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Comtec Solar Systems Group Limited — Interim / Quarterly Report 2016
Nov 25, 2016
49415_rns_2016-11-25_33ad9943-db44-4cd9-8bfa-fee058951486.pdf
Interim / Quarterly Report
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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.
UNISPLENDOUR TECHNOLOGY (HOLDINGS) LIMITED 紫光科技（控股）有限公司 *
(Incorporated in Bermuda with limited liability)
(Stock Code: 365)
ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016
The Board of Directors (“the Board”) of Unisplendour Technology (Holdings) Limited (“the Company”) hereby announces the unaudited consolidated results (“the Results”) of the Company and its subsidiaries (collectively, “the Group”) for the six months ended 30 September 2016 (“the Period”). The Results have not been audited but they have been reviewed by the Company’s Audit Committee on 25 November 2016.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Notes Revenue 4, 5 Cost of sales Gross (loss)/profit Other income and gains 4 Selling and distribution expenses General and administrative expenses Other expenses 6 Finance costs 7 (Loss)/Profit before income tax 8 Income tax expense 9 (Loss)/Profit for the Period attributable to owners of the Company Other comprehensive income, including reclassification adjustments and net of tax Item that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of foreign operations Total comprehensive income for the Period attributable to owners of the Company (Loss)/Earnings per share for profit attributable to owners of the Company 11 – Basic – Diluted |
Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 197,994 446,214 (198,483) (385,510) (489) 60,704 10,481 9,862 (45,945) (32,879) (71,653) (28,624) (54,082) – (7,652) (3,325) (169,340) 5,738 (21,305) (102) (190,645) 5,636 (3,278) (12,266) (193,923) (6,630) (16.58) cents 1.07 cents (13.63) cents N/A |
|---|---|
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Notes ASSETS AND LIABILITIES Non-current assets Property, plant and equipment Prepaid land lease payments Finance lease receivables Current assets Inventories Trade and bills receivables 12 Prepayments, deposits and other receivables Finance lease receivables Derivative financial instruments Tax reserve certificates Taxes recoverable Pledged deposits Cash and bank balances Current liabilities Trade and bills payables 13 Other payables and accruals Bank borrowings Finance lease liabilities Taxes payable Net current assets Total assets less current liabilities Non-current liabilities Finance lease liabilities Convertible bonds 14 Deferred tax liabilities Accrued liabilities 15 Net assets EQUITY Equity attributable to owners of the Company Share capital 16 Reserves Total equity |
As at 30 September 2016 (Unaudited) HK$’000 145,260 9,858 785 155,903 125,939 231,069 42,331 6,360 – 3,600 191 10,149 473,200 892,839 67,513 135,148 127,875 – 51,334 381,870 510,969 666,872 – 91,510 13,163 9,658 114,331 552,541 145,500 407,041 552,541 |
As at 31 March 2016 (Audited) HK$’000 151,892 10,275 1,776 |
|---|---|---|
| 163,943 | ||
| 112,717 338,329 45,867 3,107 183 3,600 191 14,680 71,905 |
||
| 590,579 | ||
| 166,194 80,633 143,219 98 31,871 |
||
| 422,015 | ||
| 168,564 | ||
| 332,507 164 – 13,163 – |
||
| 13,327 | ||
| 319,180 | ||
| 52,500 266,680 |
||
| 319,180 |
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NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Unisplendour Technology (Holdings) Limited (the “Company”) is a limited liability company incorporated in Bermuda. Its registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and its principal place of business is located at Unit 02-03, 69/F, ICC-International Commerce Centre, 1 Austin Road West, Tsim Sha Tsui, Kowloon, Hong Kong. The Company’s shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements of the Group for the six months ended 30 September 2016 have been prepared in accordance with the applicable disclosure requirements set out in Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (HKICPA). The unaudited condensed consolidated interim financial statement should be read in conjunction with the annual financial statements for the year ended 31 March 2016.
3. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated interim financial statements have been prepared on the historical cost basis, except for leasehold land and buildings, which are stated at fair value.
The Interim Financial Information does not include all of the information and disclosures required in annual financial statements in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”), which comprises all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by the HKICPA, and should be read in conjunction with the Group’s annual financial statements for the year ended 31 March 2016.
Except as for the adoption of new and revised HKFRSs issued by the HKICPA, which are effective for the Company’s financial year beginning on 1 April 2016, the accounting policies applied in preparing this Interim Financial Information are consistent with those of the annual financial statements for the year ended 31 March 2016, as described in the annual financial statements. The application of these new and revised HKFRSs has had no material impact on the Interim Financial Information of the Group.
The Group has not early applied the new and revised HKFRSs that have been issued by the HKICPA but are not yet effective. The Directors anticipate that the application of these new and revised HKFRSs will not have material impact on the Interim Financial Information of the Group.
The preparation of Interim Financial Information requires the Company’s management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing the Interim Financial Information, the significant judgements made by the Company’s management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual financial statements for the year ended 31 March 2016.
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4. REVENUE, OTHER INCOME AND GAINS
| Revenue – sale of goods Other income: Bank interest income Recovery of trade receivables previously written off Government grant Others Gain or loss: Exchange loss, net |
Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 197,994 446,214 169 152 2,000 – 5,801 10,067 4,302 1,962 12,272 12,181 (1,791) (2,319) 10,481 9,862 |
|---|---|
5. SEGMENT INFORMATION
| Segment revenue: Sales to external customers Other revenue – external Reportable segment revenue Reportable segment Results Depreciation and amortisation Provision for impairment of trade and bills receivables |
Production lines and production equipment Six months ended 30 September (Unaudited) 2016 2015 HK$’000 HK$’000 103,112 264,832 5,370 3,947 108,482 268,779 (84,284) 3,622 4,923 5,347 54,082 – |
Brand name production equipment Six months ended 30 September (Unaudited) 2016 2015 HK$’000 HK$’000 94,882 181,382 4,942 5,763 99,824 187,145 (77,573) 5,289 – – – – |
Six months ended 30 September (Unaudited) 2016 2015 HK$’000 HK$’000 197,994 446,214 10,312 9,710 208,306 455,924 (161,857) 8,911 4,923 5,347 54,082 – |
|---|---|---|---|
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The totals presented for the Group’s segment Result, reconcile to the Group’s key financial figures as presented in the condensed interim financial statements as follows:
| Reportable segment Results Interest and other income Finance costs (Loss)/profit before income tax 6. OTHER EXPENSE Provision for receivables Lawsuit expenses 7. FINANCE COSTS Interest on bank borrowings wholly repayable within one years Interest on bonds wholly repayable within one years 8. PROFIT BEFORE INCOME TAX Loss/profit before income tax has been arrived at after charging/(credit): Cost of inventories sold Depreciation Staff costs (including directors’ remunerations) – wages and salaries – termination benefits – defined contribution scheme Amortisation of prepaid land lease payments Research and development costs (Gain)/loss on disposal of property, plant and equipment Minimum lease payments under operation lease in respect of leasehold land and buildings Provision for impairment of trade and bills receivables |
Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 (161,857) 8,911 169 152 (7,652) (3,325) (169,340) 5,738 Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 44,424 – 9,658 – Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 4,450 3,325 3,202 – Six months ended 30 September 2015 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 198,483 385,510 4,606 5,201 42,093 59,596 16,868 – 24,611 5,469 143 146 3,825 2,993 200 (42) 1,658 1,436 44,424 – |
|---|---|
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9. INCOME TAX EXPENSE
| Hong Kong Elsewhere Total income tax expense |
Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 20,867 – 438 102 21,305 102 |
Six months ended 30 September 2016 2015 (Unaudited) (Unaudited) HK$’000 HK$’000 20,867 – 438 102 21,305 102 |
|---|---|---|
| 102 |
A provision for Hong Kong profits tax of HK$20,867,000 (2015: Nil) was made based on the assessment by the management of the Group. Taxes assessable in elsewhere have been calculated at the prevailing rates of tax based on existing legislation, interpretations and practices.
10. INTERIM DIVIDEND
The Directors do not recommend the payment of an interim dividend for the Period (2015: Nil).
11. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the loss attributable to owners of the Company of approximately HK$190,645,000 (2015: profit of HK$5,636,000) by the weighted average number of 1,150,081,967 (2015: 525,000,000) ordinary shares in issue during the period. Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares, the convertible bonds were assumed to have been converted into ordinary shares.
12. TRADE AND BILLS RECEIVABLES
The Group’s trading terms with its customers are mainly on credit, except for new customers, where payment in advance is normally required. The normal credit period granted by the Group to its customers ranges from 30 to 180 days.
Ageing analysis of the trade and bills receivables as at the reporting dates, based on the date of revenue recognition and net of provision, is as follows:
| Within 90 days 91 to 120 days 121 to 180 days 181 to 360 days Over 360 days |
As at 30 September 2016 (Unaudited) HK$’000 44,479 34,969 14,092 33,418 104,111 231,069 |
As at 31 March 2016 (Audited) HK$’000 85,150 16,368 34,152 74,823 127,836 |
|---|---|---|
| 338,329 |
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13. TRADE AND BILLS PAYABLES
Ageing analysis of the trade and bills payables as at the reporting dates, based on invoice date, is as follows:
| Within 90 days 91 to 120 days Over 120 days |
As at 30 September 2016 (Unaudited) HK$’000 52,120 2,896 12,497 67,513 |
As at 31 March 2016 (Audited) HK$’000 89,198 23,266 53,730 |
|---|---|---|
| 166,194 |
14. CONVERTIBLE BONDS
On 30 May 2016, the Company issued convertible bonds with an aggregate principal amount of HK$148,000,000, which can be converted into 370,000,000 ordinary shares at a conversion price of HK$0.4 per share.
15. ACCRUED LIABILITIES
During the Period, a judgment was received concerning the dispute of a subsidiary with its contractor in relation to the product quality, ruling that the subsidiary of the Group has to pay a compensation of approximately HK$9,658,000.
16. SHARE CAPITAL
| Authorised: 2,000,000,000 ordinary shares of HK$0.10 each Issued and fully paid: 1,455,000,000 (31 March 2016: 525,000,000) ordinary shares of HK$0.10 each |
As at 30 September 2016 (Unaudited) HK$’000 200,000 145,500 |
As at 31 March 2016 (Audited) HK$’000 200,000 |
|---|---|---|
| 52,500 |
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17. COMMITMENTS
At the reporting date, the Group had the following outstanding commitments
Operating lease commitments – as lessee
The Group had total future minimum lease payment under non cancellable operating lease falling due as follows:
| Within one year In the second to fifth years, inclusive Capital Commitments Contracted but not accounted for in respect of acquisition of property, plant and equipment |
As at 30 September 2016 (Unaudited) HK$’000 1,349 226 1,575 As at 30 September 2016 (Unaudited) HK$’000 31 |
As at 31 March 2016 (Audited) HK$’000 1,673 1,334 |
|---|---|---|
| 3,007 | ||
| As at 31 March 2016 (Audited) HK$’000 – |
18. CONTINGENT LIABILITIES
There were no material contingent liabilities as at 30 September 2016.
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CHAIRMAN’S STATEMENT
Dear Shareholders,
On behalf of the Board of Directors of Unisplendour Technology (Holdings) Limited, I present the interim results of the Company and its subsidiaries (the “Company”) for the six months ended 30 September 2016.
Review of results
In the past six months, the market condition of our products remained tough, and as affected by historical burdens, the overall performance of the Company’s results was unsatisfactory. The poor handling by the original management prior to the change of controlling shareholder of the Company and misjudgment of the market trend led to a substantial increase in the provision for trade receivables, loss on inventory and provision for inventory. The Company had actively adopted measures to integrate the businesses of the traditional brand name production equipment, OEM, automated and logistic, with main purposes to phase out outmoded production capacities, optimize the sales strategies of the existing products and the human resources structure in order to further increase the incentive award levels of the staff with a hope to turn the adverse operation around. The business integration and handling of the issues and hidden problems accumulated during the previous operation of the original management led to loss which were not conclusive to the results of the current period. However, it had positive effect on the long-term sustainable development of the Company.
Outlook
In the future, the Company will continue to invest in the technological research and development of products, enhance the competitiveness of products and place emphasis on exploring emerging markets along the route of “One Belt, One Road” including India and Southeast Asian countries in order to explore new sales channels. In addition, under the environment of rapid development of the global high-technology, it is a new industrial trend for global collaborative innovation. Therefore, the ability of professional capital operation and utilization in full of various financial instruments have become important driving forces to promote the rapid development of the industry. The Company will continue to create a model with industry and finance as dual driving forces for business development based on its traditional business. Furthermore, the Company will actively search for new business growth points in sectors including assets management, financial investment and services and finance lease while continuing to develop the existing traditional business. Currently, as the only overseas listed company controlling by Tsinghua Unigroup Co., Ltd. ( 紫光集團有限公司 ) (“Tsinghua Unigroup”), the Company will become an important platform for overseas investment, financing and capital operation of Tsinghua Unigroup. As such, the Company will closely align with Tsinghua Unigroup in its core strategies and industry layout, integrating the industrial resources by way of mergers and acquisitions, restructurings and direct investments for synergetic development. The Company will extensively develop in-depth cooperation with major financial institutions and take full advantage of capital operation. As for internal management, the Company will fully upgrade the existing system platform of office informatization to further increase the management effectiveness and recruit high-caliber personnel to achieve new
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strategic goals. As Tsinghua Unigroup has become the beneficial controller of the Company, the name of the Company was changed to Unisplendour Technology (Holdings) Limited (“Unis Holdings”) to reflect such change. The structures of the board of directors and management of the Company had also undergone adjustments. Currently, the Company is in strong capital position. I believe that the Company will open a greater path of development under the leadership of the new management team.
Appreciation
The past six months was a period when the Company experienced hardships and stepped onto the path of business rebirth. On behalf of the Board, I would like to express our gratitude to our shareholders and partners for standing with the Company in hard times and also for the effort and contribution of all the staff of the Company!
BUSINESS REVIEW
Brand Production Equipment Business
As the economic growth of China was still slowing down, the market of our products remained depressed, which together with the business integration implemented by the Group during the Period, had led to a significant decline in sales comparing to the same period of last year. The Group will increase investment in research and development and actively develop overseas market to gradually improve sales and profitability.
The sales of SMT and welding related equipment amounted to approximately HK$161.7 million, representing a decrease of approximately 40.8% when compared to approximately HK$273.1 million in the same period last year. The gross profit margin was 23.6%, increase by 8.5% from 15.1% of last year. Besides that, as a result of misjudgment of market by the original management, the SMT and welding related equipment were overstocked, which led to the loss on inventory as the market price declines continuously overtime.
OEM Business
In line with the overall development strategy of the Group, the outmoded and low value-added OEM business was gradually reduced as planned during the Period. Compared with the corresponding period last year, sales decreased from approximately HK$22.8 million to approximately HK$17.8 million, representing a decrease of approximately 21.9%.
Automated and Logistic Business
The insufficient management and technical ability of the automated and logistic business led to a substantial amount of delays of project delivery and the increase of receivables risk. During the Period, the Group suspended the project development process of the business and mainly focused on the delivery of existing work in progress. Compared with the corresponding period last year, sales decreased from approximately HK$150.3 million to approximately HK$18.5 million, representing a decrease of approximately 87.7%.
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FINANCIAL REVIEW
Turnover and Gross Profit
During the Period, the turnover of the Group reached approximately HK$198 million and represented a decrease of approximately 55.6% when compared with approximately HK$446.2 million in the same period of 2015. Of which, the automated and logistic business decreased by approximately 87.7% and brand production equipment business decreased by approximately 47.9%.
Because of the excessive cost of the brand production equipment business and the expenses incurred by the delays of project delivery of the automated and logistic business, during the Period, the gross profit ratio was approximately 0%, representing a decrease of approximately 13.6%, as compared with approximately 13.6% of the corresponding period last year.
Other Income and Gains
During the Period, the Group recorded other income and gains of approximately HK$10.5 million, which included government grant under import discount interest refund scheme of approximately HK$4.5 million, government R&D subsidies of approximately HK$1.3 million, reversal of bad debt written off of approximately HK$2 million and income from sales of scrap materials of approximately HK$1.4 million.
Selling and Distribution Expenses
During the Period, the Group recorded a selling and distribution cost at approximately HK$45.9 million and it represents approximately 23.2% of the turnover which increased by approximately 15.8% from 7.4% of the corresponding period last year. The increase is mainly because of the significant decrease in turnover.
General and Administrative Expenses
The management of the Group implemented various measures to adjust its human resources structure and reduce the headcount with the aim of reducing its general and administrative expenses in the future. This, however, caused a one-off increase in expenses during the Period. During the period under review, general and administrative expenses were approximately HK$71.7 million, which increased by approximately HK$43.1 million as compared with approximately HK$28.6 million of the corresponding period last year. Of which, termination benefits increased approximately HK$16.9 million, social security contributions and housing fund increased approximately HK$20.6 million.
Finance Costs
Finance costs for the Period amounted to approximately HK$7.7 million, representing an increase of approximately HK$4.4 million, as compared with approximately HK$3.3 million of the corresponding period last year. The increase was mainly due to the increase in interest expense of approximately HK$3.2 million on convertible bonds.
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Profit for the Period
As result of the foregoing, the loss attributable to the owners of the Company for the Period was approximately HK$190.6 million, representing a decrease of approximately HK$196.2 million, as compared with a profit of approximately HK$5.6 million in corresponding period. The net loss margin was approximately 96.3% for the Period as compared with a net profit margin of approximately 1.3% in corresponding period last year.
EBITDA
The following table illustrates the Group’s EBITDA for the respective Periods. The Group’s EBITDA margin was a loss of approximately 79.2% for the Period as compared with a profit of approximately 3.2% in corresponding period last year.
| (Loss)/Profit for Period attributable to owners of the Company Finance cost Income tax expenses Depreciation and amortization EBITDA |
Six months ended 30 September 2016 2015 HK$’000 HK$’000 (190,645) 5,636 7,652 3,325 21,305 102 4,923 5,347 (156,765) 14,410 |
Six months ended 30 September 2016 2015 HK$’000 HK$’000 (190,645) 5,636 7,652 3,325 21,305 102 4,923 5,347 (156,765) 14,410 |
|---|---|---|
| 14,410 |
Financial Resource, Liquidity and Gearing Ratio
During the Period, the Group issued new shares and convertible bonds on 30 May 2016, raising HK$372 million and HK$148 million respectively. Moreover, the Group had sufficient cash and banking facilities from its main bankers. Therefore, the Group had sufficient working capital. The Group maintained high value of net current assets at approximately HK$511 million and healthy current ratio at 2.31 times. The total equity ratio attributable to the owners of the Company was calculated with reference to the total borrowings as at 30 September 2016, and the gearing ratio of the Group was 39.7 (31 March 2016: 44.9%).
Working Capital Management
As at 30 September 2016, the Group held approximately HK$473.2 million cash and bank balances, which increased by approximately HK$401.3 million from approximately HK$71.9 million at the beginning of the Period. The group’s average inventory turnover days was approximately 134 days (31 March 2016 approximately 40 days). The Group’s average debtors turnover days was approximately 279 days (31 March 2016 approximately 89 days). The Group’s average creditors turnover days was approximately 113 days (31 March 2016 approximately 50 days).
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Capital Expenditure on Property, Plant and Equipment
Total capital expenditure for the Period was approximately HK$0.95 million, out of which approximately HK$0.07 million was spent on the acquisition of machinery and equipment, HK$0.12 million on restruction and decoration of office and HK$0.76 million on acquisition of transportation equipment.
Charges on Group Assets
As at 30 September 2016, the Group’s banking facilities including its import/export, letter of credit, documentary credits, and trust receipt and bank borrowings are secured by:
-
(i) a first legal charge on certain of the Group’s leasehold land and buildings, which had an aggregate net carrying amount at the reporting date of HK$144.4 million;
-
(ii) bank deposits approximately HK$10.1 million;
(iii) cross guarantee provided by subsidiaries in the Group; and
(iv) corporate guarantees provided by the Company.
EMPLOYEES
At 30 September 2016, the Group employed approximately 716 staff and workers in the PRC and approximately 20 staff were employed from Hong Kong. The Group remunerates its employees based on industry’s practice. In the PRC, the Group provides staff welfare and bonuses to its employees in accordance with the prevailing labour law. In Hong Kong, the Group provides staff benefits including defined contribution scheme and performance related bonuses.
PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY
There was no purchase, sale or redemption of the Company’s listed securities by the Company or any of its subsidiaries during the Period.
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules as a code of conduct regarding directors’ securities transactions. All the members of the Board have confirmed, following specific enquiry by the Company, that they have complied, with the required standards set out in the Model Code throughout the six months ended 30 September 2016.
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CORPORATE GOVERNANCE PRACTICES
The Company acknowledges the importance of good corporate governance practices and procedures and regards a pre-eminent board of directors, sound internal controls and accountability to all shareholders as the core elements of its corporate governance principles. The Company endeavors to ensure that its businesses are conducted in accordance with rules and regulations, and applicable codes and standards. The Company has adopted the Code Provisions of the Corporate Governance Code (the “Code”) as set out in Appendix 14 to the Listing Rules.
The Board periodically reviews the corporate governance practices of the Company to ensure its continuous compliance with the Code. The Company was in compliance with the Code for the six months ended 30 September 2016, except for the following deviations.
Code Provision A.6.7
Pursuant to the Code Provision A.6.7, all Directors of the Company should attend general meetings. However, one Executive Director and one Independent Non-Executive Director were absent from the annual general meeting held on 29 August 2016 and two Independent Non-Executive Directors were absent from the special general meeting held on 9 May 2016, all due to other business commitments. To ensure compliance with the Code in the future, the Company has arranged and will continue to arrange to furnish all Directors with appropriate information on all general meetings and take all reasonable measures to arrange the schedule in such a cautious way that all Directors can attend the general meetings.
Audit Committee
The Company has an Audit Committee (the “Committee”) which was established in accordance with the requirements of the Code, for the purpose of reviewing and providing supervision over the Group’s financial reporting process and internal controls. The Committee comprises one non-executive director and two independent non- executive directors of the Company. The Group’s interim Results for the six months ended 30 September 2016 has been reviewed by the Committee. The Committee is of the opinion that these statements comply with the applicable accounting standards, and the Stock Exchange and legal requirements, and that adequate disclosures have been made.
PUBLICATION OF INTERIM REPORT ON THE STOCK EXCHANGE’S WEBSITE
The Company’s interim report containing all the information required by the Listing Rules will be published on the website of the Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the website of the Company (www.suneasthk.com) and be despatched to Shareholders in due course.
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CAUTION STATEMENT
The Board wishes to remind investors that the above unaudited interim financial results and operational statistics for the six months ended 30 September 2016 and the corresponding period in 2015 are based on the Group’s internal information. Investors should note that undue reliance on or use of such information may cause investment risks. Investors are advised to exercise caution when dealing in the securities of the Company.
This announcement contains forward-looking statements regarding the objectives and expectations of the Group with respect to its opportunities and business prospects. Such forward-looking statements do not constitute guarantees of future performance of the Group and are subject to factors that could cause the Company’s actual results, plans and objectives to differ materially from those expressed in the forwardlooking statements. These factors include, but not limited to, general industry and economic conditions, shifts in customer demands, and changes in government policies. The Group undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
List of all Directors of the Company as at the date of this announcement:
Executive Directors: Non-Executive Directors: Independent Non-Executive Directors: Mr. Qi Lian (Chairman) Mr. Li Zhongxiang (Vice-chairman) Mr. Cui Yuzhi Mr. Xia Yuan Mr. Wang Huixuan Mr. Bao Yi Mr. But Tin Fu Mr. Ping Fan
By Order of the Board of Directors Unisplendour Technology (Holdings) Limited Qi Lian Chairman
Hong Kong, 25 November 2016
- For identification purpose only
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