「深圳沈和」）全部股權及其全資 附屬公司深圳市沈商創建投資發展有 限公司、思創海外投資發展有限公司 （「思創海外」）及思創國際有限公司（統 稱「出售組合」）予買方II，代價為人民幣 13,950,000元。思創海外進行本公司的 所有證券投資。該出售事項已於2019年 6月28日完成。出售事項詳情於綜合財務 報表中披露。截至2020年12月31日止年 度，本集團管理層決定停止所有證券投 資業務。

The loss for the year from the discontinued securities investment business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the securities investments as a discontinued operation.

來自已終止證券投資業務之年內虧損載 列如下。綜合損益表內的比較數字已重 列，以將證券投資重新呈列為已終止經 營業務。

Other operating expenses 其他經營開支 Loss before tax and loss for the year 除稅前虧損及年內虧損	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 – –
	– –

There was no cash flows, no assets and liabilities attributable to the securities investments as at 31 December 2020.

於2020年12月31日，並無現金流量、資 產及負債可歸屬於證券投資業務。

– 16 –

(c) Disposal of SHHH Development

On 4 July 2019, Shenzhen Shenxi Investment & Development Company Limited (“ Shenzhen Shenxi ”), an indirect wholly-owned subsidiary of the Company, entered into a disposal agreement with an independent third party (the “ Purchaser III ”), whereby the Purchaser III has conditionally agreed to purchase and Shenzhen Shenxi has conditionally agreed to sell 66.67% equity interests and the shareholder’s loan of SHHH Development (the “ Shareholder’s Loan ”) at the consideration of RMB173,000,000, in which RMB165,000,000 and RMB8,000,000 are for the disposal of 66.67% equity interest of SHHH Development and Shareholder’s Loan respectively. SHHH Development mainly held 30% equity interest in Shenzhen Zhong De Logistics Company Limited (“ Zhong De Logistics ”) which engages in domestic logistics, freight forwarding, warehousing and distribution services. The assets and liabilities attributable to SHHH Development, which is expected to be sold within twelve months, have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position (see below). The net proceeds of disposal are expected to exceed the net carrying amount of the relevant assets and liabilities and accordingly, no impairment loss has been recognised.

(c) 出售深圳合輝煌發展

於2019年7月4日，深圳市沈璽投資發 展有限公司（「 深圳沈璽 」，本公司之 間接全資控股附屬公司）與獨立第三方 （「買方 III 」）訂立出售協議，據此，買 方 III 有條件同意購買而深圳沈璽有條 件同意出售深圳合輝煌發展66.67%股 權及股東貸款（「 股東貸款 」），代價為 人民幣 173,000,000 元。其中人民幣 165,000,000元及人民幣8,000,000元分 別為出售深圳合輝煌發展之66.67%股權 及股東貸款。深圳合輝煌發展主要持有 深圳市眾德物流有限公司（「眾德物流」） 的 30% 股權，該公司從事國內物流、 貨運、倉儲及配送服務。預計深圳合輝 煌發展應佔的資產及負債將於十二個月 內出售，已分類為持作銷售的出售組 別，並於綜合財務狀況表單獨呈列（見下 文）。預計出售所得款項淨額超出相關資 產及負債的賬面淨值，故並無確認減值 虧損。

Deposit of RMB20,000,000 has been received from the Purchaser III and was recognised as deposit received as at 31 December 2019.

於2019年12月31日，已從買方III收取訂 金人民幣20,000,000元並已確認為已收 訂金。

The major classes of assets and liabilities of SHHH Development classified as held for sale are as follows:

分類為持作銷售的深圳合輝煌發展的主 要資產及負債類別如下：

Property, plant and equipment 物業、廠房及設備 Right-of-use assets 使用權資產 Interest in associates 於聯營公司的權益 Bank balances and cash 銀行結餘及現金 Amount due from an associate 應收一間聯營公司款項 Other receivables 其他應收款 Total assets classified as held for sale 分類為持作銷售資產總額 Trade payable 應付賬款 Other payable 其他應付款 Lease liabilities 租賃負債 Total liabilities associated with assets classified as held for sale 與分類為持作銷售資產關連的負債總額	2019 RMB’000 人民幣千元 81 43 231,183 17 8,000 130
	239,454
	38 6,443 44
	6,525

The disposal was completed on 15 November 2020. The carrying amounts of the assets and liabilities of SHHH Development at the date of disposal are disclosed in the consolidated financial statements.

該出售事項已於2020年11月15日完成。 深圳合輝煌發展於出售日期的資產及負 債賬面值於綜合財務報表中披露。

– 17 –

10. LOSS FOR THE YEAR

10. 年內虧損

Loss for the year from continuing operations has been arrived at after charging: 持續經營業務之年內虧損已扣除： Directors’, supervisors’ and chief executives’ remuneration 董事、監事及主要行政人員的 酬金 Other staff cost (excluding directors’ emoluments) 其他員工成本（不包括董事酬金） – 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 property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on written-off of property, plant and equipment 撇銷物業、廠房及設備的虧損 Auditor’s remuneration (including the fee for PRC subsidiaries) 核數師酬金（包括中國附屬公司 的費用） – Audit service －核數服務 – Non-audit service －非核數服務 Donation 捐款 Contract cost recognised as an expense 確認為開支的合約成本

2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (Restated) （經重列） 1,669 1,665 2,538 2,446 279 386 2,817 2,832 4,486 4,497 196 259 1,433 1,520 – 5 980 1,645 175 169 – 1,000 5,937 20,853

11. LOSS PER SHARE

For continuing operations

The calculation of the basic and diluted loss per share attributable to the owners of the Company is based on the following data:

Loss figures are calculated as follows:

11. 每股虧損

持續經營業務

本公司擁有人應佔每股基本及攤薄虧損乃按以 下數據計算：

虧損數字計算如下：

Loss for the year attributable to owners of the Company 本公司擁有人應佔年內虧損 Less: Loss for the year from discontinued operations 減：已終止經營業務之年內虧損 Loss for the purpose of basic and diluted loss per share from continuing operations 就每股基本及攤薄虧損而言 持續經營業務之虧損 Number of shares 股份數目 Weighted average number of ordinary shares for the purpose of basic and diluted loss per share 就每股基本及攤薄虧損而言的 普通股加權平均數	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 (Restated) （經重列） (39,681) (89,049) (5,665) (3,449) (34,016) (85,600) 2020 2019 ’000 ’000 千份 千份 1,469,376 1,469,376

– 18 –

From continuing and discontinued operations

The calculation of the basic and diluted loss per share from continuing and discontinued operations attributable to the owners of the Company is based on the following data:

Loss for the year attributable to owners	就每股基本及攤薄虧損而言
of the Company for the purpose of	本公司擁有人應佔
basic and diluted loss per share	年內虧損

持續經營業務及已終止經營業務

本公司擁有人應佔持續經營業務及已終止經營 業務的每股基本及攤薄虧損乃按以下數據計算：

2020	2019
RMB’000	RMB’000
人民幣千元	人民幣千元
(39,681)	(89,049)

The denominators used are the same as those detailed above for basic and diluted loss per share.

From discontinued operations

Basic and diluted loss per share for the discontinued operations is RMB0.39 cents per share (2019: RMB0.23 cents per share), based on the loss for the year from the discontinued operations of approximately RMB5,665,000 (2019: RMB3,449,000) and the denominators detailed above for both basic and diluted loss per share.

No diluted loss per share for both 2020 and 2019 were presented as there were no potential ordinary shares in issue for both 2020 and 2019.

所用分母與上文每股基本及攤薄虧損所詳列之 分母相同

已終止經營業務

已終止經營業務的每股基本及攤薄虧損為每 股人民幣 0.39 分（ 2019 年：每股人民幣 0.23 分），按已終止經營業務之年內虧損約人民幣 5,665,000元（2019年：人民幣3,449,000元）及 上文每股基本及攤薄虧損所詳列之分母計算。

由於2020年及2019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。

12. DIVIDENDS

12. 股息

No dividend was paid or proposed for ordinary shareholders of the Company during the year ended 31 December 2020, nor has any dividend been proposed since the end of the reporting period (2019: Nil).

於截至2020年12月31日止年度，未派發或未建 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（2019年： 無）。

13. LOAN AND INTEREST RECEIVABLES

13. 應收貸款及利息

Fixed-rate loan and interest receivables 定息應收貸款及利息 Less: Allowance for credit losses 減：信貸虧損撥備	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 – 31,812 – (17,473)
	– 14,339

As at 31 December 2019, included in the Group’s loan and interest receivables balance are debtors with aggregate carrying amount of RMB14,339,000 which are past due more than 90 days as at the reporting date. The Directors are in the view that there been no significant increase in credit risk nor default of the remaining RMB14,339,000 based on the repayment history and creditworthiness of the debtors.

於2019年12月31日，計入本集團的應收貸款及 利息結餘為於報告日期已逾期90日賬面總值為 人民幣14,339,000元的應收賬款。董事認為， 根據還款記錄及債務人的信譽，信貸風險並無 顯著上升，亦無拖欠餘下人民幣14,339,000元。

At 31 December 2019, the loan receivables arising from credit business are unsecured, bear fixed interest at 6% per annum.

於2019年12月31日，信貸業務產生的應收貸款 為無抵押、按固定年利率6%計息。

– 19 –

The contractual maturity dates of the Group’s fixed-rate loan receivables are as follows:

本集團定息應收貸款之合約到期日如下：

follows:
		2020	2019
		RMB’000	RMB’000
		人民幣千元	人民幣千元
Fixed-rate loan and interest receivables:	定息應收貸款及利息：
On demand	按要求	–	14,339

As disclosed in Note 9(a), as at 31 December 2020, the sale of Chung Hwa Finance is expected to be completed within twelve months after the reporting date, all the loan and interest receivables, which are attributable to Chung Hwa Finance, are reclassified as assets classified as held-for-sale.

誠如附註9（a）所披露，於2020年12月31日，中 華信貸預計於報告日期後12個月內完成出售， 中華信貸應佔的所有應收貸款及利息均重新分 類為持作銷售的資產。

14. TRADE PAYABLES

14. 應付賬款

Trade payables represented construction payables in relation to 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.

應付賬款為與建築費用及其他項目相關開支有 關的應付建築款項，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	2020 2019 RMB’000 RMB’000 人民幣千元 人民幣千元 6,866 9,907 58,931 57,324
	65,797 67,231

– 20 –

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL REVIEW

The revenue of the Group for the 2020 Financial Year amounted to RMB7,008,000 (the comparative figures for 2019 Corresponding Period): RMB22,023,000), representing a significant decrease of approximately 68.18% as compared with the 2019 Corresponding Period. The substantial decrease in revenue is mainly due to the impact of the COVID-19 on China’s economy has delayed investment, construction and acceptance of infrastructure construction in China. This lead to a decrease in the revenue generated from the construction of infrastructure and the development of properties in the PRC.

During the 2020 Financial Year, the Group has completed the acceptance and transfer procedures of 12.3-mu K-line Road of Zhongfang Chaozhou Jing Nan Industrial Park Project and recorded the revenue for 2020 Financial Year of RMB6,624,000 (2019 Corresponding Period: RMB21,893,000). Zhongfang Chaozhou has completed the procedures for acceptance of completion and transfer of accumulated 4,012.3-mu construction land, including the acceptance and repurchase of the K-Line Road, and 38.63-mu slope stabilization works. The revenue for credit business was unrecorded by the Group for the 2020 Financial Year (2019 Corresponding Period: RMB4,537,000). The revenue for credit business decreased by 100% as compared with that for the 2019 Corresponding Period. Furthermore, the Group also recognised revenue of RMB384,000 from the property leasing business (2019 Corresponding Period: RMB130,000) increasing significantly by approximately 195.38% as compared with that for the 2019 Corresponding Period.

Loss before tax of the Group for the 2020 Financial Year amounted to RMB37,882,000 comparing with loss of RMB90,621,000 for the 2019 Corresponding Period.

The Group recorded an impairment loss on the expected credit loss model as at 31 December 2020, mainly from the receivable in relation to disposal of 66.67% of the equity interest in SHHH Development and the shareholder’s loan. The disposal was completed on 15 November 2020. Affected by poor operation and the pandemic, the buyer, Shenzhen Hongxun Investment Development Company Limited (“ Hongxun Investment “), failed to make payment as scheduled and has issued a notice for deferred payment. The management considered there is a significant change in the credit risk of Hongxun Investment and an impairment of approximately RMB9,988,000 was recognised.

As a way to reallocate resources to develop the project invested by Shennongjia, the Group decided not to make further investment into Guangdong Xinmao and Chaozhou Jiafu and is exploring ways to realise their investments in Guangdong Xinmao and Chaozhou Jiafu.

The Group assessed that the fair values less costs of disposals of the construction in progress holds by Guangdong Xinmao and Chaozhou Jiafu are higher than their carrying amounts. An impairment loss on property, plant and equipment with approximately RMB36,380,000 was recognised during the 2020 Financial Year.

管理層討論與分析

財務回顧

本集團於 2020 年財政年度的收益為人民幣 7,008,000 元（ 2019 年同期可比數字：人民幣 22,023,000 元），較 2019 年同期大幅減少約 68.18%。收益大幅下降主要是由於2019冠狀病 毒對中國經濟影響，使得中國基礎設施建設投 資、施工、驗收延後。這導致中國基礎設施建 設及物業發展所產生之收益降低。

於2020年財政年度，本集團完成中房潮州徑南 工業園項目12.3畝K線路的驗收交付工作，並 於2020年財政年度確認收益人民幣6,624,000 元（ 2019 年同期：人民幣 21,893,000 元）。中 房潮州已累計完成4,012.3畝建設用地（包含已 驗收回購的K線道路）以及38.63畝斜坡鞏固工 程的驗收交付工作。於2020年財政年度，本 集團未錄得信貸業務收入（2019年同期：人民 幣 4,537,000 元）。信貸業務收入較 2019 年同 期減少100%。此外，本集團亦確認物業租賃 業務收入人民幣384,000元（2019年同期：人 民幣130,000元），較2019年同期大幅增加約 195.38%。

本集團於2020年財政年度的除稅前虧損為人民 幣37,882,000元，而2019年同期虧損為人民幣 90,621,000元。

本集團於2020年12月31日在預期信貸虧損模型 方面錄得減值虧損，主要源於出售合輝煌發展 66.67%股權及股東貸款之交易的相關應收款 項。出售事項於2020年11月15日完成，因經營 不善及疫情關係的影響，買方深圳市鴻訊投資 發展有限公司（「鴻訊投資」）未能如期付款，並 且發出通知要求延期支付，管理層認為鴻訊投 資的信用風險發生了重大變化，確認減值準備 約人民幣9,988,000元。

為了重新調配資源開發神農架投資的項目，本 集團決定不進一步投資於廣東鑫茂及潮州佳 富，並正在探討如何對其於廣東鑫茂及潮州佳 富的投資予以變現。

本集團評估，廣東鑫茂及潮州佳富持有的在建 工程公允價值減出售成本高於其賬面金額。於 二零二零年財政年度，已重新確認約有人民幣 36,380,000元的物業、廠房及設備減值虧損。

– 21 –

Income Tax Expenses

Income tax expenses of the Group for the 2020 Financial Year amounted to RMB96,000, representing an increase of approximately 6.67% as compared with RMB90,000 for the 2019 Corresponding Period. The increase in income tax expenses was mainly attributable to the increase in income from property leasing.

Loss per share

The basic and diluted loss per Share attributable to owners of the Company during the 2020 Financial Year from continuing operations and discontinued operations were approximately RMB2.70 cents representing a decrease of approximately 55.45% as compared with the loss per Share for the 2019 Corresponding Period of RMB6.06 cents.

所得稅開支

本集團於2020年財政年度的所得稅開支為人民 幣96,000元，較2019年同期人民幣90,000元增 加約6.67%。所得稅開支增加主要是由於租賃 業務收入增加所致。

每股虧損

於2020年財政年度內，本公司擁有人應佔持續 經營業務及已終止經營業務的每股基本及攤薄 虧損約為人民幣2.70分，較2019年度同期每股 虧損人民幣6.06分減少約55.45%。

– 22 –

BUSINESS REVIEW

Infrastructure Construction Business

During the 2020 Financial Year, the Group has completed the acceptance and transfer procedures of the 12.3-mu K-line Road of Zhongfang Chaozhou Jing Nan Industrial Park Project (2019 Corresponding Period: 38.63-mu slope stabilization project) and recorded the revenue of RMB6,624,000 (2019 Corresponding Period: RMB21,893,000). The settlement of the main portion of Chaozhou Jing Nan Industrial Park Project could not be completed in fiscal year 2020 due to the impact of Covid-19. The completion of acceptance of the Chaoshang Road, Xinwang Road, Huoju Road and LS temporary drainage works (“ Three Roads and One Drainage Project ”) were delayed to 26 January 2021 due to problems with the land registration procedures for the Huoju Road extension portion and personnel changes of the relevant persons in charge. On 23 March 2021, Chaozhou Jinshan agreed to repurchase the Three Roads and One Drainage Project.

The Group will still actively maintain smooth and effective communication with Chaozhou Jinshan and all relevant institutions and spare no effort to facilitate the settlement and delivery of the remaining construction land as soon as possible.

Credit Business

Following the capital reduction in Chung Hwa Finance for the financial year ended 31 December 2017, the Group gradually rationalised the credit business in Hong Kong and terminated the money lending licence in Hong Kong in September 2018. During the 2020 Financial Year, the Group has not recorded revenue for the credit business (2019 Corresponding Period: RMB4,537,000). In December 2020, the Group is disposing the equity interest in Shen Wu Investment and its subsidiaries (including Chung Hwa Finance), and the transaction has not been completed. The credit business was discontinued during the 2020 Financial Year.

Property Investment Business

During the 2020 Financial Year, The Group further developed its property investment business by completing the acquisition of 125 properties in Fangshan, Beijing, promoting the transaction of 11 retail units and 60 car parking spaces in Tianzi Zhuangyuan Phase 5 in Hebei and acquiring the Dajiuhu Hotel project in Shennongjia. The Group recorded a rental income of RMB384,000 in the financial year 2020 (the same period in 2019: RMB130,000). The Group will focus on the operation of existing property projects while actively identify potential property investment projects.

業務回顧

基礎設施建設業務

於2020年財政年度，本集團已完成中房潮州 徑南工業園項目12.3畝K線路（2019年同期： 38.63畝斜坡鞏固工程）驗收交付手續，錄得收 益人民幣 6,624,000 元（ 2019 年同期：人民幣 21,893,000元）。中房潮州徑南工業園項目主體 工程的結算工作由於受2019冠狀病毒影響未能 於2020年財政年度完成。潮商路、新旺路、火 炬路及LS臨時排水工程（「三路一排工程」）因火 炬路擴建部分土地登記程序問題及相關負責人 發生人事變動而延遲至2021年1月26日完成驗 收。2021年3月23日潮州金山同意回購三路一 排工程。

本集團仍將積極與潮州金山及各相關機構保持 暢通有效的溝通，不遺餘力地促進結算及剩餘 建設用地的交付工作盡快完成。

信貸業務

截至2017年12月31日止財政年度完成中華信貸 減資後，本集團逐步精簡香港的信貸業務，並 於2018年9月終止香港持牌放債人的資格。於 2020年財政年度，本集團未錄得信貸業務收入 （2019年同期：人民幣4,537,000元）。於2020 年12月，本集團出售沈物投資及其附屬公司（包 括中華信貸）股權，交易尚未完成。信貸業務於 2020年財政年度不再作為公司的主營業務。

物業投資業務

於2020年財政年度，本集團進一步發展物業投 資業務，完成了北京房山125套物業的收購， 推動河北天子莊園五期11個商鋪單位連同60個 停車位的交易並收購神農架大九湖賓館項目。 2020年財政年度本集團錄得租金收益人民幣 384,000元（2019年同期：人民幣130,000元）。 本集團將用心經營現有物業項目，同時積極物 色有潛力物業投資項目。

– 23 –

BUSINESS PROSPECTS

The global economy was severely hit by the epidemic of Covid-19 in fiscal year 2020. With the gradual spread of the vaccine injection, the global economy is expected to recover steadily in 2021. However, China will face a more complex and severe international situation, and various economic uncertainties still exist. The Group will continue to firmly pursue its goal of steady development and promote existing infrastructure projects while actively responding to national policies and exploring other infrastructure projects with potential; at the same time, it will integrate the Group’s resources to promote the construction and operation of various property projects to achieve profitability as soon as possible.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 December 2020, the Group’s total assets amounted to RMB898,130,000 (2019: RMB996,411,000), representing a decrease of 9.86%. Non-current assets and current assets as at 31 December 2020 were RMB513,724,000 (2019: RMB451,327,000) and RMB384,406,000 (2019: RMB545,084,000) respectively. The assets were financed by current liabilities of RMB213,401,000 (2019: RMB188,634,000) and Shareholders’ fund of RMB678,036,000 (2019: RMB718,925,000).

With a prudent financial management policy and a solid financial position, the working capital of the Group is usually financed by its internally generated resources. As at 31 December 2020, the Group had net current assets of approximately RMB171,005,000 (31 December 2019: RMB356,450,000), including cash and cash equivalents of RMB2,343,000 (31 December 2019: RMB7,627,000).

As at 31 December 2020, the Group has no bank borrowings. The Group’s current ratio (current assets/current liabilities) was 1.8 times (2019: 2.89 times) and gearing ratio (total liabilities/total assets) was 0.24 times (2019: 0.19 times).

業務展望

2020年財政年度受疫情影響，全球經濟受到嚴 重衝擊。隨著疫苗的逐步使用，預計2021年全 球經濟會穩健復甦，但是中國將面臨著更加複 雜嚴峻的國際形勢，經濟依然存在各項不確定 性。本集團將繼續堅定穩中求進的發展目標， 在推動現有基礎設施建設項目的同時，積極相 應國家政策，挖掘其他有潛力的基礎設施建設 項目；同時整合集團各項資源，推進各物業項 目的建設及運營以盡快實現盈利。此外，董事 會將繼續致力於開拓不同的投資機遇及提升本 集團的市場競爭力。

流動資金與財務資源

於 2020 年 12 月 31 日，本集團的資產總值 為人民幣 898,130,000 元（ 2019 年：人民幣 996,411,000 元），減少 9.86% 。於 2020 年 12 月31日，非流動資產及流動資產分別為人民幣 513,724,000 元（ 2019 年：人民幣 451,327,000 元）及人民幣 384,406,000 元（ 2019 年：人民 幣 545,084,000 元）。資產以流動負債人民幣 213,401,000 元（ 2019 年：人民幣 188,634,000 元）及股東資金人民幣678,036,000元（2019年： 人民幣718,925,000元）撥付。

本集團遵循審慎財務管理政策以及擁有良好的 財務狀況，一般以內部產生之資源作為營運資 金。2020年12月31日，本集團擁有流動資產淨 值約人民幣171,005,000元（2019年12月31日： 人民幣356,450,000元），其中包括現金及現金 等價物人民幣2,343,000元（2019年12月31日： 人民幣7,627,000元）。

於2020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）為1.8倍 （2019年：2.89倍）及資產負債比率（總負債╱總 資產）為0.24倍（2019年：0.19倍）。

– 24 –

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATES

Pre-acquisition of property in Beijing PRC

On 15 November 2016, Beijing Shen Shang, being the subscriber entered into 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 at a total consideration of RMB152,800,000. The property is a commercial premise with the construction area of 2,800 sq.m. (with the right to use 5,000 sq.m. of car parks at the basement level two of the Beijing International Zone Convention Centre 北京會展國際港展館 (the “ Convention Centre ”)), being part of Phase 3 of the ancillary facility project of the Convention Center to be constructed in Beijing Shunyi District Tianzhu Airport Commercial Zone 北京市順義區天竺空港商務區 (the “ Beijing Property ”). Please refer to the announcement of the Company dated 15 November 2016 for details.

On 26 March 2018, Beijing Shen Shang and Beijing Zhong Tou entered into a supplemental agreement in relation to the pre-acquisition agreement to postpone the date of the acceptance and transfer of the Beijing Property to 31 December 2019. The pre-sale permit for the project has been obtained on 17 August 2018.

However, due to multiple factors, including the 70th anniversary of the National Day, important meetings and the haze days, the construction was suspended at the request of the government, resulting in the postponement of completion. Coupling with the impact of the pandemic in 2020, the progress of the subsequent construction has been affected, and as a result the completion of construction and the delivery of the Beijing Property has not yet been completed.

On 20 May 2020, Beijing Shen Shang and Beijing Zhong Tou entered into a supplemental agreement to further postpone the date of the completion of construction and the delivery of the Beijing Property to 30 June 2021 due to the outbreak of the Pandemic and Beijing Shen Shang agreed to exempt the penalty of Beijing Zhong Tou for the delay of the completion of construction. Due to the pandemic and lockdown, the Group consider that there is further delay in completion of construction and expect the acquisition will be completed on or before 30 June 2022.

As at the date hereof, the transaction is still in progress.

重大收購及出售附屬及聯營公司

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，據此，北京中投同意出 售及北京瀋商同意收購物業，總代價為人民幣 152,800,000元。物業為建築面積2,800平方米 並有權使用北京會展國際港展館（「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 會展中心配套設施項目3期的一部分（「北京物 業」）。有關詳情載於本公司日期為2016年11月 15日的公告。

於2018年3月26日，北京瀋商與北京中投就預 購協議訂立補充協議以推遲北京物業驗收交付 日期至2019年12月31日。該項目已於2018年8 月17日取得預售許可證。

然而，由於國慶70週年、重大會議及霧霾天等 多重因素影響，工程應政府要求暫停施工，導 致延長竣工。加上2020年疫情影響，其後工程 進程受阻，導致北京物業仍未竣工交付。

於2020年5月20日，由於爆發疫情，北京瀋商 與北京中投訂立補充協議，將北京物業的竣工 交付日期進一步推遲至2021年6月30日，而北 京瀋商同意豁免北京中投延遲竣工的罰款。由 於疫情及封城，本集團認為建設完成時間將進 一步延遲，並預期收購事項預期於2022年6月 30日或之前完成。

於本公告日期，該交易仍在進行當中。

• 僅供識別

• For identification purpose only

– 25 –

Adjustment to the transaction model of acquisition of properties in Hebei Province

On 9 February 2018 (after trading hours), Beijing Shen Shang and San He Jing Jiao entered into an agreement (the “ Property Acquisition Agreement ”) pursuant to which San He Jing Jiao has conditionally agreed to sell, and Beijing Shen Shang has conditionally agreed to acquire, the properties at the cash consideration of RMB110,000,000. The properties, comprise 11 shop units (including Shop No. 5-1–101, 5-1–102, 5-1–103, 5-1–104, 5-5–111, 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 sq.m. 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 High-Tech Industrial Development Area, Sanhe City, Hebei Province. San He Jing Jiao and Beijing Shen Shang 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.

On 17 August 2018, Beijing Shen Shang entered into a supplemental agreement with San He Jing Jiao to extend the long stop date to 31 December 2018.

On 18 March 2019, San He Jing Jiao and Beijing Shen Shang entered into the compensation agreement pursuant to which it was agreed that San He Jing Jiao shall additionally deliver the rights to use one car parking space as compensation for delay in processing the real property ownership certificate. The application of real property ownership certificate was completed in April 2019.

On 5 August 2019, San He Jing Jiao and Beijing Shen Shang entered into the termination agreement with respect to the Property Acquisition Agreement and compensation agreement to proceed with.

On 28 October 2019, Shenzhen Shenhe and Shanghai Wanbang Enterprise Group Company Limited 上海萬邦企業集團有限公司 (“ Shanghai Wanbang ”), Shenzhen Wanbang Real Estate Company Limited 深圳市 萬邦置業有限公司 (“ Shenzhen Wanbang ”) and Shenzhen Zhaowanda Investment Company Limited 深圳市兆萬達投資有限公司 (“ Shenzhen Zhaowanda* ”) entered into the sale and purchase agreement, pursuant to which Shenzhen Shenhe has conditionally agreed to purchase and the vendors have conditionally agreed to sell the sale shares, representing 78% equity interest of San He Jing Jiao at the consideration of RMB321,000,000. San He Jing Jiao is currently engaged in a property development project, namely Tian Zi Zhuang Yuan (天子莊園). It is a large scale residential development project developed on a site formed by various parcels of land with a total land area of approximately 300,243.3 sq.m. located at the northern side of Jingha Road (京哈路) within Yanjiao National High-Tech Industrial Development Area, Sanhe City.

• For identification purpose only

調整收購河北省物業交易模型

於2018年2月9日（交易時段後），北京瀋商與 三河京郊訂立一份協議（「物業收購協議」）， 據此，三河京郊有條件同意出售，而北京瀋 商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 、 5-5–222 、 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）。三河京郊與北京瀋商須於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2018年8月17日，北京瀋商與三河京郊簽訂 一份補充協議，將最後完成期限延至2018年12 月31日。

於2019年3月18日，三河京郊與北京瀋商簽訂 補償協議，據此，約定三河京郊額外交付1個停 車位使用權作為延期辦理物業不動產權證書的 補償。物業不動產權證書已於2019年4月辦理完 成。

於2019年8月5日，三河京郊與北京瀋商就物業 收購協議及補償協議簽訂解除協議。

於2019年10月28日，深圳深合與上海萬邦企 業集團有限公司（「上海萬邦」）、深圳市萬邦置 業有限公司（「深圳萬邦」）及深圳市兆萬達投資 有限公司（「深圳兆萬達」）訂立買賣協議，據 此，深圳深合有條件同意購買而賣方有條件同 意出售待售股份（相當於三河京郊78%股權）， 代價為人民幣321,000,000元。三河京郊現時 從事一項名為天子莊園之物業開發項目。其為 一項大型住宅開發項目，涉及於三河市燕郊國 家高新技術產業開發區內京哈路北側總面積約 300,243.3平方米之多幅土地上進行開發。

• 僅供識別

– 26 –

On 24 August 2020, Shanghai Wanbang, Shenzhen Wanbang, Shenzhen Zhaowanda, Shenzhen Shenhe, San He Jing Jiao and Beijing Shen Shang entered into a termination agreement to (i) terminate the sale and purchase agreement dated 28 October 2019; (ii) Shanghai Wanbang shall refund the paid deposit of RMB110,000,000 to Shenzhen Shenhe; and (iii) Beijing Shen Shang and San He Jing Jiao shall resume the sale and purchase of the properties by entering into the second supplemental agreement.

On 28 February 2021, Beijing Shen Shang and San He Jing Jiao have agreed and entered into an extension agreement to extend the completion date of the second supplemental agreement and the transactions contemplated thereunder from 28 February 2021 to 28 May 2021.

Please refer to the announcements of the Company dated 9 February 2018, 5 August 2019, 28 October 2019, 18 November 2019, 20 December 2019, 31 December 2019, 6 February 2020, 11 March 2020, 15 April 2020, 15 May 2020, 15 June 2020, 15 July 2020, 14 August 2020, 24 August 2020, 14 September 2020, 9 October 2020, 23 October 2020, 30 November 2020, 30 December 2020, 25 January 2021, 25 February 2021 and 1 March 2021 and the circular of the Company dated 26 February 2021 for details.

The acquisition of the properties from San He Jing Jiao completed on 16 March 2021.

Disposal of 66.67% equity interest of SHHH Development and shareholders’ loan

On 4 July 2019, Shenzhen Shenxi entered into a disposal agreement with an independent third party, pursuant to which, the independent third party conditionally agreed to acquire and Shenzhen Shenxi conditionally disposed of 66.67% equity interest in SHHH Development and shareholders’ loan at a consideration of RMB173,000,000.

Please refer to the announcements of the Company dated 4 July 2019, 25 July 2019, 30 August 2019, 8 October 2019, 31 October 2019 and 3 December 2019 and the circular of the Company dated 20 December 2019 for details.

As at the date hereof, Shenzhen Shenxi has received a payment of RMB 20,000,000 and the disposal completed on 15 November 2020.

於2020年8月24日，上海萬邦、深圳萬邦、深 圳兆萬達、深圳深合、三河京郊及北京瀋商訂 立終止協議，以(i)終止日期為2019年10月28日 的買賣協議；(ii)上海萬邦須向深圳深合退還已 付訂金人民幣110,000,000元；及(iii)北京瀋商與 三河京郊須透過訂立第二份補充協議恢復買賣 該等物業。

2021年2月28日，北京瀋商與三河京郊已同意 並訂立延期協議，將第二份補充協議及其項下 擬進行的交易的完成日期由2021年2月28日延 長至2021年5月28日。

詳情請參閱本公司日期分別為2018年2月9日、 2019年8月5日、2019年10月28日、2019年11 月 18 日、2019 年 12 月 20 日、2019 年 12 月 31 日、2020年2月6日、2020年3月11日、2020年 4月15日、2020年5月15日、2020年6月15日、 2020年7月15日、2020年8月14日、2020年8 月24日、2020年9月14日、2020年10月9日、 2020年10月23日、2020年11月30日、2020年 12月30日、2021年1月25日、2021年2月25日 及2021年3月1日的公告與本公司日期為2021年 2月26日的通函。

三河京郊物業已於2021年3月16日完成收購。

出售深圳合輝煌發展 66.67% 股權及股東貸款

於2019年7月4日，深圳沈璽與獨立第三方訂 立出售協議，據此，獨立第三方有條件同意 收購及深圳沈璽有條件出售深圳合輝煌發展 之 66.67% 股權及股東貸款，代價為人民幣 173,000,000元。

有關出售事項的詳情載於本公司日期分別2019 年 7 月 4 日、2019 年 7 月 25 日、2019 年 8 月 30 日、2019年10月8日、2019年10月31日及2019 年12月3日之公告及本公司日期為2019年12月 20日之通函。

於本公告日期，深圳沈璽已收到款項人民幣 20,000,000元且出售事項已於2020年11月15日 完成。

• 僅供識別

• For identification purpose only

– 27 –

Acquisition of 95% equity interest of the 8 PRC Companies

On 30 December 2019, Shenzhen Shenhe and Beijing Wanzi Apartment Management Company Limited (北京萬紫公寓管理有限公司) entered into the sale and purchase agreement, pursuant to which Shenzhen Shenhe has conditionally agreed to purchase and Beijing Wanzi Apartment Management Company Limited has conditionally agreed to sell the 95% equity interest of the 8 PRC Companies (the “ Target Companies* ”) at the consideration of RMB71,000,000, in which RMB47,000,000 was payable to the Beijing Wanzi Apartment Management Company Limited as the purchase consideration and the remaining RMB24,000,000 was paid on behalf of the Target Companies to its creditor.

The Target Companies hold a total of 125 subsidiaries, each of which has entered into a “Beijing Commercial Real Estate Sale and Purchase Contract 北京市商品房現房買賣合同” with an Independent Third Party, involving acquisition of 125 sets of properties (the “ Properties* ”). The Properties are located in the Zhiying Commercial Center in Liangxiang Higher Education Park, Fangshan, Beijing, adjacent to Liangxiang University City North Station. It is expected that the Properties will be used for leasing, and will generate stable rental income for the Group in the future.

As at 31 December 2019, RMB56,000,000 represented deposit paid for the acquisition of the Target Companies.

The acquisition has been completed on 7 April 2020.

Acquisition of 60% equity interest of Shennongjia Da Jiu Hu Hotel Company Limited

On 16 October 2020 (after trading hours), Shenzhen Ju Sheng Chuang Jian Investment and Development Limited (深圳市聚晟創建投資發展 有限公司) (“ Shenzhen Ju Sheng ”), a wholly-owned subsidiary of the Company entered into the equity transfer agreement with Shenzhen Apple Culture Media Company Limited (深圳市蘋果文化傳媒有限公司) (“ Apple Culture ”), pursuant to which Apple Culture conditionally agreed to sell and Shenzhen Ju Sheng conditionally agreed to acquire 60% equity interest of Shennongjia Da Jiu Hu Hotel Company Limited (神農架大九湖賓館有限 公司) (“ Shennongjia ”), and the entire amount of the shareholder’s loan owing by Shennongjia to Apple Culture as at 31 July 2020 at an aggregate consideration of RMB35,000,000.

Shennongjia holds the land use rights of two parcels of adjoining land, with a total site area of approximately 35,506 sq.m. located in Ping Qian Ancient Town, Da Jiu Hu, Shennongjia Forestry District, Hubei Province, the PRC* (湖 北省神農架林區大九湖坪阡古鎮) for commercial hotel service use. Upon completion, Shennongjia will be owned as to 60% by Shenzhen Ju Sheng and as to 40% by Apple Culture.

收購八家中國公司 95% 股權

於2019年12月30日，深圳深合與北京萬紫公 寓管理有限公司訂立買賣協議，據此，深圳深 合有條件同意購買而北京萬紫公寓管理有限公 司有條件同意出售八家中國公司（「目標公司」） 95% 股權，代價為人民幣 71,000,000 元，其 中人民幣 47,000,000 元應付予北京萬紫公寓 管理有限公司（作為購買代價）及餘下人民幣 24,000,000元乃代表目標公司支付予其債權人。

目標公司共持有125間附屬公司，其各自已與獨 立第三方訂立《北京市商品房現房買賣合同》， 涉及收購125套物業（「該等物業」）。該等物業位 於北京房山良鄉高教園內的智盈商業中心，毗 鄰良鄉大學城北站。預期該等物業將用作出租 用途，並於日後為本集團帶來穩定的租金收入。

於2019年12月31日，人民幣56,000,000元指收 購目標公司之已付訂金。

收購事項已於2020年4月7日完成。

收購神農架大九湖酒店有限公司 60% 股權

2020年10月16日（交易時間結束後），本公司全 資附屬公司深圳市聚晟創建投資發展有限公司 （「深圳聚晟」）與深圳市蘋果文化傳媒有限公司 （「蘋果文化」）訂立股權轉讓協議，據此，蘋果 文化有條件同意出售且深圳聚晟有條件同意收 購神農架大九湖賓館有限公司（「神農架」）60% 股權及神農架於2020年7月31日欠蘋果文化的 全部股東貸款，總代價為人民幣35,000,000元。

神農架持有兩塊毗鄰土地的土地使用權，該兩 塊土地位於中國湖北省神農架林區大九湖坪阡 古鎮，總用地面積約35,506平方米，用於商業 酒店服務用途。完成後，神農架將由深圳聚晟 及蘋果文化分別擁有60%及40%股權。

• 僅供識別

• For identification purpose only

– 28 –

Please refer to the announcement of the Company dated 16 October 2020 for details.

The acquisition has been completed on 15 March 2021.

Disposal of 100% of equity interest in Shenzhen Shen Wu

As at 31 December 2020, the Company (as seller) entered into an equity transfer agreement with an Independent Third Party (as buyer), pursuant to which the buyer conditionally agreed to purchase and the seller conditionally agreed to sell 100% of the equity interests in Shenzhen Shen Wu together with its subsidiaries for a consideration of RMB5,000,000. As at the date hereof, the Company has received RMB2,000,000 for the partial sale consideration from an Independent Third Party and the transaction has not been completed. All the assets and liabilities of Shenzhen Shen Wu with its subsidiaries are classified as held for sale. As the relevant ratio for each transaction is less than 5%, the transaction is not subject to the announcement requirement under the Listing Rules.

ADVANCE TO AN ENTITY

Reference is made to the Company’s announcement dated 24 August 2020 and the circular dated 26 February 2021 in relation to the termination of the major transaction in relation to the acquisition of 78% equity interest in San He Jing Jiao and major transaction relating to the acquisition of the properties with advance to an entity.

According to the termination agreement, Shanghai Wanbang shall refund the paid deposit of RMB110,000,000 to Shenzhen Shenhe. In addition, pursuant to the second supplemental agreement, the new consideration of RMB110,000,000 shall be payable by Beijing Shen Shang to San He Jing Jiao. Shenzhen Shenhe agreed to pay the new consideration on behalf of Beijing Shen Shang and RMB110,000,000 shall be payable by Shanghai Wanbang to San He Jing Jiao.

As the amount of the deposit of RMB110,000,000 exceeds 8% under the assets ratio as defined under Rule 13.13 of the Listing Rules, the deposit is also subject to the general disclosure obligations under Rule 13.15 of the Listing Rules.

Please refer to the announcements of the Company dated 24 August 2020, 14 September 2020, 9 October 2020, 23 October 2020, 30 November 2020, 30 December 2020 and 1 March 2021 and the circular of the Company dated 26 February 2021 for details.

詳情請見本公司2020年10月16日的公告。

收購事項已於2021年3月15日完成。

出售深圳沈物 100% 股權

於2020年12月31日，本公司（作為賣方）與獨立 第三方（作為買方）簽訂股權轉讓協議，據此， 買方有條件同意購買而賣方有條件同意出售深 圳沈物連同其子公司100%股權，代價為人民幣 5,000,000元。截至本公告日期，本公司收到獨 立第三方部分出售代價人民幣2,000,000元，交 易未完成。深圳沈物連同其子公司之全部資產 及負債被分類為持作銷售。由於各項交易的相 關比例低於5%，交易無需遵守上市規則的公告 規定。

向實體墊款

茲提述本公司日期為2020年8月24日之公告及 日期為2021年2月26日之通函，內容有關終止 有關收購三河京郊78%股權之主要交易及與收 購該等物業連向實體墊款之主要交易。

根據終止協議，上海萬邦須退還已付訂金人民 幣110,000,000元予深圳深合。此外，根據第二 份補充協議，北京瀋商須向三河京郊支付新代 價人民幣110,000,000元。深圳深合同意代表北 京瀋商支付新代價，而上海萬邦須向三河京郊 支付人民幣110,000,000元。

由於訂金金額人民幣110,000,000元按上市規則 第13.13條所界定之資產比率計算超過8%，故 訂金亦須遵守上市規則第13.15條之一般披露責 任。

有關詳情請參閱本公司日期為 2020 年 8 月 24 日、2020年9月14日、2020年10月9日、2020 年10月23日、2020年11月30日、2020年12月 30日及2021年3月1日的公告與本公司日期為 2021年2月26日的通函。

– 29 –

OTHER INVESTMENTS AND TRANSACTIONS

Disposal of 20% equity interest in Hai Yue Real Estate

On 12 September 2018, Tai He Chuang Jian transferred 20% equity interest in Hai Yue Real Estate to Hou Feng Trading, the largest shareholder of Hai Yue Real Estate at the consideration of RMB133,000,000.

On 21 April 2020, Tai He Chuang Jian has received a written notice from Hou Feng Trading stating that it has difficulty in the turnover of working capital due to the impact of the pandemic and Hou Feng Trading is not able to repay the outstanding consideration to Tai He Chuang Jian in time. In 2021, Houfeng Trading clearly indicated that it could not repay the arrears in the short term due to difficulties in its operation and the inability to repay the bank loan; the assets under the name of Houfeng Trading and Guangzhou Haiyue were auctioned off, and their actual controllers were listed as defaulting debtors and subject to consumption restrictions. The Company has appointed Chinese lawyers to conduct legal verification, pre-litigation collection and litigation to recover the arrears through legal means.

At the date hereof, Hou Feng Trading had settled RMB62,840,000 and the remaining balance of RMB70,160,000 is yet to be paid.

Acquisition of 34,420,335 shares of Chaozhou Rural Credit Cooperative 潮州市區農村信用合作聯社 by Zhongfang Chaozhou*

On 3 January 2019, Zhongfang Chaozhou acquired 8,700,000 shares of Chaozhou Rural Credit Cooperative (潮州市區農村信用合作聯社) (“ Chaozhou Rural Credit Cooperative ”) in aggregate held by eight natural persons at RMB1.8 per share. The total consideration of the transaction amounted to RMB15,660,000 (the “ 1st Acquisition* ”).

On 24 January 2019, Zhongfang Chaozhou acquired 25,720,335 shares of Chaozhou Rural Credit Cooperative in aggregate held by 19 natural persons at RMB1.85 per share. The total consideration of the transaction amounted to approximately RMB48,271,000 (the “ 2nd Acquisition ”).

Upon completion of the 1st Acquisition and the 2nd Acquisition, Zhongfang Chaozhou will hold 59,720,335 shares of Chaozhou Rural Credit Cooperative in aggregate. Please refer to the announcements of the Company dated 24 January 2019 and 28 January 2019 for details.

On 21 June 2019, Chaozhou Rural Commercial Bank Co., Ltd. (“ Chaozhou Rural Commercial Bank ”) was established and commenced operation after the restructuring of Chaozhou Rural Credit Cooperative, Raoping Rural Credit Cooperative (饒平縣農村信用合作聯社) and Chao’an Rural Credit Cooperative (潮安區農村信用合作聯社).

• For identification purpose only

其他投資與交易

出售海粵房地產 20% 股權

於2018年9月12日，泰合創建將於海粵房地產 持有的20%的股權以代價人民幣133,000,000元 轉讓給海粵房地產第一大股東厚豐貿易。

於2020年4月21日，泰合創建已收到厚豐貿易 的書面通知，表示由於疫情影響營運資金周轉 出現困難，厚豐貿易未能按時向泰合創建償還 代價。2021年厚豐貿易因經營困難及無法償還 銀行貸款明確表示短期無法償還欠款，厚豐貿 易及廣州海粵名下資產被拍賣，實際控制人被 列入失信執行人及限制消費。本公司已委聘中 國律師進行法律核查、訴前催收及訴訟，通過 法律手段追討欠款。

於本公告日期，厚豐貿易已結算人民幣 62,840,000元，餘額人民幣70,160,000元尚未 支付。

中房潮州收購潮州市區農村信用合作聯社 34,420,335 股股份

於2019年1月3日，中房潮州按照每股人民幣1.8 元分別收購由8個自然人合計持有的潮州市區農 村信用合作聯社8,700,000股股份，交易代價總 額為人民幣15,660,000元（「第一次收購」）。

於 2019 年 1 月 24 日，中房潮州以每股人民幣 1.85元收購19個自然人合計持有的潮州市區農 村信用合作聯社25,720,335股股份，交易代價 總額約為人民幣48,271,000元（「第二次收購」）。

完成第一次收購及第二次收購後，中房潮 州將合共持有潮州市區農村信用合作聯社 59,720,335股股份，有關詳情載於本公司日期 為2019年1月24日及2019年1月28日之公告。

於2019年6月21日，由潮州市區農村信用合作 聯社、饒平縣農村信用合作聯社及潮安區農村 信用合作聯社重組的潮州農村商業銀行股份有 限公司（「潮州農商銀行」）開業成立。

• 僅供識別

– 30 –

Since the 1st Acquisition and the 2nd Acquisition occurred during the period of restructuring of Chaozhou Rural Commercial Bank and the shares held by the vendors including the natural persons in Chaozhou Rural Commercial Bank are non-transferable within one year pursuant to the relevant requirements, an aggregate of 34,420,335 shares of Chaozhou Rural Credit Cooperative from the 1st Acquisition and the 2nd Acquisition had not been registered and converted into shares of Chaozhou Rural Commercial Bank during 2019. Upon completion of the registration, Zhongfang Chaozhou will hold an aggregate of 36,490,344 shares of Chaozhou Rural Commercial Bank.

On 16 October 2020 (after trading hours), Zhongfang Chaozhou entered into a share transfer agreement with Shenzhen Wanyi Trading Limited (深圳市萬億貿易有限公司) (“ Wanyi* ”) pursuant to which Zhongfang Chaozhou has agreed to sell, and Wanyi has agreed to purchase 12,760,000 sale shares, representing approximately 0.48% of the issued share capital of Chaozhou Rural Commercial Bank as at the date of the share transfer agreement for a cash consideration of RMB18,476,480.

Upon completion, Zhongfang Chaozhou will hold 0.9% issued capital of Chaozhou Rural Commercial Bank.

Please refer to the announcement of the Company dated 16 October 2020 for details.

Provision of loans to Guangzhou Leyou

On 7 November 2018, the Company entered into a loan agreement with Guangzhou Leyou with a loan amount of RMB15,000,000 for a term of eight months at an interest rate of 8% per annum. The loan is guaranteed jointly and severally by a competent guarantor. As the relevant percentage ratio in respect of the transaction is below 5%, the transaction is not subject to any disclosure requirements under the Listing Rules.

On 9 August 2019, the Company and Guangzhou Leyou entered into a supplemental agreement to extend the term of loan for further eight months to 6 March 2020 and adjust the interest rate to 6% per annum. The loan will continue to be guaranteed jointly and severally by the guarantor.

Guangzhou Leyou settled RMB1,000,000 on 28 April 2020. On 20 May 2020, the Company and Guangzhou Leyou entered into a supplemental agreement to extend the term loan with an amount of RMB14,000,000 for further twelve months to 6 March 2021 with an interest rate of 6% per annum.

由於第一次收購及第二次收購發生在潮州農商 銀行重組期間及根據相關規定由賣方（包括自然 人）持有的潮州農商銀行股份一年內不能轉讓， 因此第一次收購及第二次收購合計34,420,335 股潮州市區農村信用合作聯社股份未能於2019 年度登記並折算成潮州農商銀行股份。於登記 完成後，中房潮州將合計持有潮州農商銀行 36,490,344股股份。

於2020年10月16日（交易時段後），中房潮州與 深圳市萬億貿易有限公司*（「萬億」）訂立股份轉 讓協議，據此，中房潮州已同意出售，而萬億 已同意購買12,760,000股出售股份，佔潮州農 村商業銀行於股份轉讓協議日期已發行股本約 0.48%，現金代價為人民幣18,476,480元。

完成後，中房潮州將持有潮州農村商業銀行 0.9%的已發行股本。

詳見公司2020年10月16日的公告。

向廣州樂游提供借款

於2018年11月7日，本公司與廣州樂游簽署借 款協議，借款金額為人民幣15,000,000元，借 款期限為8個月，借款利息為年利率8%，並由 有資質的擔保公司提供連帶責任擔保，由於本 次交易的相關百分比率低於5%，因此，交易無 需遵守上市規則下的任何披露規定。

於2019年8月9日，本公司與廣州樂游訂立補充 協議，將貸款年期限一步延長8個月至2020年3 月6日，並調整年利率至6%。貸款將繼續由該 擔保公司提供連帶責任擔保。

廣州樂游已於 2020 年 4 月 28 日結算人民幣 1,000,000 元。於 2020 年 5 月 20 日，本公司 與廣州樂游訂立補充協議，將為數人民幣 14,000,000元的有期貸款進一步延長12個月至 2021年3月6日，年利率為6%。

• 僅供識別

• For identification purpose only

– 31 –

On 18 June 2020, Guangzhou Leyou repaid RMB1,200,000. On 7 July 2020, Guangzhou Leyou repaid RMB200,000. On 30 March 2021, Guangzhou Leyou repaid RMB1,000,000. As the date hereof, the remaining principal was RMB11,600,000.

Disposal of 100% equity interest of Shenzhen ShenHe

On 24 June 2019, the Company entered into a sale agreement with Guangzhou Yiwan Trading Company Limited 廣州藝菀貿易有限公司 (” Guangzhou Yiwan* ”). Pursuant to that Guangzhou Yiwan conditionally agreed to purchase, and the Company conditionally agreed to sell, the entire equity of Shenzhen Shenhe for a consideration of RMB 13,950,000, inclusive of the consideration for the sale of Shenzhen Zhonghe Chuangjian Investment Development Company Limited. The transaction was completed on 28 June 2019.

The Group received RMB3,000,000, RMB3,000,000 and RMB1,000,000 from Guangzhou Yiwan on 16 July 2019, 10 November 2020 and 30 March 2021 respectively.

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

As at 31 December 2020, the Group employed a total of 45 employees (2019: 45). The Group has entered into employment contracts with all employees, and offered employment packages according to their positions, qualifications, experience and abilities. During the 2020 Financial Year, the aggregate salaries and emoluments amounted to RMB4,486,000 (2019 Corresponding Period: RMB4,716,000). The Group also provides 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.

於 2020 年 6 月 18 日，廣州樂游償還人民幣 1,200,000元，於2020年7月7日，廣州樂游償還 人民幣200,000元，於2021年3月30日，廣州樂 遊償還人民幣1,000,000元。截至本公告日期， 剩餘本金為人民幣11,600,000元。

出售深圳沈和 100% 股權

於2019年6月24日，本公司與廣州藝菀貿易有 限公司（「廣州藝 � 」）簽訂出售協議，據此， 廣州藝菀有條件同意購買，而本公司有條件 同意出售深圳沈和全部股權，代價為人民幣 13,950,000元，包含出售深圳市眾合創建投資 發展有限公司的代價。該交易已於2019年6月 28日完成。

本集團於2019年7月16日、2020年11月10日 及2021年3月30日，分別收到廣州藝菀人民幣 3,000,000 元、人民幣 3,000,000 元及人民幣 1,000,000元。

僱員人數、薪酬、培訓計劃及購股權計 劃

於2020年12月31日，本集團共聘用45名僱員 （2019年：45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2020年財政 年度，薪金及酬金總額為人民幣4,486,000元 （2019年同期：人民幣4,716,000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、基本醫療保險金及住房公 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。

– 32 –

ASSETS SECURED/PLEDGED

As at 31 December 2020, no assets of the Group was secured or pledged (2019: Nil).

CURRENCY RISKS

Other than those subsidiaries established in Hong Kong, the revenue and expenses of the Group are mainly denominated in RMB. 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 RMB. The changes in the exchange rate of Hong Kong Dollar against RMB will affect the result of the Group. In view of the appreciation of Hong Kong Dollar against RMB, the reporting currency, an exchange gain of RMB1,993,000 (2019 Corresponding Period: gain of RMB90,000) has been recorded in the results for the 2020 Financial Year. The Group currently does not have hedging policy against foreign exchange risk. The management of the Company will consider hedging significant currency exposure in the future should the need arise.

CONTINGENT LIABILITIES

As at 31 December 2020, the Group had no significant contingent liabilities (2019: Nil).

FINAL DIVIDENDS

The Board does not recommend the payment of a final dividend for the 2020 Financial Year.

DONATIONS

The Group has not made any donations for the 2020 Financial Year (2019 Corresponding Period: RMB1,000,000).

CAPITAL COMMITMENTS

As at 31 December 2020, the total capital commitments of the Group amounted to RMB28,273,000 (2019: RMB243,638,000).

CORPORATE GOVERNANCE

The Company has complied with the applicable code of provisions of the Corporate Governance Code (the “ CG Code ”) set out in Appendix 14 of the Listing Rules throughout the 2020 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 2020 Financial Year as the Directors considered that the risk of material

資產抵押╱質押

於2020年12月31日，本集團並無任何資產抵押 或質押（2019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）以外的貨幣計值 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）上升，於2020年財政年度的業績中錄得匯 兌收益人民幣1,993,000元（2019年同期：收益 人民幣90,000元）。本集團目前並無外匯風險的 對沖政策。本公司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2020年12月31日，本集團並無重大或然負債 （2019年：無）。

末期股息

董事會不建議就2020年財政年度派發末期股息。

捐款

本集團於 2020 年財政年度未做出任何捐贈 （2019年同期：人民幣1,000,000元）。

資本承擔

於 2020 年 12 月 31 日，本集團的總資本承擔 為人民幣 28,273,000 元（ 2019 年：人民幣 243,638,000元）。

企業管治

於2020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（「企業管治守則」） 之適用守則條文，惟以下除外：

企業管治守則之守則條文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，故於2020年財政年度本公司並無投購有

– 33 –

legal claims against the Directors was 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 set out in Appendix 10 of the Listing Rules as the code for dealing in securities of the Company by the Directors. Having made enquiry of all the Directors, the Company confirms that all the Directors have complied with the required standards set out in the Model Code for the 2020 Financial Year.

PURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES

Neither the Company, nor any of its subsidiaries has purchased, redeemed or sold any of the listed securities of the Company during the 2020 Financial Year.

EVENTS AFTER THE REPORTING PERIOD

Details of significant events after the reporting period and up to the date hereof are set out below:

Completion of the acquisition of certain properties

The acquisition of the properties, which comprises 11 shop units with a total gross floor area of approximately 3,168 sq.m. together with 60 car parking spaces on basement level of Phase 5 of Tian Zi Zhuang Yuan (天子 莊園), located at Yanjiao National High-Tech Industrial Development Area, Sanhe City, Hebei Province, at a consideration of RMB110,000,000, has been completed on 16 March 2021.

Completion of the acquisition of Shennongjia

The acquisition of 60% equity interest of Shennongjia at a consideration of RMB35,000,000, in which approximately RMB1,446,000 and RMB33,554,000 are for the acquisition of 60% equity interest and shareholder’s loan of Shennongjia respectively, has been completed on 15 March 2021.

Disposal of Guangdong Xinmao

On 15 January 2021, Shenzhen Tong He entered into a disposal agreement with an independent third party (the “ Purchaser IV ”), pursuant to which Shenzhen Tong He sell the 90% equity interests of Guangdong Xinmao and shareholder loan of approximately RMB13,883,000 to the Purchaser IV at a consideration of RMB9,990,000. The disposal has been completed on 2 February 2021.

• For identification purposes only.

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2020年財政年度已遵守載於標準守則之規 定標準。

購買、銷售或贖回上市證券

於2020年財政年度內，本公司及其任何附屬公 司概無購買、贖回或銷售本公司任何上市證券。

報告期後事項

以下為有關報告期後直至本公告日期的重大事 件詳情。

完成若干物業收購事項

該等物業（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，總 建築面積約3,168平方米，連同地庫的60個停車 位）於2021年3月16日以人民幣110,000,000元 代價完成。

完成神農架收購事項

神農架60%股權收購事項於2021年3月15日完 成，代價為人民幣35,000,000元，其中約人民 幣1,446,000元和人民幣33,554,000元分別用於 收購神農架的60%股權及股東貸款。

廣東鑫茂出售事項

於2021年1月15日，深圳市同合與獨立第三方 （「買方 IV 」）訂立出售協議，據此，深圳同合 向買方 IV 出售廣東鑫茂之 90% 股權及約人民 幣 13,883,000 元之股東貸款，代價為人民幣 9,990,000元。該出售事項已於2021年2月2日完 成。

• 僅供識別。

– 34 –

AUDIT COMMITTEE REVIEW

審核委員會審閱

The audit committee of the Company has reviewed with the management of the Company the accounting principles and practices adopted by the Group and discussed the financial reporting matters, including the review of the audited annual results of the Group for the 2020 Financial Year.

本公司審核委員會已跟本公司管理層審閱本集 團所採用的會計原則及慣例，並討論財務報告 事宜，包括審閱本集團2020年財政年度的經審 計年度業績。

PUBLICATION OF ANNUAL REPORT

刊發年報

The Company’s annual report for the 2020 Financial Year will be dispatched to the Shareholders and published on the websites of the Stock Exchange and the Company in due course.

本公司於2020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。

GLOSSARY

專用詞彙

In this announcement (other than the consolidated financial statements), unless the context otherwise requires, the following expressions shall have the following respective meanings:

於本公告（綜合財務報表除外），除文義另有所 指，以下詞彙具有以下涵義。

“2019 Corresponding Period” for the year ended 31 December 2019 「2019年同期」 截至2019年12月31日止年度 “2020 Financial Year” for the year ended 31 December 2020 「2020年財政年度」 截至2020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 “Board” the board of Directors 「董事會」 董事會 “Chaozhou Jinshan” Chaozhou Jinshan Investment and Development Company Limited 「潮州金山」 潮州市金山投資開發有限公司 “Chung Hwa Finance” Chung Hwa Finance Limited (formerly known as Newpont Finance Limited) 「中華信貸」 中華信貸有限公司（前稱新邦信貸有限公司） “Company” Shenyang Public Utility Holdings Company Limited 「本公司」 瀋陽公用發展股份有限公司

• For identification purpose only

• 僅供識別

– 35 –

“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
“Group”	the Company and its subsidiaries
「本集團」	本公司及其附屬公司
“Guangdong Xinmao”	Guangdong Xinmao Biotechnology Company Limited*
「廣東鑫茂」	廣東鑫茂生物科技有限公司
“Guangzhou Leyou”	Guangzhou Leyou Internet Technology Co., Ltd*
「廣州樂游」	廣州樂游互聯網科技有限公司
“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
“Hou Feng Trading”	Hou Feng Trading Company Limited*
「厚豐貿易」	深圳市厚豐貿易有限公司
“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」	本公司每股面值人民幣1元之境外上市外資普通股，全部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
“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
“PRC”	the People’s Republic of China
「中國」	中華人民共和國

– 36 –

“RMB” Renminbi, the lawful currency of the PRC 「人民幣」 中國法定貨幣人民幣 “San He Jing Jiao” San He Jing Jiao Property Development Company Limited 「三河京郊」 三河京郊房地產開發有限公司 “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 “Shenzhen Shen He” Shenzhen Shen He Chuang Jian Investment Development Company Limited 「深圳沈和」 深圳市沈和創建投資發展有限公司 “Shenzhen Shenhe” Shenzhen Shenhe Chuangli Investment and Development Company Limited 「深圳深合」 深圳市深合創立投資發展有限公司 “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 whollyowned subsidiary of the Company 「深圳同合」 深圳市同合創建投資發展有限責任公司，本公司全資附屬公司 “SHHH Development” Shenzhen He Hui Huang Development Company Limited 「合輝煌發展」 深圳市合輝煌發展有限公司 “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 whollyowned subsidiary of the Company 「泰合創建」 深圳市泰合創建投資發展有限責任公司，本公司全資附屬公司 “Zhongfang Chaozhou” Zhongfang Chaozhou Investment Development Company Limited 「中房潮州」 中房潮州投資開發有限公司

「泰合創建」

「中房潮州」

“Zhongfang Chaozhou Jing Nan an infrastructure construction project in Jing Nan Industrial Park, in Chaozhou Industrial Park Project” 「中房潮州徑南工業園項目」 位於潮州徑南工業園的基礎設施建設項目

– 37 –

“Zhong De Logistics” 「眾德物流」

Shenzhen Zhong De Logistics Company Limited* 深圳市眾德物流有限公司

• For identification purpose only * 僅供識別

By Order of the Board

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 主席 張敬明

Shenyang, the PRC, 31 March 2021

中國，瀋陽，2021年3月31日

As at the date of this announcement, the executive Directors are Mr. Zhang Jing Ming, Mr. Chau Ting Yan and Mr. Leng Xiao Rong, the non-executive Directors are Mr. Yin Zong Chen and Mr. Ye Zhi E and the independent non-executive Directors are Mr. Luo Zhou Qiang, Mr. Guo Lu Jin and Ms. Gao Hong Hong.

於本公告日期，執行董事為張敬明先生、周霆 欣先生及冷小榮先生；非執行董事為尹宗臣先 生及葉智鍔先生；及獨立非執行董事為羅卓強 先生、郭魯晉先生及高紅紅女士。

– 38 –