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CPM Group Limited — Interim / Quarterly Report 2019
Dec 12, 2018
50277_rns_2018-12-12_5a0ea448-3687-4451-9ea7-898cd735df38.pdf
Interim / Quarterly Report
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INTERIM REPORT 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors
Dr. WONG Yun Kuen (Chairman) Mr. CHENG Wai Lun, Andrew
Independent Non-executive Directors Mr. CHAN Chung Yee, Alan, CPA Dr. FUNG Lewis Hung Mr. TANG Hon Bui, Ronald
COMPANY SECRETARY
Mr. LEUNG Man Lai, CPA
AUDITORS
LI, TANG, CHEN & CO Certified Public Accountants (Practising)
AUDIT COMMITTEE
Mr. CHAN Chung Yee, Alan, CPA (Chairman) Dr. FUNG Lewis Hung Mr. TANG Hon Bui, Ronald
REMUNERATION COMMITTEE
Mr. CHAN Chung Yee, Alan, CPA (Chairman) Dr. FUNG Lewis Hung Mr. TANG Hon Bui, Ronald Mr. CHENG Wai Lun, Andrew
NOMINATION COMMITTEE
Mr. CHAN Chung Yee, Alan, CPA (Chairman) Dr. FUNG Lewis Hung Mr. TANG Hon Bui, Ronald Mr. CHENG Wai Lun, Andrew
PRINCIPAL BANKER
OCBC Wing Hang Bank, Limited
公司資料
董事會
執行董事 黃潤權博士（主席） 鄭偉倫先生
獨立非執行董事 陳宗彝先生，CPA 馮振雄醫生 鄧漢標先生
公司秘書
梁文禮先生，CPA
核數師
李湯陳會計師事務所 執業會計師
審核委員會
陳宗彝先生，CPA（主席） 馮振雄醫生 鄧漢標先生
薪酬委員會
陳宗彝先生，CPA（主席） 馮振雄醫生 鄧漢標先生 鄭偉倫先生
提名委員會
陳宗彝先生，CPA（主席） 馮振雄醫生 鄧漢標先生 鄭偉倫先生
主要往來銀行
華僑永亨銀行有限公司
Interim Report 2018 中期報告
1
UBA INVESTMENTS LIMITED 開明投資有限公司
STOCK CODE
Hong Kong Stock Exchange: 768
WEBSITE
http://www.uba.com.hk
INVESTMENT MANAGER
Upbest Assets Management Limited
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Flat B, 16th Floor, Wah Kit Commercial Centre 300 Des Voeux Road Central Hong Kong
REGISTERED OFFICE
P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands
CAYMAN ISLANDS PRINCIPAL REGISTRAR
SMP Partners (Cayman) Limited
Royal Bank House 3rd Floor, 24 Shedden Road P.O. Box 1586 Grand Cayman KY1-1110 Cayman Islands
HONG KONG BRANCH REGISTRAR
Tricor Standard Limited
Level 22, Hopewell Centre 183 Queen’s Road East Hong Kong
股票代號
香港聯合交易所：768
網址
http://www.uba.com.hk
投資經理
美建管理有限公司
香港主要營業地點
香港 德輔道中300號 華傑商業中心16樓B室
註冊辦事處
P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands
開曼群島主要股份過戶登記處
SMP Partners (Cayman) Limited
Royal Bank House 3rd Floor, 24 Shedden Road P.O. Box 1586 Grand Cayman KY1-1110 Cayman Islands
香港股份過戶登記分處 卓佳標準有限公司
香港 皇后大道東183號 合和中心22樓
2
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
RESULTS
The board of directors (the “Board”) of UBA Investments Limited (the “Company”) is pleased to announce that the unaudited interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 September 2018 and the Group’s state of affairs as at that date together with the comparative figures as follows:
業績
開明投資有限公司（「本公司」）董事會 （「董事會」）欣然提呈本公司及其附屬 公司（「本集團」）截至二零一八年九月 三十日止六個月之中期報告及未經審 核中期業績，連同上期比較數字分列 如下：
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September
簡明綜合收益表
截至九月三十日止六個月
| Note 附註 Gross proceeds from disposal of trading securities 出售交易證券的所得款項 總額 Revenue 收入 5 Other revenues 其他收入 6 Administrative and other operating expenses 行政及其他經營支出 Finance costs 融資成本 7 (Loss)/profit before taxation 除稅前（虧損）╱溢利 8 Income tax expense 所得稅開支 9 (Loss)/profit for the period attributable to equity holders of the Company 本期間本公司權益持有人 應佔（虧損）╱溢利 (Loss)/earnings per share 每股（虧損）╱盈利 Basic and diluted 基本及攤薄 10 |
2018 二零一八年 (unaudited) （未經審核） HK$ 港元 29,548,886 1,726,406 3,907 (2,272,555) (56,550) (598,792) – (598,792) (0.06) cents仙 |
2017 二零一七年 (unaudited) （未經審核） HK$ 港元 75,264,344 6,934,244 7 (2,491,400) (102,522) 4,340,329 – 4,340,329 0.41 cents仙 |
|---|---|---|
Interim Report 2018 中期報告
3
UBA INVESTMENTS LIMITED 開明投資有限公司
| 簡明綜合全面收益表 CONDENSED CONSOLIDATED |
簡明綜合全面收益表 CONDENSED CONSOLIDATED |
|
|---|---|---|
| STATEMENT OF COMPREHENSIVE | ||
| INCOME | ||
| 截至九月三十日止六個月 For the six months ended 30 September |
||
| 2018 | 2017 | |
| 二零一八年 | 二零一七年 | |
| (unaudited) | (unaudited) | |
| （未經審核） | （未經審核） | |
| HK$ | HK$ | |
| 港元 | 港元 | |
| (Loss)/profit for the period | 本期間本公司權益持有人 | |
| attributable to equity | 應佔（虧損）╱溢利 | |
| holders of the Company | (598,792) | 4,340,329 |
| Other comprehensive | 其他全面收益╱（虧損） | |
| income/(loss) | ||
| Items that may be reclassified | 其後可能重新分類至 | |
| subsequently to profit or loss | 損益的項目 | |
| Available-for-sale financial assets: | 可供出售財務資產： | |
| Fair value changes during the period | 期間公平值之變動及 | |
| and net movement in investment | 公平值儲備淨 | |
| fair value reserves (recycling) | 變動（轉撥） – |
(1,550,950) |
| Items that will not be reclassified | 其後不會重新分類至 | |
| subsequently to profit or loss | 損益的項目 | |
| Financial assets at fair value through | 按公平值於其他全面收益 | |
| other comprehensive income: | 列賬之財務資產： | |
| Fair value changes during the period | 期間公平值之變動及公平 | |
| and net movement in investment | 值儲備淨變動（非轉撥） | |
| fair value reserves (non-recycling) | 5,511,892 | – |
| Total comprehensive income | 本公司權益持有人應佔 | |
| attributable to equity holders | 全面收益總額 | |
| of the Company | 4,913,100 | 2,789,379 |
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
簡明綜合財務狀況表
| Note 附註 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、機器及設備 Available-for-sale financial assets 可供出售財務資產 11 Financial assets at fair value through other comprehensive income 按公平值於其他全面收益 列賬之財務資產 11 CURRENT ASSETS 流動資產 Amounts due from investee companies 應收投資公司款項 Amounts due from related companies 應收關連公司款項 12 Deposits 按金 Financial assets at fair value through profit or loss 按公平值於損益賬 列賬之財務資產 13 Cash and bank balances 現金及銀行結餘 CURRENT LIABILITIES 流動負債 Accruals 應付費用 NET CURRENT ASSETS 流動資產淨值 NON-CURRENT LIABILITIES 非流動負債 Deferred tax liabilities 遞延所得稅負債 NET ASSETS 資產淨值 CAPITAL AND RESERVES 資本及儲備 Share capital 股本 14 Reserves 儲備 TOTAL EQUITY 總權益 NET ASSET VALUE PER SHARE 每股資產淨值 15 |
30 September 2018 二零一八年 九月三十日 (unaudited) （未經審核） HK$ 港元 682 – 42,456,476 42,457,158 2,737,382 944,239 66,060 103,657,055 4,349,191 111,753,927 80,000 80,000 ••• 111,673,927 (1,812,180) 152,318,905 10,597,782 141,721,123 152,318,905 0.144 |
31 March 2018 二零一八年 三月三十一日 (audited) （經審核） HK$ 港元 1,267 28,272,770 – |
|---|---|---|
| 28,274,037 | ||
| 2,737,382 2,327,582 66,060 104,598,419 10,532,557 |
||
| 120,262,000 | ||
| 359,103 | ||
| 359,103 | ||
| ••• 119,902,897 (1,812,180) |
||
| 146,364,754 | ||
| 10,597,782 135,766,972 |
||
| 146,364,754 | ||
| 0.138 |
Interim Report 2018 中期報告 5
UBA INVESTMENTS LIMITED 開明投資有限公司
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2018
簡明綜合權益變動表
截至二零一八年九月三十日止六個月
| Opening balance as at 1 April 2018 於二零一八年四月一日之 期初結餘 Impact on initial application of HKFRS 9 首次應用香港財務報告準則 第9號之影響 – Reclassify non-trading listed equity from AFS to FVOCI －將非買賣上市股本由可銷 售重新分類至按公平值於 其他全面收益列賬 – Revalue the non-trading unlisted equity reclassified from AFS to FVOCI －對非買賣非上市股本重新 估值及將其由可銷售重新 分類至按公平值於其他全 面收益列賬 Adjusted balance at 1 April 2018 於二零一八年四月一日之 經調整結餘 Loss for the period 本期間虧損 Other comprehensive income for the period 本期間其他全面收益 Total comprehensive income for the period 本期全面收益總額 Balance as at 30 September 2018 於二零一八年九月三十日結餘 Opening balance as at 1 April 2017 於二零一七年四月一日 之期初結餘 Profit for the period 本期溢利 Fair value change on available-for-sale financial assets 可供出售財務資產 公平值之變動 Total comprehensive income for the period 本期全面收益總額 Balance as at 30 September 2017 於二零一七年 九月三十日 結餘 |
Unaudited 未經審核 |
Unaudited 未經審核 |
||||
|---|---|---|---|---|---|---|
| Share Capital 股本 HK$ 港元 10,597,782 – – 10,597,782 – – – 10,597,782 |
Share Premium 股份溢價 HK$ 港元 92,564,355 – – 92,564,355 – – – 92,564,355 |
Fair Value Reserve (recycling) Fair Value Reserve (non- recycling) 公平值儲備 （轉撥） 公平值儲備 （非轉撥） HK$ HK$ 港元 港元 6,312,563 – (6,312,563) 6,312,563 – 1,041,051 – 7,353,614 – – – 5,511,892 – 5,511,892 – 12,865,506 Unaudited 未經審核 |
Retained Profit 保留溢利 HK$ 港元 36,890,054 – – 36,890,054 (598,792) – (598,792) 36,291,262 |
Total 總計 HK$ 港元 146,364,754 – 1,041,051 |
||
| 147,405,805 (598,792) 5,511,892 |
||||||
| 4,913,100 | ||||||
| 152,318,905 | ||||||
| Share Capital 股本 HK$ 港元 10,597,782 – – – 10,597,782 |
Share Premium 股份溢價 HK$ 港元 92,564,355 – – – 92,564,355 |
Fair Value Reserves (recycling) 公平值儲備 （轉撥） HK$ 港元 9,331,767 – (1,550,950) (1,550,950) 7,780,817 |
Fair Value Reserves (non- recycling) 公平值儲備 （非轉撥） HK$ 港元 – – – – – |
Retained Profits 保留溢利 HK$ 港元 58,382,455 4,340,329 – 4,340,329 62,722,784 |
Total 總計 HK$ 港元 170,876,359 |
|
| 4,340,329 (1,550,950) |
||||||
| 2,789,379 | ||||||
| 173,665,738 |
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
簡明綜合現金流動表
| Net cash generated from/(used in) from operating activities 經營業務產生╱（應用）之 現金淨額 Cash flows from investing activities 投資活動之現金流動 Purchase of financial assets at fair value through other comprehensive income 購買按公平值於其他全面 收益賬之財務資產 Purchase of available-for-sale financial assets 購買可供出售財務資產 Net cash used in investing activities 投資活動應用之現金淨額 Net decrease in cash and cash equivalents during the period 期內現金及現金等 價物之減少淨額 Cash and cash equivalents at the beginning of the period 期初之現金及現金等價物 Cash and cash equivalents at the end of the period 期末之現金及現金等價物 Representing: 代表： Cash and bank balances 現金及銀行結餘 |
For the six months ended 30 September 截至九月三十日止六個月 2018 2017 二零一八年 二零一七年 (unaudited) (unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 1,447,400 (5,845,603) (7,630,766) – – (97) (7,630,766) (97) (6,183,366) (5,845,700) 10,532,557 12,539,728 4,349,191 6,694,028 4,349,191 6,694,028 |
|---|---|
Interim Report 2018 中期報告
7
UBA INVESTMENTS LIMITED 開明投資有限公司
NOTES ON THE CONDENSED FINANCIAL STATEMENTS
1. GENERAL
The Company is a public limited company incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The address of its registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The principal place of business is Flat B, 16th Floor, Wah Kit Commercial Centre, 300 Des Voeux Road Central, Hong Kong. The Company and its subsidiaries are engaged in investment holding and trading of securities.
2. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on the Main Board of The Stock Exchange of Hong Kong Limited.
The unaudited condensed consolidated financial statements do not include all the information and disclosure required in the annual consolidated financial statements, and should be read in conjunction with the Company and its subsidiaries (the “Group”) annual consolidated financial statements at 31 March 2018 except for the accounting policy changes that are expected to be reflected in the 2019 annual financial statements. Details of any changes in accounting policies are set out in note 3.
3. NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)
The HKICPA has issued a number of new HKFRSs and amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the Group has been impacted by HKFRS9 in relation to classification and measurement of financial assets. Details of the changes in accounting policies are discussed below.
簡明財務報告附註
1. 一般資料
本公司乃於開曼群島註冊成立有限 責任之公眾公司，其股份於香港聯 合交易所有限公司（「聯交所」）上 市。本公司之註冊地址為P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands。其主要 營業地點位於香港德輔道中300號華 傑商業中心16樓B室。本公司及其附 屬公司均從事投資控股及證券交易。
2. 編製基準
本未經審核簡明綜合中期財務報表 乃根據香港會計師公會（「香港會計 師公會」）頒佈的香港會計準則第34 號「中期財務報告」及香港聯合交易 所有限公司主板證券上市規則附錄 16的適用披露條文編製。
本未經審核簡明綜合財務報表不包 括所有須於年度綜合財務報表載列 之資料及披露，並應與本公司及其附 屬公司（「本集團」）於二零一八年三 月三十一日的年度綜合財務報表一 併閱讀，惟預期於二零一九年年度財 務報表中反映之會計政策變動除外。 任何會計政策變動之詳情載列於附 註3。
3. 新訂及經修訂香港財務報告準則
香港會計師公會已頒佈多項於本集 團之本會計期間首次生效之新訂及 經修訂香港財務報告準則。其中，本 集團受香港財務報告準則第9號有關 財務資產分類及計量之影響。會計政 策變動之詳情闡述如下。
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
3. NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)
3. 新訂及經修訂香港財務報告準則（續）
(Continued)
The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
HKFRS 9 replaces the provisions of HKAS 39 that related to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments and impairment of financial assets.
The Group has applied HKFRS 9 retrospectively to items that existed at 1 April 2018 in accordance with the transition requirements. The Group has recognized the cumulative effect of initial application as an adjustment to the opening equity at 1 April 2018. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 39 Financial Instruments: Recognition and Measurement.
Classification and measurement
On 1 April 2018, the Group’s management has classified its financial instruments into the appropriate HKFRS 9 categories. There is no significant impact on the classification and measurement of the available-for-sale financial assets (“AFS”) elected to be classified as financial assets at amortised cost and fair value through other comprehensive income (“FVOCI”) which is stated at fair value before. However, gains or loss realized on the sale of financial assets at FVOCI will no longer be transferred to profit or loss on sale, but instead reclassified below the line from the fair value reserve (non-recycling) to retained earnings. Equity investments classified as AFS and stated at cost before are elected to be classified as FVOCI and remeasured at fair value. With respect to the Group’s financial assets reclassified as financial assets at fair value through profit or loss (“FVTPL”), any fair value change is recognised in profit or loss as it arises.
本集團並未應用任何於本會計期間 尚未生效之新訂準則或詮釋。
香港財務報告準則第9號取代香港會 計準則第39號有關財務資產及財務 負債之確認、分類及計量，取消確認 財務工具及財務資產之減值之條文。
本集團已根據過渡規定對於二零一八 年四月一日存在之項目追溯應用香 港財務報告準則第9號。本集團已確 認首次應用之累計效應作為對二零 一八年四月一日權益期初結餘之調 整。因此，比較資料乃根據香港會計 準則第39號「金融工具：確認及計量」 而編製，所以若干比較資料無法比較。
分類及計量
於二零一八年四月一日，本集團管理 層將其財務工具分類為香港財務報告 準則第9號之適當類別。對選定分類 為按攤銷成本及按公平值於其他全面 收益列賬（「按公平值於其他全面收益 列賬」）之可銷售（「可銷售」）財務資產 （之前按公平值列賬）之分類及計量並 無重大影響。然而，出售按公平值於 其他全面收益列賬之財務資產所變現 之收益或虧損將不再轉撥至出售之損 益，而是自投資估值儲備（非轉撥）重 新分類至保留溢利。分類為可銷售及 先前按成本列賬之股本投資選定分類 為按公平值於其他全面收益列賬及按 公平值重新計量。就本集團重新分類 為按公平值於損益列賬（「按公平值於 損益列賬」）之財務資產而言，任何公 平值之變動於出現時於損益中確認。
Interim Report 2018 中期報告
9
UBA INVESTMENTS LIMITED 開明投資有限公司
3. NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)
3.
新訂及經修訂香港財務報告準則（續）
(Continued)
Classification and measurement (Continued)
T h e m a i n e f f e c t s r e s u l t i n g f r o m t h i s reclassification and remeasurement are as follows:
分類及計量（續）
重新分類及重新計量所產生之主要 影響如下：
| Note 附註 Opening balance 1 April 2018 – HKAS 39 於二零一八年四月一日之 期初結餘－香港會計準則第39號 Reclassify non-trading listed equity from AFS to FVOCI 將非買賣上市股本由可銷售重新分類 至按公平值於其他全面收益列賬 (a) Reclassify the non-trading unlisted equity from AFS to FVOCI 將非買賣非上市股本由可銷售重新分 類至按公平值於其他全面收益列賬 (a) Revalue the non-trading unlisted equity reclassified from AFS to FVOCI 對非買賣非上市股本重新估值及將 其由可銷售重新分類至按公平值 於其他全面收益列賬 (a) Opening balance 1 April 2018 – HKFRS 9 於二零一八年四月一日之期初 結餘－香港財務報告準則第9號 |
AFS 可銷售 HK$ 港元 (Unaudited) （未經審核） 28,272,770 (19,326,590) (8,946,180) – – |
FVTPL 按公平值於 損益列賬 HK$ 港元 (Unaudited) （未經審核） 104,598,419 – – – 104,598,419 |
FVOCI 按公平值於 其他全面 收益列賬 HK$ 港元 (Unaudited) （未經審核） – 19,326,590 8,946,180 1,041,051 |
|---|---|---|---|
| 29,313,821 |
The impact of these changes on the Group’s equity is as follows:
該等變動對本集團股本之影響如下：
| Effect on Fair Value reserve (recycling) Effect on Fair Value reserve (non-recycling) 對公平值儲備 （轉撥）之影響 對公平值儲備 （非轉撥）之影響 Note HK$ HK$ 附註 港元 港元 (Unaudited) (Unaudited) （未經審核） （未經審核） Opening balance 1 April 2018 – HKAS 39 於二零一八年四月一日之期初 結餘－香港會計準則第39號 6,312,563 – Reclassify non-trading listed equity from AFS to FVOCI 將非買賣上市股本由可銷售重新分類 至按公平值於其他全面收益列賬 (a) (6,312,563) 6,312,563 Revalue the non-trading unlisted equity reclassified from AFS to FVOCI 對非買賣非上市股本重新估值及將其 由可銷售重新分類至按公平值於 其他全面收益列賬 (a) – 1,041,051 Opening balance 1 April 2018 – HKFRS 9 於二零一八年四月一日之期初 結餘－香港財務報告準則第9號 – 7,353,614 |
Effect on retained profit 對累計虧損 之影響 HK$ 港元 (Unaudited) （未經審核） 36,890,054 – – |
|---|---|
| 36,890,054 |
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
3. NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)
3. 新訂及經修訂香港財務報告準則（續）
(Continued)
Classification and measurement (Continued) Notes:
- (a) Remaining equity investments previously classified as AFS
The Group elected to present in other comprehensive income changes in the fair value of all its remaining equity investments previously classified as AFS because such investment is held as long-term strategic investment that is not expected to be sold in the short to medium term. As a result, a listed equity investment with fair value of HK$19,326,590 was reclassified from AFS to FVOCI and total fair value gain of HK$6,312,563 was reclassified from the fair value reserve (recycling) to the fair value reserve (non-recycling) on 1 April 2018.
And unlisted equity investments with cost of HK$8,946,180 was reclassified from AFS to FVOCI and remeasured at fair value of HK$9,987,231 with fair value gain of HK$1,041,051 adjusted to fair value reserve (non-recycling).
Impairment of financial assets
The Group is required to revise its impairment methodology under HKFRS 9 for each classes of assets. The provision for doubtful debts for these financial assets is based on assumptions about risk of default and expected loss rates. The Group uses judgment in making these assumptions and selecting inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.
分類及計量（續） 附註：
- (a) 過往分類為可銷售之剩餘股本 投資
本集團選擇於其他全面收益呈 列其全部過往分類為可銷售 之剩餘股本投資之公平值變 動，原因是該等投資乃持有作 為長期策略性投資及預期中 短期內不會出售。因此，於二 零一八年四月一日，公平值為 19,326,590港元之上市股本投 資由可銷售重新分類至按公平 值於其他全面收益列賬，而公 平值收益總額6,312,563元由投 資估值儲備（轉撥）重新分類至 投資估值儲備（非轉撥）。
成本為8,946,180港元之非上 市股本投資由可銷售重新分 類至按公平值於其他全面收益 列賬及按公平值重新計量為 9,987,231港元，公平值虧損 1,041,051港元調整至投資估值 儲備（非轉撥）。
財務資產減值
本集團須根據香港財務報告準則第9 號就其各類資產修訂其減值方法。該 等財務資產之呆賬撥備乃基於對違 約風險及預期虧損率之假設而作出。 基於本集團之過往記錄、現有市場狀 況以及前瞻性估計，本集團於各報告 期末作出該等假設及選擇計算減值 之輸入數據時會作出判斷。
Interim Report 2018 中期報告
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UBA INVESTMENTS LIMITED 開明投資有限公司
4. ACCOUNTING POLICIES
The accounting policies used in the unaudited condensed consolidated financial statement are consistent with those used in the annual consolidated financial statements of the Group for the year ended 31 March 2018 except for the adoption of the HKFRS 9. The HKICPA has issued the following amendments and new or amended standards which are not yet effective in these financial statements and the Group have not early adopted in these consolidated financial statements:
HKFRS 10 and Sales of Contribution of Assets HKAS 28 between an Investor and its (Amendment) Associate or Joint Venture 3
HKFRS 16 Leases1 HKFRS 17 Insurance Contract 2 HK(IFRIC) 23 Uncertainty over Income Tax Treatments 1
-
1 Effective for annual periods beginning on or after 1 January 2019
-
2 Effective for annual periods beginning on or after 1 January 2021
-
3 Effective for annual periods beginning on or after a date to be determined
The Group has been evaluating the impact of these new or revised standards and amendments. So far, the Group considers that these new or revised standards and amendments are unlikely to have a significant impact on the Group’s result of operations and financial position.
4. 會計政策
本未經審核簡明綜合財務報表所採 納的會計政策與編製本集團截至二 零一八年三月三十一日止年度之年 度綜合財務報表，除應用香港財務報 告準則第9號外，其它所採用者一致。 香港會計師公會已頒佈以下尚未生 效之修訂及新訂或經修訂準則，惟本 集團尚未於該等綜合財務報表中提 早採納：
香港財務報告 投資者與其聯營公司 準則第10號及 或合營公司之間銷 香港會計準則第 售或貢獻資產3 28號（修訂本） 香港財務報告 租賃1 準則第16號 香港財務報告 保險合約2 準則第17號
-
香港（國際財務 所得稅處理法之 報告詮釋委員會） 不穩定性1 第23號
-
1 於二零一九年一月一日或之後 開始之年度期間生效
-
2 於二零二一年一月一日或之後 開始之年度期間生效
-
3 於待定日期或之後開始之年度 期間生效
本集團現正評估首次採用該等新訂 及經修訂香港財務報告準則之影響。 迄今為止，本集團認為該等新訂及經 修訂香港財務報告準則將不會對本 集團的營運業績及財務狀況產生重 大影響。
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
5. REVENUE
Net realised and unrealised (loss)/gain on financial assets at fair value through profit or loss Dividend income from listed equity securities
5. 收入
| 按公平值於損益賬列賬之 財務資產之變現及 未變現（虧損）╱收益淨額 上市股本證券之股息收入 |
For the six months ended 30 September 截至九月三十日止六個月 2018 2017 二零一八年 二零一七年 (unaudited) (unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 (3,228,842) 2,973,598 4,955,248 3,960,646 1,726,406 6,934,244 |
|---|---|
No analysis of the Group’s turnover and contribution to operating profit for the period set out by principal activities and geographical markets is provided as the Group has only one single business segment, investment holding and all the consolidated turnover and the consolidated results of the Group are attributable to the markets in Hong Kong.
由於本集團只有投資控股單一業務， 以及本集團所有綜合營業額及綜合 業績乃源於香港市場，因此並無依據 主要業務及地區市場，呈列本集團於 本期間之營業額及經營溢利之分析。
No information about major customers has been disclosed as a substantial portion of the Group’s income is derived from the Group’s investments and the disclosures of information regarding customers would not be meaningful.
由於本集團之營運收益絕大部份來 自投資回報，所以沒有就主要客戶的 資料作出披露及披露主要客戶資料 並無意義。
Interim Report 2018 中期報告
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UBA INVESTMENTS LIMITED 開明投資有限公司
6. 其他收入
6. OTHER REVENUES
| For the six months ended | For the six months ended | ||
|---|---|---|---|
| 30 September | |||
| 截至九月三十日止六個月 | |||
| 2018 | 2017 | ||
| 二零一八年 | 二零一七年 | ||
| (unaudited) | (unaudited) | ||
| （未經審核） | （未經審核） | ||
| HK$ | HK$ | ||
| 港元 | 港元 | ||
| Other revenue | 其他收入 | ||
| Interest income | 利息收入 | 7 | 7 |
| Other income | 其他收益 | 3,900 | – |
| 3,907 | 7 | ||
| FINANCE COSTS | 7. | 融資成本 | |
| For the six months ended | |||
| 30 September | |||
| 截至九月三十日止六個月 | |||
| 2018 | 2017 | ||
| 二零一八年 | 二零一七年 | ||
| (unaudited) | (unaudited) | ||
| （未經審核） | （未經審核） | ||
| HK$ | HK$ | ||
| 港元 | 港元 | ||
| Interest on other borrowings wholly | 全數於5年內償還之 | ||
| repayable within five years | 其他借款利息支出 | 56,550 | 102,522 |
7. FINANCE COSTS
14 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
8. (LOSS)/PROFIT BEFORE TAXATION
(Loss)/profit before taxation has been arrived at after charging the following:
8. 除稅前（虧損）╱溢利
除稅前（虧損）╱溢利已扣除下列各 項：
| Depreciation 折舊 Investment management fee paid to a related company 支付予關聯公司之投資 管理費用 Staff costs, including defined contributions of HK$10,500 (2017: HK$10,500) to MPF Scheme 員工成本，包括員工強積 金計劃界定供款10,500 港元（二零一七年： 10,500港元） Minimum lease payments on properties under operating leases 根據經營租賃租用物業 之最低應付租金 |
For the six months ended 30 September 截至九月三十日止六個月 2018 2017 二零一八年 二零一七年 (unaudited) (unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 585 1,260 1,124,665 1,241,246 310,700 295,200 132,000 132,000 |
|---|---|
9. INCOME TAX EXPENSE
No provision for Hong Kong profits tax has been made for the period ended 30 September 2018 and 30 September 2017 as the Group did not generate any assessable profits during the period.
9. 所得稅開支
本集團在截至二零一八年九月三十 日及二零一七年九月三十日期間並 無應課稅溢利，因此並無就香港利得 稅作出任何撥備。
Interim Report 2018 中期報告 15
UBA INVESTMENTS LIMITED 開明投資有限公司
10. (LOSS)/EARNINGS PER SHARE
The calculation of the basic loss per share for the six months ended 30 September 2018 is based on the Group’s loss attributable to equity holders of the Company for the period of HK$598,792 (For the six months ended 30 September 2017: profit HK$4,340,329) and 1,059,778,200 (For the six months ended 30 September 2017: 1,059,778,200) ordinary shares in issue during the period.
10. 每股（虧損）╱盈利
截至二零一八年九月三十日止六個 月每股基本虧損乃根據期內本公司 權益持有人應佔本集團虧損淨額 598,792港元（截至二零一七年九月 三十日止六個月：盈利4,340,329港 元）及期內已發行1,059,778,200股 （截至二零一七年九月三十日止六個 月：1,059,778,200股）普通股計算。
The Company does not have dilutive potential ordinary shares for the six months ended 30 September 2018 and 2017 respectively.
本公司截至二零一八年及二零一七 年九月三十日止六個月並無具有潛 在攤薄影響之普通股。
11. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME/AVAILABLE-FOR-SALE FINANCIAL ASSETS
11. 按公平值於其他全面收益列賬之財 務資產╱可供出售財務資產
| Equity securities designated at FVOCI 指定按公平值於其他全面 收益列賬之股本證券 Unlisted equity and debt securities 非上市股本及債務證券 Listed equity securities in Hong Kong 香港上市股本證券 Available-for-sale fnancial assets (AFS) 可供出售財務資產 Unlisted equity and debt securities, at cost 非上市股本及債務證券， 按成本值 Less: Provision for impairment loss 減：減值虧損撥備 Listed equity securities in Hong Kong 香港上市股本證券 Market value of listed equity securities 上市股本證券市值 |
30 September 2018 二零一八年 九月三十日 (unaudited) （未經審核） HK$ 港元 21,748,625 20,707,851 42,456,476 – – – – – 20,707,851 |
31 March 2018 二零一八年 三月三十一日 (audited) （經審核） HK$ 港元 – – – 17,580,180 (8,634,000) 8,946,180 19,326,590 28,272,770 19,326,590 |
|---|---|---|
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
11. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME/AVAILABLE-FOR-SALE FINANCIAL ASSETS (Continued)
- (a) Particulars of major unlisted equity securities under financial assets at fair value through other comprehensive income
Diamond Motto Limited (“Diamond Motto”)
Diamond Motto is principally engaged in investment holding. LMP International Limited (“LMP”) is the only investment of Diamond Motto based on its unaudited financial statements at 31 March 2018. The Group holds 50 shares in Diamond Motto, representing 16.67% interest in the issued share capital of Diamond Motto. The Group derived a dividend income of HK$1,666,667 for the period ended 30 September 2018. At 30 September 2018, the Group’s share of the fair value of LMP was approximately HK$18,337,000.
G u a n g z h o u J i n g y e n g A q u a- C u l t u r e Company Limited (“Jingyeng”)
Jing yeng is principally engaged in aquaculture business. The Group holds 1.6% interest in the issued share capital of Jingyeng. No dividend was received during the year. At 30 September 2018, the Group’s share of the fair value of Jingyeng was approximately HK$3,377,000.
12. AMOUNTS DUE FROM RELATED COMPANIES
The amounts are unsecured, interest-free and have no fixed terms of repayment.
11. 按公平值於其他全面收益列賬之財 務資產╱可供出售財務資產（續）
- (a) 主要非上市股本證券按公平值 於其他全面收益列賬之財務資 產投資詳情
D i a m o n d M o t t o L i m i t e d （「Diamond Motto」）
Diamond Motto主要業務為投 資控股。根據Diamond Motto於 二零一八年三月三十一日未經 審核財務報表，沛銘國際有限 公司為Diamond Motto唯一的投 資。本集團持有50股Diamond Motto股份，佔Diamond Motto 已發行股本之16.67%。截至 二零一八年九月三十日共收取 1,666,667港元股息。截至二零 一八年九月三十日，本集團於 沛銘國際有限公司所佔之公平 值約為 18,337,000港元。
廣州市金洋水產養殖有限公司 （「金洋水產」）
金洋水產主要從事水產養殖 業務。本集團持有金洋水產之 1.6%權益。截至二零一八年 九月三十日止期間並無收取股 息。截至二零一八年九月三十 日，本集團於金洋水產所佔之 公平值約為3,377,000港元。
12. 應收關聯公司款項
應收款項乃沒有抵押，沒有利息及沒 有指定還款期。
Interim Report 2018 中期報告
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UBA INVESTMENTS LIMITED 開明投資有限公司
13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
13. 按公平值於損益賬列賬之財務資產
| Equity securities, 股本證券 – listed in Hong Kong at fair value －於香港上市，按公平值 Derivative financial instruments at fair value 衍生金融工具，按公平值 Unlisted convertible debt securities at fair value 非上市可換股債券證券， 按公平值 Market value of listed equity securities 上市股本證券之市值 |
30 September 2018 二零一八年 九月三十日 (unaudited) （未經審核） HK$ 港元 98,008,238 648,817 5,000,000 103,657,055 98,008,238 |
31 March 2018 二零一八年 三月三十一日 (audited) （經審核） HK$ 港元 103,857,202 741,217 – 104,598,419 103,857,202 |
|---|---|---|
Derivative financial assets represent financial instruments for trading of precious metals with a financial institution. These are categorised as financial assets at fair value through profit or loss unless they are designated as hedges.
衍生財務資產指透過財務機構分別 進行貴金屬買賣。除非衍生財務資產 乃作對沖之用，否則一律歸類為按公 平值於損益賬列賬之財務資產。
-
(a) Particulars of major unlisted convertible debt securities under financial assets at fair value through profit or loss
-
(a) 主要非上市可換股債券證券按 公平值於損益列賬之財務資產 投資詳情
Unlisted convertible debt securities JBB Builders Investment Limited (“JBB”) JBB is incorporated in the British Virgin Islands and is principally engaged in business of investment holding during the period.
非上市可換股債務證券
JBB Builder Investment Limited （「JBB」）
JBB於英屬處女群島成立，於 期內主要從事投資控股業務。
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Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)
On 14 May 2018, the Group entered into the Subscription Agreement with JBB pursuant to which the Group agreed to subscribe for unlisted convertible bond with zero coupon rate issued by JBB with a principal amount of HK$5,000,000 due on 14 May 2019. The Group shall have right to convert or exchange the entire outstanding principal of the bond into shares of JBB at any time during the period from the issue date up to 14 May 2019 or up to the issue of official listing approval from the Hong Kong Stock of Exchange to JBB.
13. 按公平值於損益賬列賬之財務資產
（續）
於二零一八年五月十四日，本 集團與JBB訂立認購協議，據 此，本集團同意認購JBB所發 行本金總額為5,000,000港元之 二零一九年五月十四日到期零 票息非上市可換股債券。本集 團有權於由發行日期起至二零 一九年五月十四日止，或直至 香港證券交易所正式批准JBB 上市期間，可隨時將債券中之 全部未行使本金額兌換或交換 為JBB之股份。
14. SHARE CAPITAL
14. 股本
==> picture [316 x 156] intentionally omitted <==
----- Start of picture text -----
Number
of shares HK$
股份數目 港元
Ordinary shares of HK$0.01 each 每股面值0.01港元的普通股
Authorised: 法定：
At 30 September 2018 and 於二零一八年九月三十日及
31 March 2018 二零一八年三月三十一日 2,000,000,000 20,000,000
Issued and fully paid: 已發行及繳足：
At 30 September 2018 and 於二零一八年九月三十日及
31 March 2018 二零一八年三月三十一日 1,059,778,200 10,597,782
----- End of picture text -----
15. NET ASSET VALUE PER SHARE
The calculation of net asset value per share is based on the net assets of HK$152,318,905 (31 March 2018: H K$146,364,754) and 1,059,778,200 (31 March 2018: 1,059,778,200) ordinary shares in issue as at 30 September 2018.
15. 每股資產淨值
每股資產淨值乃根據資產淨值 152,318,905港元（二零一八年三月 三十一日：146,364,754港元）及於 二零一八年九月三十日之發行普通 股1,059,778,200股（二零一八年三月 三十一日：1,059,778,200股）計算。
Interim Report 2018 中期報告
19
UBA INVESTMENTS LIMITED 開明投資有限公司
16. INTERIM DIVIDEND
The Board has resolved not to declare any interim dividend in respect of the six months ended 30 September 2018 (2017: Nil).
16. 中期股息
董事會議決不會宣派就有關截至二 零一八年九月三十日止六個月之任 何中期股息（二零一七年：無）。
17. CONNECTED AND RELATED PARTY TRANSACTIONS
17. 關連及關聯人士交易
| Note 附註 Investment management fee paid to Upbest Assets Management Limited 支付投資管理費予 美建管理有限公司 (a) Brokerage commission paid to Upbest Securities Company Limited 支付經紀佣金予 美建證券有限公司 (b) Handling fee for dividend collection paid to Upbest Securities Company limited 支付股息徵收手續費予 美建證券有限公司 (c) Commission paid to Upbest Bullion Company Limited 支付佣金予 美建金業有限公司 (d) Interest paid to Upbest Investment Company Limited 支付利息予 美建投資有限公司 (e) Interest paid to Upbest Gold and Silver Trading Limited 支付利息予 美建金銀貿易有限公司 (f) Storage fee paid to Upbest Bullion Company Limited 支付存倉費予 美建金業有限公司 (g) Custodian fee paid to OCBC Wing Hang Bank Limited 支付託管費予 華僑永亨銀行有限公司 (h) Rental paid to Champion Assets Limited 支付租金予協緯有限公司 (i) |
For the six months ended 30 September 截至九月三十日止六個月 2018 2017 二零一八年 二零一七年 (unaudited) (unaudited) （未經審核） （未經審核） HK$ HK$ 港元 港元 1,124,665 1,241,246 135,575 368,956 17,609 19,576 – – 56,550 73,381 – – 2,856 2,856 30,000 30,000 132,000 132,000 |
|---|---|
20
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued)
Notes:
- a) The Company and a subsidiary of Upbest Group Limited, Upbest Assets Management Limited (“UAML”) as investment manager, had entered into Third Investment Management Agreement dated 26 January 2016 and agreed that UAML provided investment management services to the Company for a period of three years from 1 April 2016 to 31 March 2019. This agreement can be terminated by either the Company or UAML serving not less than six months’ notice in writing prior to the expiration. Pursuant to the investment m a n a g e m e n t a g r e e m e n t , m o n t h l y investment management fee is payable at 1.5% per annum of the consolidated net asset value of the Group as at the immediately preceding valuation date on the actual number of days in the relevant calendar month over 365 days a year.
In addition to the management fee, a performance fee payable in Hong Kong dollars equivalent to 20% of net profit of the Group before taxation and before deduction of the investment management fee payable under the investment management agreements shall be paid to UAML for each financial year.
The annual cap for the management fee and performance fee for each of the financial years ending 31 March 2018 and 2019 are HK$11,600,000 and HK$13,300,000 respectively. These continuing connected transactions were approved on the extraordinary general meeting of the shareholders held on 24 August 2016.
17. 關連及關聯人士交易（續）
附註：
- a) 本公司與美建集團屬下一附屬 公司美建管理有限公司（「美 建管理」），為投資經理，於二 零一六年一月二十六日簽訂第 三份投資管理協議，並同意就 美建管理向本公司提供為期三 年的投資管理服務由二零一六 年四月一日至二零一九年三月 三十一日。這份協議可以由本 公司或美建管理在不少於六個 月的書面通知終止。根據投資 管理協議，每月之投資管理費 乃按本集團估值日之資產淨值 1.5%之年利率及有關曆月實際 日數除以全年365日之基準支 付。
除管理費外，於每個財政年 度，須以港元支付美建管理根 據本集團除稅前盈利及扣除在 投資管理協議中所須支付的投 資管理費前之溢利的20%之表 現費。
截至二零一八年及二零一九 年三月三十一日止之財政年度 之全年管理費及表現費年度 上限分別為11,600,000港元及 13,300,000港元。這些持續關 連交易已於二零一六年八月 二十四日之股東特別大會上通 過。
Interim Report 2018 中期報告
21
UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued)
Notes: (Continued)
b) The Company and two of its subsidiaries and Upbest Securities Company Limited (“USCL”) had separately entered into securities brokerage supplemental agreements for the transaction in relation to the securities brokerage service and agreed that the original agreement was further extended for a period of three years to 31 March 2019. Brokerage commission fee is charged at 0.25% (2017: 0.25%), the prevailing market rate, on the value of the transactions.
It is expected that the annual brokerage commission will be less than HK$3,000,000 per annum (Annual Cap of 2017: HK$3,000,000) and that transactions contemplated under the Securities Brokerage Supplemental Agreements are considered to be a de-minimis transaction for the Company pursuant to Rule 14A of the Listing Rule.
-
c) Handling fee for dividend collection is charged at minimum of HK$30 or 0.5% per transaction amount.
-
d) Commission is charged at a range from US$10 to US$50 per transaction.
17. 關連及關聯人士交易（續）
附註：（續）
b) 本公司與其兩間附屬公司與美 建證券有限公司（「美建證券」） 分別簽訂就有關證券經紀服務 的證券經紀補充協議，同時同 意將原有協議再次延續期限三 年至二零一九年三月三十一 日。其佣金收費為所買賣證 券價值0.25%（二零一七年： 0.25%），這是普遍的市場交易 費用。
預期年度經紀佣金將少於每年 3,000,000港元（於二零一七年 年度上限：3,000,000港元）， 根據上市規則第14A章，就證 券經紀補充協議擬進行之交易 被視為本公司符合最低豁免規 定水平的交易。
-
c) 股息徵收手續費的最低收費 為30港元或每筆交易金額之 0.5%。
-
d) 佣金徵收為每宗交易由10美元 至50美元。
22 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued)
Notes: (Continued)
e) The Company and two of its subsidiaries had separately entered into Financial Assistance Supplemental Agreements with Upbest Investment Company Limited (“UICL”) in relation to the provision of securities margin financing service. According to the supplemental agreements, the respective relevant original agreement is further extended for a period of three years to 31 March 2019. The agreement is subject to renewal by written supplemental agreements between the contracting parties. The securities margin financing services interest rate is charged at 4.25% (2017: 4.25%) above prime rate per annum inclusive of custodian fee; and the provision of IPO financing at an interest rate from 0.2% to 1.5% (2017: 0.2% to 1.5%) per annum above the borrowing costs of UICL. For the period ended 30 September 2018 interest for the securities margin accounts was charged at 9.5% (2017: 9.5%) per annum. No IPO interest paid for the period ended 30 September 2018 and 30 September 2017.
17. 關連及關聯人士交易（續）
附註：（續）
-
e) 本公司及其兩間附屬公司與美 建投資有限公司（「美建投資」） 分別就提供證券孖展融資服務 簽訂財務資助補充協議。根據 補充協議，相關的原始協議再 次延續期限三年至二零一九年 三月三十一日。協議雙方可以 書面補充協議更新此協議。證 券孖展融資服務年利率收費為 最優惠利率之上加4.25%（二零 一七年：4.25%），當中包含保 管費，而為首次公開招股融資 提供借貸利率為美建投資之借 貸成本加年利率0.2%至1.5%
-
（二零一七年：0.2%至1.5%）。 二零一八年九月三十日止之期 間，證劵孖展融資戶口為年利 率9.5%（二零一七年：9.5%）。 二零一八年九月三十日及二零 一七年九月三十日並沒有首次 公開招股融資的利息。
Interim Report 2018 中期報告
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UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued)
Notes: (Continued)
f) A subsidiary of the Company has entered into a Precious Metal Financial Assistance Agreement with Upbest Gold & Silver Trading Limited (“UGS”) in relation to the provision of precious metal margin financing service by UGS to the subsidiary.
According to the agreement, the subsidiary and UGS agreed that the agreement shall be for a period of three years commencing from 1 April 2016 to 31 March 2019. The agreement is subject to renewal by written supplemental agreement between the contracting parties. The interest rate for the precious metal financing service was from 0.25% to 0.50% per annum above the borrowing costs of UGS for call position. In respect of put position, the interest rate would be 0.25% to 0.50% per annum on top of the borrowing cost of UGS (if any) provided that if UGS would receive any interest from its supplier(s), the subsidiary may set off such financing fee against the interest received by UGS from its supplier(s). For the avoidance of doubt, any remaining interest received by UGS from its supplier(s) after such set-off in respect of such put position will be paid to the subsidiary.
For the period ended 30 September 2018 interest for the precious metals dealing was charged at the range of 0.00% to 3.00% per annum. No interest has been charged for the period.
17. 關連及關聯人士交易（續）
附註：（續）
f) 本公司其下一間附屬公司與美 建金銀貿易有限公司（「美建金 銀」）就由美建金銀提供予該附 屬公司之貴金屬孖展融資服務 簽訂了一份貴金屬財務資助協 議。
根據協議，該附屬公司和美建 金銀同意協議期為期三年由 二零一六年四月一日至二零 一九年三月三十一日。雙方可 以書面補充協議更新此協議。 購買合約之貴金屬孖展融資借 貸服務利率分別為美建金銀之 借貸成本上浮年利率0.25%至 0.50%。有關沽出合約，利率 為美建金銀借貸成本上浮年利 率0.25%至0.50%（如有）。倘 若美建金銀有收取供應商的利 息，附屬公司能以該利息收入 和該需付融資費用對銷。為釋 疑慮，任何美建金銀與供應商 收取的利息，在與相關沽出合 約所收取的利息對銷後餘額需 要支付予附屬公司。
於二零一八年九月三十日止之 期間，貴金屬買賣之年利率為 0.00%至3.00%。本期間沒有 支付利息。
24 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY
17. 關連及關聯人士交易（續）
TRANSACTIONS (Continued)
Notes: (Continued)
f) (Continued)
The annual cap regarding the securities and precious metals margin financial assistance for each of the financial years ending 31 March 2018 and 2019 is HK$60,000,000. These continuing connected transactions were approved on the extraordinary general meeting of the shareholders held on 24 August 2016.
-
g) Storage fee for bullion trading is charged at US$2 per day.
-
h) Pursuant to a custodian agreement dated 22 December 1999 between the Company and a custodian, the custodian agrees to provide securities custodian services to the Company including the safe custody of the Group’s securities and the settlement of the securities of the Group, the collection of dividends and other entitlements on behalf of the Group. The appointment of the custodian commenced on the date of commencement of trading of the Company’s shares on the Stock Exchange and will continue in force until it is terminated by either party giving a written notice to the other party at any time.
The custodian is regarded as a connected person of the Company under Rule 21.13 of the Listing Rules, but the custodian fee falls below the de-minimis threshold under Rule 14A.31(2) of the Revised Listing Rules.
附註：（續）
- f) （續）
截至二零一八年及二零一九年 三月三十一日之財政年度證劵 及貴金屬孖展財務資助年度上 限為60,000,000港元。有關持 續關連交易已於二零一六年八 月二十四日之股東特別大會上 獲批准。
-
g) 貴金屬存倉費徵收為每日2美 元。
-
h) 根據本公司與託管人於 一九九九年十二月二十二日訂 立之託管協議，託管人同意向 本公司提供證券託管服務，包 括本集團證券之妥善託管、本 集團證券之結算、代表本集團 領取股息及其他權益。託管人 之委任期限自本公司股份於聯 交所開始買賣日期起生效，並 將持續有效，直至任何一方於 任何時候以書面通知另一方予 以終止為止。
-
根據上市規則第21.13條，託管 人被視為本公司之關連人士， 惟託管費乃低於上市規則（經 修訂）第14A.31(2)條之最低限 額。
Interim Report 2018 中期報告
25
UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued)
Notes: (Continued)
-
i) The Company has entered into a tenancy agreement with Champion Assets Limited since 1 January 2011. On 27 March 2018, the tenancy agreement was renewed and commenced on 1 April 2018 with a term of one year. The total rent paid during the period from 1 April 2018 to 30 September 2018 is amounted to HK$132,000 (2017: HK$132,000). The transactions were carried out at an amount agreed by both parties. The entire issued share capital of Fung Fai Growth Limited, a substantial shareholder of the Company, is owned by a trust of which the discretionary objects are family members of Mr. Cheng Wai Lun, Andrew, including Mr. Cheng Kai Ming, Charles. Mr. Cheng Kai Ming, Charles has beneficial interest in Champion Assets Limited.
-
j) Fung Fai Growth Limited, an investment holding company, holds approximately 32.08% of the Company. CCAA Group Limited, an investment company, holds approximately 74.29% interest in Upbest Group Limited. The ultimate beneficial owner of Fung Fai Growth Limited and CCAA Group Limited is Cheng’s Family Trust. Upbest Assets Management Limited, Upbest Securities Company Limited, Upbest Commodities Company Limited, Upbest Gold & Silver Trading Limited and Upbest Investment Company Limited are wholly-owned subsidiaries of Upbest Group Limited, a company incorporated in the Cayman Islands with limited liability, the securities of which are listed on the Stock Exchange.
17. 關連及關聯人士交易（續）
附註：（續）
-
i) 本公司與協緯有限公司簽署 一份為期一年之租賃協議，於 二零一一年一月一日起生效。 於二零一八年三月二十七日， 租賃協議重續一年，並於二零 一八年四月一日起生效。二零 一八年四月一日至二零一八年 九月三十日期間之已付租金總 額為132,000港元（二零一七 年：132,000港元）。交易之金 額由雙方同意協定。Fung Fai Growth Limited（本公司之大股 東）之全部已發行股本乃由一 項信託持有，其酌情受益人乃 鄭偉倫先生之家族成員，包括 鄭啟明先生。鄭啟明先生擁有 協緯有限公司的實益權益。
-
j) 投資控股公司Fung Fai Growth Limited持有本公司約32.08%權 益。投資控股公司CCAA Group Limited持有美建集團有限公 司約 74.29% 權益。 Fung Fai Growth Limited及CCAA Group Limited之最終實益擁有人為鄭 氏家族信託。美建管理有限公 司、美建證券有限公司、美建 期貨有限公司、美建金銀貿易 有限公司及美建投資有限公司 均為美建集團有限公司（於開 曼群島註冊成立之有限公司， 其股份於聯交所上市）之全資 附屬公司。
26 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
17. CONNECTED AND RELATED PARTY TRANSACTIONS (Continued)
The above transactions were carried out in the normal course of the Group’s business on terms mutually agreed between the parties.
18. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
-
Level 1: fair values measured based on quoted prices (unadjusted) in active markets for identical assets or liabilities
-
Level 2: fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly
17. 關連及關聯人士交易（續）
以上交易乃以本集團一般業務情況 及由訂約人互相同意之條款所協定。
18. 金融工具之公平值計量
本集團使用下面的等級以確定和披 露金融工具的公平值：
-
第一層： 公平值計量是根據在活躍 市場相同資產或負債之（未 經調整）報價
-
第二層： 公平值計量是根據估值技 術，無論是直接或間接輸入 所有重大影響的記錄而可 觀察的公平價值
Interim Report 2018 中期報告
27
UBA INVESTMENTS LIMITED 開明投資有限公司
18. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued)
Level 3: fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair value are not based on observable market data (unobservable inputs)
18. 金融工具之公平值計量（續）
第三層： 公平值計量是根據估值技 術，無論是直接或間接輸入 所有重大影響的記錄而不 可根據觀察市場數據（不可 觀察的輸入）
As at 30 September 2018 and 31 March 2018, the Group helds the following financial instruments measured at fair value:
於二零一八年九月三十日及二零一八 年三月三十一日，本集團持有以下按 公平值計算的金融工具：
30 September 2018 (unaudited)
二零一八年九月三十日（未經審核）
| Financial assets 財務資產 Financial assets at fair value through other comprehensive income 按公平值於其他 全面收益列賬之 財務資產 Financial assets at fair value through profit or loss 按公平值於損益賬 列賬之財務資產 31 March 2018 (audited) Financial assets 財務資產 Available-for-sale financial assets 可供出售財務資產 Financial assets at fair value through profit or loss 按公平值於損益賬 列賬之財務資產 |
Level 1 第一層 HK$ 港元 20,707,851 98,657,055 119,364,906 Level 1 第一層 HK$ 港元 19,326,590 104,598,419 123,925,009 |
二零一八年三月三十一日（經審核） Level 2 Level 3 Total 第二層 第三層 總計 HK$ HK$ HK$ 港元 港元 港元 – 21,748,625 42,456,476 – 5,000,000 103,657,055 – 26,748,025 146,113,531 Level 2 Level 3 Total 第二層 第三層 總計 HK$ HK$ HK$ 港元 港元 港元 – – 19,326,590 – – 104,598,419 – – 123,925,009 |
Total 總計 HK$ 港元 42,456,476 103,657,055 |
|---|---|---|---|
| 146,113,531 | |||
| 123,925,009 |
28
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
18. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued)
Unlisted convertible debt securities is stated at its fair value, which is determined by reference to the valuation in accordance with generally accepted valuation methodologies.
18. 金融工具之公平值計量（續）
非上市可換股債券按公平值列賬，乃 參考按公認估值法得出之估值而得出。
The valuation techniques and inputs used in the fair value measurements within Level 3 is as follows:
第三層公平值計量所用之估值法及 輸入值如下：
| Fair value as at | Significant | ||||
|---|---|---|---|---|---|
| 30 September | Valuation | Significant | unobservable | ||
| 2018 | technique(s) | input(s) | inputs | Range | |
| 二零一八年 | 重大不可 | ||||
| 九月三十日公平值 | 估值法 | 重大輸入值 | 觀察輸入值 | 範圍 | |
| HK$ | |||||
| 港元 | |||||
| Financial assets at fair value | |||||
| through profit or loss | |||||
| 按公平值於損益賬列賬之 | |||||
| 財務資產 | |||||
| – Unlisted convertible debt | 5,000,000 |
Current Market Value | Expected recoverable | Expected recoverable | N/A |
| securities | amount of underlying | amount of underlying | |||
| investments | investments | ||||
| –非上市可換股債券證券 | 現行市值 | 現行市值相關投資 | 現行市值相關投資 | 不適用 | |
| 之預期可收回金額 | 之預期可收回金額 | ||||
| Total | 5,000,000 | ||||
| 總計 |
Interim Report 2018 中期報告
29
UBA INVESTMENTS LIMITED 開明投資有限公司
18. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued)
The investments in unlisted convertible debt securities are not quoted in an active market. The Group considers that the investments are short-term in nature. They will be mature and repayable within 9 months so current market values are regarded as their fair values. The investments in unlisted convertible debt securities are recognised as the Level 3 investments.
18. 金融工具之公平值計量（續）
現行市值相關投資之預期可收回金 額不適用於非上市可換股債務證券 之投資並無活躍市場報價。本集團認 為該等投資為短期性質，將於9個月 內到期及須予償還，因此，現行市值 被視為其公平值。於非上市可換股債 務證券之投資確認為級別三投資。
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Significant
Significant unobservable
input(s) inputs Range
重大不可
重大輸入值 觀察輸入值 範圍
----- End of picture text -----
==> picture [311 x 278] intentionally omitted <==
----- Start of picture text -----
Fair value as at Significant
30 September Valuation Significant unobservable
2018 technique(s) input(s) inputs Range
二零一八年 重大不可
九月三十日公平值 估值法 重大輸入值 觀察輸入值 範圍
HK$
港元
Financial assets at fair
value through other
comprehensive income
按公平值於其他全面收益
列賬之財務資產
– Unlisted equity securities 3,411,625 Net assets value N/A N/A N/A
– 非上市股本證券 資產淨值 不適用 不適用 不適用
– Unlisted equity securities 18,337,000 Market approach Price-to-earnings Control Premium 27%
and enterprise multiples
value-to-EBITDA
(earnings before Discount on lack of 31%
interest, taxes, marketability
depreciation and
amortization) of
similar publicly traded
companies
– 非上市股本證券 市場法 其它類似上市公司 可控制溢價倍數 27%
的市盈率及企業價值
與稅息折舊及攤銷前 缺乏市場流通性 31%
利潤（扣除利息， 之折讓率
稅項，折舊和攤銷
前的利潤）
----- End of picture text -----
-
Financial assets at fair value through other comprehensive income
-
按公平值於其他全面收益 列賬之財務資產
==> picture [120 x 16] intentionally omitted <==
----- Start of picture text -----
Total 21,748,625
總計
----- End of picture text -----
The valuations are performed and reported at each of the Group’s reporting dates to Group management. The higher the expected recoverable amount of underlying project, the higher the fair value.
估值於本集團各報告日期進行並向 本集團之管理層匯報。相關項目預期 可收回金額越高，公平值越高。
30
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
18. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued)
There were no changes in valuation techniques during the period.
18. 金融工具之公平值計量（續）
期內估值法並無變動。
During the six months ended 30 September 2018 and year ended 31 March 2018, there were no transfer of fair value measurements between Level 1 and Level 2 and no transfer into or out of Level 3.
截至二零一八年九月三十日止六個 月及二零一八年三月三十一日止年 度，公平價值計量沒有轉移至第一層 與第二層以及進入或離開第三層。
The following table presents the changes in Level 3 instruments for the period ended 30 September 2018.
下表顯示第三層工具於截至二零一八 年九月三十日止期度之變動。
| At 31 March 2018 and 1 April 2018 於二零一八年三月三十一日及 二零一八年四月一日 Impact on initial application of HKFRS 9 首次應用香港財務報告 準則第9號之影響 Addition 新增 At 30 September 2018 於二零一八年九月三十日 |
Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income 按公平值 於損益賬列賬 之財務資產 按公平值 於其他全面 收益列賬之 財務資產 HK$ HK$ 港元 港元 – – – 9,987,231 5,000,000 11,761,394 5,000,000 21,748,625 |
Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income 按公平值 於損益賬列賬 之財務資產 按公平值 於其他全面 收益列賬之 財務資產 HK$ HK$ 港元 港元 – – – 9,987,231 5,000,000 11,761,394 5,000,000 21,748,625 |
|---|---|---|
| 21,748,625 |
Fair values of financial instruments carried at other than fair value
The carrying amounts of the Group’s other financial instruments carried at costs are not materially different from their fair values as at 30 September 2018 and 31 March 2018.
公平值的金融工具乃按公平值以外 計算
於二零一八年九月三十日及二零一八 年三月三十一日，本集團其他按成本 計算的金融工具之賬面值與其公平 值並無重大不同。
Interim Report 2018 中期報告
31
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS
Business review
The Group recorded a net loss attributable to equity shareholders of approximately HK$600,000 for the six months ended 30 September 2018 as compared to the net profit of approximately HK$4,300,000 in the corresponding period of last year. The turnaround from net profit to net loss was mainly due to realized and unrealized loss on financial assets at fair value through profit or loss of approximately HK$3,200,000, as compared realized and unrealized gain of HK$3,000,000 in last corresponding period. Gross proceeds from disposal of trading securities significantly decreased 60% from HK$75 million to HK$30 million compared with the corresponding period of last year as the Group has to focus more on unlisted investments expecting to bring better returns than trading in listed securities based on historical records. During this period, the Group has invested HK$12 million in unlisted investments at cost, which included HK$7 million payment of the capital commitment to the remaining balance of one of the existing project in financial assets at fair value through other comprehensive income and HK$5 million in a new unlisted convertible debt securities under financial assets at fair value through profit or loss. Therefore, it is not in line with the increasing transaction volume of approximately 16% in Hang Seng Index during the same period. Moreover, the Group maintains cash and bank balances of approximately HK$4.4 million and HK$10.5 million for six month periods ended
管理層討論及分析
業務回顧
本集團截至二零一八年九月三十日止 六個月期間錄得股東應佔淨虧損為約 600,000港元，相對去年同期淨溢利 之4,300,000港元。轉盈為虧的主要 原因是由於本年按公平值於損益賬 列賬之財務資產產生變現及未變現 虧損約3,200,000港元，相對去年同 期變現及未變現利潤約為3,000,000 港元。出售交易證券的所得款項總 額由去年同期的75,000,000港元急降 60%至30,000,000港元，是因本集團 集中投資非上市股本證券，根據經 驗，此等非上市股本證券較上市股票 交易更能為本集團帶來更好回報。於 此期間，本集團已投資非上市投資成 本為12,000,000港元，其中包括支付 7,000,000港元現有項目內資本承擔 按公平值於其他全面收益列賬之財 務資產，以及新增按公平值於損益賬 列賬之財務資產內按公平值之非上 市可換股債務證券5,000,000港元， 因此這與恆生指數同期上升約16%的 交易量相比不一致。另外，本集團於 二零一八年九月三十日六個月期間 及二零一八年三月三十一日年度的 現金水平均分別為4,400,000港元及 10,500,000港元。現金水平下跌是因 為在本期間支付新增的非上市投資所
32 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Business review (Continued)
30 September 2018 and year ended 31 March 2018 respectively. The decrease in cash and bank balances were mainly due to investment in unlisted investment during this period. Although the cash and bank balance decreased as at this period end, it is still healthy and maintains good liquidity. The net asset value increased by 4.0% from HK$146.4 million to HK$152.3 million, which outperforms the Hang Seng Index (“HSI”) which decrease of 7.7% during this period, which is mainly due to the fair value change in the unlisted investments.
During the period, the Group’s investment portfolio was well diversified and comprised of different sectors of businesses including telecommunications, retail businesses, properties and financial institutions, etc, in which the financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss totaled approximately HK$42 million and HK$104 million respectively (31 March 2018: H K$28 million under available-for-sales financial assets and HK$105 million under financial assets at fair value through profit or loss). For financial assets at fair value through other comprehensive income during the period, there was no further investment of listed securities but an increase in the investment of unlisted equities of HK$7 million at cost.
管理層討論及分析（續）
業務回顧（續）
致。雖然於本期間現金水平下跌，但 仍然保持健康水平及良好流動性。資 產淨值由146,400,000港元上升4.0% 至152,300,000港元，這與恆生指數同 期下跌7.7%比較，跑贏大市，其主要 原因是由於非上市投資按公平值變動 所致。
本期間，本集團之投資組合頗多元 化，其中包括電訊服務、零售、地產 及金融等不同業務。當中按公平值 於其他全面收益列賬之財務資產及 按公平值於損益賬列賬之財務資產 分別為42,000,000及104,000,000港 元（二零一八年三月三十一日： 可供 出售財務資產為28,000,000港元及按 公平值於損益賬列賬之財務資產為 105,000,000港元）。於此期間按公平 值於其他全面收益列賬之財務資產並 沒有新增上市股本證券，但非上市股 本證券則新增成本7,000,000港元。
Interim Report 2018 中期報告
33
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Business review (Continued)
The top ten investments under financial assets at fair value through profit or loss incurred significant portion in the net assets of the Group and all of these investments were listed securities in Hong Kong as below:
管理層討論及分析（續）
業務回顧（續）
十大按公平值於損益賬列賬之財務資 產之投資亦佔本集團總資產十分重要 的比重，此等投資全為香港上市股本 證券，茲顯示如下：
| As at 30 September | As at 30 September | 2018 | As at | 31 March | 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 於二零一八年九月三十日 | 於二零一八年三月三十一日 | |||||||||||
| Approximately | Approximately | |||||||||||
| % | of total | % | of total | |||||||||
| Name of investee | Number | assets of the | Number of | assets of the | ||||||||
| companies | of share | Fair Value | Group | share | Fair Value | Group | ||||||
| 佔本集團 | 佔本集團總資產 | |||||||||||
| 投資公司名稱 | 股份數目 | 公平值 | 總資產之百分比 | 股份數目 | 公平值 | 之百分比 | ||||||
| HK$ | HK$ | |||||||||||
| 港元 | 港元 | |||||||||||
| CK Hutchison Holdings Limited | 40,000 | 3,608,000 | 2.34% | 40,000 | 3,756,000 | 2.53% | ||||||
| (Stock Code: 0001) | ||||||||||||
| 長江和記實業有限公司 | ||||||||||||
| （股票編號：0001） | ||||||||||||
| Power Assets Holdings Limited | 20,000 | 1,090,000 | 0.71% | – | – | – | ||||||
| (Stock Code: 0006) | ||||||||||||
| 電能實業有限公司 | ||||||||||||
| （股票編號：0006） | ||||||||||||
| PCCW Limited | 4,888,000 | 22,289,280 | 14.45% | 4,888,000 | 22,191,520 | 14.94% | ||||||
| (Stock Code: 0008) | ||||||||||||
| 電訊盈科有限公司 | ||||||||||||
| （股票編號：0008） | ||||||||||||
| Yi Hua Holdings Limited | 26,578,278 | 26,578,278 | 17.23% | 28,970,278 | 28,970,278 | 19.50% | ||||||
| (Stock Code: 2213) | ||||||||||||
| 益華控股有限公司 | ||||||||||||
| （股票編號：2213） | ||||||||||||
| Bank of Communication | 1,600,000 | 9,392,000 | 6.09% | – | – | – | ||||||
| Company Limited | ||||||||||||
| (Stock Code: 3328) | ||||||||||||
| 交通銀行股份有限公司 | ||||||||||||
| （股票編號：3328） |
34
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Business review (Continued)
管理層討論及分析（續）
業務回顧（續）
| As at 30 September 2018 | As at 30 September 2018 | As at 30 September 2018 | As at 31 March | 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 於二零一八年九月三十日 | 於二零一八年三月三十一日 | |||||||||
| Approximately | Approximately | |||||||||
| % | of total | % | of total | |||||||
| Name of investee | Number | assets of the | Number of | assets of the | ||||||
| companies | of share | Fair Value | Group | share | Fair Value | Group | ||||
| 佔本集團 | 佔本集團總資產 | |||||||||
| 投資公司名稱 | 股份數目 | 公平值 | 總資產之百分比 | 股份數目 | 公平值 | 之百分比 | ||||
| HK$ | HK$ | |||||||||
| 港元 | 港元 | |||||||||
| Xinjiang Xinxin Mining Industry | 1,600,000 | 1,376,000 | 0.89% | 1,600,000 | 1,664,000 | 1.12% | ||||
| Company Limited | ||||||||||
| (Stock Code: 3833) | ||||||||||
| 新疆新鑫礦業股份有限公司 | ||||||||||
| （股票編號：3833） | ||||||||||
| Bank of China Limited | 2,600,000 | 9,048,000 | 5.87% | – | – | – | ||||
| (Stock Code: 3988) | ||||||||||
| 中國銀行股份有限公司 | ||||||||||
| （股票編號：3988） | ||||||||||
| Gemilang International Limited | 4,791,250 | 10,540,750 | 6.84% | 5,991,250 | 16,835,413 | 11.33% | ||||
| (Stock Code: 6163) | ||||||||||
| 彭順國際有限公司 | ||||||||||
| （股票編號：6163） | ||||||||||
| Kwong Man Kee Group Limited | 10,518,000 | 6,626,340 | 4.30% | 10,518,000 | 5,048,640 | 3.40% | ||||
| (Stock Code: 8023) | ||||||||||
| 鄺文記集團有限公司 | ||||||||||
| （股票編號：8023） | ||||||||||
| Chi | Ho Development Holdings | 1,820,000 | 3,312,400 | 2.15% | 2,070,000 | 2,980,800 | 2.01% | |||
| Limited (Stock Code: 8423) | ||||||||||
| 潪 發展控股有限公司 |
||||||||||
| （股票編號：8423） | ||||||||||
| 93,861,048 | 60.87% | 81,446,651 | 54.83% |
Interim Report 2018 中期報告
35
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Business review (Continued)
During the corresponding period, the global and local equity markets had experienced intense volatility. The trend of the stock markets are extremely difference between U.S., China and Hong Kong. The difference was mainly due to the effect of the beginning of a tariff war between U.S. and China as well as the effect from interest rate hike in U.S..
Entered into the second quarter, a prologue to the trade war was given between U.S. and China when undertaking the effect from the U.S. President Donald Trump (“Trump”) announced across-the-board tariffs on steel and aluminum towards China in March 2018. As Trump identified China setting low valuation in RMB and allowing cheap imports into the U.S. goods market and leading uncompetitive. Therefore, Trump started to level the playing field on trade and reduce the US trade deficit by imposed tariffs toward China, and this trade restriction against China as a long-overdue rebalancing of unfair trade practices. Trump then started to impose exclusive 10% to 25% tariff on at least US$250 billion worth of China’s products during this period which included steel and aluminum, Chinese technology products, etc. Although China retaliated with a set of levies, including on the US produce, cars, aircraft and agricultural products, the size of these tariff has just put them on US$110 billion worth U.S. products which represented the export from China are more than the US export almost twice and as a result US then be in a strong position toward this
管理層討論及分析（續）
業務回顧（續）
在相應期間，全球及本地股票市場經 歷了劇烈的波動。美國與中國，香港 股票市場是極端走勢。此差異是由於 受中美貿易戰以及受美國加息的影響。
步入第二個季度，當美國總統唐納德 · 特朗普（「特朗普」）於二零一八年三月 宣佈對中國鋼鐵和鋁徵收全面關稅， 中美之間的貿易戰就此展開了序幕。 特朗普認為中國低估其人民幣的幣值， 允許廉價商品進口到美國市場並導致 美國商品乏競爭力。因此，特朗普為 保持貿易平衡，通過對中國徵收關稅 來減少美國的貿易逆差，以及對中國 展開貿易限制以對抗這種長期不公平 貿易往來。在此期間，特朗普開始對 至少價值2,500億美元的中國產品徵收 10%至25%的關稅，其中包括鋼鐵和 鋁、中國技術產品等。儘管中國進行 報復，並對其中包括美國產品、汽車、 飛機和農產品等徵收一系列關稅，但 此等對美國產品徵收之關稅只值1,100 億美元。這代表中國的出口已超過美 國出口兩倍，因此美國處於強勢地位， 並因為此貿易戰而導致美元升值。加 上良好的經濟數據，如低失業率，導
36 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Business review (Continued)
trade war and led the valuation of U.S. dollars raised. Together with the good economic data, like low unemployment rate, and led the Fed to increase interest rate 0.25% each in June and September 2018 respectively. The Dow Jones Index increased sharply by 9.77% from 24,103 at end of March to 26,458 at the end of September 2018.
Meanwhile, the China stock market sentiment was in opposite to US and Europeans. In order to increase the stability of the banking system funds, optimize the liquidity structure of commercial banks and financial markets. The Chinese central bank reduced its required reserve ratio two times from April to September 2018 at 1% and 0.5% respectively. So that the financial institutions can increase the support to small enterprises, private enterprises and the source of funds for innovative enterprises promote the healthy development of the real economy. However, being seriously affected by the trade war with U.S., the economic data became worse just as the GDP dropped to 6.5%, the Caixin China Manufacturing Purchasing Managers Index at September 2018 was reaching the 15 months low at 50 since June 2017 and the valuation of RMB dropped around 9.7% during this period. As a result the Shanghai Composite Index dropped 10.95% from 3,168 at end of March to 2,821 at the end of September 2018.
管理層討論及分析（續）
業務回顧（續）
致聯儲局分別在二零一八年六月及九 月各上調利率0.25%。道瓊斯指數從 二零一八年三月底的24,103急劇上升 9.77%至二零一八年九月底的26,458。
另一邊廂，中國股市氣氛與歐美相反。 中國中央銀行為增加銀行體系資金的 穩定性，優化商業銀行及金融市場的 流動性結構，從二零一八年四月至九 月分別下調存款準備金率1%及0.5%， 使金融機構能夠加大對小企業、民營 企業及創新型企業資金來源的支持力 度，並促進了實體經濟健康發展。然 而，受到與美國貿易戰的嚴重影響， 經濟數據開始下滑，中國GDP下降至 6.5%，而二零一八年九月的財新中 國製造業採購經理人指數亦跌至50， 為二零一七年六月以來15個月的低 位，與此同時，此期間人民幣貶值約 9.7%。因此，上海綜合指數從二零 一八年三月底的3,168急跌10.95%至 二零一八年九月底的2,821。
Interim Report 2018 中期報告
37
UBA INVESTMENTS LIMITED 開明投資有限公司
MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Business review (Continued)
Hong Kong equity market was sensitive to the news on the global economic situation, especially the negative effect from trade war between U.S. and China, as well as the interest rate hike in U.S. up to the end of this period. U.S. has already increased eight times interest rate since the end of December 2015 up to the end of this period. Hong Kong finally followed the upward adjustment of U.S. and raised the interest rate by 0.125% in September 2018, which is the first time to increase interest rate since 2006. This act may increase the financing cost for corporations and individuals which increase their burden damaging the consumption of the Hong Kong economy. Together with the impact from trade war between U.S. and China which also affect the trading and manufacturing industries and led the Hong Kong economy become worse. As a result, the HSI decreased 7.66% from 30,093 in March to 27,788 at the end of September 2018.
Prospects
We expect the global stock markets are full of challenges in the coming few months especially there will be high probability to increase interest rate again by the Fed before the end of year 2018, as well as the unpleasant development on the trade war between U.S. and China as Trump may impose huge amount tariff on China products again, up to US$500 billion worth of China’s products. Together with risk on the devaluation of the currency from many emerging countries expanded rapidly, these bring a ripple effect to the worldwide investors and reduce their investment desire. Due to these reasons, the Group will continue to adopt and maintain a conservative but proactive investment approach so as to bring better returns for our shareholders.
管理層討論及分析（續）
業務回顧（續）
至於香港股票市場，對周遭環球經濟 形勢十分敏感，尤其是直至本期末來 自中美貿易戰及美國加息等的負面影 響。美國自二零一五年十二月底至本 期末已加了8次息。而香港亦自二零 零六年首次跟隨美國加息，並於二零 一八年九月底將利率上調0.125%。此 舉不止會增加公司和個人的借貸成本， 並且增加其負擔因而損害香港經濟。 加上中美貿易戰的影響，也影響了貿 易和製造業，並導致香港經濟轉差。 因此，恆指由二零一八年三月底的 30,093下跌7.66%至九月底的27,788。
前景
我們預期未來數月仍充滿挑戰，尤其 是美國聯儲局很大機會於二零一八年 底前再次加息，以及特朗普可能會再 次向價值高達5,000億美元的中國產 品徵收巨額關稅，使中美貿易戰更加 不明朗。加上許多新興國家貨幣貶值 的風險迅速擴大，這對全球投資者會 帶來連鎖反應，減低他們投資意慾。 由於此等原因，本集團將繼續採取及 保持謹慎和務實的投資方針，以便為 我們的股東帶來更好的回報。
38
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
FINANCIAL REVIEW
Liquidity and Financial Resources
As at 30 September 2018, the Group had bank balances and cash of HK$4,349,191 (31 March 2018: HK$10,532,557). The Board believes that the Group has sufficient financial resources to satisfy its commitments and working capital requirements.
As at 30 September 2018, part of the listed equity securities of the Group and the Company had been pledged to secure margin facilities provided by a related company.
Gearing Ratio
Gearing ratio had not been presented (31 March 2018: nil) as there was no debt as at 30 September 2018 (31 March 2018: HK$ nil).
DIVIDEND
The Board has resolved not to recommend a payment of interim dividend.
CAPITAL STRUCTURE
There was no change to the Group’s capital structure for the six months ended 30 September 2018.
財務回顧
流動資金及財政資源
於二零一八年九月三十日，本集團銀 行結餘及現金共4,349,191港元（二零 一八年三月三十一日：10,532,557港 元）。董事會相信本集團具足夠財政 資源履行承諾及營運資金要求。
於二零一八年九月三十日，本集團及 本公司之部份上市股本證券已抵押予 關聯公司以獲取孖展融資。
債務率
於二零一八年九月三十日，本集團並 無信貸（二零一八年三月三十一日：無） 及債務率（二零一八年三月三十一日： 無）。
股息
董事會議決不會宣派有關之中期股息。
資本結構
本集團之資本結構截至二零一八年九 月三十日止六個月，並無任何變動。
Interim Report 2018 中期報告
39
UBA INVESTMENTS LIMITED 開明投資有限公司
CAPITAL COMMITMENT AND CONTINGENT LIABILITIES
As at 30 September 2018, the Group had no material capital commitment and contingent liabilities.
MATERIAL ACQUISITION AND DISPOSAL
During the Period, the Group had not made any material acquisition or disposal of subsidiaries and associates.
EXPOSURE TO FOREIGN CURRENCY FLUCTUATION AND RELATED HEDGES
The Board believes that the foreign exchange risk is minimal as the Group mainly uses Hong Kong dollars to carry out its business transactions. Therefore, there was no material foreign exchange exposure to the Group.
SHARE OPTIONS
The Group does not adopt any share option scheme.
資本承擔及或然負債
於二零一八年九月三十日，本集團並 無重大資本承擔及或然負債。
重大收購及出售
於本期度，本公司概無任何重大收購 或出售附屬公司及聯營公司。
外幣波動風險及相關對沖措施
董事會相信，由於本集團主要以港元 進行商業交易，因此所承受之外匯風 險極低。因此，本集團並無面對重大 外幣兌換風險。
購股權
本集團並無採納任何購股權計劃。
40 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND
董事及行政總裁於本公司或任何 聯營公司之股份、相關股份及債 券之權益及淡倉
DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION
As at 30 September 2018, the interests and short positions of the directors of the Company in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)) which were notified to the Company and The Stock Exchange of Hong Kong Limited (the “SEHK”) pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which the directors and the chief executive of the Company were deemed or taken to have under such provisions of the SFO) or which were required to be and were recorded in the register required to be kept pursuant to Section 352 of the SFO or as otherwise notified to the Company and the SEHK pursuant to the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) in the Listing Rules were as follows:
於二零一八年九月三十日，本公司董 事於本公司及其相聯法團（定義見證 券及期貨條例第XV部（「證券及期貨條 例」））之股份、相關股份及債券中擁 有根據證券及期貨條例第XV部第7及 第8分部須知會本公司及香港聯合交 易所有限公司（「聯交所」）之權益及淡 倉（包括根據證券及期貨條例之該等 條文本公司董事及最高行政人員被視 為或被當作擁有之權益及淡倉），或 須列入而已列入按證券及期貨條例第 352條存置之登記冊內，或根據上市 規則之上市公司董事進行證券交易之 標準守則（「標準守則」）須知會本公司 及聯交所之權益及淡倉如下：
Number of shares 股份數目
| Percentage | ||||||
|---|---|---|---|---|---|---|
| of issued | ||||||
| Personal | Family | Corporate | Other | share capital | ||
| Name of director | interests | interests | interests | interests | Total | 已發行股本 |
| 董事姓名 | 個人權益 | 家屬權益 | 法團權益 | 其他權益 | 總額 | 百分比 |
| Ordinary Shares of HK$0.01 | ||||||
| each in the Company | ||||||
| 本公司每股面值0.01港元之普通股 | ||||||
| CHENG Wai Lun, Andrew_(Note)_ | – | – | 340,000,000 | – | 340,000,000 | 32.08% |
| 鄭偉倫（附註） |
Interim Report 2018 中期報告
41
UBA INVESTMENTS LIMITED 開明投資有限公司
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND
董事及行政總裁於本公司或任何 聯營公司之股份、相關股份及債 券之權益及淡倉（續）
DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION (Continued)
Note: Mr. CHENG Wai Lun, Andrew is one of the discretionary objects of a trust which assets include interests in the entire issued share capital of Fung Fai Growth Limited. Fung Fai Growth Limited holds 340,000,000 shares of the Company.
Save as disclosed above, at no time during the six months ended 30 September 2018 was the Company, its subsidiaries or its associate a party to any arrangement to enable the directors or chief executives of the Company, or their spouses or children under the age of 18, to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or its associated corporation.
Save as disclosed above, none of the directors or the chief executives of the Company had or was deemed to have any interests or short positions in the shares, underlying shares or debentures of the Company or any associated corporation (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies contained in the Listing Rules.
附註：該等股份由Fung Fai Growth Limited 持有，Fung Fai Growth Limited由 一信託全資實益擁有，而鄭偉倫先 生為其中一位酌情受益人。Fung Fai Growth Limited 持有本公司 340,000,000股股份。
除上文披露者外，於截至二零一八年 九月三十日止六個月內之任何時間， 本公司、其附屬公司或其聯營公司概 無訂立任何安排，令本公司之董事或 主要行政人員或其配偶或其未滿十八 歲之子女可藉購入本公司或其他相聯 法團之股份或債券而獲益。
除上文披露者外，本公司各董事或主 要行政人員並無於本公司或其相聯法 團（定義見證券及期貨條例第XV部份） 之股份、相關股份或債券擁有權益或 淡倉，而須登記於根據證券及期貨條 例第352條規定須存置之登記冊內， 或根據上市規則所載上市公司董事進 行證券交易的標準守則須知會本公司 及聯交所之任何權益及淡倉。
42 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
SUBSTANTIAL SHAREHOLDER’S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES OF THE COMPANY
As at 30 September 2018, the following persons or corporations, other than the interest disclosed above in respect of the directors, interest in 5% or more in the shares and underlying shares of the Company have been notified to the Company and recorded in the register of substantial shareholders’ interests in shares and short positions required to be kept under Section 336 of Part XV of the SFO:
Name of shareholders 股東名稱
主要股東於本公司之股份及相關 股份之權益及淡倉
於二零一八年九月三十日，根據本公 司按證券及期貨條例第XV部第336條 規定而設置之主要股東權益及淡倉登 記冊紀錄所顯示，以下人士或公司（除 上述披露有關董事所持之權益外）持 有本公司已發行股本及相關股份百分 之五或以上之股份權益：
Approximate percentage of Number the total number of shares held of shares in issued 所持股票數目 約佔已發行股份百分比
Ordinary shares of HK$0.01 each in the Company 本公司每股面值0.01港元之普通股
Fung Fai Growth Limited (Note (a)) Fung Fai Growth Limited（附註(a)）
Kingswell Holdings Group Limited (Note (b)) Kingswell Holdings Group Limited（附註(b)）
Notes:
-
(a) The entire issued share capital of Fung Fai Growth Limited is owned by a trust. Mr. CHENG Wai Lun, Andrew and his family members are the beneficiaries of the trust which assets include interests in the entire issued share capital of Fung Fai Growth Limited.
-
(b) The entire issued share capital of Kingswell Holdings Group Limited is beneficially owned by Mr. LEONG Chi Wai.
| 340,000,000 | 32.08% |
|---|---|
| 192,000,000 | 18.12% |
附註：
-
(a) Fung Fai Growth Limited之全部已發 行股本乃由一項信託持有。鄭偉倫先 生及其家人為信託之受益人，而資產 包括Fung Fai Growth Limited所有已 發行股本。
-
(b) Kingswell Holdings Group Limited之全 部已發行股本乃由梁治維實益擁有。
Interim Report 2018 中期報告
43
UBA INVESTMENTS LIMITED 開明投資有限公司
SUBSTANTIAL SHAREHOLDER’S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES OF THE COMPANY
主要股東於本公司之股份及相關 股份之權益及淡倉（續）
(Continued)
Save as disclosed above, as at 30 September 2018, the Directors are not aware of any other persons who have interests or short positions in the shares, underlying shares of equity derivatives or debentures of the Company or any associated corporations (within the meaning of Part XV of the SFO) which would be required to be disclosed to the Company pursuant to Part XV of the SFO.
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
The Company has adopted the Model Code for Securities Transactions by Directors by Listed Issuers (the “Model Code”) set out in Appendix 10 of the Listing Rules. Upon enquiry by the Company, all Directors of the Company have confirmed that they have complied with the required standards set out in the Model Code throughout the period.
除上文所披露者外，於二零一八年九 月三十日，董事並不知悉有任何其他 人士於本公司或任何相聯法團（定義 見證券及期貨條例第XV部）之股份、 相關股份股本衍生工具或債券中擁有 根據證券及期貨條例第XV部，須向本 公司披露之權益或淡倉。
董事進行證券交易之標準守則
本公司已採納上市規則附錄10所載上 市公司董事進行證券交易的標準守則 （「標準守則」）。經本公司查詢後，本 公司全體董事確認，彼等於期內一直 遵照標準守則所載之標準規定。
44 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
AUDIT COMMITTEE
The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed auditing, internal controls and financial reporting matters including a review of the unaudited condensed accounts for the six months ended 30 September 2018 before recommending them to the Board for approval.
The Committee comprises three independent non-executive directors, namely Mr. CHAN Chung Yee, Alan, Dr. FUNG Lewis Hung and Mr. TANG Hon Bui, Ronald.
EMPLOYMENT AND REMUNERATION POLICIES
As at 30 September 2018, the Group employed a total of 3 full-time employees (2017: 3), including the executive directors of the Group. Employees’ remuneration are fixed and determined with reference to the market rate.
CORPORATE GOVERNANCE
The Company complied with the code provisions as set out in the Corporate Governance Code contained in Appendix 14 to the Listing Rules (the “CG Code”) throughout the six months ended 30 September 2018, except for the following.
審核委員會
審核委員會已與管理層審閱本集團所 採納之會計原則及慣例，並討論有關 審核、內部監控及財務報告等事項， 包括向董事會提交尋求批核前先行審 閱截至二零一八年九月三十日止六個 月之未經審核簡明賬目。
委員會由三名獨立非執行董事組成， 分別為陳宗彝先生、馮振雄醫生及鄧 漢標先生。
僱員及薪酬政策
於二零一八年九月三十日，本集團合 共僱用3名全職僱員（二零一七年：3 名）包括集團執行董事。僱員之薪酬 按市場薪酬而釐定。
企業管治
截至二零一八年九月三十日止六個月 內，除以下所示外，本公司已遵守上 市規則附錄十四所載企業管治守則的 守則條文（「企業管治守則」）。
Interim Report 2018 中期報告
45
UBA INVESTMENTS LIMITED 開明投資有限公司
CORPORATE GOVERNANCE
企業管治（續）
(Continued)
Code Provision A.4.1
Under the code provision A.4.1, independent non-executive directors should be appointed for a specific term and subject to re-election. None of the independent non-executive directors of the Company were appointed for a specific term. None of the independent non-executive directors has entered or proposed to enter into any service contracts with the Company or its subsidiaries. But all directors of the Company are subject to the retirement by rotation according to the provisions under article 157 of the Articles of Association of the Company. As such, the Board considers that sufficient measures have been taken to ensure that the Company’s corporate governance practices are no less exacting than those in the CG Code.
Code Provision A.6.7
Under the code provision A.6.7, independent non-executive directors and other non-executive directors should attend general meetings and develop a balanced understanding of the views of shareholders. The independent non-executive director, Mr. CHAN Chung Yee, Alan was unable to attend the annual general meeting (“AGM”) on 17 August 2018 due to his other business engagements. This constitutes a deviation from code provision A.6.7 of the CG Code. Moreover, non attendance of this Independent Non-executive Director may also constitute deviation from code provision E.1.2 of the CG Code. Despite of that independent non-executive director, all the other directors of the Company were present in the AGM and EGM.
守則條文第 A.4.1 條
根據守則條文第A.4.1條，獨立非執行 董事應按指定任期獲委任及重選。然 而，本公司現時之獨立非執行董事並 無特定任期。本公司或其附屬公司並 無與獨立非執行董事訂立或擬訂立任 何服務合約。惟本公司全體董事須遵 守本公司組織章程細則第157條之輪 席退任規定。因此，本公司認為已採 取足夠措施，以確保本公司之企業管 治常規不遜於企業管治守則。
守則條文 A.6.7 條
根據守則條文A.6.7條，獨立非執行董 事及其他非執行董事應出席股東大會 並均衡了解股東意見。獨立非執行董 事陳宗彝先生因彼之其他事務而末能 出席本公司於二零一八年八月十七日 舉行之股東週年大會（「股東週年大 會」）。這構成與企業管治守則內條文 A.6.7條有偏離。此外，該位獨立非執 行董事的缺席也有可能構成與企業管 治守則內條文E.1.2條有偏離。除該位 獨立非執行董事外，其他董事均有出 席股東週年大會及股東特別大會。
46 Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司
REMUNERATION COMMITTEE
The Remuneration Committee was set up on 22 July 2005 and the members comprised of three independent non-executive directors, Mr. CHAN Chung Yee, Alan, Dr. FUNG Lewis Hung and Mr. TANG Hon Bui, Ronald and one executive director, Mr. CHENG Wai Lun, Andrew. The Remuneration Committee has adopted the terms of reference in conformity with the CG Code. During the past one year, the remuneration committee had one meeting.
NOMINATION COMMITTEE
The Nomination Committee was set up on 21 March 2012, the members comprised of three independent non-executive directors, Mr. CHAN Chung Yee, Alan, Dr. FUNG Lewis Hung and Mr. TANG Hon Bui, Ronald and one executive director, Mr. CHENG Wai Lun, Andrew. The Nomination Committee has adopted the terms of reference in conformity with the CG Code.
SUFFICIENCY OF PUBLIC FLOAT
According to the information that is publicly available to the Company and within the knowledge of the Board, the percentage of the Company’s shares which are in the hands of the public exceeds 25% of the Company’s total number of issued shares.
薪酬委員會
本公司已於二零零五年七月二十二日 成立薪酬委員會，薪酬委員會成員包 括三位獨立非執行董事，分別為陳宗 彝先生、馮振雄醫生及鄧漢標先生及 執行董事鄭偉倫先生。薪酬委員會已 採納符合企業管治守則之職權範圍。 過去一年薪酬委員會曾舉行一次會議。
提名委員會
本公司已於二零一二年三月二十一日 成立提名委員會，提名委員會成員包 括三位獨立非執行董事，分別為陳宗 彝先生、馮振雄醫生及鄧漢標先生及 執行董事鄭偉倫先生。提名委員會已 採納符合企業管治守則之職權範圍。
足夠公眾持股量
根據本公司獲得之公開資料及據董事 會所知，公眾人士所持本公司之股份 超過本公司已發行股份總數25%。
Interim Report 2018 中期報告
47
UBA INVESTMENTS LIMITED 開明投資有限公司
REPURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES
During the six months ended 30 September 2018, there was no repurchase, sale or redemption of the Company’s listed securities by the Company or any of its subsidiaries.
PUBLICATION OF THE INTERIM REPORT
This interim report is published on the Stock Exchange’s website (http://www.hkex.com.hk) and the Company’s website (http://www.uba.com.hk). The 2018 interim report will be dispatched to the shareholders and will be available on websites of the Stock Exchange and the Company in due course.
By order of the Board
WONG Yun Kuen
Chairman and Executive Director
Hong Kong, 21 November 2018
購回、出售及贖回本公司之上市 證券
截至二零一八年九月三十日止六個月 內，本公司或其任何附屬公司並無購 回、出售或贖回本公司之任何上市證 券。
於聯交所網站刊登中期報告
本中期報告公佈於聯交所網站 (http://www.hkex.com.hk)及本公司之 網站(http://www.uba.com.hk)刊登。二 零一八年之中期報告將會稍後寄發予 股東，並將會載列於聯交所網站及本 公司之網站。
承董事會命 黃潤權 主席及執行董事
香港，二零一八年十一月二十一日
48
Interim Report 2018 中期報告
UBA INVESTMENTS LIMITED 開明投資有限公司 Flat B, 16th Floor, Wah Kit Commercial Centre 300 Des Voeux Road Central, Hong Kong Tel: 852 3575 9396 香港德輔道中300號 華傑商業中心16樓B室 電話：852 3575 9396