CMON Limited — Interim / Quarterly Report 2015

Sep 30, 2015

Interim Report 中期報告2015

Contents 目錄

Corporate Information 公司資料	2
Management Discussion and Analysis 管理層討論與分析	4
Interim Financial Information 中期財務資料
Condensed Consolidated Income Statement 簡明綜合收益表	8
Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表	9
Condensed Consolidated Balance Sheet 簡明綜合資產負債表	10
Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表	12
Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表	13
Notes to the Condensed Financial Statements 簡明財務報表附註	14
Other Information 其他資料	30
Glossary 專用詞彙	34

Corporate Information 公司資料

DIRECTORS

Executive Directors Mr. Zhang Jing Ming, Chairman Mr. Deng Xiao Gang, Chief Executive Officer Mr. Huang Zhen Kun

Non-Executive Directors Ms. Li Yu Xiang Mr. Yin Zong Chen

Independent Non-executive Directors

Mr. Chan Ming Sun Jonathan Mr. He Qing Jia Mr. Yu Guan Jian

AUDIT COMMITTEE

Mr. Chan Ming Sun Jonathan (Chairman) Mr. Yu Guan Jian Mr. Yin Zong Chen

REMUNERATION COMMITTEE

Mr. He Qing Jia (Chairman) Mr. Chan Ming Sun Jonathan Ms. Li Yu Xiang

NOMINATION COMMITTEE

Mr. Zhang Jing Ming (Chairman) Mr. He Qing Jia Mr. Yu Guan Jian

SUPERVISORS

Mr. Wang Xing Ye (Chairman) Mr. He Song Xi Mr. Zhang Yun Feng Ms. Huang Yong Jing Mr. Fang Wei Ran

董事

執行董事 張敬明先生,主席 鄧曉綱先生,行政總裁 黃鎮坤先生

非執行董事 李玉香女士 尹宗臣先生

獨立非執行董事 陳銘燊先生 何慶佳先生 余關健先生

審核委員會 陳銘燊先生(主席) 余關健先生 尹宗臣先生

薪酬委員會 何慶佳先生(主席) 陳銘燊先生 李玉香女士

提名委員會 張敬明先生(主席)

何慶佳先生 余關健先生

監事

王興業先生(主席) 何松溪先生 張運峰先生 黃永菁女士 方偉然先生

Corporate Information 公司資料

JOINT COMPANY SECRETARIES

Mr. Wu Tai Cheung Ms. Qian Fang Fang

AUTHORISED REPRESENTATIVES

Mr. Zhang Jing Ming Mr. Wu Tai Cheung

AUDITOR

ZHONGLEI (HK) CPA Company Limited

REGISTERED OFFICE

No. 1–4, 20A, Central Street, Shenyang Economic and Technological Development Zone, People's Republic of China

H SHARE REGISTRAR AND TRANSFER OFFICE

Hong Kong Registrars Limited Rooms 1712–16, 17th Floor Hopewell Centre 183 Queen's Road East Wanchai Hong Kong

PRINCIPAL BANKERS

China Minsheng Bank China CITIC Bank Industrial and Commercial Bank of China China Construction Bank

STOCK CODE

747

WEBSITE www.747kingma.com 聯席公司秘書 胡大祥先生 錢芳芳女士

授權代表

張敬明先生 胡大祥先生

核數師 中磊(香港)會計師事務所有限公司

註冊辦事處

中華人民共和國 瀋陽經濟技術開發區 中央大街20甲1–4號

H股份過戶登記處

香港證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心 17樓1712–16室

主要往來銀行

民生銀行 中信銀行 工商銀行 建設銀行

股份代號

747

網址 www.747kingma.com

FINANCIAL REVIEW

During the Period, the turnover of the Group amounted to approximately RMB173,251,000 (2014 Corresponding Period: RMB140,000), representing a very significant increase in revenue comparing with that of the six months ended 30 June 2014. The substantial increase in turnover is mainly due to the fact that the acceptances of the completion and transfer of 800-mu construction land of Zhongfang Chaozhou Jing Nan Industrial Park Project has been completed, while no acceptance of completion and transfer in the 2014 Corresponding Period. Profit after taxation and minority interests amounted to approximately RMB1,136,000 (2014 Corresponding Period: RMB44,111,000). Earnings per share was approximately RMB0.0011 (2014 Corresponding Period: RMB0.0432).

BUSINESS REVIEW

Infrastructure Construction Business

As of the date of this report, Zhongfang Chaozhou, a whollyowned subsidiary of the Company has substantially completed Zhongfang Chaozhou Jing Nan Industrial Park Project. During the Period, Chaozhou Jinshan has confirmed the acceptance of completion and transfer of the 800-mu construction land pursuant to the cooperation agreement. Accordingly, revenue of approximately RMB168,400,000 has been recognized in the financial statements.

The acceptance of completion and transfer of the remaining 1,700-mu construction land is still in progress. The Board is liaising with Chaozhou Jinshan to expedite the confirmation of the acceptance of completion and transfer of the remaining construction land.

財務回顧

於本期,本集團實現營業額約為人民幣 173,251,000元(二零一四年同期:人民幣 140,000元),比較截至二零一四年六月三十 日止六個月收入有相當大幅之增加;營業額 大幅增加主要是由於中房潮州徑南工業園800 畝建設用地已完成驗收交付工作,而二零 一四年同期尚未完成驗收交付工作。除稅及 少數股東權益後盈利約為人民幣1,136,000元 (二零一四年同期:人民幣44,111,000元), 每股盈利約為人民幣0.0011元(二零一四年同 期:人民幣0.0432元)。

業務回顧

基礎設施建設業務

截至本報告日期,本公司全資附屬公司中房 潮州大致上完成了中房潮州徑南工業園項 目。本期,潮州金山已確認完成根據合作協 議對800畝建設用地的驗收交付工作。因此, 收入約人民幣168,400,000元已於財務報表中 確認。

餘下1,700畝建設用地的驗收交付工作仍在進 行中。董事會正與潮州金山洽商加快確認對 餘下建設用地的驗收交付工作。

Credit Business

Following the acquisition of Chung Hwa Finance in 2014, the Group expanded the credit business in Hong Kong. During the Period, revenue of interest income of approximately RMB4,851,000 has been recognized, comparing with RMB140,000 for the 2014 Corresponding Period.

Held for Trading Investments

Same as previous years, the Group invested surplus fund in equity securities listed in Hong Kong. At 30 June 2015, market value of Hong Kong listed equities amounted to RMB46,900,000 (2014: RMB nil) and a loss of approximately RMB10,545,000 (2014 Corresponding Period: nil) arising from the fair value change on held for trading investment was incurred. The loss reflected the change of market sentiment on Hong Kong stock market. The Board is confident on Hong Kong stock market in the long term.

Donation

The Group made a donation of RMB1,000,000 to Chaozhou Charity Federation, designated for a foundation for cultural welfare in Chaozhou, for developing the fine cultural characteristics of Chaozhou, promoting Chaozhou cultural heritage and advancing the excellence of the traditional Chinese culture.

Acquisition and investments made after the Period

The Group has made certain acquisitions and equity investment after the Period, details of which are disclosed in Note 23 to the interim financial information.

Business Prospects

The Group will continue to focus on the infrastructure construction business and develop the credit business in Hong Kong. The Board expects that, with the gradual completion of acceptance of the completion and transfer of Zhongfang Chaozhou Jing Nan Industrial Park Project and the completion of the issuance of Domestic Shares and H Shares, the Group will have abundant liquidity flows. The Group will actively develop the existing financial business and identify other infrastructure construction projects as well as other potential business opportunities.

The Group will endeavour to maximise the return to Shareholders of the Company.

信貸業務

繼二零一四年收購中華信貸後,本集團擴大 香港的信貸業務。本期已確認利息收入約人 民幣4,851,000元,而二零一四年同期為人民 幣140,000元。

持作買賣投資

與以往數年相同,本集團以盈餘資金投資 於香港上市的股本證券。於二零一五年六 月三十日,香港上市股票市值為人民幣 46,900,000元(二零一四年同期:無),而因 持作買賣投資的公允價值變動產生的虧損約 為人民幣10,545,000元(二零一四年同期: 無)。虧損反映香港股市的市場氣氛轉變。董 事會對香港長遠的股票市場有信心。

捐獻

本集團向潮州慈善總會捐款人民幣1,000,000 元。定向捐贈至潮州文化公益基金會,用作 弘揚潮州優秀文化特質,推動潮州文化傳 承,發揚中華優秀傳統文化。

本期後作出之收購及投資

本集團於本期後作出若干收購及股本投資。 有關詳情於中期財務資料附註23中披露。

業務展望

本集團將繼續專注基礎設施建設業務,並發 展香港地區信貸業務。董事會預期,隨著中 房潮州徑南工業園項目的完工交付驗收逐步 完成,及在完成內資股及H股發行的前提下, 本集團將擁有充裕的流動資金。本集團將積 極發展現有金融業務,尋求其他基礎設施建 設項目及物色其他具有潛力的業務。

本集團將努力為本公司股東帶來最大回報。

ENLARGING SHARE CAPITAL

During the Period, the Company has completed the issuance of H-Shares and Domestic Shares as follow:

H-Shares

On 5 May 2015, the Company completed the placing of 84,080,000 H-Shares of the Company at the placing price of HK\$1.25 (approximately RMB1.00) per share to third parties independent of the Company and raised net proceeds of approximately of HK\$103.6 million for general working capital. For the details, please refer to the announcements of the Company dated 22 April and 5 May 2015.

Domestic Shares

On 9 June 2015, the Company completed the issuance of 120,000,000 Domestic Shares at the price of RMB 1 per share to third parties independent of the Company for general working capital. For the details, please refer to the announcements of the Company dated 22 May and 9 June 2015.

Following the completion of the placing of 84,080,000 H-Shares and issuance of 120,000,000 Domestic Shares, the share capital of the Company increased from RMB1,020,400,000 as at 31 December 2014 to RMB1,224,480,000 at the end of the Period, comprising 720,000,000 Domestic Shares of RMB 1 each and 504,480,000 H-Shares of RMB 1 each.

LIQUIDITY AND FINANCIAL RESOURCES

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 of 30 June 2015, the Group had net current assets of approximately RMB623,062,000 (31 December 2014: RMB460,722,000), including cash and cash equivalents of RMB27,652,000 (31 December 2014: RMB7,881,000).

As of 30 June 2015, the Group had no bank borrowings. The Group's current ratio (current assets/current liabilities) and gearing ratio (total liabilities/total assets) was 4.3 (As of 31 December 2014: 3.5) and 19.24% (As of 31 December 2014: 23.59%), respectively.

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATE COMPANIES

There was no material acquisition or disposal of subsidiaries and associate companies of the Company during the Period.

擴大股本

於本期,本公司完成發行H股及內資股如下:

H股

於二零一五年五月五日,本公司完成向獨立 於本公司的第三方配售84,080,000股本公司 H股,配售價每股1.25港元(約人民幣1.00 元),集資所得款項淨額約103,600,000港 元,用作一般營運資金。有關詳情,請參閱 本公司日期分別為二零一五年四月二十二日 及五月五日的公告。

內資股

於二零一五年六月九日,本公司完成向獨立 於本公司的第三方發行120,000,000股內資 股,發行價每股人民幣1元,集資所得款項用 作一般營運資金。有關詳情,請參閱本公司 日期分別為二零一五年五月二十二日及六月 九日的公告。

繼完成配售 84,080,000 股 H 股及發行 120,000,000股內資股後,本公司股本由二零 一四年十二月三十一日人民幣1,020,400,000 元增至本期末人民幣1,224,480,000元,包括 720,000,000股每股面值人民幣1元的內資股 及504,480,000股每股面值人民幣1元的H股。

流動資金與財務資源

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。於二零一五年六月三十日,本集 團擁有流動資產淨值約人民幣623,062,000 元(二零一四年十二月三十一日:人民幣 460,722,000元),其中包括現金及現金等價 物人民幣27,652,000元(二零一四年十二月 三十一日:人民幣7,881,000元)。

於二零一五年六月三十日,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4.3(於二零一四年十二月三十一日:3.5) 及19.24%(於二零一四年十二月三十一日: 23.59%)。

重大收購及出售附屬及聯營公司

於本期,本公司沒有重大收購及出售附屬及 聯營公司。

SIGNIFICANT INVESTMENTS

During the Period, the Company did not hold any significant investments.

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

As at 30 June 2015, the Group employed a total of 43 employees (including the directors of the Company) and emoluments during the Period amounted to approximately RMB1,764,000 (2014: RMB2,097,000) in total. The Group has entered into employment contracts with all employees, and offered them with different emoluments according to their positions. The Group also made contributions to endowment insurance, basic medical insurance and housing reserves for all the employees in accordance with the relevant laws of the PRC. As at the date of this report, the Group has not adopted any share option scheme for any of its senior management or employees.

ASSETS SECURED/PLEDGED

As at 30 June 2015, no asset of the Group was secured or pledged (2014: Nil).

SEGMENTAL INFORMATION

Details of segmental information are set out in Note 4 to the interim financial information.

CURRENCY RISKS

The revenues and expenses of the Group are mainly denominated in Renminbi. As at 30 June 2015, the Group had no significant risks due to foreign exchange contracts, interests, currency swaps or other financial derivatives.

CONTINGENT LIABILITIES

As at 30 June 2015, the Group had no significant contingent liabilities (2014: Nil).

EVENTS AFTER THE END OF THE PERIOD

Details of the events after the end of the period are set out in Note 23 to the interim financial information.

重大投資

於本期,本公司並無持有任何重大投資。

僱員人數及薪酬、培訓計劃及購股權計 劃

於二零一五年六月三十日,本集團共聘用43 名僱員(包括本公司董事在內),於本期提供 薪酬總額約為人民幣1,764,000元(二零一四 年:人民幣2,097,000元)。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,按相應標準分別提供不同薪酬。同時, 根據中國有關法律規定,本集團為全體僱員 交納養老保險金、基本醫療報銷金和住房公 積金。於本報告日期,本集團尚無制定任何 高級管理人員或職工認股權計劃。

資產抵押╱質押

於二零一五年六月三十日,本公司並無任何 資產抵押及質押(二零一四年:無)。

分部資料

分部資料詳載於中期財務資料附註4。

外匯風險

本集團之收益及開支主要以人民幣計值。於 二零一五年六月三十日,本集團概無因外匯 合約、利息、貨幣掉期或其他金融衍生工具 而面臨重大風險。

或然負債

於二零一五年六月三十日,本集團並無任何 重大或然負債(二零一四年:無)。

期末後事件

期末後事件的詳情載於中期財務資料附註23。

Condensed Consolidated Income Statement 簡明綜合收益表

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

			Six months ended 30 June 截至六月三十日止六個月
			2015	2014
			二零一五年	二零一四年
			(Unaudited)	(Unaudited)
			(未經審計)	(未經審計)
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Turnover	營業額	3	173,251	140
Cost of sales	營業成本		(154,216)	–
Sales taxes on turnover	營業額銷售稅		(863)	–
Other income	其他收入	5	37	2,016
Gain on disposal of a subsidiary	出售一間附屬公司收益	6	–	45,677
Loss on disposal of held for	出售持作買賣
trading investment	投資虧損		–	(557)
Fair value change on held for trading	持作買賣投資
investment	公允價值變動	7	(10,545)	–
Other operating expenses	其他經營開支		(1,338)	(1,059)
Depreciation	折舊		(79)	(9)
Staff costs	員工成本		(1,764)	(2,097)
Donation	捐款		(1,000)	–
Profit before tax	除稅前溢利		3,483	44,111
Income tax expense	所得稅開支	8	(2,347)	–
Profit for the Period	期內溢利		1,136	44,111
Exchange differences arising on	換算海外業務財務報表
translation of financial statements of	產生之匯兌差額
foreign operations			182	(289)
Total comprehensive income for the Period 期內全面收益總額			1,318	43,822
Profit attributable to the owners of	本公司擁有人應佔溢利
the Company			1,318	43,822
Profit or loss attributable to the	少數股東應佔損益
minority interests			–	–
Earnings per share – Basic (RMB cents)	每股盈利-基本(分)	9	0.11	4.32
– Diluted (RMB cents)	-攤薄(分)		N/A不適用	N/A不適用
Dividends	股息	10	–	–

Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

			Six months ended 30 June 截至六月三十日止六個月
			2015	2014
			二零一五年	二零一四年
			(Unaudited)	(Unaudited)
			(未經審計)	(未經審計)
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Profit for the Period	期內溢利		1,136	44,111
Exchange differences arising on translation	換算產生之匯兌差額		182	(289)
Total comprehensive income for the Period 期內全面收益總額			1,318	43,822
Total comprehensive income attributable to Owners of the Company Non-controlling interests	下列應佔全面收益 總額 本公司擁有人 非控股權益		1,318 –	43,822 –

Condensed Consolidated Balance Sheet 簡明綜合資產負債表

At 30 June 2015 於二零一五年六月三十日

			30 June 2015 二零一五年 六月三十日 (Unaudited) (未經審計)	31 December 2014 二零一四年 十二月三十一日 (Audited) (經審計)
		Note 附註	RMB'000 人民幣千元	RMB'000 人民幣千元
NON-CURRENT ASSETS	非流動資產
Goodwill	商譽	11	45,779	45,779
Property, plant and equipment Deposit paid for acquisition of property,	物業、廠房及設備		1,288	1,372
plant and equipment	收購物業、廠房及設備 所支付的訂金	13	22,000
Deposit paid for acquisition of a subsidiary	收購一間附屬公司 所支付的訂金	12	100,000	80,000
Loan and interest receivable (non-current position)	應收貸款及利息 (非流動部分)	15	–	58
			169,067	127,209
CURRENT ASSETS	流動資產
Properties under development	發展中物業	14	315,574	461,136
Held for trading investment	持作買賣投資		46,900
Loan and interest receivables	應收貸款及利息	15	170,560	40,614
Trade receivables Prepayments, deposits and other	應收賬款 預付款項、按金及	16	197,401	28,200
receivables	其他應收款項	17	53,662	102,330
Bank balances and cash	銀行結餘及現金	18	27,652	7,881
Deferred tax asset	遞延稅項資產		–	2,112
			811,749	642,273
TOTAL ASSETS	總資產		980,816	769,482
CURRENT LIABILITIES	流動負債
Trade payables	應付賬款	19	107,069	131,162
Advanced proceeds received from	已收客戶
customers	預付款項	20	77,000	37,200
Other payables and accruals	其他應付款及應計費用		3,618	5,458
Amount due to ultimate holding	應付最終控股公司
company	款項		1,000	2,000
Tax liabilities	稅項負債		–	5,371

Condensed Consolidated Balance Sheet 簡明綜合資產負債表

At 30 June 2015 於二零一五年六月三十日

			30 June	31 December
			2015	2014
			二零一五年	二零一四年
			六月三十日	十二月三十一日
			(Unaudited)	(Audited)
			(未經審計)	(經審計)
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
NET CURRENT ASSETS	流動資產淨值		623,062	460,722
TOTAL ASSETS LESS CURRENT	總資產減流動負債
LIABILITIES			792,129	587,931
CAPITAL AND RESERVES	資本及儲備
Share capital	股本	21	1,224,480	1,020,400
Reserves	儲備		(432,351)	(432,469)
TOTAL EQUITY	總權益		792,129	587,931

Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

				Equity attributable to shareholders of the Company
				本公司擁有人應佔權益 Statutory
			Share	surplus	Exchange	Accumulated
		Share capital	premium	reserve	reserve	profits	Total
				法定盈餘
		股本	股本溢價	公積金	匯兌儲備	累計溢利	總計
		RMB'000	RMB'000	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	人民幣千元	人民幣千元
At 1 January 2014	於二零一四年一月一日	1,020,400	323,258	104,745	(52)	(904,661)	543,690
Profits for the Period	本期盈利	–	–	–	–	44,111	44,111
Exchange differences	匯兌差額	–	–	–	(289)	–	(289)
At 30 June 2014	於二零一四年六月三十日	1,020,400	323,258	104,745	(341)	(860,550)	(587,512)
At 1 January 2015	於二零一五年一月一日	1,020,400	323,258	104,840	128	(860,695)	587,931
Profits for the Period	本期盈利	–	–	–	–	1,136	1,136
Exchange differences	匯兌差額	–	–	–	182	–	182
Issue of Shares (note 21)	股份發行(附註21)	204,080	–	(1,200)	–	–	202,880
As at 30 June 2015	於二零一五年六月三十日	1,224,480	323,258	103,640	310	(859,559)	792,129

12 Interim Report 2015 Shenyang Public Utility Holdings Company Limited

Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

		30 June	30 June
		2015	2014
		二零一五年	二零一四年
		六月三十日	六月三十日
		(Unaudited)	(Unaudited)
		(未經審計)	(未經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Net cash (used in) from operating activities (支付)來自經營業務的現金淨額		32,634	(739)
Net cash (used in) from investing activities (支付)來自投資活動的現金淨額		(216,125)	47,034
Net cash (used in) from financing activities (支付)來自融資活動的現金淨額		203,080	(9,100)
Increase in cash and cash equivalents Cash and cash equivalents at the	現金及現金等值項目的增加	19,589	37,195
beginning of the Period	於期初時的現金及 現金等值項目	7,881	21,912
		27,470	59,107
Effect of foreign exchange	匯率變動影響,淨額
rate changes, net		182	(289)
Cash and cash equivalents at the	於期末時的現金及
end of the Period	現金等值項目	27,652	58,818

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

1. 一般資料

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. The addresses of the principal place of business and registered office of the Company 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 consolidated financial statements are presented in Renminbi ("RMB") which is the same as the functional currency of the Company and its subsidiaries (collectively known as the "Group").

The Company's H-shares are listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 16 December 1999.

2. ACCOUNTING POLICIES AND BASIS OF PREPARATION

The unaudited condensed consolidated financial statements of the Group have been prepared in accordance with new Hong Kong Financial Reporting Standards ("HKFRSs"), Hong Kong Accounting Standards and Interpretations issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. These accounts have been prepared under historical cost convention, except for certain financial instruments which are measured at their fair values.

The preparation of the unaudited condensed consolidated financial statements in conformity with the HKFRSs requires the use of certain critical accounting estimates. It also requires the management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited condensed consolidated financial statements include provision for bad and doubtful debts, provision for taxation, provision for asset impairment and fair values of financial assets stated at fair value and those dealt in profit or loss accounts.

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。本公司主要營業地點 地址為中國瀋陽市大東區小東路1號金 茂國際公寓14樓。本公司註冊辦公處 地址為中國瀋陽經濟技術開發區中央 大街20甲1-4號。

此等綜合財務報表以人民幣列示,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股於一九九九年十二月十六 日在香港聯合交易所有限公司(「聯交 所」)上市。

2. 會計政策及編製基準

本集團之未經審計簡明綜合財務報表 乃根據香港會計師公會新頒佈的香港 財務報告準則、香港會計準則及詮釋 及香港聯合交易所有限公司證券上市 規則之披露規定編製。除部份財務工 具以其公允價值計量外,本賬目乃根 據歷史成本慣例編製。

編製符合香港財務報告準則的未經審 計簡明綜合財務報表需要運用若干重 要的會計估計,亦同時需要管理層在 採用本集團的會計政策過程中作出判 斷。在未經審計簡明綜合財務報表中 涉及高度判斷或複雜程度的範疇,或 有重要假設及估計的範疇包括呆壞賬 撥備、稅項撥備、資產減值撥備及按 公平值列賬並在損益賬處理的財務資 產公平值。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

2. ACCOUNTING POLICIES AND BASIS OF PREPARATION (Continued)

The fair value represents the price received on disposal of assets or the price payable on transfer of liabilities in an orderly transaction between market participants, which is determined by the Group based on the market price as at the balance sheet date on the fair value basis.

Interest income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably).

As at the balance sheet date, transactions in currencies other than the overseas subsidiary's functional currency are recognised at the exchange rate prevailing at the transaction date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

3. TURNOVER

Turnover represents the amounts received and receivable for construction of infrastructure and credit business of the Group:

2. 會計政策及編製基準(續)

公允價值是於計量日市場參與者間於 秩序交易中出售資產所收取或轉讓負 債須支付之價格,本集團會按照市場 價格在資產負債表日按公允價值基準 釐定。

來自投資的利息收入於股東收取付款 的權益確定時確認(經濟利益將有可能 流向本集團及收入金額能可靠計量)。

於結算日,境外子公司實體的財務報 表以功能貨幣以外的貨幣進行的交易 均按交易日期的適用匯率換算入賬。 以外幣列值按過往成本計量的非貨幣 項目無須重新換算。

3. 營業額

營業額為本集團基礎設施建設以及信 貸業務已收及應收金額:

	30 June	30 June
	2015	2014
		二零一四年
		六月三十日
	(Unaudited)	(Unaudited)
		(未經審計)
	RMB'000	RMB'000
	人民幣千元	人民幣千元
		–
信貸業務	4,851	140
		140
	基礎設施建設	二零一五年 六月三十日 (未經審計) 168,400 173,251

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

4.	TURNOVER AND SEGMENT INFORMATION	4.	營業額及分部資料
	Principal activities are as follows:		主要業務為:
	Construction of infrastructure and credit business		基礎設施建設、信貸業務
	The analysis of revenue and results by reportable segment of the Group is as follows:		本集團按可報告分部劃分的收入及業 績分析如下:

For the six months ended 30 June 2015 (Unaudited)

截至二零一五年六月三十日止六個月 (未經審計)

		Construction of infrastructure 基礎設施建設 RMB'000 人民幣千元	Credit business 信貸業務 RMB'000 人民幣千元	Consolidated 合計 RMB'000 人民幣千元
Turnover	營業額	168,400	4,851	173,251
Segment results	分部業績	11,682	3,903	15,585
Unallocated corporate expenses 未分配企業費用 Profit from operations Finance costs Other income Fair value change on held for trading investment Profit before taxation Income tax expense	經營盈利 財務成本 其他收入 持作買賣投資的 公允價值變動 除稅前盈利 所得稅開支			(1,594) 13,991 – 37 (10,545) 3,483 (2,347)
Profit after taxation Exchange differences	除稅後盈利 匯兌差額			1,136 182
Profit after taxation	除稅後盈利			1,318

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

4. TURNOVER AND SEGMENT INFORMATION (Continued)

4. 營業額及分部資料(續)

For the six months ended 30 June 2014 (Unaudited)

截至二零一四年六月三十日止六個月 (未經審計)

		Construction of infrastructure 基礎設施建設 RMB'000 人民幣千元	Credit business 信貸業務 RMB'000 人民幣千元	Consolidated 合計 RMB'000 人民幣千元
Turnover	營業額	–	140	140
Segment results	分部業績	(399)	139	(260)
Unallocated corporate expenses 未分配企業費用 Loss from operations Finance costs Gain on disposal of subsidiaries Profit before taxation Income tax expense	經營虧損 財務成本 出售附屬公司收益 除稅前盈利 所得稅開支			(1,306) (1,566) – 45,677 44,111 –
Profit after taxation Exchange differences	除稅後盈利 匯兌差額			44,111 (289)
Profit after taxation	除稅後盈利			43,822

5. OTHER INCOME

5. 其他收入

		30 June 2015 二零一五年 六月三十日 (Unaudited) (未經審計) RMB'000 人民幣千元	30 June 2014 二零一四年 六月三十日 (Unaudited) (未經審計) RMB'000 人民幣千元
Interest income Sundry income	利息收入 雜項收入	37 –	16 2,000
		37	2,016

On 26 November 2013, the Company and Shenzhen Chengxin have entered into a supplemental agreement to extend the payment terms regarding the disposal of 100% equity interests in Guangzhou Zhongzhan (the "Supplemental Agreement"). A penalty of 1.5% thereon, equivalent to RMB1.8 million has been charged on Shenzhen Chengxin due to the late payment pursuant to the Supplemental Agreement. On 6 January 2014, the Company received full payment of RMB120 million and a penalty of RMB1.8 million.

於二零一三年十一月二十六日,本公 司與深圳誠信訂立補充協議,將有關 出售廣州中展全部股本權益的還款期 限押後(「補充協議」)。根據補充協 議,深圳誠信因拖欠還款而被處1.5% 的罰款(相當於人民1,800,000元)。本 公司於二零一四年一月六日收妥人民 幣120,000,000元,同時收到罰金人民 幣1,800,000元。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

6.	GAIN ON DISPOSAL OF A SUBSIDIARY		6.	出售一間附屬公司收益
				30 June	30 June
				2015	2014
				二零一五年	二零一四年
				六月三十日	六月三十日
				(Unaudited)	(Unaudited)
				(未經審計)	(未經審計)
				RMB'000	RMB'000
				人民幣千元	人民幣千元
	Gain on disposal of a subsidiary	出售一間附屬公司收益		–	45,677
				–	45,677

On 13 August 2013, the Company entered into the disposal agreement with Shenzhen Chengxin regarding the disposal of 100% equity interests in Guangzhou Zhongzhan at the consideration of RMB280 million. The disposal was completed on 6 January 2014 but the remainder of RMB119 million was yet to be recovered. On 22 July 2014, the Company received from Shenzhen Chengxin a notice requesting for reduction of the consideration amount by RMB50 million (Please refer to the announcement of the Company dated 24 July 2014 for details). The reduction of the consideration by RMB50 million was approved by the Shareholders in the extraordinary general meeting of shareholders held on 29 December 2014. At the end of the Period, the balance of the consideration in the sum of RMB69 million had been received.

二零一三年八月十三日,本公司與 深圳誠信就出售廣州中展全部股本 權益簽訂出售協議,代價為人民幣 280,000,000元。出售事項已於二零 一四年一月六日完成,餘額人民幣 119,000,000元還未收回。二零一四年 七月二十二日,本公司收到深圳誠信 希望減免代價金額人民幣50,000,000 元的函件(詳情請參閱本公司於二零 一四年七月二十四日發出的公告)。減 免代價人民幣50,000,000元已於二零 一四年十二月二十九日舉行的股東特 別大會上獲股東批准。本期末,已收 取代價餘額人民幣69,000,000元。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

7. LOSS ON FAIR VALUE CHANGE OF HELD IN TRADING INVESTMENT 7. 持作買賣投資公允價值變動損失

			30 June 2015	30 June 2014
			二零一五年	二零一四年
			六月三十日	六月三十日
			(Unaudited)	(Unaudited)
			(未經審計)	(未經審計)
			RMB'000	RMB'000
			人民幣千元	人民幣千元
	Listed investment	上市投資
	Loss on fair value change of equity	於香港上市之股本證券之
	securities listed in Hong Kong	公允價值變動損失	10,545	–
			10,545	–
	The fair value of the listed securities is determined at the market price quoted by the Stock Exchange at the end of the Period.		上市證券的公允價值是按本期末聯交 所所報的市場價釐定。
8.	INCOME TAX EXPENSE	8.	所得稅開支
			30 June	30 June
			2015	2014
			二零一五年	二零一四年
			六月三十日	六月三十日
			(Unaudited)	(Unaudited)
			(未經審計)	(未經審計)
			RMB'000 人民幣千元	RMB'000 人民幣千元
	Taxation of the Company and its subsidiaries comprises	稅項包括
	– The PRC enterprise income tax	-中國企業所得稅	2,347	–
				–
	Under the Law of the People's Republic of China on	本公司及附屬公司	2,347 根據中華人民共和國企業所得稅法及

Enterprise Income Tax ("EIT Law") and the Implementation Regulation of the EIT Law, the tax rate of the Group is 25% from 1 January 2008 onwards.

Pursuant to the Hong Kong laws and tax regulations, the profit tax rate is 17.5%. During the Period, the Group was not subject to Hong Kong profits tax.

企業所得稅法實施條例,自二零零八 年一月一日起,本集團的稅率為25%。

根據香港法例及稅務條例,利得稅率 為17.5%。本期無須對香港利得稅進 行計提。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

9. EARNINGS PER SHARE

The calculation of earnings per share is based on the profit attributable to owners of the Company for the Period of RMB1,136,000 (2014 Corresponding Period: RMB44,111,000) and 1,044,410,000 shares (2014 Corresponding Period: 1,020,400,000 shares) the weighted average number of shares in issue during the Period.

No diluted earnings per share are disclosed as the Company has no dilutive potential shares for both periods.

10. DIVIDENDS

The Board resolved not to declare any dividend for the Period (2014 Corresponding Period: Nil).

11. GOODWILL

9. 每股盈利

每股盈利是根據本期本公司擁有人 應佔溢利人民幣1,136,000元(二零 一四年同期溢利:人民幣44,111,000 元),以及本期已發行股份加權平均數 1,044,410,000股(二零一四年同期: 1,020,400,000股)計算的。

由於本公司在兩期間內沒有構成攤薄 的潛在股份,所以並沒有披露經攤薄 的每股盈利。

10. 股息

董事會決議本期不派發任何股息(二零 一四年同期:無)。

11. 商譽

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Goodwill	商譽	45,779	45,779
	The goodwill of the Group was arisen from the acquisition	本集團的商譽來自收購中房潮州及中
	of 100% equity interests of Zhongfang Chaozhou and	華信貸100%股本權益。
Chung Hwa Finance.

At the end of the Period, the Directors consider no impairment on goodwill is required.

本期末,董事認為毋須作出商譽減值 撥備。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

12. DEPOSIT PAID FOR ACQUISITION OF A SUBSIDIARY 12. 收購一間附屬公司所支付的訂金

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Deposit paid for acquisition of Shenzhen	收購深圳眾德(定義見下文)
Zhong De (as defined below)	所支付的訂金	100,000	80,000
		100,000	80,000

On 12 December 2014, Shenzhen Shen He, a whollyowned subsidiary of the Company, entered into the acquisition agreement with Shenzhen Newpont Investment Company Limited 深圳市新邦投資集團有限公司 i n relation to the acquisition of 70% equity interests in Shenzhen Zhong De and the shareholder's loan at a total consideration of RMB150,000,000. As of the end of the Period, Shenzhen Shen He paid a deposit totaling RMB100,000,000. As certain conditions precedent under the acquisition agreement were not satisfied, a termination agreement was entered into between the parties on 3 August 2015. Details of the termination are set out in note 23(d).

於二零一四年十二月十二日,深圳沈 和(本公司全資附屬公司)與深圳市新 邦投資集團有限公司訂立收購協議, 收購深圳眾德70%的股權及股東貸 款,總代價為人民幣150,000,000元。 截至本期末,深圳沈和共支付訂金人 民幣100,000,000元。由於未達成收 購協議約定的若干先決條件,於二零 一五年八月三日,雙方簽訂了終止協 議。有關終止之詳情於附註23(d)中披 露。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

13. DEPOSIT PAID FOR ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT 13. 收購物業、廠房及設備所支付的訂 金

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Deposit paid for acquisition of property	收購物業支付的訂金	22,000	–

On 16 March 2015, Shenzhen Shen Shang, a whollyowned subsidiary of the Company, entered into a sale and purchase agreement with an independent third party, to acquire commercial premise comprising 40 property units with a total gross floor area of 2,262.66 square meters in Panyu, Guangzhou ("Panyu Property") at a total consideration of RMB43,217,263. As of the end of the Period, Shenzhen Shen Shang paid a deposit of RMB22,000,000. As it is expected that the property is unable to complete the title ownership transfer in a timely manner, a termination agreement was entered into between the parties on 3 August 2015. Details of the termination are disclosed in note 23(e).

14. PROPERTIES UNDER DEVELOPMENT

The analysis of properties under development of the Group as at the end of the Period is set out as follows:

於二零一五年三月十六日,深圳沈商 (本公司全資附屬公司)與獨立第三方 簽訂《房屋買賣協議》,以收購座落於 廣州市番禺區共40個商用物業(「番禺 物業」),總建築面積為2,262.66平方 米,總代價為人民幣43,217,263元。 截至本期末,深圳沈商共支付訂金人 民幣22,000,000元。由於預計該物業 無法按時完成產權過戶,於二零一五 年八月三日,雙方簽訂了終止協議。 有關終止之詳情於附註23(e)中披露。

22,000 –

14. 發展中物業

本集團的發展中物業於本期末分析情 況如下:

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Properties under development		315,574	461,136
	發展中物業

The Group principally engages in construction of infrastructure. The properties under development at the balance sheet date were mainly contributed by land development cost and other related expenses of Zhongfang Chaozhou.

本集團主要業務為基礎設施建設,於 結算日發展中物業主要為中房潮州土 地開發成本和其他相關開支。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

15. 應收貸款及利息 15. LOAN AND INTEREST RECEIVABLES

The analysis of interest receivables of the Group as at the end of the Period is as follows:

本集團的應收利息於本期末分析情況 如下:

		30 June 2015	31 December 2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Current position	流動部分	170,560	40,614
Non-current position	非流動部分	–	58
		170,560	40,672

The above receivables represent the loan and related interest from the borrowings made by Chung Hwa Finance to the borrower.

At the end of Period, none of the loan and interest receivable was past due but not impaired (2014: Nil).

上述應收款項為中華信貸向借款人借 出的貸款及相關貸款利息。

本期末,概無應收貸款及利息已逾期 但未減值(二零一四年:無)。

The loan receivables outstanding at the balance sheet date are denominated in Hong Kong dollars.

於結算日尚未償還之應收貸款以港元 計值。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

16. TRADE RECEIVABLES

16. 應收賬款

The analysis of trade receivables of the Group as at the end of the Period is set out as follows:

本集團的應收賬款於本期末分析情況 如下:

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Trade receivables Less: Allowance for doubtful debts	應收賬款 減:呆賬撥備	197,401 –	28,200 –
Trade receivables, net	應收賬款淨額	197,401	28,200

The Group allows an average credit period of 90-180 days (2014: 90-180 days) to its trade customers. Among the Group's trade receivables balance, none of the trade receivables which are past due but not impaired (2014: Nil). The Group does not hold any collateral over these balances.

本集團給予其貿易客戶90至180天的 平均信貸期(二零一四年:90至180 天)。本集團應收賬款結餘中,概無任 何已逾期並未出現減值(二零一四年: 無)應收賬款。本集團無就該等結餘持 有任何抵押品。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

17. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

The analysis of other receivables of the Group as at the end of the Period is set out as follows:

17. 預付款項、按金及其他應收賬款

本集團的其他應收款於本期末分析情 況如下:

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Consideration receivables for the disposal	出售廣州中展的應收代價
of Guangzhou Zhongzhan		–	69,000
Prepayments and other receivables	預付款項及其他應收賬款	53,662	33,330
		53,662	102,330

During the Period, consideration receivable for the disposal of Guangzhou Zhongzhan in the sum of RMB69 million has been received.

The management considered that the carrying amounts of other receivables approximate their fair values.

18. BANK BALANCES AND CASH

The bank balances and cash are mainly denominated in RMB and deposited with banks in the PRC. The RMB is not freely convertible into other currencies, however, under Mainland China's Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business. The bank balances are deposited in creditworthy banks with no recent history of default.

The bank balances carry interest at average market rates of 0.35% (2014: 0.35%) per annum as of 30 June 2015.

本期已收到就出售廣州中展為數人民 幣69,000,000元之應收代價。

管理層認為其他應收款項的賬面值與 其公允價值相約。

18. 銀行結餘及現金

銀行結餘及現金主要以人民幣計值, 並存放在位於中國的銀行。人民幣不 能自由兌換成其他貨幣。然而,根據 中國內地《外匯管理條例》及《結匯、售 匯及付匯管理規定》,本集團可過獲授 經營外匯業務的銀行將人民幣兌換成 其他貨幣。銀行結餘存於近期無違約 紀錄且信譽良好的銀行。

截至二零一五年六月三十日止,銀行 結餘按年平均市場利率0.35%(二零 一四年:0.35%)計算利息。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

19. TRADE PAYABLES

19. 應付賬款

An aged analysis of trade payables of the Group as at the end of the Period is set out as follows:

本集團的貿易性應付賬款於本期末賬 齡分析情況如下:

		30 June	31 December
		2015	2014
		二零一五年	二零一四年
		六月三十日	十二月三十一日
		(Unaudited)	(Audited)
		(未經審計)	(經審計)
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Within 90 days	90日內	–	874
Over 90 days	90日以上	107,669	130,288
		107,669	131,162

The trade payables as at the end of the Period were contributed by land development cost and other related expenses which are payable based on project progress estimated by the Group. The management considered that the carrying amounts of trade payables approximate their fair values.

本期末應付賬款為土地開發費用及其 他相關開支,根據本集團估計的項目 工程進度支付。管理層認為應付賬款 的賬面值與其公允價值相約。

20. ADVANCED PROCEEDS RECEIVED FROM CUSTOMERS

20. 已收客戶預付款項

30 June	31 December
2015	2014
二零一五年	二零一四年
六月三十日	十二月三十一日
(Unaudited)	(Audited)
(未經審計)	(經審計)
RMB'000	RMB'000
人民幣千元	人民幣千元

Advanced proceeds received from customers 已收客戶預付 款項 77,000 37,200

At the balance sheet date, the advanced proceeds received from customers represented advanced payment from the customer of Zhongfang Chaozhou in relation to the construction work. The balance was unsecured, interest free and will be used to settle the contract price of the Zhongfang Chaozhou Jing Nan Industrial Park Project.

於結算日,已收客戶預付款項為中房 潮州客戶已就施工支付的預付款項。 結餘為無抵押、免息且將支付位於中 房潮州徑南工業園項目合約價。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

21. SHARE CAPITAL 21. 股本

			30 June 2015		31 December 2014
			二零一五年六月三十日		二零一四年十二月三十一日
			(Unaudited)		(Audited)
			(未經審核)		(經審核)
			No of Shares	RMB'000	No of Shares	RMB'000
			股份數目	人民幣千元	股份數目	人民幣千元
	Registered, Issued and fully paid	註冊、已發行及繳足
	Domestic Shares of	每股面值人民幣1元之
	RMB1 each	內資股
	Beginning of the year	年初	600,000,000	600,000	600,000,000	600,000
	Issue of Domestic Shares (note a)	發行內資股(附註a)	120,000,000	120,000	–	–
	End of the Period	本期末	720,000,000	720,000	600,000,000	600,000
	H Shares of RMB1 each	每股面值人民幣1元之 H股
	Beginning of the year	年初	420,400,000	420,400	420,400,000	420,400
	Issue of H Shares (note b)	發行H股(附註b)	84,080,000	84,080	–	–
	End of the Period	本期末	504,480,000	504,480	420,400,000	420,400
Total		總計		1,224,480		1,020,400
(a)	On 9 June 2015, the Company completed the issuance of 120,000,000 Domestic Shares at the price of RMB1 each under the General Mandate.			(a)	於二零一五年六月九日,本公司完成 根據一般授權發行120,000,000股內 資股,發行價為每股人民幣1元。
(b)	On 5 May 2015, the Company and the placing agent, completed the placing of the total of 84,080,000 H-Shares at the price of RMB1 per share (equivalent to HK\$1.25) under the General Mandate.			(b)	本公司與配售代理成功於二零一五 年五月五日根據一般授權配售總計 84,080,000股H股,增發價為每股人 民幣1元(相於當1.25港元)。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

22. CAPITAL COMMITMENT 22. 資本承擔

30 June	31 December
2015	2014
二零一五年	二零一四年
六月三十日	十二月三十一日
(Unaudited)	(Audited)
(未經審計)	(經審計)
RMB'000	RMB'000
人民幣千元	人民幣千元

Capital expenditure in respect of development activities contracted for but not provided in the consolidated financial statements

有關開發活動的 已訂約但尚未於 綜合財務報表內撥備的 資本開支 213,781 224,214

The capital commitment as at the end of the Period mainly comprised the capital expenditure of Zhongfang Chaozhou amounting to RMB213,781,000.

23. EVENTS AFTER THE END OF THE PERIOD

• (a) On 23 July 2015, Zhongfang Chaozhou, a wholly owned subsidiary of the Company completed the acquisition of 8,500,000 shares of Chaozhou Rural Credit Cooperative *潮州市區農村信用合作 聯社 at a total consideration of RMB12,750,000, representing 4.96% of the total issued share of Chaozhou Rural Credit Cooperative. The subscription price per share is RMB1.5. This transaction does not constitute any notifiable transaction of the Company under Chapter 14 of the Listing Rules.
• (b) On 27 July 2015, Shenzhen Cheng He, a whollyowned subsidiary of the Company, entered into a conditional acquisition agreement to acquire 30% equity interest of Guangzhou Hai Yue Real Estate Development Company Limited*廣州海 粵房地產發展有限公司 for a consideration of RMB195,000,000. For the details, please refer to the announcements of the Company dated 27 July 2015.

本期末資本承擔主要為中房潮州人民 幣213,781,000元的資本開支。

23. 期末後事件

• (a) 於二零一五年七月二十三日, 中房潮州(本公司全資附屬公 司)以總代價人民幣12,750,000 元完成收購潮州市區農村信用 合作聯社8,500,000股股份,佔 潮州市區農村信用合作聯社全 部已發行股本4.96%,認購價 為每股人民幣1.5元。此交易並 不構成本公司根據上市規則第 14章之任何須予公佈交易。
• (b) 於二零一五年七月二十七日, 深圳城合(本公司全資附屬公 司)訂立有條件收購協議,按代 價人民幣195,000,000元收購 廣州海粵房地產發展有限公司 30%股本權益。有關詳情,請 參閱本公司日期為二零一五年 七月二十七日之公告。

For the six months ended 30 June 2015 截至二零一五年六月三十日止六個月

23. EVENTS AFTER THE END OF THE PERIOD Continued)

• (c) On 31 July 2015, Shenzhen Cheng He, a whollyowned subsidiary of the Company, entered into a conditional share subscription agreement to subscribe 11,250,000 shares issued by Wuhan Yi Da Construction Services Shares Company Limited* 武漢翼達建設服務股份有限公司 at a consideration of RMB50,000,000. For the details, please refer to the announcement of the Company dated 31 July 2015.
• (d) On 3 August 2015, Shenzhen Shen He, a whollyowned subsidiary of the Company, entered into a termination agreement (the "Termination Agreement") to terminate the acquisition agreement to acquire 70% of the issued share capital of Shenzhen Zhong De. Pursuant to the Termination Agreement, the consideration paid in the sum of RMB100,000,000 together with the liquidated compensation of RMB2,000,000 to be refunded to the Group. At as the date of this report, the consideration paid and the compensation in the sum of RMB102,000,000 has been received by the Group. For the details, please refer to the announcement of the Company dated 3 August 2015.
• (e) On 3 August 2015, Shenzhen Shen Shang, a wholly-owned subsidiary of the company, entered into a termination agreement (the "Panyu Termination Agreement") to terminate the acquisition of the Panyu Property. Pursuant to the Panyu Termination Agreement, the deposit paid in the sum of RMB22,000,000 shall be refunded to Shenzhen Shen Shang within 30 days from the date of the Panyu Termination Agreement. As at the date of this report, the deposit paid of RMB22,000,000 has been received by the Group. This transaction does not constitute any notifiable transaction of the Company under Chapter 14 of the Listing Rules.

23. 期末後事件(續)

• (c) 於二零一五年七月三十一日, 深圳城合(本公司全資附屬公 司)訂立有條件股份認購協議, 以按代價人民幣50,000,000元 認購武漢翼達建設服務股份有 限公司發行之11,250,000股股 份。有關詳情,請參閱本公司 日期為二零一五年七月三十一 日之公告。
• (d) 於二零一五年八月三日,深圳 沈和(本公司全資附屬公司)訂 立終止協議(「終止協議」),以 終止收購深圳眾德已發行股本 70%。根據終止協議,已付代 價為數人民幣100,000,000元 連同違約金人民幣2,000,000元 將退還予本集團。於本報告日 期,本集團已收取為數人民幣 102,000,000元之已付代價及 違約金。有關詳情,請參閱本 公司日期為二零一五年八月三 日之公告。
• (e) 於二零一五年八月三日,深圳 沈商(本公司全資附屬公司)訂 立終止協議(「番禺終止協議」) 以終止收購番禺物業。根據番 禺終止協議,已付訂金為數人 民幣22,000,000元將自番禺終 止協議日期起計30日內退還 予深圳沈商。於本報告日期, 本集團已收取已付訂金人民幣 22,000,000元。此交易並不構 成本公司根據上市規則第14章 之任何須予公佈交易。

CODE OF CORPORATE GOVERNANCE

The Company has complied with all of the code provisions of the Corporate Governance Code and Corporate Governance Report ("CG Code") as set out in Appendix 14 to the Listing Rules during the six months ended 30 June 2015, 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 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 Period.

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 six months ended 30 June 2015.

企業管治守則

本公司已於截至二零一五年六月三十日止六 個月遵守上市規則附錄十四所載之企業管治 守則及企業管治報告(「企管守則」),惟下文 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十之上市發 行人之董事進行證券交易之標準守則,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 本期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

截至二零一五年六月三十日止六個月期間, 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。

CHANGE OF DIRECTORS' INFORMATION

Having made specific enquiries of all Directors, save as otherwise set out in this report, there is no change in the information of the Directors required to be disclosed pursuant to Rule 13.51B of the Listing Rules. The changes of Directors' information are set out below:

Mr. Chan Ming Sun Jonathan was appointed as independent nonexecutive director of Focus Media Network Limited (stock code: 8112) in April 2015.

Mr. Yu Guan Jian was appointed as supervisor of China Orient Asset Management Corporation in January 2015.

Mr. Yin Zong Chen was appointed as deputy general manager of Shenzhen City Construction Group Co., Ltd. in January 2015.

REVIEW OF INTERIM RESULTS

The Audit Committee has reviewed the unaudited condensed financial information of the Group for the six months ended 30 June 2015.

INTERIM DIVIDEND

The Board does not recommend the payment of interim dividends for the six months ended 30 June 2015 (2014 Corresponding Period: Nil).

董事資料變更

經全體董事作出具體查詢後,除本報告另有 說明外,並無董事資料變更而須根據上市規 則第13.51B條予以披露。董事資料變更載列 如下:

陳銘燊先生於二零一五年四月獲委任為Focus Media Network Limited(股份代號:8112)之 獨立非執行董事。

余關健先生於二零一五年一月獲委任為中國 東方資產管理公司督導員。

尹宗臣先生於二零一五年一月獲委任為深圳 市中大建設集團有限公司副總經理。

審閱中期業績

審核委員會已審閱截至二零一五年六月三十 日止六個月之本集團未經審核簡明財務資料。

中期股息

董事會不建議就截至二零一五年六月三十日 止六個月派發中期股息(二零一四年同期: 無)。

DIRECTORS', CHIEF EXECUTIVES' AND SUPERVISORS' INTERESTS IN SECURITIES

As at 30 June 2015, none of the Directors, chief executives and supervisors of the Company had interests or short positions in any securities of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which are required (a) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they are taken or deemed to have under such provisions of the SFO); or (b) pursuant to section 352 of the SFO, to be entered in the register referred to therein; or (c) pursuant to the required standard of dealings by Directors and Supervisors as referred to in Appendix 10 to the Listing Rules to be notified to the Company and the Stock Exchange.

SHAREHOLDINGS OF SUBSTANTIAL SHAREHOLDERS

As of 30 June 2015, save as the Company's Directors, supervisors and chief executives, the following corporations and individuals had interests and/or short positions in the Company's shares, underlying shares, securities, equity derivatives and/or debentures, which are required to be recorded in the register of members maintained by the Company pursuant to section 336 of the SFO:

董事、最高行政人員及監事於證券之權 益

除上文所披露外,於二零一五年六月三十 日,概無本公司董事、最高行政人員及監事 於本公司或其任何相關法團(定義見證券及期 貨條例第XV部)之任何證券中,擁有(a)須根據 證券及期貨條例第XV部第7及第8分部須知會 本公司及聯交所之權益或淡倉(包括根據證券 及期貨條例之該等條文,彼等被當作或視為 擁有之權益或淡倉);或(b)須根據證券及期貨 條例第352條須記入該條例所述之登記冊之權 益或淡倉;或(c)根據上市規則附錄十所載董 事及監事進行交易之規定準則,須知會本公 司及聯交所之權益或淡倉。

主要股東持股情況

截至二零一五年六月三十日,除本公司董 事、監事及最高行政人員以外,以下公司及 人士擁有本公司的股份、相關股份、證券、 股本衍生工具及╱或債券中的權益及╱或淡 倉,且該等權益及╱或淡倉須根據證券及期 貨條例第336條須於本公司備存的登記冊所記 錄:

	Interest owners	Shares	Percentage of total issued share capital 佔已發行股本
	權益持有人	股份	總數百分比
1	Shenzhen Jinma Asset Management Company Limited ("Shenzhen Jinma")	600,000,000 domestic shares	49.00%
	深圳市金馬資產管理有限公司(「深圳金馬」)	600,000,000股內資股
2	Ma Zhong Hong (note 1)	600,000,000 domestic shares	49.00%
	馬鐘鴻(附註1)	600,000,000股內資股
3	Lin Wei Cheng (note 2)	600,000,000 domestic shares	49.00%
	林偉成(附註2)	600,000,000股內資股
4	HKSCC Nominees Limited (note 3)	502,595,690 H shares (listed shares)	41.05%
	香港中央結算(代理人)有限公司(附註3)	502,595,690股H股(上市股份)

Notes:

• 1. Ma Zhong Hong is a PRC legal person who holds 90% equity interests in Shenzhen Jinma. Pursuant to Section 316 of the SFO, Ma Zhong Hong is also deemed to be interested in the underlying shares of the Company held by Shenzhen Jinma.
• 1. Lin Wei Cheng is a PRC legal person who holds 10% equity interests in Shenzhen Jinma. Pursuant to Section 316 of the SFO, Lin Wei Cheng is also deemed to be interested in the underlying shares of the Company held by Shenzhen Jinma.
• 1. As notified by HKSCC Nominees Limited, as of 30 June 2015, the following participants of CCASS had interests amounting to 5.00% or more of the total issued H shares of the Company as shown in the securities accounts in CCASS:
• (1) The Hongkong and Shanghai Banking Corporation Limited as nominee holds 71,191,740 H shares, representing 14.11% of the issued H shares of the Company.
• (2) Bank of China (Hong Kong) Limited as nominee holds 55,410,000 H shares, representing 10.98% of the issued H shares of the Company.

Save as disclosed above, as at 30 June 2015, the Company has not been notified of any interests and/or short positions in shares, underlying shares, securities, equity derivatives and/or debentures of the Company which are required to be recorded in the register maintained in accordance with section 336 of the SFO.

附註︰

• 1. 馬鐘鴻是在中國法人,於深圳金馬持有90% 權益。根據證券及期貨條例第316條,馬鐘鴻 亦被當作在深圳金馬持有的本公司相關股份中 擁有權益。
• 1. 林偉成是在中國法人,於深圳金馬持有10% 權益。根據證券及期貨條例第316條,林偉成 亦被當作在深圳金馬持有的本公司相關股份中 擁有權益。
• 1. 根據香港中央結算(代理人)有限公司的通知, 截至二零一五年六月三十日,下列中央結算系 統參與者在中央結算系統股票戶口內持有本公 司已發行H股股份總數的5.00%或以上:
• (1) 香港上海滙豐銀行有限公司代理持有 71,191,740股H股,佔本公司已發行 H股14.11%。
• (2) 中國銀行( 香港)有限公司代理持有 55,410,000股H股,佔本公司已發行 H股的10.98%。

除上述披露外,本公司於二零一五年六月 三十日並未接獲有任何須按證券及期貨條例 第336條須於備存的登記冊所記錄之本公司股 份、相關股份、證券、股本衍生工具及╱或 債券中的權益及╱或淡倉。

Glossary 專用詞彙

In this report, unless the context otherwise requires, the following expressions shall have the following respective meanings.

於本報告,除文義另有所指,以下詞彙具有 以下涵義。

"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
"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
「中華信貸」	Limited) 中華信貸有限公司(前稱新邦信貸有限公司)
"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
"General Mandate"	the general mandate granted to the Directors by the Shareholders at the annual general meeting of the Company held on 27 June 2014, 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
「一般授權」	H-Shares and Domestic Shares, respectively 於二零一四年六月二十七日舉行之本公司股東週年大會上由股東授權予
	董事之一般授權,據此,董事獲授權配發、發行及處理H股及內資股的
	面值總額各自不得超過H股及內資股當時的面值總額的20%
"Group"	the Company and its subsidiaries
「本集團」	本公司及其附屬公司
"Guangzhou Zhongzhan"	Guangzhou Zhongzhan Investment Holdings Company Limited*
「廣州中展」	廣州市中展投資控股有限公司
"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

Glossary 專用詞彙

"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
"Kingma Overseas"	Kingma Overseas Investment Development Corporate Limited
「金馬海外」	金馬海外投資發展有限公司
"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
"Period"	for the six months ended 30 June 2015
「本期」	截至二零一五年六月三十日止六個月
"PRC"	the People's Republic of China
「中國」	中華人民共和國
"RMB"	Renminbi, the lawful currency of the PRC
「人民幣」	中國法定貨幣人民幣
"SFO"	Securities and Futures Ordinance (Chapter 571 of the law of Hong Kong)
「證券及期貨條例」	證券及期貨條例(香港法例571章)
"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 Chengxin"	Shenzhen Chengxin Xingye Trading Company Limited*
「深圳誠信」	深圳市誠信興業貿易有限公司
"Shenzhen Cheng He" 「深圳城合」	Shenzhen Cheng He Chuang Jian Investment Development Company Limited* 深圳市城合創建投資發展有限公司
"Shenzhen Shen He" 「深圳沈和」	Shenzhen Shen He Chuang Jian Investment Development Company Limited 深圳市沈和創建投資發展有限公司

Glossary 專用詞彙

"Shenzhen Shen Shang" 「深圳沈商」

"Zhongfang Chaozhou Jing Nan Industrial Park Project"

* For identification purpose only * 僅供識別

Shenzhen Shen Shang Chuang Jian Investment Development Company Limited 深圳市沈商創建投資發展有限公司

"Shenzhen Zhong De" Shenzhen Zhong De Logistics Company Limited 「深圳眾德」 深圳市眾德物流有限公司

"Stock Exchange" The Stock Exchange of Hong Kong Limited 「聯交所」 香港聯合交易所有限公司

"Zhongfang Chaozhou" Zhongfang Chaozhou Investment Development Company Limited* 「中房潮州」 中房潮州投資開發有限公司

the infrastructure construction project of Jing Nan Industrial Park in Chaozhou 「中房潮州徑南工業園項目」 潮州徑南工業園的基建設施建設項目

"2014 Corresponding Period" for the six months ended 30 June 2014 「二零一四年同期」 截至二零一四年六月三十日止六個月