Macau E&M Holding Limited — Annual Report 2020

Apr 26, 2021

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年報 Annual Report 2020

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股份代號 Stock Code: 00604

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Contents 目錄

• 2 Corporate Profile 公司簡介

• 4 Corporate Information 公司資料

• 5 Highlights of 2020 Results 2020年業績摘要

• 7 Five-Year Financial Summary 五年財務摘要

• 10 Chairman’s Statement 主席報告

• 22 Management Discussion and Analysis 管理層討論與分析

• 40 Directors and Senior Management 董事及高級行政人員

• 50 Directors’ Report 董事會報告

• 75 Corporate Governance Report 企業管治報告

• 103 Independent Auditor’s Report 獨立核數師報告

• 110 Consolidated Statement of Profit or Loss 綜合損益表

• 111 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表

• 112 Consolidated Statement of Financial Position 綜合財務狀況表

• 114 Consolidated Statement of Changes in Equity 綜合權益變動表

• 116 Consolidated Cash Flow Statement 綜合現金流量表

• 118 Notes to the Financial Statements 財務報表附註

• 264 Schedule of Major Properties 主要物業表

002 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Corporate Profile 公司簡介

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Shenzhen Investment Limited has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 1997, is the largest listed real estate company under State-owned Assets Supervision and Administration Commission of Shenzhen Municipal. The Company’s core business includes property development (including residential real estate, industrial real estate and commercial complex), property investment and management. By intensifying its development in Shenzhen, focusing on the Greater Bay Area and planning for its development in other core cities in China, the Company is committed to be a first-class real estate developer and real estate operator.

The Group currently has a land reserve with a planned total gross floor area close to 4.36 million square meters in various cities of China, of which the quality land reserve with a planned total gross floor area of approximately 870,000 square meters is located in Shenzhen. The Company is committed to optimizing its land reserves structure, and

深圳控股有限公司於1997年在香港聯合交易所有限公司主板上市，是深圳市國資委旗下最大的房地產上市公 司。公司核心業務包括物業開發（包括住宅地產，產業地產及商業綜合體）、物業投資及管理。公司深耕 深圳，聚焦大灣區，佈局其他中國核心城市，致力於成為一流的房地產開發及不動產運營商。

目前本集團於國內多個城市合共擁有規劃總建築面積近436萬平方米的土地儲備，其中位於深 圳的優質土地儲備的規劃總建築面積約87萬平方米。公司致力優化土地儲備的結構，將 。 資產和業務向大灣區和重點一二線城市集中 ， ， 公司一貫之核心策略目標 乃致力推動業務長期持續發展 以期 。 為股東帶來整體穩定回報及締造價值增長

， 公司深耕深圳 聚焦大灣區

The Company intensifies its development in Shenzhen and focuses on the Greater Bay Area

003 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Profile 公司簡介

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Shum Yip West Lake Sanli Phase 2.2
深業西湖三里2.2期
Zhaoqing Wanlin Huafu
Shum Yip Qishan Yayuan 萬林華府
肇慶 深業旗山雅苑
Guangzhou
廣州 Nansha Project
南沙項目
Huizhou
Dongguan Garden Hills
Foshan 東莞 半山名苑 惠州
佛山
Shum Yip Songhu Yuncheng Garden
深業松湖雲誠花園
Shum Yip City
深業城 Shenzhen
深圳
Zhongshan
中山 Hong Kong
Jiangmen 香港
江門 Zhuhai
珠海
Macao
澳門
Xinhongcheng Project
信宏城項目
Longgang
Bao’an Longhua 龍崗 Pingshan
Shum Yip
寶安 龍華 Chuangzhi Building 坪山
深業創智大廈
Boying Building Luohu Yantian
Nanshan 博盈大廈 羅湖 鹽田
南山 Futian Shum Yip Zhifeng Building深業智豐大廈
福田 Shum Yip Dongling
深業東嶺
Taifu Square
Phase 2-3
泰富廣場2-3期
Parkview Bay Existing development projects
頤灣府
現有發展項目
Urban redevelopment projects
Tuen Mun Project (pending resettlement)
屯門項目 尚待拆遷的城市更新項目
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The diagram provides an overview of the Group’s development projects in Guangdong – Hong Kong – Macao Greater Bay Area 圖中展示本集團位於粵港澳大灣區的發展項目概覽

004 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Information 公司資料

Executive Directors

Dr. LU Hua, Chairman Mr. HUANG Wei, President Ms. CAI Xun Mr. DONG Fang Mr. LIU Shichao

Independent Non-Executive Directors

Mr. WU Wai Chung, Michael Mr. LI Wai Keung Dr. WONG Yau Kar, David

Company Secretary

Mr. LEE Ka Sze, Carmelo

Auditors

KPMG

Principal Bankers

Bank of China (Hong Kong) Ltd. DBS Bank Ltd., Hong Kong Branch China Construction Bank Corporation, Hong Kong Branch The Bank of East Asia, Ltd. Industrial and Commercial Bank of China (Asia) Ltd. The Hongkong and Shanghai Banking Corporation Ltd. Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch China Citic Bank International Ltd. Hang Seng Bank Ltd. CMB Wing Lung Bank Ltd.

Registered Office

8th Floor, New East Ocean Centre, 9 Science Museum Road, Tsim Sha Tsui, Kowloon, Hong Kong

Share Listing

The Stock Exchange of Hong Kong Limited (Stock code: 00604)

Share Registrar

Tricor Standard Limited Level 54 Hopewell Centre, 183 Queen’s Road East, Hong Kong

Website

www.shenzheninvestment.com

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執行董事

， 呂華博士 主席 ， 黃偉先生 總裁 蔡潯女士 董方先生 劉世超先生

獨立非執行董事

吳偉驄先生 李偉強先生 黃友嘉博士

公司秘書 李嘉士先生

核數師 畢馬威會計師事務所

主要往來銀行

中國銀行（香港）有限公司 星展銀行香港分行 中國建設銀行股份有限公司香港分行 東亞銀行有限公司 中國工商銀行（亞洲）有限公司 香港上海滙豐銀行有限公司 上海浦東發展銀行股份有限公司香港分行 中信銀行（國際）有限公司 恒生銀行有限公司 招商永隆銀行有限公司

註冊辦事處

香港九龍 尖沙咀科學館道9號 新東海商業中心8樓

股份上市

香港聯合交易所有限公司 （股份代號：00604）

股份過戶處

卓佳標準有限公司 香港皇后大道東183號 合和中心54樓

網址

www.shenzheninvestment.com

005 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Highlights of 2020 Results 2020 年業績摘要

Results 業績

	For the year ended 31 December	For the year ended 31 December	For the year ended 31 December
	截至12月31日止年度
	2020	2019
	2020年	2019年
	HK$ million	HK$ million	Changes
	百萬港元	百萬港元	變動
Revenue	收益 18,803.01	14,919.47	26.03%
Cost of sales	銷售成本 9,988.43	9,794.35	1.98%
Gross profits	毛利 8,814.58	5,125.12	71.99%
Share of profits and losses of joint ventures	應佔合營公司及聯營公司溢利
and associates	及虧損 1,254.29	2,045.79	(38.69%)
Profit before taxation	除稅前溢利 8,133.60	6,684.54	21.68%
Profit for the year attributable to equity	本公司權益股東年內應佔
shareholders of the Company	溢利 3,722.86	4,062.80	(8.37%)
Basic earnings per share (HK cents)	每股基本盈利（港仙） 42.03	47.53	(11.57%)
Interim and proposed final dividend per share	每股中期及建議末期股息
(HK cents)	（港仙） 18.00	18.00	–

Financial Position 財務狀況

		As	at 31 December
			於12月31日
		2020	2019
		2020年	2019年
		HK$ million	HK$ million	Changes
		百萬港元	百萬港元	變動
Net assets excluding non-controlling interests	資產淨值（不包括非控股權益）	50,624.29	44,474.66	13.83%
Cash and deposits (including restricted cash)	現金及存款（包括受限制現金）	18,710.44	12,372.76	51.22%
Net loans	淨貸款	12,117.97	11,925.16	1.62%
Net assets per share excluding non-controlling	每股資產淨值（不包括非控股權益）
interests (HK$)	（港元）	5.69	5.03	13.12%

006 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Highlights of 2020 Results 2020 年業績摘要

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Key Ratios 主要比率

		2020	2019
		2020年	2019年
		%	%
Gross profit margin	毛利率	46.88	34.35
Net loan to net assets excluding	淨貸款與資產淨值
non-controlling interests	（不包括非控股權益）之比率	23.94	26.81
Dividend payout ratio	派息比率	42.83	37.87

Results (by operating segment) 業績（按經營分類）

	2020	2019
	2020年	2019年
	HK$ million	HK$ million
	百萬港元	百萬港元
Turnover	營業額
Property development	物業發展 14,079.64	10,531.57
Property investment	物業投資 1,223.20	1,070.99
Property management	物業管理 2,225.95	2,099.29
Manufacturing	製造 347.29	333.87
Others	其他 926.93	883.75
Total	總額 18,803.01	14,919.47
Segment Results – Profits/(Loss)	分類業績－溢利╱（虧損）
Property development	物業發展 7,587.68	4,684.23
Property investment (Note 1)	物業投資（附註1） 294.26	2,081.14
Property management	物業管理 191.81	225.34
Manufacturing	製造 71.33	22.73
Others	其他 (14.77)	(107.38)
Total	總額 8,130.31	6,906.06

Notes:

1. Segment results included the decrease in fair value of investment properties of approximately HK$675.58 million (2019: increase HK$434.26 million) and the recognition of decrease in fair value upon transfer to investment properties of approximately HK$1.55 million (2019: increase HK$958.78 million).

2. Details of segment results of the Group is set out in note 4 to the financial statements.

附註：

1. 分類業績包括投資物業公允值減少約675.58百萬 港元（2019年：增加434.26百萬港元）及轉撥至投 資物業後確認公允值減少約 1.55 百萬港元（2019 年：增加958.78百萬港元）。

2. 本集團分類業績詳情載於財務報表附註4。

007 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Five-Year Financial Summary 五年財務摘要

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2020 2019 2018 2017 2016
2020 年 2019年 2018年 2017年 2016年
HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000 HK$’ 000
千港元 千港元 千港元 千港元 千港元
Results 業績
Revenue 收益 18,803,011 14,919,474 16,642,765 10,254,496 21,353,993
Profit before taxation 除稅前溢利 8,133,603 6,684,537 6,803,008 7,664,682 8,292,792
Income tax expense 所得稅開支 (4,170,113) (2,307,247) (3,104,271) (2,465,462) (4,821,911)
Profit for the year 年內溢利 3,963,490 4,377,290 3,698,737 5,199,220 3,470,881
Attributable to: 下列應佔：
Equity shareholders of the Company 本公司權益股東 3,722,856 4,062,796 3,415,223 4,950,941 3,170,581
Non-controlling interests 非控股權益 240,634 314,494 283,514 248,279 300,300
3,963,490 4,377,290 3,698,737 5,199,220 3,470,881
、
Assets, liabilities and non- 資產 負債及
controlling interests 非控股權益
Current assets 流動資產 85,765,676 61,565,489 61,493,029 62,963,238 56,984,059
Non-current assets 非流動資產 66,510,150 63,707,453 56,527,120 54,263,909 39,561,506
Total assets 總資產 152,275,826 125,272,942 118,020,149 117,227,147 96,545,565
Total liabilities 總負債 (96,869,978) (76,900,647) (72,576,453) (72,126,315) (60,324,631)
Net assets 資產淨值 55,405,848 48,372,295 45,443,696 45,100,832 36,220,934
Non-controlling interests 非控股權益 (4,781,563) (3,897,639) (3,739,721) (3,632,591) (3,410,121)
Total equity attributable to equity 本公司權益股東應佔
shareholders of the Company 權益總額 50,624,285 44,474,656 41,703,975 41,468,241 32,810,813
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Shum Yip Upper Life 深業青麓上居

Enhancing Value Driving Growth 提升價值 帶動增長

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Leading
引領
Health Quality Culture
健康 品質 文化
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Yihu Rose Garden 怡湖玫瑰苑

010 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Chairman’s Statement 主席報告

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The Group will seize the historic opportunity of development, strive to achieve sustainable development and create value and more satisfactory returns for our shareholders.

本集團將抓住發展的歷史機遇，致 力打造可持續發展和價值創造能 力，為股東創造更理想的回報。

LU Hua 呂華 Chairman 主席

011 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Chairman’s Statement 主席報告

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Shum Yip Zhongcheng 深業中城

In 2020, COVID-19 outbreak swept across the globe giving a heavy blow to the global economy and bringing profound impact on social development. In the early stage of the epidemic, China took unconventional approaches to effectively contain the epidemic. With the establishment of an effective and regular epidemic prevention and control system, the implementation of a moderate package of macro stimulus policies and the promotion of comprehensive resumption of work and production, China took the lead in getting out of the epidemic dilemma and was the only major economy in the world to see positive growth this year.

2020 年，新冠疫情席捲全球，對全球經濟造成沉重 打擊，給社會發展帶來深遠的影響。中國在疫情初期 ， ， 採取超常規的方式 有效遏制疫情 隨著強有力的常 、 態化疫情防控體系的建立 適度的一攬子宏觀刺激政 ， 策的實施以及全面復工復產的推動 中國率先走出疫 情困局，在全球主要經濟體中唯一實現經濟正增長。

With the implementation of the macro policies, the real estate market gradually mitigated the impact of the COVID-19 in the second quarter, with stable and orderly overall development. “House is a place to live instead of a tool for speculation” and “taking policies according to the local conditions” were still the main keynote in real estate sector. In the second half of the year, the “Three Red Lines” regulations were introduced, followed by increasingly tightened financing supervision. Shenzhen Government introduced the “New Eight Rules” real estate market regulation policy, enabling the supply of commercial housing to grow steadily, the housing market turnover to increase significantly throughout the year, and the price to rise slightly. Affected by the economic situation, the office market witnessed higher vacancy rate and reduced rent.

， 在宏觀政策的作用下 房地產市場在二季度逐步擺脫 ， 疫情影響 整體發展穩定有序，「房住不炒」、「因城 施策」仍是房地產政策的主基調。下半年「三道紅線」 新規出台，融資監管持續收緊；深圳出台「新深八 ， ， 條」樓市調控政策 商品房供應穩步增長 住宅市場 ， 。 全年成交量有較明顯上漲 價格穩定微升 而受經濟 ， ， 形勢影響 寫字樓市場出現了較高空置率 租金有所 下調。

012 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Chairman’s Statement 主席報告

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During the pandemic outbreak, the Group has proactively shouldered its social responsibility as a state-owned enterprise by fighting against the pandemic in the frontline, maintaining and managing the safety of its residential communities and industrial parks, and taking active actions to waive rent to weather the hardship together with customers. At the same time, the Group actively promoted the resumption of work and production, ensured the on-schedule completion of projects, and innovated and expanded land resources. It achieved satisfactory performance in the tough environment.

2020 Results

During the year, the Group achieved a turnover of HK$18,803.0 million, representing an increase of 26.0% over the last year. Gross profit was HK$8,814.6 million, representing an increase of 72.0% over the last year. Profit attributable to equity shareholders of the Company was HK$3,722.9 million, representing a decrease of 8.4% over the last year. If excluding the net effect of changes in fair value of investment properties attributable to the Group and fair value of financial assets, profit attributable to equity shareholders of the Company was HK$4,553.0 million, representing an increase of 48.7% over the last year. Basic earnings per share were HK42.03 cents, representing a decrease of 11.6% over the last year. The Board recommends the payment of a final dividend of HK11.00 cents per share for 2020 in cash.

Ensured On-Schedule Construction Progress of Key Projects, with Significant Increase in Sales Revenue

During the year, the Group overcame the impact of the delay in construction caused by the epidemic by stepping up efforts to promote the progress of key projects. The Group ensured the on-schedule occupation of its key projects, including Shum Yip Zhongcheng and Taifu Square. During the year, the Group recorded real estate sales revenue of HK$14.08 billion, representing an increase of 33.7% over the last year. The occupied projects realized high profitability and the gross profit margin of real estate development was 52.8%, creating remarkable returns for shareholders.

Steady Sales

During the year, the Group made great efforts to promote sale, overcome the adverse factors such as the continuous tightening of regulatory policies and the delay of the sale of some projects due to the epidemic and achieved contracted sales of approximately RMB14.5 billion, of which the projects in the Greater Bay Area accounted for approximately 74%. The residential project Parkview Bay was sold out and Ma’anshan Shum Yip Huafu was the top-selling project in locality. With a block trade of approximately RMB3.56 billion of contracted sales achieved, office projects such as Terra Licheng and Zhifeng Building have delivered outstanding performance amid the sluggish office building market in Shenzhen.

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， ， 面對疫情 本集團勇於擔當國企責任 堅守抗疫一 ， ， ， 線 維護管理小區與園區的安全 主動減免租金 與 客戶共克時艱；同時積極推動復工復產，確保項目的 ， ， 竣工工期 創新拓展土地資源 在艱難的環境中仍取 。 得理想的業績

2020年業績

， ， 年內 本集團實現營業額18,803.0 百萬港元 較去 年上漲 26.0%；毛利 8,814.6 百萬港元，較去年上 漲72.0%；本公司權益股東應佔溢利3,722.9 百萬港 元，較去年下降8.4%。如剔除本集團所屬投資物業 ， 的公允價值及金融資產公允價值變動的淨影響 本 ， 公司權益股東應佔溢利4,553.0 百萬港元 較去年上 漲48.7%。每股基本盈利為42.03 港仙，較去年下降 11.6%。年內，董事會建議以現金方式派發2020年末 期股息每股11.00港仙。

確保重點項目工期，結算銷售收入大幅增長

， ， 年內 本集團克服疫情導致的工期延誤等影響 緊抓 ， 、 重點項目工程節點進度 確保深業中城 泰富廣場等 重點項目如期入伙。全年實現房地產銷售收入140.8 億港元，較去年上漲33.7%，入伙項目盈利水平高， 全年房地產開發毛利率達52.8%，為股東貢獻可觀的 回報。

銷售平穩

、 本集團克服調控政策持續收緊 部份項目受疫情影響 ， ， 推遲發售等不利因素影響 努力推進銷售工作 全年 實現合同銷售金額約145 億元人民幣，其中大灣區項 目佔比約74%。住宅項目頤灣府實現清盤，馬鞍山深 業華府獲得當地銷量冠軍；寫字樓項目泰然立城及智 豐大廈完成約35.6億元人民幣的大宗銷售，在深圳寫 。 字樓市場低迷的背景下取得優異的成績

013 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Chairman’s Statement 主席報告

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Outstanding Performance Achieved in the Operation of Property Lease Business

During the year, business operation was more difficult under the epidemic. Together with the unfavorable business environment and the increased supply of office buildings, the average occupancy rate of office buildings in Shenzhen market dropped to approximately 75%, and the rental of Grade A office buildings went down by approximately 12.8%. The office lease market witnessed a relative downturn. During the pandemic outbreak, the Group has proactively shouldered its social responsibility as a state-owned enterprise. In this regard, the Group waived rent for the enterprises within the industrial parks and commercial tenants in the shopping malls for 2 months, and waived rent for private educational institutions and other tenants for 3 months to overcome difficulties together with our customers in concerted efforts.

Despite the impaired macro environment and the short-term impact of rent exemption measures on rental sources of existing properties, the Group has maintained the stability of its leasing business through a variety of means. By the end of 2020, the Group managed to maintain the vacancy rate of its existing properties (excluding parking lots) at about 10% by constantly improving its operation and service quality, and thus enhancing customer stickiness and brand image of the Group. In addition, the Group has improved the unit rent of some properties through upgrading and transforming the existing properties, innovating and optimizing the business structure and other measures, and the operation of its investment properties was obviously better than the market level. Furthermore, the Group actively solicited clients for its commercial projects and new projects. At present, the leased out rate of the three major shopping malls of the Group was above 90%, and the commercial rent has increased significantly. Through unremitting efforts, the Group has offset the impact of rent waive by generating income from new properties and optimizing and improving unit rent. The rental income for the year amounted to HK$1.22 billion, representing an increase of 14.2% over the last year. After excluding the accounting impact of rent waive adjustment, the actual rental income increased 2.0% over the last year.

Expansion of Quality Land Resources

The Group continues to focus on the Guangdong-Hong Kong-Macao Greater Bay Area, intensify its development in Shenzhen and plan for its business presence in key first-tier and second-tier cities. Further, it has made a breakthrough in resources acquisition. During the year, the newly increased land reserve area was about 631,000 square meters, with an investment of approximately RMB6.34 billion, and the increase in saleable value was approximately RMB13.4 billion.

物業出租業務運營卓越

， ， ， 年內 疫情增加企業經營難度 商業環境欠佳 加 ， 上寫字樓供應量增加 深圳寫字樓市場平均出租率降 至75%左右，甲級寫字樓租金下降約12.8%，辦公租 賃市場較為低迷。疫情期間，本集團主動擔當國企責 任，減免旗下產業園區入駐的企業及商場商戶2 個月 租金，對民辦教育機構等租戶減免3 個月租金，與客 戶攜手同行，共渡難關。

儘管大環境欠佳且租金減免舉措在短期內影響了存量 ， 物業的租金來源 本集團仍通過多種方式保持出租 業務的穩定。本集團不斷提高運營服務質量，提升 ， 了客戶黏性及品牌形象 旗下存量物業（不包括停車 場）的空置率於年末維持在10%左右，並通過升級改 、 造存量物業 創新優化業態結構等措施提高部份物業 的單位租金，投資物業運營明顯優於市場水平；同時 ， 本集團積極推動商業及新增項目的招商 目前旗下三 大商場招商率均在90%以上，商業租金有較大幅度增 長。本集團經過不懈努力，通過新增物業創收及優化 ， 提升單位租金抵消減免租金帶來的影響 全年租金收 入12.2 億港元，較去年上漲14.2%，剔除對減免租 ， 金調整轉回的會計影響後 實際租金收入較去年上漲 2.0%。

拓展優質土地資源

， ， 本集團繼續聚焦粵港澳大灣區 深耕深圳 佈局重點 ， ， 一二線城市 在資源獲取方面亦取得突破 全年新增 土地儲備面積約63.1萬平方米，投資約63.4億元人民 幣，新增貨值約134億人民幣。

014 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Chairman’s Statement 主席報告

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The Group has been proactively stocking projects in the Guangdong-Hong KongMacao Greater Bay Area. During the year, the Group completed the acquisition of the 52.848% equity interest of Shum Yip Jinzhi Logistics Development Co., Ltd. held by its ultimate holding company at a consideration of approximately RMB537 million and through the acquisition, it obtained the Jinyuan Building, Zhifeng Building in Luohu District, Shenzhen and other urban renewal resources in Shenzhen, which started a new round of asset injection. Besides, the Group won the project in Hengli Island, Nansha, Guangzhou with a total construction area of 232,000 square meters by auction at a price of RMB4 billion. In addition, the Group also kicked off the analysis on the land acquisition in respect of the land held by its ultimate holding company in Shahu, Pingshan District, Shenzhen.

Meanwhile, the Group actively planned for its business presence in key secondtier cities. During the year, the Group acquired two pieces of land in Chengdu. Among them, the Chenghua District plot is located in the core downtown area within the second ring road of Chengdu, a prime geographical location with strong commercial atmosphere. It has a capacity building area of approximately 68,000 square meters. The land premium for the plot was RMB1.15 billion. The other plot is in Qingbaijiang District, Chengdu City with a capacity building area of approximately 284,000 square meters. The land premium for this plot was RMB650 million. This land is evidence that the Group has realized resources acquisition by way of industrial introduction with competitive costs.

Accelerated Development of Operation and Service

During the year, the Group accelerated the development of property service and park operation business with 66 newly expanded park and property management projects and a newly signed area of more than 8 million square meters. In addition, the new business type of “property management city” has been gradually implemented in Huafu Community and Meilin Community of Futian District, Pingshan Community and Longtian Community of Pingshan District, Jihua Community of Longgang District and Baguang Area of Dapeng District in Shenzhen, being an important initiative for the operation and service sectors of the Group to realize rapid development.

Equity Interests in Hengda Real Estate

The Group, as a strategic investor, contributed RMB5.5 billion for investment in the equity interests in Hengda Real Estate in 2017 to support its reorganization in the domestic capital market. Hengda Real Estate announced the termination of the reorganization in the year, and the Group holds equity interests of Hengda Real Estate according to the terms stipulated in the original investment agreement with its shareholding ratio increases to 2.6439%.

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本集團積極儲備粵港澳大灣區項目：年內，以約5.37 億元人民幣的對價完成了對最終控股公司持有的深業 進智物流發展有限公司52.848%股權的收購，從而獲 、 取位於深圳市羅湖區的進元大廈 智豐大廈及其他在 深圳的城市更新資源，開啟了新一輪的資產注入；以 40億元人民幣競拍獲取位於廣州南沙橫瀝島項目，總 建面23.2萬平方米；此外，本集團還啟動了對最終控 。 股公司的深圳坪山沙湖土地收購的研究工作

， 同時本集團積極佈局重點二線城市 年內在成都取得 ， 兩幅土地 其中成華區地塊位於成都二環以內的核心 城區，計容建築面積約6.8萬平方米，地價11.5億元 人民幣，地理位置優越，商業氛圍濃厚；另一幅位於 成都市青白江區，計容建築面積約28.4萬平方米，地 價6.5 億元人民幣，該地塊通過產業導入實現資源獲 取，成本具有競爭力。

運營服務板塊加速發展

， ， 年內 本集團的物業服務及園區運營業務加速發展 新拓展園區及物業管理項目 66 個，新簽約面積超過 800萬平方米。此外，「物管城市」新業態在福田區華 、 、 富街道及梅林街道 坪山區坪山街道及龍田街道 龍 ， 崗區吉華街道及大鵬新區壩光片區陸續落地 成為本 。 集團運營服務業務快速成長的重要抓手

恒大地產股權

本集團於2017 年作為戰略投資方出資55 億元人民幣 ， 投資了恒大地產的股權 以支持其在國內資本市場的 重組。恒大地產年內宣佈終止該項重組，本集團按 ， 原投資協議條款持有恒大地產股權 持股比例上升至 2.6439%。

015 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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During the year, Hengda Real Estate paid the Group a dividend for 2018 of approximately RMB790 million and a dividend for 2019 of approximately RMB660 million. The two batches of dividend amounted to approximately RMB1.45 billion in aggregate have been recognized during the year.

Maintain Sound Financial Position

Under the increasingly stringent financial regulation environment in real estate, the Group made initiative plans to strengthen its integrated fund planning and financial management. By means of debt replacement and optimization of loan portfolio, the Group has improved the capital efficiency and reduced the borrowing costs, with the average comprehensive interest rate of the Group’s bank and other borrowings at 3.7%. As at 31 December 2020, net gearing ratio (inclusive of all interest-bearing liabilities) maintained at a low level of 41.7%. All indicators of the “Three Red Lines” fell into the green level. Furthermore, the Group innovated its financing channels, and completed the issuance of Commercial Mortgage-backed Notes (“CMBN”) with Times Technology Building as the underlying asset with an issue amount of RMB1.9 billion, among which, the coupon rate of the senior notes was 3.28%, which expanded financial resources for further development of the Group.

The Group will continue to seek high-quality assets, improve operational efficiency, optimize the structure of its profit model and improve its profitability to create sustained and steady returns for shareholders.

Outlook

Economic Outlook

Leveraging on strong institutional advantages and effective enforcement, China has achieved great victories in the epidemic prevention and control, and took the lead in economic recovery. At present, the global landscape and economic order have been undergoing unprecedented changes in a century. The international environment is complex and full of uncertainties. However, with the successful development and application of the vaccine, the global epidemic is expected to be gradually under control in 2021 and the world economy will see recovery. In the new development pattern where domestic cycle dominates and the domestic cycle and international cycle mutually promote, the endogenous driving forces, such as technological innovation, industrial chain layout and expanding domestic demand will replace the unconventional stimulus policies to become the basic force of domestic economic development.

Chairman’s Statement 主席報告

年內，恒大地產向本集團派發了2018年分紅約7.9億 元人民幣及2019年分紅約6.6億元人民幣，兩筆分紅 共約14.5億元人民幣，已於年內入賬。

財務保持穩健

， 在房地產金融監管趨嚴的環境下 本集團加強資金統 ， ， ， 籌和融資管理 通過債務置換 優化貸款組合 提高 ， ， 了資金效率 降低了融資成本 本集團銀行及其他借 款平均綜合利率為3.7%。2020年12月31日淨負債率 （包含所有帶息負債）維持在41.7%的較低水平。「三 道紅線」各項指標均處於綠檔。此外，本集團創新籌 ， 資渠道 完成以旗下時代科技大廈為底層資產的資產 支持票據（「CMBN」）發行工作，票據發行金額為19 億元人民幣，其中優先級票據的票面利率為3.28%， 。 為本集團的進一步發展增加了財務資源

， ， 本集團將繼續尋找優質資產 提升運營效率 推進盈 ， 。 利模式轉型 為股東創造持續穩定的回報

前景展望

經濟展望

， 憑藉制度優勢和強有效的執行力 中國在疫情防控中 取得巨大勝利，經濟率先回暖復甦。當前，世界格 ， 局和經濟秩序正發生百年未有之大變局 國際環境錯 ， 。 綜複雜 充滿不確定性 隨著疫苗研發成功及投入使 用，2021 年全球疫情有望逐步得到控制，世界經濟 。 、 復甦可期 在以國內大循環為主體 國內國際雙循環 ， 、 、 相互促進的新發展格局下 科技創新 產業鏈佈局 擴大內需等內生動能將替代非常規刺激政策成為國內 經濟發展的基礎力量。

016 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Chairman’s Statement 主席報告

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As the economic development returns to normal track, “House is a place to live instead of a tool for speculation” and “taking policies according to the local conditions” are still the main keynote of real estate policies. Financial supervision on the real estate market will be strengthened continuously, and supply-side reform of the land market will be launched to promote stable and orderly development of the real estate market. The policy of “Three Red Lines” will make real estate enterprises slow down their short-term investment and financing and speed up cash turnover. The policy of centralized land supply in popular cities brings challenges to real estate enterprises in terms of land acquisition planning, capital management, products and sales, which will further promote the integration of the industry and push enterprises to seek changes in operation mode.

Guangdong-Hong Kong-Macao Greater Bay Area

The Guangdong-Hong Kong-Macao Greater Bay Area is equipped with complete industrial system and cluster development capability and embraces innovation enterprises and innovation elements. Against the backdrop of “dual-driven” and domestic and international dual circulation development, Shenzhen and the Guangdong-Hong Kong-Macao Greater Bay Area will strengthen independent technological innovation and industrial chain security to form a better innovative ecological industry chain, and the synergy effect of the Guangdong-Hong Kong-Macao Greater Bay Area on industries, capital and talents will be further enhanced. Under the keynote of “House is a place to live instead of a tool for speculation”, Shenzhen and the Greater Bay Area adopt strict real estate control

policies and the government is determined to curb speculation. Shenzhen has successively introduced score-based lottery rules, which guide the new house sales should be weighted toward households in need, and reference price system for second-hand houses to guide the second-hand house market. In addition, Shenzhen gradually increases the supply of commercial housing. With the implementation of the policies and the reform of the supply structure, we believe that the real estate market in Shenzhen and the Guangdong-Hong Kong-Macao Greater Bay Area will realize sound and stable development in a long term.

Mapping out the Blueprint for the Coming Five Years to Realize Transformation and Optimization and Gain Profound Strength

The Group, as an enterprise with years of operation experience in the Guangdong-Hong Kong-Macao Greater Bay Area, will actively integrate into the national strategy and achieve mutual development with the rapid development of the country and the region. Leveraging on the efforts of strategic focus and transformation in the past five years, the asset quality and structure of the Group have been continuously improved, the profitability has been maintained at a high level, the net debt ratio has been maintained at a low level, and the Group has reserved abundant financial resources.

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在經濟發展回歸常態軌道的背景下，「房住不炒」、 ， 「因城施政」依然是房地產政策的主基調 房地產金融 ， ， 監管持續強化 土地市場供應側改革開啟 促進房地 產市場穩定有秩序地發展。「三道紅線」政策將促使 房地產企業放緩短期投融資，加快周轉回籠現金；熱 ， 、 點城市集中供地的政策 對房企在拿地規劃 資金管 理、產品及銷售等方面帶來挑戰，將進一步促進行業 整合，並推動企業尋求經營方式的變革。

粵港澳大灣區

， 粵港澳大灣區具備完善的產業體系和集群發展能力 ， 創新企業和創新要素集聚 在「雙區驅動」及國內國 ， 際雙循環的發展背景中 深圳及粵港澳大灣區將加強 ， 自主科技創新和產業鏈安全 形成更好的創新生態 ， 、 、 鏈 從而使大灣區在產業 資金 人才等方面的聚集 效應得到進一步提升。在「房住不炒」的基調下，深 ， 圳及大灣區的房地產調控政策嚴格 政府堅決遏制投 機行為。深圳先後出台積分搖號規則指導新房銷售向 ， 剛需家庭傾斜 出台二手房參考價體系對二手房市場 ， ， 進行引導 同時逐步增加商品房供應量 隨著政策的 ， 實施及供應結構的改革 我們相信深圳及粵港澳大灣 。 區的房地產市場將長期健康穩定向好發展

規劃未來五年藍圖，轉型優化，厚積薄發

， 作為在粵港澳大灣區具有多年運營經驗的企業 本集 ， 團將積極融入國家戰略 伴隨國家和區域的騰飛實現 共同發展。經過前五年戰略性聚焦和轉型的努力，本 ， 集團資產質量和結構不斷提升 盈利能力維持在較高 ， ， 水平 淨負債率維持在較低水平 儲備了充裕的財務 資源。

017 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Chairman’s Statement 主席報告

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In the coming five years, the Group will make comprehensive transformation and upgrading. Positioned as an “innovation-builder of the city and industry”, it will endeavor to transform into a technology-based industry group focusing on the development of urban complex and investment in technology industry, so as to assist the development of the innovative industry in the Greater Bay Area. The Group will continue to implement “transformation, optimization and improvement” based on its real estate business featuring deep root in the Greater Bay Area and distinctive features. The Group will accelerate the expansion of comprehensive urban operation business that covers a variety of business forms and serves urban upgrading. It will also enhance the industrial park business, form an industrial ecosystem through space construction, industry introduction, intelligent operation, investment incubation etc., and create an endless value cycle of industry and city innovation. Besides, it will increase its efforts in the investment and development in the technology industry to empower the transformation and upgrade of products and businesses. After transformation and optimization in the next five years, the Group will form a diversified sector, empower different business sectors by through capital market means such as injection, cultivation and spin-off, build a group of listed companies and release value.

According to the Group’s planning blueprint, the Group’s land reserve, sales revenue and profits will double in the next five years, the Group will fortify its efforts to acquire land reserves in Shenzhen, the Greater Bay Area and key firsttier and second-tier cities and the land reserves of the Group will reach more than 10 million square meters in the next five years, income from development and sales and rental will maintain a compound annual growth rate of 20% per annum, the Group will accelerate the development of the urban operation service business with revenue from operations increasing to triple to quintuple of the current level in the coming five years and spinning off of the urban operation business for listing at an appropriate timing. The Group will enhance its industrial park services, cultivate 2-3 listed companies in the science and technology industry and create an industrial space-service-investment ecology. While promoting accelerated performance, the Group will gradually increase the proportion of revenue from operation, industrial parks and scientific and technological services, and maintain a reasonable debt ratio and stable dividends, and create satisfactory returns for shareholders.

， ， 未來五年 本集團將全面轉型升級 按照「產城創新 ， 、 建設者」的定位 全力轉型為以城市綜合開發運營 ， 科技產業的投資服務為主業的科技型產業集團 助力 灣區創新產業發展。本集團將以深耕灣區、特色鮮 ， 明的地產業務為基石 持續「轉型優化提升」：加速 、 拓展覆蓋多種業態 服務城市升級的城市綜合運營業 務；提升園區業務，通過空間建設、產業導入、智 、 ， 慧化運營 投資孵化等形成產業生態圈 打造產城創 新的價值閉環；加大對科技產業的投資與培育力度， 。 以科技賦能產品和業務的轉型升級 經過未來五年的 ， ， 、 轉型優化 本集團將形成多元化板塊 通過注入 培 、 ， ， 育 分拆等資本市場手段 為不同業務板塊賦能 打 ， 。 造上市公司群 釋放價值

， 、 、 根據規劃藍圖 本集團的土地儲備 銷售收入 盈利 在未來五年將實現翻番；本集團將加大在深圳、大灣 ， 區及重點一二線城市土地儲備的獲取力度 土地儲備 在未來五年達到1,000 萬平方米以上；開發銷售及租 金收入維持20%的年化複合增長；加速發展城市運營 服務業務，在未來五年運營收入規模達到目前3-5 倍 水平，並在合適時機將城市運營業務分拆上市；提升 產業園區服務，培育2-3 家科技產業上市公司，打造 產業空間 － 服務 － 投資生態。本集團將在促進業績 ， 、 提速發展的同時 逐步提高運營 園區及科技服務收 ， ， 入佔比 並維持合理負債比例和穩定的分紅 為股東 。 創造滿意回報

018 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020 Chairman’s Statement 主席報告

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Focusing on the Greater Bay Area, Intensifying Development in Shenzhen and Increasing Resources Acquisition through Multiple Channels

In the coming five years, the Group will give full play to its strategic positioning and financial advantages, increase investment in Shenzhen, the Guangdong-Hong Kong-Macao Greater Bay Area and key first-tier and second-tier cities, accelerate the expansion of land resources and projects through multiple channels, select the resource acquisition mode suitable for its own development and proceed at multiple fronts. First, deepen the in-depth cooperation with the ultimate holding company to increase land reserves in Shenzhen and the Greater Bay Area; Second, take the Shenzhen Baguang International Biology Valley (深圳壩光國際生 物谷) and Longhua Future City Scenario Pilot Zone (龍華未來城市場景實驗區) as the guide, give full play to the core advantages of industrial planning, industrial introduction and industrial park operation, connect with the government, and expand industrial park resources; Third, give full play to the Group’s experience in regional planning and urban renewal, optimize the cooperation model, and actively seek urban renewal opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area; Fourth, improve market-based resources acquisition approaches and expand resources flexibly through various means such as mergers and acquisitions, cooperative development and real estate funds.

Accelerating Business Development in the First Year of the Period of “14th Five-Year Plan”

The year of 2021 marks the first year of the 14th five-year period of the Group. The Group will pay close attention to the changes of policies and markets and make every effort to promote the operation of the Group. The annual saleable value of the Group for 2021 is approximately RMB32 billion, and the contracted sales target for the year is RMB18 billion, representing an increase of 24% over the year 2020. The Group will take initiative to explore the relationship between future industry and future urban space, increase investment in the design and research of whole house intelligence and smart house products, and make high-quality products. The Group will speed up the acquisition of land projects, and strive to increase project resources of more than 1.5 million square meters of construction area in the Greater Bay Area and key first-tier and second-tier cities through cooperation with the parent company, urban renewal, cooperation with the government and enterprises, industrial land application, mergers and acquisitions, and open market auctions. The Group will continue to optimize the business structure of investment properties, increase commercial operating income, promote the investment attraction of Shum Yip UpperHills, Shum Yip Zhongcheng, Taifu Square and other projects, and strive to achieve the target of 20%-30% growth in rental income. Furthermore, the Group will accelerate the business expansion of the operation and service sectors, expand the “property management city” business and serve the city on the basis of the operation and service of traditional residential communities and industrial parks, and strive to achieve the target of over 30% growth.

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聚焦大灣區，深耕深圳，多渠道加大資源獲取力度

， ， 未來五年 本集團將發揮戰略定力和資金優勢 加大 、 ， 在深圳 粵港澳大灣區以及重點一二線城市的投資 ， 多渠道加快拓展土地資源和項目 選擇適合自身發展 的資源獲取模式，多點出擊：一是深化與最終控股公 司的深度合作，增加深圳和大灣區的土地儲備；二是 以深圳壩光國際生物谷及龍華未來城市場景實驗區為 ， 、 、 引領 發揮產業規劃 產業導入 園區運營的核心優 勢，對接政府，拓展園區資源；三是充分發揮本集團 ， ， 在片區統籌和城市更新中的經驗 優化合作模式 在 粵港澳大灣區主動尋找城市更新機會；四是強化市場 ， 、 、 化資源獲取方式 通過兼併收購 合作開發 地產基 金等多種手段，靈活拓展資源。

「十四五」開局之年，業務發展提速

2021 年是本集團十四五規劃的開局之年，本集團將 ， 。 密切關注政策和市場變化 全力推進各項經營工作 2021年本集團全年可售貨值約320億元人民幣，全年 合同銷售目標為180億元人民幣，較2020年銷售額增 長24%。本集團將積極探索未來產業和未來城市空間 ， 的關係 加大對全屋智能及智能屋產品的設計和研究 投入，打造優質產品；將加快土地項目獲取，通過 、 、 、 與母公司合作 城市更新 與政府及企業合作 產 、 、 ， 業勾地 兼併收購 公開市場競拍等方式 爭取在 大灣區及重點一二線城市增加150 萬平方米以上建築 面積的項目資源。本集團將持續優化投資物業的業態 ， ， 、 結構 提升商業運營收入 推進深業上城寫字樓 、 ， 深業中城 泰富廣場等項目的招商 租金收入力爭達 到20%-30%的增長目標；加速運營服務板塊業務拓 展，在傳統住宅小區及產業園區運營服務的基礎上， 拓展「物管城市」業務，服務城市，努力實現30%以 。 上的業務增長目標

019 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Through continuous efforts, the Group will seize the historic opportunity of development, steadily improve our capabilities for city servicing and industrial chain, resource acquisition and professional operating, to achieve sustainable development and create value and more satisfactory returns for our shareholders.

LU Hua

Chairman Hong Kong, 30 March 2021

Chairman’s Statement 主席報告

， 本集團將通過持之以恒的努力 抓住發展的歷史機 遇，穩步提升城市服務能力和產業集聚能力，加強資 ， 源獲取能力和專業運營能力 打造可持續發展和價值 ， 。 創造能力 為股東創造更理想的回報

主席 呂華 香港，2021年3月30日

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Shum Yip Taifu Square 深業泰富廣場

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----- Start of picture text -----

Shum Yip Heron Mansion
深業鷺棲府
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Enriching Quality Living

締造優質生活 Building Living Vision to Achieve Undertakings in Shenzhen 建築生活美景 成就深圳事業

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022 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

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Overall Results

The year 2020 was full of uncertainties. The COVID-19 had a profound impact on economic and social development. At the beginning of the year, the epidemic had an impact on the operation of real estate enterprises. With the implementation of the overall macro policies, the real estate market gradually overcame the impact of the COVID-19 in the second quarter, with stable and orderly overall development. “House is a place to live instead of a tool for speculation” and “taking policies according to the local conditions” were still the main keynote in real estate sector. In the second half of the year, the “Three Red Lines” regulations were introduced, followed by increasingly tightened financing supervision. The control over the real estate market in Shenzhen and other places was upgraded. The transaction volume of the housing market in Shenzhen increased significantly throughout the year, while the office market was affected by the economic situation, with a higher vacancy rate and a decline in the overall rental level. Despite of the constantly changing external environment, the Group steadily implemented various operations and achieved good performance.

整體業績

2020 年是充滿不確定性的一年，新冠疫情對經濟和 社會發展帶來深遠影響。年初，疫情對房地產企業的 ， ， 經營造成衝擊 隨著整體宏觀政策的實施 房地產市 ， 。 場在二季度逐步擺脫疫情影響 整體發展穩定有序 「房住不炒」、「因城施策」仍是房地產政策的主基 ， ， 調 下半年「三道紅線」新規出台 融資監管持續收 緊，深圳等地房地產調控升級。深圳住房市場全年成 ， ， 交有較明顯上漲 而寫字樓市場受經濟形勢影響 出 現較高空置率，整體租金水平下降。面對不斷變化的 ， ， 外部環境 本集團穩步推進各項經營工作 取得良好 。 業績

During the year, the Group realized revenue of approximately HK$18,803.0 million, representing an increase of 26.0% over the last year. The overall gross profit margin was 46.9%, representing an increase of approximately 12.5 percentage points over the last year. Gross profit was HK$8,814.6 million, representing an increase of 72.0% over the last year. Profit attributable to equity shareholders of the Company was HK$3,722.9 million, representing a decrease of 8.4% over the last year. If excluding the net effect of changes in fair value of investment properties attributable to the Group and changes in fair value of financial assets, profit attributable to equity shareholders of the Company was HK$4,553.0 million, representing an increase of 48.7% over the last year. Basic earnings per share were HK42.03 cents, representing a decrease of 11.6% over the last year.

， ， 年內 本集團實現營業額約18,803.0 百萬港元 較 去年上升 26.0%。整體毛利率為 46.9%，較去年上 升約 12.5 個百分點；實現毛利 8,814.6 百萬港元， 較去年上升 72.0%；實現本公司權益股東應佔溢利 3,722.9百萬港元，較去年下降8.4%。如剔除本集團 ， 所屬投資物業和金融資產公允價值變動的淨影響 本 ， 公司權益股東應佔溢利4,553.0 百萬港元 較去年上 升48.7%。每股基本盈利為42.03 港仙，較去年下降 11.6%。

023 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

Property Development Business

Sales Revenue Booked

During the year, the Group recorded property sales area booked of approximately 432,000 square meters (excluding interests attributable to the major associates of the Group), representing a decrease of 16.9% over the last year, and achieved net revenue from property sales of approximately RMB12,511.9 million (equivalent to HK$14,079.6 million) (net of value-added tax), representing an increase of 33.7% over the last year. Gross profit margin of property development and sales was 52.8%, representing an increase of 15.8 percentage points over the last year. During the year, the percentage of Shenzhen projects over the sales revenue booked was 75.1%. During the year, the average gross profit margin of projects of the Group in Shenzhen was approximately 55.4%, whereas the average gross profit margin of projects in other cities was approximately 43.0%.

物業開發業務

結轉銷售收入

年內 ， 本集團結轉物業銷售面積約 43.2 萬平方米 （不包括本集團主要聯營公司所佔權益），較去年下 降16.9%；實現物業銷售淨收入約12,511.9 百萬元 ， 人民幣 相當於 14,079.6 百萬港元（已扣除增值稅 項），較去年上漲33.7%。房地產開發銷售毛利率為 52.8%，較去年上升15.8個百分點。年內結轉銷售收 入中，深圳項目佔比為75.1%。年內，本集團深圳項 目平均毛利率約為55.4%，其它城市平均毛利率約為 43.0%。

Property Sales Booked in 2020

2020年結轉物業銷售

Property Name	Type	City	Booked Area	Net Sales	Unit Price
樓盤名稱	業態	城市	結轉面積	銷售淨額	銷售單價
					(RMB/sq.m.)
			(sq.m.)	(RMB’000)	（人民幣元╱
			（平方米）	（人民幣千元）	平方米）
Shum Yip Dongling	Residential	Shenzhen	5,299	314,927	59,426
深業東嶺	住宅	深圳
Shum Yip Zhongcheng	Residential/apartment	Shenzhen	56,755	6,730,368	118,586
深業中城	住宅╱公寓	深圳
Guanlan Rose Garden	Office	Shenzhen	387	8,914	23,016
觀瀾玫瑰軒	寫字樓	深圳
UpperHills	Apartment	Shenzhen	1,268	167,862	132,384
深業上城	公寓	深圳
Bofeng Building	Office	Shenzhen	69	2,952	42,813
博豐大廈	寫字樓	深圳
Shum Yip Taifu Square	Office/apartment	Shenzhen	38,949	2,162,039	55,509
深業泰富廣場	寫字樓╱公寓	深圳
Jiangyue Bay	Residential	Guangzhou	381	6,465	16,951
江悅灣	住宅	廣州
Euro-view Garden	Shop	Dongguan	2,815	21,464	7,625
歐景麗苑	商舖	東莞
Gaobangshan No. 1	Residential/shop	Huizhou	80,317	778,912	9,698
高榜山1號	住宅╱商舖	惠州

024 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

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Property Name	Type	City	Booked Area	Net Sales	Unit Price
樓盤名稱	業態	城市	結轉面積	銷售淨額	銷售單價
					(RMB/sq.m.)
			(sq.m.)	(RMB’000)	（人民幣元╱
			（平方米）	（人民幣千元）	平方米）
Garden Hills	Residential/shop	Huizhou	59,507	501,923	8,435
半山名苑	住宅╱商舖	惠州
Wanlin Lake	Residential/shop	Huizhou	2,489	25,436	10,221
萬林湖	住宅╱商舖	惠州
Shum Yip City	Residential/shop	Foshan	13,370	261,045	19,525
深業城	住宅╱商舖	佛山
Saina Bay	Villa/shop	Heyuan	1,181	11,316	9,579
塞納灣	別墅╱商舖	河源
Shum Yip Rui Cheng	Residential/shop	Changsha	27,982	203,454	7,271
深業睿城	住宅╱商舖	長沙
Shum Yip Xihui	Shop	Changsha	3,108	21,502	6,918
深業喜匯	商舖	長沙
Yihu Rose Garden	Residential	Chengdu	25,662	205,591	8,012
怡湖玫瑰苑	住宅	成都
Jinxiu Workshop	Shop	Chengdu	1,790	27,103	15,138
錦繡工場	商舖	成都
Nanhu Rose Bay	Shop	Wuhan	162	6,641	40,896
南湖玫瑰灣	商舖	武漢
Ma’anshan Shum Yip Huafu	Residential/shop	Ma’anshan	105,048	908,946	8,653
馬鞍山深業華府	住宅╱商舖	馬鞍山
Royal Spring Garden	Residential	Chaohu	5,073	81,592	16,083
半湯御泉莊	住宅	巢湖
Parking space sales (Note)	Parking space		–	63,446	–
車位銷售（附註）	車位
Total合計			431,612	12,511,898	–

Note: 439 parking spaces were sold.

附註：車位銷售439個。

025 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

Contracted Sales

During the year, the Group realized contracted sales area of approximately 567,000 square meters and contracted sales income of approximately RMB14.46 billion. The average price per square meter was RMB25,521. The contracted sales were mainly attributable to the residential project of Parkview Bay in Shenzhen which realized a contracted sale of approximately RMB3.53 billion, the office building project of Shum Yip Terra Licheng in Shenzhen which realized bulk sales of RMB2.15 billion and the office building project of Shum Yip Zhifeng Building in Shenzhen which realized bulk sales of RMB1.41 billion. Besides, sales of the Group’ s projects in the third-tier and fourth-tier cities beat the expectations.

合同銷售情況

本集團年內實現合同銷售面積約56.7萬平方米，合同 銷售收入約144.6 億元人民幣。每平方米平均售價為 25,521 元人民幣。主要貢獻來自：深圳頤灣府住宅 項目實現約35.3億元人民幣合約銷售；深圳深業泰然 立城辦公項目推動大宗交易實現21.5億元人民幣合約 銷售；深圳深業智豐大廈辦公項目推動大宗交易實現 14.1億元人民幣合約銷售。此外，本集團在三四線城 。 市項目的銷售情況超出預期

By geographical location, projects in the Greater Bay Area accounted for 74% of the realized contracted sales, 15% was contributed by projects in the second-tier cities, and the rest 11% was in the third-tier and fourth-tier cities. By the types of products, residential products accounted for 58% of the realized contracted sales, and commercial products (including office and apartment) accounted for 42%.

， 根據區域分佈 大灣區項目佔已實現合同銷售金額的 74%，另外15%和11%分別來自二線城市和三四線城 市。根據產品類型分類，住宅類產品佔已實現合同銷 售金額的58%，商業類產品（包括辦公樓、公寓）佔 比42%。

Contracted Sales in 2020

2020年合同銷售

	City	Type	Sales Area	Sales*
	城市	用地性質	銷售面積	銷售金額*
			(sq.m.)	(RMB’000)
			（平方米）（人民幣千元）
Shum Yip Dongling	Shenzhen	Complex	5,299	330,270
深業東嶺	深圳	綜合體
Shum Yip Zhongcheng	Shenzhen	Complex	9,562	1,040,000
深業中城	深圳	綜合體
Shum Yip Zhifeng Building	Shenzhen	Office	42,722	1,408,260
深業智豐大廈	深圳	辦公樓
Bofeng Building	Shenzhen	Office	68	2,974
博豐大廈	深圳	辦公樓
Shum Yip Taifu Square	Shenzhen	Complex	9,381	607,108
深業泰富廣場	深圳	綜合體
Shum Yip Terra Licheng	Shenzhen	Complex	36,623	2,154,787
深業泰然立城	深圳	綜合體
Parkview Bay	Shenzhen	Residential	35,578	3,529,517
頤灣府	深圳	住宅
UpperHills	Shenzhen	Complex	1,268	176,250
深業上城	深圳	綜合體
Tanglang City**	Shenzhen	Complex	4,974	329,769
塘朗城**	深圳	綜合體
Jiangyue Bay	Guangzhou	Residential	275	6,226
江悅灣	廣州	住宅

026 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

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	City	Type	Sales Area	Sales*
	城市	用地性質	銷售面積	銷售金額*
			(sq.m.)	(RMB’000)
			（平方米）（人民幣千元）
Gaobangshan No. 1	Huizhou	Residential	45,129	500,635
高榜山1號	惠州	住宅
Garden Hills	Huizhou	Residential	36,213	315,189
半山名苑	惠州	住宅
Wanlin Lake	Huizhou	Residential	7,084	35,008
萬林湖	惠州	住宅
Shum Yip Qishan Yayuan	Foshan	Residential	800	16,377
深業旗山雅苑	佛山	住宅
Shum Yip City	Foshan	Residential	17,387	306,956
深業城	佛山	住宅
Saina Bay	Heyuan	Residential	614	6,089
塞納灣	河源	住宅
Shum Yip Qinglong Mansion	Nanjing	Residential	478	13,545
深業青瓏上府	南京	住宅
Shum Yip Upper Life	Nanjing	Residential	34,778	905,128
深業青麓上居	南京	住宅
Shum Yip Heron Mansion	Changsha	Residential	66,356	900,636
深業鷺棲府	長沙	住宅
Shum Yip Rui Cheng	Changsha	Residential	25,481	188,880
深業睿城	長沙	住宅
Shum Yip Xihui	Changsha	Residential	2,302	11,558
深業喜匯	長沙	住宅
Yihu Rose Garden	Chengdu	Residential	10,427	96,140
怡湖玫瑰苑	成都	住宅
Nanhu Rose Bay	Wuhan	Complex	190	17,141
南湖玫瑰灣	武漢	綜合體
Changzhou Shum Yip Huafu	Changzhou	Residential	924	2,212
常州深業華府	常州	住宅
Ma’anshan Shum Yip Huafu	Ma’anshan	Residential	95,476	911,046
馬鞍山深業華府	馬鞍山	住宅
Shenyue Bay	Taizhou	Residential	77,290	650,407
深悅灣	泰州	住宅
Total合計			566,679	14,462,108

• Including parking space sales.

** The project was co-developed with Shenzhen Metro Group, as to 50% owned by the Group, and it is accounted using equity method.

• 包含車位銷售。

** 該項目與深圳地鐵集團合作開發 ， 持有 50% 權 益，以權益法核算。

027 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

Project Development

During the year, the Group had a new construction area of approximately 748,000 square meters and a completed area of approximately 768,000 square meters.

項目開發情況

年內，本集團新開工面積約74.8萬平方米，竣工面積 約76.8萬平方米。

New Construction Projects in 2020

2020年新開工項目

Property Name	City	Type	Total GFA	Saleable Area
項目名稱	城市	用地性質	總建築面積	可售面積
			(sq.m.)	(sq.m.)
			（平方米）	（平方米）
Four Seasons Mansion	Chengdu	Residential	59,131	40,958
四季華庭	成都	住宅
Taifu Square Phase 2	Shenzhen	Complex	106,106	41,909
泰富廣場2期	深圳	綜合體
Tuen Mun (Land Plot 520)	Hong Kong	Residential	43,938	43,938
屯門520地塊	香港	住宅
Shum Yip Songhu	Dongguan	Residential	170,081	117,040
Yuncheng Garden	東莞	住宅
深業松湖雲誠花園
Garden Hills Phase 3.2.2	Huizhou	Residential	147,984	108,543
半山名苑3.2.2期	惠州	住宅
Gaobangshan Phase 2.2	Huizhou	Residential	160,169	116,899
高榜山2.2期	惠州	住宅
Nanjing Hexi 2019G77	Nanjing	Residential	60,727	40,671
Project	南京	住宅
南京河西2019G77項目
Total合計			748,136	509,958

028 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

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Completed Projects in 2020

2020年竣工項目

Property Name	City	Type	Total GFA	Saleable Area
項目名稱	城市	用地性質	總建築面積	可售面積
			(sq.m.)	(sq.m.)
			（平方米）	（平方米）
Shum Yip Rui Cheng Phase 3.2	Changsha	Residential	66,505	48,521
深業睿城3.2期	長沙	住宅
Shum Yip Garden Hills Phase 3.2.1	Huizhou	Residential	87,617	80,346
深業半山名苑3.2.1期	惠州	住宅
Shum Yip Gaobangshan Phase 2.1	Huizhou	Residential	192,347	142,488
深業高榜山2.1期	惠州	住宅
Yihu Rose Garden – Longjing	Chengdu	Residential	45,026	40,174
怡湖玫瑰苑瓏璟	成都	住宅
Terra Licheng	Shenzhen	Complex	133,248	101,763
泰然立城	深圳	綜合體
Chaohu South Phase 2	Chaohu	Residential	7,421	7,161
巢湖南區2期	巢湖	住宅
Ma’anshan Shum Yip Huafu	Ma’anshan	Residential	235,600	181,952
Phase 2.2 (North)	馬鞍山	住宅
馬鞍山深業華府2期2組團北區
Total合計			767,764	602,405

Expansion of Land Resources

The Group continues to focus on the Guangdong-Hong Kong-Macao Greater Bay Area, intensify its development in Shenzhen and plan for its business presence in key first-tier and second-tier cities. Further, the Group has made a breakthrough in resources acquisition.

土地資源拓展情況

， ， 本集團繼續聚焦粵港澳大灣區 深耕深圳 佈局重點 ， 。 一二線城市 在資源獲取方面亦取得突破

In May 2020, the Group won the bid for a piece of residential land in Henglu North, Shuanglin, Chenghua District（成華區雙林北橫路）, Chengdu City at a consideration of RMB1.15 billion with an average floor area price of approximately RMB16,800 per square meter. The project has a site area of approximately 23,000 square meters and a capacity building area of approximately 68,000 square meters, of which 31,000 square meters and 23,000 square meters were planned to be built into foreign-style houses and low-rise residential buildings, respectively.

2020年5月份，本集團以11.5億元人民幣競拍獲得成 ， 都市成華區雙林北橫路住宅地塊 樓面地價約16,800 元╱平方米。項目佔地約2.3萬平方米，計容建築面 積約6.8萬平方米，其中擬規劃洋房3.1萬平方米，小 高層住宅2.3萬平方米。

029 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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In June 2020, the Group, by way of industrial introduction, acquired a piece of commercial and residential land, i.e. the Phoenix New Town in Qingbaijiang District, Chengdu City with an average floor area price of approximately RMB2,300 per square meter at a consideration of RMB650 million. The project has a site area of approximately 114,000 square meters and a capacity building area of approximately 284,000 square meters, of which 139,000 square meters and 145,000 square meters were planned to be built into residential buildings as well as commercial and office buildings, respectively.

In July 2020, the Group acquired 52.8485% equity interest of Shum Yip Jinzhi held by Shum Yip Group, the ultimate holding company of the Company, at a consideration of approximately RMB537 million. Through the acquisition, the Group obtained a range of high quality assets in Luohu District, Shenzhen.

In August 2020, the Group acquired the land plot of Hengli Island, Nansha, Guangzhou with an average floor area price of approximately RMB19,140 per square meter at a consideration of RMB4.005 billion plus the construction of 23,000 square meters of subsided talents housing. The project has a site area of 66,000 square meters and a capacity building area of 232,000 square meters, including 202,000 square meters for saleable housing and 23,000 square meters for subsided talents housing.

Land Reserves

By the end of December 2020, the Group had land reserves with an aggregate planned gross floor area (GFA) of approximately 4.36 million square meters (interested in 3.78 million square meters), and a capacity building area of 3.29 million square meters (interested in 2.89 million square meters), of which, the projects under construction had a total planned GFA of approximately 1.95 million square meters and a capacity building area of 1.45 million square meters. The capacity building area of land reserve in the first-tier and second-tier cities and in the Greater Bay Area accounted for 64% and 50% of its total capacity building area respectively. Besides, the value of completed properties in stock amounted to approximately RMB14.78 billion.

In the future, the Group will continue to focus on the Greater Bay Area, and intensify its development in Shenzhen by proactively seeking for project resources and also opportunities to invest in quality projects in the major first-tier and second-tier cities.

Management Discussion and Analysis 管理層討論與分析

2020 年6 月份，本集團以6.5 億元人民幣通過產業導 ， 入方式獲取成都市青白江區鳳凰新城商住地塊 樓面 地價約 2,300 元╱平方米。項目佔地約 11.4 萬平方 米，計容建築面積約28.4萬平方米，其中擬規劃住宅 13.9萬平方米，商業辦公14.5萬平方米。

2020年7月份，本集團以5.37億元人民幣收購最終控 股公司深業集團持有的深業進智52.8485%的股權， 。 從而獲取一系列位於深圳羅湖區的優質資產

2020 年 8 月份，本集團以人民幣 40.05 億元人民幣 加配建2.3 萬平方米人才房的價格，成功獲取廣州南 ， 沙橫瀝島地塊 樓面地價約19,140 元人民幣╱平方 米。地塊佔地6.6萬平方米，計容建築面積23.2萬平 方米，其中可售住宅20.2萬平方米，配建人才房2.3 萬平方米。

土地儲備

截至2020年12月底，土地儲備規劃總建築面積約436 萬平方米（權益部份378 萬平方米），計容建築面積 329 萬平方米（權益部份 289 萬平方米），其中在建 項目規劃總建面約195 萬平方米，計容建築面積145 萬平方米。一二線城市土地儲備計容建築面積佔比 64%，大灣區土地儲備計容建築面積佔比達50%。此 外，已竣工存貨貨值約為147.8億元人民幣。

， 、 ， 未來 本集團將繼續聚焦大灣區 深耕深圳 積極尋 ， 求項目資源 並關注重點一二線城市優質項目的投資 。 機會

030 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

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Distribution of Land Reserves (As at 31 December 2020)

土地儲備分佈（於2020年12月31日）

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By type – Planned GFA [Note 1] (sq.m.)
－
產品類型分佈 規劃建築面積 [附註] [1] （平方米）
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By type – Capacity Building Area [Note 2] (sq.m.)
－
產品類型分佈 計容建築面積 [附註] （ [2] 平方米）
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14%
4%
82%
Residential 住宅 Industrial 產業
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15%
3%
82%
Complex 綜合體
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By Region – Planned GFA [Note 1 ] (sq.m.)
－
區域分佈 規劃建築面積 [附註] （ [1] 平方米）
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----- Start of picture text -----

By Region – Capacity Building Area [Note 2 ] (sq.m.)
－
區域分佈 計容建築面積 [附註] （ [2] 平方米）
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12%
36% 52%
The Greater Bay Area 2nd-tier city
大灣區 二線城市
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13%
50%
37%
3rd-tier and 4th-tier cities
三四線城市
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Notes:

1. Planned GFA: the sum of the gross floor area of all the floors above and under the ground of a single building or buildings within the scope of the land for construction.

2. Capacity building area: the sum of the gross floor area which is used in the calculation of the plot ratio within the land for construction.

附註：

1. 規劃建築面積：建設用地範圍內單棟或多棟建築 物地面以上及地面以下各層建築面積之總和。

2. 計容建築面積：建設用地範圍內所有計算容積率 的建築面積之總和。

031 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Property Investment

As at 31 December 2020, the Group has investment properties of approximately 1.29 million square meters, of which 81.8% is located in Shenzhen. During the pandemic outbreak, the Group has proactively took its social responsibility as a state-owned enterprise. In this regard, the Group exempted rent for the enterprises within the industrial parks and commercial tenants in the shopping malls for 2 months, and exempted rent for private educational institutions and other tenants for 3 months. The impact of rent exemption is made in the accounting adjustments based on the amortisation in the lease term. Although the rental income of the existing investment properties has decreased significantly due to the implementation of the rent exemption policy, the negative impact of rent exemption has been completely offset by the Group’s efforts to generate income from new properties and optimize and improve unit rent. During the year, the Group recorded an income from property investment of approximately HK$1,223.2 million, representing an increase of approximately 14.2% over the last year. Excluding the impact of accounting adjustments on exempted rental amortization, the actual rental income was approximately HK$1,092.5 million, representing an increase of approximately 2.0% over the last year. The gross profit margin of property investment business was approximately 72.9%, representing an increase of 4.6 percentage points over the last year.

Due to the fact that the overall office building rental market was sluggish in Shenzhen impacted by the pandemic, the Group recorded a revaluation decrease in the fair value of its investment property portfolio of HK$677.1 million during the year.

Urban Integrated Operation Business

The urban integrated operation business of the Group includes commercial operation business, property management business, intelligent park operation business and property management city business. During the year, the area of urban integrated operation business of the Group was approximately 46.88 million square meters. The urban integrated operation business contributed approximately HK$2,225.9 million to the revenue of the Group, representing an increase of 6.0% over the of last year. During the year, the urban integrated sector of the Group added approximately 66 park and property management projects, increasing more than 8 million square meters of management area, and the property management urban sector added 6 projects, covering an area of approximately 5 million square meters. Furthermore, its mixed-ownership reform was being propelled orderly.

Management Discussion and Analysis 管理層討論與分析

物業投資

於2020 年12 月31 日，本集團投資物業總面積約129 萬平方米，其中81.8%位於深圳。疫情期間，本集團 ， 主動擔當國企責任 減免旗下產業園區企業及商場商 戶2 個月租金，對民辦教育機構等租戶減免3 個月租 金，租金減免影響按照租約期攤銷進行會計調整。儘 管存量投資物業租金收入由於落實免租政策有較明顯 ， 下降 本集團通過新增物業創收及優化提升單位租金 的努力，將租金減免帶來負面影響完全抵消。年內本 ， 集團實現物業投資收入約1,223.2 百萬港元 較去年 上升約14.2%；剔除對減免租金攤銷會計調整的影響 ， ， 後 實際租金收入約1,092.5百萬港元 較去年上漲 2.0%。物業投資業務毛利率約72.9%，較去年上升 4.6個百分點。

， 由於深圳整體寫字樓租賃市場受疫情衝擊表現低迷 年內本集團所屬投資物業組合公允價值重估減少677.1 百萬港元。

城市綜合運營業務

、 本集團城市綜合運營業務包括商業運營業務 物業管 理業務、智慧園區運營業務以及物管城市業務。年 ， 內 本集團城市綜合運營業務在管面積約4,688 萬平 ， ， 方米 實現營業收入約2,225.9百萬港元 較去年上 漲6.0%。年內，本集團城市綜合運營板塊新拓展園 區及物管項目約66個，新增管理面積超過800萬平方 米。物管城市板塊新拓展項目6 個，覆蓋面積約500 萬平方米。此外，混合所有制改革工作正有序推進。

032 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Management Discussion and Analysis 管理層討論與分析

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Since March 2020, the commercial operation management companies had actively assisted all the major commercial tenants in the resumption of work and conducted online and offline campaigns to increase foot traffic, so as to boost sales. At present, operation of all the shopping malls runs well. More precisely, the occupancy rates of UpperHills, Tanglang City and Shum Yip Dongling are 93%, 92% and 90%, respectively, whereas the new commercial project of Taifu Square is available for leasing now.

Properties under the management of our property management companies was approximately 42.3 million square meters, mainly in the Pearl River Delta, Yangtze River Delta and Central China, covering governmental authorities, offices, residence communities and villas. During the year, our property management companies acquired 63 new projects of approximately 6.44 million square meters in Guangdong, Jiangxi, Jiangsu and other areas.

The Intelligent Park Operation Company manages approximately 4.58 million square meters of properties in industrial park which are mainly located in the Guangdong-Hong Kong-Macao Greater Bay Area. During the year, the Intelligent Park Operation Company expanded Baguang Biological Valley, Hengming Industrial Park and other projects, with a new management area of approximately 1.67 million square meters.

Our property management companies and intelligent park operation companies have actively explored “property management city” as a new urban management model to deliver a demonstration reform project in market-oriented and professionalized urban management and operation. Currently, efforts have been made in Huafu Community and Meilin Community of Futian District, Pingshan Community and Longtian Community of Pingshan District, Jihua Community of Longgang District and Baguang Area of Dapeng District in Shenzhen to implement the development roadmap in serving the city, being an important initiative for property management companies and intelligent park operation and management companies to realize rapid development.

Hotel Operation Business

The Group owns five hotels in operation and one hotel under construction. Those in operation are Suzhou Marriott Hotel (with 293 guest rooms), Chaohu Shum Yip Bantang Hot Spring Hotel (with 20 spring villas), Holiday Inn Resort Chaohu Hot Spring (with 203 guest rooms), Muji Hotel (with 79 guest rooms) in UpperHills, Shenzhen and Tanglang City Project Hotel in Shenzhen (with 200 guest rooms), which is co-developed with Shenzhen Metro Group. The hotel under construction is Mandarin Oriental Shenzhen (with 190 guest rooms planned).

During the year, the business operation of hotel industry was unsatisfactory due to the severe impact from the pandemic. The Group’s hotels recorded operating income (included under other operating segment) of approximately HK$116.5 million, representing a decrease of 41.2% over the last year.

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2020年3月份起，商業運營管理公司積極協助各大商 ， 、 ， 戶復工 並推廣線上 線下活動增加人流 推動銷 售。目前，各商場運營狀況良好，深業上城招商率 93%，塘朗城招商率92%，深業東嶺招商率90%，新 。 商業項目泰富廣場也在火熱招商中

， 物業管理公司接管物業約4,230 萬平方米 物業主要 、 ， 分佈在珠三角 長三角和中部地區 服務涵蓋政府機 關、寫字樓、住宅小區、別墅等多種物業類型。年 ， 、 、 內 物業管理公司在廣東 江西 江蘇等區域新拓展 項目63個，新增管理面積約644萬平方米。

智慧園區運營公司接管產業園區物業約 458 萬平方 米，物業主要分佈在粵港澳大灣區內。年內，智慧園 、 ， 區運營公司拓展了壩光生物谷 恒明產業園等項目 新增管理面積約167萬平方米。

物業管理公司與智慧園區運營公司積極探索「物管城 ， 、 市」新模式 打造城市管理運營市場化 專業化改革 項目的示範。目前已在福田區華富街道及梅林街道、 、 坪山區坪山街道及龍田街道 龍崗區吉華街道及大鵬 ， 、 新區壩光片區陸續落地 成為物業集團 智慧園區運 ， 營公司快速成長的重要抓手 踐行服務城市的發展路 。 線

酒店運營業務

。 本集團擁有五家運營中和一家建設中的酒店 運營中 的酒店分別是蘇州萬豪酒店（設有293間客房），巢湖 深業半湯溫泉度假酒店（設有20 間溫泉別墅），巢湖 深業溫泉假日度假酒店（設有203間客房）、深圳深業 上城無印良品酒店（設有79 間客房）以及與深圳地鐵 集團合作的深圳塘朗城項目酒店（設有200間客房）。 建設中的酒店為深圳文華東方酒店（擬設有190 間客 房）。

， ， ， 年內 酒店行業遭受疫情重創 運營情況不理想 本 集團實現酒店經營收入（其他經營分類項下）約116.5 百萬港元，較去年下降41.2%。

033 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Manufacturing Business

The Group’s manufacturing business mainly represents the LCD manufacturing and metal materials processing business held by the companies under the Group over the years. During the year, the manufacturing business recorded operating income of approximately HK$347.3 million, representing an increase of 4.0% over the last year.

Performance of Major Joint Ventures and Associates

During the year, Taizhou Shum Yip Investment Development Limited (a 51% owned company of the Group) made a profit contribution of HK$395.6 million to the Group, representing an increase of 241.9% over the last year. The principal activity of the company is to assist local government in primary land development. During the year, the local government arranged for transfer or return of land of approximately 172,000 square meters.

Shenzhen Langtong Property Development Company Limited (a 50% owned company of the Group) made a net profit contribution of HK$23.4 million, representing a decrease of 96.2% over the last year. The company and Shenzhen Metro Group jointly developed Shenzhen’s Tanglang City Project.

Shenzhen Tianan Cyber Park (Group) Co., Ltd. (a 37.5% owned company of the Group) made a net profit contribution of HK$326.9 million to the Group, representing a decrease of 29.6% over the last year.

During the year, the associates invested by the Group performed as expected. Road King Infrastructure Limited, a listed company in Hong Kong, made a net profit contribution of HK$465.2 million to the Group, representing a decrease of 43.3% over the last year.

Other Income and Gains

During the year, the Group’s other income and gains were HK$2,133.5 million, representing an increase of 576.3% over the last year. During the year, other income was mainly attributable to the dividend for 2018 of approximately HK$885 million (equivalent to RMB790 million) and the dividend for 2019 of approximately HK$742 million (equivalent to RMB660 million) paid by Hengda Real Estate to the Group.

Management Discussion and Analysis 管理層討論與分析

製造業務

本集團的製造業務主要來自所屬企業多年以來持有的 液晶顯示器製造及金屬片材加工等業務。年內，製 造業務經營收入實現約347.3 百萬港元，較去年上升 4.0%。

主要合營公司及聯營公司業績

年內，本集團持有51%權益的泰州市深業投資發展有 限公司為本集團帶來盈利395.6 百萬港元，較去年上 漲241.9%。該公司的主要業務是協助當地政府進行土 地一級開發。年內當地政府安排轉讓或回儲土地總計 約17.2萬平方米。

本集團持有50%權益的深圳朗通房地產開發有限公司 為本集團帶來純利貢獻 23.4 百萬港元，較去年下降 96.2%。該公司為與深圳地鐵集團合作開發深圳塘朗 。 城之項目公司

本集團持有 37.5% 權益的深圳天安數碼城有限公司 為本集團帶來純利貢獻326.9 百萬港元，較去年下降 29.6%。

年內，本集團投資的聯營公司業績表現合乎預期。本 港上市公司路勁基建有限公司為本集團帶來純利貢獻 465.2百萬港元，較去年下降43.3%。

其他收入及利得

， ， 年內 本集團其他收入及利得為2,133.5百萬港元 較去年上升576.3%。年內其他收入主要來自本集團收 到的恒大地產派發之2018年股利約8.9億港元（7.9億 元人民幣）及2019年股利約7.4億港元（6.6億元人民 幣）。

034 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Management Discussion and Analysis 管理層討論與分析

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Other Operating Expense

During the year, other operating expense amounting to HK$577.8 million, representing a decrease of 1.53% over the last year, mainly includes the provision for impairment recognised on fixed assets of approximately HK$117 million, which was one-off. In 2019, the other operating expense mainly represents the deficits on fixed assets revaluation amounted to approximately HK$268.3 million.

Significant Investment

On 31 May 2017, the Group, through Shenzhen Shum Yip Shenheng Investment Co., Ltd.（深圳市深業深恒投資有限公司）(“Shum Yip Shenheng”, formerly known as 馬鞍山市茂文科技工業園有限公司(Ma’anshan Maowen Technology Park Co. Ltd.)）, a wholly owned subsidiary of the Company, entered into an investment agreement (the “Investment Agreement”) with Guangzhou Kailong Real Estate Company Limited (“Kailong Real Estate”) and Hengda Real Estate Group Company Limited (“Hengda Real Estate”) (both being subsidiaries of China Evergrande Group) to contribute an amount of RMB5.50 billion to the capital of Hengda Real Estate in exchange for 1.7626% equity interests in Hengda Real Estate. Hengda Real Estate is a company established in China with limited liabilities and principally engaged in property development in China.

Under the terms of the Investment Agreement, Kailong Real Estate and Hengda Real Estate have undertaken that the net profit of Hengda Real Estate for 2017, 2018 and 2019 shall not be less than RMB24.3 billion, RMB50.0 billion and RMB55.0 billion, respectively. Hengda Real Estate will distribute at least 68% of its net profit under the performance undertaking period to its shareholders in cash, till the entering into a reorganization agreement (i.e. the listing of Hengda Real Estate in China as an A-share company through reorganization of China Evergrande Group). Pursuant to the Investment Agreement, Hengda Real Estate has paid dividends of approximately RMB28.41 billion, RMB44.61 billion and RMB27.52 billion respectively for 2017, 2018 and 2019 to all shareholders. In the second half of 2018, the Group received dividends of approximately RMB0.5 billion for 2017, while in January and July 2020, the Group received dividends of approximately RMB0.79 billion for 2018 and approximately RMB0.66 billion for 2019, respectively.

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其他經營支出

年內，其他經營開支為577.8百萬港元，較去年下降 1.53%，其主要包括固定資產減值撥備約117 百萬港 元，該撥備為一次性事項。於2019 年，其他經營開 支主要是固定資產重估減值約268.3百萬港元。

重大投資

本集團於2017年5月31日，透過全資附屬公司深圳市 深業深恒投資有限公司（原名為馬鞍山市茂文科技工 業園有限公司）（「深業深恒」）與廣州市凱隆置業有限 公司（「凱隆置業」）及恒大地產集團有限公司（「恒大 地產」）（兩者均為中國恒大集團之附屬公司）訂立投 資協議（「投資協議」），向恒大地產資本投入出資人 民幣55.0億元，持有恒大地產1.7626%的股權。恒大 ， 地產為一家於中國成立之有限責任公司 主要在中國 。 從事物業發展業務

， ， 根據投資協議條款 凱隆置業及恒大地產承諾 恒 大地產於2017、2018、2019年的淨利潤將分別不少 於243 億元人民幣、500 億元人民幣及550 億元人民 幣。恒大地產將於履約承諾期間，至少將其淨利潤 的68%以現金方式分配給其股東，直至簽署重組協議 ， （即中國恒大集團將通過重組 將其房地產業務在中 國A 股上市）。恒大地產已根據協議向全體股東派發 2017年、2018年、2019年分紅分別約人民幣284.1 億元人民幣、446.1 億元人民幣及 275.2 億元人民 幣。本集團於2018年下半年獲得2017年紅利約5億元 人民幣，並分別於2020年1月和7月收到2018年紅利 約7.9億元人民幣及2019年紅利約6.6億元人民幣。

035 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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On 13 January 2020, Shum Yip Shenheng, Kailong Real Estate, Hengda Real Estate and Mr. Hui Ka Yan entered into a supplementary investment agreement in relation to the Investment Agreement to extend the original listing deadline of the proposed reorganization by one year (i.e. from 31 January 2020 to 31 January 2021) and, as a result of the extension of the original listing deadline, to extend the scope of performance undertaking and indemnity and the minimum dividend payment mechanism to cover the financial year of 2020 (i.e. one additional year). To this end, Kailong Real Estate and Hengda Real Estate further undertake to Shum Yip Shenheng that the amount of net profit of Hengda Real Estate for the financial year ending 31 December 2020 will not be less than RMB60 billion.

On 22 November 2020, Shum Yip Shenheng, Kailong Real Estate, Hengda Real Estate and Mr. Hui Ka Yan entered into the fifth supplementary agreement to the Investment Agreement in view of the termination of the proposed reorganization before the listing deadline. Shum Yip Shenheng agreed to hold Hengda Real Estate equity according to the terms stipulated in the Investment Agreement, and its shareholding ratio in Hengda Real Estate increased to 2.6439%. The dividend for year 2020 will be paid according to the undertakings in the Investment Agreement.

According to the requirements under accounting standards, the equity interests held by the Group in Hengda Real Estate was included as financial assets through profit or loss in the financial statements and accounted for at fair value, with changes in fair value recognized in profit or loss for the period. As at 31 December 2020, the fair value of the said financial assets was HK$6,737.0 million, representing 4.43% of the total assets of the Group. During the year, profits or losses arising from changes in fair value amounted to approximately HK$462.5 million.

For details on the investment in Hengda Real Estate and valuation technique used for fair value measurement, please refer to note 24 and 40(a) to the financial statements respectively.

The net profit of Hengda Real Estate for 2017, 2018 and 2019 was RMB42.00 billion, RMB72.24 billion and RMB42.87 billion, respectively. Since its investment in Hengda Real Estate in June 2017, the Group, as a financial investor, received total dividends of RMB1.95 billion from Hengda Real Estate, representing accumulated return on investment of approximately 35.5%.

Management Discussion and Analysis 管理層討論與分析

於2020年1月13日，深業深恒與凱隆置業、恒大地產 ， 及許家印先生就投資協議簽署補充投資協議 將原擬 進行的重組上市最後日期延長一年（即由2020 年1 月 31日延長至2021年1月31日）及因延長原上市最後日 期而將履約承諾及彌償以及最低股息派付機制之範圍 擴大至涵蓋2020年財政年度（即一個額外年度），就 ， ， 此 凱隆置業及恒大地產向深業深恒進一步承諾 恒 大地產於截至2020 年12 月31 日止財政年度的淨利潤 金額將不得少於600億元人民幣。

於2020年11月22日，深業深恒與凱隆置業、恒大地 ， 產及許家印先生就投資協議簽署第五份補充協議 鑑 ， 於原擬進行的重組於上市最後日期前終止 深業深恒 ， 同意按投資協議條款持有恒大地產股權 持股比例上 升至2.6439%，2020年分紅按投資協議承諾進行。

， 按照會計準則要求 本集團持有的恒大地產股權在財 ， 務報告中列為計入損益金融資產 按照公允價值入 賬，公允價值波動計入當期損益。於2020年12月31 日，該筆金融資產公允價值為6,737.0百萬港元，相 當於本集團資產總值的4.43%。年內產生公允價值變 動損益約462.5百萬港元。

有關投資恒大地產及所採用之公允值計量估值方法詳 情，請分別參閱財務報表附註24及40(a)。

恒大地產2017年淨利潤為420.0億元人民幣，2018年 淨利潤為722.4億元人民幣，2019年淨利潤為428.7 億元人民幣。自2017年6月投資恒大地產以來，本集 團作為財務投資人，累計已收到恒大地產分紅19.5億 元人民幣，累計投資回報率約35.5%。

036 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Management Discussion and Analysis 管理層討論與分析

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Financing

As at 31 December 2020, the Group’s total bank and other borrowings amounted to HK$30,828.4 million (31 December 2019: HK$24,297.9 million), of which HK$28,000.9 million were floating rate loans, and the remaining were fixed-rate loans. Long-term loans amounted to HK$18,088.6 million, representing approximately 58.7% of total borrowings, and short-term loans were HK$12,739.8 million, representing approximately 41.3% of total borrowings. Offshore borrowings amounted to HK$17,410.5 million, representing approximately 56.5% of total borrowings, and the remaining were onshore borrowings denominated in Renminbi, representing approximately 43.5% of total borrowings.

With the gradual implementation of the “Three Red Lines” regulations, the external financing environment continues to tighten. As at 31 December 2020, the Group’s asset-liability ratio, excluding advance receipts, was 58.2%, the net gearing ratio was 23.9% (the liabilities only including bank loans and other borrowings) and the short-term cash debt ratio was 1.47 times (the liabilities only including bank loans and other borrowings), all fell into the green level of the “Three Red Lines” (綠檔). In 2021, the Group will replace the short-term loans that are about to due, and continue to improve the short-term cash debt ratio.

During the year, the Group implemented financing innovation, and the CMBN issuance with Times Technology Tower, a property owned by the Group, as the underlying asset was completed with an issue amount of RMB1.9 billion, among which, the coupon rate of the senior notes was 3.28%. During the year, the average comprehensive interest rate of the Group in respect of its bank and other borrowings was approximately 3.7% per annum, representing a decrease of 1.0 percentage point from the whole of last year.

As at 31 December 2020, the Group’s cash balance (including restricted cash) was HK$18,710.4 million (31 December 2019: HK$12,372.8 million), of which approximately 73.6% and 23.3% were denominated in Renminbi and USD respectively, and the remaining in Hong Kong dollars.

As at 31 December 2020, the Group had net assets (excluding non-controlling interests) of HK$50,624.3 million (31 December 2019: HK$44,474.7 million). The net gearing ratio with the liabilities including bank loans and other borrowings only was 23.9% and the net gearing ratio with the liabilities including loan from shareholders of the parent company and all other interest-bearing liabilities was 41.7%, representing an increase of 1.0 percentage point over the end of last year.

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融資情況

於 2020 年 12 月 31 日，本集團銀行及其他借款總額 30,828.4百萬港元（2019年12月31日：24,297.9百 ， 萬港元），其中28,000.9百萬港元為浮息借款 其餘 均為定息借款；長期部份18,088.6百萬港元，約佔總 借款總額的58.7%，短期部份12,739.8百萬港元，約 佔借款總額41.3%。境外借款為17,410.5百萬港元， 約佔借款總額的56.5%，其他為境內人民幣借款，約 佔借款總額43.5%。

， 隨著「三道紅線」標準的逐步推進 外部融資環境持 續收緊。於2020年12月31日，本集團剔除預收款後 的資產負債率為58.2%，淨負債率為23.9%（負債只 包括銀行及其他貸款），現金短債比為1.47 倍（負債 只包括銀行及其他貸款），均屬於「綠檔」。2021 年 ， 本集團將置換即將到期的短期貸款 繼續優化現金短 。 債比例

， 本集團年內積極推進融資創新 完成以旗下時代科技 大廈為底層資產的資產支持票據（「CMBN」）發行工 作，票據發行金額為19億元人民幣，其中優先級票據 的票面利率為3.28%。年內，本集團銀行及其他借款 平均綜合利率約為年息3.7%，較去年全年下降1.0個 百分點。

於2020年12月31日，本集團的現金結存為18,710.4 百萬港元（包括受限制現金）（2019 年12 月31 日： 12,372.8百萬港元），其中約73.6%和23.3%分別以 人民幣和美元計值，其餘以港幣計值。

於 2020 年 12 月 31 日，本集團除非控股股東權益後 淨資產為 50,624.3 百萬港元（2019 年 12 月 31 日： 44,474.7 百萬港元），淨負債率（負債只包含銀行貸 款及其他借款）為23.9%，包含母公司股東貸款及其 他所有帶息負債後的淨負債率為41.7%，較去年底上 升1.0個百分點。

037 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Discussion and Analysis 管理層討論與分析

Key Financial Indicators

主要財務情況

As at 31 December 2020 HK$ million 於2020年 12月31日 百萬港元	As at 31 December 2019 於2019年 12月31日
Bank and other borrowings 銀行貸款及其他借貸 30,828.4 – Long-term borrowings －長期借貸 18,088.6 – Short-term borrowings －短期借貸 12,739.8 Due to the immediate holding company 應付直接控股公司款項 1,770.7 Due to the ultimate holding company 應付最終控股公司款項 9,415.5 Cash (including restricted cash) 現金（包括受限制現金） 18,710.4 Net gearing ratio with the liabilities including bank and other borrowings only 淨負債率（負債只包括銀行及其他貸款） 23.9% Net gearing ratio with the liabilities including all interest-bearing liabilities 淨負債率（負債包括所有帶息負債） 41.7%	24,297.9 15,891.7 8,406.2 1,263.8 1,936.5 12,372.8 26.8% 40.7%

Effect of Exchange Rate Fluctuation

The Group’s assets are mainly denominated in Renminbi. 43.5% of the bank and other borrowings are denominated in Renminbi, while 56.5% are offshore HK$ borrowings. HK$ is adopted as the reporting currency in the Group’s financial statements. The effect of the increase in RMB exchange rate on the Group’s finance was mainly reflected in the appreciation of the asset and earnings denominated in Renminbi against HK$, the reporting currency. During the year, such fluctuations in the asset and earnings denominated in Renminbi against HK$, the reporting currency, resulted in a gain of HK$3,700.4 million in other comprehensive income. The Group will closely monitor and proactively avert foreign exchange risk through various ways.

匯率波動影響

， 本集團的資產主要以人民幣為貨幣單位 銀行及其他 借款中43.5%是人民幣借款，56.5%是境外的港幣借 款。本集團的財務報告以港幣作為報告的貨幣單位， 人民幣匯率上漲對本集團財務的影響主要體現在人民 幣資產以及收益相對報告貨幣港幣的升值。年內， 人民幣資產以及收益相對報告貨幣港幣的波動收益為 3,700.4百萬港元，計入其他綜合收益。本集團將密 。 切監控並積極通過多種方式規避匯率風險

Pledge of Assets and Contingent Liabilities

As at 31 December 2020, the Group had total loans of HK$2,592.3 million (31 December 2019: HK$383.2 million) that were pledged with assets (please refer to note 30(a) to the financial statements for details).

資產抵押及或然負債撥備狀況

於 2020 年 12 月 31 日，本集團有資產抵押的貸款共 2,592.3百萬港元（2019年12月31日：383.2百萬港 元）（詳情參閱財務報表附註30(a)）。

As at 31 December 2020, the Group has given guarantees amounted to RMB1,351.7 million in respect of bank loans and other borrowings to Guangzhou Pik Sum Real Estate Development Company Limited and Taizhou Shum Yip Investment Development Limited, both are joint ventures of the Group (please refer to note 42(b) to the financial statements for details).

於2020年12月31日，本集團已就本集團合營公司廣 州碧森房地產開發有限公司和泰州市深業投資發展有 限公司之銀行及其他貸款提供共計1,351.7百萬元人民 幣之擔保（詳情參閱財務報表附註42(b)）。

038 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Management Discussion and Analysis 管理層討論與分析

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Impacts of COVID-19 Pandemic

In 2020, the global economy was severely hit by the COVID-19. Amidst the complex market environment brought by the COVID-19, the Group proactively shouldered its social responsibility by taking active actions to weather the hardship together with homeowners and tenants. The Group has actively promoted the resumption of work and production while maintaining stable results with rising trend. In 2021, the epidemic will be under control in China, and the management believes that the impact of the epidemic will be gradually reduced. The Group will endeavor to promote all business activities under normal prevention and control.

In terms of sales, due to the impact of epidemic prevention and control, the sales centers of the Group were temporarily closed in February 2020, which significantly affected the contracted sales in January and February 2020. In view of the epidemic situation, the Group, in line with the epidemic prevention and control needs, launched an online sales platform, which enables the customers to inquire, subscribe and sign contracts online. Thus, the sale of projects can still be properly carried out while guaranteeing public security. For the whole year, due to the epidemic, the saleable value has been reduced compared to the original plan, and the contracted sales have also been affected to a certain extent. The annual planned sales value was adjusted to about RMB28 billion according to the adjusted business plan, and the contracted sales realised for the year was about RMB14.5 billion, with the selling rate basically the same as the previous year.

In terms of rental income, the Group, together with its ultimate holding company, Shum Yip Group Limited, actively responded to the requirements of Shenzhen Municipal Government and the State-owned Assets Supervision and Administration Commission (SASAC), to weather the hardship together with enterprises by implementing rent waive measures. At the beginning of the epidemic, the Group waived rent for the non-state-owned enterprises, scientific research institutions, medical institutions and individual industrial and commercial households for two months, followed by an extension of another month of rentwaive period for private educational institutions and other tenants. The rent waive measures benefited more than 7,000 enterprises and individual industrial and commercial households.

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疫情影響

2020年全球經濟受到新冠疫情的巨大衝擊，面對疫情 ， ， 帶來的複雜市場環境 本集團勇於承擔社會責任 積 ， ， 極防控 與業主及商戶共克時艱 在積極推動復工復 產的同時保持業績穩中求升。2021年中國疫情受到控 ， ， 制 管理層相信疫情影響將逐步減少 本集團將會在 。 常態防控下努力推進各項經營工作

， ， 在銷售方面 受疫情防控影響 本集團旗下售樓中心 於2020 年2 月暫時關閉，2020 年1 月及2 月合同銷售 。 ， 受到較為顯著的影響 針對疫情情況 本集團配合疫 ， ， 情防控需求 啟動了在線全方位售樓平台 以便客戶 、 ， ， 在線查詢 認購及簽約 以在保障公共安全的同時 項目銷售仍可妥善進行。全年來看，受疫情影響，可 ， 售貨值比原計劃有所減少 合同銷售也收到一定程度 的影響。根據調整後的經營計劃，全年計劃推售貨值 調整為約280 億元人民幣，全年實現合同銷售約145 億元人民幣，去化率與上一年基本持平。

， 在租金收入方面 本集團協同最終控股公司深業集 團，積極響應深圳市政府及國資委要求，與企業共渡 ， ， 難關 並落實減租減負措施 疫情初期寬免非國有企 業、科研機構、醫療機構和個體工商戶2個月租金， 後對民辦教育機構等租戶又延長了一個月的租金減免 期，受惠企業及個體工商戶逾7,000家。

039 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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In terms of construction schedule, in order to strengthen the epidemic prevention and control work, all construction sites of the Group were suspended in February 2020, and all construction projects resumed no earlier than 1 March 2020. The construction schedule was affected to some extent, and the construction of about 6% of the project value was delayed. However, according to the construction schedule in 2020, the delayed resumption of work did not have a significant impact on the important engineering nodes of the key projects planned to be completed in 2020.

With respect to capital, the Group had sufficient capital and the reduction of presale had no significant impact on the liquidity of the Group, while in terms of short-term debt, the Group had multiple resources of financing available with sufficient current fund and no pressure on liquidity. As at the end of 2020, the cash balance of the Group was approximately HK$18.71 billion.

Employees and Remuneration Policy

As at 31 December 2020, the Group employed 20,452 employees (2019:19,444) of whom 21 were stationed in Hong Kong (mainly managerial and finance related personnel), and the rest were in mainland China. The total remuneration for the year ended 31 December 2020 (excluding remuneration of the Directors) amounted to approximately HK$2,075.2 million (2019: HK$1,919.7 million).

Employee benefits and bonuses are based on their individual performance, the Group’s profit condition, benefit level of the industry and the current market condition. The remuneration packages are reviewed on an annual basis to ensure internal equity and its competitiveness in the market. In driving performance, we also grant share options, under the share option scheme of the Group, to employees based on individual performance and the results of the Group.

Management Discussion and Analysis 管理層討論與分析

， ， 在工程進度方面 為加強疫情防控工作 本集團的 所有工地在 2020 年 2 月停工，且所有工程項目不早 於2020年3月1日復工，工程進度受到一定影響，貨 值約6%的工程項目延遲施工。但按照2020年工期安 排，延遲復工並未對2020年計劃竣工的重點項目中的 。 重要工程節點產生明顯影響

， ， 在資金方面 本集團資金較為充裕 預售的減少對集 團的流動性並未產生重大影響；短期債務方面，由於 ， ， 本集團融資渠道暢通 自由資金充足 無流動性壓 力。截至2020年底，本集團現金餘額約為187.1億港 元。

僱員及薪酬政策

於2020年12月31日，本集團共聘用20,452名（2019 年 ： 19,444 名 ）僱員 ， 其中在香港工作的員工 21 ， ， 名 主要為管理及財務人員 其餘為在內地工作員 工。截至2020年12月31日止年度，總薪酬（不包括 董事酬金）約為2,075.2百萬港元（2019年：1,919.7 百萬港元）。

， 、 本集團僱員之薪酬及花紅 以僱員個別之表現 本集 團盈利狀況、同業薪酬水平及現時市況而釐定。並 每年審閱薪酬組合以達致內部公平及確保具市場競爭 力。我們亦根據本集團購股權計劃按個人表現及本集 。 團業績向僱員授出購股權以推動表現

040 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Dr. LU Hua, aged 57, an Executive Director since 21 June 2011 and the Chairman of the Board since 31 January 2013. Dr. LU was the President of the Company during the period from 21 June 2011 to 30 January 2013 and the Acting Chairman of the Board during the period from 24 April 2012 to 30 January 2013. He is also the chairman of the board of directors of Shum Yip Group Limited and Shum Yip Holdings Company Limited. Dr. LU is also a director of various members of the Group. Dr. LU holds a doctorate degree in Political Economics from The Nankai University and a master’s degree in Finance from The University of Reading in UK. Dr. LU held the position as the president of Shum Yip Group Limited and Shum Yip Holdings Company Limited from May 2011 to December 2012. Prior to this, Dr. LU served as the chairman of Shahe Industrial Co., Ltd. (000014.SZ) and Shum Yip Shahe Group Co., Ltd. and the general manager of Shenzhen Property Development Company Ltd.. Dr. LU also served as a non-executive director of Ping An Insurance (Group) Company of China, Ltd. (2318.HK) and Road King Infrastructure Limited (1098.HK). At present, he is a director of Shenzhen SEZ Construction and Development Group Co., Ltd. and Shenzhen Talents Housing Group Co., Ltd.. He has vast experience of over twenty years in property development, corporate governance and administrative management.

呂華博士，57 歲，自2011 年6 月21 日起出任執行董 事及自2013年1月31日起擔任董事會主席。呂博士於 2011年6月21日至2013年1月30日期間擔任本公司總 裁及於2012 年4 月24 日至2013 年1 月30 日期間擔任 代董事會主席。彼亦為深業集團有限公司及深業（集 團）有限公司董事局主席。呂博士亦為本集團若干成 。 員公司之董事 呂博士持有南開大學政治經濟學博士 學位和英國雷丁大學金融學碩士學位。呂博士自2011 年5 月至2012 年12 月，出任深業集團有限公司及深 業（集團）有限公司總裁職務。此前，呂博士曾擔任 、 沙河實業股份有限公司(000014.SZ) 深業沙河（集 團）有限公司董事長及深圳市物業工程開發公司總經 理。呂博士亦曾為中國平安保險（集團）股份有限公 司(2318.HK)及路勁基建有限公司(1098.HK)之非執行 董事。現時，彼為深圳市特區建設發展集團有限公司 。 董事及深圳市人才安居集團有限公司董事 彼在房地 產開發、企業管治及行政管理方面擁有逾20年之豐富 經驗。

041 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Mr. HUANG Wei, aged 50, an Executive Director and President since 21 July 2015. Mr. HUANG graduated from the Department of Chinese of Sun Yat-sen University with a bachelor’s degree, and was a postgraduate in Law at Guangdong Academy of Social Sciences. He also holds a master’s degree in Business Administration from Guanghua School of Management, Peking University. Mr. HUANG is currently a director and president of Shum Yip Group Limited and Shum Yip Holdings Company Limited. He is also a director of various members of the Group. Prior to joining the Group, he served as a deputy secretary of the Party Working Committee, a deputy director of the Management Committee and a director of Social Work Committee of CPC Shenzhen Dapeng New District and served as a member of the Standing Committee, a director of District Committee (district government) Office and a district government party member of Longgang District and the Longgang District Youth League secretary. Mr. HUANG has extensive experience in comprehensive urban development and operation, corporate governance and administrative management.

黃偉先生，50 歲，自2015 年7 月21 日起擔任執行董 事及總裁。黃先生本科畢業於中山大學中文系，廣 ， 東省社會科學院法學專業研究生 北京大學光華管理 。 學院工商管理碩士 黃先生現任深業集團有限公司及 深業（集團）有限公司董事及總裁。彼亦為本集團若 干成員公司之董事。在加入本集團之前，黃先生歷任 、 、 中共深圳市大鵬新區黨工委副書記 管委會副主任 ， 、 社工委主任 龍崗區常委 區委（區政府）辦公室主 任、區政府黨組成員及龍崗區團委書記。黃先生在城 ， 市綜合開發運營 企業管治及行政管理方面有豐富經 驗。

042 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Ms. CAI Xun, aged 45, an Executive Director since 27 August 2020. Ms. CAI graduated from Central South University of Technology (now known as Central South University) in investment economics with a bachelor’s degree in economics. Ms. CAI is currently a director of Shum Yip Group Limited and Shum Yip Holdings Company Limited. She is also a director of various members of the Group. Ms. CAI was the chief of the Cadre Division 1 of the Organization Department of Shenzhen Municipal Party Committee before joining the Group. Ms. CAI worked in the Organization Department of Shenzhen Municipal Party Committee during the period from 2002 to 2019 and served as the chief of the Research and Publicity Division and the chief of the Cadre Supervision Division etc.. Ms. CAI has extensive experience in human resources management and administrative management.

蔡潯女士，45 歲，自2020 年8 月27 日起出任執行董 事。蔡女士畢業於中南工業大學（現為中南大學）投 ， 。 資經濟專業 擁有經濟學學士學位 蔡女士現任深業 集團有限公司及深業（集團）有限公司董事。彼亦為 本集團若干成員公司之董事。於加入本集團前，蔡女 士任職深圳市委組織部幹部一處處長。蔡女士於2002 年至2019年期間任職於深圳市委組織部，曾出任調研 、 。 宣傳處處長 幹部監督處處長等職位 蔡女士於人力 。 資源管理及行政管理方面有豐富經驗

043 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Mr. DONG Fang, aged 47, an Executive Director since 23 July 2020 and a Vice President of the Company since April 2013. Mr. DONG is currently a vice president of Shum Yip Group Limited and Shum Yip Holdings Company Limited. He is also a director of various members of the Group. Mr. DONG graduated from The Hunan University with a master’s degree and a senior engineer qualification. He joined the Group since 2009 and served as a general manager of the real estate department and investment department of the Company. He was a deputy general manager of Huizhou Canton River Expressway Co., Ltd.. And prior to this, he worked in the Transport Commission of Shenzhen Municipality. Mr. DONG is currently the non-executive director of Road King Infrastructure Limited (1098.HK), a director of Shahe Industrial Co., Ltd (000014.SZ). He has extensive experience in corporate management, property investment and operation management.

董方先生，47 歲，自2020 年7 月23 日起出任執行董 事並自2013年4月起出任本公司副總裁。董先生現為 、 ， 深業集團有限公司 深業（集團）有限公司副總裁 。 彼亦為本集團若干成員公司之董事 董先生畢業於 ， 。 湖南大學 擁有碩士學位及高級工程師資格 彼於 2009年加入本集團，曾任本公司地產部及投資部總經 理。彼曾為惠州廣河高速公路有限公司副總經理，此 前，彼曾任職於深圳市交通局。董先生現任路勁基建 ， 有限公司(1098.HK)之非執行董事 沙河實業股份有限 公司(000014.SZ)董事。彼於企業管理、房地產投資 。 及運營管理等方面有豐富經驗

044 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Mr. LIU Shichao, aged 49, a Non-executive Director since 18 January 2017 and an Executive Director since 23 July 2020. He is a director and the chief financial officer of Shum Yip Group Limited and a director of Shum Yip Holdings Company Limited. He graduated from Zhongnan University of Finance and Economics (now known as Zhongnan University of Economics and Law) majoring in accountancy. He holds a bachelor’s degree in economics and the title of senior accountant. Mr. LIU was the deputy head of statistics and assessment (budget finance) department and the deputy head of the second division of enterprise department of the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People’s Government. Mr. LIU was a director of China Resources SZITIC Investment Co. Ltd (華潤深國投投資有 限公司). Mr. LIU was a director and the chief financial officer of Shenzhen Energy Group Co. Ltd. (000027.SZ). He is currently also a director of Shahe Industrial Co., Ltd (000014.SZ), a director of Kashi City Shenzhen Investment and Development Co., Ltd. (喀什市深圳城投資發展有限公司). Mr. LIU has considerable working experience in financial management and financial auditing.

劉世超先生，49 歲，於2017 年1 月18 日起出任非執 行董事並自2020年7月23日調任為執行董事，彼為深 、 業集團有限公司董事及財務總監 深業（集團）有限 。 公司董事 劉先生畢業於中南財經大學（現為中南財 ， 經政法大學）會計學專業 擁有經濟學學士學位和高 。 級會計師職稱 劉先生曾任深圳市人民政府國有資產 、 監督管理委員會統計評價（預算財務）處副處長 企 、 、 業二處副處長 華潤深國投投資有限公司董事 深圳 。 能源集團股份有限公司(000027.SZ)董事及財務總監 ， 彼現亦為沙河實業股份有限公司(000014.SZ)董事 喀 。 什市深圳城投資發展有限公司董事 彼在財務管理及 。 財務審計等方面有相當之工作經驗

045 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Mr. WU Wai Chung, Michael, aged 71, an Independent Non-executive Director since 9 October 2002. He was formerly the deputy chairman of the Shanghai Stock Exchange and a commissioner in the Strategy & Development Committee of the China Securities Regulatory Commission. Prior to that, he was the deputy chairman, chief operating officer and executive director and responsible for the Intermediaries Division, comprising the Licensing and Intermediaries Supervision Departments of the Securities and Futures Commission until 31 December 1997. In addition, Mr. WU also served as an independent non-executive director of Sunwah Kingsway Capital Holdings Limited (188.HK), an independent non-executive director and chairman of Cypress Jade Agricultural Holdings Limited (renamed as China Finance Investment Holdings Ltd.) (875.HK) and an executive director of Tradelink Electronic Commerce Ltd. (536.HK).

吳偉驄先生，71 歲，自2002 年10 月9 日起出任獨立 ， 非執行董事 彼曾任上海證券交易所副理事長及中 。 國證券監督管理委員會規劃發展委員會委員 在此之 ， 前 彼為證券及期貨事務監察委員會中介團體監察科 、 （包括發牌及中介團體監察部）之副主席 營運總裁及 執行董事直至1997年12月31日。此外，吳先生亦曾 為新華匯富金融控股有限公司(188.HK)之獨立非執行 、 董事 從玉農業控股有限公司（改名為中國金控投資 集團有限公司）(875.HK)之獨立非執行董事兼主席及貿 。 易通電子貿易有限公司(536.HK)之執行董事

046 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Mr. LI Wai Keung, aged 64, an Independent Non-executive Director since 27 September 2004. Mr. LI graduated from The Hong Kong Polytechnic and holds a master’s degree in Business Administration from The University of East Asia. He is a fellow member of the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants. Mr. LI had worked for Henderson Land Development Company Limited (12.HK). He was an independent non-executive director of Sun Century Group Limited (1383.HK), a director of Shenzhen City Airport (Group) Company Limited (000089.SZ), an executive director and financial controller of GDH Limited, an executive director of Guangdong Land Holdings Limited (formerly known as Kingway Brewery Holdings Limited) (124.HK) and a non-executive director of Guangdong Investment Limited (270.HK). Mr. LI is currently an independent non-executive director of Hans Energy Company Limited (554.HK), China South City Holdings Limited (1668.HK) and Centenary United Holdings Limited (1959.HK). In addition, he was appointed as a committee member of the 12th Chinese People’s Political Consultative Conference of Guangdong Province on 17 January 2018 and appointed as a standing committee member of the Chinese People’s Political Consultative Conference of Guangdong Province on 27 January 2018. Mr. LI is also the chairman of the Council of the Hong Kong Chinese Orchestra Limited, a management accounting advisor of the Ministry of Finance, PRC, the vice chairman of the Financial and Accounting Affairs Steering Committee of the Hong Kong Chinese Enterprises Association, and the honorary president of Hong Kong Business Accountants Association Limited.

李偉強先生，64 歲，自2004 年9 月27 日起出任獨立 。 ， 非執行董事 李先生畢業於香港理工學院 並持有東 。 亞大學工商管理學碩士學位 彼為英國特許公認會計 。 師公會及香港會計師公會資深會員 李先生曾任職於 。 恒基兆業地產有限公司(12.HK) 彼亦曾擔任太陽世紀 ， 集團有限公司(1383.HK)之獨立非執行董事 深圳市機 ， 場（集團）有限公司(000089.SZ)之董事 粵海控股集 、 團有限公司之執行董事兼財務總監 粵海置地控股有 限公司（前稱金威啤酒集團有限公司）(124.HK)之執行 董事及粵海投資有限公司(270.HK)之非執行董事。李 、 先生現任漢思能源有限公司(554.HK) 華南城控股有 限公司(1668.HK)及世紀聯合控股有限公司(1959.HK) 之獨立非執行董事。此外，彼於2018年1月17日獲委 任為廣東省第十二屆政協委員會委員及於2018年1月 27日獲委任為廣東省政協常務委員。彼亦擔任香港中 、 樂團理事會主席 中華人民共和國財政部管理會計諮 、 詢專家 香港中國企業協會財會專業委員會副主任委 。 員及香港商界會計師協會有限公司榮譽會長

047 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors and Senior Management 董事及高級行政人員

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Dr. WONG Yau Kar, David, GBS, JP, aged 63, an Independent Non-executive Director since 13 June 2013. Dr. WONG received a doctorate degree in Economics from the University of Chicago in 1987. Dr. WONG has extensive experience in manufacturing, direct investment and international trade. Dr. WONG is active in public service. He is a Hong Kong deputy of the National People’s Congress of the People’s Republic of China (全國人民代表大會). He is also the chairman of the Mandatory Provident Fund Schemes Authority. Dr. WONG was appointed as a Justice of Peace (JP) in 2010 and was awarded a Bronze Bauhinia Star (BBS) and Gold Bauhinia Star (GBS) in 2012 and 2017 respectively for his valuable contribution to the society.

黃友嘉博士(GBS, JP)，63歲，自2013年6月13日起 出任獨立非執行董事。彼於1987年獲得芝加哥大學之 。 、 經濟學博士學位 黃博士於製造業 直接投資及國際 。 貿易方面擁有豐富經驗 黃博士一直積極參與公共服 務。彼現為全國人民代表大會香港區代表。他亦現任 強制性公積金計劃管理局委員會主席。於2010 年， 黃博士獲委任為太平紳士(JP)，及於2012 年及2017 ， 年 黃博士分別獲頒授銅紫荊星章(BBS)及金紫荊星章 ， 。 (GBS) 以表揚彼對社會作出之寶貴貢獻

Dr. WONG is currently an independent non-executive director of Huayi Tencent Entertainment Company Limited (419.HK), Redco Properties Group Limited (1622.HK), Sinopec Kantons Holdings Limited (934.HK) and Guangnan (Holdings) Limited (1203.HK), which are listed on the Main Board of the Stock Exchange.

黃博士現為聯交所主板上市公司華誼騰訊娛樂有限公 司(419.HK)、力高地產集團有限公司(1622.HK)、中 石化冠德有限公司(934.HK)及廣南（集團）有限公司 。 (1203.HK)之獨立非執行董事

048 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors and Senior Management 董事及高級行政人員

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Mr. XU Enli, aged 45, a Vice President of the Company, Shum Yip Group Limited and Shum Yip Holdings Company Limited. He graduated from Tianjin University with a master’s degree and is a qualified senior engineer. He joined the Group in 2010 and previously served as the chairman and general manager of Shum Yip Land Co., Ltd., general manager of Shenzhen Science & Industry Park Group Co., Ltd., deputy general manager of Shum Yip Southern Land (Holdings) Co., Ltd., deputy general manager of Shum Yip Pengji (Holdings) Co., Ltd., deputy general manager of Shum Yip Shahe Group Co., Ltd., and assistant to general manager and manager of investment control department of Shenzhen Tianjian Real Estate Development Industry Co., Ltd.. Mr. XU has extensive experience in real estate development, operation and infrastructure construction.

Mr. YAN Zhongyu, aged 45, a Vice President of the Company, Shum Yip Group Limited and Shum Yip Holdings Company Limited. He graduated from Wuhan University with a master’s degree in Business Administration. Mr. YAN joined the Group in 2020. He was the head of capital market department, the deputy head and the head of strategic development department and the deputy head and a senior supervisor of investment development department (investment project assessment center) of Shenzhen Investment Holdings Co., Ltd., and a director, deputy executive general manager, secretary of the board, head of administration office and deputy manager (investment department) of Shenzhen Great Ocean Shipping Co., Ltd.. Mr. YAN has extensive experience in project investment and financing, corporate management and capital operation.

Mr. YEO Kee Whye, aged 55, a Vice President of the Company, Shum Yip Group Limited and Shum Yip Holdings Company Limited. He graduated from Imperial College London and holds a master’s degree in Computer Science from University of Oxford. Mr. YEO joined the Group in 2021. Prior to this, he served as the Co-president of Sinobo Land, the general manager of Hopson Commercial Properties Ltd., the general manager of a commercial company of Financial Street Holdings and the managing director of CapitaMalls Asia in China. Mr. YEO has extensive experience in project investment, business development management, asset management in commercial real estate sector.

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徐恩利先生，45 歲，現任本公司、深業集團有限公 司及深業（集團）有限公司副總裁。彼畢業於天津大 學，擁有碩士學位及高級工程師資格。彼於2010 年 ， 、 加入本集團 歷任深業置地有限公司董事長 總經 理，深圳科技工業園（集團）有限公司總經理，深業 ， 南方地產（集團）有限公司副總經理 深業鵬基（集 團）有限公司副總經理，深業沙河（集團）有限公司副 ， 、 總經理 深圳市天健房地產開發公司總經理助理 投 。 、 資控制部經理 徐先生於房地產開發 運營及基礎建 。 設領域有相當之工作經驗

嚴中宇先生，45歲，現任本公司、深業集團有限公司 及深業（集團）有限公司副總裁。畢業於武漢大學， 工商管理專業碩士研究生。嚴先生於2020 年加入本 集團。彼歷任深圳市投資控股有限公司資本運營部部 長、戰略發展部部長、副部長，投資發展部（投資項 、 ， 目評審中心）副部長 高級主管 深圳大洋海運股份 、 、 、 有限公司董事 常務副總經理 董事會秘書 辦公室 主任、投資部副經理。嚴先生於項目投融資、企業管 理、資本運作方面有相當之工作經驗。

姚啟懷先生，55歲，現任本公司、深業集團有限公司 ， 及深業（集團）有限公司副總裁 彼畢業於倫敦帝國 理工大學，並持有牛津大學計算機系碩士學位。姚先 生於2021 年加入本集團，此前，彼歷任中赫置地聯 、 、 席總裁 合生商管公司總經理 金融街控股商用公司 總經理、凱德商用中國區董事總經理。姚先生於商業 、 、 地產領域具有豐富的項目投資 商業拓展管理 資產 。 管理等方面的工作經驗

049 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Mr. ZHU Guoqiang, aged 47, is currently the General Manager of Capital Market Department of the Company. He obtained a master’s degree in Business Administration from The Hong Kong University of Science & Technology. He joined the Group in 2004, and held positions as general manager of investment department and strategic management department of the Company. Prior to this, he worked in Shenzhen Construction Investment Holdings Ltd.. Mr. ZHU is currently a non-executive director of Coastal Greenland Limited (1124.HK). Mr. ZHU is familiar with the real estate market and property development process and has maintained good communication with investors.

Ms. WONG Yin San, aged 54, is the General Counsel of the Company and the Secretary of the Board. Ms. WONG joined the Group in September 2014. She is a solicitor of the High Court of the Hong Kong Special Administrative Region, Chartered Secretary and Chartered Governance Professional. She holds a Bachelor of Business Administration degree and a Bachelor of Laws degree. Prior to joining the Group, she worked in the corporate department of an international law firm. She also previously held a senior position in a listed company in Hong Kong. Ms. WONG has extensive experience in the legal, regulatory, corporate finance, compliance and corporate governance fields.

Ms. HUANG Jiong, aged 54, is currently the admin director and the General Manager of Human Resources Department of the Company and Shum Yip Group Limited. Ms. Huang graduated from Shenzhen University with major in Human Resource Management and Business Administration, and the title of senior political analyst. She joined the Group in 1989, and held positions as general manager assistant and deputy general manager of human resources department of the Company. Ms. HUANG has extensive experience in corporate management and human resources management.

Mr. YANG Jianhui, aged 51, is currently the General Manager of Finance Management Department of the Company and Shum Yip Group Limited. Mr. YANG graduated from Heilongjiang Bayi Agricultural University and holds a bachelor’s degree in economics and the title as senior accountant. Mr. YANG joined the Group in 2007 and held the position as deputy general manager of Shum Yip Land Company Limited. Mr. YANG has extensive expertise and experience in finance management.

Directors and Senior Management 董事及高級行政人員

朱國強先生，47歲，現任本公司資本運營部總經理。 彼擁有香港科技大學工商管理碩士學位。彼於2004 ， 年加入本集團 歷任本公司投資部及戰略管理部總經 理。在此之前，彼曾任職於深圳市建設投資控股公 司。朱先生現任沿海綠色家園有限公司(1124.HK)之非 。 ， 執行董事 朱先生熟悉房地產市場及物業開發流程 。 與投資者保持著良好溝通

黃燕珊女士，54 歲，為本公司法律事務總監及董事 會秘書。彼自2014年9月起加入本集團。彼為香港特 ， 別行政區高等法院律師 特許秘書及特許管治專業人 員。彼持有工商管理學士學位及法律學士學位。在加 ， 入本集團之前 彼曾於一家國際律師事務所企業部門 任職。彼亦曾於一家香港上市公司擔任重要職務。黃 、 、 、 女士於法律 法規 企業融資 合規與公司管治事務 。 具有豐富經驗

黃炯女士，54歲，現任本公司行政總監，本公司及深 。 業集團有限公司人力資源部總經理 黃女士畢業於深 ， 圳大學人力資源管理專業及工商行政管理專業 擁有 高級政工師職稱。彼於1989 年加入本集團，歷任本 、 。 公司人力資源部總經理助理 副總經理 黃女士於企 、 。 業管理 人力資源等方面有豐富經驗

楊建輝先生，51歲，現任本公司及深業集團有限公司 。 財務管理部總經理 楊先生畢業於黑龍江八一農墾大 學，擁有經濟學學士學位和高級會計師職稱。楊先生 於2007年加入本集團，曾任深業置地有限公司副總經 理。楊先生於財務管理方面擁有豐富的專業知識和經 驗。

050 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors’ Report 董事會報告

The directors of the Company (the “Directors”) have pleasure in presenting to shareholders their annual report together with the audited consolidated financial statements of the Group for the year ended 31 December 2020.

Principal Activities

The principal activities of the Group consist of property development for sale, property management and property investments for rental income. The property development process is vertically integrated from land acquisition, project planning, material sourcing, construction and project management to sales and marketing to ensure high standards in every aspect. The Group’ professional property management team manages a variety of types of properties including government offices, office buildings, residential estates, villas an science and technology parks mainly located in Pearl River and Yangtze River deltas as well as the central region. Our investment property portfolio includes commercial, residential and industrial buildings and car parking bays, which are located mainly in Shenzhen. Details of the principal activities of the principal subsidiaries, associates and joint ventures are set out in note 21, note 22 and note 23 to the financial statements, respectively. There were no significant changes in the nature of the Group’s principal activities during the year.

Results and Dividends

The Group’s profit for the year ended 31 December 2020 and the financial position of the Company and the Group at that date are set out in the financial statements on pages 110 to 263.

The Board recommends the payment of a final dividend of HK11.00 cents per share for the year ended 31 December 2020 (2019: a final dividend of HK11.00 cents per share), which subject to the approval by the shareholders at the forthcoming annual general meeting of the Company, will be payable in cash on or about Thursday, 8 July 2021 to shareholders whose names appear on the register of members of the Company on Friday, 11 June 2021. Together with the interim dividend of HK7.00 cents per share already paid, the total dividend for the year ended 31 December 2020 amounts to HK18.00 cents per share (2019: HK18.00 cents per share).

Business Review

The business review of the Group for the year ended 31 December 2020 is set out in the sections headed “Chairman’s Statement” and “Management Discussion and Analysis” respectively from pages 10 to 19 and pages 22 to 39 of this report (which from part of this Directors’ Report) and the paragraphs below.

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本公司董事（「董事」）欣然向股東提呈本集團截至 2020 年12 月31 日止年度之年報及經審核綜合財務報 表。

主要業務

、 本集團主要業務包括開發物業以供出售 物業管理及 。 物業投資以賺取租金收入 物業開發流程為採取垂 ， 、 、 直綜合業務架構 從土地收購 項目規劃 物料採 、 、 ， 購 工程建設 項目管理以至市場營銷 以確保每個 環節均達到高水準。本集團之專業物業管理團隊管理 ， 、 多種類型物業 包括主要分佈在珠三角 長三角和中 、 、 、 部地區的政府機關 寫字樓 住宅小區 別墅及科技 園區。我們的投資物業組合包括主要分佈於深圳的商 業、住宅及工業大廈以及停車場。其主要附屬公司、 聯營公司及合營公司之主要業務詳情分別載於財務報 表附註21、附註22與附註23。年內，本集團主要業 。 務之性質並無任何重大變動

業績及股息

本集團截至2020 年12 月31 日止年度之溢利及本公司 與本集團於該日之財務狀況載於第110至263頁之財務 。 報表內

董事會建議於2021 年7 月8 日（星期四）或前後以現 金方式向於2021 年6 月11 日（星期五）名列本公司股 東名冊之股東，派發截至2020年12月31日止年度之 末期股息每股 11.00 港仙（2019 年：末期股息每股 11.00港仙），惟須待股東於本公司應屆股東週年大會 上批准。連同已派發之中期股息每股7.00港仙，截至 2020年12月31日止年度之股息總額為每股18.00港仙 （2019年︰ 每股18.00港仙）。

業務回顧

本集團截至2020 年12 月31 日止年度的業務回顧分別 載於本報告第10至19頁及第22到39頁之「主席報告」 及「管理層討論及分析」（其為本董事會報告一部份） 以及以下段落。

051 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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Law and Regulations

The Group is principally engaged in property development, property management and property investment in the PRC and is therefore subject to the relevant laws and regulations of the PRC. In respect of the laws and regulations relating to the environment, which include, but not limited to, Law of the People’s Republic of China on Environmental Protection (中華人民共和國環境保護法), Law of the People’s Republic of China on Prevention and Control of Solid Waste Pollution (中 華人民共和國固體廢物污染環境防治法) and the relevant environmental protection laws and regulations of Shenzhen Special Economic Zone as well as other provinces where the Group operates etc.. The Group attaches great importance to legal compliance, and carries out all the business activities in compliance with the requirements of the applicable laws and regulations.

Key Risk Factors

Risks and uncertainties can affect the Group’s businesses, financial conditions, operational results or growth prospects leading to a divergence from expected or historical results. The following paragraphs list out the key risks and uncertainties facing by the Group. It is a non-exhaustive list and there may be other risks and uncertainties further to the key risk areas outlined below, and there may be other risks which are not known to the Group or which may not be material now but could become material in the future.

Epidemic Risks

The novel coronavirus has brought substantive impact on macro economy and the industry where the Group operates. The implementation of measures in respect of epidemic prevention and control and enhanced efforts on property services, as well as the occurrence of unexpected factors in the future, will have a continuous impact on the Group’s development and sales business, property investment business as well as property service business. The Group will keep an eye on the trend of the epidemic at all times, and develop corresponding solutions to cope with the risks caused on development and operation on the premise of ensuring public safety.

Macroeconomic Risks

The Group’s development and operations may be affected by external macroeconomic and capital market fluctuations. The geo-political instability in the international arena will have uncontrollable long-term effects. The systematic risk in China’s economic transformation, the shocks on macro economy arising from the epidemic situation and the fluctuating capital market will bring uncertainty to the Group’s operating environment. The Group will keep track of the macroeconomic changes at all times and take corresponding measures to cope with the risks as and when necessary.

法律及法規

、 本集團主要於中國從事物業開發 物業管理及物業投 ， ， ， 資 因此 須遵守相關的中國法律及法規 就環境 ， ， 相關的法律及法規包括 但不限於 中華人民共和國 、 環境保護法 中華人民共和國固體廢物污染環境防治 法及深圳經濟特區以及本集團營運所在的其他省份的 。 相關環境保護法律及法規等 本集團非常重視合法合 規，開展各項經營活動均按照各項適用法律法規的規 定執行。

主要風險因素

、 風險及不明朗因素或會影響本集團之業務 財務狀 、 ， 況 經營業績或發展前景 導致業績偏離預期或過往 表現。以下段落列明本集團面臨之主要風險及不明朗 因素。此清單並非詳盡，除下文闡述之主要風險範疇 ， ， 外 可能有其他進一步風險和不確定因素 及亦可能 存在本集團未知之其他風險或現時未必屬重大但日後 。 可能屬重大之風險

疫情風險

新型冠狀病毒疫情對宏觀經濟及本集團所處行業已造 。 、 成實質性影響 由於疫情防控 物業服務力度加大等 ， 措施的實施以及未來不可預期因素的發生 對集團開 、 發銷售業務 物業投資業務及物業服務業務將造成持 續性影響。本集團將時刻留意疫情動向，在保障公共 ， 安全的前提下 制定相關方案應對其對發展經營帶來 的風險。

宏觀經濟風險

本集團發展經營可能受到外部宏觀經濟及資本市場波 動所影響。國際地緣政治的不穩定因素將造成不可控 的長期影響。中國經濟轉型中的系統性風險、疫情對 宏觀經濟的衝擊及資本市場波動將對本集團的經營環 。 境帶來不確定性 本集團將時刻留意整體宏觀經濟變 動，並在有需要時採取相應措施應對風險。

052 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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Industry Risks

Affected by epidemic prevention and control, policy control, liquidity and other factors, the real estate industry in China is facing complex environment and high uncertainty, which shall have an impact on the Group’s development and operations. The income from property business represents mainstream income of the Group, and in the Group’s income from real estate sales, the income from the real estate sales in Shenzhen market has a higher proportion. If there is a downside risk in the real estate market in Shenzhen, this will have a more substantial impact on the Group’s sales revenue and profitability. The Group closely monitors the sales position at all times and adopts strategies with flexibilities to cope with the risks.

Policy Risks

Policy guidance has a profound impact on the real estate market. In 2020, key cities in China continued to be under an environment with stringent policy control, and Shenzhen launched the most stringent regulatory policy among firsttier cities in July. The changes and the efforts in implementation of the policies have a certain impact on trading volume and selling price of real estate market. In August, the government delivered the credit policy of “three red lines” for the financing of real estate enterprises, which proposed a long-term development mechanism for real estate enterprises, aiming to urge real estate enterprises to pay attention to the utilization of funds, cooperation and the quality of projects, so as to promote the transformation of the real estate industry, strengthen the service attributes and stabilize the real estate market. The Group will carefully interpret the policies and closely monitor the market situation, and flexibly adjust the Company’s strategy and sales plan to cope with the risk from policy changes.

Exchange Rate Risks

There is fluctuation in Renminbi exchange rate. The Group’s main assets are located in mainland China while the reporting currency of Group’s financial reports is Hong Kong dollar. The fluctuation in Renminbi exchange rate will cause changes in the value of the Group’s assets and earnings denominated in Renminbi against Hong Kong dollar, the reporting currency. The Group did not adopt any financial instrument to hedge against exchange rate risk in the year. In future, the Group will monitor the exchange rate fluctuations, and actively address exchange rate risks through a variety of ways.

Operational Risks

The Group’s operations may be affected by multiple risk factors related to the real estate business. Inadequate internal processes, personal misconduct, external partner’s breach behavior or other factors beyond control may have certain negative impacts on the Group’s operation. The Group will continue to optimize its management, improve its internal control system and enhance its operational capabilities so as to avoid such risks.

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行業風險

、 ， ， 受疫情防控 政策調控 流動性等因素影響 中國房 ， ， 地產行業環境複雜 不確定性大 將給本集團發展經 營帶來影響。房地產業收入為本集團主要收入來源， 而本集團房地產銷售收入中，深圳市場佔比較高。深 ， 圳房地產市場如果發生下行風險 將對本集團的銷售 。 收入和盈利水準產生較大影響 本集團將時刻密切監 ， 。 控銷售情況 採用靈活策略應對風險

政策風險

政策導向對房地產市場產生深遠的影響。2020 年， 中國重點城市繼續處於嚴厲的政策調控環境中，7 月 ， 深圳出台一線城市中最嚴格的調控政策 政策的變化 及執行力度對房地產市場的交易量和價格產生一定影 響。8 月政府傳達了房企融資「三條紅線」的信貸政 ， ， 策 為房企提出了長期發展機制 督促房企注重資金 、 ， 使用率 加強合作和重視項目質量 意在推動房地產 行業轉型，加強服務屬性，穩定房地產市場。本集團 ， 將仔細解讀政策並密切關注市場情況 靈活調整公司 。 策略和銷售計劃以應對政策變化帶來的風險

匯率風險

。 人民幣匯率存在波動風險 本集團主要資產位於中國 大陸，而本集團財務報告的呈報貨幣為港元。人民幣 ， 匯率波動 將導致本集團以人民幣計值之資產及收益 。 相對呈報貨幣港元價值變動 本集團年內未採用金融 ， ， 工具對沖匯率風險 未來本集團將監控匯率波動 積 。 極通過多種方式應對匯率風險

運營風險

本集團運營可能受到房地產相關業務的多種風險因素 所影響。內部流程不足、員工個人失當行為、外部合 作方的失責行為或其他外圍不可控因素可能對本集團 營運構成若干負面影響。本集團將繼續優化管理，健 ， 。 全內控體系 提升運營能力以規避相關風險

053 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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Highlight of ESG Report

In 2020, the Company was still making persistent efforts to achieve sustainability goal of the Group. Specifically, we have facilitated steady business operation and sustainable development by aligning with national and regional development strategies and seizing the opportunities arising from the “dual-driven” (雙區) policy launched in Shenzhen Special Economic Zone, while proactively performing the environmental and social liabilities of the Group. During the year, we have been improving and strengthening the environmental, social and governance framework, and have specified the responsibilities for overall planning and implementation of sustainability affairs and related work reporting mechanism. We pursue the balanced development among economic, environmental, and social benefits by actively promoting our own steady and sustainable development, so as to better shoulder our responsibilities towards all stakeholders.

We have always been keeping corporate social responsibility in mind and sticking to the concept of “Health, Quality and Culture”. On one hand, we encourage the development of green construction and healthy building. On the other hand, we advocate cleaner production by employing new energy-saving and emissionreduction technology to maximize its utilization. Through the above efforts, we are committed to creating and establishing an ecological and livable construction environment, so as to achieve a win-win situation for both environmental quality and green ecology. Meanwhile, we actively explore a “smart +” industry model to implement the smart city planning under the 14th Five-Year Plan. We also build an intelligent park that guides the trend of new technology and leads a new lifestyle, thus realizing our vision of building a sound and sustainable community.

Adhering to the human resources concept of “morality headed and making good use of talents”, we have always been completing the talent selection mechanism to ensure a steady stream of vibrant talents for the Group, as well as establishing and improving human resource management policy to promote the construction and quality of our talent pool. In addition, we attach great importance to our employees’ safety and health as well as training and development, aiming at providing the employees with a healthy, harmonious, fair and just working environment and atmosphere where they are respected. Our intelligent property platform offers more convenience to customers’ lives, thus enabling them to enjoy better service. Our voluntary teams of emergent fire-fighting and traffic order etc. continue to help the building of a harmonious community. Besides, we have successfully fulfilled our task of targeted poverty alleviation, which contributed to the completion of the battle against poverty in China by 2020. We actively participate in community construction, carry out diversified community activities, and contribute to the building of a harmonious society. With firm determination to win the fight against the epidemic, we have paid close attention to epidemic prevention and control, and improved the normalized prevention and control mechanism as well as the mechanism of joint prevention and control and group prevention and group control. Furthermore, we have shouldered the responsibility as a state-owned enterprise and relied on our advantages to support the development of small and medium-sized enterprises and overcome difficulties together with them in concerted efforts by waiving rent and other ways.

、 、 環境 社會 管治報告概要

2020年，本公司依舊在實現本集團的可持續發展目標 ， ， 上不斷努力 我們融入國家和區域發展戰略 把握深 ， 圳特區「雙區」建設機遇 積極履行本集團的環境與 ， 。 社會責任 推動企業自身的穩健經營及可持續發展 、 ， 本年度我們繼續完善和鞏固環境 社會及管治架構 明確可持續發展事務的統籌與執行職責以及相關的彙 。 、 報機制 我們追求實現經濟 環境與社會效益的均衡 ， ， 發展 積極推動企業自身穩健及可持續發展 以更好 。 地承擔起對所有利益相關方的責任

， 、 、 我們始終銘記企業社會責任 堅持「健康 品質 文 ， 、 ， 化」的理念 發展綠色建築 健康建築 積極運用新 ， ， ， 型節能減排技術 宣導清潔生產 物盡其用 致力於 ， 創造建設生態宜居的建築環境 實現環境品質和綠色 生態的共贏。我們積極探索「智慧+」產業模式，貫 ， 、 徹「十四五」智慧城市規劃 打造引領新技術潮流 ， 、 新生活方式的智慧園區 實現建設有品質 可持續的 社區願景。

， ， 我們一貫秉承「以德為先 尚才善用」的人才理念 ， 不斷完善人才選拔制度 保障有活力的新鮮血液注入 ， ， 本集團 建立健全人力資源管理制度 提升人才隊伍 建設品質。我們重視員工的安全健康和培訓發展，旨 在為員工締造一個健康和諧，公平公正，受尊重的工 。 ， 作環境及氛圍 我們的智慧物業平台 讓客戶生活更 便捷，享受更優質的服務。我們自願組建的應急消 防、交通執勤等義工隊伍，持續助力和諧社區建設。 ， ， 此外 我們順利完成精準扶貧的工作 助力國家打贏 2020 脫貧攻堅戰。我們積極參與社區建設，開展多 元社區活動，為構建和諧社會貢獻一份力量。我們始 ， 終繃緊疫情防控這根弦 健全常態化防控機制和聯防 、 ， 。 聯控 群防群控機制 堅決打贏疫情防控阻擊戰 我 ， ， 們肩負國企擔當 發揮自身優勢 通過減免租金等形 式積極幫扶中小企業發展，共渡難關。

054 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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We highly value the recommendations and views provided by all stakeholders and undertake to create long-term values for our stakeholders including homeowners, tenants, investors, business partners, employees, and broad communities. To this end, we have been committed to building a diversified and efficient communication mechanism, establishing close contact with our stakeholders, and proactively understanding and responding to their concerns, ensuring the stakeholders’ right to know and privacy, and achieving a harmonious and winwin situation. During the year, we conducted effective communication with the management and employees of relevant functional departments and secondand-third-level enterprises through site visits, training, interviews, etc.

We will take initiative to assume our social responsibilities, strive to improve the Group’s environmental, social and governance issues, and integrate the fulfillment of social responsibilities into the entire process of construction and business operation to ensure the Group’s sustainable development strategy plays an active role in all aspects, thereby achieving the Group’s vision.

Please refer to the “2020 Environmental, Social and Governance Report” to be issued by the Company for details.

Summary of Financial Information

A summary of the published results of the assets, liabilities and non-controlling interest of the Group for the last five financial years, as extracted from the audited financial statements as appropriate, is set out on page 7. This summary is not part of the audited financial statements.

Property, Plant and Equipment and Investment Properties

Details of movements in the property, plant and equipment and investment properties of the Group during the year are set out in note 14 and 17 to the financial statements respectively.

Properties

Particulars of major properties held by the Group are set out on pages 264 to 270.

Principal Subsidiaries, Associates and Joint Ventures

Particulars of the Company’s principal subsidiaries, associates and joint ventures are set out in note 21, note 22 and note 23 to the financial statements respectively.

Reserves

As at 31 December 2020, the Company’s reserves available for distribution, amounted to HK$2,432,503,000.00 of which HK$978,988,000.00 have been proposed as final dividend for the year. Details of movements in the reserves of the Group and the Company during the year are set out in the Consolidated Statement of Changes in Equity on pages 114 to 115 and note 38(c) to the financial statements respectively.

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， 我們重視各利益相關方提出的建議與意見 承諾為業 主、租戶、投資者、商業夥伴、員工及廣大社群等 。 利益相關方創造長遠價值 我們一直致力於構建多元 、 ， ， 化 有效的溝通機制 與利益相關方建立緊密聯繫 ， 並主動瞭解和回應其關注 保障利益相關方的知情權 與隱私權，實現和諧共贏。本年度，我們通過實地考 、 、 察 培訓和訪談等形式與相關職能部門 二三級企業 。 的管理層和員工進行了有效的溝通

， 、 我們將主動承擔社會責任 努力完善本集團的環境 ， 社會及管治事宜 將履行社會責任有機融入到建造經 ， 營的全過程 確保本集團的可持續發展策略在各方面 積極發揮作用，實現本集團的願景。

詳情請參閱本公司即將發佈的「2020環境、社會及管 治報告」。

財務資料摘要

、 本集團過去五個財政年度之已公佈資產 負債及非控 股權益業績摘要乃摘錄自經審核財務報表（倘適用）， 載於第7頁。此摘要並非經審核財務報表之一部份。

、 物業 廠房及設備以及投資物業

、 年內本集團之物業 廠房及設備以及投資物業之變動 詳情分別載於財務報表附註14及附註17。

物業

本集團持有之主要物業詳情載於第264到270頁。

、 主要附屬公司 聯營公司及合營公司

、 本公司主要附屬公司 聯營公司及合營公司之詳情分 別載於財務報表附註21、附註22及附註23。

儲備

截至 2020 年 12 月 31 日，本公司可供分派之儲備達 ， 2,432,503,000.00港元 當中978,988,000.00港元已 作為年內擬派的末期股息。年內，本集團及本公司之 儲備變動詳情分別載於第114到115頁的綜合權益變動 。 表及財務報表附註38(c)

055 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Interest Capitalisation

Interest (excluding interest accrued on contract liabilities) of approximately HK$398,255,000.00 was capitalised during the year in respect of the Group’s property development projects.

Major Customers and Suppliers

In the year under review, both the aggregate sales attributable to the Group’s five largest customers and the aggregate purchases attributable to the Group’s five largest suppliers were less than 30% of the Group’s sales and purchases respectively.

None of the Directors or any of their associates or any shareholders (which, to the best knowledge of the Directors, own more than 5% of the Company’s issued share capital) had any beneficial interest of the Group’s five largest customers or five largest suppliers.

Donations

During the year, the Group has made donations of approximately HK$690,319.11 for charitable or other purposes.

Directors

The Directors in office as at the date of this report are listed on Page 4 of this report. The changes in Board membership during the year are set out below:

• Mr. MOU Yong retired as an executive director on 26 May 2020

• Mr. LIU Chong resigned as an executive director on 23 July 2020

• Mr. DONG Fang was appointed as an executive director on 23 July 2020

• Mr. LIU Shichao was re-designated from non-executive director to executive director on 23 July 2020

• Ms. CAI Xun was appointed as an executive director on 27 August 2020

• Dr. WU Jiesi resigned as a non-executive director on 14 September 2020

In accordance with article 100 of the articles of association of the Company, Mr. HUANG Wei, Mr. WU Wai Chung, Michael and Mr. LI Wai Keung will retire by rotation at the forthcoming annual general meeting and being eligible, have offered themselves for re-election.

Mr. DONG Fang and Ms. CAI Xun were appointed by the Board as Directors to fill casual vacancy on 23 July 2020 and 27 August 2020, respectively. In accordance with article 91 of the articles of association of the Company, Mr. DONG Fang and Ms. CAI Xun will hold office as Director only until the next following general meeting following their appointment and, being eligible, they have offered themself for re-election at the forthcoming annual general meeting of the Company.

Directors’ Report 董事會報告

利息資本化

， 年內 本集團就物業發展項目資本化之利息（不包括 合約負債所產生利息）約為398,255,000.00港元。

主要客戶及供應商

， 於回顧年度內 本集團五大客戶應佔之銷售總額及本 集團五大供應商應佔之採購總額分別少於本集團之銷 售額及採購額的30%。

董事或其任何聯繫人士或任何股東（據董事所深知擁 有本公司5%以上已發行股本之股東）概無擁有本集團 。 五大客戶或五大供應商任何實益權益

捐贈

， 年內 本集團已捐贈約690,319.11港元用於慈善或其 他目的。

董事

於本報告日期，在任董事載列於本報告第4 頁。年內 的董事會成員變動載列如下：

• － 牟勇先生於2020年5月26日退任執行董事

• － 劉崇先生於2020年7月23日辭任執行董事

• － 董方先生於2020年7月23日獲委任為執行董事

• － 劉世超先生於2020 年7 月23 日由非執行董事調 任為執行董事

• － 蔡潯女士於2020年8月27日獲委任為執行董事

• 武捷思博士於2020年9月14日辭任非執行董事

• －

根據本公司組織章程細則第100條，黃偉先生、吳偉 驄先生及李偉強先生將於應屆股東週年大會上輪值退 任，並符合資格且願意膺選連任。

董方先生及蔡潯女士分別於2020年7月23日及2020年 8月27日獲董事會委任為董事以填補臨時空缺。根據 本公司組織章程細則第91條，董方先生及蔡潯女士將 於彼等任職後僅會擔任董事一職直至下一屆股東大會 ， 為止 並符合資格且願意於本公司應屆股東週年大會 上膺聘連任。

056 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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The list of directors who have served on the boards of the subsidiaries of the Company during the year of this report is available on the Company’s website at www.shenzheninvestment.com under the “Corporate Governance” section.

Update on Directors’ Information

Dr. WONG Yau Kar, David resigned as an independent non-executive director of CSSC (Hong Kong) Shipping Company Limited (3877.HK) on 10 November 2020.

Directors’ and Senior Management’s Biographies

Biographical details of the Directors and the senior management of the Group are set out on pages 40 to 49 of this report.

Directors’ Service Contracts

None of the Directors has a service contract with the Company which is not determinable by the Company within one year without payment of compensation, other than statutory compensation.

Directors’ Material Interests in Transaction, Arrangement and Contract

None of the Directors or his/her connected entity had a material interest, whether directly or indirectly, in any transactions, arrangements or contracts of significance in relation to the business of the Group where were entered into by the Group and subsisting during or at the end of the year.

Directors’ Interests in Competing Businesses

Save as disclosed below, none of the Directors has any direct or indirect interest in a business which competes or may compete, with the business of the Group as required to be disclosed under the Listing Rules.

Dr. LU Hua is the chairman and a director, Mr. HUANG Wei is the president and a director, Ms. CAI Xun and Mr. LIU Shichao are directors of both Shum Yip Holdings Limited (“SYH”) and Shum Yip Group Limited (“SYG”). SYH and SYG, through their subsidiaries and associates, have interests in property investment and development businesses in the PRC.

In addition, Mr. DONG Fang is a non-executive director of Road King Infrastructure Limited (1098.HK), an associated company of the Company, whose shares are listed on The Stock Exchange of Hong Kong Limited and engages in property investment and development businesses. Mr. DONG Fang and Mr. LIU Shichao are also directors of Shahe Industrial Co., Ltd. (000014.SZ), whose shares are listed on Shenzhen Stock Exchange and have interests in property investment and development businesses in the PRC.

Emoluments of Directors and Chief Executives and the Five Highest Paid Employees

Details of the Directors’ and chief executives’ emoluments and of the five highest paid employees in the Group are set out in notes 10 and 11 to the financial statements respectively.

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於本報告之年內服務本公司附屬公司董事會之董事的 名單可於本公司網站www.shenzheninvestment.com之 「企業管治」一節查閱。

董事資料之更新

黃友嘉博士於2020年11月10日辭任中國船舶（香港） 航運租賃有限公司（3877.HK）之獨立非執行董事。

董事及高級管理層成員簡歷

董事及本集團高級管理層成員之履歷詳情載於本報告 第40至49頁。

董事之服務合約

董事概無與本公司訂立在未支付賠償（法定賠償除外） 。 的情況下本公司不可於一年內終止之服務合約

、 董事於交易 安排及合約中之重大權益

概無董事或其關連實體於本集團訂立且對本集團業務 、 而言屬於重大之交易 安排或合約（在年終或年內任 ， 。 何時間仍然有效）中 直接或間接擁有任何重大權益

董事於競爭業務之權益

， 除下文所披露者外 董事概無於上市規則規定須予以 披露與本集團業務構成競爭或可能構成競爭之業務中 。 擁有任何直接或間接權益

呂華博士為深業（集團）有限公司（「深業（集團）」） ， 及深業集團有限公司（「深業集團」）的主席及董事 ， 黃偉先生為該兩間公司的總裁及董事 蔡潯女士及劉 世超先生為該兩間公司的董事。深業（集團）及深業 集團透過其附屬公司及聯營公司於中國之物業投資及 。 開發業務中擁有權益

， 此外 董方先生現為本公司聯營公司路勁基建有限公 司(1098.HK)之非執行董事，該公司之股份於香港聯 ， 合交易所有限公司上市 及其從事物業投資及開發業 務。董方先生及劉世超先生現亦為沙河實業股份有限 公司(000014.SZ)之董事，該公司之股份於深圳證券交 ， 易所上市 及其於中國之物業投資及開發業務中擁有 權益。

董事及最高行政人員以及五名最高薪僱員之酬金

本集團董事及最高行政人員以及五名最高薪僱員的酬 金之詳情分別載於財務報表附註10及11。

057 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Management Contracts

No contracts concerning the management and administration of the whole or any substantial part of the business of the Group were entered into or existed during the year.

Share Option Scheme

The Company adopted a share option scheme on 22 June 2012 (“Share Option Scheme”). The major terms of the Share Option Scheme are as follows:

1. The purpose of the Share Option Scheme is to provide incentive and reward to the participants to encourage them to work towards enhancing the value of the Company and its shares for the benefits of the Company and its shareholders as a whole.

2. The eligible participants of the Share Option Scheme are the employee or director (including executive, non-executive and independent non-executive director) of any member of the group comprising the Company, Shum Yip Holdings Company Limited, a substantial shareholder of the Company, Shum Yip Group Limited, the holding company of Shum Yip Holdings Company Limited, and their subsidiaries and associated companies from time to time (the “SY Group”) or any employee, partner or director of any business consultant, joint venture partner, financial adviser and legal adviser of and to any member of the SY Group, as the Board may at it absolute discretion determine.

3. The total number of shares which may be issued upon exercise of all options to be granted shall not in aggregate exceed 10% of the total number of shares in issue as at the date of adopting the Share Option Scheme. That 10% limit was refreshed at the annual general meeting of the Company held on 19 June 2014 whereby the Company was authorized to grant further options carrying rights to subscribe for up to 538,252,770 shares, representing 10% of the total number of the Company’s shares in issue as at the date of the said meeting, under the Share Option Scheme. As at the date of this report, the total number of shares available for issue under the Share Option Scheme was 514,912,865 (of which options to subscribe for 153,604,958 shares had been granted and were outstanding), representing approximately 5.79% of the shares in issue of the Company.

4. The total number of shares issued and to be issued upon exercise of the options granted and to be granted pursuant to the Share Option Scheme to each Participant (including exercised, cancelled and outstanding options) in an 12-month period shall not exceed 1% of the total number of shares of the Company in issue, unless otherwise separately approved by the shareholders of the Company in a general meeting. Further, any grant of option to a participant who is a substantial shareholder or an independent non-executive director of the Company, or any of their

Directors’ Report 董事會報告

管理合約

年內概無訂立或存在任何有關本集團全部或絕大部份 。 業務管理與行政之合約

購股權計劃

本公司於2012 年6 月22 日採納一項購股權計劃（「購 股權計劃」）。購股權計劃之主要條款如下：

1. 購股權計劃旨在向參與者提供激勵及獎勵以鼓勵 彼等致力為本公司及其股東之整體利益提升本公 司及其股份之價值。

2. 購股權計劃之合資格參與者為本集團任何成員 公司（包括本公司、本公司之主要股東深業（集 團）有限公司、深業（集團）有限公司之控股公 司深業集團有限公司及彼等不時之附屬及關聯公 司）（「深業集團」）之僱員或董事（包括執行、 非執行及獨立非執行董事）、或深業集團任何成 、 、

員公司之任何商業顧問 合營夥伴 財務顧問 、 ，

及法律顧問之任何僱員 合夥人或董事 均由 。

董事會全權決定

1. 因行使將擬授出之全部購股權而可能發行之股份 總數合共不得超過於採納購股權計劃當日已發 行股份總數之10%。該10%之限額已於2014年 6 月19 日舉行之本公司股東週年大會上更新， ，

藉此 本公司根據購股權計劃獲授權授出附帶 權利可認購最多 538,252,770 股股份（佔上述 會議日期本公司已發行股份總數之 10%）之購 。 ，

股權 於本報告日期 根據購股權計劃可供 發行之股份總數為 514,912,865 股（其中認購 153,604,958 股股份之購股權已授出及尚未行 使），約相當於本公司已發行股份之5.79%。

1. 根據購股權計劃於任何12 個月期間已授予及擬 、

授予各參與者之購股權（包括已獲行使 已註 銷及尚未行使之購股權）因行使而發行及擬發 ，

行之股份總數 不得超過本公司已發行股份總 數之1%，另行於股東大會獲公司股東批准者除 外。根據購股權計劃及本公司任何其他購股權 ，

計劃 倘向身為本公司主要股東或獨立非執行 董事或彼等各自的任何聯繫人之參與者授出及

058 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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respective associates, which would result in the shares issued and to be issued upon exercise of all options already granted and to be granted under the Share Option Scheme and any other share option schemes of the Company (including options exercised, cancelled and outstanding) to him in the 12-month period up to and including the date of such grant (i) representing in aggregate more than 0.1% of the total number of shares of the Company in issue; and (ii) having an aggregate value, based on the closing price of the shares of the Company at the date of each grant, in excess of HK$5,000,000, is subject to the approval of the shareholders of the Company in general meeting.

1. The exercise period of any option granted under the Share Option Scheme is to be determined by the Board at its absolute discretion, and shall expire no later than the 10th anniversary of date upon which the option is granted and accepted in accordance with the Share Option Scheme.

2. There is neither any minimum period for which an option must be held, nor any performance target which is needed to be achieved before the option can be exercised unless otherwise determined by the Board and specified at the time of the offer.

3. The period open for acceptance of an offer of the grant of the option shall be determined by the Board at its absolute discretion provided that it shall not be opened for acceptance after the 10th anniversary of the date upon which the option is granted and accepted in accordance with the Share Option Scheme or after the Share Option Scheme has been terminated in accordance with the provisions of the Share Option Scheme, whichever is earlier. The acceptance of an offer of the grant of the option shall be made with a non-refundable payment of HK$1.00 from the grantee.

4. The exercise price shall be a price determined solely by the Board and shall be at least the higher of (i) the closing price of the Company’s shares as stated in the daily quotations sheet of The Stock Exchange of Hong Kong Limited (“Stock Exchange”) on the date of grant; and (ii) the average closing price of the Company’s shares as stated in the Stock Exchange’s daily quotations sheets for the 5 business days immediately preceding the date of grant.

5. The Share Option Scheme shall be valid and effective until 22 June 2022 unless otherwise terminated in accordance with the terms stipulated therein.

Please refer to note 37 to the financial statements for further information of the Share Option Scheme.

There was no grant, lapse or cancellation of share options during the year. As

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、 擬授出的所有購股權（包括已獲行使 已註銷 及尚未行使的購股權）因行使而導致於截至並包 括有關授出日期止12 個月期間已發行及擬發行 的股份：(i) 合共超過本公司已發行股份總數的 0.1%；及(ii)按本公司股份於各授出日期的收市 價計算，總值超過5,000,000港元者；則進一步 。 授出購股權須經本公司股東在股東大會上批准

1. 根據購股權計劃授出之任何購股權之行使期將由 ，

董事會全權決定 及根據購股權計劃須於授出 及接納購股權當日起計不遲於第10 個年度前屆 滿。

1. 在行使購股權前並無須持有購股權之任何最短期 ，

限或須達到之任何表現目標 除非董事會在授 。

出購股權時另有決定及指明

1. 可供接納授出購股權之要約之時間乃由董事會 ，

全權決定 惟根據購股權計劃於授出及接納購 股權當日起計滿第10 個年度當日或購股權計劃 已根據其條文終止（以較早者為準）後不可供接 納。接納授出購股權之要約時，承授人須支付 不可退還款項1.00港元。

1. 行使價乃由董事會全權釐定，並須至少為以下 之較高者：(i)香港聯合交易所有限公司（「聯交 所」）每日報價表所載本公司股份於授出當日之 收市價；及(ii)聯交所每日報價表所載本公司股 。

份於緊接授出當日前五個營業日之平均收市價

1. 購股權計劃有效及生效至2022 年6 月22 日，除 。

非根據其中所訂明之條款另行終止

， 有關購股權計劃之其他資料 請參閱財務報表附註 37。

年內，概無購股權獲授出、失效或註銷。於2020 年

059 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors’ Report 董事會報告

at 31 December 2020, 153,604,958 options granted under the Share Option Scheme were still outstanding.

The particulars of, and movements in, the share options outstanding under the Share Option Scheme during the year are set out below:

12月31日，根據購股權計劃授出之153,604,958份購 。 股權仍尚未行使

下文載列年內購股權計劃項下尚未行使之購股權之詳 情及變動：

	* 購股權將按下列方式行使並受表現審核規限： Number of share options 購股權數目 At 1 January 2020 Granted during the year Exercised during the year Lapsed during the year Cancelled during the year Other changes during the year At 31 December 2020 Date of grant of share options Exercise period of share options Exercise price of share options 於2020年 1月1日 於年內 授出 於年內 行使 於年內 失效 於年內 註銷 年內 其他變動 於2020年 12月31日 授出 購股權 日期 購股權 行使期間 購股權 行使價 HK$ per share 每份港元 (Note 1) （附註1）
Directors 董事 LU Hua 呂華 HUANG Wei 黃偉 DONG Fang 董方 MOU Yong 牟勇 LIU Chong 劉崇	8,895,000 – – – – 410,948 (Note 1) （附註1） 9,305,948 20/6/2017 20/6/2019-19/6/2022 2.902 8,449,789 – – – – 390,380 (Note 1) （附註1） 8,840,169 20/6/2017 20/6/2019-19/6/2022 2.902 N/A 不適用 (Note 2) （附註2） – – – – 275,386 (Note 1) （附註1） 5,960,757 (Note 2) （附註2） 6,236,143 20/6/2017 20/6/2019-19/6/2022 2.902 5,960,757 – – – – 275,386 (Note 1) （附註1） (6,236,143) (Note 3) （附註3） – 20/6/2017 20/6/2019-19/6/2022 2.902 5,960,757 – – – – 275,386 (Note 1) （附註1） (6,236,143) (Note 4) （附註4） – 20/6/2017 20/6/2019-19/6/2022* 2.902
	29,266,303 – – – – (4,884,043) 24,382,260

060 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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	Number of share options 購股權數目 At 1 January 2020 Granted during the year Exercised during the year Lapsed during the year Cancelled during the year Other changes during the year At 31 December 2020 Date of grant of share options Exercise period of share options Exercise price of share options 於2020年 1月1日 於年內 授出 於年內 行使 於年內 失效 於年內 註銷 年內 其他變動 於2020年 12月31日 授出 購股權 日期 購股權 行使期間 購股權 行使價 HK$ per share 每份港元 (Note 1) （附註1）
Other participants 其他參加者	94,473,994 – – – – 4,089,304 (Note 1) （附註1） (5,960,757) (Note 2) （附註2） 12,472,286 (Note 3 and Note 4) （附註3及 附註4） 105,074,827 20/6/2017 20/6/2019-19/6/2022 2.902 23,081,514 – – – – 1,066,357 24,147,871 8/2/2018 20/6/2019-19/6/2022 2.869
	117,555,508 – – – – 11,667,190 129,222,698
In aggregate 合共	146,821,811 – – – – 6,783,147 153,604,958

• Options shall be exercisable in the following manner and subject to performance review:

• 購股權將按下列方式行使並受表現審核規限：

Maximum percentage of Share Option exercisable 可行使購股權最高比例

Period for exercise of the relevant percentage of the Share Option

相關比例購股權之行使期間

at any time from 20 June 2019 to 19 June 2020 40% 2019年6月20日至2020年6月19日之任何時間 at any time from 20 June 2020 to 19 June 2021 70% 2020年6月20日至2021年6月19日之任何時間 at any time from 20 June 2021 to 19 June 2022 100% 2021年6月20日至2022年6月19日之任何時間

Notes:

1. The number of unexercised share options and the exercise price may be subject to adjustment in case of alteration in the capital structure of the Company. Pursuant to the announcement dated 17 August 2020, the Company adjusted the exercise price and number of options outstanding with reference to the terms of the Share Option Scheme and the supplementary guidance attached to the letter of the Stock Exchange relating to share option schemes dated 5 September 2005. The adjusted number and exercise prices for each batch of share options and presented in note 37(a) to the financial statements.

2. Mr. DONG Fang was appointed as an executive director of the Company on 23 July 2020 and therefrom, the options he held were transferred from the category of “Other ” “ ”

participants to Directors .

1. Mr. MOU Yong has retired as an executive director of the Company with effect from 26 May 2020 and remains a participant of the Share Option Scheme.

2. Mr. LIU Chong has resigned as an executive director of the Company with effect from 23 July 2020 and remains a participant of the Share Option Scheme.

附註：

1. 未行使購股權之數目及行使價會隨本公司股本架 構變動而調整。根據 2020 年 8 月 17 日之公告，本 公司根據購股權計劃的條款及聯交所就購股權計 劃出具日期為2005年9月5日的函件隨附的補充指 引對尚未行使購股權行使價及數目做出調整。各 批購股權之經調整數目及行使價於財務報表附註 37(a)列示。

2. 董方先生於2020 年 7 月 23 日獲委任為本公司執行 董事，其持有之購股權於委任後由「其他參加者」 轉至「董事」分類。

3. 牟勇先生於 2020 年 5 月 26 日退任本公司執行董 事，仍為購股權計劃之參加者。

4. 劉崇先生於 2020 年 7 月 23 日辭任本公司執行董 事，仍為購股權計劃之參加者。

061 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors’ Report 董事會報告

Directors’ Interests in Shares

As at 31 December 2020, the interests and short positions of the directors and chief executives of the Company in the shares, underlying shares and debentures of the Company and any associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) which were notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests in short positions which were taken or deemed to have under such provisions of SFO), or which were recorded in the register required to be kept under Section 352 of the SFO or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) adopted by the Company were as follows:

董事之股份權益

於 2020 年 12 月 31 日，本公司之董事及最高行政人 員於本公司及任何相聯法團（定義見證券及期貨條例 （「證券及期貨條例」）第XV部）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 條文被當作或視為擁有之淡倉之權益），或記錄於根 據證券及期貨條例第352 條須存置之登記冊之權益或 ， 淡倉 或根據本公司採納之上市發行人董事進行證券 交易的標準守則（「標準守則」）須知會本公司及聯交 所之權益或淡倉如下：

Long positions in the shares (“Shares”) and underlying shares of the Company:

本公司股份（「股份」）及相關股份之好倉：

			Underlying shares
		Number of	pursuant to	Aggregate	Percentage of
Name of director	Capacity	Shares	share options	interests	Shares in issue
			根據購股權之		佔已發行股份
董事姓名	身份	股份數目	相關股份數目	總權益	之百分比
LU Hua	Beneficial owner	1,154,562	9,305,948	10,460,510	0.12
呂華	實益擁有人
HUANG Wei	Beneficial owner	–	8,840,169	8,840,169	0.10
黃偉	實益擁有人
DONG Fang	Beneficial owner	–	6,236,143	6,236,143	0.07
董方	實益擁有人
LI Wai Keung	Beneficial owner	1,180,880	–	1,180,880	0.01
李偉強	實益擁有人

Note: The percentage was calculated based on 8,899,893,115 Shares in issue as at 31 December 2020.

附註： 百分比乃根據截至2020 年12 月31 日之已發行股 份8,899,893,115股計算。

Interests of the Directors in the share options of the Company are stated in detail “ ” in the preceding section Share Option Scheme .

董事於本公司購股權之權益於上一節「購股權計劃」中 。 詳細載列

062 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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Save as disclosed above, none of the Directors and chief executive of the Company had, as at 31 December 2020, any interests or short positions in any Shares and underlying shares or debentures of the Company or any of its associated corporations (which is the meaning of Part XV of the SFO) which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests in short positions which were taken or deemed to have under such provisions of SFO), or which were recorded in the register required to be kept by the Company under Section 352 of the SFO, or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code.

Save as disclosed above, at no time during the year was the Company or any of its subsidiaries a party to any arrangements to enable the Directors to acquire benefits by means of the acquisition of shares in, or debts securities (including debentures) of, the Company or its associated corporations and none of the Directors, or their spouse or children under the age of 18, had any rights to subscribe for equity or debt securities of the Company or its associated corporations, or had exercised any such rights.

Substantial Shareholders

So far as is known to any director or chief executive of the Company, as at 31 December 2020, the interests and short positions of the shareholders (other than directors or chief executives of the Company) who had interests or short positions in the Shares and underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO, were as follows:

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除上文所披露者外，截至2020年12月31日，概無本 公司董事及最高行政人員於本公司或其任何相聯法團 （定義見證券及期貨條例第XV部）之任何股份及相關股 份或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聯交所之權益或淡倉（包括根據 證券及期貨條例之有關條文被當作或視為擁有之淡倉 之權益），或記錄於根據證券及期貨條例第352條須由 ， 本公司存置之登記冊之權益或淡倉 或根據標準守則 。 須知會本公司及聯交所之權益或淡倉

， ， 除上文所披露者外 於年內任何時間 本公司或其任 ， 何附屬公司概無參與任何安排 令董事可藉收購本公 司或其相聯法團之股份或債務證券（包括債券）而獲 ， 、 利 亦無任何董事 或彼等之配偶或其十八歲以下子 女擁有任何可認購本公司或其相聯法團之權益或債務 。 證券之權利或已行使任何該等權利

主要股東

就本公司任何董事或最高行政人員所深知，於2020年 12月31日，股東（本公司董事或最高行政人員除外） 於本公司股份及相關股份中擁有須根據證券及期貨條 例第XV部第2及第3分部之條文向本公司披露之權益及 淡倉，或記錄於本公司根據證券及期貨條例第336 條 須存置之登記冊之權益及淡倉如下：

063 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors’ Report 董事會報告

Interest in Shares:

股份權益：

Name Capacity 名稱 身份	Number of Shares 股份數目 Long Position Short Position Percentage of Shares in issue 好倉 淡倉 佔已發行股份 之百分比 (Note 1) （附註1）
Shum Yip Group Limited* (“SYG”) Interest in controlled corporation 深業集團有限公司（「深業集團」） 受控法團之權益 Shum Yip Holdings Company Limited (“SYH”) Beneficial owner 深業（集團）有限公司（「深業（集團）」） 實益擁有人 Interest in controlled corporation 受控法團之權益 ALPHA-OMEGA CORPORATION Beneficial owner 實益擁有人	5,622,994,189(Note 2) （附註2） – 63.18 5,546,307,730 – 62.32 76,686,459(Note 3) （附註3） – 0.86 795,819,417 – 8.94

Notes:

1. The percentage was calculated based on 8,899,893,115 Shares in issue as at 31 December 2020.

2. SYG is deemed to be interested in the 5,622,994,189 Shares which SYH is interested in by virtue of SYH being its direct wholly-owned subsidiary.

3. These 76,686,459 Shares were held by Goldclass Industrial Limited, a wholly-owned subsidiary of Successful Years Holdings Limited, which in turn is wholly-owned by Shum Yip Finance Company Limited (“SYF”). SYF is a wholly-owned subsidiary of SYH and accordingly, SYH is deemed to be interested in these 76,686,459 Shares.

附註：

1. 百分比乃根據截至2020年12月31日之已發行股份 8,899,893,115股計算。

2. 因深業（集團）為深業集團之直接全資附屬公司， 故深業集團被視為於深業（ 集團 ）擁有權益之 5,622,994,189股股份中擁有權益。

3. 該等76,686,459股股份由Successful Years Holdings Limited之全資附屬公司財利實業有限公司持有， 而Successful Years Holdings Limited由深業金融財務 有限公司（「深業金融」）全資擁有。深業金融為深 業（集團）的全資附屬公司，因此，深業（集團） 被視為擁有該等76,686,459股股份中的權益。

4. For identification purpose only

Saved as disclosed above, as at 31 December 2020, the Company had not been notified by any person (other than directors and chief executives of the Company) who had interests or short positions in the Shares and underlying shares of the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept under Section 336 of the SFO.

除上文所披露者外，截至2020年12月31日，概無任 何人士（本公司董事及最高行政人員除外）曾知會本公 司其於本公司股份及相關股份中擁有根據證券及期貨 條例第XV部第2及第3分部之條文或記錄於根據證券及 期貨條例第336條須存置之登記冊之權益或淡倉。

064 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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Equity-Linked Agreements

Other than the share option schemes of the Company as disclosed above, no equity-linked agreements that will or may result in the Company issuing shares or that require the Company to enter into any agreements that will or may result in the Company issuing shares were entered into by the Company during the year or subsisted at the end of the year.

Related Party Transactions

Details of the significant related party transactions undertaken in the normal course of business are provided under note 43 to the financial statements. Some of these transactions also constituted non-exempt connected transactions under the Listing Rules, for which the Company has complied with the applicable disclosure requirements.

Connected Transactions

Set out below is the information in relation to the connected transactions carried out by the Group during the year, particulars of which were previously disclosed by way of announcement and are required under the Listing Rules to be disclosed in this report.

1. On 2 July 2020, Shum Yip Taifu Logistic Group Holding Co., Ltd. (the “Purchaser”), a subsidiary of the Company, and Shum Yip Group Limited (the “Vendor”), the ultimate holding company of the Company, entered into an equity transfer agreement (“Equity Transfer Agreement”) pursuant to which the Purchaser has conditionally agreed to acquire and the Vendor has conditionally agreed to sell the 52.848% equity interest (“Equity Interest”) held by the Vendor in Shumyip Jinzhi Logistic Development Co., Ltd. (the “Target Company”) for a consideration of RMB537.48 million (the “Acquisition”). The consideration will be paid by the Purchaser in cash (i) as to 50%, being RMB268.74 million, within 30 working days from the day the Equity Transfer Agreement becomes effective; and (ii) as to the remaining 50% within 30 working days after completion of the Acquisition.

The major property interests held by the Target Company include, amongst others, the Qingshuihe Renewal Project and a potential urban renewal project (“Sungang Phase I Project”), all located in Luohu District, Shenzhen. Due to historical reasons, certain assets and interests of the Target Company, namely relating to 4 land parcels (the “Excluded Properties”) which have already been included in the Sungang Phase I Project are unclear and cannot be reliably valued. The Purchaser and the Vendor agreed not to include the Excluded Properties in the scope of the Acquisition and all rights and interest and related expenses associated with the Excluded Properties (to the extent of the Equity Interest) shall be that of the Vendor.

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股票掛鈎協議

， 除上述所披露之本公司之購股權計劃外 於年內或年 ， 度結束時 本公司概無訂立或存在任何將會或可導致 本公司發行股份或要求本公司訂立將會或可導致本公 。 司發行股份的任何協議的股票掛鈎協議

關聯方交易

於正常業務過程中進行的重大關聯方交易詳情載於財 務報表附註43。其中若干交易亦構成上市規則項下之 ， 。 非豁免關連交易 本公司已就此遵守適用披露規定

關連交易

下文所載乃與本集團於年內所進行之關連交易有關之 ， 資料 其詳情已事先以公告方式披露並將根據上市規 。 則規定於本報告中披露

1. 於 2020 年 7 月 2 日，深業泰富物流集團股份有 限公司（「買方」，本公司一家附屬公司）與深 業集團有限公司（「賣方」，本公司最終控股公 司）訂立股權轉讓協議（「股權轉讓協議」），據 此，買方有條件同意收購而賣方有條件同意出 售賣方於深業進智物流發展有限公司（「目標公 司」）持有52.848%的股權（「股權」），代價為 人民幣537.48 百萬元（「收購事項」）。代價將 由買方按以下方式以現金支付：(i)50%，即人民 幣268.74 百萬元將自股權轉讓協議生效日起計 30個工作日內支付；及(ii)餘下50%，將於收購 事項完成後30個工作日內支付。

2. 目標公司持有的主要物業權益包括（ 其中包 括）清水河更新項目及一個潛在的城市更新項 目（「筍崗一期項目」）均位於深圳市羅湖區。 ，

3. 出於歷史原因 目標公司部分已被納入筍崗一 期項目範圍內的資產和權益，即與 4 幅土地有 ，

4. 關（「除外房產」）目前並不明確 無法可靠估 值。買方及賣方同意除外房產不納入收購事項 ，

5. 範圍 與除外房產（以股權為限）有關的所有權 。

6. 利及權益以及相關開支為賣方所有

065 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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As the Vendor is the ultimate holding company of the Company, it is therefore a connected person of the Company. Accordingly, the Acquisition constitutes a connected transaction of the Company under the Listing Rules. Details of the Acquisition were set out in announcement of the Company dated 2 July 2020. Supplemental information regarding the Acquisition is set out below:

• (1) The Excluded Properties

• The Target Company is the owner of the Excluded Properties as evidenced by various ownership-related documents including agreement and/or correspondence and/or confirmation letters and/or land parcel map with/from the relevant government department and/or entities in respect of each of the Excluded Properties. And, the Excluded Properties have been occupied and used by the Target Company all along. A majority of the Excluded Properties has been included in Sungang Phase I Project for development and construction and currently the final planning of Sungang Phase I Project has not been materialized, the Target Company has not obtained the property ownership certificates in respect of the Excluded Properties.

• The book value of the total assets and net assets of the Excluded Properties are nil in the accounts of the Target Company and the revenue, loss before taxation and loss after taxation attributable to the Excluded Properties for the two years ended 31 December 2019 are as follows: revenue (2018: RMB1.23 million; 2019: RMB1.25 million), loss before taxation (2018: RMB2.74 million; 2019: RMB1.84 million) and loss after taxation (2018: RMB2.81 million; 2019: RMB1.90 million).

• Upon completion of the Acquisition, the Target Company will continue to own the legal interests in the Excluded Properties. And, as the Group will have legal ownership of the Equity Interest in the Target Company which constitutes control over the Target Company, as such, the Group should consolidate all assets and liabilities of the Target Company (including the Excluded Properties) in its financial statements according to HKFRS 10. Correspondingly, non-controlling interests will be increased to reflect the Vendor’s interest in the Excluded Properties.

Directors’ Report 董事會報告

， 由於賣方為本公司最終控股公司 因此其為本 公司關連人士。因而，收購事項構成上市規則 。 項下本公司之關連交易 收購事項之詳情載於 本公司日期為2020年7月2日之公告。有關收購 事項之補充資料載列如下：

• (1) 除外房產

• － 各種所有權有關的文件包括與╱來 自相關政府部門及╱或實體就各除 外房產訂立的協議及╱或函件及╱ 或確認書及╱或土地地圖證實目標 公司為除外房產的擁有人。且除外 。

• 房產一直由目標公司佔有及使用 大部分除外房產已被納入筍崗一期項 ，

• 目進行開發建設 目前筍崗一期項 ，

• 目的最終規劃尚未落實 目標公司 。

• 尚未就除外房產取得房屋所有權證

• － 截至2019年12月31日止兩個年度， 目標公司賬目中除外房產的總資產及 ，

• 資產淨值之面值為無 除外房產應 、

• 佔收益 除稅前虧損及除稅後虧損 如下：收益（2018 年：人民幣1.23 百萬元；2019年：人民幣1.25百萬 元）、除稅前虧損（2018 年：人民 幣 2.74 百萬元；2019 年：人民幣 1.84 百萬元）及除稅後虧損（2018 年：人民幣2.81百萬元；2019年： 人民幣1.90百萬元）。

• － ， 收購事項完成後 目標公司將繼續 於除外房產中擁有法定權益。且由 於本集團將於目標公司股權中擁有法 ，

• 定所有權 構成對目標公司的控制 權，因此，本集團須根據香港財務 報告準則第10 號於其財務報表中綜 合目標公司所有資產及負債（包括除 ，

• 外房產）。相應地 非控股權益將 會增加以反映賣方於除外房產中的權 益。

066 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Directors’ Report 董事會報告

• (2) Arrangement regarding the Excluded Properties As the Target Company has not obtained the property ownership certificates in respect of the Excluded Properties, reorganization in respect of such property interests is not viable. Besides, any asset reorganization requires the consent of all shareholders of the Target Company and the third-party shareholder is not intended to and would not agree to strip off the Excluded Properties from the Target Company by way of reorganization. Therefore, it is not possible to undergo reorganization in respect of the Excluded Properties before the Acquisition. As the Excluded Properties cannot be reliably valued for the pricing of the Acquisition given their status, they have not been separately valued and no value has been assigned to each of the Excluded Properties for the purpose of the Acquisition. The Purchaser and the Vendor therefore agreed to deal with the corresponding interests in the Excluded Properties by way of contractual arrangement that such interests will continue to be owned by the Vendor upon completion. And, the third-party shareholder of the Target Company has given its written consent to such contractual arrangement. In accordance with the arrangement, the Vendor and the Purchaser entered into an entrustment agreement in respect of the management of the Excluded Properties and agreed on the undertakings and indemnity to be provided by the Vendor in relation to the Excluded Properties.

• (3) Mechanism for dealing with losses, expenses and liabilities in relation to the Excluded Properties Pursuant to the Equity Transfer Agreement, the Vendor undertakes to bear all the losses/expenses/liabilities incurred by the Purchaser in respect of the Equity Interest, due to the potential losses/expenses/ liabilities in relation to the Excluded Properties and other liabilities or losses of the Purchaser, directly or indirectly, due to reason of the Excluded Properties (the “Vendor’s Undertakings”).

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• (2) 有關除外房產的安排 由於目標公司尚未就除外房產取得房屋所 ，

• 有權證 因此對有關物業權益進行重組是 不可行的。 此外， 任何資產重組須取得 目標公司全體股東的同意且第三方股東不 擬也不會同意以重組方式自目標公司剝離 除外房產。因此，於收購事項之前不可能 。

• 對除外房產進行重組 由於不能根據除外 房產的狀態對收購事項的定價作出可靠估 ，

• 值 因此並未對其進行單獨估值亦並無就 收購事項對各除外房產評定價值。因此， 買方及賣方同意以合約安排方式處理於除 ，

• 外房產之相應權益 於完成後有關權益將 。

• 繼續由賣方擁有 且目標公司第三方股東 。

• 已就有關合約安排發出書面同意書 根據 ，

• 安排 賣方與買方就管理除外房產訂立委 託協議並就賣方就有關除外房產提供的承 。

• 諾及彌償保證達成協議

• 、

• (3) 處理與除外房產有關的損失 開支及責任 的機制 ，

• 根據股權轉讓協議 賣方承諾承擔所有因 與除外房產有關的潛在損失╱開支╱責任 導致買方就股權須承擔的損失╱開支╱責 任及因除外房產原因直接或間接引致買方 需承擔的其他責任或損失（「賣方承諾」）。

067 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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The mechanism for dealing with claims under the Vendor’s Undertakings is set out below:

• (a) For recurring operating expenses/losses The Target Company will keep a separate record for the income and expenses attributed to the Excluded Properties in the accounts of the Target Company, where the income is based on the rental income from the lease of the Excluded Properties and the expenses are recognized in the amount actually incurred by the operations management department of the Target Company in respect of the Excluded Properties, including but not limited to personnel remuneration, office expense, utilities expenses, property management fee and repair and maintenance expenses. In the event the income cannot cover the expenses, 52.848% of the shortfall shall be borne by the Vendor and paid by the Vendor to the Purchaser. In this regard, the Target Company will issue a settlement note in respect of the amount of the shortfall to be borne by the Vendor on a quarterly basis to the Vendor and the Vendor shall pay such amount to the Purchaser accordingly.

(b) For other potential liabilities

• In the event of any potential liabilities, the Target Company shall be responsible for the handling and accounting of such event and record all the expenses/losses thereof. The Vendor shall then pay the Purchaser a sum representing 52.848% of the relevant expenses/losses so recorded by the Target Company.

Directors’ Report 董事會報告

處理賣方承諾項下申索的機制載列如下：

• (a) 有關經常性經營開支╱虧損 目標公司將於目標公司賬目中單獨記 ，

• 錄除外房產應佔的收入及開支 當 中收入乃根據租賃除外房產的租金 ，

• 收入計算 開支以目標公司經營管 理部門就除外房產實際產生的金額確 ， ， ， 、

• 認 包括 但不限於 人員酬金 、 、

• 辦公費用 公用事業開支 物業 管理費及維修保養費用。倘收入不 足以支付開支，差額的52.848%應 。

• 由賣方承擔並由賣方支付予買方 ，

• 就此而言 目標公司將按季度就賣 方應承擔的差額向賣方發出結算票 ， 。

• 據 賣方應相應地支付有關款項

• (b) 有關其他潛在責任 ，

• 倘發生任何潛在責任 目標公司應 負責處理有關事件及記賬以及記錄其 產生的所有開支╱損失。賣方其後 應向買方支付目標公司記錄的相關開 支╱損失的52.848%。

068 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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• (4) Safeguards available to the Purchaser in the case the Vendor fails to fulfill its obligations under the Vendor’s Undertakings The Company believes that the risk of the Vendor not fulfilling its obligations under the Vendor’s Undertakings is very minimal as the Vendor is the ultimate holding company of the Company with good financial position and there is mechanism in place to deal with claims under the Vendor’s Undertakings and such mechanism has been endorsed by the top management of the Vendor and the Group and become approved internal operation procedures to be followed in future. In addition, there are safeguards to further protect the interest of the Purchaser in this respect, as follows:

• (i) The Vendor has been providing loans to the Purchaser continuously for years. The Vendor has agreed that in the case the Vendor fails to pay the relevant losses, expenses, and/ or liabilities in respect of the Excluded Properties as required by the Purchaser or the Target Company under the Vendor’s Undertakings, the Purchaser can settle such amount from the principal of the loan or the interest payable thereon;

• (ii) In the case the Purchaser decides to purchase the relevant rights and interests of the Excluded Properties in accordance with the terms of the Equity Transfer Agreement when the Excluded Properties meet the development conditions in future, the Purchaser can deduct all the outstanding amount payable by the Vendor under the Vendor’s Undertakings, if any, from the consideration to be paid by the Purchaser to the Vendor in respect of the acquisition;

• (iii) In the case the Excluded Properties meet the development conditions and the Purchaser is not purchasing the relevant rights and interests of the Excluded Properties, the Purchaser can deduct all the outstanding amount payable by the Vendor under the Vendor’s Undertakings, if any, from the profit it received, as the registered shareholder of the Target Company, in respect of the Excluded Properties after completion of the project and then pay the balance of the profit to the Vendor; and

• (iv) If the Vendor is not fulfilling its obligations under the Vendor’s Undertakings, the Purchaser can apply to the Shenzhen Arbitration Commission for arbitration in accordance with the terms of the Equity Transfer Agreement and require the Vendor to fulfill its obligations in accordance with the Equity Transfer Agreement.

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• (4) 倘賣方未能履行賣方承諾項下的義務，買 方可採取的保障措施 本公司認為賣方不履行賣方承諾項下的義 ，

• 務的風險極小 因為賣方為本公司最終控 股公司，財務狀況良好及已制定處理賣方 ，

• 承諾項下申索的機制 有關機制已獲得賣 方及本集團最高管理層贊同並成為日後可 。 ，

• 遵循的經批准內部操作程序 此外 就此 ，

• 而言 進一步保障買方權益的保障措施如 下：

• 。

• (i) 賣方已持續多年向買方提供貸款 賣方已同意倘賣方未能按買方或目標 公司的要求支付賣方承諾項下有關除 、

• 外房產的相關損失 開支及╱或負 ，

• 債 買方可從貸款本金或應付利息 中結清有關款項；

• (ii) 倘除外房產日後符合開發條件，買 方決定根據股權轉讓協議條款購買除 ，

• 外房產的相關權利及權益 買方可 就收購事項自買方應付予賣方的代價 中扣除所有賣方承諾項下賣方應付而 尚未支付的所有款項（如有）；

• ，

• (iii) 倘除外房產符合開發條件 買方 不會購買除外房產的相關權利及權 益，買方可自作為目標公司的登記 股東於項目完成後就除外房產獲取的 溢利中扣除賣方承諾項下賣方應付而 尚未支付的所有款項（如有），然後 將剩餘溢利支付予賣方；及

• (iv) 倘賣方未能履行賣方承諾項下的義 ，

• 務 買方可根據股權轉讓協議的條 ，

• 款向深圳市仲裁委員會申請仲裁 要求賣方根據股權轉讓協議履行其義 務。

069 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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• (5) Reasons for the entrustment agreement and the Vendor’ Undertakings

• The Company is of the view that as Shenzhen has been identified as a pilot demonstration zone for socialism with Chinese characteristics and is an important city in the Guangdong-Hong Kong-Macao Greater Bay Area, the real estate prospects of Shenzhen is the best in the country. Whilst the relevant interest in respect of the Excluded Properties is not included in the scope of the Acquisition, the Target Company’s main assets are located in the core areas of Shenzhen. Acquiring the Equity Interest sooner rather than later will enable the Purchaser to enjoy maximum benefits from property appreciation in the Shenzhen real estate market in the future. The Purchaser and the Vendor have agreed that the above contractual arrangement in respect of the Excluded Property is a more feasible way for the Acquisition under the circumstances. There are provisions as to the arrangement of the Excluded Properties and the Vendor’s Undertakings under the Equity Transfer Agreement and safeguards available to the Purchaser in the case the Vendor fails to fulfill its obligations under the Vendor’s Undertakings. Furthermore, the Target Company and its assets (including the Excluded Properties) will be managed by the Purchaser upon completion. As such, the Company believes that the Acquisition is beneficial to the Company and its shareholders as a whole.

• (6) Mechanism in case the Purchaser is not purchasing the Excluded Properties when the Excluded Properties meet the development conditions

• As the Target Company will act as the principal of the development project in respect of the Excluded Properties (“Excluded Properties Project”) when the Excluded Properties meet the development conditions, the development of the Excluded Properties Project will be continued and implemented by the Target Company. In the event the Purchaser is not purchasing the interests associated with the Excluded Properties from the Vendor when the Excluded Properties meet the development conditions, all rights and interest and related expenses associated with the Excluded Properties (to the extent of the Equity Interest) will continue to be that of the Vendor and the Vendor’s Undertakings will remain.

Directors’ Report 董事會報告

• (5) 訂立委託協議及賣方承諾的理由

， 本公司認為 由於深圳已被確定為中國特 ， 色社會主義先行示範區 是粵港澳大灣區 ， 的重要城市 深圳的房地產前景在全國位 居榜首。儘管除外房產相關權益未被納入 ， 收購事項範圍內 目標公司的主要資產均 。 位於深圳的核心區域 盡早獲取股權將使 買方在未來享受深圳房地產市場的房地產 升值帶來的最大利益。買方及賣方同意， 上述就除外房產之合約安排在當時情況下 是較可行的收購方式。有關除外房產的安 排及股權轉讓協議項下的賣方承諾以及倘 賣方未能履行賣方承諾項下的義務買方可 。 ， 採取的保障措施均有規定 此外 於完成 ， 後 目標公司及其資產（包括除外房產） 將由買方管理。因此，本公司認為收購事 。 項將對本公司及其股東整體有利

• ，

• (6) 倘除外房產符合開發條件時 買方不會購 買除外房產的機制

， 由於除外房產符合開發條件時 目標公司 將作為除外房產開發項目（「除外房產項 目」）的委託人，除外房產項目的開發將 。 繼續由目標公司實施 倘除外房產符合開 ， 發條件時 買方不會向賣方購買除外房產 ， 相關的權益 則除外房產相關的所有權利 及權益以及有關費用（以股權為限）將繼續 ， 。 歸賣方所有 且賣方承諾將繼續有效

070 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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The operating mechanism in respect of the Excluded Properties Project is as follow:

• (i) Funding for the Excluded Properties Project In respect of funding for the Excluded Properties Project, the Vendor shall prepay 52.848% of such funding according to the development progress of the Excluded Properties Project on a regular basis as per the following mechanism. At the end of each quarter, the Target Company will provide the Purchaser and the Vendor a funding payment schedule for the Excluded Properties Project for the following quarter, which is prepared according to the development progress of the Excluded Properties Project. In addition, the Target Company will give the Vendor and the Purchaser 5-days advance notice when payment is to be made. The Vendor shall pay the amount on a pro rata basis i.e. 52.848% to the Purchaser one business day prior to the day payment is to be made by the Target Company.

• (ii) Independent audit and separate accounting The Target Company will do independent audit and separate accounting in respect of the Excluded Properties Project based on the approved development planning of the Excluded Properties Project. Upon completion of construction or sales of the Excluded Properties Project, the Target Company will engage an audit firm to conduct asset and capital verification on the Excluded Properties Project in accordance with the applicable accounting principles. Where necessary, the Target Company may engage an asset appraisal agency to determine the profit of the Excluded Properties Project. The profit from the Excluded Properties Project will be distributed after same having been reviewed and considered at the board meeting and shareholders meeting of the Target Company.

• (iii) Profit distribution Profits from the Excluded Properties Project will be distributed to the shareholders whose names appear on the register of members of the Target Company in such manner as provided in the articles of association of the Target Company, i.e. the profit from the Excluded Properties Project will be distributed to the Purchaser, as the registered shareholder, on pro rata basis as per shareholding. The Purchaser will then pay the profit it received to the Vendor. Or alternatively, the Purchaser may choose to designate the Vendor as the receiving party of such profit distribution.

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有關除外房產項目的運營機制如下：

• (i) 除外房產項目資金 ，

• 就除外房產項目資金而言 賣方應 ，

• 根據除外房產項目的開發進度 按下列機制定期預付該等資金的 52.848%。於各季度末，目標公司 將向買方及賣方提供根據除外房產項 目的開發進度編製的下季度除外房 產項目資金付款計劃表。此外，目 標公司將向賣方及買方提前五天發 出付款通知。賣方應在目標公司作 出付款日期前一個營業日按比例（即 52.848%）向買方付款。

• (ii) 獨立審計及分賬核算 目標公司將根據已批准的除外房產 ，

• 項目開發計劃 對除外房產項目進 行獨立審計及分賬核算。完成建設 ，

• 或出售除外房產項目後 目標公司 ，

• 將委聘審計機構 根據適用的會計 原則對除外房產項目進行資產及資本 核查。如必要，目標公司可委聘資 產評估機構釐定除外房產項目的溢 利。除外房產的溢利將於目標公司 董事會會議及股東大會上審議後予以 分派。

• (iii) 溢利分派 除外房產項目溢利將按目標公司的組 織章程細則規定的方式分派予名列目 ，

• 標公司股東名冊之股東 即除外房 產項目溢利將按持股比例分派予作為 登記股東的買方。然後買方將收到 的溢利支付給賣方。或者，買方可 選擇指定賣方作為有關溢利分派的接 收方。

071 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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• (7) The latest development of the Excluded Properties As of the date of this report, the status of the Sungang Phase I Project and Excluded Properties were the same as that at the time of the Acquisition.

• On 3 August 2020, Shenzhen Nongke Holdings Company Limited (“Nongke Holdings”), a wholly-owned subsidiary of the Company, and Shenzhen Shumyip Jinsui Bio Technology Co., Ltd. (“Shumyip Jinsui”) entered into an equity transfer agreement (the “Equity Transfer Agreement”) pursuant to which Nongke Holdings has conditionally agreed to sell and Shumyip Jinsui has conditionally agreed to acquire 16% equity interest of Shenzhen Space Technology Co., Ltd. (“Shenzhen Space Technology”) for a consideration of RMB42.87 million (the “Disposal”). The consideration will be paid by Shumyip Jinsui in cash within 7 days from the completion of the Disposal. The Disposal enables Nongke Holdings to streamline its business operations and to realize its investment in Shenzhen Space Technology at a profit, where the gain before tax from the Disposal is expected to be approximately RMB2.5 million. As Shumyip Jinsui is a subsidiary of Shum Yip Group Limited, the ultimate holding company of the Company, it is therefore a connected person of the Company. Accordingly, the Disposal constitutes a connected transaction of the Company under the Listing Rules. Details of the Disposal were set out in announcement of the Company dated 3 August 2020.

Purchases, Sale or Redemption of the Company’s Securities

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

Public Float

Based on the information that is publicly available to the Company and within the knowledge of its Directors, throughout the year and up to the date of this report, there is sufficient public float, as not less than 25% of the Company’s issued Shares are held by the public.

Continuing Disclosure Requirements Under Rule 13.21 of the

Directors’ Report 董事會報告

• (7) 除外房產的最新發展情況 ，

• 截至本報告日期 筍崗一期項目及除外房 。

• 產的狀態與收購事項時的狀態相同

• 於 2020 年 8 月 3 日，深圳市農科集團有限公司 （「農科集團」，本公司之全資附屬公司）與深圳 市深業金穗生物科技有限公司（「深業金穗」）訂 ，

立股權轉讓協議（「股權轉讓協議」），據此 農科集團有條件同意出售且深業金穗有條件同意 收購深圳太空科技有限公司（「深圳太空科技」） 16%股權，代價為人民幣42.87 百萬元（「出售 事項」）。代價將由深業金穗自出售事項完成起 。

計七天內以現金支付 出售事項能令農科集團 ，

精簡其業務經營 且實現其於深圳太空科技的 ，

投資獲利 預期從出售事項獲得的除稅前利得 將約為人民幣 2.5 百萬元。由於深業金穗為本 公司最終控股公司深業集團有限公司之附屬公 司，因此其為本公司之關連人士。因而，出售 事項構成上市規則項下本公司之關連交易。出 售事項的詳情載於本公司日期為2020年8月3日 。

之公告

、 購買 出售或贖回本公司之證券

， 、 年內 本公司及其任何附屬公司並無購買 出售或贖 。 回其任何上市證券

公眾持股量

， 本年度全年及截至本報告日期 根據本公司取得的 ， 公開資料及就董事所知悉 本公司有足夠的公眾持 股量，即公眾持股量並不少於本公司已發行股份的 25%。

上市規則第13.21條之持續披露規定

Listing Rules

Banking facilities with covenants in relation to specific performance of the controlling shareholder:

By an agreement (“1st Facility Agreement”) dated 29 May 2015 entered into between the Company as borrower and a bank, up to a principal amount of HK$200,000,000 term loan facility (“1st Facility”) was provided to the Company. The 1st Facility shall be fully repaid by the Company in three instalments with the last repayment date falling 60 months from the date of the 1st Facility Agreement.

附帶有關控股股東特定履行契諾之銀行融資：

根據本公司（作為借款人）與一銀行於2015 年5 月29 日訂立之一項協議（「第一份融資協議」），一筆最高 本金額為200,000,000港元之定期貸款融資（「第一筆 融資」）已提供予本公司。第一筆融資須由本公司分3 ， 期悉數償還 最後一筆還款日期為訂立第一份融資協 議當日起計屆滿60個月之日期。

072 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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By an agreement (“2nd Facility Agreement”) dated 9 August 2017 entered into between the Company as borrower and a bank, up to a principal amount of HK$500,000,000 transferable term loan facility (“2nd Facility”) was provided to the Company. The term of the 2nd Facility is 48 months commencing from the date of the 2nd Facility Agreement.

On 16 August 2017, the Company as borrower accepted the facility letter (“3rd Facility Agreement”) relating to a transferable term loan facility up to a principal amount of HK$600,000,000 (or its equivalent in United States dollars) (“3rd Facility”) offered by a bank as lender. The Company shall repay in full to the lender each borrowing of a portion of the 3rd Facility on the date falling 48 months from the date such borrowing is made and all other sums (if any) then owing under the 3rd Facility Agreement on the date falling 54 months from 21 August 2017.

On 18 August 2017, the Company as borrower accepted the facility letter (“4th Facility Agreement”) relating to a term loan facility of up to US$65,000,000 (or its equivalent in Hong Kong dollars) (“4th Facility”) offered by a bank as lender. The 4th Facility shall be fully repaid by the Company in three installments with the last repayment date falling 36 months from the acceptance date of the 4th Facility Agreement.

On 18 December 2017, the Company as borrower entered into a facility agreement (“5th Facility Agreement”) relating to a transferable term loan facility of up to HK$400,000,000 (“5th Facility”) with a bank as lender. The term of the 5th Facility is 48 months commencing from the date of the 5th Facility Agreement.

On 26 February 2018, the Company as borrower accepted the facility letter (“6th Facility Agreement”) relating to a term loan facility of up to HK$500,000,000 (“6th Facility”) offered by a bank as lender. The last repayment date of the 6th Facility is the day falling 3 years from the acceptance date of the 6th Facility Agreement.

On 11 April 2018, the Company as borrower accepted the facility letter (“7th Facility Agreement”) relating to a term loan facility of up to HK$1,500,000,000 (“7th Facility”) offered by a bank as lender. The term of the 7th Facility is 4 years from the date the first drawdown under the 7th Facility is made.

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根據本公司（作為借款人）與一銀行於2017年8月9日 訂立之一項協議（「第二份融資協議」），一筆最高本 金額為500,000,000港元之可轉讓定期貸款融資（「第 。 二筆融資」）已提供予本公司 第二筆融資的期限為自 第二份融資協議當日起計48個月。

於2017年8月16日，本公司（作為借款人）接納由銀 行（作為放款人）授出一筆最高本金額為600,000,000 港元（ 或相等幣值之美元 ）之可轉讓定期貸款融 資（「 第三筆融資 」）之貸款函件（「 第三份融資協 議」）。本公司須於第三筆融資之各部份借款借出日 期起計屆滿48個月當日向放款人悉數償還該等借款， 而第三份融資協議項下之所有其他借款（如有）須自 2017年8月21日起計屆滿54個月當日悉數償還。

於2017年8月18日，本公司（作為借款人）接納由銀 行（作為放款人）授出一筆最高金額為65,000,000美 元（或相等幣值之港元）之定期貸款融資（「第四筆融 資」）之貸款函件（「第四份融資協議」）。第四筆融資 須由本公司分三期悉數償還及最後一筆還款日期為接 納第四份融資協議當日起計屆滿36個月之日期。

於2017年12月18日，本公司（作為借款人）與一銀行 （作為放款人）就一筆最高金額為400,000,000港元之 可轉讓定期貸款融資（「第五筆融資」）訂立融資協議 （「第五份融資協議」）。第五筆融資期限為自第五份 融資協議當日起計48個月。

於2018年2月26日，本公司（作為借款人）接納由銀 行（作為放款人）授出一筆最高金額為500,000,000港 元之定期貸款融資（「第六筆融資」）之貸款函件（「第 六份融資協議」）。第六筆融資的最後還款日期為第六 份融資協議接納日期起計屆滿3年之日期。

於2018年4月11日，本公司（作為借款人）接納由銀 行（作為放款人）授出一筆最高金額為1,500,000,000 港元之定期貸款融資（「第七筆融資」）之貸款函件 （「第七份融資協議」）。第七筆融資期限為自第七筆 融資項下首次提款當日起計4年。

073 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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On 26 June 2018, the Company as borrower entered into a facility agreement (“8th Facility Agreement”) relating to a transferrable term loan facility of up to a principal amount of HK$10,000,000,000 (“8th Facility”) offered by certain banks as lenders. The Company shall repay the borrowings under the 8th Facility by five installments with all outstanding amounts under the 8th Facility fully repaid on the date falling 60 months from the date of the 8th Facility Agreement.

On 14 September 2018, the Company as borrower accepted the facility letter (“9th Facility Agreement”) relating to an uncommitted term loan facility of up to US$185,000,000 (or its equivalent in Hong Kong dollars) (“9th Facility”) offered by a bank as lender. The last repayment date of the 9th Facility is the day falling 4 years from the acceptance date of the 9th Facility Agreement.

On 26 June 2019, the Company as borrower accepted the facility letter (“10th Facility Agreement”) relating to a revolving loan facility of up to RMB1,000,000,000 (“10th Facility”) offered by a bank as lender. The Facility is subject to annual review by the lender.

On 14 September 2020, the Company as borrower accepted the facility letter (“11th Facility Agreement”) relating to an uncommitted term loan facility of up to US$185,000,000 (or its equivalent in Hong Kong dollars) (“11th Facility”) offered by a bank as lender. The last repayment date of the borrowing under the 11th Facility is 48 months from the date of the first drawdown under the 11th Facility Agreement.

On 17 September 2020, the Company as borrower accepted the facility letter (“12th Facility Agreement”, together with the 1st Facility Agreement, 2nd Facility Agreement, 3rd Facility Agreement, 4th Facility Agreement, 5th Facility Agreement, 6th Facility Agreement, 7th Facility Agreement, 8th Facility Agreement, 9th Facility Agreement, 10th Facility Agreement, and 11th Facility Agreement collectively referred to as the “Facility Agreements”) relating to a term loan facility of up to HK$800,000,000 (“12th Facility”) offered by a bank as lender. The term of the 12th Facility is 3 years from the date of the first drawdown under the 12th Facility Agreement.

Under the Facility Agreements, it will be an event of default if Shum Yip Holdings Company Limited ceases to own beneficially at least 35% of the issued share capital of the Company, ceases to be the single largest shareholder of the Company, ceases to have management control of the Company, or ceases to remain beneficially owned as to at least 51% by the Shenzhen Municipal People’s Government of the People’s Republic of China and at any time after the happening of an event of default, all amounts due under the facilities may be declared to be immediately due and payable.

於 2018 年 6 月 26 日 ， 本公司（ 作為借款人 ）就由 若干銀行（ 作為放款人 ）授出一筆最高本金額為 10,000,000,000港元之可轉讓定期貸款融資（「第八 筆融資」）訂立一項融資協議（「第八份融資協議」）。 ， 本公司須分五期償還第八筆融資項下之貸款 第八筆 融資項下之所有未償還金額須於第八份融資協議日期 起計屆滿60個月當日悉數償還。

於2018年9月14日，本公司（作為借款人）接納由銀 行（作為放款人）授出一筆最高金額為185,000,000美 元（或相等幣值之港元）之非承諾定期貸款融資（「第 九筆融資」）之貸款函件（「第九份融資協議」）。第九 筆融資的最後還款日期為第九份融資協議接納日期起 計屆滿4年之日期。

於 2019 年 6 月 26 日 ， 本公司（ 作為借款人 ）接納 由銀行（ 作為放款人 ）授出一筆最高金額為人民幣 1,000,000,000 元之循環貸款融資（「第十筆融資」） 之貸款函件（「第十份融資協議」）。該筆融資受放款 。 人每年檢討

於2020年9月14日，本公司（作為借款人）接納有關 由銀行（作為放款人）提供最高達185,000,000 美元 （或其港元等值）（「第十一筆融資」）的非承諾定期貸 款融資之貸款函件（「第十一份融資協議」）。第十一 筆融資項下借款的最後還款日期為第十一份融資協議 項下首次提款日期起計48個月。

於2020年9月17日，本公司（作為借款人）接納由銀 行（作為放款人）授出一筆最高金額為800,000,000 港元之定期貸款融資（「第十二筆融資」）之貸款函件 、 （「第十二份融資協議」，與第一份融資協議 第二份 、 、 、 融資協議 第三份融資協議 第四份融資協議 第五 、 、 、 份融資協議 第六份融資協議 第七份融資協議 第 、 、 八份融資協議 第九份融資協議 第十份融資協議及 第十一份融資協議統稱為「該等融資協議」）。第十二 筆融資期限為自第十二份融資協議項下首次提款當日 起計3年。

， 根據該等融資協議 倘深業（集團）有限公司不再實 益擁有本公司至少35%之已發行股本，或不再為本公 ， ， 司之單一最大股東 或不再控制本公司之管理 或 不再由中華人民共和國深圳市人民政府實益擁有至少 51%之權益，則將被視作違反協議，及於發生任何違 ， 反協議事宜後任何時間 該等融資項下所有金額或會 。 被即時宣佈到期並須予償還

074 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Directors’ Report 董事會報告

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As at 31 December 2020, all advances made under the 1st Facility Agreement, 4th Facility Agreement and 9th Facility Agreement had been fully repaid.

Permitted Indemnity

The articles of association of the Company provides that each Director, Secretary or other officer of the Company shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities (to the fullest extent permitted by the Companies Ordinance) which he may sustain or incur in or about the execution of the duties of his office or otherwise in relation thereto. In addition, the Company has maintained appropriate directors and officers liability insurance in respect of relevant legal actions against the Directors and officers.

Audit Committee

The Group’s results for the year have been reviewed by the Audit Committee. Information on the work of Audit Committee and its composition are set out in the Corporate Governance Report on pages 75 to 102.

Auditors

The consolidated financial statements of the Group for the year ended 31 December 2020 have been audited by KPMG (Certified Public Accountants and Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance), who will retire at the forthcoming annual general meeting of the Company. The Board has resolved to recommend the appointment of PricewaterhouseCoopers, Certified Public Accountants, as the auditor of the Company following the retirement of KPMG and such appointment is subject to approval by the shareholders at the forthcoming annual general meeting of the Company.

By Order of the Board

LU Hua

Chairman

Hong Kong, 30 March 2021

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於2020年12月31日，根據第一份融資協議、第四份 融資協議及第九份融資協議作出的所有預付款均已獲 悉數償還。

獲准許的彌償

， 本公司的組織章程細則規定 在公司條例許可的最大 ， 、 範圍內 本公司每名董事 秘書或其他高級人員就其 ， 執行職務或與此有關所蒙受或招致一切損失或責任 均有權從本公司資產中獲得彌償。此外，本公司已就 針對董事及高級人員的有關法律行動投購適當的董事 及高級人員責任保險。

審核委員會

。 本集團年內業績已由審核委員會審閱 有關審核委員 之職責及組成之資料載於第75至102頁之企業管治報 告。

核數師

本集團截至2020 年12 月31 日止年度之綜合財務報表 已由畢馬威會計師事務所（執業會計師及於《財務匯 報局條例》下的註冊公眾利益實體核數師）審核。畢 馬威會計師事務所將於本公司應屆股東週年大會上退 任。董事會已議決建議在畢馬威會計師事務所退任 ， 後 委任執業會計師羅兵咸永道會計師事務所為本公 ， 司核數師 而有關委任須待股東於本公司應屆股東週 。 年大會上批准後方可作實

承董事會命

主席

呂華

香港，2021年3月30日

075 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

Corporate Governance Practices

The Company is committed to maintaining high standard of corporate governance. The board of directors of the Company (the “Board”) strongly believes that good corporate governance is essential for effective management, a healthy corporate culture, successful business growth and enhancing shareholders’ value. The Company has applied the principles and complied with all code provisions of the Corporate Governance Code (“CG Code”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) throughout the year 2020.

企業管治常規

。 本公司致力恪守奉行高標準之企業管治 本公司董事 ， 、 會（「董事會」）堅信 良好企業管治對有效之管理 、 ， 健全之企業文化 成功之業務發展 以及提升股東價 值至關重要。本公司已於整個2020年應用並遵守香港 聯合交易所有限公司證券上市規則（「上市規則」）附 錄十四所載之企業管治守則（「企業管治守則」）之所 。 有原則及守則條文

Looking ahead, we will keep our corporate governance practices under continual review to ensure their consistent application and to improve our practices having regard to the latest developments including any new amendment to the CG Code.

， 展望未來 我們將不斷檢討集團的企業管治常規以確 保貫徹應用並在考慮最新發展（包括企業管治守則的 。 任何新修訂）後改善本公司的常規

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Tanglang City 塘朗城
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076 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

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Shareholders
股東
Board of
Directors
董事會
Audit Remuneration Nomination
Committee Committee Committee
審核委員會 薪酬委員會 提名委員會
President Office
總裁辦公室
Board Office/ Strategic Finance
Capital Market
Legal Department Management Management
Department
董事會辦公室╱ Department Department
資本運營部
法律部 戰略管理部 財務管理部
Project Commercial Integrated
Sales & Marketing
Development Management Management
Department
Department Department Department
營銷中心
項目發展部 商業管理部 綜合管理部
Risk Management Corporate Culture Human Resources Administration
Department Department Department Office
風險管理部 企業文化部 人力資源部 辦公室
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BUSINESS OF
THE GROUP
本集團業務
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077 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Board of Directors

Responsibilities and Delegation

Under the leadership of the Chairman, the Board is responsible for formulating overall strategies and policies of the Company, supervising and evaluating business and financial performance of the Company, determining appropriate corporate governance practices applicable to the Company’s circumstances and ensuring operational efficiency and effectiveness by establishing a comprehensive corporate governance framework with appropriate risk control measures and aiming to enhance long-term shareholders’ value.

The Board has delegated certain functions to respective committees, including Audit Committee, Nomination Committee and Remuneration Committee, the details of the responsibilities, membership and activities during the year of each of them are set out in the section headed “Board Committees” below. These Board committees assist the Board to discharge its duties while the responsibilities of the day-to-day operations and business management are delegated to the executive directors and senior management. Matters specifically reserved to the Board include approval of financial statements, dividend policy, significant changes in corporate structure, mergers and acquisitions, major investments, material acquisition and disposal of assets, selection of directors, changes to remuneration policy for directors and senior management, terms of reference of board committees, as well as major corporate policies.

All Board members have separate and independent access to the management, and are provided with full and timely information about the conduct of the business and development of the Company, including reports on significant matters. Besides, all Board members are provided with monthly management updates which contain periodic financials with summaries of key events, outlook and business related matters of the Group. Should independent professional advice be considered necessary by the directors, such kind of services would be made available to the directors upon request.

The Company has arranged Directors & Officers Liability and Company Reimbursement Insurance for its directors and officers in respect of legal proceedings and other claims against them arising from their office and execution of their powers, duties and responsibilities.

Corporate Governance Report 企業管治報告

董事會

職責及授權

， 董事會在主席的領導下 負責制定本公司的整體策略 及政策，監督及評估公司的業務與財務表現；釐定適 用於公司情況的合適企業管治常規以及通過建立健全 ， 的企業管治架構及制定適當的風險控制措施 確保其 營運的效率及效益，致力提升長遠股東價值。

， 董事會將若干職能授權予相關委員會 包括審核委員 、 ， 會 提名委員會及薪酬委員會 該等委員會各自於 、 年內之職責 成員身份及活動詳情載於下文「董事委 員會」一節。該等董事委員會協助董事會履行職責， 而執行董事和高級管理人員則獲授權管理日常營運及 業務。特定保留予董事會決定的事宜包括批准財務報 、 、 、 、 表 股息政策 公司架構的重大變動 併購 主要 、 、 、 投資 重大收購及出售資產 膺選董事 董事及高級 、 管理層薪酬政策的變動 董事委員會職權範圍以及主 要企業政策。

， 所有董事會成員均可個別及獨立與管理層接觸 亦 可獲得有關本公司業務經營及發展的全面及即時的資 料，包括重大事項的報告。此外，全體董事會成員亦 ， 獲提供每月最新管理信息 內容載有本集團之定期財 務資料及重要事項、前景及業務相關事宜之撮要。倘 ， 董事認為有必要尋求獨立專業意見時 該類服務將應 。 要求提供予董事

、 本公司已就董事及高級職員因其職務及執行其權力 職責及責任而引起的法律程序及其他索償而投購董事 。 和高級職員責任及公司補償保險

078 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Corporate Governance Report 企業管治報告

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Composition

The Board currently comprises five executive directors and three independent non-executive directors. Our independent non-executive directors constitute not less than one-third of the Board.

Mr. WU Wai Chung, Michael and Mr. LI Wai Keung, our independent non-executive directors, have served the Board for more than nine years. The Board considers that they have continued to exercise independent judgment on the matters of the Group and there is no evidence that length of tenure is having an adverse impact on their independence. The Board therefore considers that Mr. WU Wai Chung, Michael and Mr. LI Wai Keung remain independent, notwithstanding the length of their tenure.

The Company has received from each independent non-executive director a confirmation of his independence pursuant to the criterion set out in Rule 3.13 of the Listing Rules and considers that all independent non-executive directors are independent.

All directors have a specific term of appointment which is not more than three years. Each director has entered into an appointment letter with the Company and pursuant to the Articles of Association of the Company, every director shall be subject to retirement by rotation at least once every three years. One third of the directors (or if their number is not a multiple of three, then the number nearest to one-third) shall retire from office at each annual general meeting and eligible for re-election by shareholders. Also, any director appointed to fill a casual vacancy shall retire at the next general meeting of the Company and be eligible for re-election by shareholders. A separate resolution is proposed for the re-election of each director.

The Board members do not have any financial, business, family or other material/ relevant relationships with each other. Brief biographical particulars of the directors are set out from pages 40 to 47 of this report.

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組成

董事會目前由五名執行董事及三名獨立非執行董事組 成。我們的獨立非執行董事不少於董事會人數三分之 一。

我們的獨立非執行董事吳偉驄先生及李偉強先生服務 。 ， 本公司董事會已逾九年 董事會認為 彼等持續對本 ， 集團的事務行使獨立判斷 及概無任何證據顯示任期 長短對彼等獨立性構成不利影響。因此，董事會認 ， ， 為 不論任期長短 吳偉驄先生及李偉強先生仍保持 獨立。

根據上市規則第3.13條所載的準則，本公司已接獲各 ， 獨立非執行董事的獨立性確認書 並認為所有獨立非 。 執行董事均為獨立

。 全體董事均有不超過三年的特定委任期限 每名董事 ， 已與本公司訂立委任函 及根據本公司的組織章程細 ， 。 則 每名董事須每三年至少輪值告退一次 每屆股東 週年大會上須有三分之一的董事（或若董事人數並非 ， ， 三之倍數 則以最接近三分之一之數目為準）退任 並有資格由股東膺選連任。另外，任何獲委任以填補 臨時空缺的董事須於本公司下屆股東大會上退任並有 資格由股東膺選連任。本公司就重選每一名董事提呈 。 獨立的決議案

、 、 各董事會成員之間並無任何財務 業務 親屬或其他 。 重大╱相關關係 董事的個人履歷詳情載於本報告第 40至47頁。

079 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Chairman of the Board and President

The roles of Chairman of the Board are performed by Dr. LU Hua, whereas the roles of President are performed by Mr. HUANG Wei. The Chairman of the Board is responsible for leading the Board to formulate good corporate governance practices and procedures together with the directors, determine the strategic directions, business plans and investment proposals of the Company, assess its performance and supervise the business affairs of the management in ensuring the effectiveness of the Board, whereas the President is responsible for overseeing overall operations of the Company and ensuring the implementation of plans efficiently.

Board Meeting

The Board meets regularly to review the financial and operating performance of the Company and to discuss future strategy. Four regular Board meetings and six special Board meetings were held in 2020. At the Board meetings, the Board reviewed significant matters including the Company’s business development, proposals for final and interim dividends, annual report and half-year report and connected transactions. At least fourteen days’ notice of a regular Board meeting was given to all directors who were provided with an opportunity to include matters for discussion in the agenda. The agenda and the accompanying board papers were sent to Directors at least three days before the intended date of a Board meeting. Draft and final versions of minutes of each Board meeting were circulated to directors for their comment and record respectively. In addition to the Board meetings, the Chairman of the Board also held a separate meeting with the independent non-executive directors without the present of other directors on an annual basis.

Corporate Governance Report 企業管治報告

董事會主席與總裁

， 董事會主席之角色由呂華博士擔任 而總裁之角色由 黃偉先生擔任。董事會主席負責帶領董事會與全體董 ， 事共同制定良好的企業管治常規及程序 決定本公司 、 ， 的策略方針 業務計劃和投資方案 評估其表現和監 ， 督管理層的工作事務以確保董事會的有效性 而總裁 ， 則負責監督本公司的整體運作 及確保有效地執行計 劃。

董事會會議

董事會定期舉行會議以審核本公司的財務及營運表現 以及討論未來策略。2020 年舉行了四次常規董事會 。 ， 會議及六次特別董事會會議 於董事會會議上 董事 ， 、 會檢討的重大事宜 包括本公司的業務發展 建議末 期及中期股息、年報及半年度報告及關連交易。常規 ， 董事會會議的通知至少提前十四天向全體董事發出 。 全體董事均有機會提出擬商討之事項列入議程中 議 程連同董事會會議文件在擬定董事會會議日期至少三 。 天前發給董事 各董事會會議之會議記錄的初稿及最 ， ， 後定稿會發送給董事 初稿供其表達意見 而最後定 。 ， 稿則作記錄之用 除董事會會議外 董事會主席亦每 年在其他董事避席的情況下與獨立非執行董事單獨會 面。

080 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Corporate Governance Report 企業管治報告

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Attendance Record at Board Meetings, Board Committee Meetings and General Meeting

The attendance record of each director at Board meetings, Board committee meetings and general meeting in 2020 is set out below:

董事會會議、董事委員會會議及股東大會的出席記錄

於2020 年，各董事出席董事會會議、董事委員會會 議及股東大會的記錄載列如下：

			Audit	Nomination	Remuneration	Annual
		Board	Committee	Committee	Committee	General
		Meeting	Meeting	Meeting	Meeting	Meeting
		董事會	審核委員會	提名委員會	薪酬委員會	股東週年
		會議	會議	會議	會議	大會
No. of meetings held	舉行的會議次數	10	3	3	4	1
Executive Directors	執行董事
LU Hua (Chairman)	呂華（主席）	9/10	N/A	2/3	N/A	✓
HUANG Wei (President)	黃偉（總裁）	9/10	N/A	N/A	N/A	✓
CAI Xun (Note 1)	蔡潯（附註1）	3/10	N/A	N/A	N/A	–
DONG Fang (Note 2)	董方（附註2）	4/10	N/A	N/A	N/A	–
LIU Shichao	劉世超	10/10	N/A	N/A	N/A	✓
MOU Yong (Note 3)	牟勇（附註3）	1/10	N/A	N/A	N/A	–
LIU Chong (Note 4)	劉崇（附註4）	4/10	N/A	N/A	N/A	✓
Non-executive Director	非執行董事
WU Jiesi (Note 5)	武捷思（附註5）	7/10	N/A	N/A	N/A	✓
Independent Non-executive	獨立非執行董事
Directors
WU Wai Chung, Michael	吳偉驄	10/10	3/3	N/A	4/4	✓
LI Wai Keung	李偉強	10/10	3/3	3/3	4/4	✓
WONG Yau Kar, David	黃友嘉	10/10	3/3	3/3	4/4	✓

Notes:

1. Ms. CAI was appointed as an executive director of the Company on 27 August 2020.

2. Mr. DONG Fang was appointed as an executive director of the Company on 23 July 2020.

3. Mr. MOU Yong has retired as an executive director of the Company with effect from 26 May 2020.

4. Mr. LIU Chong has resigned as an executive director of the Company with effect from 23 July 2020.

5. Dr. WU Jiesi has resigned as an executive director of the Company with effect from 14 September 2020.

附註：

1. 蔡女士於2020 年 8 月 27 日獲委任為本公司執行董 事。

2. 董方先生於2020 年 7 月 23 日獲委任為本公司執行 董事。

3. 牟勇先生於2020年5月26日退任本公司執行董事。

4. 劉崇先生於2020年7月23日辭任本公司執行董事。

5. 武捷思博士於2020 年 9 月 14 日辭任本公司執行董 事。

081 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

Directors’ Securities Transactions

The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules (the “Model Code”) as the code of conduct of the Company for dealing in securities of the Company by the directors. Having made specific enquiry to all the directors, all directors confirmed that throughout the year, they had complied with the required standard set out in the Model Code.

董事進行證券交易

董事會已採納上市規則附錄十所載上市發行人董事進 行證券交易的標準守則（「標準守則」），作為本公司 。 董事進行證券交易的行為準則 經向全體董事作出特 ， ， 定查詢後 全體董事均確認 彼等於整個年度內一直 。 遵守標準守則所載的規定標準

Directors’ Continuing Professional Development Programme

Each newly appointed director will be provided with necessary induction information to ensure that he/she has a proper understanding of the Company’s operations and businesses as well as his/her responsibilities under relevant statutes, laws, rules and regulations.

董事持續專業發展計劃

所有新委任的董事均獲提供必要的入職培訓資料，以 、 、 確保其對本公司的營運及業務以及相關條例 法律 。 規則及法規下的責任有適當的了解

Directors’ training is an on-going process, all directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills. The Company also updates directors on any latest development regarding the Listing Rules and other applicable regulatory requirements from time to time to ensure compliance and enhance their awareness of good corporate governance practices.

， 董事培訓屬持續過程 本公司鼓勵所有董事參與持續 ， 。 專業發展 以發展及更新其知識及技能 本公司亦不 時向董事提供上市規則以及其他適用監管規定的最新 ， 發展概況 以確保合規並提升其對良好企業管治常規 的認識。

A summary of the training records reported by the directors for year 2020 is set out as follow:

董事呈報於2020年的培訓記錄的概要載列如下：

		Type of training covered#
		所涵蓋培訓的類型#
LU Hua	呂華	1,2,3
HUANG Wei	黃偉	1,2,3
CAI Xun	蔡潯	1,2,3
DONG Fang	董方	1,2,3
LIU Shichao	劉世超	1,2,3
MOU Yong	牟勇	1,2,3
LIU Chong	劉崇	1,2,3
WU Jiesi	武捷思	1,2,3
WU Wai Chung, Michael	吳偉驄	2
LI Wai Keung	李偉強	1,2
WONG Yau Kar, David	黃友嘉	1,2

082 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

:

1. Attending briefing/training seminars/conferences relevant to the industry, business and their duties.

2. Reading industrial and regulatory updates/monthly management reports etc.

The Board is regularly kept up-to-date on key events, the performance, position and outlook of the Group through the monthly management reports.

1. Site visit

Board Committee

The Board has appointed a number of committees to discharge its functions. The respective roles, responsibilities and activities of each Board committee are set out below:

Audit Committee

The Audit Committee comprises three independent non-executive directors, who are all equipped with commercial and financial skills and experiences required for understanding of accounting information. It is chaired by Mr. LI Wai Keung and other members are Mr. WU Wai Chung, Michael and Dr. WONG Yau Kar, David.

Under its terms of reference, the duties of the Audit Committee include, but not limited to, making recommendations on the appointment of external auditor and monitoring the effectiveness of external audit, supervision of internal audit and oversight of the integrity of financial information and the financial reporting system, overseeing internal audit, risk management and internal control systems of the Company and ensuring such functions are adequately resourced. The full terms of reference of the Audit Committee are available on the Company’s website and the website of The Stock Exchange of Hong Kong Limited (“Stock Exchange”).

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• ：

• 參加與行業、業務及其職責相關的簡介會 ╱ 培訓 研討會 ╱ 會議。

• 閱讀行業及監管更新資料 ╱ 管理層每月報告等。

• 董事會透過管理層每月報告定期取得有關本集團 重要事件、表現、狀況及前景的最新消息。

• 實地考察

董事委員會

。 董事會已委任若干委員會以履行其職責 各個董事委 員會各自的角色、職責及活動載列如下：

審核委員會

， 審核委員會由三名獨立非執行董事組成 彼等均具備 了解會計資料所需的商業與財務技巧及經驗。審核委 ， 員會由李偉強先生擔任主席 其他成員為吳偉驄先生 及黃友嘉博士。

， 根據其職權範圍 審核委員會負責包括（但不限於） 、 、 建議聘請外聘核數師 監督外部審計之有效性 監督 、 內部審計及監察財務信息及財務申報系統的完整性 、 監督本公司的內部審計 風險管理及內部監控系統以 。 及確保該等功能有足夠資源 審核委員會的職權範圍 全文可於本公司網站及香港聯合交易所有限公司（「聯 交所」）網站內查閱。

083 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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The Audit Committee performed the following in 2020:

Financial reporting/external audit and internal review

• Reviewed the 2019 annual financial statements, annual report and results announcement and recommended the same to the Board for approval;

• Reviewed the 2020 half-year financial statements, half-year report and results announcement and recommended the same to the Board for approval;

• Reviewed report submitted by external auditor on their statutory audit of the 2019 annual financial statements and their independent review of the 2020 half-year financial statements;

• Reviewed and discussed the observations and recommendations on the financial reporting and control matters set out in the 2019 management letter submitted by external auditor;

• Reviewed the representation letter issued by management to external auditor in connection with their audit of the 2019 financial statements;

• Reviewed with the external auditor their plan for statutory audit of the 2020 annual financial statements, including the nature and scope of the audit and reporting obligations.

Risk management, internal control and internal audit

• Reviewed the evaluation report on internal control and risk management systems for year 2019 issued by the risk management department;

• Reviewed with the risk management department on the risk management and internal control systems and their effectiveness, the overall risk management, internal control and internal audit work progress and findings, and the adequacy of resources and staffing for such functions.

At the meeting held on 26 March 2021, the Audit Committee reviewed and approved the 2020 annual financial statements, annual report and results announcement and considered reports from the external auditor, and reviewed the evaluation report on internal control and risk management systems for year 2020 issued by the risk management department. The Audit Committee also considered the proposed change of auditor of the Company and made recommendation to the Board on the appointment of new auditor.

The meeting attendance of each member of the Audit Committee is set out in the paragraph headed “Attendance Record at Board Meetings, Board Committee Meetings and General Meetings” of this report.

Corporate Governance Report 企業管治報告

審核委員會於2020年曾進行以下工作：

財務申報╱外部審計及內部檢討

• － 審閱2019年年度財務報表、年報及業績公告， 並建議董事會批准；

• － 審閱2020年半年度財務報表、半年度報告及業 績公告，並建議董事會批准；

• － 審閱外聘核數師出具之有關彼等對2019 年年度 財務報表之法定審計及彼等對2020 年半年度財 務報表之獨立意見之報告；

• － 審閱及討論外聘核數師提交之2019 年年度管理 層函件所載就財務申報及控制事宜的意見及建 議；

• － 審閱管理層就外聘核數師對2019 年年度財務報 表之審計致彼等之聲明函；

• － 與外聘核數師檢閱彼等對2020 年年度財務報表 ，

• 之法定審計計劃 包括審計性質和範疇及申報 責任。

、 風險管理 內部監控及內部審計

• 審閱風險管理部就2019 年內部監控及風險管理 系統出具之評估報告；

• －

• － 與風險管理部檢討風險管理及內部控制系統及其 、 、

• 有效性 整體風險管理 內部監控及內部審計 、

• 進展及結果 及該等職能方面的資源及人力是 否充足。

於2021年3月26日召開的會議上，審核委員會審閱及 批准了2020 年年度財務報表、年報及業績公告，並 ， 審議了外聘核數師出具的報告 及檢討了風險管理部 就2020年內部監控及風險管理系統出具之評估報告。 審核委員會亦審議了建議更換本公司核數師事宜並就 。 委任新核數師向董事會提供推薦建議

審核委員會各成員出席會議的記錄載於本報告「董事 、 一 會會議 董事委員會會議及股東大會的出席記錄」 段。

084 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Corporate Governance Report 企業管治報告

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Remuneration Committee

The Remuneration Committee comprises three independent non-executive directors. It is chaired by Dr. WONG Yau Kar, David and other members are Mr. LI Wai Keung and Mr. WU Wai Chung, Michael.

薪酬委員會

。 薪酬委員會由三名獨立非執行董事組成 薪酬委員會 ， 由黃友嘉博士擔任主席 其他成員為李偉強先生及吳 偉驄先生。

The Company adopted the model whereby the Remuneration Committee is responsible for making recommendation to the Board on the remuneration packages of individual executive director and senior management according to its terms of reference. The Remuneration Committee is also responsible for making recommendation to the Board on the remuneration matters of non-executive directors, the setting up of adequate and transparent procedures for setting such remuneration. The full terms of reference of the Remuneration Committee are available on the Company’s website and the Stock Exchange’s website.

本公司已採納由薪酬委員會負責根據其職權範圍就個 別執行董事及高級管理人員的薪酬待遇向董事會提出 。 建議的模式 薪酬委員會亦負責就非執行董事的薪酬 事項向董事會提出建議及設立恰當及透明的程序以制 訂薪酬。薪酬委員會的職權範圍全文可於本公司網站 及聯交所網站內查閱。

No director or any of his/her associates is allowed to determine their own remuneration. In making recommendation to the Board on the remuneration of directors and senior management, the Remuneration Committee shall consider factors such as industry remuneration level, time commitment and responsibilities of directors, employment conditions of other positions within the Group and whether their remuneration are performance-related.

任何董事或其任何聯繫人士不得自行釐訂其本身的薪 酬。在向董事會建議董事及高級管理人員的薪酬時， 、 薪酬委員會須考慮同業薪酬水平 董事所付出的時間 、 及職責 集團內其他職位的受僱條件及是否按表現等 。 因素而釐定薪酬

During the year, the Remuneration Committee reviewed the director fees of non-executive directors and the remuneration of executive directors and senior management. The Remuneration Committee also reviewed the overall remuneration structure of the Group and considered the forms and adequacy of the various performance-based incentive arrangements.

， 、 年內 薪酬委員會已審議非執行董事的董事袍金 執 。 行董事及高級管理層之薪酬 薪酬委員會亦檢討了本 ， 集團的整體薪酬架構 並審議了各種以表現為基準的 。 激勵安排的形式及充足性

The remuneration of senior management by band for the year ended 31 December 2020 is set out below:

截至2020年12月31日止年度，按薪酬範圍劃分的高 級管理人員之薪酬載列如下：

			Number of Individuals
Remuneration	Bands	薪酬範圍	人數
HK$1,500,001	to HK$2,000,000	1,500,001港元至2,000,000港元	2
HK$2,000,001	to HK$2,500,000	2,000,001港元至2,500,000港元	3
HK$2,500,001	to HK$3,000,000	2,500,001港元至3,000,000港元	1

The particulars regarding Directors’ remuneration and the five highest paid employees are set out in notes 10 and 11 to the financial statements.

有關董事之薪酬及五名最高薪僱員的詳情載於財務報 表附註10及11。

The meeting attendance of each member of the Remuneration Committee is set out in the paragraph headed “Attendance Record at Board Meetings, Board Committee Meetings and General Meetings” of this report.

薪酬委員會各成員出席會議的記錄載於本報告「董事 、 一 會會議 董事委員會會議及股東大會的出席記錄」 段。

085 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Nomination Committee

The Nomination Committee comprises three members of which two of them are independent non-executive directors. It is chaired by Dr. WONG Yau Kar, David and other members are Dr. LU Hua and Mr. LI Wai Keung.

The Nomination Committee is responsible for reviewing the structure, size and composition of the Board, assessing the independence of the independent non-executive directors, identifying and evaluating individuals suitably qualified to become Board members as required and making recommendations to the Board on the appointment and re-appointment of directors. The full terms of reference of the Nomination Committee are available on the Company’s website and the Stock Exchange’s website.

During the year 2020, the Nomination Committee reviewed the structure, size and composition of the Board and opined that it has the skills, experience and diversity of perspective appropriate to the requirements of the Company’s business. The Nomination Committee also reviewed and recommended to the Board in relation to the re-election of the retiring directors at the annual general meeting of the Company held on 26 May 2020, the re-designation of Mr. LIU Shichao as executive director and the appointment of Mr. DONG Fang and Ms. CAI Xun as executive directors having due regard to the Board diversity policy and nomination policy. The Nomination Committee also assessed the independency of the independent non-executive directors.

The meeting attendance of each member of the Nomination Committee is set out in the paragraph headed “Attendance Record at Board Meetings, Board Committee Meetings and General Meetings” of this report.

The Board recognizes the benefits of a diverse Board with members possessing a balance of skills, experience and expertise which complement to the business success of the Group, and seeks increasing diversity at Board level to enhance the effectiveness of the Board and to achieve a sustainable and balanced development. The Board diversity policy sets out the approach to achieve diversity in the Board, namely through the consideration of a number of factors, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. All Board appointments will continue to be made on a merit basis having due regard to the overall effective functioning of the Board as a whole. And, the Nomination Committee will review at least annually the appropriateness of the structure, size and composition of the Board to ensure its effectiveness.

Corporate Governance Report 企業管治報告

提名委員會

， 提名委員會由三名成員組成 其中兩名為獨立非執行 。 ， 董事 提名委員會主席由黃友嘉博士擔任 其他成員 。 為呂華博士及李偉強先生

、 、 提名委員會負責檢討董事會的架構 規模及組成 評 、 核獨立非執行董事的獨立性 按要求物色並評估具備 合適資格可擔任董事的人士以及就委任及重新委任董 。 事向董事會提供推薦建議 提名委員會的職權範圍全 。 文可於本公司網站及聯交所網站內查閱

於2020 年，提名委員會已檢討董事會的架構、規模 ， 及組成 並認為其具備適用於本公司業務要求的技 能、經驗及多元化思維。提名委員會經充分考慮董事 會成員多元化政策及提名政策後亦就於本公司於2020 年5月26日舉行之股東週年大會上重選退任董事、調 任劉世超先生為執行董事以及委任董方先生及蔡潯女 士為執行董事進行審議並向董事會提供推薦建議。提 。 名委員會亦已評核獨立非執行董事之獨立性

提名委員會各成員出席會議的記錄載於本報告「董事 、 一 會會議 董事委員會會議及股東大會的出席記錄」 段。

董事會深信多元化的董事會擁有互補各成員所具備的 、 ， ， 技能 經驗及專長的好處 有助於本集團業務成功 ， 董事會亦尋求在董事會層面提升多元化 以提高董事 ， 。 會效率 並實現可持續及均衡發展 董事會成員多 ， 元化政策載列達致董事會成員多元化的方法 即透過 ， 考慮多種要素尋求達致董事會成員多元化 包括但不 、 、 、 、 限於性別 年齡 文化及教育背景 種族 專業經 、 、 。 驗 技能 知識及服務年資 董事會所有委任將繼 ， 續以用人唯才為原則 且充分顧及到董事會整體的職 。 能可有效發揮 而提名委員會每年至少對董事會的架 構、規模及組成之適當性檢討一次以確保其效率。

086 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

The Board nomination policy sets out the principles which guide the Nomination Committee to identify and evaluate a candidate for nomination to (i) the Board for appointment or (ii) the shareholders of the Company for election, as a director of the Company with a view to ensure that the Board has a balance of skills, experience and diversity of perspective appropriate to the requirements of the Company’s business. The Nomination Committee shall propose a candidate for nomination or a director for re-election based on merit and other considerations including the Board diversity policy, the expected contribution the candidate would add to Board and whether the candidate is able to commit and devote sufficient time and attention to the Company’s affairs etc. The Nomination Committee may take such measures that it considers appropriate in connection with its identification and evaluation of a candidate and make recommendation to the Board for the Board’s consideration.

Corporate Governance Functions

The Board is responsible for, and has performed during the year, the following corporate governance duties:

• to develop and review the Company’s policies and practices on corporate governance;

• to review and monitor the training and continuous professional development of directors and senior management;

• to review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements;

• to develop, review and monitor the code of conduct and compliance manual applicable to employees and directors;

• to review the Company’s compliance with the CG Code and disclosure in the corporate governance report.

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董事會提名政策載有指引提名委員會物色及評估候選 人的原則以(i)就委任向董事會或(ii)就選舉向本公司股 ， 東提名為本公司董事 旨在確保董事會具備適用於本 公司業務要求的均衡技能、經驗及多元化思維。提名 委員會應以用人唯才為原則推薦候選人以供提名或董 ， 事以供膺選連任 而其他考慮因素包括董事會成員多 、 元化政策 預期候選人將為董事會帶來的貢獻以及候 選人是否可奉獻及投入足夠的時間及精力於本公司事 。 務等 提名委員會可就物色及評估候選人採取其認為 合適的有關措施並向董事會提供推薦建議以供董事會 考慮。

企業管治職能

董事會負責且已於年內履行以下企業管治職能：

• 制定及檢討本公司的企業管治政策及常規；

• 檢討及監察董事及高級管理人員的培訓及持續專 業發展；

• 檢討及監察本公司在遵守法律及監管規則方面的 政策及常規；

• 制定、檢討及監察適用於僱員及董事的操守準 則及合規手冊；

• 檢討本公司遵守企業管治守則及企業管治報告內 披露的情況。

087 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Corporate Governance Report 企業管治報告

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Risk Management and Internal Control

Responsibility

The Board is responsible for the risk management and internal control systems and reviewing the effectiveness of such systems. Management is responsible for designing and implementing an internal control system to manage the risks to the Company to the maximum extent, in order to identify and manage these risks so as to understand, reduce, mitigate, divert or avoid these risks. The Board hereby explains that the systems are designed to manage, rather than eliminate, the risk of failure to meet business objectives, and only to provide reasonable, but not absolute, assurance against material misstatement or loss.

風險管理與內部監控

責任

， 董事會須對風險管理及內部監控系統負責 有責任檢 ， 討該等制度的有效性 而管理層則負責設計及執行內 ， 部監控制度以最大限度的管理公司面臨的風險 達 ， 、 、 到識別和管理這些風險 從而可以掌握 降低 舒 緩、轉移或規避這些風險。董事會謹在此闡釋該等系 統旨在管理而非消除未能達成業務目標的風險，而且 只能就不會有重大的失實陳述或損失作出合理而非絕 。 對的保證

風險管理架構

Risk Management Structure

• Board Oversight 董事會監督 Audit Committee, acting on behalf of the Board 代表董事會行事的審核委員會 • Ensure that an appropriate and effective risk management framework is • 確保公司已設立及維持一個合適和有效的風 。

• established and maintained by the Company. 險管理架構

• • Oversee management in the design, implementation and monitoring of • 監督管理層在風險管理架構的設計、執行及 。

• the risk management framework. 監察方面的工作

• • Oversee management in their risk mitigation efforts. • 監督管理層在風險紓緩方面的工作。 、

• Risk Management, Reporting and Communication 風險管理 匯報及溝通 Risk Management Department 風險管理部 • Being the specialized risk management department, is responsible for • 為風險管理專職部門，負責公司全面風險管 the establishment and operation of the comprehensive risk management 理體系建設與運作的具體工作；指導、督促 system of the Company; guide and supervise the overall risk 其他各部門及各所屬企業開展全面風險管理 。

• management of other departments and the respective enterprises which 工作

• Being the specialized risk management department, is responsible for the establishment and operation of the comprehensive risk management system of the Company; guide and supervise the overall risk management of other departments and the respective enterprises which they belong to.

• • Risk management: Regularly conduct systematic risk evaluation and carry out risk audit to major businesses in advance.

• • Internal control: inspect, evaluate and optimize the implementation of internal control system, to avoid execution risks.

• • Internal audit: conduct multi-level audit, implement auditing issues rectification work, prevent operational risks.

• • Ensure that a review of the effectiveness of the risk management framework has been conducted at least annually and provide such confirmation to the Board through the Audit Committee.

• 風險管理：定期進行系統風險評估、對重大 。

• 業務進行事前風險審核

• • 內部控制：檢查、評價和優化內控制度的執 行情況，規避執行上的風險。

• • 內部審計：開展多層次的審計工作，落實審 計問題整改，防範營運風險。

• • 確保至少每年檢討一次風險管理架構的成 ，

• 效 並透過審核委員會向董事會作出有關確 認。

088 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

Performing Daily Risk and Monitoring Responsibility

Functional Departments, Risk Management Departments of Subsidiaries and Individuals

• Responsible for carrying out risk management procedures and internal control measures in their daily operations.

• Regularly review the risk profile and report to the risk management department and management on the risks within their respective operating and functional areas.

Risk Management Process

The Company adopts an integrated “bottom-up” and “top-down” risk review process, requiring the heads of functional departments and business units of the Company to participate in identifying operational risks and incorporate them into various business and decision-making processes, including strategy formulation, business development, business planning, capital allocation, investment decisions, internal controls and daily operations, to enable

• (1) comprehensive identification and prioritization of all significant risks within the Company;

• (2) reporting of significant risks to the appropriate management level;

• (3) the management to effectively communicate about the risks.

Bottom-up Process

• Business units and functional departments of the Company conduct risk identification and evaluation of specific businesses with the scope of responsibility, propose and implement risk management solutions and report annually to the risk management department of the Company the significant risks identified during the risk management process.

• All departments of the Company are responsible for sorting out their own business processes, collecting and collating internal and external risk initial information within their scope of functions extensively and continuously. The risk management department regularly screens, refines, compares, classifies and combines the initial risk information collected by each department and draws the risk coordinates map based on the risk evaluation results of each department to initially determine the management priorities of various risks of the Company, formulate risk management strategies, and propose and implement risk management solutions.

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執行日常風險及監控權責

、 職能部門 附屬企業風險管理部門及個人

• 負責於日常營運執行風險管理程序及內部監 。

• 控措施

• 定期審視風險狀況及就其各自營運及職能範 。

• 圍內的風險向風險管理部及管理層進行匯報

風險管理程序

公司採用「由下而上」的方式配合「由上而下」的綜合 ， 風險檢討程序 要求公司職能部門及業務部門主管參 ， ， 與識別營運風險 納入各項業務及決策流程中 包括 、 、 、 、 策略制定 業務發展 業務規劃 資金分配 投資 、 ， 決定 內部監控及日常營運等 以便於

• ，

• (1) 全面識別公司內部所有的重大風險 並進行優 次排序；

• (2) 將重大風險上報至適當的管理層級別；

• 。

• (3) 讓管理層就風險進行有效溝通

由下而上的程序

• 業務部門和公司職能部門對職責範圍內的具 、 ，

• 體業務進行風險辨識 評估 提出和實施風 險管理解決方案；並年度須向公司風險管理 。

• 部匯報在風險管理過程中識別的重大風險

• 公司各部門負責梳理自身業務流程，廣泛、 、

• 持續地收集 整理本部門職能範圍內的內 部、 外部風險初始信息。 風險管理部定期 對各部門收集的風險初始信息進行必要的篩 、 、 、 、 ，

• 選 提煉 對比 分類 組合 並根據各 ， ，

• 部門的風險評估結果 繪製風險坐標圖 初 、

• 步確定公司本部各項風險的管理優先順序 制定風險管理策略和提出和實施風險管理解 決方案。

089 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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• The Risk Management Department of the Company, through collection, screening and sequencing and interview procedures, compiles the annual comprehensive risk management work report and the “Evaluation ”

• Report on Internal Control and Risk Management Systems .

• The Risk Management Department of the Company reports their works to the Audit Committee annually and submits “Evaluation Report on Internal Control and Risk Management Systems” to the Audit Committee and the Board for their review.

Top-down Process

• The Audit Committee reviews the new risks or significant strategic risks that may have a significant long-term impact on the Company, and reviews the effectiveness of the risk management and internal control systems of the Company on an annual basis.

• In addition to the risk evaluation function, the management from the functional departments is responsible for identifying and evaluating the financial and other risks in different areas of the Company from the aspects such as investment auditing and strategic planning, financial management and legal compliance respectively, and forms a normalized mechanism for risk evaluation to regularly conduct systematic significant risk evaluation, so as to achieve dynamic management of significant risks.

• Formed a normalized mechanism for risk evaluation to regularly carry out systematic significant risk evaluation, identify, evaluate and analyze all kinds of existing or potential risks in current business development, and timely track and monitor the moving trend of significant risks, control the progress and effectiveness, so as to achieve dynamic management of significant risks.

• For major businesses such as land bidding, equity acquisition, joint venture cooperation etc., a comprehensive risk assessment and audit must be conducted in advance to achieve the operating mechanism where audit opinions without prior risk evaluation may not be submitted for approval so that significant business risks are effectively controlled.

• Annual review is performed to strengthen the institutionalization and standardization of internal audit work.

Corporate Governance Report 企業管治報告

• 公司風險管理部通過匯集、篩選及排序的步 ，

• 驟以及訪談程序 編寫企業全面風險管理年 度工作報告及《內部監控及風險管理系統評 估報告》。

• 公司風險管理部按年向審核委員會報告其工 ，

• 作 並提呈《內部監控及風險管理系統評估 報告》供審核委員會及董事會審閱。

由上而下的程序

• 審核委員會按年度檢查及討論可能對公司長 遠構成重大影響的新生風險或重大的戰略風 ，

• 險 檢討公司風險管理及內部監控系統的成 效。

• 有關風險評估職能外，職能部門管理層還分 、 、

• 別從投資審核及戰略規劃 財務管理 法律 合規等方面負責識別及評估公司不同領域的 ，

• 財務及其他風險 並形成風險評估常態化機 ， ，

• 制 定期開展系統性重大風險評估工作 實 。

• 現了重大風險動態管理

• 形成了風險評估常態化機制，定期開展系統 ，

• 性重大風險評估工作 對當前經營發展中存 、

• 在或潛在的各類風險進行識別 評估和分 ， 、

• 析 並及時跟蹤監測重大風險變化趨勢 管 ， 。

• 控進展和成效 實現了重大風險動態管理

• 對土地招拍掛、股權收購、合資合作等重大 業務要求必須事前進行全面的風險評估和審 ，

• 核 實現無事前風險評估審核意見不能提交 ，

• 上會審議的運行機制 重大業務風險得到了 。

• 有效地控制

• • 每年進行檢討，加強內審工作的制度化、標 。

• 準化建設

090 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

Internal Control

The internal control system of the Company is based on the principles under the COSO (the Committee of Sponsoring Organizations of the Treadway Commission). The risk management department of the Company conducts an annual assessment and review of the internal control and risk management systems. The review covers five aspects including control environment, risk assessment, control activities, monitoring measures and information and communication, in order to assess whether the internal control and risk management systems of the Company is sound, appropriate, effective and sufficient. The risk management department annually prepares an evaluation report on internal control and risk management systems of the Company.

Principal Policies and Measures of Internal Control Control Environment

• The Company has established a code of discipline of corporate governance policy, human resource management policy, regulatory business operation and governance, as well as regular review and refresher training on key ethical practices.

• The Company has compiled a compilation of human resource system, and through implementation of this system, the human resource concepts, policies, systems are unified and standardized, and the policies are more transparent. Each employee is subject to an accountability system for internal control responsibilities.

• The Company has, based on the need of management, formulated a number of management measures, including the Emergency Response Plan for Safe Production, Management Measure for Property Right and Management Measure for Asset Valuation, the Management Measure for Fund Investment and the Management Measures on Engagement of Intermediates, to strengthen its business management and further facilitate its standardized development.

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內部監控

公司的內部監控系統是根據COSO (the Committee of Sponsoring Organizations of the Treadway ， Commission)以下的原則所訂立 公司風險管理部每 年度對內部監控及風險管理系統進行認真評估與檢 討，檢討涵蓋監控環境、風險評估、監控活動、監 ， 察措施及信息與溝通等五個方面 以此評估公司內部 、 、 。 監控及風險管理系統是否穩健 妥善 有效及足夠 風險管理部每年度形成公司內部監控及風險管理系統 評估報告。

主要內部監控政策與措施

監控環境

• 公司制定企業管治政策 、 人力資源管理政 、 ，

• 策 監管業務運作及管治工作的紀律守則 。

• 以及對重要道德操守的定期檢討和進修培訓

• 公司制定了人力資源制度匯編並落實執行， 、 、

• 使人力資源理念 政策 制度得到統一和規 範，政策更加透明；對每名員工在內部控制 責任上，實施問責制度。

• 公司根據管理需要，編製了多項管理辦法， ， 、

• 包括安全生產應急預案 產權管理 資產評 、 、

• 估管理辦法 基金投資管理辦法 選聘中介 ， ，

• 機構管理辦法等 以強化企業管理 進一步 。

• 提高業務規範發展

091 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Risk Assessment

• The risk management functional department identifies and assesses the systemic risks faced by the Company through regular risk management; controls the risk position of subsidiaries as well as identifies and assesses changes that may have a significant impact on the internal control system through periodic risk management reporting systems of the subsidiaries and risk assessment and monitoring of major projects and businesses.

• The relevant functional departments of the Company are responsible for identifying and assessing financial and other risks in different areas of the Company from the aspects such as strategy planning and investment auditing, financial management and legal compliance.

• Compile a comprehensive risk management report and submit it to the Audit Committee for consideration and timely take corresponding risk management measures.

Control Activities

• Ensure that policies are implemented effectively through the development of policies with well-defined policies and procedures.

• Key control systems and processes, including budget and cost control, submitting management report, corporate policies and corporate daily activities, for approval, review and division of duties through financial reporting systems and processes. The internal control system of the Company clearly defines the responsibilities and powers of each unit. The Company has established policies and procedures for major business functions and business units.

• The Company established the “Administrative Rules on Supervision and Management of Audit Rectification”, which included the completion of audit rectification into annual appraisal indicators for related subsidiaries, and complete a closed-loop management accountability mechanism for auditing rectification supervision.

• Through the “Request System on Key Issues”, the Company has established strict decision-making mechanism for major businesses and issues, such as major investments, appointments and removal of key personnel and large-scale capital operations to ensure that the Company’s major decision-making arrangements are in place.

Corporate Governance Report 企業管治報告

風險評估

• 風險管理職能部門通過定期開展風險梳理， 識別評估公司所面臨的系統性風險 ； 通過 附屬企業定期風險管理報告制度和對重大項 目、業務的風險評估與監控，對附屬企業風 ，

• 險狀況進行控制 識別和評估可能對內部監 。

• 控系統產生重大影響的變更

• 公司相關職能部門分別從戰略規劃及投資審 、 、

• 核 財務管理 法律合規等方面負責識別及 。

• 評估公司不同領域的財務及其他風險

• 匯總編製全面風險管理報告並提交審核委員 ， 。

• 會審議 並及時採取相應的風險管理措施

監控活動

• 通過制訂要求明確的政策及訂立程序，確保 。

• 政策得以切實執行

• 主要監控系統及流程 ， 包括預算及成本監 、

• 控 透過財務匯報系統及流程提呈管理報 、 、

• 告 公司政策及公司日常活動進行的審批 。

• 覆核及職責劃分 公司的內部監控系統清楚 、

• 界定各單位的職責及權力 對主要業務功能 。

• 及業務部門制訂了政策及程序

• 公司制定了《審計發現問題整改監督管理細 則》，將審計整改完成情況列入對所屬企業 ，

• 的年度考核指標 完善審計整改監督閉環管 。

• 理問責機制

• 公司通過《重大事項請示制度》，對重大投 、 、

• 資 重要人士任免 大額度資金運作等重大 ，

• 業務和事項建立嚴格的決策機制 確保公司 。

• 重大決策部署落實到位

092 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

Monitoring Measures

• Continuously check compliance and conduct risk management and internal control reviews.

• The secretariat of the Board and relevant functional departments are responsible for the overall assessment and monitoring for the established procedures to ensure compliance with the Listing Rules and to monitor the compliance with applicable laws and other key provisions.

• The internal audit is performed by the Risk Management Department of the Company, which is responsible for independent auditing of risk management and internal control.

• The Company developed the model clauses of contracts through the “Management Measures for Contracts” to finalize an integrated system combining corporate decisions and legal risk prevention and control and highlight the function of legal risk control.

• The Company strictly follows the related published systems, such as the “Management Measures for Real Estate Investment” and the “Request System on Key Issues”, for investments in real estate projects, as well as implements the approval procedures required for project investments.

• The Company implements business integrity risk prevention and control over key areas, key processes and key posts. It oversees the entire purchase bidding procedures for significant projects of the Company and its subsidiaries and regulates the standard operation of evaluation process to promote the company wide application of the Sunshine Procurement Platform and realize sunshine transaction, online information transparency and big data monitoring.

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監察措施

• 持續檢查合規情況並進行風險管理和內部監 。

• 控檢討

• 董事會秘書處及相關職能部門負責整體評估 及監察既定程序以確保遵守上市規則及監督 。

• 有關適用法律及其他主要規定的合規事項

• 內部審計職能由公司風險管理部門擔任，負 。

• 責對風險管理及內部監控進行獨立審核

• 通過《合同管理辦法》並製作了合同示範條 ，

• 款 落實企業決策與法律風險防控相結合的 制度，切實強化法律風險管控職能。

• 公司嚴格遵循發佈的《 房地產投資管理辦 法》、《重大事項請示制度》等相關制度進行 ，

• 地產項目投資 落實執行項目投資需通過的 。

• 各項審批程序

• 公司針對重點領域、關鍵環節和重要崗位， 開展廉潔從業風險防控工作。全程監督公司 ，

• 及所屬企業重大項目採購招投標工作 管控 ，

• 評標環節的規範運作 推進陽光採購平台建 ，

• 設在公司內的廣泛運用 實現陽光交易全覆 蓋、信息網上全公開和大數據監管全鏈條。

093 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Information and Communication

• Implement, maintain and continuously develop business and information management systems to support the business and operations of the Company, including financial, information disclosure and collaborative oversight.

• Disseminate corporate information in a timely manner through the intranet of the Company, collaborative office systems and e-mail system of the Company.

• Establish and implement the Company’s website and shareholder communication policies to ensure that shareholders receive comprehensive, clear, transparent and timely information about the Company.

• Establish a unified stock property management information system to make the stock asset management more transparent and instant.

• The Company constructed the cloud platform to ensure data security and realize the dynamic extension of the computing platform in line with business demand.

Internal Auditing

The Risk Management Department is responsible for the internal audit of the Company. It reviews the risks involved in daily operations of the Company and its subsidiaries by using the audit plans and procedures set out in the “Comprehensive Risk Management Manual” and the “Interim Measures for Internal Audit Management” it established, and conducts regular post-evaluation reviews on internal audit items to ensure the effectiveness of risk management framework.

Each year, the Risk Management Department determines the internal audit work priorities and formulates annual internal audit plans according to the Company’s strategic deployment, business management needs and annual work schedule.

The annual internal audit plan shall include the following basic elements:

• 1) Annual work objectives of internal audit;

• 2) The specific audit items to be implemented and their sequence;

• 3) The audit resources allocated to each audit item.

Corporate Governance Report 企業管治報告

信息與溝通

• 實施 、 維護及持續開發業務及信息管理系 ， ， 、

• 統 以支持公司的業務及營運 包括財務 。

• 信息披露及協同監督等

• 通過公司的內聯網、協同辦公系統及公司電 郵系統，及時傳播企業信息。

• 公司網站及股東通訊政策的建立和實施確保 股東獲得有關公司的全面清晰透明及時的信 息。

• 建立統一存量物業管理信息系統，使存量資 產管理更透明、即時。

• 公司建設雲平台，保障數據安全，實現計算 。

• 資源平台根據業務需求動態擴展

內部審計

風險管理部門負公司內部審計，運用其設立的《全面 風險管理手冊》及《內部審計工作管理暫行辦法》中清 ， 晰列明的審核計劃及程序 檢討公司及附屬企業的日 ， 常運營面臨的風險 並對內部審計項目做定期後評價 。 檢討以保證風險管理架構的成效

， 風險管理部每年度按照公司戰略部署 根據經營管理 ， 需要和公司的年度工作安排 確定內部審計工作重 點，制定年度內部審計計劃。

年度內部審計計劃當包括以下基本內容：

• 1) 內部審計年度工作目標；

• 2) 需要執行的具體審計項目及其先後順序；

• 。

• 3) 各審計項目所分配的審計資源

094 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

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According to the Interim Measures for Internal Audit Management, matters that must be audited shall include the following:

按照《內部審計工作管理暫行辦法》，必須進行審計的 事項包括下列各項：

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----- Start of picture text -----

Type of Audit Content
審計類型 內容
Economic Responsibility Audit During the three-year tenure of the corporate management team, at least one internal
經濟責任審計 economic responsibility audit shall be performed
企業經營班子3年任職期間，需要進行至少1次任內經濟責任審計
The departure of a leader of enterprise requires an economic responsibility audit
，
企業領導人離任 需要進行經濟責任審計
Item Audit For significant investment projects, at least one audit in every three years is required
項目審計 重大投資項目，每3年內需要進行至少1次審計
For on-going operating projects, at least one audit in every three years is required
持續經營項目，每3年內需要進行至少1次審計
Post-Evaluation Audit After an investment project is completed, a comprehensive post-evaluation audit of its
後評價審計 operation and economic benefits is required
，
投資項目全部完成後 需要對其運作和經濟效益等進行全面的後評價審計
----- End of picture text -----

In addition to the above, the Risk Management Department will also conduct specialized internal audit on the operational priorities of each functional departments and subsidiaries according to the actual operational and management situation, the annual work priorities of the Company, as well as the risks faced by the Company as assessed at the beginning of each year. The risk management department conducts internal audit supervision on the following matters of the wholly-owned and controlled enterprises of the Company:

， 、 除上述外 風險管理部門亦會按經營管理實際情況 、 公司年度工作重點 以及公司每年年初評估的公司所 ， 、 面臨的風險 就各職能部門 附屬企業營運重點進 ， 行專項內部審計工作 其中風險管理部對公司所屬全 資、控股企業下列事項進行內部審計監督：

• The implementation of the relevant financial laws, regulations, rules and regimes by the state, government and superior authorities;

• 國家、政府和上級主管部門有關財經法律、法 規、規章和制度的貫徹執行情況；

• The implementation of the operating guidelines, policies, rules and regulations formulated by the wholly-owned and controlled enterprises of the Company;

• 所屬全資、控股企業制定的經營方針、政策、 規章制度的貫徹執行情況；

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• The soundness, rationality, effectiveness and implementation of internal control systems and regimes;

• Financial revenue and expenditure, asset quality, operating performance and other related economic activities;

• The establishment and implementation of various operating plans, planned budgets;

• Important economic contracts, investment projects, mortgages loans or provision of guarantees, infrastructure projects, etc.

Review of Effectiveness of Risk Management and Internal Control and Main Procedures to Address the Lack of Internal Control

Based on the above risk management and internal control systems, the Risk Management Department of the Company conducts regular review and evaluation in accordance with three aspects of risk management, internal control and internal audit, to identify the deficiencies of internal control and improve the system process.

The Risk Management Department establishes a work plan for the coming year in the later part of every year, which sets out the objectives and scope of the audit.

Internal audits include the testing of the Company’s financial, operational and compliance controls. The Risk Management Department engages an external accounting firm to issue an annual internal audit report, and the Risk Management Department will, towards the deficiencies in monitoring raised by the accounting firm, make rectification on the details of the audit disclosed by the internal audit report and on the audit results of the department concerned.

In response to the identified internal control deficiencies, the Risk Management Department will promptly communicate the issues with the relevant functional departments or subsidiaries, put forward measures of rectification and establish corresponding policies after discussion with the management, and issue a rectification notice to the functional departments or subsidiaries to urge them to complete the rectification within the prescribed time.

The implementation of the rectification of various enterprises in the year was good, and passed the second round of internal control conducted by the accounting firm.

In the internal control work carried out during the year, the Risk Management Department did not find any significant deficiencies. According to the relevant audit results and management responses, the management believes that the existing internal control system is still valid as a whole.

Corporate Governance Report 企業管治報告

• 內部控制系統和制度的健全性、合理性、有效 性和執行情況；

• 財務收支、資產質量、經營績效以及其他有關 的經濟活動；

• 各種經營方案、計劃預算的制訂和執行情況；

• 重要經濟合同、投資項目、抵押貸款或提供擔 保、基建工程等的有關情況。

檢討風險管理及內部監控系統的有效性及解決內控缺 失的主要程序

， 公司風險管理部根據上述風險管理及內控系統 按風 、 、 險管理 內部監控 內部審計這三個方面進行定期進 ， ， 。 行檢討與評估 查找內控缺陷 完善制度流程

， 風險管理部於每年較後期制訂來年之工作計劃 當中 。 載明將進行審計工作的目標及範圍

、 內部審計包括測試有關本公司財務 經營及合規方面 。 的監控 風險管理部門聘請外部會計師事務所出具年 ， 度內部審計報告內 風險管理部針對會計師事務所提 ， 出監控的不足之處 就該內部審計報告披露的審計工 。 作的詳情以及該部門所有審計工作的結果進行整改

， 針對發現的內部控制缺陷 風險管理部及時將問題與 ， 相關職能部門或附屬企業進行溝通 與管理層討論後 ， 提出整改措施和制定相應政策 並對職能部門或附屬 ， 企業下發整改通知書 督促各企業在規定時間內完成 整改。

， 本年度各企業整改落實情況良好 並通過了會計師事 。 務所執行的內部控制第二輪測試

， 在本年度進行的內部監控工作中 風險管理部並無發 ， 現任何有重大內控缺陷 根據有關的審核結果及管理 ， ， ， 層響應 管理層認為 整體而言 現有內部監控系統 。 仍屬有效

096 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

Review on Effectiveness of Risk Management and Internal Control in 2020

The Risk Management Department has predicted and analyzed the possible risks the Company’s operations and management may face in 2020. After evaluation, the 3 major risks faced by the Company in 2020 were market changes and market competition risk, resource risk (relative limited ways for resource acquisition and weak sustainability for some resources) and strategy implementation risk (strategy implementation progress is slower than expected). In addition, there were also risks at macro-economic level, which mainly include rent cut and surrender arising from the outbreak of COVID-19, the waiver of highway tolls according to the epidemic prevention and control policies, prolonged construction period, the rise in the price of materials, delayed delivery of the property, the fact that the hotels was hard hit with decrease in turnover seen in the short run and other operational risks, etc. The Risk Management Department has put forward operational and responsive measures and strategies for these risks. At the same time, during the year, it strengthened pre-examination of major business risks, conducted special risk audits on key projects, and regularly evaluated financial risk early warning indicators such as solvency, asset operation capability, profitability and capital operation capability to monitor changes in corporate financial risks.

During the year, the Risk Management Department has conducted internal audit and examination on rectification of audit opinions for its subsidiaries:

• Conducted special audit covering the implementation of the spirit of China’s eight-point frugality code. The Company conducted a special audit covering the implementation of the spirit of China’s eight-point frugality code, with the audit on three of its subsidiaries intensified. The focus of the audit fell on eight aspects involving the establishment and implementation of various systems, namely training fees, travelling expenses, entertainment expenses, conference expenses, trade union funds, funds of the board, management of official vehicles and compensation for the responsible persons of enterprise, and based on which the “Special Audit Report 2019 on the Implementation of the Spirit of the Eight-point Frugality Code” was produced. There was no significant inadequacy identified in the audit. For those problems and risks identified, the Company has put forward corresponding suggestions and issued rectification notices to relevant enterprises without delay for timely rectification.

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2020年度的風險管理及內部監控成效檢討

風險管理部對2020 年公司經營管理可能面臨的風險 進行了預測與分析。經評估，公司2020 年所面臨的 ， 、 重大風險有三項 分別為市場變化和市場競爭風險 、 資源保障風險（資源獲取方式相對單一 部分資源可 持續性較弱）、戰略實施風險（戰略實施進度低於預 ， 期）。另外宏觀經濟類方面亦存在風險 主要是新冠 、 、 肺炎導致的減租降費 退租 高速公路因疫情防控的 、 、 、 政策免收車輛通行費 工期延長 材料價格上漲 逾 、 ， 期交房 短期內酒店營業額受到較大衝擊 及其他運 營風險等。風險管理部並針對此等風險提出了具有可 。 操作性的應對措施和策略 年內同時加強重大業務風 ， ， 險事前審核 對重點項目開展專項風險審計 並定期 、 、 、 通過對償債能力 資產運營能力 盈利能力 資金運 營能力等財務風險預警指標進行評估以及時監測企業 。 財務風險變化

， 年內 風險管理部對所屬企業開展內部審計和審計意 見整改檢查：

• 開展落實中央八項規定精神情況專項審計。 公 司組織開展了對下屬企業落實中央八項規定精 神情況全覆蓋的專項審計，對 3 家所屬企業開 ， 、

• 展重點審計工作 重點關注內容包括培訓費 差旅費、業務招待費、會議費、工會經費、董 、 、

• 事會經費 公務用車管理 企業負責人履職待 ，

• 遇等制度建設和執行情況等八個方面 形成了

• 《2019年度落實中央八項規定精神情況專項審計 ，

• 報告》。審計無發現重大不足之處 針對發現的 ， ，

• 問題及風險 提出了相應的建議 並及時下發 整改通知書、督促相關企業及時整改。

097 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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• Conducted special audit on the implementation of rent-waiving policy for properties. In March 2020, the Company conducted a special audit on its implementation of rent-waiving policy for properties and produced the “Special Report of the Company on the Implementation of Rent-waiving Policy for Properties”. On this basis, the Company conducted a special audit on the management of the properties of its subsidiaries subleased by subland lords from July to October. In full knowledge of the general condition and sublease management of the leased properties of its subsidiaries, the Company also conducted an audit on key processes such as the promotion and implementation of the waiver policy and the extent of waiver from sub-landlords to actual lessees. Besides, we paid close attention to the impact of the epidemic on annual rental income. There was no significant inadequacy identified in the audit. For those problems and risks identified during the process of audit, the Company has put forward suggestions for improvement.

• Conducted special audit on the control and use of capital. The Company conducted a special audit on the control and use of capital during the period from 2017 to 2019 over its directly managed enterprises as scheduled. Based on the “three red lines”, namely the net gearing ratio, the cash to short-term debt ratio and the debt-to-asset ratio after exclusion of the advances, this audit focused on the completeness and effectiveness of the internal control of capital as well as the benefits and efficiency of capital utilization of its subsidiaries. Three subsidiaries selected on a sample basis were subject to the audit. On-site audit on these three subsidiaries and the audit report on each of them were completed by the Risk Management Department as scheduled. In the audit, the Company identified certain audit problems and risks involving the aspects of system design, the implementation of system and detailed operation, and produced “ ”

• the Report on the Special Audit on the Control and Use of Capital .

• Conducted economic responsibility audit during the term of office. According to its arrangement, during the year, the Company organized an economic responsibility audit during the term of office of the legal representatives of four companies, issued audit reports on economic responsibility during the term of office, and provided suggestions for improvement on operation and management problems. The audit works focused on the business results, financial revenue and expenditure, asset quality and related operating activities, major operational decisions during the term of office, so as to objectively evaluate the performance of the leaders during their term of office, and check the implementation of the rectification of the problems identified in the audit.

Corporate Governance Report 企業管治報告

• 開展減免物業租金政策執行情況專項審計。 公 司於2020 年3 月，對公司減免物業租金政策執 ，

• 行情況開展了專項審計工作 並形成了《公司關 於減免物業租金政策執行情況的專項報告》。在 此基礎上，公司於7 月-10 月對所屬企業二房東 。

• 轉租物業管理情況開展專項審計 在充分了解 掌握所屬企業租賃物業總體情況和轉租管理工 ， 、

• 作的基礎上 對減免政策的宣貫落實 二房東 對實際承租人減免情況等重點環節內容進行審 計，並關注疫情對年度租賃效益的影響。審計 ，

• 無發現重大不足之處 對審計中發現問題及風 險，提出改善建議。

• 開展資金管控及使用情況專項審計。 公司按計 劃開展對直管企業2017年至2019年間的資金管 控及使用情況的專項審計。以「三道紅線」：淨 、 、

• 負債率 現金短債比 剔除預收款後的資產負 ，

• 債率為基準 重點關注所屬企業資金內部管控 、

• 的健全性和有效性 資金使用的效益性和效率 性。此次審計抽查了三家所屬企業。風險管理 部按計劃完成了對這三家所屬企業的現場審計工 作以及各所屬企業的審計報告。發現審計問題 、 、

• 及風險涉及制度設計層面 制度執行層面 具 ，

• 體操作層面的問題 形成了《資金管控及使用情 況專項審計報告》。

• 開展任期經濟責任審計。 按照公司安排，年內 對組織實施了對4家所屬企業的法定代表人任期 ， ，

• 經濟責任審計 出具任期經濟責任審計報告 並對經營管理問題提出改進建議。審計重點關 、 、

• 注任期內企業經營成果 財務收支 資產質量 、 ，

• 和有關經營活動 重大經營決策等內容 對企 ，

• 業領導人任期工作業績做出客觀評價 並針對 。

• 審計發現問題的整改落實情況進行檢查

098 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

• Conducted annual internal control audit. The Company engaged KPMG to conduct an annual audit of its internal control in 2019, with a focus on 4 subsidiaries of the Company. KPMG issued the “2019 Internal Control Audit Report” with its unqualified opinion. As shown in the report, the Company has maintained effective internal control related to financial reporting in accordance with “Basic Norms for Enterprise Internal Control” and the relevant requirements in all material aspects during the reporting period.

During the year, the Audit Committee and the Risk Management Department reviewed the risk management and internal control system of the Company for the year 2020, covering financial, operational and compliance controls, as well as the progress of overall risk management and internal control. The annual review has also taken into account the adequacy of the resources, qualification and experience of staff in accounting, internal audit and financial reporting functions of the Company; and the adequacy of the training courses received by the staff and related budgets.

The Audit Committee and the Board have also reviewed the “Evaluation Report for Internal Control and Risk Management System for the Year 2020” issued by the risk management department. The Board is of the view that the existing risk management and internal control system is effective and sufficient as a whole.

Procedures For Handling Inside Information and Internal Control Measures

The Company requires any department or individual to keep any information which may constitute inside information in strict confidentiality and not to leak or report the contents involving inside information without the prior approval of the Board. The Board makes timely disclosure decision on the inside information (if necessary), and disclosure of the inside information is in charge by the Board Office. In this connection, executive management and other relevant employees who are privy to unpublished inside information are reminded of their responsibilities to comply with the provisions of the Model Code.

Whistleblowing

The Board has adopted a whistleblowing policy which provides employees with reporting channels and guidance to raise concerns about possible improprieties related to the Company, a copy of which is available on the Company’s website. In 2020, the Board had not received any whistleblowing enquiry or complaint.

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• 開展內部控制年度審計。 公司聘請畢馬威會計 師事務所對公司2019 年度的內部控制開展年度 ， ， ，

• 審計工作 重點檢查了四家所屬企業 據此 畢馬威所出具了無保留意見的《2019 年度內部 ，

• 控制審計報告》。報告顯示 公司在報告期內已 按照《企業內部控制基本規範》和相關規定在所 。

• 有重大方面保持了有效的財務報告內部控制

年內，審核委員會與及風險管理部檢討公司2020年度 ， 、 的風險管理及內部監控系統 範圍包括財務 營運和 ， 合規監控 以及整體風險管理及內部監控工作的進展 情況。年度檢討亦考慮到公司在會計、內部稽核及財 務匯報職能方面的資源、員工資歷及經驗是否足夠； 。 以及員工所接受的培訓課程及有關預算是否充足

審核委員會及董事會亦已審議由風險管理部出具的 《2020 年度內部監控及風險管理系統評估報告》，董 ， 事會認為整體而言 現有風險管理及內部監控系統有 效及足夠。

處理內幕消息的程序和內部監控措施

本公司要求任何部門或個人對可構成內幕消息的任何 ， ， 、 資料保密 且未經董事會批准 不得對外洩露 報道 。 涉及內幕消息的內容 董事會對內幕消息及時作出披 露決定（倘有需要），而內幕消息的披露工作由董事會 。 ， 辦公室具體負責 就此而言 行政管理人員及其他相 ， 關僱員已獲提醒彼等必須遵守標準守則的條文 且須 。 保密內幕消息直至公佈為止

舉報

。 董事會已採納舉報政策 該政策向僱員提供就本公司 ， 相關的潛在不正當行為提出疑問的舉報渠道及指引 該政策可於本公司網站內查閱。於2020 年，董事會 。 並無收到任何檢舉查詢或投訴

099 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Company Secretary

The Company has appointed a representative from an external secretarial services provider as the company secretary of the Company, who has confirmed his compliance with the relevant training requirement under Rule 3.29 of the Listing Rules. Our primary corporate contact person is Ms. Edith Wong, our General Counsel.

Constitutional Documents

There were no changes in the constitutional documents of the Company during the year.

Director’s Responsibilities on Financial Statements

The Directors acknowledge their responsibilities for preparing the financial statements of the Group that give a true and fair view of the Group’s affairs, its results and cash flows in accordance with the Hong Kong Financial Reporting Standards and in compliance with the Companies Ordinance (Chapter 622 of the Laws of Hong Kong).

The responsibility statement issued by the auditors of the Company is set out in the Independent Auditor’s Report in this report.

Dividend Policy

It is the Company’s long term policy to provide stable ordinary dividends that are linked to the underlying earnings performances of the business of the Group. The Company aims to ensure that whilst allowing the shareholders to participate in the Company’s earnings, adequate balance for future business expansion is retained.

Generally, the Company pays dividends twice a year (annual interim dividend and final dividend) regularly. The overall dividend plan including the amount and form of any dividend is to be proposed/determined by the Board. The Board may also declare/propose the payment of special dividends when there is special income or circumstances and at any time as it deems appropriate.

In determining/recommending any dividend payout, the Board shall take into account:

• the actual and expected financial performance of Group;

• the cash-flow position, the expected working capital requirements and future expansion plans of the Group;

Corporate Governance Report 企業管治報告

公司秘書

本公司已委任一名來自外聘秘書服務機構的代表為本 公司公司秘書，其已確認他已遵守上市規則第3.29條 。 項下的有關培訓規定 本公司的主要聯絡人為我們的 。 法律事務總監黃燕珊女士

組織章程文件

。 年內本公司之組織章程文件概無變動

董事就財務報表所承擔的責任

董事明白彼等有責任根據香港財務報告準則及根據公 司條例（香港法例第622章）編製能夠真實及公平反映 、 。 本集團事務 業績以及現金流量之財務報表

， 有關本公司核數師發表其申報責任的聲明 載於本報 。 告的獨立核數師報告中

股息政策

本公司之長期政策為提供與本集團之業務之相關盈利 。 表現掛鈎之穩定普通股息 本公司旨在確保允許股東 ， 分享本公司盈利之同時 為未來業務擴張保留充足餘 額。

本公司通常一年定期派付兩次股息（年度中期股息及 末期股息）。包括金額及任何股息形式之總體股息計 。 劃將由董事會建議╱釐定 當有特別收入或於特殊 ， 情況下及於董事會認為適當之任何時間 其可能亦宣 。 派╱建議派付特別股息

， 於釐定╱建議派付任何股息時 董事會將考慮以下因 素：

• 本集團之實際及預期財務表現；

• 本集團之現金流狀況、預期營運資金需求及未 來擴張計劃；

100 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Corporate Governance Report 企業管治報告

• the general economic conditions, business cycle and other internal and external factors that may have an impact on the business or financial performance and position of the Group;

• the contractual restrictions imposed on the payment of dividends (if any); and

• any other factors that the Board considers appropriate.

Independent Auditor

The Group engages KPMG (Certified Public Accountants and Public Interest Entity Auditor registered in accordance with the Financial Reporting Council Ordinance) as our external independent auditor. During the year, the services provided by KPMG and the fees for such services were as follows:

Audit fees:

Financial statements audit fees: HK$4,750,000 (2019: HK$4,530,000)

Other service fees:

Interim review: HK$1,300,000 (2019: HK$1,300,000)

Communication With Shareholders

The Board has established a shareholders’ communication channel setting out the dialogues that the Company are in place to promote effective communication with shareholders, with the aim of ensuring shareholders are provided with timely information about the Company and encouraging them to engage actively in communication with the Company and to exercise their rights as shareholders in an informed manner.

The Company endeavours to disclose all material information about the Group to public in a timely manner. The Company maintains a corporate website (www.shenzheninvestment.com) where important information about the Group’s activities and corporate matters such as annual and interim reports to shareholders, announcements, business development and operations, corporate governance practices and other information are available for public’s access. The Company’s annual general meeting provides a useful platform for face-to-face communication between the Board and shareholders. Separate resolutions are proposed on each issue at the general meetings.

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• 可能對本集團之業務或財務表現及狀況產生影響 、

• 之整體經濟狀況 業務週期及其他內部及外部 因素；

• 就派付股息所施加之合約限制（如有）；及

• 董事會認為適當之任何其他因素。

獨立核數師

本集團委聘畢馬威會計師事務所（執業會計師及於《財 務匯報局條例》下的註冊公眾利益實體核數師）為外聘 獨立核數師。年內，畢馬威會計師事務所提供的服務 及該等服務的費用如下：

審計服務費：

財務報表審計服務費：4,750,000 港元（2019 年： 4,530,000港元）

其他服務費：

中期審閱：1,300,000港元（2019年：1,300,000港 元）

與股東之溝通

董事會已建立股東通訊渠道以促進本公司與股東之間 ， 的有效溝通 藉以確保股東及時獲取有關本公司的信 ， ， 息 及鼓勵股東加強與本公司的溝通 並在知情之情 。 況下行使其股東之權利

本公司致力於向公眾披露與本集團有關之所有即時重 要資料。本公司網頁(www.shenzheninvestment.com) 可提供有關本集團之活動及企業事宜之重要資料（如 、 、 、 致股東之年度及中期報告 公告 業務發展及營運 企業管治常規及其他資料等），以供公眾查閱。本公 司之股東週年大會為董事會與股東之間的面對面溝通 。 提供一個有用平台 於股東大會上會就每項事項提呈 。 個別獨立決議案

101 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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Investors Relations

The Company recognizes its responsibility to update its business activities to persons with legitimate interests and respond to their questions. We meet with investors on a regular basis to update them on our business progress and strategy. In addition, we endeavor to share both financial and non-financial information that is relevant and material, for instance, we publish unaudited contracted sales performance voluntarily on a monthly basis, and respond promptly to enquiries arising from general public and individual shareholders. And, in all cases, great care is taken to ensure that no inside information is disclosed to selected parties.

Shareholders’ Rights

Subject to applicable laws and regulations, including but not limited to the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the “CO”), the Listing Rules, and the articles of association of the Company as amended from time to time, shareholders of the Company (“Shareholders”) may call general meeting, put forward proposals at annual general meetings (“AGM”) and direct enquiries to the Board in accordance with the following procedures:

– Convening of General Meeting on Request

Shareholder(s) holding at the date of the deposit of the requisition not less than one-twentieth of the paid up capital of the Company may request the directors to convene an extraordinary general meeting pursuant to Sections 566 to 568 of the CO.

In accordance with Section 566 of the CO, the directors are required to call a general meeting if the Company has received requests to do so from Shareholders representing at least 5% of the total voting rights of all the Shareholders having a right to vote at general meeting. Such requests must state the general nature of the business to be dealt with at the meeting; and may include the text of a resolution that may properly be moved and is intended to be moved at the meeting. Such requests may be sent to the Company and attention to the Company Secretary in hard copy form (by depositing at the registered office of the Company at 8th Floor, New East Ocean Centre, No. 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong for the attention of the Board) or in electronic form (by fax: 852-2723-2263); and must be authenticated by the person or persons making it. In accordance with Section 567 of the CO, the directors must call a meeting within 21 days after the date on which they become subject to the requirement under Section 566 of the CO and such meeting must be held on a date not more than 28 days after the date of the notice convening the meeting.

Corporate Governance Report 企業管治報告

投資者關係

本公司明白向持有合法權益之人士提供其業務活動的 。 最新資料及回應彼等提問之責任 我們定期與投資者 ， 。 ， 會面 匯報公司業務的最新進展及策略 此外 我 ， 們致力分享相關及重大之財務資料及非財務資料 例 ， ， 如 我們每月自願公佈未經審核合同銷售表現 並及 。 時回應公眾及個別股東之詢問 且本公司在所有情況 下，均採取審慎態度，確保不會選擇性地披露任何內 幕資料。

股東之權利

在適用法例及規例（包括但不限於公司條例（香港法 例第622 章）（「公司條例」）、上市規則及本公司經 不時修訂之組織章程細則）規限下，本公司股東（「股 ， 東」）可根據以下程序召開股東大會 並於股東週年大 會（「股東週年大會」）上提呈建議及向董事會作出直 接查詢：

應要求召開股東大會

－

在提呈要求當日持有本公司已繳足股本不少於二十分 之一的股東可要求董事根據公司條例第566條至568條 。 召開股東特別大會

根據公司條例第566 條，倘本公司收到佔全體有權於 股東大會上投票股東之全部投標權至少 5% 的股東要 求召開股東大會的要求，則董事須召開股東大會。該 ， 要求必須述明將於會上處理的事務的一般性質 並可 。 包含於會上適當地動議及擬動議的決議案內容 相關 ， 要求可以印本形式（透過遞交至本公司註冊辦事處 地址為香港九龍尖沙咀科學館道9號新東海商業中心8 樓，並註明董事會收）或電子形式（透過傳真：8522723-2263）寄至本公司之公司秘書收，並須經提出 的人士予以核證。根據公司條例第567條，董事須在 根據公司條例第566條獲悉要求當日後21日內召開有 關會議，及有關會議須於召開會議通告日期後28日內 舉行。

102 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Corporate Governance Report 企業管治報告

==> picture [71 x 72] intentionally omitted <==

– Putting Forward Proposals at AGM

To put forward a resolution at AGM, Shareholders are requested to follow the requirements and procedures set out in Sections 615 and 616 of the CO.

Section 615 of the CO provides that the Company must give notice of a resolution if it has received requests to do so from (a) the Shareholders representing at least 2.5% of the total voting rights of all the Shareholders who have a right to vote on the resolution at the AGM of the Company to which the requests relate; or (b) at least 50 Shareholders who have the rights to vote on the resolution at the AGM to which the requests relate.

Such requests (a) may be sent to the Company and attention to the Company Secretary in hard copy form (by depositing at the registered office of the Company at 8th Floor, New East Ocean Centre, No. 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong for the attention of the Board) or in electronic form (by fax: 852-2723-2263); (b) must identify the resolution of which notice is to be given; (c) must be authenticated by the person or persons making it; and (d) must be received by the Company not later than (i) 6 weeks before the AGM to which the requests relate; or (ii) if later, the time at which notice is given of that meeting. Section 616 of the CO provides that the Company that is required under Section 615 of the CO to give notice of a resolution must send a copy of it at the Company’s own expense to each Shareholder entitled to receive notice of the AGM (a) in the same manner as the notice of the meeting; and (b) at the same time as, or as soon as reasonably practicable after, it gives notice of the meeting.

The detailed procedures for Shareholders to propose a person for election as a director can be found on the website of the Company headed “Investor Relations” under the “Corporate Information” section.

Procedures for directing enquiries to the Company

Enquiries to the Board

Shareholders may send their enquiries to the Board in writing through the Board Office at the below contact details:

Address: 8th Floor, New East Ocean Centre, No. 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong Email: ir@shumyip.com.hk Tel: (852) 2723 8113 Fax: (852) 2723 2263

Share registration related matters

For share registration related matters, such as share transfer and registration, change of name or address, loss of share certificates or dividend warrants, the Shareholders can contact the Share Registrar, Tricor Standard Limited, at the below contact details:

Address: Level 54 Hopewell Centre, 183 Queen’s Road East, Hong Kong Email: is-enquiries@hk.tricorglobal.com Tel: (852) 2980 1333 Fax: (852) 2861 1465

==> picture [239 x 75] intentionally omitted <==

－ 於股東週年大會上提呈建議 ， 為於股東週年大會上提呈決議案 股東須依照公司條 例第615條至616條之要求及程序。

公司條例第615條規定，倘本公司收到以下股東(a)佔 ， 全體有權在該要求所關乎的本公司股東週年大會上 就該決議表決的股東的總表決權最少2.5%的股東；或 (b)最少50名有權在該要求所關乎的股東週年大會上就 ， ， 該決議表決的股東 發出某決議的通知的要求 則須 發出通知。

有關要求(a)可以印本形式（透過遞交至本公司註冊辦 事處，地址為香港九龍尖沙咀科學館道9 號新東海商 業中心8 樓，並註明董事會收）或電子形式（透過傳 真：852-2723-2263）寄至本公司之公司秘書收；(b) 須指出有待發出通告所關乎的決議案；(c)須經所有提 出該要求的人認證；及(d)須在不遲於(i)該要求所關乎 的股東週年大會舉行前的6個星期；或(ii)（如較晚）發 出該大會通告的時間前送抵本公司。公司條例第616 條規定，根據公司條例第615 條本公司須就某決議案 發出通告，則須(a)按大會通告的同樣方式；及(b)在發 ， 出大會通告的同時或在發出大會通告後 在合理的切 ， ， 實可行情況下 儘快自費將該決議案通告的文本 送 。 交每名有權收到股東週年大會通告的股東

有關股東提名董事人選的程序詳情載於本公司網站 「公司資料」項下的「投資者關係」一節。

向本公司作出直接查詢之程序

向董事會作出查詢

股東可以書面方式按以下聯絡資料透過董事會辦公室 向董事會作出查詢：

地址： 香港九龍尖沙咀科學館道9號 新東海商業中心8樓 電郵： ir@shumyip.com.hk 電話： (852) 2723 8113 傳真： (852) 2723 2263

股份登記相關之事宜

， 、 就股份登記相關之事宜而言 例如股份過戶及登記 、 ， 名稱或地址之變更 股票或股息單之遺失 股東可 ， 聯絡股份過戶登記處卓佳標準有限公司 聯絡資料如 下：

地址： 香港皇后大道東183號合和中心54樓 電郵： is-enquiries@hk.tricorglobal.com 電話： (852) 2980 1333 傳真： (852) 2861 1465

103

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Independent auditor’s report to the members of Shenzhen Investment Limited

(Incorporated in Hong Kong with limited liability)

Opinion

We have audited the consolidated financial statements of Shenzhen Investment Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 110 to 263, which comprise the consolidated statement of financial position as at 31 December 2020, the consolidated statement of profit or loss, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2020 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.

Basis of opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

獨立核數師報告 致深圳控股有限公司列位股東

（於香港註冊成立之有限責任公司）

意見

本核數師（以下簡稱「我們」）已審計列載於第110 至 263 頁的深圳控股有限公司（以下簡稱「貴公司」）及 ， 其附屬公司（以下統稱「貴集團」）的綜合財務報表 此財務報表包括於2020 年12 月31 日的綜合財務狀況 、 表與截至該日止年度的綜合損益表 綜合損益及其他 全面收益表、綜合權益變動表和綜合現金流量表，以 ， 。 及綜合財務報表附註 包括主要會計政策概要

， 我們認為 該等綜合財務報表已根據香港會計師公會 頒佈的《香港財務報告準則》真實而中肯地反映了貴集 團於2020 年12 月31 日的綜合財務狀況及截至該日止 ， 年度的綜合財務表現及綜合現金流量 並已遵照香港 《公司條例》妥為擬備。

意見的基礎

我們已根據香港會計師公會頒佈的《香港審計準則》 進行審計。我們在該等準則下承擔的責任已在本報告 「核數師就審計綜合財務報表承擔的責任」部份中作 進一步闡述。根據香港會計師公會頒佈的《專業會計 師道德守則》（以下簡稱「守則」），我們獨立於貴集 團，並已履行守則中的其他專業道德責任。我們相 ， 信 我們所獲得的審計憑證能充足及適當地為我們的 。 審計意見提供基礎

關鍵審計事項

， 關鍵審計事項是根據我們的專業判斷 認為對本期綜 。 合財務報表的審計最為重要的事項 這些事項是在我 。 們審計整體綜合財務報表及出具意見時進行處理的 。 我們不會對這些事項提供單獨的意見

104 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Key audit matters（continued）

關鍵審計事項（續）

Valuation of investment properties

投資物業估值

Refer to note 17 to the consolidated financial statements and the accounting policies on pages 127 to 128. 請參閱綜合財務報表附註17及第127至128頁的會計政策。

The Key Audit Matter 關鍵審計事項

The aggregate fair values of the Group’s investment properties as at 31 December 2020 amounted to HK$35,651 million, representing 23% of the Group’s total assets as at that date. 於2020年12月31日，貴集團投資物業的公允值總額為356.51億 港元，佔貴集團於該日總資產的23%。

The net change in fair values recorded in the consolidated statement of profit or loss represented 8% of the Group’s profit before taxation for the year ended 31 December 2020. 計入綜合損益表中的公允值變動淨額佔貴集團截2020年12月31日 止年度除稅前利潤的8%。

The Group’s investment properties, which are located in mainland China, comprise shopping malls, office premises, residential premises and car parking bays.

、 、 貴集團位於中國大陸的投資物業包括購物廣場 寫字樓 住宅物 。 業及停車場

How the matter was addressed in our audit 於審計中的處理方法

Our audit procedures to assess the valuation of investment properties included the following:

我們對投資物業的估值進行評估的審核程序包括：

• assessing the competence, capability, experience of the locations and types of properties subject to valuation, independence and objectivity of the external property valuer;

• • 評估外部物業估值師的資質、能力、評估類似位置及類型物 業的相關經驗、獨立性及客觀性；

• with the assistance of our internal property valuation specialists, evaluating the valuation methodology used by the external property valuer based on our knowledge and experience of other valuers for similar types of properties; ，

• 在我們內部物業估值專家的協助下 根據我們對類似類型物 ，

• 業的其他估值師的知識和經驗 評估外部物業估值師所使用 的估值方法；

The fair values of the Group’s investment properties were assessed by the board of directors based on independent valuations prepared by an external property valuer.

• 貴集團投資物業的公允值乃由董事會根據外部物業估值師編製的獨 立估值進行評估。

• comparing, on a sample basis, the tenancy information included in the valuation models, which included committed rents and vacancy rates, with underlying contracts and related documentation;

• 以抽樣方式將估值模型中所載的租賃信息（其中包括確定的 租金和空置率）與相關合約及相關文件進行比較；

105

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Key audit matters（continued）

關鍵審計事項（續）

Valuation of investment properties 投資物業估值

Refer to note 17 to the consolidated financial statements and the accounting policies on pages 127 to 128. 請參閱綜合財務報表附註17及第127至128頁的會計政策。

The Key Audit Matter 關鍵審計事項

We identified valuation of investment properties as a key audit matter because of their significance to the consolidated financial statements and because the determination of the fair values involves significant judgement and estimation, including selecting the appropriate valuation methodology, capitalisation rates and vacancy rates.

鑑於投資物業對綜合財務報表的重要性以及公允值的釐定涉及重大 ， 、 管理層判斷和估計 包括選擇適當的估值方法 資本化率和空置 率，我們將投資物業的估值確定為一項關鍵審核事項。

How the matter was addressed in our audit 於審計中的處理方法

Our audit procedures to assess the valuation of investment properties included the following: (continued)

我們對投資物業的估值進行評估的審核程序包括：（續）

• discussing the valuations with the external property valuer in a separate private session and challenging the key estimates adopted in the valuations, including those relating to vacancy rates and capitalisation rates. With the assistance of our internal property valuation specialists, comparing them with historical rates and available market data, taking into consideration comparability and other local market factors; and

• 另行與外部物業估值師單獨討論估值，並對估值中所採用 的重要估計（包括與空置率和資本化率相關的估計）提出質 疑。在我們內部物業估值專家的協助下，將有關估計與歷史 ，

• 比率及市場公開數據對比 並考慮可比性及其他當地市場因 素；及

• conducting site visits to investment properties, on a sample basis, to observe the vacancy rates and comparing the observed vacancy rates with the related assumptions adopted by the external property valuer in the valuation models.

• • 以抽樣方式實地走訪投資物業項目，以觀察空置率，並將觀 察到的空置率與外部物業估值師按估值模型所採納的相關假 設進行比較。

106

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Information other than the consolidated financial statements and our auditor’s report thereon

The directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the consolidated financial statements

The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

The directors are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

綜合財務報表及其核數師報告以外的信息

。 董事需對其他信息負責 其他信息包括刊載於年報內 ， 的全部信息 但不包括綜合財務報表及我們的核數師 報告。

， 我們對綜合財務報表的意見並不涵蓋其他信息 我們 。 亦不對該等其他信息發表任何形式的鑒證結論

， 結合我們對綜合財務報表的審計 我們的責任是閱讀 ， ， 其他信息 在此過程中 考慮其他信息是否與綜合財 務報表或我們在審計過程中所了解的情況存在重大抵 。 觸或者似乎存在重大錯誤陳述的情況

， 基於我們已執行的工作 如果我們認為其他信息存在 重大錯誤陳述，我們需要報告該事實。在這方面，我 。 們沒有任何報告

董事就綜合財務報表須承擔的責任

董事須負責根據香港會計師公會頒佈的《香港財務報 告準則》及香港《公司條例》擬備真實而中肯的綜合財 ， 務報表 並對其認為為使綜合財務報表的擬備不存在 由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控 。 制負責

， 在擬備綜合財務報表時 董事負責評估貴集團持續經 ， 營的能力 並在適用情況下披露與持續經營有關的事 項，以及使用持續經營為會計基礎，除非董事有意 ， 將貴集團清盤或停止經營 或別無其他實際的替代方 案。

審計委員會協助董事履行監督貴集團的財務報告過程 的責任。

107 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

核數師就審計綜合財務報表承擔的責任

， 我們的目標 是對綜合財務報表整體是否不存在由於 欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並 。 出具包括我們意見的核數師報告 我們是按照香港 《公司條例》第405 條的規定，僅向整體成員報告。 ， 。 除此以外 我們的報告不可用作其他用途 我們概不 ， 就本報告的內容 對任何其他人士負責或承擔法律責 任。

， 合理保證是高水平的保證 但不能保證按照《香港審 ， 計準則》進行的審計 在某一重大錯誤陳述存在時總 。 ， 能發現 錯誤陳述可以由欺詐或錯誤引起 如果合理 預期它們單獨或匯總起來可能影響綜合財務報表使用 ， 者依賴財務報表所作出的經濟決定 則有關的錯誤陳 。 述可被視作重大

， 在根據《香港審計準則》進行審計的過程中 我們運 用了專業判斷，保持了專業懷疑態度。我們亦：

• － 識別和評估由於欺詐或錯誤而導致綜合財務報表 ，

• 存在重大錯誤陳述的風險 設計及執行審計程 ，

• 序以應對這些風險 以及獲取充足和適當的審 計憑證，作為我們意見的基礎。由於欺詐可能 、 、 、 ，

• 涉及串謀 偽造 蓄意遺漏 虛假陳述 或凌 ，

• 駕於內部控制之上 因此未能發現因欺詐而導 致的重大錯誤陳述的風險高於未能發現因錯誤而 。

• 導致的重大錯誤陳述的風險

• － ， 了解與審計相關的內部控制 以設計適當的審 ，

• 計程序 但目的並非對貴集團內部控制的有效 。

• 性發表意見

• － 評價董事所採用會計政策的恰當性及作出會計估 。

• 計和相關披露的合理性

108 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements（continued）

• ’

• – Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

– Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.

核數師就審計綜合財務報表承擔的責任（續）

• － 對董事採用持續經營會計基礎的恰當性作出結 。 ，

• 論 根據所獲取的審計憑證 確定是否存在與 ，

• 事項或情況有關的重大不確定性 從而可能導 致對貴集團的持續經營能力產生重大疑慮。如 ，

• 果我們認為存在重大不確定性 則有必要在核 數師報告中提請使用者注意綜合財務報中的相關 披露。假若有關的披露不足，則我們應當發表 。

• 非無保留意見 我們的結論是基於核數師報告 日止所取得的審計憑證。然而，未來事項或情 。

• 況可能導致貴集團不能持續經營

• － 、 評價綜合財務報表的整體列報方式 結構和內 ， ，

• 容 包括披露 以及綜合財務報表是否中肯反 。

• 映交易和事項

• － 就貴集團內實體或業務活動的財務信息獲取充 足、適當的審計憑證，以便對綜合財務報表發 表意見。我們負責集團審計的方向、監督和執 行。我們為審計意見承擔全部責任。

， 除其他事項外 我們與審計委員會溝通了計劃的審計 、 、 ， 範圍 時間安排 重大審計發現等 包括我們在審計 。 中識別出內部控制的任何重大缺陷

， 我們還向審計委員會提交聲明 說明我們已符合有關 ， 獨立性的相關專業道德要求 並與他們溝通有可能 合理地被認為會影響我們獨立性的所有關係和其他事 項，以及在適用的情況下，為消除威脅而採取的行動 。 或相關的防範措施

109

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Independent Auditor’s Report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements（continued）

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Ng Yu Hei.

KPMG

Certified Public Accountants

8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong 30 March 2021

核數師就審計綜合財務報表承擔的責任（續）

， 從與審計委員會溝通的事項中 我們確定哪些事項對 ， 本期綜合財務報表的審計最為重要 因而構成關鍵審 。 ， 計事項 我們在核數師報告中描述這些事項 除非法 ， 律法規不允許公開披露這些事項 或在極端罕見的情 ， 況下 如果合理預期在我們報告中溝通某事項造成的 ， 負面後果超過產生的公眾利益 我們決定不應在報告 。 中溝通該事項

。 出具本獨立核數師報告的審計項目合夥人是吳宇希

畢馬威會計師事務所 執業會計師

香港中環 遮打道十號 太子大廈八樓 2021年3月30日

110

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Consolidated Statement of Profit or Loss 綜合損益表

for the year ended 31 December 2020 截至2020年12月31日止年度 (Expressed in Hong Kong dollars) （所有金額均以港元列示）

2020 2020年 Note $’000 附註 千元	2019 2019年 $’000 千元
Revenue 收益 5 18,803,011 Cost of sales 銷售成本 (9,988,431)	14,919,474 (9,794,350)
Gross profit 毛利 8,814,580 Other income and gains 其他收入及利得 6 2,133,520 (Decrease）╱increase in fair value of financial assets at fair value through profit or loss, net 透過損益按公允值計算之金融資產 公允值（減少）╱增加淨額 24 (469,433) (Decrease）╱increase in fair value of investment properties 投資物業公允值（減少）╱ 增加 17 (675,583) (Decrease）╱increase in fair value upon transfer to investment properties 轉撥至投資物業後公允值 （減少）╱增加 17 (1,545) Selling and distribution expenses 銷售及分銷成本 (319,443) Administrative expenses 行政開支 (1,032,961) Other operating expenses 其他經營開支 (577,779) Finance costs 融資成本 7 (992,038) Share of profits less losses of joint ventures and associates 應佔合營公司及聯營公司 溢利減虧損 1,254,285	5,125,124 315,462 340,676 434,258 958,779 (352,393) (1,035,193) (586,751) (561,210) 2,045,785
Profit before taxation 除稅前溢利 8 8,133,603 Income tax 所得稅 9 (4,170,113)	6,684,537 (2,307,247)
Profit for the year 年內溢利 3,963,490	4,377,290
Attributable to: 下列應佔： Equity shareholders of the Company 本公司權益股東 3,722,856 Non-controlling interests 非控股權益 240,634	4,062,796 314,494
3,963,490	4,377,290
Earnings per share (HK cents) 每股盈利（港仙） 12 Basic 基本 42.03	47.53
Diluted 攤薄 42.03	47.53

The notes on pages 118 to 263 form part of these financial statements. Details 第118 至263 頁的附註構成該等財務報表的一部份。 ， of dividends payable to equity shareholders of the Company attributable to the 有關本公司權益股東應佔年內溢利應派股息之詳情 profit for the year are set out in note 13. 載於附註13。

111

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表

for the year ended 31 December 2020 截至2020年12月31日止年度 (Expressed in Hong Kong dollars) （所有金額均以港元列示）

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Profit for the year 年內溢利 3,963,490	4,377,290
Other comprehensive income for the year 年內其他全面收益 Items that will not be reclassified to profit or loss: 將不會重新分類至損益之項目： – Surplus on revaluation of investment property transferred from property, plant and equipment －由物業、廠房及設備轉撥至 投資物業重估盈餘 – Changes in fair value －公允值變動 – – Income tax effect －所得稅影響 –	61,221 (15,305)
– – Surplus on revaluation of leasehold land and buildings held for own use －持作自用的租賃土地及 樓宇重估盈餘 – Changes in fair value －公允值變動 – – Income tax effect －所得稅影響 –	45,916 485,070 (121,267)
– –	363,803 409,719
Items that may be reclassified subsequently to profit or loss: 期後可能重新分類至損益之項目： – Share of other comprehensive income of joint ventures and associates －應佔合營公司及聯營公司 其他全面收益 415,545 – Exchange differences on translation of foreign operations －換算海外業務之匯兌差額 3,700,390	(185,026) (1,229,187)
4,115,935	(1,414,213)
Other comprehensive income for the year, net of tax 年內其他全面收益，除稅後 4,115,935	(1,004,494)
Total comprehensive income for the year 年內全面收益總額 8,079,425	3,372,796
Attributable to: 下列應佔： Equity shareholders of the Company 本公司權益股東 7,572,287 Non-controlling interests 非控股權益 507,138	3,119,739 253,057
Total comprehensive income for the year 年內全面收益總額 8,079,425	3,372,796

The notes on pages 118 to 263 form part of these financial statements. 第118至263頁的附註構成該等財務報表的一部份。

112 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Consolidated Statement of Financial Position 綜合財務狀況表

(Expressed in Hong Kong dollars) （所有金額均以港元列示）

		Note 附註	31 December 2020 2020年 12月31日 $’000 千元	31 December 2019 2019年 12月31日 $’000 千元
Non-current assets Property, plant and equipment Prepaid land lease payments Goodwill Investment properties Interests in associates Interests in joint ventures Other financial assets Deferred tax assets	非流動資產 物業、廠房及設備 預付土地租賃付款 商譽 投資物業 於聯營公司權益 於合營公司權益 其他金融資產 遞延稅項資產	14 15 16 17 22 23 24 35(b)		6,103,243 32,580 358,892 34,241,821 5,319,511 6,811,843 9,036,933 1,802,630
			6,307,594
			33,486
			381,982
			35,650,870
			5,836,961
			8,060,608
			7,606,248
			2,632,401
Total non-current assets	非流動資產總額		66,510,150	63,707,453
Current assets Biological assets Completed properties held for sale Properties under development Inventories Trade receivables Prepayments, deposits and other receivables Other financial assets Restricted cash Cash and cash equivalents	流動資產 生物資產 持作待售之已落成物業 發展中物業 存貨 應收賬款 預付款項、訂金及其他應收款項 其他金融資產 受限制現金 現金及現金等價物	25 18 19 26 27 28 24 29 29		2,205 21,457,104 22,277,161 195,177 593,612 4,636,375 31,095 2,719,521 9,653,239
			2,939
			17,562,192
			40,746,833
			176,558
			875,138
			7,654,310
			37,266
			2,543,969
			16,166,471
Total current assets	流動資產總額		85,765,676	61,565,489
Current liabilities Interest-bearing bank and other borrowings Lease liabilities Trade payables Other payables and accruals Contract liabilities Due to the immediate holding company Due to the ultimate holding company Tax payable	流動負債 計息銀行及其他借貸 租賃負債 應付賬款 其他應付款項及應計費用 合約負債 應付直接控股公司款項 應付最終控股公司款項 應付稅項	30 31 32 33 34 29(c) 29(c) 35(a)		8,406,211 103,476 2,625,609 13,074,208 18,100,667 562,926 1,936,473 6,247,561
			12,739,824
			115,046
			3,863,062
			10,966,533
			19,718,224
			1,071,781
			8,206,911
			10,331,306

113

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Consolidated Statement of Financial Position 綜合財務狀況表

(Expressed in Hong Kong dollars) （所有金額均以港元列示）

		Note 附註	31 December 2020 2020年 12月31日 $’000 千元	31 December 2019 2019年 12月31日 $’000 千元
Total current liabilities	流動負債總額		67,012,687	51,057,131
Net current assets	流動資產淨值		18,752,989	10,508,358
Total assets less current liabilities	總資產減流動負債		85,263,139	74,215,811 15,891,707 401,541 28,193 700,920 – 8,821,155
Non-current liabilities Interest-bearing bank and other borrowings Lease liabilities Deferred income Due to the immediate holding company Due to the ultimate holding company Deferred tax liabilities	非流動負債 計息銀行及其他借貸 租賃負債 遞延收入 應付直接控股公司款項 應付最終控股公司款項 遞延稅項負債	30 31 36 29(c) 29(c) 35(b)
			18,088,589
			340,587
			29,114
			698,963
			1,208,557
			9,491,481
Total non-current liabilities	非流動負債總額		29,857,291	25,843,516
NET ASSETS	資產淨值		55,405,848	48,372,295
CAPITAL AND RESERVES Share capital Reserves	資本及儲備 股本 儲備	38(b) 38(c)		21,910,268 22,564,388
			22,071,756
			28,552,529
Total equity attributable to equity shareholders of the Company Non-controlling interests	本公司權益股東應佔權益總額 非控股權益		50,624,285	44,474,656 3,897,639
			4,781,563
TOTAL EQUITY	權益總額		55,405,848	48,372,295

Approved and authorised for issue by the board of directors on 30 March 2021.

董事會於2021年3月30日批准及授權刊發。

Huang Wei 黃偉 Director 董事

Liu Shichao 劉世超 Director 董事

The notes on pages 118 to 263 form part of these financial statements.

第118至263頁的附註構成該等財務報表的一部份。

114

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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

for the year ended 31 December 2020 截至2020年12月31日止年度 (Expressed in Hong Kong dollars) （所有金額均以港元列示）

		Note 附註				Attributable to equity shareholders of the Company 本公司權益股東應佔	Attributable to equity shareholders of the Company 本公司權益股東應佔	Attributable to equity shareholders of the Company 本公司權益股東應佔	Attributable to equity shareholders of the Company 本公司權益股東應佔				Non- controlling interests 非控股 權益 $’000 千元	Total equity 權益總額 $’000 千元
			Share capital 股本 $’000 千元	Other reserve 其他儲備 $’000 千元	Share option reserve 購股權 儲備 $’000 千元	Capital reserve 資本儲備 $’000 千元	Asset revaluation reserve 資產重估 儲備 $’000 千元	Statutory reserve 法定儲備 $’000 千元	Fair value reserve (recycling) 公允值儲備 （可撥回） $’000 千元	Exchange fluctuation reserve 匯兌變動 儲備 $’000 千元	Retained profits 保留溢利 $’000 千元	Total 總額 $’000 千元
Balance at 1 January 2020 於2020年 1月1日之結餘 Profit for the year 年內溢利 Other comprehensive income for the year: 年內其他全面 收益： Share of other comprehensive income of joint ventures and associates 應佔合營公司 及聯營公司 其他全面收益 Exchange differences on translation of foreign operations 換算海外業務 之匯兌差額			21,910,268	(184,386)	95,498	59,019	610,127	3,608,120	–	(2,258,754)	20,634,764	44,474,656	3,897,639	48,372,295
			–	–	–	–	–	–	–	–	3,722,856	3,722,856	240,634	3,963,490
			–	–	–	–	–	–	(17,039)	432,584	–	415,545	–	415,545
			–	–	–	–	–	–	–	3,433,886	–	3,433,886	266,504	3,700,390
Total comprehensive income for the year 年內全面收益總額 Final 2019 dividends 2019年末期股息 Interim 2020 dividends 2020年中期股息 Acquisition of a subsidiary 收購一間附屬公司 Equity-settled share option expense 以股本支付之 購股權開支 Dividends declared to non- controlling shareholders 向非控股股東 宣派之股息 Transfer from retained profits 轉撥自保留溢利		13 13 37(b)(iii)	–	–	–	–	–	–	(17,039)	3,866,470	3,722,856	7,572,287	507,138	8,079,425
			161,488	–	–	–	–	–	–	–	(971,678)	(810,190)	–	(810,190)
			–	–	–	–	–	–	–	–	(622,993)	(622,993)	–	(622,993)
			–	–	–	–	–	–	–	–	–	–	593,353	593,353
			–	–	10,525	–	–	–	–	–	–	10,525	–	10,525
			–	–	–	–	–	–	–	–	–	–	(216,567)	(216,567)
			–	–	–	–	–	343,834	–	–	(343,834)	–	–	–
Balance at 31 December 2020	於2020年 12月31日之結餘		22,071,756	(184,386)	106,023	59,019	610,127	3,951,954	(17,039)	1,607,716	22,419,115	50,624,285	4,781,563	55,405,848

115

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

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

for the year ended 31 December 2020 截至2020年12月31日止年度 (Expressed in Hong Kong dollars) （所有金額均以港元列示）

		Note 附註				Attributable to equity shareholders of the Company 本公司權益股東應佔	Attributable to equity shareholders of the Company 本公司權益股東應佔	Attributable to equity shareholders of the Company 本公司權益股東應佔	Attributable to equity shareholders of the Company 本公司權益股東應佔			Non- controlling interests 非控股 權益 $’000 千元	Total equity 權益總額 $’000 千元
			Share capital 股本 $’000 千元	Other reserve 其他儲備 $’000 千元	Share option reserve 購股權儲備 $’000 千元	Capital reserve 資本儲備 $’000 千元	Asset revaluation reserve 資產重估 儲備 $’000 千元	Statutory reserve 法定儲備 $’000 千元	Exchange fluctuation reserve 匯兌變動 儲備 $’000 千元	Retained profits 保留溢利 $’000 千元	Total 總計 $’000 千元
Balance at 1 January 2019 於2019年 1月1日之結餘 Profit for the year 年內溢利 Other comprehensive income for the year: 年內其他全面收益： Surplus on revaluation of investment property transferred from property, plant and equipment 由物業、廠房及 設備轉撥至投資 物業重估盈餘 Surplus on revaluation of leasehold land and buildings held for own use 持作自用的租賃 土地及樓宇 重估盈餘 Share of other comprehensive income of joint ventures and associates 應佔合營公司 及聯營公司其他 全面收益 Exchange differences on translation of foreign operations 換算海外業務 之匯兌差額			20,688,259 – – – – –	(132,447) – – – – –	89,087 – – – – –	59,019 – – – – –	219,851 – 43,989 346,287 – –	3,375,004 – – – – –	(925,421) – – – (185,026) (1,148,307)	18,330,623 4,062,796 – – – –	41,703,975 4,062,796 43,989 346,287 (185,026) (1,148,307)	3,739,721 314,494 1,927 17,516 – (80,880)	45,443,696 4,377,290 45,916 363,803 (185,026) (1,229,187)
Total comprehensive income for the year Final 2018 dividends Interim 2019 dividends Change in non-controlling interests arising from increase of the Group’s shareholding in a subsidiary Exercise of share options Forfeit and lapse of share options Equity-settled share option expense Dividends declared to non- controlling shareholders Transfer from retained profits	年內全面收益總額 2018年末期股息 2019年中期股息 本集團於一間 附屬公司持股 增加產生之 非控股權益變動 行使購股權 購股權沒收及失效 以股本支付之 購股權開支 向非控股股東 宣派之股息 轉撥自保留溢利	13 13 37(b)(i) 37(b)(iii)	– 675,777 478,407 – 67,825 – – – –	– – – (51,939) – – – – –	– – – – (10,096) (10,329) 26,836 – –	– – – – – – – – –	390,276 – – – – – – – –	– – – – – – – – 233,116	(1,333,333) – – – – – – – –	4,062,796 (928,407) (607,461) – – 10,329 – – (233,116)	3,119,739 (252,630) (129,054) (51,939) 57,729 – 26,836 – –	253,057 – – 51,939 – – – (147,078) –	3,372,796 (252,630) (129,054) – 57,729 – 26,836 (147,078) –
Balance at 31 December 2019	於2019年 12月31日之結餘		21,910,268	(184,386)	95,498	59,019	610,127	3,608,120	(2,258,754)	20,634,764	44,474,656	3,897,639	48,372,295

The notes on pages 118 to 263 form part of these financial statements.

第118至263頁的附註構成該等財務報表的一部份。

116

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Consolidated Cash Flow Statement

綜合現金流量表

for the year ended 31 December 2020 截至2020年12月31日止年度 (Expressed in Hong Kong dollars) （所有金額均以港元列示）

				31 December	31 December
				2020	2019
				2020年	2019年
				12月31日	12月31日
			Note	$’000	$’000
			附註	千元	千元
	Operating activities	經營活動
	Cash (used in)/generated from operations	經營業務（所用）╱產生之現金	29(b)	(115,861)	8,289,241
	Interest paid	已付利息		(1,366,784)	(1,264,068)
	Mainland China taxes paid	已付中國大陸稅項		(2,498,090)	(3,013,137)
	Net cash flows (used in）╱generated from	經營活動（所用）╱產生之
	operating activities	現金流量淨值		(3,980,735)	4,012,036
	Investing activities	投資活動
	Interest received	已收利息		350,124	154,562
	Dividends received from equity investments	已收股權投資股息		1,626,639	1,825
	Dividends received from associates	已收聯營公司股息		223,094	242,144
	Dividends received from joint ventures	已收合營公司股息		1,104,180	157,136
	Proceeds from disposal of items of property,	出售物業、廠房及設備項目
	plant and equipment	所得款項		10,033	7,438
	Purchases of items of property, plant	購入物業、廠房及設備項目
	and equipment			(299,506)	(551,856)
	Additions to investment properties	投資物業增加		–	(618,792)
	Capital injection to joint ventures	向合營公司注資		(553,701)	–
	Acquisition of joint ventures	收購合營公司		–	(11,163)
	Disposal of an associate	出售一間聯營公司		48,242	–
	Acquisition of a subsidiary, net of cash acquired	收購一間附屬公司，扣除所獲現金		(568,043)	–
	Net (decrease）╱increase to interests in	於合營公司權益（減少）╱
	joint ventures	增加淨額		(41,475)	794,198
	Net decrease in loans to joint ventures	給予合營公司之貸款減少淨額		463,842	–
	Net decrease in loans to associates	給予聯營公司之貸款減少淨額		1,125	1,137
	Increase in loans to a non-controlling	給予一名非控股股東之
	shareholder	貸款增加		(1,942,212)	–
	Net cash flows generated from	投資活動產生之現金流量
	investing activities	淨值		422,342	176,629

117

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Consolidated Cash Flow Statement 綜合現金流量表

for the year ended 31 December 2020 截至2020年12月31日止年度 (Expressed in Hong Kong dollars) （所有金額均以港元列示）

		Note 附註	31 December 2020 2020年 12月31日 $’000 千元	31 December 2019 2019年 12月31日 $’000 千元
Financing activities Proceeds from shares issued under share option scheme Capital element of lease rentals paid Dividends paid Dividends paid to non-controlling shareholders Proceeds from loans from non-controlling shareholders Repayment of loans from non-controlling shareholders Proceeds from loans from related parties Repayment of loans from related parties Proceeds from bank and other borrowings Repayment of bank and other borrowings	融資活動 根據購股權計劃已發行股份 所得款項 已付租賃租金之資本部份 已付股息 支付非控股股東之股息 非控股股東貸款所得款項 償還非控股股東貸款 關聯方貸款所得款項 償還關聯方貸款 銀行及其他借貸所得款項 償還銀行及其他借貸	37(b)(i) 29(c) 13 29(c) 29(c) 29(c) 29(c) 29(c) 29(c)		57,729 (93,175) (381,684) (147,078) 30,386 (193,324) 9,503,427 (12,194,580) 8,148,401 (8,846,436)
			–
			(122,667)
			(1,433,183)
			(421,648)
			–
			(501,804)
			13,162,665
			(6,937,524)
			15,786,414
			(10,061,410)
Net cash flows generated from╱（used in) financing activities	融資活動產生╱（所用） 之現金流量淨值		9,470,843	(4,116,334)
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of foreign exchange rate changes, net	現金及現金等價物增加淨值 年初之現金及現金等價物 外幣匯率變動影響淨值		5,912,450	72,331 9,832,226 (251,318)
			9,653,239
			600,782
Cash and cash equivalents at end of year	年末之現金及現金等價物	29(a)	16,166,471	9,653,239

The notes on pages 118 to 263 form part of these financial statements.

第118至263頁的附註構成該等財務報表的一部份。

118 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

1 Corporate information

Shenzhen Investment Limited (“the Company”) is a limited liability company incorporated in Hong Kong. The registered office of the Company is located at 8th Floor, New East Ocean Centre, 9 Science Museum Road, Kowloon, Hong Kong. The principal activities of the Company and its subsidiaries (collectively referred to as “the Group”) are described in note 4.

In the opinion of the directors, the immediate holding company of the Company is Shum Yip Holdings Company Limited (“Shum Yip Holdings”，深 業（集團）有限公司), which is a private company incorporated in Hong Kong. The ultimate holding company of the Company is 深業集團有限公司 (“Shum Yip Group”), which is a state-owned company established in Shenzhen, the People’s Republic of China (the “PRC”).

2 Significant accounting policies

• (a) Statement of compliance

These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (HKFRSs), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (HKASs) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (HKICPA), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). Significant accounting policies adopted by the Group are disclosed below.

The HKICPA has issued certain amendments to HKFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 2(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current accounting periods reflected in these financial statements.

1 公司資料

深圳控股有限公司（「本公司」）為一間於香港 。 註冊成立之有限責任公司 本公司之註冊辦事 處位於香港九龍科學館道9 號新東海商業中心8 樓。本公司及其附屬公司（統稱為「本集團」） 之主要業務於附註4內概述。

， 董事認為 本公司之直接控股公司為於香港 － 註冊成立之私人公司 深業（集團）有限公司 （「深業（集團）」）。本公司之最終控股公司為 於中華人民共和國（「中國」）深圳成立之國有公 － 司 深業集團有限公司（「深業集團」）。

2 主要會計政策

• (a) 合規聲明

• 該等財務報表已根據香港財務報告準則

• （「香港財務報告準則」）的所有相關規定 。

• 編製 香港財務報告準則整體包括香港會 計師公會（「香港會計師公會」）頒佈的所 、

• 有個別適用的香港財務報告準則 香港會 、

• 計準則（「香港會計準則」）和詮釋 香港 公認會計原則及香港公司條例的規定。該 等財務報表亦符合香港聯合交易所有限公 司（「聯交所」）證券上市規則相關披露規 定。本集團採用的主要會計政策披露於下 文。

香港會計師公會頒佈若干於本集團本會計 期間首次生效或可供提前採納之香港財務 報告準則修訂。附註2(c)提供因初次應用 該等修訂（以本會計期間於該等財務報表 內反映之與本集團有關者為限）而引致之 。 會計政策任何變動之資料

119

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(b) Basis of preparation of the financial statements

The consolidated financial statements for the year ended 31 December 2020 comprise the Company and its subsidiaries and the Group’s interests in associates and joint ventures.

2 主要會計政策（續）

(b) 財務報表之編製基準

• 截至2020 年12 月31 日止年度之綜合財務 報表包括本公司及其附屬公司及本集團於 。

• 聯營公司及合營公司之權益

The measurement basis used in the preparation of the financial statements is the historical cost basis except that the following assets are stated at their fair value as explained in the accounting policies set out below:

編製財務報表使用之計量基準為歷史成本 ， 基準 惟下列資產按其公允值列賬（如下 文所載會計政策內闡述）者除外：

• investment properties (see note 2(h));

• －

投資物業（參閱附註2(h)）；

• leasehold land and buildings within property, plant and equipment (see note 2(i));

• － 、 物業 廠房及設備項下之租賃土地 及樓宇（參閱附註2(i)）；

• derivative financial instruments (see note 2(g)(i));

• － 衍生金融工具（參閱附註2(g)(i)）；

• equity investments (see note 2(g)(ii)); and

• － 股權投資（參閱附註2(g)(ii)）；及

• biological assets (see note 2(m)).

• －

• 生物資產（參閱附註2(m)）。

The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

編製符合香港財務報告準則的財務報表需 、 要管理層作出影響政策應用及資產 負 、 、 債 收入及開支之報告金額的判斷 估計 及假設。估計及相關假設以過往經驗及多 項被視為於當時情況下合理的其他因素為 ， 依據 其結果構成了管理層在無法依循其 他途徑即時得知資產與負債的賬面值時所 。 作出判斷的基礎 實際結果可能有別於此 等估算。

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

本集團持續審閱該等估計及相關假設。對 ， 會計估計進行修訂時 倘修訂僅影響該期 間，則修訂會於修訂估計的期間內確認； ， 或倘修訂同時影響當期及未來期間 則會 。 於修訂期間及未來期間確認

Judgements made by management in the application of HKFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in note 3.

管理層在應用香港財務報告準則中作出的 對財務報表有重大影響的判斷及估計不明 確性的主要來源在附註3內討論。

120 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (c) Changes in accounting policies The HKICPA has issued the following amendments to HKFRSs that are first effective for the current accounting period of the Group:

• Amendments to HKFRS 3, Definition of a Business

• Amendments to HKFRS 9, HKAS 39 and HKFRS 7, Interest Rate Benchmark Reform

• Amendments to HKAS 1 and HKAS 8, Definition of material

None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented.

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period except for the amendment to HKFRS 16, Covid-19-Related Rent Concessions , which provides a practical expedient that allows lessees not to assess whether particular rent concessions occurring as a direct consequence of the COVID-19 pandemic are lease modifications and, instead, account for those rent concessions as if they were not lease modifications. Impacts of the adoption of the amended HKFRSs are discussed below:

Amendment to HKFRS 16, Covid-19-Related Rent Concessions

The amendment provides a practical expedient that allows a lessee to by-pass the need to evaluate whether certain qualifying rent concessions occurring as a direct consequence of the COVID-19 pandemic (“COVID-19-related rent concessions”) are lease modifications and, instead, account for those rent concessions as if they were not lease modifications.

The Group has elected to early adopt the amendments and applies the practical expedient to all qualifying COVID-19-related rent concessions granted to the Group during the year. Consequently, rent concessions received have been accounted for as negative variable lease payments credited to profit or loss in the period in which the event or condition that triggers those payments occurred (see Note 20). There is no impact on the opening balance of equity at 1 January 2020.

• 2 主要會計政策（續）

• (c) 會計政策之變動 香港會計師公會已頒佈以下香港財務報告 ，

• 準則之修訂 該等修訂於本集團本會計期 間首次生效：

  • 香港財務報告準則第3號之修訂，業 務的定義

  • 香港財務報告準則第9號、香港會計 準則第39 號以及香港財務報告準則 第7號之修訂，利率基準改革

  • 香港會計準則第1 號及香港會計準則 第8號之修訂，重大性的定義

該等變動對本集團已編製或呈報的本期或 。 過往期間業績及財務狀況並無重大影響

本集團並無應用於本會計期間尚未生效之 ， 任何新訂準則或詮釋 惟香港財務報告準 則第16號之修訂，與Covid-19相關的租金 ， ， 優惠除外 其中提供可行權宜方法 允許 承租人不評估直接由COVID-19疫情產生的 ， 特定租金優惠是否屬租賃修訂 而以並非 。 租賃修訂方法入賬 採納經修訂香港財務 報告準則之影響於下文討論：

香港財務報告準則第16 號之修訂，與 Covid-19相關的租金優惠

該修訂提供可行權宜方法允許承租人豁 免評估的規定，不評估直接由COVID-19 疫情產生的若干合資格租金優惠（「 與 COVID-19 相關的租金優惠」）是否屬租賃 ， 。 修訂 而以並非租賃修訂方法入賬

本集團已選擇提早採納該等修訂且於年內 對本集團獲授的所有合資格與COVID-19相 關的租金優惠應用可行權宜方法。因此， 已收租金優惠已入賬列作負值的可變租賃 ， 款項 計入觸發上述付款的事件或條件發 生之期間的損益內（見附註20）。此舉對 於2020年1月1日權益期初結餘並無影響。

121

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (d) Subsidiaries and non-controlling interests

• Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered.

• 2 主要會計政策（續）

• (d) 附屬公司及非控股權益 。

• 附屬公司乃本集團控制的實體 當本集團 承擔或擁有自其參與該實體產生之可變回 報之權利及有能力透過行使權力以影響其 回報時， 本集團即控制該實體。 在評估 ，

• 本集團是否擁有權力時 僅考慮實質權利

• （由本集團及其他方持有）。

An investment in a subsidiary is consolidated into the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances, transactions and cash flows and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the consolidated financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment.

自本集團取得控制權當日起直至本集團不 ， 再控制附屬公司當日 於附屬公司的投資 計入綜合財務報表。集團內公司間結餘、 交易及現金流量及任何因集團內公司間交 易而產生的未變現溢利在編製綜合財務報 。 表時全數撇銷 集團內公司間交易而產生 的未變現虧損僅在並無出現減值證據時以 。 撇銷未變現收益相同的方式撇銷為限

Non-controlling interests represent the equity in a subsidiary not attributable directly or indirectly to the Company, and in respect of which the Group has not agreed any additional terms with the holders of those interests which would result in the Group as a whole having a contractual obligation in respect of those interests that meets the definition of a financial liability. For each business combination, the Group can elect to measure any non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net identifiable assets.

非控股權益指不直接或間接歸屬本公司之 ， 於附屬公司之權益 本集團與該等權益之 ， 持有人並無任何額外條款 將會引致本集 團整體上就符合金融負債定義的該等權益 擁有合約責任。就各項業務合併而言，本 集團可選擇按公允值或非控股權益佔附屬 公司可識別資產淨值的比例份額計量任何 。 非控股權益

Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from equity attributable to the equity shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statement of profit or loss and the consolidated statement of profit or loss and other comprehensive income as an allocation of the total profit or loss and total comprehensive income for the year between non-controlling interests and the equity shareholders of the Company. Loans from holders of non-controlling interests and other contractual obligations towards these holders are presented as financial liabilities in the consolidated statement of financial position in accordance with notes 2(p) or (q) depending on the nature of the liability.

非控股權益在綜合財務狀況表內權益項下 ， 呈列 與本公司權益股東應佔權益獨立呈 列。本集團業績中的非控股權益在綜合損 益表及綜合損益及其他全面收益表內以總 損益在年內合面收益總額在非控股權益與 。 本公司權益股東之間作出分配 非控股權 益持有人提供的貸款及該等持有人的其他 合約責任按照附註2(p)或(q)視乎負債的性 。 質在綜合財務狀況表內呈列為金融負債

122 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (d) Subsidiaries and non-controlling interests (continued)

Changes in the Group’s interests in a subsidiary that do not result in a loss of control are accounted for as equity transactions, whereby adjustments are made to the amounts of controlling and non-controlling interests within consolidated equity to reflect the change in relative interests, but no adjustments are made to goodwill and no gain or loss is recognised.

When the Group loses control of a subsidiary, it is accounted for as a disposal of the entire interest in that subsidiary, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former subsidiary at the date when control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see note 2(g)) or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture (see note 2(e)).

In the Company’s statement of financial position, an investment in a subsidiary is stated at cost less impairment losses (see note 2(k)(iii)).

(e) Associates and joint ventures

An associate is an entity in which the Group or Company has significant influence, but not control or joint control, over its management, including participation in the financial and operating policy decisions.

A joint venture is an arrangement whereby the Group or Company and other parties contractually agree to share control of the arrangement, and have rights to the net assets of the arrangement.

2 主要會計政策（續）

• (d) 附屬公司及非控股權益（續） 並不引致失去控制權之本集團於附屬公司 ，

• 之權益變動按股權交易入賬 並對綜合權 益內控股及非控股權的金額作出調整，以 ，

• 反映相關權益的變動 但對商譽並不作出 。

• 調整及並不確認損益

， 當本集團失去對附屬公司的控制權時 其 ， 入賬為出售該附屬公司的整個權益 由此 。 產生的收益或虧損於損益內確認 失去控 制權日在原有附屬公司保留的任何權益按 ， 公允值確認 相關金額視為初步確認金融 資產的公允值（參閱附註2(g)）或倘合適視 為初步確認於聯營公司或合營公司投資的 成本（參閱附註2(e)）。

， 在本公司財務狀況表 於附屬公司之投 資按成本減減值虧損列賬（參閱附註 2(k) (iii)）。

• (e) 聯營公司及合營公司 聯營公司為本集團或本公司對其擁有重大 ，

• 影響力之實體 但並不控制或共同控制其 ， 。

• 管理 包括參與財務及經營政策決策

， 合營公司指一種合營安排 本集團或本公 司及其他方據此合約同意對該安排擁有共 ， 同控制權 並對合營安排之資產淨值擁有 權利。

123

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (e) Associates and joint ventures (continued)

An investment in an associate or a joint venture is accounted for in the consolidated financial statements under the equity method. Under the equity method, the investment is initially recorded at cost, adjusted for any excess of the Group’s share of the acquisition-date fair values of the investee’s identifiable net assets over the cost of the investment (if any). The cost of the investment includes purchase price, other costs directly attributable to the acquisition of the investment, and any direct investment into the associate or joint venture that forms part of the Group’s equity investment. Thereafter, the investment is adjusted for the post acquisition change in the Group’s share of the investee’s net assets and any impairment loss relating to the investment (see notes 2(f) and (k)(iii)). At each reporting date, the group assesses whether there is any objective evidence that the investment is impaired. Any acquisition-date excess over cost, the Group’s share of the post-acquisition, post-tax results of the investees and any impairment losses for the year are recognised in the consolidated statement of profit or loss, whereas the Group’s share of the post-acquisition post-tax items of the investees’ other comprehensive income is recognised in the consolidated statement of profit or loss and other comprehensive income.

2 主要會計政策（續）

• (e) 聯營公司及合營公司（續） 於聯營公司及合營公司之投資乃根據權益 法在綜合財務報表列賬。根據權益法，投 ，

• 資初步按成本入賬 並對本集團應佔投資 對象之可識別資產淨值於收購日之公允值 超過投資成本之任何部份（如有）作出調 整。投資成本包括購買價、收購該投資的 ，

• 直接應佔其他成本 及構成本集團股本投 資一部份的於該聯營公司或合營企業的任 何直接投資。其後，就本集團應佔投資對 象之資產淨值及有關投資的任何減值虧損 的收購日後變動對投資作出調整（參閱附 註2(f)及(k)(iii)）。於各報告日期，本集團 評估是否有客觀跡象顯示投資減值。任何 ，

• 收購日超逾成本的部份 本集團應佔投資 對象收購後的稅後業績及年內任何減值虧 ，

• 損在綜合損益表內確認 而本集團應佔投 資對象其他全面收益的收購後的稅後業績 及任何減值虧損在綜合損益及其他全面收 。

• 益表內確認

When the Group’s share of losses exceeds its interest in the associate or the joint venture, the Group’s interest is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. For this purpose, the Group’s interest is the carrying amount of the investment under the equity method together with the Group’s long-term interests that in substance form part of the Group’s net investment in the associate or the joint venture (after applying the expected credit losses (ECL) model to such other long-term interests where applicable (see note 2(k)(i)).

當本集團應佔虧損超過其於聯營公司或合 ， 營公司之權益 本集團之權益削減至零並 ， 終止確認進一步虧損 惟倘本集團已產生 法定或推定責任或代表投資對象作出付款 者除外。就此而言，在將預期信用損失模 ， 型應用於其他此類長期權益之後 本集團 ， 之權益為根據權益法投資之賬面值 連同 實質構成本集團於聯營公司或合營公司之 投資淨額之本集團長期權益（參閱附註2(k) (i)）。

Unrealised profits and losses resulting from transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in the investee, except where unrealised losses provide evidence of an impairment of the asset transferred, in which case they are recognised immediately in profit or loss.

本集團與其聯營公司及合營公司間交易的 未變現溢利及虧損將按照本集團於投資對 ， 象所佔的權益比例抵銷 惟倘未變現虧損 ， 顯示已轉讓資產出現減值 則該等未變現 。 虧損即時在損益內確認

If an investment in an associate becomes an investment in a joint venture or vice versa, retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method.

倘於聯營公司之投資變為於合營公司之投 ， 資或出現相反情況 則不會重新計量保留 。 ， 權益 反之 該投資繼續根據權益法入 賬。

124 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(e) Associates and joint ventures (continued)

In all other cases, when the Group ceases to have significant influence over an associate or joint control over a joint venture, it is accounted for as a disposal of the entire interest in that investee, with a resulting gain or loss being recognised in profit or loss. Any interest retained in that former investee at the date when significant influence or joint control is lost is recognised at fair value and this amount is regarded as the fair value on initial recognition of a financial asset (see note 2(g)).

In the Company’s statement of financial position, investments in associates are stated at cost less impairment losses (see note 2(k) (iii)).

(f) Goodwill Goodwill represents the excess of

• (i) the aggregate of the fair value of the consideration transferred, the amount of any non controlling interest in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree; over

• (ii) the net fair value of the acquiree’s identifiable assets and liabilities measured as at the acquisition date.

When (ii) is greater than (i), then this excess is recognised immediately in profit or loss as a gain on a bargain purchase.

Goodwill is stated at cost less accumulated impairment losses. Goodwill arising on a business combination is allocated to each cash-generating unit, or groups of cash generating units, that is expected to benefit from the synergies of the combination and is tested annually for impairment (see note 2(k)(iii)).

On disposal of a cash generating unit during the year, any attributable amount of purchased goodwill is included in the calculation of the profit or loss on disposal.

2 主要會計政策（續）

• (e) 聯營公司及合營公司（續） ，

• 在所有其他情況下 倘本集團不再對聯營 公司擁有重大影響力或對合營公司擁有共 ，

• 同控制權 則本集團的權益按出售於投資 ，

• 對象之整個權益入賬 由此產生的收益或 。

• 虧損於損益內確認 在失去重大影響力或 共同控制權日期於原投資對象公司保留的 ，

• 任何權益按公允值確認 相關金額視為 初步確認金融資產時的公允值（參閱附註 2(g)）。

， 於本公司財務狀況表 於聯營公司之投 資按成本減減值虧損列賬（參閱附註 2(k) (iii)）。

(f) 商譽 商譽指以下兩者之差額

• 、

• (i) 已轉讓總代價的公允值 於被收購 方之非控股權益及本集團先前持有的 被收購方股權的總額，及

• (ii) 被收購方按收購日計量的可識別資產 。

• 及負債的公允淨值

， 倘(ii)大於(i) 則差額即時在損益內確認為 。 廉價購買利得

商譽按成本減累計減值虧損計量。因業務 合併而產生的商譽被分配至預期可從合併 產生之協同效益中獲益的各個現金產生單 ， 位或現金產生單位組別 並須每年作減值 測試（參閱附註2(k)(iii)）。

， 年內出售現金產生單位時 已購入商譽的 。 任何應佔金額計入出售時的損益中

125

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (g) Derivative financial instruments and other financial assets

• (i) Derivative financial instruments Derivative financial instruments are recognised initially at fair value. At the end of each reporting period the fair value is remeasured. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. On derecognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability assumed) shall be recognised in profit or loss.

2 主要會計政策（續）

(g) 衍生金融工具及其他金融資產

(i) 衍生金融工具 。 衍生金融工具初步按公允值確認 公允值於各報告期末重新計量。重 新計量公允值之收益或虧損即時於 。 損益中確認 於終止確認全部金融 ， 資產時 賬面值（於終止確認日期計 量）與已收代價（包括任何所獲之新 資產減任何承擔之新負債）之間之差 。 額於損益確認

(ii) Other financial assets

Other financial assets include investments in debt and equity securities, other than investments in subsidiaries, associates and joint ventures. The Group’s accounting policies for these investments are set out below.

(ii) 其他金融資產 其他金融資產包括於債務及股本證券 、 之投資（於附屬公司 聯營公司及合 營企業之投資除外）。本集團有關該 。 等投資之會計政策載列如下

Investments in debt and equity securities are recognised/ derecognised on the date the Group commits to purchase/ sell the investment. The investments are initially stated at fair value plus directly attributable transaction costs, except for those financial assets measured at fair value through profit or loss (FVPL) for which transaction costs are recognised directly in profit or loss. For an explanation of how the Group determines fair value of financial instruments, see note 40. These investments are subsequently accounted for as follows, depending on their classification.

本集團在承諾購入╱出售投資當日 確認╱終止確認債務及股本證券之 投資。該等投資初步按公允值加直 ， 接應佔交易成本列賬 惟該等透過 損益按公允值計算之金融資產的交易 。 成本直接於損益確認除外 有關本 集團釐定金融工具公允值之方法之闡 釋，見附註40。該等投資視乎其分 。 類於其後入賬

126 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(g) Derivative financial instruments and other financial assets (continued)

• (ii) Other financial assets (continued) Investments other than equity investments

Non-equity investments held by the Group are classified into one of the following measurement categories:

– amortised cost, if the investment is held for the collection of contractual cash flows which represent solely payments of principal and interest. Interest income from the investment is calculated using the effective interest method (see note 2(v)(vii)).

– fair value through other comprehensive income (FVOCI) – recycling, if the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale. Changes in fair value are recognised in other comprehensive income, except for the recognition in profit or loss of expected credit losses, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognised, the amount accumulated in other comprehensive income is recycled from equity to profit or loss.

• fair value at profit or loss (FVPL) if the investment does not meet the criteria for being measured at amortised cost or FVOCI (recycling). Changes in the fair value of the investment (including interest) are recognised in profit or loss.

• 2 主要會計政策（續）

• (g) 衍生金融工具及其他金融資產（續）

  • (ii) 其他金融資產（續） 於股本投資以外之投資 本集團持有之非股本投資歸入以下其 中一個計量類別：

    • － ， 按攤銷成本 倘持有投資的目 ，

    • 的為收取合約現金流量 即純 粹為支付本金及利息。投資所 得利息收入乃使用實際利率法 計算（見附註2(v)(vii)）。

    • － 透過其他全面收益按公允值計 － ，

    • 算 可撥回 倘投資的合約 現金流量僅包括本金及利息付 ，

    • 款 投資乃於其目的為同時收 取合約現金流量及出售之業務 。

    • 模式中持有 公允值變動於其 ，

    • 他全面收益確認 惟預期信用 、

    • 損失 利息收入（使用實際利 率法計算）及匯兌收益及虧損 。

    • 於損益確認 當投資被終止確 ，

    • 認 於其他全面收益累計的金 。

    • 額從權益劃撥回至損益

    • － ， 透過損益按公允值計算 倘投 資不符合按攤銷成本計量或透 過其他全面收益按公允值計算 。

    • （可撥回）之標準 投資之公 允值變動（ 包括利息）於損益 。

    • 確認

127

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

• (g) Derivative financial instruments and other financial assets (continued)

  • (ii) Other financial assets (continued) Equity investments

    • An investment in equity securities is classified as FVPL unless the equity investment is not held for trading purposes and on initial recognition of the investment the Group makes an irrevocable election to designate the investment at FVOCI (non-recycling) such that subsequent changes in fair value are recognised in other comprehensive income. Such elections are made on an instrument-by-instrument basis, but may only be made if the investment meets the definition of equity from the issuer’s perspective. Where such an election is made, the amount accumulated in other comprehensive income remains in the fair value reserve (non-recycling) until the investment is disposed of. At the time of disposal, the amount accumulated in the fair value reserve (non-recycling) is transferred to retained profits. It is not recycled through profit or loss. Dividends from an investment in equity securities, irrespective of whether classified as at FVPL or FVOCI, are recognised in profit or loss as other income in accordance with the policy set out in note 2(v)(vi).

2 主要會計政策（續）

(g) 衍生金融工具及其他金融資產（續）

  - (ii) 其他金融資產（續） 股本投資

     - 股本證券投資被分類為透過損益按 ，

     - 公允值計算 除非該股本投資不是 ，

     - 持作買賣 並在初始確認投資時本 集團不可撤銷地選擇指定該投資為透 過其他全面收益按公允值計算（不可 撥回），以致後續公允值變動在其他 。

     - 全面收益中確認 這種選擇是以個 ，

     - 別工具基準進行 但只有當投資符 合發行人角度下之股本定義時方可 進行。若作出此選擇，在該投資被 ，

     - 出售前 其他全面收益中累計之金 額仍保留在公允值儲備（不可撥回） 中。在出售時，公允值儲備（不可 撥回 ）中累計之金額會轉入保留溢 。 。

     - 利 其不會透過損益撥回 來自股 ，

     - 本證券投資之股息 不論是否分類 為透過損益按公允值計算或透過其他 ，

     - 全面收益按公允值計算 均按照附 註2(v)(vi)內所載政策在損益中確認為 。

     - 其他收入

• (h) Investment properties

• Investment properties are land and/or buildings which are owned or held under a leasehold interest (see note 2(j)) to earn rental income and/or for capital appreciation. These include land held for a currently undetermined future use and property that is being constructed or developed for future use as investment property.

• (h) 投資物業

• 投資物業乃指根據租賃權益（ 參閱附註 2(j)）擁有或持有的為賺取租金收入及╱或 持作資本增值之土地及╱或樓宇。該等投 資物業包括目前尚未釐定未來用途持有之 土地及目前正在建造或開發以供未來作投 。

• 資物業使用之物業

Investment properties are stated at fair value, unless they are still in the course of construction or development at the end of the reporting period and their fair value cannot be reliably measured at that time. Any gain or loss arising from a change in fair value or from the retirement or disposal of an investment property is recognised in profit or loss. Rental income from investment properties is accounted for as described in note 2(v)(iv).

， 投資物業按公允值列賬 惟於報告期末仍 在建設或發展過程中及於彼時不能可靠計 。 量其公允值者除外 公允值變動或由報廢 或出售投資物業所產生的任何收益或虧損 。 於損益內確認 投資物業的租金收入按附 註2(v)(iv)所載政策入賬。

128 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (h) Investment properties (continued)

For a transfer from investment properties to owner-occupied properties or inventories, the deemed cost of a property for subsequent accounting is its fair value at the date of change in use. If a property occupied by the Group as an owner-occupied property becomes an investment property, the Group accounts for such property in accordance with note 2(i) up to the date of change in use, and any difference at the date between the carrying amount and the fair value of the property is accounted for as a revaluation and recognised in asset revaluation reserve within equity until the retirement or disposal of the property (when it is released directly to retained profits). For a transfer from completed properties held for sale to investment properties, any difference between the fair value of the property at that date and its previous carrying amount is recognised in profit or loss.

• (i) Property, plant and equipment

Leasehold land and buildings held for own use are stated at their revalued amount, being their fair value at the date of the revaluation less any subsequent accumulated depreciation.

Revaluations are performed with sufficient regularity to ensure that the carrying amount of these assets does not differ materially from that which would be determined using fair values at the end of reporting period.

The following items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses (see note 2(k)):

• right-of-use assets arising from leases over leasehold land and buildings where the Group is not the registered owner of the property interest (see note 2(j));

• right-of-use assets arising from other properties leased for own use; and

• items of plant and equipment;

2 主要會計政策（續）

(h) 投資物業（續） 至於當投資物業轉變為業主自用物業或存 ， 貨 期後入賬方法乃以物業於更改用途日 。 之公允值作為其物業成本 倘由本集團佔 ， 用作業主自用的物業成為投資物業 則本 集團根據截至該物業用途變更當日按附註 ， 2(i)將該物業列賬 而於當日任何該物業之 賬面值及公允值之差額則按重估列賬及在 ， 資產重估儲備權益內確認 直至該物業報 廢或出售（當其直接撥往保留溢利時）。 當持作待售已落成物業轉撥為投資物業 ， 時 則該物業在轉撥當日之公允值與其之 。 前賬面值之任何差額於損益內確認

• (i) 物業、廠房及設備 持作自用的租賃土地及樓宇按其重估金額 ，

• 列賬 列賬金額即重估日期的公允值減其 後累計折舊。

， 定期進行重估 以確保該等資產之賬面值 與報告期末使用公允值釐定者不會有重大 出入。

、 物業 廠房及設備之以下項目按成本減累 計折舊及減值虧損列賬（參閱附註2(k)）：

• － 本集團並非物業權益登記擁有人的租 賃土地及樓宇的租賃產生的使用權資 產（參閱附註2(j)）；

• － 持作自用的其他租賃物業產生的使用 權資產；及

• － 廠房及設備項目；

129

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (i) Property, plant and equipment (continued) Changes arising on the revaluation of leasehold land and buildings held for own use are generally dealt with in other comprehensive income and are accumulated separately in equity in the asset revaluation reserve. The only exceptions are as follows:

• 2 主要會計政策（續）

  • (i) 物業、廠房及設備（續） 重估持作自用租賃土地及樓宇產生的變動 ，

  • 一般在其他全面收益內處理 並於權益項 下資產重估儲備內單獨計量。以下情況除 外：

• when a deficit arises on revaluation, it will be charged to profit or loss to the extent that it exceeds the amount held in the reserve in respect of that same asset immediately prior to the revaluation; and

• － ， 當重估時產生虧絀時 其將在損益 ，

• 內扣除 以超過該項同一資產緊 接重估前有關之儲備持有之金額為 限；及

• when a surplus arises on revaluation, it will be credited to profit or loss to the extent that a deficit on revaluation in respect of that same asset had previously been charged to profit or loss.

• － ， 當重估產生盈餘時 其將計入損 益，以有關該等同一資產先前在損 。

• 益中扣除之重估虧絀為限

Construction is progress represents buildings under construction, which is stated at cost less accumulated impairment losses (see note 2(k)), and is not depreciated. Other items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses (see note 2(k)).

， 在建工程指正在建設之中之樓宇 按成本 減累計減值虧損列賬（參閱附註2(k)），並 不予折舊。物業、廠房及設備之其他項目 按成本減累計折舊及減值虧損列賬（參閱 附註2(k)）。

The cost of self-constructed items of property, plant and equipment includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads and borrowing costs (see note 2(x)). Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.

、 物業 廠房及設備之自建項目成本包括材 、 、 料成本 直接人工 初步估算拆卸及移除 該等項目及在其所處地盤的恢復成本（如 相關）及適當比例的生產間接成本及借貸 成本（參閱附註2(x)）。在建工程於竣工且 、 可供使用時將重新分類至適當之物業 廠 。 房及設備之類別

Expenditure incurred after items of property, plant and equipment have been put into operations, such as repairs and maintenance is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.

、 物業 廠房及設備項目投入運作後產生之 開支（如修理及維護）一般於其產生期間之 損益表扣除。在滿足確認條件情況下，大 修開支作為重置資本化計入該項資產的賬 面值。倘若物業、廠房及設備之重要部份 ， 須不時重置 本集團確認此等部分為具有 特定可使用年期及當時相應折舊之個別資 。 產

130 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (i) Property, plant and equipment (continued)

Gains or losses arising from the retirement or disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal. Any related revaluation surplus is transferred from the asset revaluation reserve to retained profits and is not reclassified to profit or loss. Depreciation is calculated to write off the cost or valuation of items of property, plant and equipment, less their estimated residual value, if any, using the straight line method over their estimated useful lives. The principal annual rates used for this purpose are as follows:

–	Ownership interest in leasehold land	Over the lease terms
	and buildings held for own use
–	Other properties leased for own use	Over the lease terms
–	Leasehold improvements	20%
–	Furniture, fixtures and equipment	10% to 25%
–	Motor vehicles	9% to 20%
–	Plant and machinery	10% to 25%

Both the useful life of an asset and its residual value, if any, are reviewed annually.

2 主要會計政策（續）

• (i) 物業、廠房及設備（續） 、

• 因報廢或出售物業 廠房及設備項目產生 收益或虧損釐定為出售所得款項淨額與該 項目賬面值兩者之差額並於報廢或出售日 。

• 期在損益內確認 任何相關重估盈餘由資 ，

• 產重估儲備轉撥至保留溢利 不重新分類 至損益。折舊乃按各物業、廠房及設備項 目之估計可使用年期以直線法撇銷其成本 或估值減估計殘值（如有）計算。折舊之 主要年率如下：

－	於持作自用的租賃土地	租賃年期
	及樓宇的所有權權益
－	其他自用租賃物業	租賃年期
－	租賃物業裝修	20%
－	傢俬、裝置及設備	10%至25%
－	汽車	9%至20%
－	廠房及機器	10%至25%

資產之可使用年期及其殘值（如有）每年檢 討。

131

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(j) Leased assets

At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

2 主要會計政策（續）

(j) 租賃資產 本集團會於合約初始生效時評估該合約是 。 否屬租賃或包含租賃 倘合約為換取代價 而給予在一段時間內控制可識別資產使用 的權利，則該合約屬租賃或包含租賃。倘 客戶有權主導可識別的資產的使用及從該 ， 使用中獲取幾乎所有的經濟收益 則表示 。 控制權已轉讓

(i) As a lessee

Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated non-lease components as a single lease component for all leases.

• (i) 作為承租人 倘合約包含租賃部份及非租賃部 ，

• 份 本集團選擇不將非租賃部分區 ，

• 分開來 並將各租賃部份及任何相 關非租賃部份入賬為所有租賃的單一 租賃部份。

At the lease commencement date, the Group recognises a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group are primarily laptops and office furniture. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalise the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalised are recognised as an expense on a systematic basis over the lease term.

， 於租賃開始日期 本集團確認使用 權資產及租賃負債，惟租期為12 個 月或少於12 個月的短期租賃，以及 ， 就本集團而言 通常為筆記型電腦 或辦公室傢私的低價值資產租賃除 外。當本集團就低價值資產訂立租 ， 賃時 本集團決定是否按逐份租賃 。 基準將租賃資本化 與未資本化的 租賃相關的租賃付款在租賃期內系統 。 地確認為開支

Where the lease is capitalised, the lease liability is initially recognised at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortised cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

， 倘租賃資本化 則租賃負債初次 按租期內應付的租賃付款的現值確 ， 認 並使用租賃中所隱含的利率貼 現，或倘無法輕易確定利率，則使 。 用相關增量借貸利率 於初次確認 後，租賃負債按攤銷成本計量，及 利息開支使用實際利率法計算。不 依賴指數或利率的可變租賃付款並無 ， 納入租賃負債的計量 因此可變租 賃付款於其產生的會計期間自損益中 扣除。

132 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (j) Leased assets (continued)

• (i) As a lessee (continued)

  • The right-of-use asset recognised when a lease is capitalised is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see notes 2(i) and 2(k)(iii)), except for the following types of right-of-use asset:

  • right-of-use assets that meet the definition of investment property are carried at fair value in accordance with note 2(h);

  • the right-of use assets related to leasehold land and buildings where the Group is the registered owner of the lease hold interest are carried at fair value; and

  • right-of-use assets related to interests in leasehold land where the interest in the land is held as inventory are carried at the lower of cost and net realisable value in accordance with note 2(l).

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

• 2 主要會計政策（續）

• (j) 租賃資產（續）

  • (i) 作為承租人（續） ，

  • 當租賃資本化時 已確認的使用權 ，

  • 資產初始按成本計量 其包括租賃 負債的初始金額加上於開始日期或之 ，

  • 前作出的任何租賃付款 以及已產 生的任何初始直接成本。於適用情 ，

  • 況下 使用權資產的成本亦包括拆 除及移除相關資產或恢復相關資產或 ，

  • 其所在場地的成本估算 按其現值 ，

  • 貼現 並減去任何已收取的租賃優 惠。使用權資產其後按成本減累計 折舊及減值虧損列賬（見附註2(i)及 2(k)(iii)），惟下列類型的使用權資產 除外：

    • － 符合投資物業定義的使用權 資產根據附註 2(h) 按公允值列 賬；

    • － 與租賃土地及樓宇（其中本集 團為租賃權益的登記擁有人） 有關的使用權資產按公允值列 賬；及

    • － 與租賃土地權益（其中土地權 益持作存貨）有關的使用權資 產根據附註2(l)按成本與可變現 。

    • 淨值兩者中之較低者列賬

當指數或利率變動導致未來租賃付 ， 款有所變動 或本集團預期於剩餘 價值擔保下應付的估計金額有所變 ， 動 或重新評估本集團能否合理地 、 確定會行使購買 延長或終止選擇 ， 權導致發生變動時 則租賃負債會 重新計量。在這些情況下重新計量 ， 租賃負債時 需對使用權資產的賬 ， 面值作出相應調整 或如果使用權 ， 資產的賬面值已減少至零 相應調 。 整則計入損益

133

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

• (j) Leased assets (continued)

  • (i) As a lessee (continued)

The lease liability is also remeasured when there is a change in the scope of a lease or the consideration for a lease that is not originally provided for in the lease contract (“lease modification”) that is not accounted for as a separate lease. In this case the lease liability is remeasured based on the revised lease payments and lease term using a revised discount rate at the effective date of the modification. The only exceptions are any rent concessions which arose as a direct consequence of the COVID-19 pandemic and which satisfied the conditions set out in paragraph 46B of HKFRS 16 Leases. In such cases, the group took advantage of the practical expedient set out in paragraph 46A of HKFRS 16 and recognised the change in consideration as if it were not a lease modification.

2 主要會計政策（續）

• (j) 租賃資產（續）

(i) 作為承租人（續） 當租賃範疇發生變化或租賃合同原先 並無規定的租賃代價發生變化（「租 賃修改」），且未作為單獨的租賃入 ， 賬時 則亦要對租賃負債進行重新 計量。在此情況，租賃負債根據經 ， 修訂的租賃付款和租賃期限 使用 經修訂的貼現率在修改生效日重新計 量。唯一的例外是因新型冠狀病毒 ， 疫情而直接產生的任何租金減免 且符合香港財務報告準則第16 號租 賃第 46B 段所載的條件。在該等情 ， 況 本集團利用香港財務報告準則 第 16 號第 46A 段所載的實際權宜方 ， ， 法 確認代價變動 猶如其並非租 。 賃修改

In the consolidated statement of financial position, the current portion of long-term lease liabilities is determined as the present value of contractual payments that are due to be settled within twelve months after the reporting period.

• ，

• 在綜合財務狀況表中 長期租賃負 債的即期部份釐定為須於報告期後十 二個月內清償之合約付款現值。

• (ii) As a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to the ownership of an underlying assets to the lessee. If this is not the case, the lease is classified as an operating lease.

• (ii) 作為出租人 ，

• 當本集團擔任出租人時 其於租賃 開始時釐定各租賃是否為融資租賃或 。

• 經營租賃 倘相關資產的所有權附 帶的絕大部份風險及回報轉移至承租 人時，該租賃分類為融資租賃。倘 ，

• 不屬於該情況 該租賃被分類為經 營租賃。

When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis. The rental income from operating leases is recognised in accordance with note 2(v)(iv).

When the Group is an intermediate lessor, the sub-leases are classified as a finance lease or as an operating lease with reference to the right-of-use asset arising from the head lease. If the head lease is a short-term lease to which the Group applies the exemption described in note 2(j)(i), then the Group classifies the sub-lease as an operating lease.

， 倘合約包括租賃及非租賃部份 本 集團根據相對獨立的售價基準將合約 。 代價分配予各部份 經營租賃產生 。 的租金收入根據附註2(v)(iv)確認 ， 倘本集團為中間出租人 經參考主 ， 租賃合同產生的使用權資產 轉租 被分類為融資租賃或經營租賃。倘 ， 主租賃合同為短期租賃 本集團豁 ， 免遵守附註2(j)(i)所載規定 則本集 。 團將轉租分類為經營租賃

134 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

(j) Leased assets (continued)

(ii) As a lessor (continued)

For a sublease classified as a finance lease, the Group derecognises the right-of-use asset relating to the head lease that it transfers to the sublessee and recognises the finance lease receivables in the sublease when the Group enters into the sublease. Any difference between the right-of-use asset and the finance lease receivables in the sublease is recognised in profit or loss. During the term of the sublease, the Group recognises interest income as it accrues on the outstanding balance of finance lease receivables using the effective interest rate method and interest expense on the lease liability relating to the head lease.

For a sublease classified as an operating lease, the Group retains the lease liability and the right-of-use asset relating to the head lease in its statement of financial position unless the right-of-use asset meets the definition of investment property in which case the right-of-use asset is accounted for as an investment property and measured at fair value.

During the term of the sublease, the Group recognises lease income from the sublease and interest expense on the lease liability relating to the head lease.

(k) Credit losses and impairment of assets

• (i) Credit losses from financial instruments

The Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost (including restricted cash and cash equivalents, trade receivables, finance lease receivables and other long-term assets within “Other financial assets”, other receivables and loans to related parties included in prepayment, deposits and other receivables).

Financial assets measured at fair value, including equity securities measured at FVPL, equity securities designated at FVOCI (non-recycling) and derivative financial assets, are not subject to the ECL assessment.

2 主要會計政策（續）

(j) 租賃資產（續）

• (ii) 作為出租人（續）

， 就分類為融資租賃的轉租而言 本 集團終止確認與轉讓予中間出租人的 主租賃合同有關的使用權資產，並 在本集團訂立轉租時確認轉租中的融 資租賃應收款項。轉租中使用權資 產與融資租賃應收款項的任何差額於 損益中確認。於轉租期內，本集團 使用實際利率法按融資租賃應收款項 未償還結餘的累計額確認利息收入及 與主租賃合同有關的租賃負債的利息 開支。

， 就分類為經營租賃的轉租而言 本 集團於其財務狀況表中保留與主租 賃合同有關的租賃負債及使用權資 ， 產 除非使用權資產符合投資物業 ， ， 的定義 在此情況下 使用權資產 將入賬列作投資物業並按公允值計 量。

， 於轉租期內 本集團根據轉租安排 確認租賃收入及就與主租賃合同有關 。 的租賃負債確認利息開支

(k) 信用損失及資產減值

(i) 金融工具之信用損失 本集團就按攤銷成本計量之金融資 、 產（包括受限制現金及現金等價物 應收賬款、「其他金融資產」內之融 、 資租賃應收款項及其他長期資產 、 預付款項 訂金及其他應收款項下 包含之其他應收款項及給予關聯方貸 款）確認預期信用損失之損失撥備。

， 按公允值計量之金融資產 包括透 、 過損益按公允值計算之股本證券 指定為透過其他全面收益按公允值計 算（不可撥回）之股本證券及衍生金 ， 融資產 不需進行預期信用損失評 估。

135

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

(k) Credit losses and impairment of assets (continued)

• (i) Credit losses from financial instruments (continued) Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive).

2 主要會計政策（續）

• (k) 信用損失及資產減值（續）

• (i) 金融工具之信用損失（續） 預期信用損失之計量 預期信用損失是信用損失概率加權估 計值。信用損失以所有預期現金不 足額（即本集團根據合約應得的現金 流量和本集團預期收到的現金流量之 間的差額）之現值估算。

The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

， 倘若貼現的影響重大 則使用以下 貼現率貼現預期現金不足額：

• fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

• － ， 固定利率金融資產 應收賬款 及其他應收款項：初始確認時 確定的實際利率或其近似值；

• lease receivables: discount rate used in measurement of the lease receivable; and

• － 應收租金：計量應收租金時使 用之應收租金折現率；及

• variable-rate financial assets: current effective interest rate.

• － 浮動利率金融資產：當前實際 。

• 利率

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

估計預期信用損失時考慮的最長期限 是本集團面臨信用風險的最長合約 期。

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

， 在計量預期信用損失時 本集團會 考慮可用無需過多的成本或努力之 ， 合理且可支持之信息 包括過去事 、 件 當前狀況和未來經濟狀況預測 。 之信息

ECLs are measured on either of the following bases:

預期信用損失是通過以下其一基礎計 量：

• 12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

• － 12 個月預期信用損失 ： 這些 是預計在報告日期後12個月內 可能發生之違約事件造成之損 失；及

• lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

• － 整個存續期預期信用損失 ： 這些是預期由預期信用損失模 型適用的項目之預期壽命內之 所有可能的違約事件導致之損 失。

136 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(k) Credit losses and impairment of assets (continued)

(i) Credit losses from financial instruments (continued) Measurement of ECLs (continued)

Loss allowances for trade receivables and lease receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, the Group recognises a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

2 主要會計政策（續）

(k) 信用損失及資產減值（續）

(i) 金融工具之信用損失（續） 預期信用損失之計量（續） 應收賬款及應收租金的損失撥備按照 相當於整個存續期預期信用損失的金 額計量。該等金融資產之預期信用 損失使用基於本集團之歷史信用損失 ， 經驗的撥備矩陣進行估算 並根據 ， 債務人特有的因素 以及對報告日 期的當前和預測的一般經濟狀況評估 進行調整。

， 對於所有其他金融工具 本集團確 認相當於12 個月預期信用損失的損 ， 失準備金 除非自初始確認以來金 ， 融工具的信用風險顯著增加 在這 ， 種情況下 損失準備金計量等於整 。 個存續期的預期信用損失

信用風險顯著增加

在評估金融工具的信用風險自初始確 ， 認以來是否顯著增加時 本集團比 較報告日期與初始確認之日評估的 。 金融工具違約風險 在進行此重新 ， 評估時 當借款人在本集團採取回 收行動如變現抵押品（如持有）不可 能全額支付其對本集團的信貸義務 時，本集團將視為發生違約事件。 本集團考慮合理且可支持的定量和定 ， 性信息 包括無需過多的成本或努 。 力可取得之歷史經驗和前瞻性信息

137

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

• (k) Credit losses and impairment of assets (continued)

  • (i) Credit losses from financial instruments (continued) Significant increases in credit risk (continued)

    • In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

2 主要會計政策（續）

(k) 信用損失及資產減值（續）

• (i) 金融工具之信用損失（續） 信用風險顯著增加（續） 在評估自初始確認後信用風險是否顯 著增加時會特別考慮以下信息：

• failure to make payments of principal or interest on their contractually due dates;

• － 未能在合約到期日支付本金或 利息；

• an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

• － 金融工具的外部或內部信用評 級（ 如有）有實際或預期的顯 著惡化；

• an actual or expected significant deterioration in the operating results of the debtor; and

• － 債務人經營業績的實際或預期 重大惡化；及

• existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

• － 、 、 技術 市場 經濟或法律環境 ，

• 的現有或預測變化 對債務人 履行其對本集團義務的能力產 。

• 生重大不利影響

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings.

， 根據不同金融工具的性質 對信用 風險顯著增加的評估是在單獨或集體 基礎上進行的。當在集體基礎上評 ， 估時 金融工具根據共有之信用風 ， 險特徵進行分組 例如過期狀態和 。 信用風險評級

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognised as an impairment gain or loss in profit or loss. The Group recognises an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

預期信用損失在每個報告日期被重新 計量以反映自初始確認以來金融工具 。 信用風險的變化 預期信用損失金 額的任何變動均於損益內確認為減值 損益。本集團確認所有金融工具的 ， 減值損益 並通過損失準備金賬戶 。 對其賬面金額進行相應調整

138 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (k) Credit losses and impairment of assets (continued)

• (i) Credit losses from financial instruments (continued) Basis of calculation of interest income

Interest income recognised in accordance with note 2(v)(vii) is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on the amortised cost (i.e. the gross carrying amount less loss allowance) of the financial asset.

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

• significant financial difficulties of the debtor;

• a breach of contract, such as a default or delinquency in interest or principal payments;

• it becoming probable that the borrower will enter into bankruptcy or other financial reorganisation;

• significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

• the disappearance of an active market for a security because of financial difficulties of the issuer.

2 主要會計政策（續）

(k) 信用損失及資產減值（續）

• (i) 金融工具之信用損失（續） 利息收入之計算基礎 根據附註2(v)(vii)確認之利息收入乃 ，

• 根據金融資產的賬面總額計算 惟 ，

• 金融資產需要信貸減值的情況下 利息收入乃根據金融資產的攤銷成本

• （即賬面值總額減損失撥備）計算。

， 在每個報告日期 本集團評估金融 。 資產是否有信用減值 當一項或多 項事件對金融資產的估計未來現金流 ， 量產生不利影響時 金融資產即需 。 有信用減值

金融資產信用減值的證據包括以下可 觀察事件：

• 債務人的重大財務困難；

• －

• － ， 違反合約 如不支付或拖欠利 息或本金；

• － 借款人很可能會進入破產或其 他財務重組；

• － 、 、 技術 市場 經濟或法律環境 的重大改變而對債務人有不利 影響；或

• － 由於發行人的財務困難造成活 。

• 躍證券市場的消失

139

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(k) Credit losses and impairment of assets (continued)

• (i) Credit losses from financial instruments (continued) Write-off policy

The gross carrying amount of a financial asset or lease receivable is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

2 主要會計政策（續）

(k) 信用損失及資產減值（續）

(i) 金融工具之信用損失（續） 撇銷政策

• 金融資產或應收租金的賬面總額在預 期沒有實際可收回的情況下予以撇銷

• （部份或全部）。一般情況是當本集 團確定債務人沒有資產或收入來源可 以產生足夠現金流以償還待撇銷之金 額。

Subsequent recoveries of an asset that was previously written off are recognised as a reversal of impairment in profit or loss in the period in which the recovery occurs.

先前已撇銷的資產的後續回收於收回 。 發生期間確認為減值撥回計入損益

• (ii) Credit losses from financial guarantees issued Financial guarantees are contracts that require the issuer (i.e. the guarantor) to make specified payments to reimburse the beneficiary of the guarantee (the “holder”) for a loss the holder incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.

• (ii) 已發出財務擔保之信用損失 財務擔保為要求發行人（即擔保人） 就擔保受益人（「持有人」）因指定債 務人未能根據債務工具之條款在到期 ，

• 時付款而蒙受之損失 向持有人支 。

• 付特定補償金額之合約

Financial guarantees issued are initially recognised within “Other payables and accruals” at fair value, which is determined by reference to fees charged in an arm’s length transaction for similar services, when such information is obtainable, or to interest rate differentials, by comparing the actual rates charged by lenders when the guarantee is made available with the estimated rates that lenders would have charged, had the guarantees not been available, where reliable estimates of such information can be made. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognised in accordance with the Group’s policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognised in profit or loss.

已發出財務擔保初步於「其他應付款 項及應計費用」中按公允值確認，而 該公允值乃參照類似服務於公平磋商 交易之過程中所收取費用（如可獲得 ， 該等資料）而釐定 或參照息差作出 ， 估計 方法為以放款人在獲提供擔 保之情況下實際收取之利率與在不獲 提供擔保之情況下放款人將會收取之 估計利率作比較（如該等資料能可靠 地估計）。倘就作出擔保之代價已收 ， 取或可收取 代價則根據本集團適 用於此類別資產之政策確認。倘並 ， 無收到或無可收代價 則在損益確 。 認為即時開支

Subsequent to initial recognition, the amount initially recognised as deferred income is amortised in profit or loss over the term of the guarantee as income from financial guarantees issued.

， 於初步確認後 初步確認為遞延收 入之金額自作出財務擔保後在損益中 。 按擔保之年期作為收入攤銷

140 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(k) Credit losses and impairment of assets (continued)

• (ii) Credit losses from financial guarantees issued (continued)

The Group monitors the risk that the specified debtor will default on the contract and recognises a provision when ECLs on the financial guarantees are determined to be higher than the amount carried in “Other payables and accruals” in respect of the guarantees (i.e. the amount initially recognised, less accumulated amortisation).

To determine ECLs, the Group considers changes in the risk of default of the specified debtor since the issuance of the guarantee. A 12-month ECL is measured unless the risk that the specified debtor will default has increased significantly since the guarantee is issued, in which case a lifetime ECL is measured. The same definition of default and the same assessment of significant increase in credit risk as described in note 2(k)(i) apply.

As the Group is required to make payments only in the event of a default by the specified debtor in accordance with the terms of the instrument that is guaranteed, an ECL is estimated based on the expected payments to reimburse the holder for a credit loss that it incurs less any amount that the Group expects to receive from the holder of the guarantee, the specified debtor or any other party. The amount is then discounted using the current risk-free rate adjusted for risks specific to the cash flows.

2 主要會計政策（續）

(k) 信用損失及資產減值（續）

(ii) 已發出財務擔保之信用損失（續） 本集團監察特定債務人違約的風 ， 險 並當財務擔保的預期信用損失 確定為高於擔保的「其他應付款項及 應計費用」中的金額（即初始確認金 。 額減累計攤銷）時確認撥備

， 為釐定預期信用損失 本集團會考 慮指定債務人自發出擔保以來的違約 風險變動，並會計量12 個月的預期 ， 信用損失 惟在指定債務人自發出 擔保以來的違約風險大幅增加的情況 ， ， 下除外 在此情況下 則會計量整 個存續期的預期信用損失。附註2(k) (i)所述的相同違約定義及信用風險大 。 幅增加的相同評估標準適用於此

由於本集團僅須於根據獲擔保工具的 ， 條款指定債務人違約時作出付款 故預期信用損失乃按預期就補償持有 ， 人產生的信用損失而作出的付款 減本集團預期從擔保持有人（指定債 務人或任何其他人士）收取的任何款 項估計。有關金額其後將使用現時 ， 的無風險利率貼現 並就現金流量 。 的特定風險作出調整

141

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

(k) Credit losses and impairment of assets (continued)

(iii) Impairment of other non-current assets Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, except in the case of goodwill, an impairment loss previously recognised no longer exists or may have decreased:

2 主要會計政策（續）

(k) 信用損失及資產減值（續）

• (iii) 其他非流動資產減值 本集團於各報告期末審閱內部及外部 ，

• 資料來源 以識別下列資產可能減 ， ，

• 值的跡象或 除商譽外 先前確認 的減值虧損不再存在或可能已經減 少：

• property, plant and equipment, including right-of-use assets (other than properties carried at revalued amounts);

• － 、 物業 廠房及設備（包括使用 權資產）（按重估金額列賬之物 業除外）；

• prepaid land lease payments;

• － 預付土地租賃款項；

• goodwill; and

• － 商譽；及

• investments in subsidiaries and associates in the Company’s statement of financial position.

• － 在本公司財務狀況表內所列於 。

• 附屬公司及聯營公司之投資

If any such indication exists, the asset’s recoverable amount is estimated. In addition, for goodwill, the recoverable amount is estimated annually whether or not there is any indication of impairment.

， 倘存在任何跡象 則估計資產的可 收回金額。此外，就商譽而言，每 年估計可收回金額是否有任何減值跡 。 象

• Recognition of impairment losses

An impairment loss is recognised in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable).

• －

確認減值虧損

• 倘資產的賬面值或資產所屬現 金產生單位的賬面值超過其可 ，

• 收回金額 則在損益內確認減 值虧損。就現金產生單位確認 的減值虧損首先予以分配，以 減少分配至現金產生單位（或 單位組別）的任何商譽的賬面 ，

• 值 然後按比例減少該單位

• （或單位組別）的其他資產的賬 ，

• 面值 惟資產之賬面值不會減 少至低於個別價值以下減出售 成本（ 倘可計量）或使用價值

• （倘可釐定）。

142 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(k) Credit losses and impairment of assets (continued)

• (iii) Impairment of other non-current assets (continued)

• Reversals of impairment losses

In respect of assets other than goodwill, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed.

A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognised.

(l) Inventories and other contract costs

(i) Property development

Inventories in respect of property development activities are carried at the lower of cost and net realisable value. Cost and net realisable values are determined as follows:

• Properties under development

Properties under development are intended to be held for sale after completion. They are classified as current assets unless the construction period of the relevant property development project is expected to complete beyond the normal operating cycle.

The cost of properties under development for sale comprises specifically identified cost, including the acquisition cost of land, aggregate cost of development, materials and supplies, wages and other direct expenses, an appropriate proportion of overheads and borrowing costs capitalised (see note 2(x)). Net realisable value represents the estimated selling price less estimated costs of completion and costs to be incurred in selling the property.

• 2 主要會計政策（續）

(k) 信用損失及資產減值（續） (iii) 其他非流動資產減值（續）

－ 減值虧損撥回

， 就商譽以外之資產而言 倘用 作釐定可收回金額的估計發生 ， 。 有利變動 則撥回減值虧損 有關商譽的減值虧損不予撥 回。

減值虧損撥回僅限於過往年度 不曾確認減值虧損情況下原可 。 釐定的資產的賬面值 減值虧 損撥回於確認撥回的年度計入 損益。

(l) 存貨及其他合約成本

• (i) 物業開發

有關物業發展之存貨按成本與可變現 淨值兩者之較低者列賬。成本及可 變現淨值按以下方式釐定：

發展中物業

• －

發展中物業擬於落成後持作待 售用途。發展中物業分類為流 ， 動資產 除非有關物業開發項 目之預計施工期超過正常營運 週期。

供出售之發展中物業之成本由 ， 特別識別之成本組成 包括土 、 、 地收購成本 開發總成本 、 材料及物料 工資及其他直接 、 費用 適當比例的間接成本及 資本化的借貸成本（參閱附註 2(x)）。可變現淨值指估計銷售 價格減估計竣工成本及銷售物 。 業將產生的成本

143

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(l) Inventories and other contract costs (continued)

• (i) Property development (continued)

• Completed properties held for sale

The cost of completed properties held for sale comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

2 主要會計政策（續）

(l) 存貨及其他合約成本（續）

• (i) 物業開發（續）

持作待售之已落成物業

• －

持作待售之已落成物業之成本 、 包括所有採購成本 轉換成本 及將存貨置於其現址及現況所 。 產生的其他成本

In the case of completed properties developed by the Group, cost is determined by apportionment of the total development costs for that development project, attributable to the unsold properties. Net realisable value represents the estimated selling price less costs to be incurred in selling the property.

就本集團開發之已落成物業而 ， 言 成本乃按未出售物業應佔 之該發展項目之總開發成本總 額分攤計算。可變現淨值指估 計售價減銷售物業將予產生的 成本。

(ii) Other inventories Inventories other than those in respect of property development activities are carried at the lower of cost and net realisable value.

• (ii) 其他存貨 存貨（有關物業開發活動者除外）以 成本及可變現淨值兩者之較低者列 賬。

Cost is calculated using the weighted average cost formula and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

成本按加權平均成本公式計算，及 、 包括所有採購成本 轉換成本及將 存貨置於現址及現況所產生的其他成 本。

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

可變現淨值為在一般業務過程中的估 計售價減竣工的估計成本及完成銷售 所必需的估計成本。

When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

， 當存貨出售時 該等存貨的賬面值 於確認相關收入的期間確認為一項開 。 支 存貨減值至可變現淨值的金額 及存貨的所有虧損在減值或虧損產生 。 的期間確認為一項開支 存貨的任 何減值的任何撥回金額確認為在撥回 產生的期間已確認為一項開支的存貨 金額的扣減項。

144 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (l) Inventories and other contract costs (continued)

• (iii) Other contract costs

Other contract costs are incremental costs of obtaining a contract with a customer.

Incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained e.g. an incremental sales commission. Incremental costs of obtaining a contract are capitalised when incurred if the costs relate to revenue which will be recognised in a future reporting period and the costs are expected to be recovered, unless the expected amortisation period is one year or less from the date of initial recognition of the asset, in which case the sales commissions can be expensed when incurred. The Group applied this practical expedient under HKFRS 15 and did not capitalise sales commissions with amortisation periods of one year or less from the date of initial recognition of the asset. Other costs of obtaining a contract are expensed when incurred.

Capitalised contract costs are stated at cost less accumulated amortisation and impairment losses. Impairment losses are recognised to the extent that the carrying amount of the contract cost asset exceeds the net of (i) remaining amount of consideration that the Group expects to receive in exchange for the goods or services to which the asset relates, less (ii) any costs that relate directly to providing those goods or services that have not yet been recognised as expenses.

Amortisation of capitalised contract costs is charged to profit or loss when the revenue to which the asset relates is recognised. The accounting policy for revenue recognition is set out in note 2(v).

• (m) Biological assets

Biological assets represent cloned orchid flowers recorded as current assets. The biological assets are measured at their fair value on initial recognition and at the end of each reporting period less estimated costs to sell. The fair values of the biological assets are determined based on the most recent market transaction prices. Any change in fair value less estimated costs to sell of a biological asset is included in profit or loss for the period in which it arises.

2 主要會計政策（續）

• (l) 存貨及其他合約成本（續） (iii) 其他合約成本 其他合約成本指向客戶獲得合約的增 量成本。

獲得合約的增量成本指本集團為向客 戶獲得合約所產生的該等成本，而 該等成本在未獲得合約時不會產生 （例如增量銷售佣金）。倘該等成本 與將於未來報告期間確認的收益相關 ， 且該等成本預期可收回 則獲得合 ， 約的增量成本於產生時資本化 除 ， 非自資產初始確認日期起 預期攤 ， 銷期限為一年或以下 在該情況下 銷售佣金於產生時費用化。本集團 根據香港財務報告準則第15 號應用 ， 此實用方法 且並未於資產初始確 認日期起計一年或更短攤銷期限資本 。 化銷售佣金 獲得合約的其他成本 。 於產生時支銷

已資本化合約成本按成本減累計攤銷 。 及減值虧損列賬 當合約成本資產 的賬面值超過(i)本集團預期因交換資 產相關貨品或服務而將收取的代價餘 額減(ii)尚未確認為開支之直接與提供 該等貨品或服務相關的任何成本的淨 額時，確認減值虧損。

已資本化合約成本攤銷於確認資產相 關收益時從損益內扣除。收益確認 。 的會計政策載於附註2(v)

• (m) 生物資產 生物資產指列作流動資產之克隆蘭花。生 物資產於初步確認時及於各報告期末按其 。

• 公允值減銷售成本計量 生物資產的公允 值乃按最近期市場交易價格釐定。生物資 產的公允值減銷售成本的任何變動於產生 期間計入損益。

145

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

(n) Contract liabilities

A contract liability is recognised when the customer pays consideration before the Group recognises the related revenue (see note 2(v)). A contract liability would also be recognised if the Group has an unconditional right to receive consideration before the Group recognises the related revenue. In such cases, a corresponding receivable would also be recognised (see note 2(o)).

2 主要會計政策（續）

(n) 合約負債

• 合約負債於本集團確認相關收益（見附註 。

• 2(v)）前客戶支付代價時確認 倘本集團有 權無條件於本集團確認相關收益前收取代 價，亦會確認合約負債。在該等情況下， 亦將確認相應應收款項（見附註2(o)）。

When the contract includes a significant financing component, the contract balance includes interest accrued under the effective interest method (see note 2(v)).

， 當合約載有重大融資成份時 合約結餘 將包括按實際利率法應計之利息（見附註 2(v)）。

• (o) Trade and other receivables

A receivable is recognised when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due.

• (o) 應收賬款及其他應收款項 應收款項於本集團有無條件權利收取代價 。

• 時予以確認 倘代價僅隨時間推移即會成 ，

• 為到期應付 則收取代價的權利為無條 件。

Receivables are stated at amortised cost using the effective interest method less allowance for credit losses (see note 2(k)(i)).

應收款項以實際利率法減信用損失撥備按 攤銷成本列賬（見附註2(k)(i)）。

• (p) Interest-bearing borrowings

Interest-bearing borrowings are measured initially at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, taking into account any discount or premium on acquisition and fees or costs that are an integral part to the effective interest rate. Interest expense is recognised in accordance with the Group’s accounting policy for borrowing costs (see note 2(x)).

• (p) 計息借貸

  • 。

  • 計息借貸初步按公允值減交易成本計量 ，

  • 初步確認後 經考慮收購時的折現或溢 價及構成實際利率的組成部份的費用或成 ，

  • 本 計息借貸使用實際利率法按攤銷成本 。

  • 列賬 利息開支根據本集團借貸成本之會 計政策確認（見附註2(x)）。

• (q) Trade and other payables

Trade and other payables are initially recognised at fair value. Except for financial guarantee liabilities measured in accordance with note 2(u), trade and other payables are subsequently stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

• (q) 應付賬款及其他應付款項 應付賬款及其他應付款項初步按公允值確 認。除金融擔保負債按附註2(u)計量外， 應付賬款及其他應付款項其後按攤銷成本 ， ，

• 列賬 除非折現影響並不重大 在此情 ，

• 況下 應付賬款及其他應付款項按成本列 賬。

146 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (r) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition.

Bank deposits which are restricted to use are classified as “restricted cash”. Restricted cash are excluded from cash and cash equivalents in the statement of financial position and cash flow statement.

Cash and cash equivalents are assessed for ECL in accordance with the policy set out in note 2(k)(i).

(s) Employee benefits

• (i) Short term employee benefits and contributions to defined contribution retirement plans

• Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. Under the MPF Scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of HK$30,000. Contributions to the plan vest immediately and are charged to the statement of profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme except for the Group’s employer voluntary contributions, which are refunded to the Group when the employee leaves employment prior to the contributions vesting fully, in accordance with the rules of the MPF Scheme.

2 主要會計政策（續）

• (r) 現金及現金等價物 、

• 現金及現金等價物包括銀行及手頭現金 、

• 在銀行及其他金融機構之活期存款 可隨 、

• 時轉換為已確定數額現金 價值變動風險 極微及自收購起三個月內到期之短期高流 動性投資。

用途受限制之銀行存款分類為「受限制現 金」。受限制現金不包括在財務狀況表及 。 現金流量表內的現金及現金等價物中

現金及現金等價物之預期信用損失乃根據 附註2(k)(i)所載之政策評估。

(s) 僱員福利

• (i) 短期僱員福利及定額供款退休計劃之 供款

• 、 、 、

• 薪金 年度花紅 帶薪年假 定額 供款退休計劃供款及非貨幣福利在僱 。

• 員提供相關服務年度內累計 當付 ，

• 款或結算遞延時及影響屬重大時 。

• 該等金額按其現值列賬

本集團根據香港強制性公積金計劃條 例為根據香港司法權區僱傭條例僱傭 之僱員實施一項界定供款強積金退 休計劃（「強積金計劃」）。根據強 ， 積金計劃 僱主及僱員各自必須按 僱員相關收入之5%就該計劃作出供 ， 款 上限為每月相關收入的30,000 港元。計劃供款即時歸屬並依照強 積金計劃之規定在須支付供款時在損 。 益表中扣除 強積金計劃之資產乃 與本集團之資產分開由獨立管理之基 。 ， 金持有 根據強積金計劃之規則 ， 若僱員於可全數收取供款前離職 ， 則僱主之自願供款將歸集團所有 惟本集團就強積金計劃作出之僱主供 。 款全數歸僱員所有

147

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

(s) Employee benefits (continued)

• (i) Short term employee benefits and contributions to defined contribution retirement plans (continued)

• Each of the subsidiaries operating in mainland China participates in the central pension scheme (the “CPS”) operated by the local municipal government for all of its staff. These subsidiaries are required to contribute certain portion of their payroll costs to the CPS. The contributions are charged to the statement of profit or loss as they become payable in accordance with the rules of the CPS, except to the extent that they are included in the cost of investments not yet recognised as an expense.

2 主要會計政策（續）

(s) 僱員福利（續）

• (i) 短期僱員福利及定額供款退休計劃之 供款（續）

所有於中國大陸經營之附屬公司參 與中央退休金計劃（「中央退休金計 劃」），此計劃由地方市政府為該等 。 公司所有僱員制訂 此等附屬公司 必須按其薪金之若干部份就中央退休 。 金計劃作出供款 根據中央退休金 計劃作出之供款會根據中央退休金計 劃之規則在須付供款時自損益表中扣 ， 減 惟計入投資成本尚未確認為一 。 項開支者除外

• (ii) Share-based payments The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in share option reserve within equity. The fair value is measured at grant date using the Binomial Option Pricing Model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.

• (ii) 以股份為基礎之付款 授予僱員之購股權公允值確認為僱員 ，

• 成本 權益項下的購股權儲備相應 增加。公允值使用二項式期權定價 ，

• 模型在授出日期計量 並考慮購股 。

• 權授出的條款及條件 當僱員在成 為無條件享有購股權前必須符合歸屬 ，

• 條件 購股權估計公允值總額在歸 ，

• 屬期間分配 並考慮購股權將會歸 。

• 屬的概率

During the vesting period, the number of share options that is expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognised in prior years is charged/ credited to the profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the share option reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the share option reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognised in the share option reserve until either the option is exercised (when it is included in the amount recognised in share capital for the shares issued) or the option expires (when it is released directly to retained profits).

， 於歸屬期間 對預期歸屬的購股權 數目予以審閱。過往年度已確認的 累計公允值的任何調整在審閱年度計 ， 入損益╱從損益中扣除 除非原有 僱員開支符合確認資產的資格及購股 。 ， 權儲備相應調整 於歸屬日期 確 ， 認為開支之金額予以調整 以反映 歸屬的購股權的實際數目（購股權儲 備相應調整），僅由於未達成與本公 司股份市價有關的歸屬條件才予以 沒收。在購股權儲備內確認權益金 額直至購股權獲行使（當其計已發行 股份的股本的已確認金額之內時）或 購股權屆滿（當其直接撥往保留溢利 時）。

148 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(s) Employee benefits (continued)

(ii) Share-based payments (continued)

Share-based payment transactions in which the Company grants share options to subsidiaries’ employee are accounted for as increase in value of investments in subsidiary in the Company’s statement of financial position which is eliminated on consolidation.

(iii) Termination benefits

Termination benefits are recognised at the earlier of when the Group can no longer withdraw the offer of those benefits and when it recognises restructuring costs involving the payment of termination benefits.

(t) Income tax

Income tax for the year comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year and any adjustment to tax payable in respect of previous years. The amount of current tax payable is the best estimate of the tax amount expected to be paid that reflects uncertainty related to income taxes, if any. It is measured using tax rate enacted or substantively enacted at the end of reporting period.

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

2 主要會計政策（續）

(s) 僱員福利（續）

• (ii) 以股份為基礎之付款（續） 本公司向附屬公司僱員授出購股權的 以股份為基礎之付款按本公司財務狀 況表內於附屬公司投資價值增加入 賬，而其於綜合賬目時已撇銷。

• (iii) 辭退福利 在本集團不再撤回該等福利要約時及 當其確認涉及支付辭退福利的結構性 成本時（以較早者為準）確認辭退福 利。

• (t) 所得稅 年內所得稅包括即期稅項及遞延稅項資產 。

• 及負債的變動 即期稅項及遞延稅項資產 ，

• 及負債的變動在損益內確認 惟彼等與在 其他全面收益內或直接於權益內確認的項 ， ，

• 目有關者除外 在此情況下 有關稅項金 額分別在其他全面收益或直接於權益內確 認。

即期稅項乃就年內應課稅收入應付的預期 稅項及就過往年度的應課稅項作出的任何 調整 。 即期應付稅項金額為反映所得稅 （如有）相關不確定性之預期應付稅項金額 。 的最佳估計 即期應付稅項按報告期末已 。 實施或實際上已實施的稅率計算

遞延稅項資產及負債分別因可扣減及應課 ， 稅暫時差額而產生 暫時差額即為財務報 告用途的資產及負債的賬面值與其稅基之 間的差額。遞延稅項資產亦因未動用的稅 。 項虧損及未動用的稅項抵免而產生

149

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (t) Income tax (continued) Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised.

2 主要會計政策（續）

• (t) 所得稅（續） ，

• 除若干有限例外情況外 所有遞延稅項負 債及所有遞延稅項資產（以未來課稅溢利 可能會被用作抵銷可動用的資產為限）予 。

• 以確認 可能支持確認因可扣減暫時差額 而產生遞延稅項資產確認之未來課稅溢利 ，

• 包括因現有課稅暫時差額撥回而產生者 前提是該等差額與同一稅務當局及同一課 ，

• 稅實體有關 預期於可扣減暫時差額之預 期撥回相同期內撥回或於因遞延稅項資產 而產生的稅項虧損可予轉回或結轉的期間 。

• 內撥回 釐定現時課稅暫時差額是否支持 確認因未動用稅項虧損及抵免而產生的遞 ，

• 延稅項資產時採納同一標準 即倘等與同 ，

• 一稅務當局及同一課稅實體有關時 考慮 ，

• 該等差額 並預期於動用稅項虧損或抵免 。

• 的期間撥回

The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future.

確認遞延稅項資產及負債的有限例外情況 包括來自商譽之不可扣稅暫時差額、既不 影響會計亦不影響課稅溢利的初步確認資 產及負債（前提是他們並不是業務合併的 一部份）及於附屬公司投資有關的暫時差 ， ， 額 如屬課稅差額 僅以本集團控制撥回 的時間而不大可能在可預見將來撥回之差 ， ， 額為限 如屬可扣減差額 則僅認可在將 。 來撥回的差額為限

Where investment properties are carried at their fair value in accordance with the accounting policy set out in note 2(h), the amount of deferred tax recognised is measured using the tax rates that would apply on sale of those assets at their carrying value at the reporting date. In all other cases, the amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted.

當投資物業按附註2(h)內所載會計政策按 ， 公允值列賬時 已確認的遞延稅項金額使 用適用於報告日期按其賬面值出售該等資 。 ， 產的稅率計量 在所有其他情況下 已確 認的遞延稅項金額根據預期變現或結算資 ， 產及負債賬面值方式 使用報告期末已實 。 施或實際上已實施的的稅率計量 遞延稅 。 項資產及負債不予折現

150 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(t) Income tax (continued)

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities, if the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:

• in the case of current tax assets and liabilities, the Company or the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or

• in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:

• the same taxable entity; or

• different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously.

2 主要會計政策（續）

• (t) 所得稅（續） 於各報告期末審閱遞延稅項資產的賬面 ， ，

• 值 並予以扣減 以不再可能有充足的課 稅溢利用作抵銷將予動用的相關稅項溢利 。

• 者為限 任何扣減會於可能取得足夠應課 。

• 稅利潤時撥回

即期稅項餘額及遞延稅項餘額及其變動分 。 別各自單獨呈列且不予抵銷 即期稅項資 ， 產抵銷即期稅項負債 倘本公司或本集 團擁有合法的可強制執行權利以用即期稅 項資產抵銷即期稅項負債及符合下列額外 ， 條件時 用遞延稅項資產抵銷遞延稅項負 債：

• － ， 如屬即期稅項資產及負債 本公司 或本集團擬按淨額基準結算或同時變 現資產及清償負債；或

• － ， 如屬遞延稅項資產及負債 倘與同 一稅務機構徵收之所得稅有關：

• － 同一納稅實體；或

• － 不同納繳實體，於各未來期間，預 期清償或收回重大金額之遞延稅項負 ，

• 債或資產 擬按淨額基準變現即期 稅項資產及清償即期稅負債或同時變 現及清償。

151

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (u) Provisions and contingent liabilities

Provisions and contingent liabilities

Provisions are recognised for other liabilities of uncertain timing or amount when the Group or the Company has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

• 2 主要會計政策（續）

• (u) 撥備及或然負債 撥備及或然負債

  • 當本集團或本公司因過去事項須承擔法律 ，

  • 責任或推定責任 而履行該責任很可能需 ，

  • 要經濟利益流出並能可靠估計其款項時 則對該等未確定時間或金額的負債作出撥 備。倘貨幣時間價值屬重大，則按預期履 。

  • 行該責任所需支出的現值列報撥備

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

倘不大可能流出經濟利益或無法可靠估計 ， ， 金額 則該責任披露為或然負債 除非經 濟利益流出的可能性甚微。潛在責任（其 存在僅透過一項或多項未來事件發生與否 ， 確認）亦披露為或然負債 除非經濟利益 。 流出的可能性甚微

• (v) Revenue and other income

Income is classified by the Group as revenue when it arises from the sale of goods, the provision of services or the use by others of the Group’s assets under leases in the ordinary course of the Group’s business.

• (v) 收益及其他收入 本集團將其日常業務過程中源自銷售貨 、

• 品 提供服務或租賃項下讓渡本集團資產 。

• 使用權的收入分類為收入

Revenue is recognised when control over a product or service is transferred to the customer, or the lessee has the right to use the asset, at the amount of promised consideration to which the Group is expected to be entitled, excluding those amounts collected on behalf of third parties. Revenue excludes value added tax or other sales taxes and is after deduction of any trade discounts.

， 當產品或服務的控制權轉移至客戶 或承 ， 租人有權動用資產時 按本集團預期有權 獲取的承諾代價（不包括代表第三方收取 的金額）確認收益。收益不包括增值稅或 ， 。 其他銷售稅 並經扣除任何貿易折扣

Where the contract contains a financing component which provides a significant financing benefit to the customer for more than 12 months, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction with the customer, and interest income is accrued separately under the effective interest method. Where the contract contains a financing component which provides a significant financing benefit to the Group, revenue recognised under that contract includes the interest expense accreted on the contract liability under the effective interest method. The Group takes advantage of the practical expedient in paragraph 63 of HKFRS 15 and does not adjust the consideration for any effects of a significant financing component if the period of financing is 12 months or less.

倘合約包含的融資成分為客戶提供重大融 資利益超過 12 個月，則收益按以與客戶 進行的個別融資交易所反映貼現率貼現的 ， 應收款項現值計量 而利息收入則按實際 。 利率法獨立累計 倘合約包含的融資成分 ， 為本集團提供重大融資利益 則根據該合 約確認的收益包括按實際利率法計算合約 責任產生的利息開支。本集團運用香港財 務報告準則第 15 號第 63 段的實際簡易方 法，當融資期限為12個月或以下時，則不 。 會就重大融資成份的任何影響調整對價

152 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (v) Revenue and other income (continued)

Further details of the Group’s revenue and other income recognition policies are as follows:

(i) Sale of properties

Revenue from sales of properties is recognised upon the point in time when the customers has the ability to direct the use of the property and obtain substantially all of the remaining benefits of the property. Deposits and instalments received on properties sold prior to the date of revenue recognition are included in the statement of financial position under contract liabilities (see note 2(n)).

When residential properties are marketed by the Group while the property is still under construction, the Group may offer a discount compared to the listed sales price, provided the customer agrees to pay the balance of the consideration early. In such cases, if the advance payments are regarded as providing a significant financing benefit to the Group, interest expense arising from the adjustment of time value of money will be accrued by the Group during the period between the payment date and when control of completed property is transferred to the customer. This accrual increases the balance of the contract liability during the period of construction, and therefore increases the amount of revenue recognised when control of the completed property is transferred to the customer. The interest is expensed as accrued unless it is eligible to be capitalised under HKAS 23, Borrowing costs, in accordance with the policies set out in note 2(x).

(ii) Sale of goods

Revenue is recognised when the customer takes possession of and accepts the products. If the products are a partial fulfilment of a contract covering other goods and/or services, then the amount of revenue recognised is an appropriate proportion of the total transaction price under the contract, allocated between all the goods and services promised under the contract on a relative stand-alone selling price basis.

2 主要會計政策（續）

• (v) 收益及其他收入（續） 本集團收益及其他收入確認政策的進一步 詳情如下：

(i) 銷售物業 當客戶有能力直接使用物業並取得該 ， 物業絕大部份剩餘利益時 確認銷 。 售物業的收益 於收益確認日期前 就出售的物業收取的訂金及分期款項 計入財務狀況表內合約負債項下（見 附註2(n)）。

當本集團推銷住宅物業而該物業仍在 ， 建設中時 本集團可能會相比上市 ， 銷售價提供折扣 但前提是客戶同 。 意提前支付代價的餘額 在此情況 下，倘提前付款被視為向本集團提 ， 供重大融資利益 則於付款日至已 竣工物業控制權轉移至客戶止期間本 集團將估算因調整貨幣時間價值產生 。 的利息開支 該估算增加了建設期 ， 間的合約負債結餘 並因此增加了 已竣工物業控制權轉讓至客戶時確認 的收益金額。除非根據附註2(x)所載 政策，利息根據香港會計準則第23 ， 號借貸成本資本化 否則其按應計 。 費用列賬

(ii) 銷售貨品 收益於客戶佔有並接納產品時確 認。倘該等產品為部份履行涵蓋其 ， 他貨品及╱或服務的合約 則確認 收益的金額為合約項下總交易價的合 ， 適比例 按照相對獨立售價基準根 據合約協定的所有貨品及服務之間分 配。

153

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(v) Revenue and other income (continued)

(iii) Construction contracts

A contract with a customer is classified by the Group as a construction contract when the contract relates to work on real estate assets under the control of the customer and therefore the Group’s construction activities create or enhance an asset under the customer’s control.

2 主要會計政策（續）

(v) 收益及其他收入（續）

• (iii) 建造合約

當合約與受客戶管控的房地產資產工 ， 程相關時 本集團將與客戶所訂的 ， 合約列作建造合約 故本集團建造 。 活動設置或提升受客戶管控的資產

When the outcome of a construction contract can be reasonably measured, revenue from the contract is recognised progressively over time using the cost-to-cost method, i.e. based on the proportion of the actual costs incurred relative to the estimated total costs.

， 當建造合約的結果能合理計量時 合約收益採用成本法（即根據所產生 的實際成本佔估計總成本的比例）隨 。 時間累計確認

The likelihood of the Group earning contractual bonuses for early completion or suffering contractual penalties for late completion are taken into account in making these estimates, such that revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.

本集團就提早完成而賺取的合約獎勵 或因延遲完工而遭受合約罰款的可能 性於作出該等估計時考慮，因此， 僅在已確認收益金額很可能不會大幅 。 撥回時方會確認收益

When the outcome of the contract cannot be reasonably measured, revenue is recognised only to the extent of contract costs incurred that are expected to be recovered.

， 當合約的結果不能合理計量時 收 益僅在預期所產生的合約成本將予收 。 回的情況下確認

If at any time the costs to complete the contract are estimated to exceed the remaining amount of the consideration under the contract, then a provision is recognised in accordance with the policy set out in note 2(u).

倘於任何時間估計完成合約的成本超 ， 過合約代價的餘下金額 則根據附 註2(u)所載的政策確認撥備。

(iv) Rental income from operating leases

Rental income receivable under operating leases is recognised in profit or loss in equal instalments over the periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the use of the leased asset. Lease incentives granted are recognised in profit or loss as an integral part of the aggregate net lease payments receivable. Variable lease payments that do not depend on an index or a rate are recognised as income in the accounting period in which they are earned.

(iv) 經營租約的租金收入 經營租約應收租金收入在損益內按等 ， 額分期在租賃期限的期間內確認 惟當有替代基準更能代表使用租賃資 產所產生的收益模式時除外。所授 租賃優惠作為應收租賃款項淨額總額 。 的組成部份在損益內確認 不依賴 於指數或利率之可變租賃付款按賺取 。 租金的會計期間的收入確認

154 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (v) Revenue and other income (continued)

• (v) Property management fee income

  • The Group provides property management services and bills the property owners a fixed lump sum amount for services provided on a monthly basis. Under this arrangement, the Group acts as a principal and is primary responsible for providing the property management services to the property owners. The Group recognises the fee received or receivable from property owners as its revenue when the Group has a right to invoice and that corresponds directly with the value of performance completed, and all related property management costs as its cost of services.

(vi) Dividends

• Dividend income from unlisted investments is recognised when the shareholder’s right to receive payment is established.

• Dividend income from listed investments is recognised when the share price of the investment goes ex-dividend.

(vii) Interest income

Interest income is recognised as it accrues under the effective interest method using the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of the financial asset. For financial assets measured at amortised cost or FVOCI (recycling) that are not credit-impaired, the effective interest rate is applied to the gross carrying amount of the asset. For credit-impaired financial assets, the effective interest rate is applied to the amortised cost (i.e. gross carrying amount net of loss allowance) of the asset (see note 2(k)(i)).

2 主要會計政策（續）

(v) 收益及其他收入（續）

• (v) 物業管理費收入 ，

• 本集團提供物業管理服務 且業主 須按月就所提供的服務支付固定包乾 。 ，

• 費用 根據該安排 本集團作為主 事人主要負責向業主提供物業管理服 務。當本集團有權開具發票且直接 ，

• 與已完成履約的價值相關 以及所 有相關物業管理成本為其服務成本 ，

• 時 本集團將已收或應收業主的費 。

• 用確認為其收益

(vi) 股息

• 非上市投資的股息收入在股東 。

• 收取付款的權利確立時確認

• －

• － 上市投資的股息收入在投資的 。

• 股價除息時確認

(vii) 利息收入

• 利息收入根據實際利息法於產生時使 用按金融資產預期年期將估計未來所 收取現金準確貼現至該金融資產賬面 。

• 總值的利率確認 就按攤銷成本或 透過其他全面收益按公允值計算（可 撥回）且並無出現信貸減值的金融資 ，

• 產而言 實際利率用於該資產之賬 面總額。就出現信貸減值的金融資 ，

• 產而言 實際利率用於該資產的攤 銷成本（即賬面總額扣除損失撥備）

• （請參閱附註2(k)(i)）。

155

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

• (v) Revenue and other income (continued)

(viii) Government grants

Government grants are recognised in the statement of financial position initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them. Grants that compensate the Group for expenses incurred are recognised as income in profit or loss on a systematic basis in the same periods in which the expenses are incurred. Grants that compensate the Group for the cost of an asset are credited to a deferred income account and are released to profit or loss over the expected useful life of the relevant assets by equal annual instalments or deducted from the carrying amount of the asset and consequently are effectively recognised in profit or loss over the useful life of the asset by way of reduced depreciation expense.

• 2 主要會計政策（續）

(v) 收益及其他收入（續）

• (viii) 政府補助

當有合理保證將會收取有關補助且本 ， 集團符合有關補助附帶條件時 在 。 財務狀況表內確認政府補助 補償 本集團已發生之開支之補助在產生開 支的同一期間有系統地在損益內確認 為收入。補償本集團資產成本的補 助計入遞延收入賬在有關資產的預期 使用年期以年度等額分期撥往損益或 自資產賬面值扣除及因而按資產的使 用年期以扣減折舊開支形式在損益內 。 實際確認

• (w) Translation of foreign currencies

These financial statements are presented in Hong Kong dollars, which is the Company’s functional and presentation currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.

• (w) 外幣換算 該等財務報表乃以本公司之功能及呈報貨 。

• 幣港元呈列 本集團之每個實體釐定其本 ，

• 身之功能貨幣 而載於各實體之財務報表 。

• 之項目乃以功能貨幣計量

Foreign currency transactions recorded by the entities in the Group during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss.

本集團之實體錄得之外幣交易按交易日之 現行匯率換算。以外幣計值之貨幣資產及 。 負債乃按報告期末之貨幣匯率換算 匯兌 。 收益及虧損於損益表內確認

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The transaction date is the date on which the Company initially recognises such non-monetary assets or liabilities. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated using the foreign exchange rates ruling at the dates the fair value was measured.

按外幣之歷史成本計量之非貨幣項目乃按 交易日期之匯率換算。交易日期為本公司 。 初始確認相關非貨幣資產或負債的日期 按外幣計值之非貨幣項目乃按公允值釐定 。 當日之匯率換算

156 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 2 Significant accounting policies (continued)

(w) Translation of foreign currencies (continued)

The functional currencies of certain subsidiaries, associates and joint ventures are currencies other than the Hong Kong dollars. The results of these entities are translated into Hong Kong dollars at the exchange rates approximating the foreign exchange rates ruling at the dates of the transactions. Statement of financial position items, including goodwill arising on consolidation of foreign operations, are translated into Hong Kong dollars at the closing foreign exchange rates at the end of the reporting period. The resulting exchange differences are recognised in other comprehensive income and accumulated separately in equity in the exchange fluctuation reserve.

On disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation is reclassified from equity to profit or loss when the profit or loss on disposal is recognised.

(x) Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred.

The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete.

(y) Related parties

• (a) A person, or a close member of that person’s family, is related to the Group if that person:

• (i) has control or joint control over the Group;

• (ii) has significant influence over the Group; or

• (iii) is a member of the key management personnel of the Group or the Group’s parent.

• 2 主要會計政策（續）

(w) 外幣換算（續）

、 若干附屬公司 聯營公司及合營公司之功 。 能貨幣乃港元以外之貨幣 該等實體之業 績按交易日與外幣匯率相若的匯率換算成 港元。財務狀況表項目（包括因合併海外 業務而產生的商譽）乃按報告期末之收市 匯率換算為港元。於換算時產生之匯兌差 ， 額均於其他全面收益確認 並於匯兌變動 。 儲備內在權益內單獨累計

， ， 出售海外業務時 當確認出售損益時 有 關該海外業務之匯兌差額之累計金額由權 益重新分類至損益。

• (x) 借貸成本

• 、

• 收購 建設或生產資產直接應佔的借貸成 本（即必須花費大量時間準備以作擬定用 途或銷售）作為該資產成本的一部份撥充 資本。其他借貸成本在發生的期間列支。

借貸成本作為合資格資產的一部份撥充資 ， 本在產生資產開支時開始 借貸成本正在 發生及將資產準備妥當作擬定用途或銷售 。 所必需的活動正在進行當中 當準備合資 格資產作擬定用途或銷售必需的絕大部份 ， 活動中斷或完工時 暫停或中止借貸成本 。 的資本化

(y) 關聯方

• (a) 一名人士或其直系親屬符合以下條件 即視為本集團的關聯方：

• (i) 控制或共同控制本集團；

• (ii) 對本集團有重大影響；或

• (iii) 為本集團或本集團母公司的主 。

• 要管理人員

157

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

• (y) Related parties (continued)

• (b) An entity is related to the Group if any of the following conditions applies:

2 主要會計政策（續）

(y) 關聯方（續）

• (b) 符合以下任何條件的實體視為本集團 的關聯方：

• (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

• (i) 該實體與本集團為同一集團的 、

• 成員公司（即各母公司 附屬 公司及同系附屬公司之間相互 關連）。

• (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

• (ii) 一間實體為另一實體的聯營公 司或合營公司（或為另一實體 所屬集團之成員公司的聯營公 司或合營公司）。

• (iii) Both entities are joint ventures of the same third party.

• (iii) 兩間實體均為同一第三方之合 營公司。

• (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

• (iv) 一間實體為第三方之合營公 司，而另一實體為第三方之聯 營公司。

• (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group.

• (v) 該實體為本集團或本集團相關 實體以僱員為受益人的離職福 。

• 利計劃

• (vi) The entity is controlled or jointly controlled by a person identified in (a).

• (vi) 該實體由(a)項所訂明人士控制 。

• 或共同控制

• (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

• (vii) (a)(i)項所指明人士對該實體有 重大影響或為該實體（或實體 母公司）的主要管理人員。

• (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Group’s parent.

• (viii) 該實體或該實體屬其中一部份 的集團旗下任何成員公司向本 集團或本集團母公司提供主要 。

• 管理人員服務

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

個人的直系親屬指預期於該人士與相關實 體交易時可能會影響該人士或受其影響的 。 家庭成員

158 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

2 Significant accounting policies (continued)

(z) Segment reporting

Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

3 Significant accounting judgements and estimates

Estimates and judgements used in preparing the financial statements are evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within the next financial year is estimation of fair value of investment properties and the determination of the lease term.

2 主要會計政策（續）

• (z) 分類報告 經營分部及在財務報表內報告的各分類項 目的金額根據定期提供予本集團最高管理 人員以供分配資源及評估本集團各業務單 。

• 位及地區分類表現的財務資料確定

， 為財務報告目的 個別重要經營分類並未 ， 予以匯總 除非各分類具有相若經濟特性 、 及產品及服務性質 生產過程性質及客戶 、 類型或類別 用作分銷產品或提供服務的 方法及監管環境的性質相若。個別並不重 ， 要的經營分類可能予以匯總 倘該等分類 。 共享大多數該等標準

• 3 重大會計判斷及估計 評估在編製財務報表時使用的估計及判斷乃以過 往經驗及其他因素（包括在當時情況下被視為合 。

• 理的未來事件的預期）為依據

。 本集團作出有關未來的估計及假設 由此產生 的會計估計顧名思義很少會等同於相關實際結 果。可能對下一個財政年度內資產及負債賬面 值有重大影響的估計及假設為投資物業的公允值 。 估計及租賃期限的釐定

159

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 3 Significant accounting judgements and estimates (continued)

• (i) Investment properties The best evidence of fair value is current prices in an active market for the properties with similar lease and other contracts. In the absence of such information, the Group determines the amount within a range of reasonable fair value estimates. In making its judgement, the Group considers information from a variety of sources including: (i) current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts), adjusted to reflect those differences; (ii) recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices; and (iii) discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and other contracts and (where possible) from external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.

• 3 重大會計判斷及估計（續）

• (i) 投資物業 公允值之最佳證明為同類租約及其他合約 於活躍市場之現行價格 。 倘欠缺有關資 ，

• 料 本集團會根據合理公允值估計範圍釐 定有關數額。在作出有關判斷時，本集團 會考慮到來自多種來源的資料， 包括： 、

• (i)不同性質 情況或地區物業於活躍市場 之現行價格（或受不同租約或其他合約規 限）， 作出調整以反映該等差別；(ii) 同 類物業於較不活躍市場之近期價格（已就 發生交易日期以來經濟狀況之變化作出調 整）；及(iii)根據任何現有租約及其他合約 之條款以及（如可行）外在證據（如同區狀 況相同之同類物業當時之市場租金），基 於對現金流量之可靠估計以及反映當前對 現金流量金額及時間之不確定性之市場評 。

• 估貼現率計算之現金流量預測

The Group assesses the fair value of its investment properties based on valuations determined by independent and professional qualified valuers. Significant judgement and assumptions are required in assessing the fair value of the investment properties. Details of the judgement and assumptions are disclosed in note 17.

本集團基於獨立專業合資格估值師釐定的 估值評估投資物業的公允值。在評估投資 物業的公允值時需要重大判斷及假設。判 斷及假設的詳情在附註17內披露。

• (ii) Determining the lease term As explained in policy note 2(j), the lease liability is initially recognised at the present value of the lease payments payable over the lease term. In determining the lease term at the commencement date for leases that include renewal options exercisable by the Group, the Group evaluates the likelihood of exercising the renewal options taking into account all relevant facts and circumstances that create an economic incentive for the Group to exercise the option, including favourable terms, leasehold improvements undertaken and the importance of that underlying asset to the Group’s operation. The lease term is reassessed when there is a significant event or significant change in circumstance that is within the Group’s control. Any increase or decrease in the lease term would affect the amount of lease liabilities and right-of-use assets recognised in future years.

• (ii) 釐定租賃期限 ，

• 如政策附註2(j) 所解釋 租賃負債初始按 。

• 租期內應付租賃付款的現值確認 於租賃 開始日期釐定租期（包括本集團可予行使 ，

• 的續期選擇權）時 本集團考慮引發本集 團行使有關選擇權的經濟動機的所有相關 事實及情況來評估行使續期選擇權的可能 ， 、

• 性 包括優惠條款 進行的租賃物業裝修 及相關資產對本集團運營的重要性。當發 生重大事件或本集團可控制情況的重大變 動時，將會重新評估租期。租期延長或縮 短將會對未來年度所確認租賃負債及使用 。

• 權資產的金額造成影響

160 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

4 Segment reporting

The Group manages its businesses by business units, which are organised based on their products and services. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following five reportable segments:

• (a) the property development segment engages in the development of residential and commercial properties;

• (b) the property investment segment invests in commercial properties for their rental income potential;

• (c) the property management segment engages in the management of both properties developed by the Group and external parties;

• (d) the manufacture segment engages in the manufacture and sale of industrial and commercial products; and

• (e) the “others” segment comprises, principally, the hotel operations, manufacture and sale of aluminum alloy products and agricultural products, provision of construction services and other businesses.

For the purposes of assessing segment performance and allocating resources between segments, the Group’s senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases:

Segment assets exclude unallocated assets such as deferred tax assets, restricted cash, cash and cash equivalents, other financial assets and other head office and corporate assets as these assets are managed on a group basis.

Segment liabilities exclude unallocated liabilities such as interest-bearing bank and other borrowings, an amount due to the ultimate holding company, tax payable, an amount due to the immediate holding company, deferred tax liabilities and other head office and corporate liabilities as these liabilities are managed on a group basis.

Segment performance is evaluated based on reportable segment profit, which is a measure of adjusted profit before taxation from continuing operations. The adjusted profit before taxation from continuing operations is measured consistently with the Group’s profit before taxation except that other income and gains, finance costs, net fair value gain/(loss) on financial assets measured at fair value through profit or loss as well as head office and corporate expenses are excluded from such measurement.

• 4 分類報告 ，

• 本集團按業務單位管理業務 而業務單位按其 。

• 產品及服務劃分 按與向本集團最高行政管理 人員內部報告資料（用作資源分配及表現評估） 一致之方式，本集團呈報以下五個呈報分類：

• (a) 物業開發分類從事發展住宅及商業樓宇；

• (b) 物業投資分類投資於具租務前景之商業樓 宇；

• (c) 物業管理分類從事管理由本集團及外部人 士發展之樓宇；

• (d) 製造分類從事製造及銷售工業及商業產 品；及

• 、

• (e) 「其他」分類主要包括酒店業務 製造及 、

• 銷售鋁合金產品和農產品 提供建造服務 。

• 及其他業務

， 就分類表現評估及分類間資源分配而言 本集 團高級行政管理人員按下列基準監控各報告分類 應佔之業績、資產及負債：

、 、 鑒於遞延稅項資產 受限制現金 現金及現金 、 等價物 其他金融資產等未分配資產及其他總 ， 辦事處及公司資產乃按分組基準管理 故分類 。 資產並不包括以上資產

、 鑒於計息銀行及其他借貸 應付最終控股公司 、 、 、 款項 應付稅項 應付直接控股公司款項 遞 延稅項負債等未分配負債及其他總辦事處及公司 ， 負債乃按分組基準管理 故分類負債並不包括 。 以上負債

分類表現乃按可呈報分類溢利進行評估，可呈 報分類溢利即持續經營業務的經調整除稅前溢 利。持續經營業務的經調整除稅前溢利乃按與 ， 本集團之除稅前溢利一致之方式計量 惟其他 、 、 收入及利得 融資成本 透過損益按公允值計 算之金融資產公允值收益╱（虧損）淨額，以及 。 總辦事處及公司開支並不包括在此計量內

161 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

4 Segment reporting (continued)

Information regarding the Group’s reportable segments as provided to the Group’s most senior executive management for the purpose of resource allocation and assessment of segment performance for the years ended 31 December 2020 and 2019 is set out below.

• 4 分類報告（續）

截至2020 年及2019 年12 月31 日止年度提供予 本集團最高行政管理人員以供分配資源及評估分 。 類表現的本集團可呈報分類資料載列如下

2020 Property development 2020年 物業發展 $’000 千元	Property investment 物業投資 $’000 千元	Property management 物業管理 $’000 千元	Manufacture 製造 $’000 千元	Others 其他 $’000 千元	Total 總額 $’000 千元
Segment revenue: 分類收益： Sales to customers 銷售予客戶 14,079,639 Intersegment sales (note a) 分類間銷售（附註a） –
	1,223,195	2,225,947	347,293	926,937	18,803,011
	9,828	93,530	–	178,800	282,158
14,079,639 Reconciliation 對賬 Elimination of intersegment sales 對銷分類間銷售	1,233,023	2,319,477	347,293	1,105,737	19,085,169
					(282,158)
Revenue 收益					18,803,011
Segment results before decrease in fair value of investment properties 投資物業公允值減少前之 分類業績 7,587,680 Decrease in fair value of investment properties 投資物業公允值減少 – Decrease in fair value upon transfer to investment properties 轉撥至投資物業後 公允值減少 –	971,395	191,810	71,328	(14,771)	8,807,442
	(675,583)	–	–	–	(675,583)
	(1,545)	–	–	–	(1,545)
Segment results after decrease in fair value of investment properties 投資物業公允值減少後之 分類業績 7,587,680 Reconciliation 對賬 Elimination of intersegment results 對銷分類間業績 Other income and gains 其他收入及利得 Fair value loss on financial assets measured at fair value through profit or loss, net 透過損益按公允值計算之 金融資產公允值虧損淨額 Corporate and other unallocated expenses 公司及其他未分配費用 Finance costs 融資成本	294,267	191,810	71,328	(14,771)	8,130,314
					(548,915)
					2,133,520
					(469,433)
					(119,845)
					(992,038)
Profit before taxation 除稅前溢利					8,133,603

162

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

4 Segment reporting (continued)

4 分類報告（續）

		Property	Property	Property
2020		development	investment	management	Manufacture	Others	Total
2020年		物業發展	物業投資	物業管理	製造	其他	總額
		$’000	$’000	$’000	$’000	$’000	$’000
		千元	千元	千元	千元	千元	千元
Segment assets	分類資產	76,799,217	41,870,169	920,456	169,820	3,529,809	123,289,471
Reconciliation	對賬
Corporate and other unallocated assets	公司及其他未分配資產						28,986,355
Total assets	總資產						152,275,826
Segment liabilities	分類負債	39,452,988	4,933,344	755,803	130,204	946,439	46,218,778
Reconciliation	對賬
Corporate and other unallocated	公司及其他未分配負債
liabilities							50,651,200
Total liabilities	總負債						96,869,978
Other segment information:	其他分類資料：
Depreciation	折舊	104,304	40,609	30,925	4,689	95,126	275,653
Amortisation of prepaid land lease	預付土地租賃付款攤銷
payments		–	–	–	–	1,192	1,192
Interests in associates	於聯營公司權益	3,415,068	1,392,084	328	–	1,029,481	5,836,961
Interests in joint ventures	於合營公司權益	7,786,553	155,652	20,971	–	97,432	8,060,608
Additions to non-current	年內添置非流動分類資產
segment assets during the year	（附註b）
(note b)		8,602	43,807	60,439	–	45,057	157,905

163

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

4 Segment reporting (continued)

4 分類報告（續）

			Property	Property	Property
	2019		development	investment	management	Manufacture	Others	Total
	2019年		物業發展	物業投資	物業管理	製造	其他	總額
			$’000	$’000	$’000	$’000	$’000	$’000
			千元	千元	千元	千元	千元	千元
	Segment revenue:	分類收益：
	Sales to customers	銷售予客戶	10,531,572	1,070,991	2,099,290	333,867	883,754	14,919,474
	Intersegment sales (note a)	分類間銷售（附註a）	–	11,816	160,919	–	144,070	316,805
			10,531,572	1,082,807	2,260,209	333,867	1,027,824	15,236,279
	Reconciliation	對賬
	Elimination of intersegment sales	對銷分類間銷售						(316,805)
	Revenue	收益						14,919,474
	Segment results before increase in	投資物業公允值增加前之
	fair value of investment properties	分類業績	4,684,229	688,102	225,340	22,729	(107,379)	5,513,021
	Increase in fair value of investment	投資物業公允值增加
	properties		–	434,258	–	–	–	434,258
	Increase in fair value upon transfer to	轉撥至投資物業後
	investment properties	公允值增加	–	958,779	–	–	–	958,779
	Segment results after increase in	投資物業公允值增加後之
	fair value of investment properties	分類業績	4,684,229	2,081,139	225,340	22,729	(107,379)	6,906,058
	Reconciliation	對賬
	Elimination of intersegment results	對銷分類間業績						(94,022)
	Other income and gains	其他收入及利得						315,462
	Fair value gain on financial assets	透過損益按公允值計算之
	measured at fair value through	金融資產公允值收益淨額
	profit or loss, net							340,676
	Corporate and other unallocated	公司及其他未分配費用
	expenses							(222,427)
	Finance costs	融資成本						(561,210)
	Profit before taxation	除稅前溢利						6,684,537

164 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

4 Segment reporting (continued)

4 分類報告（續）

			Property	Property	Property
	2019		development	investment	management	Manufacture	Others	Total
	2019年		物業發展	物業投資	物業管理	製造	其他	總額
			$’000	$’000	$’000	$’000	$’000	$’000
			千元	千元	千元	千元	千元	千元
	Segment assets	分類資產	56,051,271	37,228,889	679,786	141,929	4,942,869	99,044,744
	Reconciliation	對賬
	Corporate and other unallocated assets	公司及其他未分配資產						26,228,198
	Total assets	總資產						125,272,942
	Segment liabilities	分類負債	26,047,724	5,312,184	1,072,814	85,148	1,185,403	33,703,273
	Reconciliation	對賬
	Corporate and other unallocated	公司及其他未分配負債
	liabilities							43,197,374
	Total liabilities	總負債						76,900,647
	Other segment information:	其他分類資料：
	Depreciation	折舊	97,141	35,827	35,480	4,763	98,276	271,487
	Amortisation of prepaid land lease	預付土地租賃付款攤銷
	payments		–	–	–	–	1,141	1,141
	Interests in associates	於聯營公司權益	2,470,510	637,737	309	15,133	2,195,822	5,319,511
	Interests in joint ventures	於合營公司權益	6,446,120	136,913	17,750	–	211,060	6,811,843
	Additions to non-current	年內添置非流動分類資產
	segment assets during the year	（附註b）
	(note b)		204,314	1,013,851	76,637	4,103	1,294,065	2,592,970

Notes:

• a. Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices.

• b. Additions to non-current segment assets during the year comprise additions to property, plant and equipment, prepaid land lease payments and investment properties.

附註：

• a. 分類間銷售及轉讓乃經參考與第三方交易的 售價，按當時的現行市價進行交易。

• b. 年內添置非流動分類資產包括添置物業、 廠房及設備、預付土地租賃付款以及投資物 業。

As the Group generates substantially all of its revenue from customers domiciled in mainland China and most of its non-current assets are located in mainland China, no geographical information is presented.

由於本集團絕大部份收益產自於位於中國大陸之 ， ， 客戶 且大部份非流動資產均位於中國大陸 故並未呈報地區資料。

165

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

5 Revenue

Revenue, represents sale of properties, commercial and industrial goods, rental income, management fee income and others. All of the revenue of the Group is recognised at a point in time except for property management fee income, which is recognised over time.

5 收益

、 、 收益指物業 商業及工業產品之銷售額 租金 收入、管理費收入及其他收入。本集團之所有 ， 收益均於某一時間點確認 惟物業管理費收入 。 乃隨時間確認

• (i) Disaggregation of revenue from contracts with customers by major products and service lines is as follows:

• (i) 按主要產品及服務線分拆之客戶合約收益 如下：

		2020 2020年 $’000 千元	2019 2019年 $’000 千元
Revenue from contracts with customers within the scope of HKFRS 15 Sale of completed properties Management fee income Sale of commercial and industrial goods Others	於香港財務報告準則第15號範圍內 之客戶合約收益 銷售已落成物業 管理費收入 銷售商業及工業產品 其他		10,531,572 2,099,290 333,867 883,754
		14,079,639
		2,225,947
		347,293
		926,937
		17,579,816	13,848,483 1,035,235 35,756
Revenue from other sources Gross rental income from investment properties (note (a)) – Lease payments that are fixed or depend on an index or a rate – Variable lease payments that do not depend on an index or a rate	其他來源收益 投資物業租金收入總額（附註(a)） － 固定或依賴於指數或利率之租賃 付款 － 不依賴於指數或利率之可變租賃 付款
		1,155,049
		68,146
		18,803,011	14,919,474

Note:

• (a) During the year, the Group offered rent concessions to certain tenants as a direct consequence of COVID-19. These rent concessions amounted to $220,381,000 are accounted for as lease modifications, of which $89,665,000 has been recognised as a deduction to the gross rental income during the year.

附註：

• (a) 年內，受COVID-19 直接影響，本集團 向若干租戶提供租金優惠。該等租金 優惠220,381,000元按租賃修訂作會計 處理，其中 89,665,000 元已確認為年 內租金收入總額的扣減。

The Group’s customer base is diversified. For the year ended 31 December 2020, none of the customer with whom transactions have exceed 10% of the Group’s revenue. For the year ended 31 December 2019, sales to the Group’s largest customer amounted to approximately 11.48% of the Group’s revenue.

本集團之客戶係多元化。截至2020 年12 月31日止年度，本集團並無交易金額超過 本集團收益之10% 的客戶。截至2019 年 12月31日止年度，本集團最大客戶銷售額 約佔本集團收益之11.48%。

166 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

5 Revenue (continued)

• (ii) Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date

As at 31 December 2020, the aggregated amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied under the Group’s existing contracts is $25,073,060,000 (2019: $25,939,073,000). This amount mainly represents revenue expected to be recognised in the future from pre-completion sales contracts for properties under development. This amount includes the interest component of pre-completion properties sales contracts under which the Group obtains significant financing benefits from the customers (see note 2(v)(i)). The Group will recognise the expected revenue in future, in the case of the properties under development for sale, when the customers has the ability to direct the use of the property, which is expected to occur over the next 12 to 36 months.

5 收益（續）

(ii) 預期將於日後確認來自於報告日期現存客 戶的合約收益

於 2 0 2 0 年 1 2 月 3 1 日 ， 根據本集團現 有合約分配至餘下履約責任的交易價格

總額為 25,073,060,000 元（2019 年： 25,939,073,000元）。該金額指預期於日 後將予確認之來自在建物業預售合約的收 益。該金額包括預售物業銷售合約的利息 ， 部份 而本集團根據有關合約自客戶取得 重大融資利益（見附註2(v)(i)）。對於在開 ， 發物業項目 本集團將於客戶可直接使用 ， 該物業時確認預期收益 而有關確認將於 未來12至36個月發生。

The Group has applied the practical expedient in paragraph 121 of HKFRS 15 to its sales contracts for commercial and industrial goods and service contracts for property management such that the above information does not include information about revenue that the Group will be entitled to when it satisfies the remaining performance obligations under these contracts which had an original expected duration of one year or less.

本集團已將香港財務報告準則第 15 號第 121 段所載可行權宜之方法應用於其商業 及工業產品銷售合約以及物業管理服務合 ， ， 約 因此 上述資料不包括本集團在履行 有關原始預計年期為一年或更短之合約項 。 下剩餘履約義務時有權獲取的收益資料

6 Other income and gains

6 其他收入及利得

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Interest income	利息收入	352,104	217,983
Dividend income (note)	股息收入（附註）	1,626,639	1,825
Government grant (note 36)	政府補助（附註36）	59,197	20,703
Others	其他	95,580	74,951
		2,133,520	315,462

Note:

Pursuant to the investment agreements disclosed in note 24 to the financial statements, the Group received dividends mainly from Hengda Real Estate Group Company Limited (“Hengda Real Estate”) amounting to $1,626,542,000 in 2020. No such dividend was received from Hengda Real Estate in 2019.

附註：

根據財務報表附註24所披露之投資協議，本集團 於2020年主要自恒大地產集團有限公司（「恒大地 產」）收取股息1,626,542,000元。於2019年概無自 恒大地產收取有關股息。

167

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

7 Finance costs

7 融資成本

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Interest on:	利息支出：
Bank loans	銀行貸款	861,045	1,000,809
Other borrowings	其他借貸	187,042	98,505
Lease liabilities	租賃負債	22,383	25,190
Loans from the ultimate holding company	來自最終控股公司之貸款	117,646	117,054
Loans from the immediate holding company	來自直接控股公司之貸款	19,348	33,213
Loans from fellow subsidiaries	來自同系附屬公司之貸款	148,157	123,033
Loans from a joint venture	來自一間合營公司之貸款	4,944	24,338
Loans from an other related company	來自一間其他關聯公司之貸款	7,322	7,523
Loans from non-controlling shareholders	來自非控股股東之貸款	–	7,642
Total interest expense on financial liabilities not at	並非透過損益按公允值計算之金融
fair value through profit or loss	負債之利息開支總額	1,367,887	1,437,307
Interest accrued on contract liabilities	合約負債應計之利息	466,227	420,343
Less: Interest expense capitalised into properties	減：發展中物業利息開支資本化
under development		(842,076)	(1,296,440)
		992,038	561,210

• The borrowing costs have been capitalised at a rate of 3.54%－4.84% per annum (2019: 3.36%－4.96%).

• 借貸成本已按年息3.54%至4.84%（2019年： 3.36%至4.96%）資本化。

168

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

8 Profit before taxation 8 除稅前溢利 The Group’s profit before taxation is arrived at after charging/(crediting): 本集團除稅前溢利已扣除╱（計入）下列各項後 達至：

• (a) Cost of sales (a) 銷售成本

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Cost of properties and inventories sold	已售物業及存貨成本	6,720,360	6,632,462
Cost of services provided	提供服務成本	3,268,071	3,161,888
		9,988,431	9,794,350

• (b) Staff costs (b) 員工成本

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Wages and salaries 工資及薪金 1,993,731 Equity-settled share option expense 以股本支付之購股權開支 10,525 Retirement scheme contributions 退休金計劃供款 92,651	1,756,027 26,836 156,235
2,096,907	1,939,098

169

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 8 Profit before taxation (continued)

• (c) Other items

• 8 除稅前溢利（續） (c) 其他項目

				2020	2019
				2020年	2019年
			Note	$’000	$’000
			附註	千元	千元
	Amortisation of prepaid land lease	預付土地租賃付款攤銷
	payments		15	1,192	1,141
	Depreciation charge	折舊支出
	– owned property, plant and	－自置物業、廠房及設備
	equipment			196,248	202,260
	– right-of-use assets	－使用權資產		44,511	33,259
				240,759	235,519
	Variable lease payment not included in	未計入租賃負債計量之
	the measurement of lease liabilities	可變租賃付款		2,811	2,085
	Impairment losses on property, plant	物業、廠房及設備之減值虧損
	and equipment (note)	（附註）		117,427	–
	Impairment losses╱（reversal of	減值虧損╱（減值虧損撥回）
	impairment losses)
	– trade receivables	－應收賬款		21,965	16,625
	– prepayments, deposits and other	－預付款項、訂金及
	receivables	其他應收款項		32,758	27,265
	– other financial assets	－其他金融資產		(56,628)	(14,942)
	Net foreign exchange loss	匯兌虧損淨額		59,333	19,325
	Rental income on investment properties	投資物業租金收入減直接經營
	less direct operating expenses of	開支331,224,000元（2019
	$331,224,000 (2019: $339,128,000)	年：339,128,000元）		(891,971)	(731,863)
	Loss on disposal of property, plant and	出售物業、廠房及設備之虧損
	equipment			1,683	732
	Auditor’s remuneration	核數師酬金
	– audit services	－核數服務		6,050	5,830

• Note: During the year ended 31 December 2020, the Group’s hotel operations in mainland China was adversely affected by the outbreak of COVID-19 and certain assets related to those operations have indications of impairment. With the assistance of Jones Lang LaSalle Corporate Appraisal Limited (“JLL”), an independent firm of professionally qualified property valuers, the Group assessed the recoverable amounts of those assets based on their value in use. Impairment losses of $117,427,000 were recognised in “Other ”

• operating expenses .

附註：截至2020年12月31日止年度，本集團 在中國大陸的酒店運營受到COVID-19 疫情爆發的負面影響，與該等運營相 關的若干資產存在減值跡象。在獨立 專業合資格物業估值師仲量聯行企業 評估及諮詢有限公司（「仲量聯行」） 的協助下，本集團評估該等資產的可 收回金額按其使用價值釐定。減值虧 損117,427,000元於「其他經營開支」內 確認。

170

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 9 Income tax in the consolidated statement of profit or loss The provision for Hong Kong Profits Tax for 2020 is calculated at 16.5% (2019: 16.5%) of the estimated assessable profits for the year. No provision for Hong Kong Profits Tax was made as the Group has no assessable profits arising in or derived from Hong Kong for year (2019: nil).

• 9 綜合損益表之所得稅 2020 年香港利得稅之撥備根據年內估計應課稅 溢利按16.5%（2019年：16.5%）之稅率計算。 由於本集團年內並無於香港產生或賺取應課稅溢 利，故並無就香港利得稅計提撥備（2019年： 無）。

Pursuant to the rules and regulations of the British Virgin Islands (“BVI”), the Group is not subject to any income tax in the BVI.

根據英屬處女群島（「英屬處女群島」）之規則及 ， 規例 本集團毋須於英屬處女群島繳納任何所 。 得稅

Under the relevant income tax law, the PRC subsidiaries are subject to corporate income tax (“CIT”) at a statutory rate of 25% on their respective taxable income during the year.

， ， 根據相關所得稅法 年內 中國附屬公司須就 各自應課稅收入按法定稅率25%繳納企業所得稅 （「企業所得稅」）。

PRC Land Appreciation Tax (“LAT”) is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from sale of properties less deductible expenditures including amortisation of land use rights, borrowing costs and all property development expenditures.

中國土地增值稅（「土地增值稅」）就土地增值部 份按30%至60%累進稅率徵收，土地增值部份 、 即出售物業所得款項減包括土地使用權攤銷 借貸成本及所有物業開發支出在內之可扣減開 。 支

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Current tax:	即期稅項：
Mainland China CIT	中國大陸企業所得稅	1,936,585	960,133
Withholding tax on dividend	股息預扣稅	164,194	99,207
LAT in mainland China	中國大陸土地增值稅	3,070,079	862,442
Deferred tax	遞延稅項
Mainland China CIT	中國大陸企業所得稅	(1,036,861)	501,143
Withholding tax on dividend	股息預扣稅	196,461	5,081
LAT in mainland China	中國大陸土地增值稅	(160,345)	(120,759)
Total tax charge for the year	本年度稅項支出總額	4,170,113	2,307,247

171

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 9 Income tax in the consolidated statement of profit or loss 9 綜合損益表之所得稅（續） (continued)

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Profit before taxation	除稅前溢利	8,133,603	6,684,537
Notional tax on profit before taxation, calculated	各地區適用稅率計算之除稅前溢利
at the rates applicable to the respective tax	之名義稅項
jurisdictions		2,048,668	1,650,379
Profits less losses attributable to joint ventures and	合營公司及聯營公司應佔溢利
associates	減虧損	(274,246)	(445,067)
Income not subject to tax	毋須納稅之收入	(455,764)	(6,803)
Tax effect of tax losses not recognised	未獲確認之稅項虧損之稅務
	影響	218,685	311,508
Tax effect of prior years’tax losses utilised	動用之過往年度稅項虧損之
	稅務影響	(49,784)	(33,421)
Tax effect of temporary differences not recognised	未獲確認之暫時差額之稅務
	影響	20,459	15,645
Expenses not deductible for tax	不獲扣稅之開支	119,140	154,456
Effect of withholding tax on distributable profits of	本集團中國大陸附屬公司可供分派
the Group’s subsidiaries in mainland China	溢利之預扣稅影響	360,655	104,288
LAT	土地增值稅	2,909,734	741,683
LAT deductible for PRC CIT purpose	就中國企業所得稅可扣減之
	土地增值稅	(727,434)	(185,421)
Actual tax expense	實際稅項開支	4,170,113	2,307,247

172

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

10 Directors’ remuneration

Directors’ remuneration for the year, disclosed pursuant to section 383(1) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, are as follows:

10 董事酬金

根據香港公司條例第383(1)條及公司（披露董事 利益資料）規例第2 部披露之本年度董事酬金如 下：

		Directors’ fees 董事袍金 $’000 千元	Salaries, allowances and benefits in kind 薪金、津貼 及實物利益 $’000 千元	Discretionary bonuses 酌情花紅 $’000 千元	Retirement scheme contributions 退休金 計劃供款 $’000 千元	Sub-Total 小計 $’000 千元	Equity settled share option expense (Note) 以股本支付 之購股權 開支（附註） $’000 千元	Total 總計 $’000 千元
2020 Executive directors: Lu Hua Liu Chong (ii) Huang Wei Mou Yong (i) Liu Shichao (ii) Dong Fang (ii) Cai Xun (iii)	2020年 執行董事： 呂華 劉崇(ii) 黃偉 牟勇(i) 劉世超(ii) 董方(ii) 蔡潯(iii)
		–	3,304	1,628	777	5,709	636	6,345
		–	375	1,318	251	1,944	426	2,370
		–	3,139	1,542	742	5,423	604	6,027
		–	–	430	–	430	426	856
		165	–	–	–	165	–	165
		–	957	2,079	457	3,493	95	3,588
		–	316	452	107	875	–	875
		165	8,091	7,449	2,334	18,039	2,187	20,226
Non-executive directors: Wu Jiesi (iv) Liu Shichao (ii)	非執行董事： 武捷思(iv) 劉世超(ii)
		248	–	–	–	248	–	248
		165	–	–	–	165	–	165
		413	–	–	–	413	–	413
Independent non-executive directors: Wu Wai Chung, Michael Li Wai Keung Wong Yau Kar, David	獨立非執行董事： 吳偉驄 李偉強 黃友嘉
		330	–	–	–	330	–	330
		380	–	–	–	380	–	380
		380	–	–	–	380	–	380
		1,090	–	–	–	1,090	–	1,090
		1,668	8,091	7,449	2,334	19,542	2,187	21,729

Notes:

(i) On 26 May 2020, Mou Yong retired as an executive director.

• (ii) On 23 July 2020, Liu Chong resigned as an executive director, and Dong Fang was appointed as executive director. On the same day, Liu Shichao was re-designated as an executive director of the Company.

• (iii) On 27 August 2020, Cai Xun was appointed as an executive director.

• (iv) On 14 September 2020, Wu Jiesi resigned as a non-executive director.

附註：

• (i) 於2020年5月26日，牟勇退任執行董事。

• (ii) 於2020年7月23日，劉崇辭任執行董事及董 方獲委任為執行董事。同日，劉世超調任為 本公司執行董事。

• (iii) 於 2020 年 8 月 27 日 ，蔡潯獲委任為執行董 事。

• (iv) 於 2020 年 9 月 14 日 ，武捷思辭任非執行董 事。

173 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

10 Directors’ remuneration (continued)

10 董事酬金（續）

		Directors’ fees 董事袍金 $’000 千元	Salaries, allowances and benefits in kind 薪金、津貼 及實物利益 $’000 千元	Discretionary bonuses 酌情花紅 $’000 千元	Retirement scheme contributions 退休金 計劃供款 $’000 千元	Sub-Total 小計 $’000 千元	Equity settled share option expense (Note) 以股本支付 之購股權開支 （附註） $’000 千元	Total 總計 $’000 千元
2019 Executive directors: Lu Hua Liu Chong Huang Wei Mou Yong	2019年 執行董事： 呂華 劉崇 黃偉 牟勇	– – – –	3,207 1,028 3,082 680	853 804 811 539	708 355 675 233	4,768 2,187 4,568 1,452	1,428 957 1,357 957	6,196 3,144 5,925 2,409
		–	7,997	3,007	1,971	12,975	4,699	17,674 330 330
Non-executive directors: Wu Jiesi Liu Shichao	非執行董事： 武捷思 劉世超	330 330	– –	– –	– –	330 330	– –
		660	–	–	–	660	–	660
Independent non-executive directors: Wu Wai Chung, Michael Li Wai Keung Wong Yau Kar, David	獨立非執行董事： 吳偉驄 李偉強 黃友嘉	330 380 380	– – –	– – –	– – –	330 380 380	– – –	330 380 380
		1,090	–	–	–	1,090	–	1,090
		1,750	7,997	3,007	1,971	14,725	4,699	19,424

Note: These represent the estimated value of share options granted to the directors under the Company’s share option scheme. The value of these share options is measured according to the Group’s accounting policies for share-based payment transactions as set out in note 2(s)(ii) and, in accordance with that policy, includes adjustments to reverse amounts accrued in previous years where grants of equity instruments are forfeited prior to vesting.

The details of these benefits in kind, including the principal terms and number of options granted, are disclosed under the paragraph “Share option scheme” in the directors’ report and note 37.

附註：以股本支付之購股權開支指根據本公司購股 權計劃授予董事之購股權之估計價值。該等 購股權價值乃按照本集團有關以股份支付交 易事項（載於附註2(s)(ii)）之會計政策及包括 倘授出股本工具於歸屬前被沒收時反向調整 過往年度應計金額在內之政策計量。

該等實物利益之詳情包括授出購股權之主要 條款及數目在內，披露於董事會報告之「購 股權計劃」及附註37。

174

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

11 Five highest paid employees

The five highest paid employees during the year included four directors (2019: three directors), details of whose remuneration are set out in note 10 above. Details of the remuneration for the year of the remaining one (2019: two) non-director highest paid employees of the Company are as follows:

11 五名最高薪僱員

本年度之五名最高薪僱員包括四名董事（2019 年：三名董事），該等董事之酬金詳情載於上文 附註10。餘下一名（2019 年：兩名）非本公司 董事之最高薪僱員於本年度之酬金詳情如下：

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Salaries, allowances and benefits in kind	薪金、津貼及實物利益	1,030	1,863
Discretionary bonuses	酌情花紅	937	1,477
Equity-settled share option expense (note)	以股本支付之購股權開支（附註）	202	1,887
Retirement scheme contributions	退休金計劃供款	375	648
		2,544	5,875

The number of non-director highest paid employees whose remuneration fell within the following bands is as follows:

， 除董事外 酬金屬以下範圍之最高薪僱員數目 如下：

			Number of	employees	employees
			僱員數目
			2020		2019
			2020年		2019年
$2,500,001	to $3,000,000	2,500,001元至3,000,000元	1		1
$3,000,001	to $3,500,000	3,000,001元至3,500,000元	–		1
			1		2

Note: Share options were granted to one (2019: two) non-director highest paid employees in respect of his services to the Group, further details of which are included in the disclosures in note 37 to the financial statements. The fair value of these options, which has been recognised in the statement of profit or loss over the vesting period, was determined as at the date of grant and the amount included in the financial statements for the current year is included in the above non-director highest paid employees’ remuneration disclosures.

• 附註：一名（2019 年：兩名）最高薪僱員因彼等為 本集團服務而獲授購股權，有關進一步詳情 乃載於財務報表附註 37 之披露資料內。該 等購股權之公允值（其已於歸屬期間於損益 表內確認）已於授出日期釐定，而計入本年 度財務報表之金額已計入上文除董事外之最 高薪僱員酬金之披露資料內。

175

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

12 Earnings per share

(a) Basic earnings per share

The calculation of basic earnings per share is based on the profit attributable to equity shareholders of the Company of $3,722,856,000 (2019: $4,062,796,000) and the weighted average of 8,858,380,832 ordinary shares (2019: 8,548,473,879) in issue during the year, calculated as follows:

12 每股盈利

• (a) 每股基本盈利 每股基本盈利金額乃按照本公司權益股東 應佔溢利 3,722,856,000 元（2019 年： 4,062,796,000 元）及年內已發行普通股 加權平均數8,858,380,832股（2019年： 8,548,473,879 股 ）計算 ， 計算方式如 下：

• (i) Weighted average number of ordinary shares

(i) 普通股之加權平均數

		Number of shares	Number of shares
		股份數目
		2020	2019
		2020年	2019年
Issued ordinary shares at 1 January	於1月1日已發行普通股	8,833,437,048	8,413,711,807
Effect of shares issued in respect of scrip	就以股代息已發行股份之
dividends	影響	24,943,784	109,352,814
Effect of share options exercised	已行使購股權之影響	–	25,409,258
Weighted average number of ordinary shares	於12月31日普通股之加權
at 31 December	平均數	8,858,380,832	8,548,473,879

(b) Diluted earnings per share

For the year ended 31 December 2020 and 2019, the effect of conversion of share option scheme (note 37) was anti-dilutive and the diluted earnings per share for the year is therefore equal to the basic earnings per share.

(b) 每股攤薄盈利 截至2020年及2019年12月31日止年度， 轉換購股權計劃（附註37）的影響為反攤 ， ， 薄 因此 年內每股攤薄盈利相等於每股 。 基本盈利

176 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

13 Dividends

13 股息

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Dividends recognised as distribution during the year: 確認為年內分派之股息： Final dividend declared for 2019－HK11.00 cents per share (2019: declared for 2018－HK11.00 cents per share) (note a/b) 2019年宣派末期股息－每股11.00港仙 （2019年：2018年宣派末期股息－ 每股11.00港仙）（附註a/b） Scrip shares 代息股份 161,488 Cash 現金 810,190	675,777 252,630
971,678	928,407
Interim－HK7.00 cents (2019: HK7.00 cents) per ordinary share (note a/c) 中期股息－每股普通股7.00港仙（2019 年：7.00港仙）（附註a/c） Scrip shares 代息股份 – Cash 現金 622,993	478,407 129,054
622,993	607,461
Dividends proposed after the end of the reporting period 報告期末後擬分派之股息 Final dividend of HK11.00 cents (2019: final dividend of HK11.00 cents) per ordinary share (note a/d) 末期股息每股普通股11.00港仙（2019 年：末期股息11.00港仙）（附註a/d） 978,988	971,678

Notes:

• a. The shareholders are given the option of receiving these dividends wholly in cash, or wholly in new fully paid share(s) of the Company in lieu of cash, or partly in cash and partly in the form of scrip shares.

• b. The Company declared a final dividend of HK11.00 cents per share in respect of year ended 31 December 2019 amounted to $971,678,000, of which $810,190,000 were paid in cash and the remaining balance of $161,488,000 were settled in the form of 66,456,067 scrip shares on 17 August 2020.

The Company declared a final dividend of HK11.00 cents per share in respect of year ended 31 December 2018 amounted to $928,407,000, of which $252,630,000 were paid in cash and the remaining balance of $675,777,000 were settled in the form of 237,949,329 scrip shares on 15 August 2019.

• c. The Company declared an interim dividend of HK7.00 cents (2019:HK7.00 cents) per share in respect of year ended 31 December 2020 amounted to $622,993,000 (2019: $607,461,000), which were fully paid in cash (2019: $129,054,000 were paid in cash and the remaining balance $478,407,000 were settled in the form of 155,427,734 scrip shares) on 14 October 2020.

• d. On 30 March 2021, the board of directors recommends a final dividend of HK11.00 cents per share for the year ended 31 December 2020 (2019: final dividends of HK11.00 cents per share, which will be fully paid in cash.). The proposed final dividends for the year are subject to the approval of the Company’s shareholders at the forthcoming annual general meeting and has not been recognised as a liability at the end of the reporting period.

The amount of the final dividend for 2020 was calculated on the basis of 8,899,893,115 shares in issue as at 30 March 2021.

附註：

• a. 股東有權選擇全部以現金、全部以本公司新 繳足股份代替現金或部份以現金部份以代息 股份之方式收取該等股息。

• b. 本公司已宣派之截至 2019 年 12 月 31 日止 年度之末期股息每股 1 1 . 0 0 港仙 ， 合共 971,678,000元，於2020年8月17日，以現金 支付810,190,000元，及餘下結餘161,488,000 元以66,456,067股代息股份之形式償付。 本公司已宣派之截至 2018 年 12 月 31 日止 年度之末期股息每股 1 1 . 0 0 港仙 ， 合共 928,407,000元，於2019年8月15日，以現金 支付252,630,000元，及餘下結餘675,777,000 元以237,949,329股代息股份之形式償付。

• c. 本公司已就截至 2020 年 12 月 31 日止年度 宣派每股 7.00 港仙（2019 年：7.00 港仙）之 中期股息，合共 622,993,000 元（2019 年： 607,461,000 元 ）， 並已以現金悉數支付

• （2019 年：129,054,000 元以現金支付），及 餘下結餘478,407,000 元已於2020 年10 月14 日以155,427,734股代息股份之形式結算。

• d. 於2021年3月30日，董事會就截至2020年12 月31 日止年度建議派發每股11.00 港仙之末 期股息（2019年：末期股息每股11.00港仙， 並將以現金悉數支付）。本年度擬派末期股 息須獲本公司股東於應屆股東週年大會上批 准並於報告期末尚未確認為負債。 2020年之末期股息金額乃根據於2021年3月 30日之已發行8,899,893,115股股份計算。

177

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

14 Property, plant and equipment

14 物業、廠房及設備

		Ownership interest in leasehold land and buildings held for own use 於持作自用 的租賃土地 及樓宇的 所有權權益 $’000 千元	Other properties leased for own use 其他自用 租賃物業 $’000 千元	Leasehold improvements 租賃物業 裝修 $’000 千元	Furniture, fixtures and equipment 傢俬、裝置 及設備 $’000 千元	Motor vehicles 汽車 $’000 千元	Plant and machinery 廠房及 機器 $’000 千元	Construction in progress 在建工程 $’000 千元	Total 總額 $’000 千元
At 31 December 2019 and 1 January 2020 Cost or valuation Accumulated depreciation	於2019年12月31日 及2020年1月1日 成本或估值 累計折舊
		3,274,522	343,574	450,420	357,353	83,747	85,889	2,829,494	7,424,999
		(512,657)	(69,227)	(343,267)	(271,959)	(72,113)	(52,533)	–	(1,321,756)
At 1 January 2020, net of accumulated depreciation	於2020年1月1日， 經扣除累計折舊	2,761,865	274,347	107,153	85,394	11,634	33,356	2,829,494	6,103,243
Additions Acquisition of a subsidiary Transfer from investment properties (note 17) Transfer from properties held for sale (note 18) Transfer from construction in progress Derecognition of right-of-use assets Disposals Impairment losses Depreciation provided during the year Exchange realignment	添置 收購一間附屬公司 轉撥自投資物業 （附註17） 轉撥自持作待售之物業 （附註18） 轉撥自在建工程 終止確認使用權資產 出售 減值虧損 本年度折舊撥備 匯兌調整	–	43,807	60,439	36,700	3,070	5,287	8,602	157,905
		6,347	–	–	17,765	1,559	–	–	25,671
		6,654	–	–	–	–	–	–	6,654
		20,741	–	–	–	–	–	–	20,741
		25,444	–	1,593	25,388	–	511	(52,936)	–
		–	(15,011)	–	–	–	–	–	(15,011)
		(1,351)	–	–	(7,988)	(1,325)	(1,052)	–	(11,716)
		(117,427)	–	–	–	–	–	–	(117,427)
		(83,229)	(79,405)	(61,882)	(41,890)	(3,765)	(5,482)	–	(275,653)
		183,218	14,842	5,158	7,633	722	2,106	199,508	413,187
At 31 December 2020, net of accumulated depreciation	於2020年12月31日， 經扣除累計折舊	2,802,262	238,580	112,461	123,002	11,895	34,726	2,984,668	6,307,594
At 31 December 2020: Cost or valuation Accumulated depreciation	於2020年12月31日： 成本或估值 累計折舊
		3,439,759	380,175	548,290	441,709	90,147	86,689	2,984,668	7,971,437
		(637,497)	(141,595)	(435,829)	(318,707)	(78,252)	(51,963)	–	(1,663,843)
Net carrying amount	賬面淨值	2,802,262	238,580	112,461	123,002	11,895	34,726	2,984,668	6,307,594

178

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

14 Property, plant and equipment （ continued ）

14 物業、廠房及設備（續）

			Ownership
			interest in
			leasehold
			land and	Other
			buildings	properties		Furniture,
			held for	leased for	Leasehold	fixtures	Motor	Plant	Construction
			own use	own use	improvements	and equipment	vehicles	and machinery	in progress	Total
			於持作自用
			的租賃土地
			及樓宇的	其他自用	租賃物業	傢俬、裝置
			所有權權益	租賃物業	裝修	及設備	汽車	廠房及機器	在建工程	總額
			$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
			千元	千元	千元	千元	千元	千元	千元	千元
	At 1 January 2019	於2019年1月1日
	Cost or valuation	成本或估值	3,293,841	48,177	383,255	338,154	87,371	83,884	1,661,455	5,896,137
	Accumulated depreciation	累計折舊	(519,183)	–	(280,504)	(249,365)	(75,092)	(57,351)	–	(1,181,495)
	At 1 January 2019, net of accumulated	於2019年1月1日， 經扣除累計折舊
	depreciation		2,774,658	48,177	102,751	88,789	12,279	26,533	1,661,455	4,714,642
	Additions	添置	1,431	558,348	133,976	16,824	4,968	9,852	1,248,779	1,974,178
	Transfer from investment	轉撥自投資物業
	properties (note 17)	（附註17）	23,789	–	–	–	–	–	–	23,789
	Transfer from properties held for sale (note 18)	轉撥自持作待售之物業 （附註18）	93,662	–	–	–	–	–	–	93,662
	Transfer from construction	轉撥自在建工程
	in progress		–	–	2,392	18,163	–	–	(20,555)	–
	Transfer to investment	轉撥至投資物業
	properties (note 17)	（附註17）	(200,279)	(128,001)	(24,643)	–	–	–	–	(352,923)
	Derecognition of	終止確認使用權資產
	right-of-use assets		–	(127,245)	(34,618)	–	–	–	–	(161,863)
	Disposals	出售	(1,461)	–	–	(1,082)	(1,826)	(1,563)	(2,240)	(8,172)
	Revaluation (note)	重估（附註）	216,775	–	–	–	–	–	–	216,775
	Depreciation provided	本年度折舊撥備
	during the year		(93,460)	(69,227)	(69,266)	(35,262)	(3,526)	(746)	–	(271,487)
	Exchange realignment	匯兌調整	(53,250)	(7,705)	(3,439)	(2,038)	(261)	(720)	(57,945)	(125,358)
	At 31 December 2019,	於2019年12月31日，
	net of accumulated	經扣除累計折舊
	depreciation		2,761,865	274,347	107,153	85,394	11,634	33,356	2,829,494	6,103,243
	At 31 December 2019:	於2019年12月31日：
	Cost or valuation	成本或估值	3,274,522	343,574	450,420	357,353	83,747	85,889	2,829,494	7,424,999
	Accumulated depreciation	累計折舊	(512,657)	(69,227)	(343,267)	(271,959)	(72,113)	(52,533)	–	(1,321,756)
	Net carrying amount	賬面淨值	2,761,865	274,347	107,153	85,394	11,634	33,356	2,829,494	6,103,243

179

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

14 Property, plant and equipment（continued）

• Note: The Group’s leasehold land and buildings were revaluated at 31 December 2019 by JLL, an independent firm of professionally qualified property valuers who have among their staff Fellow of the Hong Kong Institute of Surveys with recent experience in location and category of property being valued. The surpluses and deficits on revaluation of HK$485,070,000 and HK$268,295,000 were recognised in asset revaluation reserve and the consolidated statement of profit or loss, respectively. These leasehold land and buildings are situated in mainland China under medium term leases.

14 物業、廠房及設備（續）

• 附註：本集團之租賃土地及樓宇於 2019 年 12 月 31 日由獨立專業合資格物業估值師仲量聯 行（其部份員工為香港測量師學會資深會 員，於物業之位置及類別估值方面具備最 新經驗）進行估值重估。重估之盈餘及虧損 485,070,000港元及268,295,000港元分別於資 產重估儲備及綜合損益表中確認。該等租賃 土地及樓宇以中期租約於中國大陸持有。

Had the revaluated properties held for own use carried at cost less accumulated depreciation, the carrying amounts would have been:

倘若持作自用之重估物業按成本減累計折舊入 賬，則賬面值將為：

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Ownership interest in leasehold land	於持作自用的租賃土地及樓宇
and buildings held for own use	的所有權權益	1,870,054	1,981,134

On 5 January 2011, Shenzhen Nongke Group Limited (“Nongke”), a subsidiary acquired by the Group on 22 August 2014, entered into an agreement with a real estate developer (the “Counterparty”), an independent third party. Pursuant to the agreement, Nongke agreed to exchange certain of its properties located at Longxi Garden (龍溪花園), Futian District, Shenzhen, the PRC with an carrying amount of $563,434,000 (including investment properties of $551,681,000 and property, plant and equipment of $11,753,000 at 31 December 2020), for new properties with total gross floor areas of 8,469.85 square metres to be built by the Counterparty. The new properties will be built by the Counterparty at the current location of Longxi Garden upon demolishment of the existing properties owned by Nongke. At the date of approval of these financial statements, the timetable for the demolishment of these properties is not determined yet.

• 於 2011 年 1 月 5 日 ， 深圳市農科集團有限公 司（「農科」）（本集團於2014 年8 月22 日收購 之一間附屬公司）與獨立第三方房地產開發商

• （「對方」）訂立協議。於2020 年12 月31 日， ，

• 根據該協議 農科同意將位於中國深圳市福 田區龍溪花園賬面值為 563,434,000 元（包括 、

• 投資物業551,681,000 元及物業 廠房及設備 11,753,000元）之若干投資物業置換對方所建總 。

• 建築面積為8,469.85 平方米之新物業 新物業 將於農科擁有之現有物業清拆後由對方於龍溪花 。 ，

• 園當前位置建成 於該等財務報表審批日期 。

• 該等物業之清拆時間表仍未釐定

On 3 September 2012, Nongke entered into a supplemental agreement with the Counterparty. Pursuant to the supplemental agreement, Nongke agreed to further dispose of certain of its buildings located at Longxi Garden with a carrying amount of $50,142,000 as at 31 December 2020 to the Counterparty for a cash consideration of RMB250,457,000, of which RMB30,000,000 had been received by Nongke as of 31 December 2020 and was recorded as receipt in advance within “other payables and accruals”. At the date of approval of these financial statements, the Counterparty has no obligations under the supplemental agreement to settle the remaining consideration of RMB220,457,000 until the commencement of demolishment of these properties.

於2012年9月3日，農科與對方訂立補充協議。 ， 根據補充協議 農科同意向對方進一步出售 其位於龍溪花園賬面值於 2020 年 12 月 31 日為 。 50,142,000元之若干樓宇 現金代價為人民幣 250,457,000元，截至2020年12月31日，農科 已收取其中人民幣30,000,000元，並作為預收 款項錄入「其他應付款項及應計費用」。於該等 ， 財務報表審批日期 對方於該等物業開始清拆 前並無義務須根據補充協議清償餘下之代價人民 幣220,457,000元。

180 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

14 Property, plant and equipment（continued）

At 31 December 2020, the Group has not yet obtained the ownership certificates in respect of the buildings with a net carrying amount of $264,984,000 (2019: $538,288,000).

14 物業、廠房及設備（續）

於2020年12月31日，本集團尚未取得賬面淨值 為264,984,000元（2019年：538,288,000元） 。 之樓宇之房地產證

At 31 December 2020, certain of the Group’s land and buildings in mainland China with a net carrying amount of approximately $261,040,000 (2019: $605,816,000) were pledged to secure bank loans granted to the Group (note 30(a)).

於2020 年12 月31 日，本集團於中國大陸持有 之賬面淨值約為 261,040,000 元（2019 年： 605,816,000元）之若干土地及樓宇已抵押，作 為本集團獲授銀行貸款之擔保（附註30(a)）。

15 Prepaid land lease payments

15 預付土地租賃付款

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Carrying amount at 1 January	於1月1日之賬面值	33,884	35,763
Charge for the year	本年度支出	(1,192)	(1,141)
Exchange realignment	匯兌調整	2,157	(738)
Carrying amount at 31 December	於12月31日之賬面值	34,849	33,884
Current portion included in prepayments,	計入預付款項、訂金及其他應收款項
deposits and other receivables	之即期部份	(1,363)	(1,304)
Non-current portion	非即期部份	33,486	32,580

Prepaid land lease payments represent prepayments for land use rights in mainland China held under medium term leases.

預付土地租賃付款指根據中期租約持有之中國大 。 陸土地使用權之預付款項

16 Goodwill

16 商譽

			$’000
			千元
	Cost at 1 January 2020	於2020年1月1日之成本	358,892
	Exchange realignment	匯兌調整	23,090
	Cost and carrying amount at 31 December 2020	於2020年12月31日之成本及賬面值	381,982
	Cost at 1 January 2019	於2019年1月1日之成本	366,929
	Exchange realignment	匯兌調整	(8,037)
	Cost and carrying amount at 31 December 2019	於2019年12月31日之成本及賬面值	358,892

181

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

16 Goodwill（continued）

Impairment tests for cash-generating units containing goodwill Goodwill acquired through business combinations is primarily related to a cash-generating unit (“CGU”) engaged in property development activities. The recoverable amounts of the CGU are determined based on a value-in-use calculation using cash flow projections based on financial budgets covering a three-year period approved by the Group’s senior management. The cash flows are discounted using a discount rate of 16% (2019: 16%). The discount rates used are pre-tax and reflect specific risks relating to the relevant business.

• 16 商譽（續） 包含商譽之現金產生單位減值測試 透過業務合併所收購之商譽主要與從事物業開發 業務之一個現金產生單位（「現金產生單位」）相 關。現金產生單位之可收回金額乃按根據本集 團高級管理人員批准之三年期間財務預算使用現 。

• 金流量預測計算之使用價值釐定 現金流量採 用16%折現率（2019 年：16%）予以折現。所 採用之折現率為除稅前並反映有關業務之特殊風 險。

17 Investment properties

(a) Reconciliation of carrying amount

17 投資物業

• (a) 賬面值對賬

		Completed
		investment
		properties
	2020	at fair value
		按公允值列賬
		之已落成
	2020年	投資物業
		$’000
		千元
	Carrying amount at 1 January 2020	於2020年1月1日之賬面值 34,241,821
	Acquisition of a subsidiary	收購一間附屬公司 103,076
	Transfer from completed properties held for sale (note 18)	轉撥自持作待售之已落成物業（附註18） 12,681
	Transfer to property, plant and equipment (note 14)	轉撥至物業、廠房及設備（附註14） (6,654)
	Transfer to property under development (note 19)	轉撥至發展中物業（附註19） (180,871)
	Recognition of change in fair value upon transfer to	轉撥至投資物業後確認公允值變動
	investment properties	(1,545)
	Decrease in fair value of investment properties	投資物業公允值減少 (675,583)
	Exchange realignment	匯兌調整 2,157,945
	Carrying amount at 31 December 2020	於2020年12月31日之賬面值 35,650,870

182 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

17 Investment properties（continued）

(a) Reconciliation of carrying amount（continued）

17 投資物業（續）

(a) 賬面值對賬（續）

				Investment
			Completed	properties
			investment	under
			properties	development
	2019		at fair value	at fair value	Total
			按公允值列賬	按公允值列賬
			之已落成	之發展中
	2019年		投資物業	投資物業	總額
			$’000	$’000	$’000
			千元	千元	千元
	Carrying amount at 1 January 2019	於2019年1月1日之賬面值	26,775,311	2,367,800	29,143,111
	Additions	添置	18,572	600,220	618,792
	Transfer from property, plant and	轉撥自物業、廠房及
	equipment (note 14)	設備（附註14）	352,923	–	352,923
	Transfer from completed properties	轉撥自持作待售之已
	held for sale (note 18)	落成物業（附註18）	596,770	–	596,770
	Transfer from property under development	轉撥自發展中物業
	(note 19)	（附註19）	–	2,905,763	2,905,763
	Transfer from investment properties under	自發展中投資物業轉撥
	development to completed investment	至已落成投資物業
	properties		6,703,781	(6,703,781)	–
	Transfer to property, plant and equipment	轉撥至物業、廠房及
	(note 14)	設備（附註14）	(23,789)	–	(23,789)
	Transfer to completed properties	轉撥至持作待售之
	held for sale	已落成物業	(20,184)	–	(20,184)
	Transfer to property under development	轉撥至發展中物業
	(note 19)	（附註19）	(126,793)	–	(126,793)
	Recognition of change in fair value upon	轉撥至投資物業後確認
	transfer to investment properties	公允值變動	138,136	881,864	1,020,000
	Increase in fair value of investment	投資物業公允值增加
	properties		434,258	–	434,258
	Exchange realignment	匯兌調整	(607,164)	(51,866)	(659,030)
	Carrying amount at 31 December 2019	於2019年12月31日之
		賬面值	34,241,821	–	34,241,821

Certificates of ownership in respect of certain investment properties of the Group with a net carrying amount of approximately $2,432,494,000 as at 31 December 2020 (2019: $2,107,180,000) have not yet been issued by the relevant PRC authorities. The Group is in the process of obtaining the relevant certificates.

於 2 0 2 0 年 1 2 月 3 1 日之賬面淨值約 為 2 , 4 3 2 , 4 9 4 , 0 0 0 元（ 2 0 1 9 年 ： 2,107,180,000元）之本集團若干投資物業 尚未獲中國相關部門頒發所有權證。本集 。 團仍在辦理相關權證之手續

183

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

17 Investment properties（continued）

(a) Reconciliation of carrying amount（continued）

As at 31 December 2020, the Group’s investment properties with a net carrying value of approximately $2,438,662,000 (2019: $498,181,000) was pledged to secure bank loans granted to the Group (note 30(a)).

17 投資物業（續）

  - (a) 賬面值對賬（續）

     - 於 2 0 2 0 年 1 2 月 3 1 日 ， 本集團賬面淨 值約為 2,438,662,000 元（ 2019 年 ： 498,181,000 元）之投資物業已抵押， 作為本集團獲授銀行貸款之擔保（ 附註 30(a)）。

• (b) Fair value hierarchy

• The Group’s investment properties are situated in mainland China and are held under medium term leases. The directors of the Company have determined that the investment properties are commercial based on the nature, characteristics and risks of each property. The Group’s investment properties were revalued at 31 December 2020. The valuations were performed by JLL, an independent firm of professionally qualified property valuers who have among their staff Fellow of the Hong Kong Institute of Surveyors with recent experience in location and category of property being valued.

• (b) 公允值等級架構 ，

• 本集團之投資物業位於中國大陸 並以中 。

• 期租約持有 本公司董事已按各物業之性 、

• 質 特性及風險將投資物業釐定為商業投 資物業。本集團之投資物業於2020 年12 月31日進行重估。該等估值由獨立專業合 資格物業估值師仲量聯行（其部份員工為 ，

• 香港測量師學會資深會員 於物業之位置 及類別估值方面具備最新經驗）進行。

None of the Group’s investment properties measured at fair value are categorised as Level 1 and Level 2 input. The Group’s investment properties are at Level 3 valuation.

本集團以公允值計量之投資物業並無歸類 。 為第一層及第二層輸入值 本集團之投資 。 物業歸類為第三層估值

The Group’s property manager and the General Manager from Financial Management Department have discussion with the surveyors on the valuation assumptions and valuation results when the valuation is performed at each interim and annual reporting date.

於各中期報告日期及年度報告日期進行估 ， 值時 本集團物業經理與財務管理部門 總經理會同測量師討論估值假設及估值結 果。

184 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

17 Investment properties（continued）

(b) Fair value hierarchy（continued）

Below is a summary of the valuation techniques used and the key inputs to the valuation of investment properties:

17 投資物業（續）

(b) 公允值等級架構（續） 以下為投資物業估值所用之估值方法及主 要輸入值之概要：

	Valuation technique	Significant unobservable inputs	Range (weighted average)
	估值方法	重大不可觀察輸入值	範圍（加權平均數）
At 31 December 2020: 於2020年12月31日： Commercial properties 商業樓宇	Income Capitalisation method 收入資本化法	Capitalisation rate 資本化率	3%－7%
At 31 December 2019:
於2019年12月31日：
Commercial properties	Income Capitalisation	Capitalisation rate	2%－7%
商業樓宇	method	資本化率
	收入資本化法

Valuation techniques

The fair value of the Group’s investment properties in the mainland China is determined using income capitalisation method.

估值方法

本集團位於中國大陸之投資物業公允值採 。 用收入資本化法予以釐定

Income capitalisation method determines fair values by discounting the projected cash flows associated with the properties using capitalisation rates. The valuation takes into account expected market rental growth and vacancy rate of the respective properties. The discount rates used have been adjusted for the quality and location of the buildings and the tenant credit quality. The fair value measurement is positively correlated to the expected market rental growth, and negatively correlated to the vacancy rate and the capitalisation rates.

收入資本化法透過採用資本化率折現有關 。 物業之預測現金流量釐定公允值 有關估 值考慮到各物業之預期市場租金增長及空 置率。所用貼現率乃就樓宇的質素及地點 。 以及租戶信貸質素作出調整 公允值計量 ， 與預期市場租金增長正相關 惟與空置率 。 及資本化率負相關

185

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

17 Investment properties（continued）

• (c) Undiscounted lease payments under non-cancellable operating leases

The Group leases out investment properties under operating leases. The leases typically run for an initial period of 1 to 15 years, with an option to renew the lease after that date at which time all terms are renegotiated. Lease payments are usually increased every year to reflect market rentals. Certain leases include variable lease payment terms that are based on the revenue of tenants.

17 投資物業（續）

(c) 不可取消經營租賃之未貼現租賃付款

本集團根據經營租賃出租投資物業。租約 一般初步為期1 至15 年，並有權於到期日 續租，同時重新商討所有條款。租賃付款 一般每年增加一次，以反映市場租金。若 干租約包含基於租戶收益的可變租賃付款 。 條款

Undiscounted lease payments under non-cancellable operating leases in place at the reporting date will be receivable by the Group in future periods as follows:

本集團於未來期間應收於報告日期已訂立 之不可取消經營租賃之未貼現租賃付款如 下：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Within one year	一年內	941,786	862,152
	After one year but within five years	一年後但五年內	1,771,935	1,662,588
	After five years	五年後	90,619	170,688
			2,804,340	2,695,428

18 Completed properties held for sale

During the year ended 31 December 2020, completed properties held for sale with an aggregate carrying amount of approximately $12,681,000 (2019: $596,770,000) were transferred to investment properties upon change in use as evidenced by the signing of relevant tenancy agreements. The differences of the fair value of these properties at the date of transfer from their carrying amounts, amounting to net loss of $1,545,000 (2019: net gain of $76,915,000), was recognised in the consolidated statement of profit or loss.

18 持作待售之已落成物業

於截至2020年12月31日止年度，賬面總值約為 12,681,000元（2019 年：596,770,000 元）持 作待售之已落成物業於簽訂相關租賃協議證實用 途改變後，已轉撥至投資物業。於轉撥日期， 該等物業之公允值與其賬面值之差額為虧損淨額 1,545,000元（2019年：收益淨額76,915,000 元），已於綜合損益表內確認。

186 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

18 Completed properties held for sale（continued）

• During the year ended 31 December 2020, completed properties held for sale with an aggregate carrying amount of approximately $20,741,000 (2019: $93,662,000) were transferred to property, plant and equipment, upon change in use as evidenced by the commencement of owner-occupation.

• 18 持作待售之已落成物業（續） 於截至2020 年12 月31 日止年度，賬面總值約 為20,741,000元（2019年：93,662,000元）持 作待售之已落成物業於業主入住證實用途改變 後，已轉撥至物業、廠房及設備。

The completed properties include costs of acquiring rights to use certain lands, which are located in the mainland China, for property development over fixed periods. Land use rights are held on leases of between 40 to 70 years.

已落成物業包括於固定期限內就物業開發取得若 干位於中國大陸之土地使用權之成本。土地使 用權按租約持有，年期介乎40至70年。

19 Properties under development

19 發展中物業

		31 December	31 December
		2020	2019
		2020年	2019年
		12月31日	12月31日
		$’000	$’000
		千元	千元
Land in mainland China	於中國大陸之土地
– 50 years or more	－50年或以上	24,231,885	13,582,953
– between 10 and 50 years	－10年至50年	6,083,661	4,204,767
Development expenditure	開發支出	10,606,818	4,489,441
		40,922,364	22,277,161
Less: Write-down of properties under	減：發展中物業減值
development		(175,531)	–
		40,746,833	22,277,161

187

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

19 Properties under development（continued） Movement in properties under development during the year is as following:

19 發展中物業（續） 發展中物業於年內之變動如下：

		31 December 2020 2020年 12月31日 $’000 千元	31 December 2019 2019年 12月31日 $’000 千元
Land in mainland China, at cost: At beginning of year Additions Acquisition of a subsidiary Transfer to completed properties held for sale Transfer to investment properties (note 17) Transfer from investment properties (note 17) Exchange realignment	於中國大陸持有之土地，按成本： 年初 添置 收購一間附屬公司 轉撥至持作待售之已落成物業 轉撥至投資物業（附註17） 轉撥自投資物業（附註17） 匯兌調整		29,408,886 4,519,589 – (14,217,244) (1,584,336) 126,793 (465,968)
		17,787,720
		9,657,384
		1,173,533
		(232,193)
		–
		180,871
		1,748,231
At 31 December	於12月31日	30,315,546	17,787,720 8,817,721 5,570,480 – (8,436,860) (1,321,427) (140,473)
Development expenditure, at cost: At beginning of year Additions Acquisition of a subsidiary Transfer to completed properties held for sale Transfer to investment properties (note 17) Exchange realignment	開發支出，按成本： 年初 添置 收購一間附屬公司 轉撥至持作待售之已落成物業 轉撥至投資物業（附註17） 匯兌調整
		4,489,441
		6,740,455
		504,616
		(1,725,385)
		–
		597,691
At 31 December	於12月31日	10,606,818	4,489,441 –
Less: Write-down of properties under development	減：發展中物業減值	(175,531)
Properties under development expected to be recovered:	預期可收回之發展中物業：	40,746,833	22,277,161
Within one year After more than one year	一年內 超過一年後	11,347,777	2,181,536 20,095,625
		29,399,056
		40,746,833	22,277,161

188 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

19 Properties under development（continued）

During the year ended 31 December 2019, properties under development of $2,905,763,000 were transferred to investment properties upon change in use. The excess of the fair value of those properties at the end of transfer over their carrying amounts amounting to $881,864,000, was recognised in the consolidated statement of profit or loss. There was no such transfer in 2020.

During the year, write-down of properties under development located in Mainland China of HK$175,531,000 (2019: nil) was recognised in the Group’s consolidated statement of profit or loss due to the decrease in the estimated net realisable value of certain properties under development.

As at 31 December 2020, the Group’s properties under development with a net carrying amount of $2,972,440,000 (2019: $1,086,976,000) were pledged to secure bank loans granted to the Group (note 30(a)).

As at 31 December 2020, the application for certificates of land use rights in mainland China for land with a net carrying amount of approximately $9,453,862,000 (2019: $4,149,329,000) was still in progress.

The properties under development include costs of acquiring rights to use certain lands, which are located in the mainland China, for property development over fixed periods. Land use rights are held on leases of between 40 to 70 years.

On 26 September 2020, Shum Yip Group provided funds to Shenzhen Nongke Dongcheng Real Estate Co., Ltd., a subsidiary of the Group, to acquire a leasehold land in Shahu, Shenzhen at a consideration of RMB3,233,876,000 (equivalent to HK$3,639,081,000). At 31 December 2020, the outstanding balance was included in amount due to the ultimate holding company (see note 29(c)).

19 發展中物業（續）

於截至 2 0 1 9 年 1 2 月 3 1 日止年度 ， 2,905,763,000元之發展中物業於改變用途後轉 。 ， 撥至投資物業 於轉撥結束時 該等物業之公 允值超出其賬面值部分為881,864,000元已於綜 合損益表內確認。於2020年沒有有關轉撥。

， 年內 由於若干位於中國大陸之發展中物業的 ， 估計可變現淨值減少 故於本集團綜合損益表 內確認發展中物業減值175,531,000港元（2019 年：無）。

於 2 0 2 0 年 1 2 月 3 1 日 ， 本集團之賬面淨值 2,972,440,000 元（2019 年：1,086,976,000 元）之發展中物業已抵押，作為本集團所獲授銀 行貸款之擔保（附註30(a)）。

於 2 0 2 0 年 1 2 月 3 1 日 ， 賬面淨值約 9,453,862,000 元（2019 年：4,149,329,000 元）之於中國大陸持有之土地使用權證仍在申請 。 中

發展中物業包括於固定期限內就物業開發取得若 干位於中國大陸之土地使用權之成本。土地使 用權按租約持有，年期介乎40至70年。

於 2020 年 9 月 26 日， 深業集團向本集團附屬 公司深圳市農科東城置業有限公司提供資金用 ， 於收購位於深圳沙湖的租賃土地 代價為人民 幣3,233,876,000元（相當於3,639,081,000港 元）。於2020年12月31日，未償還結餘計入應 付最終控股公司款項（見附註29(c)）。

189

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

20 Right-of-use assets

The analysis of the net book value of the Group’s right-of-use assets by class of underlying asset at the end of the reporting period is as follows:

20 使用權資產

， 於報告期末 按相關資產類別劃分之本集團使 用權資產之賬面淨值分析如下：

				At 31 December	At 31 December
				2020	2019
				於2020年	於2019年
				12月31日	12月31日
			Note	$’000	$’000
			附註	千元	千元
	Included in“property, plant and equipment”:	計入「物業、廠房及設備」：
	Ownership interests in leasehold land	於持作自用的租賃土地及
	and buildings held for own use, carried	樓宇的所有權權益，
	at fair value	按公允值列賬	14	2,802,262	2,761,865
	Other properties leased for own use,	其他自用租賃物業，
	carried at depreciated cost	按折舊成本列賬	14	238,580	274,347
	Included in“Prepaid land lease payments”:	計入「預付土地租賃付款」：
	Prepaid land lease payments	預付土地租賃付款	15	33,486	32,580
	Included in“Investment properties”:	計入「投資物業」：
	Ownership interests in leasehold investment	於租賃投資物業的所有
	properties, carried at fair value	權權益，按公允值列賬	17	35,650,870	34,241,821
	Included in“Completed properties	計入「持作待售之
	held for sale”:	已落成物業」：
	Completed properties held for sale	持作待售之已落成物業	18	17,562,192	21,457,104
	Included in“Properties under development”:	計入「發展中物業」：
	Properties under development	發展中物業	19	30,315,546	17,787,720
				86,602,936	76,555,437

190 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

20 Right-of-use assets（continued） 20 使用權資產（續） The analysis of expense items in relation to leases recognised in profit or 於損益中確認的有關租賃之開支分析如下：

The analysis of expense items in relation to leases recognised in profit or loss is as follows:

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Depreciation charge of right-of-use assets by	按相關資產類別劃分之使用權資產之
	class of underlying asset:	折舊開支：
	Ownership interest in leasehold land and	於持作自用的租賃土地及樓宇的
	building sheld for own use	所有權權益	83,229	93,460
	Other properties leased for own use	其他自用租賃物業	44,511	33,259
	Amortisation charge of right-of-use assets by	按相關資產類別劃分之使用權資產之
	class of underlying asset:	攤銷支出：
	Prepaid land lease payments	預付土地租賃付款	1,192	1,141
	Interest on lease liabilities (note 7)	租賃負債的利息（附註7）	22,383	25,190
	Expense relating to short-term leases and	短期租賃及剩餘租期於報告期末或
	other leases with remaining lease term ending	之前屆滿之其他租賃有關之開支
	on or before the end of reporting period		7,475	7,965
	Expense relating to leases of low-value	低價值資產租賃（不包括低價值資產
	assets, excluding short-term leases of	的短期租賃）有關之開支
	low-value assets		445	155
	Variable lease payments not included in the	未計入租賃負債計量之可變租賃付款
	measurement of lease liabilities		2,811	2,085
	COVID-19-related rent concessions received	已收取與COVID-19相關的租金優惠
	(Note 2(c))	（附註2(c)）	(3,664)	–

During the year, additions to right-of-use assets were $9,701,191,000 (2019: $5,698,160,000). This amount included the purchase of a leasehold property of $9,657,384,000 (2019: $5,139,812,000), and the remainder primarily related to the capitalised lease payments payable under new tenancy agreements.

， 年內 添置至使用權資產為9,701,191,000 元 （2019 年：5,698,160,000 元）。該金額包括 購買租賃物業 9,657,384,000 元（2019 年： 5,139,812,000元），餘額主要與新訂租賃協議 。 項下資本化租賃應付款項相關

191

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

20 Right-of-use assets（continued）

Details of total cash outflow for leases, the maturity analysis of lease liabilities and the future cash outflows arising from leases that are not yet commenced are set out in notes 29(d), 31 and 39(b), respectively.

20 使用權資產（續）

、 有關租賃的現金流出總額 租賃負債的到期日 分析以及尚未開始的租賃產生的未來現金流出之 詳情分別載於附註29(d)、31及39(b)。

At 31 December 2020, the above balance includes right-of-use assets in respect of certain leasehold properties from the Group’s immediate holding company, an associate and fellow subsidiaries of $2,476,000 (2019: $9,305,000),$77,748,000 (2019: $98,824,000) and $52,202,000 (2019: $112,970,000), respectively.

於2020年12月31日，上述結餘包括來自本集團 、 直接控股公司 一間聯營公司及同系附屬公司 的若干租賃物業的使用權資產分別為2,476,000 元（2019 年：9,305,000 元）、77,748,000 元 （2019 年：98,824,000 元）及52,202,000 元 （2019年：112,970,000元）。

21 Investment in subsidiaries

The following lists contain only the particulars of subsidiaries which principally affected the results, assets or liabilities of the Group. The class of shares held is ordinary unless otherwise stated.

21 附屬公司投資

、 以下列表僅包含對本集團業績 資產或負債有 。 ， 主要影響力之附屬公司詳情 除另有說明外 。 所持股份類別均為普通股

				Proportion of
				effective
		Place of		ownership
		incorporation/	Particulars of	interest
		registration and	issued/	held by	Principal
		business	paid up capital	the Group	activities
				本集團持有
		註冊成立╱註冊及營	已發行╱	實際所有權
		業地點	繳足股本之詳情	權益之百分比	主要業務
	Shum Yip Southern Land (Holdings)	PRC/mainland China	$1,702,500,000	100%	Property investment
	Co., Ltd. (note a/b/e)				and development
	深業南方地產（集團）有限公司	中國╱中國大陸	1,702,500,000元	100%	物業投資及開發
	（附註a/b/e）
	Shum Yip Terra (Holdings) Co., Ltd.	PRC/mainland China	RMB800,000,000	75.05%	Property investment
	(“Shum Yip Terra”) (note a/d/e/f)				and development
	深業泰然（集團）股份有限公司	中國╱中國大陸	人民幣800,000,000元	75.05%	物業投資及開發
	（「深業泰然」）（附註a/d/e/f）
	Shum Yip Pengji Holdings Co., Ltd.	PRC/mainland China	RMB1,042,050,000	100%	Property investment
	(note a/b/e)				and development
	深業鵬基（集團）有限公司（附註a/b/e）	中國╱中國大陸	人民幣1,042,050,000元	100%	物業投資及開發
	Shum Yip Investment (Shenzhen) Co., Ltd.	PRC/mainland China	US$710,000,000	100%	Investment Holding
	(note a/b/e)
	深業控股（深圳）有限公司（附註a/b/e）	中國╱中國大陸	710,000,000美元	100%	投資控股

192 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

21 Investment in subsidiaries （continued）

21 附屬公司投資（續）

				Proportion of
				effective
		Place of		ownership
		incorporation/	Particulars of	interest
		registration and	issued/	held by	Principal
		business	paid up capital	the Group	activities
				本集團持有
		註冊成立╱註冊及營	已發行╱	實際所有權
		業地點	繳足股本之詳情	權益之百分比	主要業務
	Shenzhen Terra Construction Co., Ltd.	PRC/mainland China	RMB30,000,000	75.05%	Manufacture and sale of
	(note a/c)				aluminum products
	深圳市深業泰然建設工程有限公司	中國╱中國大陸	人民幣30,000,000元	75.05%	生產及銷售鋁製品
	（附註a/c）
	Shum Yip TaiFu Logistic Group Holding Co.,	PRC/mainland China	RMB323,799,552	97.68%	Operation of warehouses
	Ltd. (note a/c)				and property
					development
	深業泰富物流集團股份有限公司（附註a/c）	中國╱中國大陸	人民幣323,799,552元	97.68%	經營貨倉及物業開發
	Shenzhen Pengji Property Management	PRC/mainland China	RMB22,245,904	100%	Property management
	Services Limited (note a/c)
	深圳市鵬基物業管理服務有限公司	中國╱中國大陸	人民幣22,245,904元	100%	物業管理
	（附註a/c）
	Shum Yip (Shenzhen) Property	PRC/mainland China	RMB30,000,000	100%	Property management
	Management Limited (note a/c)
	深業集團（深圳）物業管理有限公司	中國╱中國大陸	人民幣30,000,000元	100%	物業管理
	（附註a/c）
	Shum Yip Land Company Limited	PRC/mainland China	RMB1,807,600,000	100%	Property development
	(note a/c)
	深業置地有限公司（附註a/c）	中國╱中國大陸	人民幣1,807,600,000元	100%	物業開發
	Great Assets Development (Shenzhen) Ltd.	PRC/mainland China	US$100,744,000	95%	Property development
	(note b)
	新旺實業發展（深圳）有限公司（附註b）	中國╱中國大陸	100,744,000美元	95%	物業開發
	Shenzhen Kezhigu Investment Limited	PRC/mainland China	RMB784,528,950	100%	Property development
	(notes a/c)				and property
					investment
	深圳市科之谷投資有限公司（附註a/c）	中國╱中國大陸	人民幣784,528,950元	100%	物業開發及物業投資

193

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

21 Investment in subsidiaries （continued）

21 附屬公司投資（續）

				Proportion of
				effective
		Place of		ownership
		incorporation/	Particulars of	interest
		registration and	issued/	held by	Principal
		business	paid up capital	the Group	activities
				本集團持有
		註冊成立╱註冊及營	已發行╱	實際所有權
		業地點	繳足股本之詳情	權益之百分比	主要業務
	Shenzhen Nongke Holdings Company	PRC/mainland China	RMB200,000,000	100%	Investment holding,
	Limited (note a/c)				property investment
					and property
					management
	深圳市農科集團有限公司（附註a/c）	中國╱中國大陸	人民幣200,000,000元	100%	投資控股、物業投資
					及物業管理
	Shenzhen Nongke Property Development	PRC/mainland China	RMB30,000,000	100%	Property development
	Limited (“Nongke”) (note a/c)				and property
					investment
	深圳市農科房地產開發有限公司（「農科」）	中國╱中國大陸	人民幣30,000,000元	100%	物業開發及物業投資
	（附註a/c）
	Shenzhen Shum Yip Sky Park Co., Ltd	PRC/mainland China	RMB100,000,000	100%	Property development
	(note a/c)
	深圳市深業中城有限公司（附註a/c）	中國╱中國大陸	人民幣100,000,000元	100%	物業開發
	Shenzhen International Qianhai Real Estate	PRC/mainland China	RMB10,000,000	50%	Property development
	(Shenzhen) Co., Ltd (“SIQ Real Estate”)				and property
	(note a/c/g)				investment
	深國際前海置業（深圳）有限公司	中國╱中國大陸	人民幣10,000,000元	50%	物業開發及物業投資
	（「前海置業」）（附註a/c/g）
	Maanshan Shum Yip Property Limited	PRC/mainland China	RMB70,000,000	99.77%	Property development
	(note a/c)
	馬鞍山深業地產有限公司（附註a/c）	中國╱中國大陸	人民幣70,000,000元	99.77%	物業開發
	Shenzhen Shum Yip Shenheng Investment	PRC/mainland China	RMB10,000,000	100%	Business services
	Co. Ltd (note a/c)
	深圳市深業深恒投資有限公司（附註a/c）	中國╱中國大陸	人民幣10,000,000元	100%	業務服務
	Shum Yip Southern Land Property Limited	PRC/mainland China	RMB50,000,000	100%	Property development
	(note a/c)
	惠州深業南方地產有限公司（附註a/c）	中國╱中國大陸	人民幣50,000,000元	100%	物業開發

194 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

21 Investment in subsidiaries （continued）

21 附屬公司投資（續）

				Proportion of
				effective
		Place of		ownership
		incorporation/	Particulars of	interest
		registration and	issued/	held by	Principal
		business	paid up capital	the Group	activities
				本集團持有
		註冊成立╱註冊及營	已發行╱	實際所有權
		業地點	繳足股本之詳情	權益之百分比	主要業務
	Foshan Shunde Shum Yip Property Limited.	PRC/mainland China	RMB20,000,000	100%	Property development
	(note a/c)
	佛山市順德區深業房地產有限公司	中國╱中國大陸	人民幣20,000,000元	100%	物業開發
	（附註a/c）
	Shum Yip Land (Guangzhou) Co, Ltd.	PRC/mainland China	RMB50,000,000	100%	Property development
	(note a/c)
	深業置地（廣州）有限公司（附註a/c）	中國╱中國大陸	人民幣50,000,000元	100%	物業開發
	Hunan Shum Yip Land Pengxing Land	PRC/mainland China	RMB10,000,000	100%	Property development
	Co, Ltd. (note a/c)
	湖南深業鵬興置業有限公司（附註a/c）	中國╱中國大陸	人民幣10,000,000元	100%	物業開發
	Dongguan Shum Yip Songshan Lake Land	PRC/mainland China	RMB10,000,000	100%	Property development
	Co, Ltd. (note a/c)
	東莞市深業松山湖置業有限公司（附註a/c）	中國╱中國大陸	人民幣10,000,000元	100%	物業開發
	Shenzhen Nongke East City Real Estate	PRC/mainland China	RMB10,000,000	100%	Property management
	Co, Ltd. (note a/c)
	深圳市農科東城置業有限公司（附註a/c）	中國╱中國大陸	人民幣10,000,000元	100%	物業管理
	Shenzhen Shum Yip Technology	PRC/mainland China	US$2,000,000	100%	Professional technical
	Development Co, Ltd. (note a/b)				service
	深圳市深業科技開發有限公司（附註a/b）	中國╱中國大陸	2,000,000美元	100%	專業技術服務

195

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

21 Investment in subsidiaries （continued）

Notes:

• a. The English translation of the company’s name is for reference only. The official name of the company is in Chinese.

• b. Established in the PRC as a wholly-foreign-owned enterprise

• c. Established in the PRC as a domestic enterprise with limited liability

• d. Established in the PRC as a Sino-foreign joint venture enterprise

• e. Subsidiaries directly held by the Company f. As at 31 December 2020, the Group’s effective interest (including equity interest both directly and indirectly by the Company) in Shum Yip Terra was 75.05%.

• g. Although the Group’s effective ownership interest in this company was equal to or less than 50%, the management considers that the Group controls this company through more than 50% voting power in the board or shareholders’ meeting of this company and therefore this company is accounted for as subsidiary of the Group.

21 附屬公司投資（續）

附註：

• a. 公司之英文譯名僅供參考。公司之正式名稱 為中文。

• b. 於中國成立為外商獨資企業 c. 於中國成立為國內有限責任企業 d. 於中國成立為中外合營企業 e. 由本公司直接持有之附屬公司 f. 於 2020 年 12 月 31 日，本集團於深業泰然之 實際權益（包括由本公司直接及間接持有之 股本權益）為75.05%。

• g. 儘管本集團於該公司的實際所有權權益等於 或少於50%，管理層認為本集團透過於該公 司的董事會或股東大會擁有50%以上的投票 權控制該公司，因此，該公司作為本集團的 附屬公司入賬。

The following tables lists out the information of the subsidiaries of the Group which has a material non-controlling interest (NCI). The summarised financial information presented below represents the amounts before any inter-company elimination.

下表列出本集團擁有重大非控股權益之附屬公司 。 之資料 下文呈列之財務資料摘要乃指未作任 。 何成員公司間對銷之金額

Shum Yip Terra

深業泰然

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
NCI percentage	非控股權益百分比	24.95%	24.95%
Current assets	流動資產	9,860,760	7,744,483
Non-current assets	非流動資產	9,151,054	8,774,285
Current liabilities	流動負債	(7,714,557)	(7,052,823)
Non-current liabilities	非流動負債	(2,161,688)	(1,308,424)
Net assets	資產淨值	9,135,569	8,157,521
Carrying amount of NCI	非控股權益之賬面值	2,279,324	2,035,301
Revenue	收益	1,319,054	1,508,821
Profit for the year	年內溢利	656,533	851,711
Total comprehensive income	全面收益總額	1,249,948	640,381
Profit allocated to NCI	分配予非控股權益之溢利	163,805	212,502
Dividend declared to NCI	宣派予非控股權益之股息	67,839	120,109
Cash flows generated from operating activities	經營活動所得之現金流量	1,390,350	505,332
Cash flows generated from investing activities	投資活動所得之現金流量	5,861	140,684
Cash flows used in financing activities	融資活動所用之現金流量	(1,730,886)	(168,181)

196

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

21 Investment in subsidiaries （continued） SIQ Real Estate

21 附屬公司投資（續） 前海置業

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
NCI percentage	非控股權益百分比	50.00%	50.00%
Current assets	流動資產	8,446,057	4,782,415
Non-current assets	非流動資產	25,817	272
Current liabilities	流動負債	(5,856,029)	(2,186,766)
Non-current liabilities	非流動負債	–	(125,551)
Net assets	資產淨值	2,615,845	2,470,370
Carrying amount of NCI	非控股權益之賬面值	1,307,923	1,235,185
Revenue	收益	23,886	2,897
Loss for the year	年內虧損	(12,908)	(26,500)
Total comprehensive income	全面收益總額	145,475	(81,919)
Loss allocated to NCI	分配予非控股權益之虧損	(6,454)	(13,250)
Dividend paid to NCI	支付予非控股權益之股息	–	–
Cash flows generated from operating activities	經營活動所得之現金流量	2,461,317	1,526,988
Cash flows used in investing activities	投資活動所用之現金流量	(3,825,061)	(41)
Cash flows (used in)/generated from	融資活動（所用）╱所得之
financing activities	現金流量	(132,661)	131,825

197

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

22 Interests in associates

22 於聯營公司權益

				2020	2019
				2020年	2019年
				$’000	$’000
				千元	千元
	Unlisted	非上市		167,488	206,708
	Listed in Hong Kong	於香港上市		6,485,473	5,928,803
	Provision for impairment*	減值撥備*		(816,000)	(816,000)
				5,836,961	5,319,511
*	The provision for impairment is related to the Company’s interest in Coastal		*	減值撥備與本公司於沿海綠色家園有限公
	Greenland Limited. In respect of the Group’s interest in Road King Infrastructure			司之投資有關。就本集團於路勁基建有限公
	Ltd. (“Road King”), the board of directors consider there is no impairment after			司（「路勁」）之權益而言，經考慮該權益之
	considering the fact that there were no	significant or prolonged decline in its fair		公允值並無嚴重或經常性下跌至低於其成本
	value below its cost.			後，董事會認為並無減值。

Particulars of the material associate, which is accounted for using the equity method in the consolidated financial statements, are as follows:

使用權益法於綜合財務報表入賬之主要聯營公司 詳情如下：

		Place of	Issued	Proportion of	Proportion of
		incorporation/	ordinary/	effective
	Business	registration and	registered	ownership interest
Name	structure	business	share capital	held by the Group		Principal activities
		註冊成立╱註冊及	已發行普通╱	本集團所實際持有所有
名稱	業務架構	營業地點	註冊股本	權權益百分比		主要業務
				2020	2019
				2020年	2019年
Road King	Corporate	Bermuda/	749,336,566	27.00	27.00	Development, operation
		mainland China	ordinary shares			and management of
			of $0.1 each			toll roads and property
						development and
						investment
路勁	公司	百慕達╱中國大陸	749,336,566股	27.00	27.00	發展營運及管理收費公路
			每股面值0.1元之			以及物業開發及投資
			普通股

198

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

22 Interests in associates（continued）

Road King is a limited liability company incorporated in Bermuda and its ordinary shares with a nominal value of $0.10 each are listed on the Main Board of the Stock Exchange of Hong Kong Limited. The principal location of Road King’s business is mainland China.

22 於聯營公司權益（續）

• ，

• 路勁乃於百慕達註冊成立之有限責任公司 其 每股面值0.10元之普通股在香港聯合交易所有限 公司主板上市。路勁之主要營業地點為中國大 陸。

The associate is not audited by KPMG, Hong Kong or another member firm of the KPMG global network.

聯營公司並未經香港畢馬威會計師事務所或該事 。 務所其他全球會員公司審核

The Group’s shareholdings in the associates comprise equity shares held by the Company, except for Road King, the shareholdings of which are held through a wholly-owned subsidiary of the Company.

本集團於聯營公司之股權包括本公司持有之權益 ， ， 股份 除路勁之外 該公司之股權乃透過本公 。 司之全資附屬公司持有

The following table sets out the summarised financial information in respect of Road King adjusted for any differences in accounting policies, and reconciled to the carrying amount in the consolidated financial statements:

， 下表列示財務資料摘要 乃有關路勁就任何會 計政策差異作出調整並對賬調整至綜合財務報表 內之賬面值：

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Current assets 流動資產 71,973,077 Non-current assets 非流動資產 31,307,758 Current liabilities 流動負債 (44,274,881) Non-current liabilities 非流動負債 (25,964,152)	64,923,667 25,758,960 (39,096,002) (23,022,608)
Net assets 資產淨值 33,041,802 Less: Non-controlling interests 減：非控股權益 12,114,009	28,564,017 9,697,968
Net assets attributable to equity shareholders of the associate 聯營公司權益股東應佔資產淨值 20,927,793	18,866,049
Reconciliation to the Group’s interest in the associate: 對賬調整至本集團於聯營公司之權益： Proportion of the Group’s ownership 本集團所有權之比例 27.00% Carrying amount of the investment 投資之賬面值 5,650,504	27.00% 5,093,833
Revenue 收益 24,196,103 Profit for the year 年內溢利 2,783,596 Other comprehensive income 其他全面收益 1,311,821 Total comprehensive income for the year 年內全面收益總額 4,095,417 Dividend received from Road King 已收路勁之股息 218,521	21,494,796 3,676,626 (767,495) 2,909,131 238,754

199

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 22 Interests in associates（continued）

The following table sets out the aggregate financial information of the Group’s other associates that are not individually material:

22 於聯營公司權益（續） 下表列示本集團個別不重要之其他聯營公司之合 計財務資料：

	2020	2019
	2020年	2019年
	$’000	$’000
	千元	千元
Share of the associates’profit for the year and	分佔聯營公司之年內溢利及全面收益
total comprehensive income	總額 10,146	9,395
Aggregate carrying amount of the Group’s	本集團於聯營公司之投資賬面總值
investments in the associates	186,457	206,708

As at 31 December 2020, the fair value of interests in associates whose shares are listed in Hong Kong was $2,046,653,000 (2019: $3,124,666,000).

於2020年12月31日，於股份在香港上市的聯營 公司的權益之公允值為2,046,653,000元（2019 年：3,124,666,000元）。

On 3 August 2020, Shenzhen Nongke Holdings Company Limited (“Nongke Holdings”), a wholly-owned subsidiary of the Group, and Shenzhen Shumyip Jinsui Bio Technology Co., Ltd. (“Shumyip Jinsui”), a wholly-owned subsidiary of Shum Yip Group, entered in an equity transfer agreement pursuant to which Nongke Holdings agreed to sell the 16% equity interest of Shenzhen Space Technology Co., Ltd. it held to Shumyip Jinsui for a consideration of RMB42.87 million, recognizing HK$3,017,000 in profit.

於 2020 年 8 月 3 日，深圳市農科集團有限公司 （「農科集團」，本集團之全資附屬公司）與深圳 市深業金穗生物科技有限公司（「深業金穗」， ， 深業集團之全資附屬公司）訂立股權轉讓協議 ， 據此 農科集團同意向深業金穗出售其持有之 深圳太空科技有限公司16%股權，代價為人民 幣42.87百萬元，錄得3,017,000港元盈利。

23 Interests in joint ventures

23 於合營公司權益

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Unlisted	非上市	8,060,608	6,811,843

200

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued） 23 於合營公司權益（續） Particulars of the Group’s material joint ventures, which is accounted for 使用權益法於綜合財務報表入賬之本集團之主要 using the equity method in the consolidated financial statements, are as 合營公司詳情如下： follows:

Name Nominal value of registered capital Place of registration and business 名稱 註冊資本面值 註冊及營業地點	Percentage of 所佔之百分比 Ownership interest Voting power Profit sharing Principal activities 所有權權益 投票權 溢利分享 主要業務
Shenzhen Langtong Property Development Company Limited (“Langtong”) RMB100,000,000 PRC/ mainland China 深圳市朗通房地產開發有限公司 （「朗通」） 人民幣100,000,000元 中國╱中國大陸 Shenzhen Tianan Cyber Park (Group) Company Limited (“Tianan”) US$62,000,000 PRC/ mainland China 天安數碼城（集團）有限公司 （「天安」） 62,000,000美元 中國╱中國大陸 Taizhou Shum Yip Investment Development Limited (“Taizhou Shum Yip”) RMB100,000,000 PRC/ mainland China 泰州市深業投資發展有限公司 （「泰州深業」） 人民幣100,000,000元 中國╱中國大陸 Shum King Company Limited (“Shum King”) HK$2 Hong Kong 深勁有限公司（「深勁」） 2港元 香港 Guangzhou Pik Sum Real Estate Development Company Limited (“Pik Sum”) RMB69,832,402 PRC/ mainland China 廣州碧森房地產開發有限公司 （「碧森」） 人民幣69,832,402元 中國╱中國大陸	50 50 50 Property development and property investment 50 50 50 物業開發及物業投資 37.53 50 37.53 Property investment and development 37.53 50 37.53 物業投資及開發 51 50 51 Provision of land development service 51 50 51 提供土地開發服務 50 50 50 Property development and property investment 50 50 50 物業開發及物業投資 14.28 14.28 14.28 Property development and property investment 14.28 14.28 14.28 物業開發及物業投資
天安50%所有權權益由一間本集團持股 75.05%之非全資附屬公司深業泰然（集 團）股份有限公司（「深業泰然」）持有。因 此，本集團實際所有權權益及溢利分攤佔 37.53%。 於2018年2月9日，本集團與廣州碧森房 地產開發有限公司（「碧森」）訂立投資協 議，透過注資人民幣9,972,000元（相當於 11,381,000元）共同控制碧森參與廣州番禺 之一項物業開發項目。儘管本集團於碧森之 實際所有權權益僅佔14.28%，但所有有關碧 森重大營運、財務及投資活動之決策均需享 有控制權之訂約方作出一致同意，因此，碧 森按本集團合營公司入賬。 The 50% ownership interest in Tianan is held by Shum Yip Terra (Holdings) Company Limited (“Shum Yip Terra”), a 75.05% non-wholly owned subsidiary of the Group. Therefore, the Group’s effective ownership interest and profit sharing is 37.53%. ** On 9 February 2018, the Group entered into investment agreements with Guangzhou Pik Sum Real Estate Development Company Limited (“Pik Sum”) by contributing RMB9,972,000 (equivalent to $11,381,000) for joint control of Pik Sum to engage in a property development project in Panyu, Guangzhou. Although the Group’s effective ownership interests in Pik Sum was only 14.28%, all the decisions about significant operating, financing and investing activities of Pik Sum require the unanimous consent of the parties sharing control and as such, Pik Sum is accounted for as a joint venture of the Group.

201

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued）

All the joint ventures in which of the Group participates, are unlisted corporate entities whose quoted market prices are not available.

23 於合營公司權益（續） 本集團參與其中之所有合營公司均為非上市企業 ， 。 實體 並無市場報價

The following table sets out the summarised financial information in respect of Langtong adjusted for any differences in accounting policies and reconciled to the carrying amount in the financial statements:

， 下表列示財務資料摘要 乃有關朗通就任何會 計政策差異作出調整並對賬調整至財務報表內之 賬面值：

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
	Current assets	流動資產 1,014,891	1,726,530
	Non-current assets	非流動資產 2,235,628	1,765,692
	Current liabilities	流動負債 (686,517)	(666,825)
	Non-current liabilities	非流動負債 (108,802)	(119,467)
	Net assets	資產淨值 2,455,200	2,705,930
	Included in the above assets and liabilities:	計入上述資產及負債：
	Cash and cash equivalents	現金及現金等價物 722,958	499,534
	Revenue	收益 418,354	3,767,068
	Profit for the year	年內溢利 46,856	1,244,721
	Total comprehensive income for the year	年內全面收益總額 46,856	1,244,721
	Dividend received from Langtong	已收朗通之股息 225,060	–
	Included in the above profit:	計入上述溢利：
	Depreciation and amortisation	折舊及攤銷 (5,694)	(258)
	Interest income	利息收入 18,148	55,560
	Interest expense	利息開支 –	–
	Income tax expense	所得稅開支 (15,553)	(415,135)
	Reconciliation to the Group’s interest in	對賬調整至本集團於合營公司之權益：
	the joint venture:
	Proportion of the Group’s ownership	本集團所有權之比例 50%	50%
	Group’s share of net assets of the joint venture	本集團分佔合營公司資產淨值 1,227,600	1,352,965
	Goodwill on acquisition recognised by the Group	本集團確認之收購商譽 6,116	6,116
	Carrying amount of the investment	投資之賬面值 1,233,716	1,359,081

202

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued） 23 於合營公司權益（續） ， The following table sets out the summarised financial information in respect 下表列示財務資料摘要 乃有關天安就任何會 of Tianan adjusted for any differences in accounting policies, and reconciled 計政策差異作出調整並對賬調整至綜合財務報表 to the carrying amount in the consolidated financial statements: 內之賬面值：

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Current assets 流動資產 18,708,539 Non-current assets 非流動資產 9,719,766 Current liabilities 流動負債 (11,461,106) Non-current liabilities 非流動負債 (8,178,372)	15,072,926 8,547,217 (9,570,817) (6,457,283)
Net assets 資產淨值 8,788,827 Less: Non-controlling interests 減：非控股權益 267,913	7,592,043 266,903
Net assets attributable to equity shareholders of the joint venture 合營公司權益股東應佔資產淨值 8,520,914	7,325,140
Included in the above assets and liabilities: 計入上述資產及負債： Cash and cash equivalents 現金及現金等價物 2,476,671 Current financial liabilities (excluding trade and other payables and provisions) 流動金融負債（不包括應付賬款及 其他應付款項及撥備） (3,294,496) Non-current financial liabilities (excluding trade and other payables and provisions) 非流動金融負債（不包括應付賬款及 其他應付款項及撥備） (5,020,610) Revenue 收益 3,280,218 Profit for the year 年內溢利 651,830 Total comprehensive income for the year 年內全面收益總額 651,830 Dividend received from Tianan 已收天安之股息 –	2,676,250 (3,095,141) (4,716,805) 3,466,583 928,150 928,150 –
Included in the above profit: 計入上述溢利： Depreciation and amortisation 折舊及攤銷 (26,608) Interest income 利息收入 95,770 Interest expense 利息開支 (283,029) Income tax expense 所得稅開支 (238,923) Reconciliation to the Group’s interest in the joint venture: 對賬調整至本集團於合營公司之權益： Proportion of the Group’s ownership 本集團所有權之比例 50% Group’s share of net assets of the joint venture 本集團分佔合營公司資產淨值 4,260,457 Loan to the joint venture 給予合營公司之貸款 178,230	(22,583) 13,290 (76,616) (377,603) 50% 3,662,570 167,445
Carrying amount of the investment 投資之賬面值 4,438,687	3,830,015

• In accordance with the terms of the joint venture agreement, the loan is unsecured, interest free and subordinated to the other financing obtained by the joint venture. Accordingly, the shareholder’s loan forms an integral part of the Group’s equity investment in the joint venture and is recognised as such.

• 根據合營公司協議條款，該等貸款為無抵 押、免息及後償於合營公司取得之其他融 資。因此，股東貸款構成本集團於合營公司 之股權投資之組成部份並按此確認。

203 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued）（continued）continued）） 23 於合營公司權益（續） ， The following table sets out the summarised financial information in respect 下表列示財務資料摘要 乃有關泰州深業就任 of Taizhou Shum Yip adjusted for any differences in accounting policies and 何會計政策差異作出調整並對賬調整至財務報表 reconciled to the carrying amount in the financial statements: 內之賬面值：

23 Interests in joint ventures（continued）（continued）continued））

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
	Current assets	流動資產 3,080,095	2,652,127
	Non-current assets	非流動資產 3,170,909	2,714,794
	Current liabilities	流動負債 (2,530,377)	(3,174,877)
	Non-current liabilities	非流動負債 (2,126,878)	(1,942,362)
	Net assets	資產淨值 1,593,749	249,682
	Included in the above assets and liabilities:	計入上述資產及負債：
	Cash and cash equivalents	現金及現金等價物 836,299	383,528
	Current financial liabilities (excluding trade and	流動金融負債（不包括應付賬款及
	other payables and provisions)	其他應付款項及撥備） (147,812)	(357,535)
	Non-current financial liabilities (excluding trade	非流動金融負債（不包括應付賬款及
	and other payables and provisions)	其他應付款項及撥備） (2,126,878)	(1,942,362)
	Revenue	收益 1,465,108	811,592
	Profit for the year	年內溢利 244,916	226,917
	Total comprehensive income for the year	年內全面收益總額 244,916	226,917
	Dividend received from Taizhou Shum Yip	已收泰州深業之股息 –	102,241
	Included in the above profit:	計入上述溢利：
	Depreciation and amortisation	折舊及攤銷 (212)	(225)
	Interest income	利息收入 –	–
	Interest expense	利息開支 (58,316)	(83,445)
	Income tax expense	所得稅開支 (95,921)	(75,639)
	Reconciliation to the Group’s interest in	對賬調整至本集團於合營公司之權益：
	the joint venture:
	Proportion of the Group’s ownership	本集團所有權之比例 51%	51%
	Carrying amount of the investment	投資之賬面值 812,812	127,338

204

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued） 23 於合營公司權益（續） ， The following table sets out the summarised financial information in respect 下表列示財務資料摘要 乃有關深勁就任何會 of Shum King adjusted for any differences in accounting policies and 計政策差異作出調整並對賬調整至財務報表內之 reconciled to the carrying amount in the financial statements: 賬面值：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Current assets	流動資產	3,909,757	3,630,574
	Current liabilities	流動負債	(38,196)	(30,824)
	Non-current liabilities	非流動負債	(3,891,651)	(3,614,822)
	Net liabilities	負債淨值	(20,090)	(15,072)
	Included in the above assets and liabilities:	計入上述資產及負債：
	Cash and cash equivalents	現金及現金等價物	31,540	9,135
	Current financial liabilities (excluding trade and	流動金融負債（不包括應付賬款及
	other payables and provisions)	其他應付款項及撥備）	–	–
	Non-current financial liabilities (excluding trade	非流動金融負債（不包括應付賬款及
	and other payables and provisions)	其他應付款項及撥備）	(3,891,652)	(3,614,822)
	Revenue	收益	–	–
	Loss for the year	年內虧損	(5,018)	(3,153)
	Total comprehensive income for the year	年內全面收益總額	(5,018)	(3,153)
	Dividend received from Shum King	已收深勁之股息	–	–
	Included in the above loss:	計入上述虧損：
	Depreciation and amortisation	折舊及攤銷	–	–
	Interest income	利息收入	151	64
	Interest expense	利息開支	–	–
	Income tax expense	所得稅開支	–	–
	Reconciliation to the Group’s interest in	對賬調整至本集團於合營公司之權益：
	the joint venture:
	Proportion of the Group’s ownership	本集團所有權之比例	50%	50%
	Group’s share of net assets of the joint venture	本集團分佔合營公司資產淨值	(10,045)	(7,536)
	Loan to the joint venture*	給予合營公司之貸款*	1,224,426	1,115,825
	Carrying amount of the investment	投資之賬面值	1,214,381	1,108,289

• In accordance with the terms of the joint venture agreement, both parties to the joint venture have provided loan capital to the joint venture in proportion to their shareholdings and under equal terms. Accordingly, the shareholder’s loan forms an integral part of the Group’s equity investment in the joint venture and is recognised as such.

• 根據合營公司協議條款，合營公司雙方已按 彼等之持股比例及根據同等條款向合營公司 提供貸款。因此，股東貸款構成本集團於合 營公司之股權投資之組成部份並按此確認。

205 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued）

The following table sets out the summarised financial information in respect of Pik Sum adjusted for any differences in accounting policies and reconciled to the carrying amount in the financial statements:

23 於合營公司權益（續） ， 下表列示財務資料摘要 乃有關碧森就任何會 計政策差異作出調整並對賬調整至財務報表內之 賬面值：

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Current assets 流動資產 6,985,471 Non-current assets 非流動資產 254 Current liabilities 流動負債 (4,086,560) Non-current liabilities 非流動負債 (2,740,096)	6,518,076 15,276 (3,793,739) (2,712,330)
Net assets 資產淨值 159,069	27,283
Included in the above assets and liabilities: 計入上述資產及負債： Cash and cash equivalents 現金及現金等價物 787,836 Current financial liabilities (excluding trade and other payables and provisions) 流動金融負債（不包括應付賬款及 其他應付款項及撥備） – Non-current financial liabilities (excluding trade and other payables and provisions) 非流動金融負債（不包括應付賬款及 其他應付款項及撥備） (2,740,096) Revenue 收益 1,013,005 Profit/(Loss) for the year 年內溢利╱（虧損） 123,146 Total comprehensive income for the year 年內全面收益總額 123,146 Dividend received from Pik Sum 已收碧森之股息 –	690,191 – (2,712,330) 1,036 (45,945) (45,945) –
Included in the above loss: 計入上述虧損： Depreciation and amortisation 折舊及攤銷 (124) Interest income 利息收入 2,063 Interest expense 利息開支 (13,645) Income tax expense 所得稅開支 (41,067) Reconciliation to the Group’s interest in the joint venture: 對賬調整至本集團於合營公司之權益： Proportion of the Group’s ownership 本集團所有權之比例 14.28% Group’s share of net assets of the joint venture 本集團分佔合營公司資產淨值 22,715 Loan to the joint venture 給予合營公司之貸款 54,288	(126) 2,085 (13,789) (15,315) 14.28% 3,896 130,473
Carrying amount of the investment 投資之賬面值 77,003	134,369

• In accordance with the terms of the joint venture agreement, both parties to the joint venture have provided loan capital to the joint venture in proportion to their shareholdings and under equal terms. Accordingly, the shareholder’s loan forms an integral part of the Group’s equity investment in the joint venture and is recognised as such.

• 根據合營公司協議條款，合營公司雙方已按 彼等之持股比例及根據同等條款向合營公司 提供貸款。因此，股東貸款構成本集團於合 營公司之股權投資之組成部份並按此確認。

206

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

23 Interests in joint ventures（continued）（continued）continued）） 23 於合營公司權益（續） The following table sets out the aggregate financial information of the 下表列示本集團個別不重要之合營公司之合計財 Group’s joint ventures that are not individually material: 務資料：

23 Interests in joint ventures（continued）（continued）continued））

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Share of the joint ventures’profit for the year	分佔合營公司年內溢利	20,669	59,855
Aggregate carrying amount of the Group’s	本集團於合營公司之投資賬面總值
investments in the joint ventures		284,009	252,751

207

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

24 Other financial assets

24 其他金融資產

31 December 2020 2020年 12月31日 $’000 千元	31 December 2019 2019年 12月31日 $’000 千元
Current: 流動： Financial assets measured at FVPL 透過損益按公允值計算之金融資產 – Listed equity investments in Hong Kong －於香港之上市股權投資 1,982 Financial assets measured at amortised cost 按攤銷成本計量之金融資產 – Finance lease receivables due within one year －於一年內到期之融資租賃應收款項 36,005 Less: Loss allowance 減：損失撥備 (721)	2,367 29,296 (568)
35,284	28,728
37,266	31,095
Non-current: 非流動： Financial assets measured at FVPL 透過損益按公允值計算之金融資產 – Listed equity investments in mainland China －於中國大陸之上市股權投資 26,935 – Unlisted equity investments in mainland China (note a) － 於中國大陸之非上市股權投資 （附註a） 6,737,000 – Derivative financial instrument (note a) －衍生金融工具（附註a） –	31,801 6,191,000 597,221
6,763,935 Equity securities designated at FVOCI (non-recycling) 指定為透過其他全面收益按公允值 計算之股本證券（不可撥回） – Unlisted equity investments in mainland China －於中國大陸之非上市股權投資 3,989 Financial assets measured at amortised cost 按攤銷成本計量之金融資產 – Finance lease receivables －融資租賃應收款項 122,746 – Other long-term assets (note b) －其他長期資產（附註b） 752,984 Less: Loss allowance 減：損失撥備 (37,406)	6,820,022 3,748 144,210 2,157,680 (88,727)
838,324	2,213,163
7,606,248	9,036,933

208 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

24 Other financial assets（continued）

Notes:

• a. The balance mainly represented the Group’s equity investment and derivative financial instruments arising from Hengda Real Estate Group Company Limited and its controlling parities (“Hengda Investments”) of $6,737,000,000 (2019: $6,788,221,000), the details of which are set out below:

On 31 May 2017, 28 June 2017 and 6 November 2017, the Group entered into investment agreements (“Investment Agreements”) with Guangzhou Kailong Real Estate Company Limited (“Kailong Real Estate”), Hengda Real Estate, both of which are subsidiaries of China Evergrande Group, and Mr. Hui Ka Yan (“Mr. Hui”, a director and controlling shareholder of China Evergrande Group). Pursuant to the Investment Agreements, the Group agreed to contribute RMB5,500,000,000 (equivalent to $6,337,100,000) to the capital of Hengda Real Estate for acquisition of approximately 2.0522% of the enlarged equity interest of Hengda Real Estate at the date of contribution, which was subsequently diluted to 1.7626% of the enlarged equity interest of Hengda Real Estate after the capital contributions from other investors in November 2017.

Hengda Real Estate is undergoing a major assets reorganisation such that Kailong Real Estate, as the holding company of Hengda Real Estate, will become the controlling shareholder of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd., a company listed on the Shenzhen Stock Exchange, after the major assets reorganisation (“Proposed Reorganisation”). If the Proposed Reorganisation of Hengda Real Estate is not completed by 31 January 2020 (“Listing Deadline”) and the failure to complete is not caused by reasons attributable to the Group, the Group is entitled to have the right (“Hengda Option Right”) within two months of the expiry of the Listing Deadline to demand Kailong Real Estate to either:

• (i) buy back the entire equity interest in Hengda Real Estate held by the Group at the original amount of capital contributed by it, provided that Kailong Real Estate may choose not to buy back such equity interest from the Group, in which case, the Group will have the right to request Mr. Hui to buy back the entire equity interest held by the Group at the original amount of capital contributed by it; or

• (ii) transfer additional shares, which are equivalent to 50% of the equity interest held by the Group in Hengda Real Estate on the signing of the compensation agreement (excluding any additional equity interest acquired by the Group after the date of the Investment Agreements), to the Group at nil consideration.

In addition, under the terms of the Investment Agreements, Kailong Real Estate and Hengda Real Estate have undertaken to the Group that the net profit of Hengda Real Estate for the three financial years of 2017, 2018 and 2019 (“Performing Undertaking Period”) shall not be less than RMB24.3 billion, RMB50 billion and RMB55 billion, respectively. If the net profit of Hengda Real Estate for any financial year in the Performance Undertaking Period is less than the amount for that financial year, the proportional dividend to be paid by Hengda Real Estate to the Group will be adjusted upward in accordance with the formulae specified in the Investment Agreements (the “Minimum Dividend Payment Mechanism”).

The Group has undertaken to Hengda Real Estate and its holding company, Kailong Real Estate, that it will not transfer its interests in Hengda Real Estate or create any encumbrances over such interests without the consent of Kailong Real Estate for a period of three years from completion of the capital contribution.

24 其他金融資產（續）

附註：

• a. 結餘主要指本集團股本投資以及恒大地產集 團有限公司及其控股方（「恒大投資」）產生 的衍生金融工具6,737,000,000元（2019年： 6,788,221,000元），其詳情載列如下：

• 於2017年5 月31 日、2017年6 月28 日及2017 年11月6日，本集團與廣州市凱隆置業有限 公司（「凱隆置業」）及恒大地產（均為中國 恒大集團之附屬公司）以及許家印先生（「許 先生」，中國恒大集團之董事及控股股東） 訂立投資協議（「 投資協議 」）。 根據投資 協議，本集團同意向恒大地產投入資本人 民幣5,500,000,000元（相當於6,337,100,000 元），以於注資日收購恒大地產經擴大股權 約2.0522%，其隨後於其他投資者於2017年 11 月注資後攤薄至恒大地產經擴大股權的 1.7626%。

• 恒大地產正在進行重大資產重組，於重大資 產重組後，恒大地產的控股公司凱隆置業將 成為深圳證券交易所上市公司深圳經濟特 區房地產（集團）股份有限公司的控股股東

• （「建議重組」）。倘恒大地產的建議重組於 2020 年1 月31 日（「上市最後日期」）前尚未 完成，而未能完成並非由本集團造成，則本 集團有權（「恒大選擇權」）於上市最後日期 屆滿前兩個月內向凱隆置業提出下列要求：

• (i) 以其原本注資金額回購本集團所持有 的恒大地產的全部股權，惟凱隆置業 或選擇不向本集團回購有關股權，在 此情況下，本集團將有權要求許先生 以其原本注資金額回購本集團所持有 的全部股權；或

• (ii) 無償向本集團轉讓額外股份，相等於 本集團於簽署補償協議時持有之恒大 地產股權的50%（不包括本集團於投資 協議日期後收購的任何額外股權）。

此外，根據投資協議條款，凱隆置業及恒大 地產向本集團承諾，恒大地產於 2017 年、 2018 年及2019 年三個財政年度（「履約承諾 期間」）的淨利潤將分別不少於人民幣243億 元、人民幣 500 億元及人民幣 550 億元。倘 恒大地產於履約承諾期間的任一財政年度的 淨利潤少於該財政年度的金額，則恒大地產 將向本集團派付的股息的比例將根據投資協 議訂明的公式向上調整（「最低股息派付機 制」）。

本集團向恒大地產及其控股公司凱隆置業承 諾，於該注資完成起計三年期間內，在未經 凱隆置業同意下，本集團將不會轉讓其於恒 大地產之權益或就有關權益增設任何產權負 擔。

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Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

24 Other financial assets（continued）

Notes: (continued)

On 13 January 2020, the Group, Kailong Real Estate, Hengda Real Estate and Mr. Hui entered into a supplemental investment agreement pursuant to which the parties thereto have agreed to amend certain terms of the Investment Agreements as follows:

• (i) Original Listing Deadline has been extended from 31 January 2020 to 31 January 2021;

• (ii) Kailong Real Estate and Hengda Real Estate have further undertaken to the Group that the amount of net profit of Hengda Real Estate for financial year 2020 will not be less than RMB60 billion; and

• (iii) the same Minimum Dividend Payment Mechanism provided for in the Investment Agreements in respect of the financial years of 2017, 2018 and 2019 will also apply to the financial year of 2020.

On 22 November 2020, the Group, Kailong Real Estate, Hengda Real Estate and Mr. Hui entered into a supplemental investment arrangement pursuant to which the Group has exercised the Hengda Option Right under the Investment Agreements, and as the Proposed Reorganisation has been terminated before the Original Listing Deadline, the parties thereto have further agreed to make a few clarification and supplemental changes to the terms of the Investment Agreements as follows:

• (i) The Group will continue to hold the equity interest of Hengda Real Estate and its equity interest was increased to 2.6439% according to the supplemental agreement. The 2020 dividends of equity interest in Hengda Real Estate held by the Group shall be governed by the supplemental agreement signed on 13 January 2020;

• (ii) Kailong Real Estate (or its designated third party) may propose to the Group to buy back the equity interest in Hengda Real Estate held by the Group at RMB5.5 billion (“Share Buy-back”) before 31 December 2023 which is subject to the Company’s review and approval in accordance with relevant regulatory requirements including those applicable to state-owned assets and listed companies. And, in the case the application is being approved, the Group and Kailong Real Estate will proceed to process the Share Buy-back in accordance with the prescribed procedures.

During the year ended 31 December 2020, there was an decrease in fair value in respect of Hengda Investments of $462,499,000 (2019: increase in fair value of $342,297,000), which was recognised in the consolidated statement of profit or loss.

• b. As at 31 December 2020, other long-term assets mainly represented non-current receivables from a government authority of $590,005,000 (2019: $1,007,088,000), loans to a joint venture of $115,255,000 (2019: $1,051,665,000) and associates of $12,678,000 (2019: $12,994,000).

24 其他金融資產（續）

附註：（續）

於 2020 年 1 月 13 日 ，本集團 、凱隆置業 、 恒大地產及許先生訂立補充投資協議，據 此，訂約方已同意修訂投資協議之下列若干 條款：

• (i) 原上市最後日期已由 2020 年 1 月 31 日 延長至2021年1月31日；

• (ii) 凱隆置業及恒大地產已向本集團進一 步承諾，恒大地產於2020年財政年度 的淨利潤金額將不得少於人民幣 600 億元；及

• (iii) 就2017年、2018年及2019年財政年度 於投資協議規定的相同最低股息派付 機制亦將適用於2020年財政年度。

• 於 2020 年 11 月 22 日，本集團、凱隆置業、 恒大地產及許先生訂立補充投資協議，據 此，本集團已行使投資協議項下之恒大選擇 權，由於建議重組在原上市最後日期前終 止，故訂約各方進一步協定對投資協議之條 款作出如下之澄清及補充修改：

• (i) 根據補充協議 ， 本集團將繼續持有 恒大地產之股權 ， 且其股權增至 2.6439%。本集團所持恒大地產股權之 2020 年股息將受於 2020 年 1 月 13 日簽 訂之補充協議規管；

• (ii) 凱隆置業（或其指定的第三方）可向本 集團建議於2023年12月31日前以人民 幣55億元購回本集團所持恒大地產之 股權（「股份回購」），根據相關監管規 定（包括適用於國有資產及上市公司 之監管規定），股份回購須經本公司 審核及批准。在申請獲批的情況下， 本集團及凱隆置業將按規定程序進行 股份回購。

截至 2020 年 12 月 31 日止年度，有關恒大投 資之公允值減少462,499,000元（2019年：公 允值增加342,297,000元），乃於綜合損益表 內確認。

• b. 於 2020 年 12 月 31 日 ， 其他長期資產主要 指非流動應收政府機關款項 590,005,000 元（ 2019 年 ： 1,007,088,000 元 ）、 給予合 營公司之貸款 115,255,000 元（ 2019 年 ： 1,051,665,000 元 ）及給予聯營公司之貸款 12,678,000元（2019年：12,994,000元）。

210

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

25 Biological assets

The Group’s total amounts of the biological assets are as follows:

25 生物資產

本集團生物資產總額如下：

		31	December	31	December
			2020		2019
			2020年		2019年
			12月31日		12月31日
			$’000		$’000
			千元		千元
Trading biological assets	消耗性生物資產		2,939		2,205

The Group’s biological assets comprise mainly cloned orchid flowers.

。 本集團之生物資產主要包括克隆蘭花

The Group’s biological assets were revalued by management at the end of each reporting period on a fair value basis. The fair value less estimated point-of-sale costs of the biological assets was determined using the market approach, which was determined based on the most recent market transaction prices.

本集團之生物資產由管理層於各報告期末按公允 值基準重估。生物資產之公允值減估計銷售點 ， 成本乃以市場法釐定 即按最近期市場交易價 。 格釐定

A reconciliation of the carrying values of the biological assets is as follows:

生物資產之賬面值對賬如下：

Trading biological assets 2020 消耗性生物資產 2020年 $’000 千元	2019 2019年 $’000 千元
At 1 January 於1月1日 2,205 Purchases 購買 2,354 Sales 銷售 (1,793) Exchange realignment 匯兌調整 173	1,537 4,393 (3,667) (58)
At 31 December 於12月31日 2,939	2,205

211

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

26 Inventories

26 存貨

			31 December	31 December
			2020	2019
			2020年	2019年
			12月31日	12月31日
			$’000	$’000
			千元	千元
	Raw materials	原材料	79,894	65,683
	Work in progress	在產品	56,614	52,977
	Finished goods	製成品	40,050	76,517
			176,558	195,177

27 Trade receivables

27 應收賬款

		31 December	31 December
		2020	2019
		2020年	2019年
		12月31日	12月31日
		$’000	$’000
		千元	千元
Trade receivables	應收賬款	1,037,538	725,876
Less: loss allowance account	減：損失撥備賬	(162,400)	(132,264)
		875,138	593,612

Under normal circumstances, the Group does not grant any credit terms to its customers for the sale of properties. The Group seeks to maintain strict control over its outstanding receivables and to minimise credit risk. In view of the aforementioned and the fact that the Group’s trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Trade receivables are non-interest-bearing.

， 在正常情況下 本集團不會向客戶就物業出售 。 授出任何信貸期 本集團設法對未收回應收款 。 項保持嚴格控制及減低信貸風險 鑑於上述原 因及本集團之應收賬款涉及多個行業之眾多客 戶，故本集團並無過度集中之信貸風險。本集 團並無就其應收賬款結餘持有任何抵押品或其他 信貸升級。應收賬款為不計息款項。

As at 31 December 2020, the Group’s trade receivables with a net carrying value of approximately $3,785,000 (2019: nil) was pledged to secure other borrowings granted to the Group (note 30(a)).

於 2020 年 12 月 31 日 ， 本集團賬面淨值約為 3,785,000 元（2019 年：無）之應收賬款已抵 ， 押 作為本集團獲授其他借貸之擔保（ 附註 30(a)）。

212

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

27 Trade receivables（continued）

An aged analysis of the trade receivables as at the end of the reporting period, based on the contract date and net of loss allowance, is as follows:

27 應收賬款（續） 於報告期末以合約日期計算並扣除損失撥備之應 收賬款賬齡分析如下：

			31 December	31 December
			2020	2019
			2020年	2019年
			12月31日	12月31日
			$’000	$’000
			千元	千元
	Within one year	一年內	701,438	438,893
	One to two years	一年至兩年內	136,539	122,226
	Two to three years	兩年至三年內	37,161	32,493
			875,138	593,612

28 Prepayments, deposits and other receivables

28 預付款項、訂金及其他應收款項

			31 December	31 December
			2020	2019
			2020年	2019年
			12月31日	12月31日
			$’000	$’000
			千元	千元
	Prepayments	預付款項	278,479	248,136
	Deposits and other receivables	訂金及其他應收款項	4,813,741	3,970,852
	Loans to joint ventures (note)	給予合營公司之貸款（附註）	707,541	584,656
	Loans to associates (note)	給予聯營公司之貸款（附註）	1,857	1,116
	Due from the immediate holding company (note)	應收直接控股公司款項（附註）	1,739	1,337
	Due from the ultimate holding company (note)	應收最終控股公司款項（附註）	14,274	–
	Due from non-controlling shareholders	應收非控股股東款項	2,053,149	2,233
			7,870,780	4,808,330
	Less: loss allowance	減：損失撥備	(216,470)	(171,955)
			7,654,310	4,636,375

• Note: Except for interest-bearing loans to related parties of $696,116,000 (2019: $553,744,000), the balances are unsecured, interest-free and have no fixed terms of repayment.

附註：除給予關聯方之計息貸款 696,116,000 元 （2019年：553,744,000元）外，結餘款項為 無抵押、免息且無固定還款期限。

213

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 29 Cash and cash equivalents and restricted cash

(a) Cash and cash equivalents comprise:

29 現金及現金等價物及受限制現金

(a) 現金及現金等價物包括：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Cash and bank balances	現金及銀行結餘	13,434,561	11,312,887
	Non-pledged time deposits with original	購入時原到期日少於三個月之無抵
	maturity of less than three months when	押定期存款
	acquired		5,275,879	1,059,873
			18,710,440	12,372,760
	Less: Restricted cash	減：受限制現金	(2,543,969)	(2,719,521)
	Cash and cash equivalents	現金及現金等價物	16,166,471	9,653,239

As at 31 December 2020, there was $2,387,660,000 (2019: $2,522,202,000) in the Group’s restricted cash, which was limited to use in the development of certain property projects. In accordance with relevant documents issued by the PRC State-Owned Land and Resource Bureau, certain property development companies of the Group are required to place in designated bank accounts certain amounts of presale proceeds from properties as guarantee deposits for the construction of related properties. The deposits can only be used for purchases of construction materials and the payments of construction fees of the relevant property projects when approval from the PRC State-Owned Land and Resource Bureau is obtained. Such guarantee deposits will only be released after completion of the related pre-sold properties or issuance of the real estate ownership certificates, whichever is the earlier.

於 2 0 2 0 年 1 2 月 3 1 日 ， 本集團受限制 現金有 2,387,660,000 元（ 2019 年 ： 2,522,202,000元），僅可用作開發若干物 。 業項目 根據中國國有土地資源管理局頒 ， 佈之有關文件 本集團若干物業開發公司 須於指定銀行賬戶存放若干數額之預售物 ， 業所得款項 作為相關物業建造專項之擔 。 保存款 該存款僅可於獲得中國國有土地 資源管理局批准時用於購買建材及支付有 。 關物業項目之建造費用 有關擔保存款僅 會於相關預售物業竣工或簽發房地產權證 （以較早發生者為準）後方予解除。

At 31 December 2020, the Group’s cash and cash equivalents and restricted cash of denominated in Renminbi (“RMB”) amounted to $13,758,180,000 (2019: $11,338,196,000). The RMB is not freely convertible into other currencies. However, under mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

於 2020 年 12 月 31 日， 本集團以人民幣 （「人民幣」）計值之現金及現金等價物以 及受限制現金共13,758,180,000元（2019 年：11,338,196,000元）。人民幣並不可 自由兌換為其他貨幣。 然而， 根據中國 、 外匯管制條例及結匯 售匯及付匯管理規 ， 定 本集團獲准透過有權進行外匯業務之 。 銀行將人民幣兌換為其他貨幣

214

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

29 Cash and cash equivalents and restricted cash（continued） 29 現金及現金等價物及受限制現金（續） (b) Reconciliation of profit before taxation to cash generated (b) 除稅前溢利與來自經營業務之現金之對賬 from operations: 如下：

• (b) Reconciliation of profit before taxation to cash generated from operations:

				2020	2019
				2020年	2019年
			Note	$’000	$’000
			附註	千元	千元
	Profit before taxation	除稅前溢利		8,133,603	6,684,537
	Adjustments for:	按下列各項調整：
	Finance costs	融資成本	7	992,038	561,210
	Interest income	利息收入	6	(352,104)	(217,983)
	Depreciation	折舊	8(c)	240,759	235,519
	Decrease/(increase) in fair value of	投資物業公允值減少╱（增加）
	investment properties		17	675,583	(434,258)
	Decrease/(increase) in fair value upon	轉撥至投資物業後公允值下降╱
	transfer to investment properties	（上升）	17	1,545	(958,779)
	Dividend income from other financial assets	來自其他金融資產之股息收入	6	(1,626,639)	(1,825)
	Share of profits less losses of joint	應佔合營公司及聯營公司
	ventures and associates	溢利減虧損		(1,254,285)	(2,045,785)
	Amortisation of prepaid land lease	預付土地租賃款項攤銷
	payments		15	1,192	1,141
	Loss on disposal of items of property,	出售物業、廠房及設備項目之虧損
	plant and equipment		8	1,683	732
	Loss allowance of trade receivables, net	應收賬款損失撥備淨額	8	21,965	16,625
	Loss allowance of prepayments, deposits	預付款項、訂金及其他應收款項
	and other receivables, net	損失撥備淨額	8	32,758	27,265
	Loss allowance of other financial	其他金融資產損失撥備淨額
	assets, net		8	(56,628)	(14,942)
	Deficits on revaluation	重估虧絀	14	–	268,295
	Impairment losses of property,	物業、廠房及設備之減值虧損
	plant and equipment			117,427	–
	COVID-19-related rent concessions received	已收COVID-19相關的租金優惠	20	3,664	–
	Decrease/(increase) in fair value of	透過損益按公允值計算之
	financial assets at fair value through	金融資產公允值減少╱
	profit or loss, net	（增加）淨額		469,433	(340,676)
	Equity-settled share option expense	以股本支付之購股權開支	8(b)	10,525	(26,836)
	Others	其他		(51,665)	(40,245)
				7,360,854	3,767,667

215

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 29 Cash and cash equivalents and restricted cash（continued） 29 現金及現金等價物及受限制現金（續）

• (b) Reconciliation of profit before taxation to cash generated from operations:（continued）

• (b) 除稅前溢利與來自經營業務之現金之對賬 如下：（續）

2020 2020年 $’000 千元	2019 2019年 $’000 千元
Changes in working capital: 營運資金變動： Decrease in trade receivables and other financial assets 應收賬款及其他金融資產減少 1,114,498 Increase in prepayments, deposits and other receivables 預付款項、訂金及其他 應收款項增加 (873,232) Decrease/(increase) in inventories 存貨減少╱（增加） 18,619 Increase in trading biological assets 消耗性生物資產增加 (734) Decrease in completed properties held for sale 持作待售之已落成物業減少 6,709,745 Increase in properties under development 發展中物業增加 (15,544,364) Increase in trade payables 應付賬款增加 1,237,453 Decrease in other payables and accruals 其他應付款項及應計費用減少 (508,022) Increase in contract liabilities 合約負債增加 17,687 Increase in deferred income 遞延收入增加 921 (Increase)/decrease in restricted cash 受限制現金（增加）╱減少 350,714	393,511 (749,050) (66,181) (668) 6,748,887 (9,273,306) 711,802 (949,731) 7,658,890 5,813 41,607
Cash (used in)/generated from operations 經營業務（所用）╱產生之現金 (115,861)	8,289,241

216 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 29 Cash and cash equivalents and restricted cash (continued)

• (c) Reconciliation of liabilities arising from financing activities: The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated cash flow statement as cash flow from financing activities.

• 29 現金及現金等價物及受限制現金（續）

• (c) 來自融資活動之負債之對賬： 下表詳述本集團來自融資活動之負債變 動，包括現金及非現金變動。來自融資活 動之負債為其現金流量或將來現金流量於 本集團綜合現金流量表中分類為融資活動 。

• 現金流量的負債

		Interest- bearing bank and other borrowings 計息銀行及 其他借貸 $’000 千元 (Note 30) （附註30）	Lease liabilities 租賃負債 $’000 千元 (Note 31) （附註31）	Due to the ultimate holding company 應付最終控股 公司款項 $’000 千元	Due to the immediate holding company 應付直接控股 公司款項 $’000 千元	Loans from fellow subsidiaries 同系附屬 公司貸款 $’000 千元	Loans from associates 聯營 公司貸款 $’000 千元	Loans from joint ventures 合營 公司貸款 $’000 千元	Loans from an other related party 其他關聯方 貸款 $’000 千元	Loans from non- controlling holders 非控股 股東貸款 $’000 千元	Total 總額 $’000 千元
At 1 January 2020	於2020年1月1日	24,297,918	505,017	1,936,473	1,263,846	3,872,747	45,922	342,239	177,137	673,078	33,114,377
Changes from financing cash flows: Proceeds from bank loans and other borrowings Repayments of bank loans and other borrowings Repayments of loans from non-controlling shareholders Capital element of lease rentals paid Proceeds from loans from related parties Repayment of loans from related parties	來自融資現金 流量之變動： 銀行貸款及其他借貸 所得款項 償還銀行貸款及其他借貸 償還來自非控股股東 之貸款 已付租賃租金之資本部份 來自關聯方之貸款之所得 款項 償還來自關聯方之貸款
		15,786,414	–	–	–	–	–	–	–	–	15,786,414
		(10,061,410)	–	–	–	–	–	–	–	–	(10,061,410)
		–	–	–	–	–	–	–	–	(501,804)	(501,804)
		–	(122,667)	–	–	–	–	–	–	–	(122,667)
		–	–	11,707,577	506,091	940,522	1,100	7,375	–	–	13,162,665
		–	–	(4,879,841)	(19,348)	(1,761,806)	(27,612)	(240,007)	(8,910)	–	(6,937,524)
Totals changes from financing cash flows	來自融資現金流量 之變動總額	5,725,004	(122,667)	6,827,736	486,743	(821,284)	(26,512)	(232,632)	(8,910)	(501,804)	11,325,674

217 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 29 Cash and cash equivalents and restricted cash (continued)

• (c) Reconciliation of liabilities arising from financing activities: （continued）

• 29 現金及現金等價物及受限制現金（續） (c) 來自融資活動之負債之對賬：（續）

Interest- bearing bank and other borrowings 計息銀行及 其他借貸 $’000 千元 (Note 30) （附註30）	Lease liabilities 租賃負債 $’000 千元 (Note 31) （附註31）	Due to the ultimate holding company 應付最終控股 公司款項 $’000 千元	Due to the immediate holding company 應付直接控股 公司款項 $’000 千元	Loans from fellow subsidiaries 同系附屬 公司貸款 $’000 千元	Loans from associates 聯營 公司貸款 $’000 千元	Loans from joint ventures 合營 公司貸款 $’000 千元	Loans from an other related party 其他關聯方 貸款 $’000 千元	Loans from non- controlling holders 非控股 股東貸款 $’000 千元	Total 總額 $’000 千元
Interest paid included as changes in operating cashflows 列作經營現金流量變動 之已付利息 (1,048,087) Exchange adjustments 匯兌調整 805,491 Other changes: 其他變動： Increase in lease liabilities from entering into new leases during the year 年內訂立新租賃產生 之租賃負債增加 – COVID-19-related rent concessions received (note 20) 已收COVID-19相關的 租金優惠（附註20） – Finance costs (note 7) 融資成本（附註7） 691,181 Capitalised borrowing costs 資本化借貸成本 356,906	(22,383)	–	–	(296,314)	- –	–	–	–	(1,366,784)
	29,476	533,613	807	233,814	1,250	8,884	10,412	15,078	1,638,825
	47,471	–	–	–	–	–	–	–	47,471
	(3,664)	–	–	–	–	–	–	–	(3,664)
	22,383	117,646	19,348	106,808	–	4,944	7,322	–	969,632
	–	–	–	41,349	–	–	–	–	398,255
At 31 December 2020 於2020年12月31日 30,828,413	455,633	9,415,468	1,770,744	3,137,120	20,660	123,435	185,961	186,352	46,123,786

218

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 29 Cash and cash equivalents and restricted cash (continued)

• (c) Reconciliation of liabilities arising from financing activities: （continued）

29 現金及現金等價物及受限制現金（續） (c) 來自融資活動之負債之對賬：（續）

		Interest- bearing bank and other borrowings 計息銀行及 其他借貸 $’000 千元 (Note 30) （附註30）	Lease liabilities 租賃負債 $’000 千元 (Note 31) （附註31）	Due to the ultimate holding company 應付最終控股 公司款項 $’000 千元	Due to the immediate holding company 應付直接控股 公司款項 $’000 千元	Loans from fellow subsidiaries 同系附屬 公司貸款 $’000 千元	Loans from associates 聯營 公司貸款 $’000 千元	Loans from joint ventures 合營 公司貸款 $’000 千元	Loans from an other related party 其他關聯方 貸款 $’000 千元	Loans from non- controlling holders 非控股 股東貸款 $’000 千元	Total 總額 $’000 千元
At 1 January 2019 Changes from financing cash flows: Proceeds from new bank loans Repayments of bank loans Proceeds from loans from non-controlling shareholders Repayments of loans from non-controlling shareholders Capital element of lease rentals paid Proceeds from loans from related parties Repayment of loans from related parties	於2019年1月1日 來自融資現金 流量之變動： 新銀行貸款所得款項 償還銀行貸款 來自非控股股東之貸款 之所得款項 償還來自非控股股東 之貸款 已付租賃租金之資本部份 來自關聯方之貸款 之所得款項 償還來自關聯方之貸款	25,260,765 8,148,401 (8,846,436) – – – – –	48,177 – – – – (93,175) – –	4,734,953 – – – – – 5,575,380 (8,379,383)	1,233,548 – – – – – 16,671 (16,164)	2,957,467 – – – – – 3,916,255 (2,958,674)	46,950 – – – – – 1,036 (1,629)	1,167,231 – – – – – – (838,730)	175,529 – – – – – (4,708) –	821,091 – – 30,386 (193,324) – – –	36,445,711 8,148,401 (8,846,436) 30,386 (193,324) (93,175) 9,504,634 (12,194,580)
Totals changes from financing cash flows	來自融資現金流量 之變動總額	(698,035)	(93,175)	(2,804,003)	507	957,581	(593)	(838,730)	(4,708)	(162,938)	(3,644,094)
Interest paid included as changes in operating cashflows Exchange adjustments Other changes: Increase in lease liabilities from entering into new leases during the year Finance costs (note 7) Capitalised borrowing costs	列作經營現金流量變動 之已付利息 匯兌調整 其他變動： 年內訂立新租賃產生 之租賃負債增加 融資成本（附註7） 資本化借貸成本	(1,098,249) (264,812) – 395,095 703,154	(25,190) (8,333) 558,348 25,190 –	(54,731) (56,800) – 61,383 55,671	– (3,422) – 33,213 –	(78,256) (87,078) – 6,826 116,207	– (435) – – –	– (10,600) – 24,338 –	– – – 6,316 –	(7,642) 14,925 – 7,642 –	(1,264,068) (416,555) 558,348 560,003 875,032
At 31 December 2019	於2019年12月31日	24,297,918	505,017	1,936,473	1,263,846	3,872,747	45,922	342,239	177,137	673,078	33,114,377

219

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

29 Cash and cash equivalents and restricted cash (continued)

• (d) Total cash outflow for leases

29 現金及現金等價物及受限制現金（續）

(d) 租賃之現金流出總額

Amounts included in the cash flow statement for leases comprise the 計入現金流量表之租賃金額包括下列各 following: 項：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Within operating cash flows	屬於經營現金流量	9,686,834	4,555,046
	Within investing cash flows	屬於投資現金流量	–	620,223
	Within financing cash flows	屬於融資現金流量	122,667	93,175
			9,809,501	5,268,444
	These amounts relate to the following:		與以下相關的該等金額：
			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Lease rentals paid	已付租賃租金	152,117	128,632
	Purchase of leasehold property	購買租賃物業	9,657,384	5,139,812
			9,809,501	5,268,444

220

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

30 Interest-bearing bank and other borrowings 30 計息銀行及其他借貸

		2020 2020年		2019 2019年
		Effective/ contractual interest rate (%) 實際╱ 合約利率(%)	$’000 千元	Effective/ contractual interest rate (%) 實際╱ 合約利率(%)	$’000 千元
Current Bank loans－secured Bank loans－unsecured Other borrowings-secured Other borrowings－unsecured	即期 銀行貸款－有抵押 銀行貸款－無抵押 其他借貸－有抵押 其他借貸－無抵押			4.90 3.09－5.84 – 6.80	132,683 7,157,228 – 1,116,300
		4.52－4.99	337,954
		1.33－4.99	10,610,971
		3.28	8,599
		6.80	1,782,300
			12,739,824		8,406,211
Non-current Bank loans－secured Bank loans－unsecured Other borrowings-secured Other borrowings－unsecured	非即期 銀行貸款－有抵押 銀行貸款－無抵押 其他借貸－有抵押 其他借貸－無抵押			4.90－4.99 4.14－5.39 – 6.80	250,525 13,966,732 – 1,674,450
		4.51－4.99	108,126
		1.98－4.99	15,842,891
		3.28	2,137,572
		–	–
			18,088,589		15,891,707
			30,828,413		24,297,918

All of the non-current interest-bearing borrowings are carried at amortised cost. None of the non-current interest-bearing borrowings is expected to be settled within one year.

。 所有非即期計息借貸均按攤銷成本列賬 非即 。 期計息借貸預期不會於一年內清償

221

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

30 Interest-bearing bank and other borrowings (continued)

30 計息銀行及其他借貸（續）

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Analysed into:	分析：
	Bank loans repayable:	應償還之銀行貸款：
	Within 1 year	一年內	10,948,925	7,289,911
	After 1 year but within 2 years	一年至兩年內	5,817,569	4,361,607
	After 2 years but within 5 years	兩年至五年內	10,133,448	9,855,650
			26,899,942	21,507,168
	Other borrowings repayable:	應償還之其他借貸：
	Within one year or on demand	一年內或按要求	1,790,899	1,116,300
	In the Second year	第二年	7,129	1,674,450
	From third to fifth years	三年至五年	65,351	–
	After the fifth years	五年以上	2,065,092	–
			3,928,471	2,790,750
			30,828,413	24,297,918

(a) Bank and other borrowings amounting to $2,592,251,000 (2019: $383,208,000) were secured by certain of the Group’s assets with carrying amounts as below:

(a) 金額為2,592,251,000 元之銀行及其他借 貸（2019年：383,208,000元）以下列賬 面值之若干本集團資產作抵押：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Trade receivables (note 27)	應收賬款（附註27）	3,785	–
	Land and buildings in mainland China
	(note 14)	於中國大陸之土地及樓宇（附註14）	261,040	605,816
	Properties under development (note 19)	發展中物業（附註19）	2,972,440	1,086,976
	Investment properties (note 17)	投資物業（附註17）	2,438,662	498,181

222 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

30 Interest-bearing bank and other borrowings (continued)

• (b) A subsidiary in mainland China has entered into a fund arrangement with a financial institution (the “Trustee”), pursuant to which the Trustee has raised trust fund amounting to RMB2,500,000,000 (equivalent to $2,790,750,000) and provided the fund to the subsidiary for financing a property development project of the subsidiary. The fund bears a fixed interest rate at 6.80% (2019: 6.80%) per annum. The fund is payable by the Group in two instalments, with RMB1,000,000,000 being repaid in May 2020 and the remaining balance of RMB1,500,000,000 (equivalent to $1,782,300,000) to be repaid in May 2021. The fund is guaranteed by Shum Yip Group, the Group’s ultimate holding company. This transaction constitutes continuing connected transactions as defined in Chapter 14A of the Listing Rules but is exempt from the disclosure requirements under Chapter 14A as it is a financial assistance received by the Group which is conducted on normal commercial terms or better, and is not secured by the assets of the Group.

• (c) At 31 December 2020, other borrowings included Senior Commercial Mortgage-backed Notes (“CMBN”) of RMB1,800,000,000 (equivalent to $2,137,572,000) issued in China Interbank Bond Market on 16 June 2020, which were secured by certain land and buildings, investment properties and its future rental incomes. The interest rates of the CMBN classified as Priority Level with a principal amount of RMB1,800,000,000 was fixed at 3.28% per annum. The term of the CMBN was 20 years. At the end of the third year, the sixth year and the ninth year, the Group shall be entitled to adjust the interest rates of the CMBN or repurchase the outstanding balance, and the holders of the CMBN shall be entitled to require the Group to redeem the outstanding balance.

• (d) Except for the bank loans equivalent to approximately $17,410,480,000 (2019: $12,492,202,000), which are denominated in Hong Kong dollars, all borrowings as at 31 December 2020 are denominated in RMB.

30 計息銀行及其他借貸（續）

• (b) 中國大陸之一間附屬公司與一間金融機構 ， ，

• （「受託人」）簽訂資金安排 據此 受託 人已籌集信託基金人民幣2,500,000,000 元（相當於2,790,750,000 元）及就撥付 附屬公司之一個物業發展項目所需資金向 。

• 附屬公司提供資金 該筆資金按固定年利 率6.80%（2019年：6.80%）計息，由本 集團分兩期償還， 於 2020 年 5 月償還人 民幣1,000,000,000 元及餘下結餘人民幣 1,500,000,000元（相當於1,782,300,000 元）將於2021 年5 月償還。該筆資金由本 。

• 集團的最終控股公司深業集團擔保 由於 ，

• 該交易為本集團接收之財務資助 因此構 成上市規則第14A章內所界定之持續關聯 交易，惟獲豁免遵守第14A章內之披露規 ，

• 定 該交易按一般商業條款或更佳條款進 行，且毋須以本集團之資產作抵押。

• (c) 於 2020 年 12 月 31 日， 其他借貸包括於 2020 年 6 月 16 日在中國銀行間債券市場 發行的人民幣1,800,000,000 元（相當於 2,137,572,000元）的優先級資產支持票據

• （「優先級資產支持票據」），有關票據乃 、

• 以若干土地及樓宇 投資物業及其未來租 。

• 金收入作抵押 分類為優先級之本金額人 民幣1,800,000,000 元之優先級資產支持 票據之利率為固定年利率3.28%。優先級 資產支持票據之期限為20年。於第三年、 ，

• 第六年及第九年年末 本集團將有權調整 優先級資產支持票據之利率或購回未償還 ，

• 結餘 且優先級資產支持票據持有人將有 。

• 權要求本集團贖回未償還結餘

• (d) 除相當於約 17,410,480,000 元（ 2019 年：12,492,202,000元）之銀行貸款以港 元計值外，於2020 年12 月31 日之所有借 貸均以人民幣計值。

223

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 30 Interest-bearing bank and other borrowings (continued)

• (e) Certain of the Group’s banking facilities are subject to the fulfillment of covenants relating to the Group’s financial ratios, as are commonly found in lending arrangements with financial institutions. If the Group were to breach the covenants, the drawn down facilities would become repayable on demand. The Group regularly monitors its compliance with these covenants. Further details of the Group’s management of liquidity risk are set out in note 39(b). As 31 December 2020 and 2019, none of the covenants relating to drawn down facilities had been breached.

30 計息銀行及其他借貸（續）

• (e) 本集團之若干銀行融資須待與本集團財務 比率有關之契諾獲履行後方告作實（常見 於與金融機構簽訂之貸款協議中）。倘若 ，

• 本集團違反契諾 則已支取之融資將變為 。

• 須於要求時償還 本集團定期監察其遵守 。

• 該等契諾之情況 本集團管控流動性風險 之進一步詳情載於附註39(b)。於2020 年 及2019 年12 月31 日，概無與已支取融資 。

• 有關之契諾遭違反

31 Lease liabilities

The following table shows the remaining contractual maturities of the Group’s lease liabilities at the end of the reporting periods:

• 31 租賃負債

本集團租賃負債於本報告期末的剩餘合約期限如 下：

		31 December 2020 2020年12月31日	31 December 2020 2020年12月31日	31 December 2019 2019年12月31日	31 December 2019 2019年12月31日
		Present value of the minimum lease payments 最低租賃 付款之現值 $’000 千元	Total minimum lease payments 最低租賃 付款總額 $’000 千元	Present value of the minimum lease payments 最低租賃 付款之現值 $’000 千元	Total minimum lease payments 最低租賃 付款總額 $’000 千元
Within 1 year	一年內	115,046	134,017	103,476	125,116
After 1 year but within 2 years After 2 years but within 5 years After 5 years	一年至兩年內 兩年至五年內 五年以上	102,335	116,250	94,766 256,257 50,518	111,670 290,223 57,960
		166,132	185,325
		72,120	82,965
		340,587	384,540	401,541	459,853
		455,633	518,557	505,017	584,969 (79,952)
Less: total future interest expenses	減：未來利息開支總額		(62,924)
Present value of lease liabilities	租賃負債之現值		455,633		505,017

At 31 December 2020, the above balance includes lease liabilities in respect of certain leasehold properties from the Group’s immediate holding company, an associate and fellow subsidiaries of $2,573,000 (2019: $9,448,000), $81,329,000 (2019: $101,065,000), and $55,545,000 (2019: $54,429,000) respectively.

於2020 年12 月31 日，上述結餘包括分別租入 、 本集團直接控股公司 一間聯營公司及同系附 屬公司之若干租賃物業之租賃負債 2,573,000 元（2019 年：9,448,000 元）、81,329,000 元 （2019 年：101,065,000 元）及55,545,000 元 （2019年：54,429,000元）。

224

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

32 Trade payables

An aged analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as follows:

32 應付賬款 於報告期末按發票日期計算之應付賬款賬齡分析 如下：

		31 December	31 December
		2020	2019
		2020年	2019年
		12月31日	12月31日
		$’000	$’000
		千元	千元
Within one year	一年內	3,252,855	2,026,082
One to two years	一年至兩年內	136,725	124,859
Two to three years	兩年至三年內	107,048	106,228
Over three years	三年以上	366,434	368,440
		3,863,062	2,625,609

The total amounts of the trade payables are non-interest-bearing. All the trade payables are expected to be settled within one year.

應付賬款總額為不計息款項。所有應付賬款預 。 期於一年內清償

33 Other payables and accruals

33 其他應付款項及應計費用

	31 December	31 December
	2020	2019
	2020年	2019年
	12月31日	12月31日
	$’000	$’000
	千元	千元
Receipts in advance	預收款項 37,403	82,757
Other payables (note 39(b))	其他應付款項（附註39(b)） 7,240,075	7,705,540
Loans from associates (note 39(b))	來自聯營公司之貸款（附註39(b)） 20,660	45,922
Loans from joint ventures (note 39(b))	來自合營公司之貸款（附註39(b)） 123,435	342,239
Loans from fellow subsidiaries (note 39(b))	來自同系附屬公司之貸款（附註39(b)） 3,137,120	4,049,884
Loans from an other related party (note 39(b))	來自其他關聯方之貸款（附註39(b)） 185,961	175,528
Loans from non-controlling interests	來自非控股權益之貸款 186,352	639,608
Accruals and provisions	應計費用及撥備 35,527	32,730
	10,966,533	13,074,208

The balances are repayable on demand, except for interest-bearing loans from related parties of $3,243,995,000 (2019: $4,210,851,000) which is expected to be settled within one year.

， 結餘須按要求償還 惟來自關聯方之計息貸款 3,243,995,000 元（2019 年：4,210,851,000 元）預期於一年內清償。

225

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

34 Contract liabilities 34 合約負債

		31 December	31 December
		2020	2019
		2020年12月31日	2019年12月31日
		$’000	$’000
		千元	千元
Contract liabilities	合約負債
Property development	物業開發
– Forward sales deposits and instalments received	－預售定金及已收分期款項	19,718,224	18,100,667

Typical payment terms which impact on the amount of contract liabilities of property development recognised are as follows:

對已確認物業開發合約負債金額構成影響之一般 支付條款如下：

The Group receives certain amount of deposit from customers when they sign the sale and purchase agreements. These deposits are recognised as contract liabilities until the relevant properties are completed and ready for hand-over to the customers.

本集團於客戶簽署買賣協議時自彼等收取若干訂 金。該等訂金確認為合約負債，直至有關物業 。 落成並可供轉讓予客戶為止

The Group may require the customers to pay off the remaining balance of the consideration within an agreed timeframe while constructions are still ongoing, rather than on the completion of the relevant properties. Such advance payment schemes result in contract liabilities being recognised throughout the remaining property construction period for the full amount of the contract price. In addition, the contract liabilities will be increased by the amount of interest expense being accrued by the Group to reflect the effect of any significant financing benefit obtained from the customers during the period between the payment and hand-over date. As this accrual increases the amount of the contract liabilities during the period of construction, it therefore increases the amount of revenue recognised when control of the completed property is transferred to the customer.

本集團可要求客戶於建造工程仍在進行之協定時 。 間內而非於有關物業落成時償還剩餘代價 有 關提前付款計劃會導致於整個剩餘物業建造期間 按全額合約價格確認合約負債。此外，本集團 用以反映於付款日期與轉讓日期期間自客戶獲得 的任何重大融資利益影響之應計利息開支金額將 。 會增加合約負債 由於此應計費用會增加建造 ， 期間合約負債之金額 故其會增加落成物業之 。 控制權轉讓予客戶時已確認收益之金額

226

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 34 Contract liabilities (continued) Movements in contract liabilities

34 合約負債（續） 合約負債變動

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
Balance at 1 January	於1月1日之結餘	18,100,667	11,232,109
Recognising revenue that was included in the	確認於年初計入合約負債之收益
contract liabilities at the beginning of the year		(14,980,542)	(4,634,143)
Receiving forward sales deposits and instalments	收取預售訂金及分期款項	16,131,872	11,082,358
Accruing interest expense on advances received	預收款項應計利息開支	466,227	420,343
Balance at 31 December	於12月31日之結餘	19,718,224	18,100,667

The amount of billings in advance of performance and forward sales 預期於超過一年後確認為收入之履約預付 deposits and instalments received expected to be recognised as income 款項 、 預售訂金及已收分期款項預期為 after more than one year is $1,711,054,000 (2019: $2,933,074,000). 1,711,054,000 元（2019 年：2,933,074,000 元）。

• 35 Income tax in the consolidated statement of financial 35 綜合財務狀況表內之所得稅 position

• (a) Current tax in the consolidated statement of financial position represents:

(a) 綜合財務狀況表內之即期稅項指：

			31 December	31 December
			2020	2019
			2020年12月31日	2019年12月31日
			$’000	$’000
			千元	千元
	Provision for CIT	企業所得稅撥備	1,887,183	851,898
	Provision for LAT	土地增值稅撥備	8,444,123	5,395,663
			10,331,306	6,247,561

227 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 35 Income tax in the consolidated statement of financial position (continued)

• (b) Deferred tax asset and liabilities recognised

The movements in deferred tax liabilities and assets during the year are as follows:

• 35 綜合財務狀況表內之所得稅（續）

• (b) 已確認遞延稅項資產及負債 遞延稅項負債及資產年內變動如下：

Deferred tax liabilities:

遞延稅項負債：

	2020 2020年
	Withholding tax on dividend (note) Revaluation of investment properties Revaluation of assets Revaluation of other financial assets Fair value adjustment arising from acquisition of subsidiaries Accelerated tax depreciation on investment properties Others Total 股息預扣稅 （附註） 投資 物業重估 資產重估 其他金融 資產重估 因收購附屬 公司產生之 公允值調整 投資物業之 加速稅項折舊 其他 總額 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元 千元
At 1 January 2020 於2020年1月1日	302,054 3,696,555 179,891 160,846 4,039,513 335,269 107,027 8,821,155
Acquisition of a subsidiary 收購一間附屬公司 Deferred tax charged/ （credited) to the statement of profit or loss during the year 本年度扣除╱ （計入）損益表 內之遞延稅項 Exchange realignment 匯兌調整	– 21,576 – – 447,281 – – 468,857
	196,461 (169,282) – (117,262) (394,371) 77,170 34,711 (372,573)
	30,437 230,571 11,587 3,806 263,139 25,908 8,594 574,042
Gross deferred tax liabilities at 31 December 2020 於2020年12月31日 之遞延稅項負債總額 528,952 3,779,420 191,478 47,390 4,355,562 438,347 150,332 9,491,481

228

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 35 Income tax in the consolidated statement of financial position (continued)

• 35 綜合財務狀況表內之所得稅（續）

• (b) Deferred tax asset and liabilities recognised (continued) (b) 已確認遞延稅項資產及負債（續）

	2019 2019年
	Withholding tax on dividend (note) Revaluation of investment properties Revaluation of assets Revaluation of other financial assets Fair value adjustment arising from acquisition of subsidiaries Accelerated tax depreciation on investment properties Others Total 股息預扣稅 （附註） 投資 物業重估 資產重估 其他金融 資產重估 因收購附屬 公司產生之 公允值調整 投資物業之 加速稅項折舊 其他 總額 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元 千元
At 1 January 2019 於2019年1月1日	303,719 3,414,374 59,937 78,972 4,455,582 282,036 127,205 8,721,825
Deferred tax charged/ （credited) to the statement of profit or loss during the year 本年度扣除╱ （計入）損益表 內之遞延稅項 Deferred tax credited to equity during the year 本年度計入權益之 遞延稅項 Exchange realignment 匯兌調整	5,081 348,259 – 85,169 (324,433) 60,523 (17,800) 156,799 – 15,305 121,267 – – – – 136,572 (6,746) (81,383) (1,313) (3,295) (91,636) (7,290) (2,378) (194,041)
Gross deferred tax liabilities at 31 December 2019 於2019年12月31日 之遞延稅項負債總額 302,054 3,696,555 179,891 160,846 4,039,513 335,269 107,027 8,821,155

Note:

Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in mainland China. The requirement is effective from 1 January 2008 and applies to earnings after 31 December 2007. A lower withholding tax rate of 5% may be applied if there is a tax treaty between mainland China and jurisdiction of the foreign investors. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in mainland China in respect of earnings generated from 1 January 2008. As at 31 December 2020, the Group recognised a deferred tax liability of $528,952,000 (2019: $302,054,000) in respect of the withholding tax on future dividend distribution by these PRC subsidiaries.

附註：

根據中國企業所得稅法，於中國大陸成立 之外商投資企業向外國投資者宣派股息須 按10%徵收預扣稅。此規定由2008年1月1日 起生效，並適用於 2007 年 12 月 31 日後之盈 利。倘中國大陸與外國投資者之司法權區有 簽訂相關稅務協議，則可運用5%之較低預 扣稅率。因此，本集團有責任就於中國大陸 成立之該等附屬公司於 2008 年 1 月 1 日起產 生之盈利所派股息繳付預扣稅。於 2020 年 12 月 31 日，本集團就該等中國附屬公司之 未來股息分派之預扣稅確認遞延稅項負債 528,952,000元（2019年：302,054,000元）。

229 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 35 Income tax in the consolidated statement of financial position (continued)

• (b) Deferred tax asset and liabilities recognised (continued) Deferred tax assets:

• 35 綜合財務狀況表內之所得稅（續）

• (b) 已確認遞延稅項資產及負債（續） 遞延稅項資產：

	2020 2020年
	Losses available for offsetting against future taxable profits Temporary differences arising from LAT provision Temporary differences arising from accruals Unrealised profits Credit loss allowance Others Total 可用作抵銷 未來應課稅 溢利之虧損 土地增值稅 撥備產生 之暫時差額 應計費用 產生之 暫時差額 未變現溢利 信用損失撥備 其他 總額 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元
At 1 January 2020 於2020年1月1日	6,335 1,159,175 230,905 212,167 105,306 88,742 1,802,630
Acquisition of a subsidiary 收購一間附屬公司 Deferred tax (charged）/ credited to the statement of profit or loss during the year 本年度（扣除）╱ 計入損益表 內之遞延稅項 Exchange realignment 匯兌調整	– 53,361 – – – – 53,361
	– 579,722 27,544 (7,918) 9,173 19,651 628,172
	408 104,085 16,412 13,223 7,295 6,815 148,238
Gross deferred tax assets at 31 December 2020 於2020年12月31日 之遞延稅項資產總額	6,743 1,896,343 274,861 217,472 121,774 115,208 2,632,401

230

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 35 Income tax in the consolidated statement of financial 35 綜合財務狀況表內之所得稅（續） position (continued)

• (b) Deferred tax asset and liabilities recognised (continued)

• (b) 已確認遞延稅項資產及負債（續）

	2019 2019年
	Losses available for offsetting against future taxable profits Temporary differences arising from LAT provision Temporary differences arising from accruals Unrealised profits Credit loss allowance Others Total 可用作抵銷 未來應課稅 溢利之虧損 土地增值稅 撥備產生 之暫時差額 應計費用 產生之 暫時差額 未變現溢利 信用損失撥備 其他 總額 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元
At 1 January 2019 於2019年1月1日	96,910 1,389,245 267,224 212,895 90,844 15,373 2,072,491
Deferred tax (charged）/ credited to the statement of profit or loss during the year 本年度（扣除）╱ 計入損益表 內之遞延稅項 Exchange realignment 匯兌調整	(90,108) (203,377) (31,036) 4,009 16,760 75,086 (228,666) (467) (26,693) (5,283) (4,737) (2,298) (1,717) (41,195)
Gross deferred tax assets at 31 December 2019 於2019年12月31日 之遞延稅項資產總額	6,335 1,159,175 230,905 212,167 105,306 88,742 1,802,630

231

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 35 Income tax in the consolidated statement of financial position (continued)

• (c) Deferred tax asset not recognised The Group has tax losses arising in Hong Kong of $322,367,000 (2019: $322,367,000) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose.

• 35 綜合財務狀況表內之所得稅（續）

• (c) 未確認遞延稅項資產

本集團於香港之稅項虧損為322,367,000 元（2019年：322,367,000元），可用作 無限抵銷產生虧損之公司之未來應課稅溢 利。

The Group also has tax losses arising in mainland China of $4,935,885,000 (2019: $4,341,021,000), which will expire in 2021, 2022, 2023, 2024 and 2025 with details as follow:

本集團於中國大陸之稅項虧損為 4 , 9 3 5 , 8 8 5 , 0 0 0 元（ 2 0 1 9 年 ： 341,021,000 元），將分別於 2021 年、 2022 年、2023 年、2024 年及2025 年到 期，詳情如下：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	2020	2020年	–	404,685
	2021	2021年	854,928	816,189
	2022	2022年	903,302	956,585
	2023	2023年	976,627	917,530
	2024	2024年	1,326,288	1,246,032
	2025	2025年	874,740	–
			4,935,885	4,341,021

Deferred tax assets have not been recognised in respect of these losses as they have arisen in subsidiaries that have been loss-making for years and it is not considered probable that taxable profits will be available against which the tax losses can be utilised.

由於該等虧損乃來自虧損多年之附屬公 司，而稅項虧損未必可獲動用以抵銷應課 ， 稅溢利 故並無就該等虧損確認遞延稅項 。 資產

36 Deferred income

As at 31 December 2020, deferred income of $29,114,000 (2019: $28,193,000) represented government grants received from the relevant government bodies to support the research and development activities of the Group. During the year, the income of $59,197,000 (2019: $20,703,000) has been credited to the consolidated statement of profit or loss upon fulfilment of certain conditions specified by the government bodies.

36 遞延收入

• 於 2020 年 12 月 31 日，29,114,000 元（2019 年：28,193,000 元）之遞延收入指自有關政 ，

• 府機構收取之政府補助 以支持本集團之研 發活動 。 年內 ， 59,197,000 元（ 2019 年 ： 20,703,000元）之收入於達成政府機構訂明之若 。

• 干條款後計入綜合損益表

232 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

37 Share options scheme

The Company operated a share option scheme (the “Scheme”) which was approved and adopted on 22 June 2012 for the purpose of providing incentives and rewards to directors and employees of the Group who contributes to the success of the Group’s operations. The Scheme became effective on 22 June 2012 and, unless otherwise cancelled or amended, shall be valid and effective for a period of 10 years from that date, after which period no further options will be issued but in all other respects the provisions of the Scheme shall remain in full force and effect.

The maximum number of ordinary shares which may be issued upon exercise of all options to be granted under the Scheme and any other share option schemes of the Company shall not in aggregate exceed 10% of the total number of shares in issue as at the date of approval of the Scheme unless the Company obtains a fresh approval from its shareholders. Options lapsed in accordance with the terms of the Scheme will not be counted for the purpose of calculating such 10% limit. Notwithstanding the above, the maximum number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Scheme and any other share option schemes of the Company shall not exceed 30 percent of the shares in issue from time to time.

The maximum entitlement of each participant under the Scheme is that the total number of shares issued and to be issued upon exercise of the options granted to each participant (including both exercised and outstanding options) in any 12-month period shall not exceed 1% of the total number of shares in issue.

The period under which an option may be exercised will be determined by the board of directors at their absolute discretion and notified by the directors to each grantee as being the period during which an option may be exercised, and shall expire no later than the 10th anniversary of the date upon which the option is granted and accepted in accordance with the Scheme. Unless otherwise determined by the board of directors and specified in the offer letter at the time of the offer, there is no minimum period for which an option must be held before the option can be exercised. An option is open for acceptance for a period as determined by the Board at its absolute discretion. The amount payable on acceptance of each grant of options is $1. The full amount of exercise price for the subscription for shares has to be paid upon exercise of an option.

37 購股權計劃

本公司設有一項購股權計劃（「計劃」）於2012 年 6 月 22 日批准及採納 ， 以對本集團業務成 功作出貢獻之本集團董事及僱員提供鼓勵及獎 勵。計劃於2012年6月22日生效，而除非被取 ， 消或經修訂 否則該計劃將於當日起計十年內 。 ， 有效 有效期屆滿後 則不會再授出任何購股 ， ， 權 但在所有其他方面 計劃條文仍具十足效 。 力及作用

， 除非本公司獲股東另行批准 否則因悉數行使 根據計劃及本公司任何其他購股權計劃授出之購 股權而可能發行之普通股數目上限不得超過於 批准計劃當日已發行股份總數之10%。根據計 劃條款失效之購股權將不會就此計入該10% 限 額。無論如何，因悉數行使根據計劃及本公司 任何其他購股權計劃授出而將行使之尚未行使購 股權而可能發行之股份數目上限不得超過不時已 發行股份總數之30%。

每名參與者根據計劃可獲得之股份上限，即因 行使於任何12 個月期間授予各參與者之購股權 （包括已獲行使及尚未行使之購股權）而發行及 ， 將發行之股份總數 不得超過已發行股份總數 之1%。

， 購股權之可行使期間由董事會全權決定 並由 ， 董事通知各承授人 而有關行使期限須根據計 劃於購股權授出及獲接納當日起計滿10 週年當 。 日前屆滿 除非董事會決定及在授出購股權時 ， 於授予函件中指明 否則在行使購股權前不設 。 必須持有購股權之最低期限 購股權可供接納 ， 授出之要約時間乃由董事會全權決定 接納各 授出之購股權時須支付款項1元。認購股份之行 。 使價須於行使購股權時全數支付

233

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

37 Share options scheme (continued)

The exercise price shall be a price determined by the board of directors and notified to a participant and shall be at least the higher of (i) the closing price of the shares as stated on The Stock Exchange of Hong Kong Limited’s daily quotation sheet on the date of offer of grant, which must be a business day, and (ii) a price being the average of the closing prices of the shares as stated on The Stock Exchange of Hong Kong Limited’s daily quotation sheets for the five business days immediately preceding the date of offer of grant.

• 37 購股權計劃（續） ，

• 行使價由董事會釐定及通知參與者 行使價須 至少為以下之較高者：(i)於授出當日（必須為營 業日）在香港聯合交易所有限公司每日報價表所 載之股份收市價，及(ii)於緊接授出當日前五個 營業日在香港聯合交易所有限公司每日報價表所 載之股份收市價平均價。

• (a) The terms and conditions of the share options outstanding as at end of the year are as follows:

• (a) 於年末尚未行使購股權之條款及條件如 下：

			Number of				Contractual life
			instruments	Exercise price	Vesting date	Expiry date	of options
							購股權之
			工具數目	行使價	歸屬日期	到期日期	合約年限
			(note 37(b))	(note 37(b))
			（附註37(b)）	（附註37(b)）
	At 31 December 2020	於2020年12月31日
	Options granted to directors	授予董事及僱員之購
	and employees:	股權：
	– on 20 June 2017	– 2017年6月20日	51,782,827	2.902	20/06/2019	19/06/2022	5.00
					2019年6月20日	2022年6月19日
	– on 20 June 2017	– 2017年6月20日	38,837,107	2.902	20/06/2020	19/06/2022	5.00
					2020年6月20日	2022年6月19日
	– on 20 June 2017	– 2017年6月20日	38,837,153	2.902	20/06/2021	19/06/2022	5.00
					2021年6月20日	2022年6月19日
	Options granted to directors	授予董事及僱員之購
	and employees:	股權：
	– on 8 February 2018	– 2018年2月8日	9,659,143	2.869	20/06/2019	19/06/2022	4.36
					2019年6月20日	2022年6月19日
	– on 8 February 2018	– 2018年2月8日	7,244,358	2.869	20/06/2020	19/06/2022	4.36
					2020年6月20日	2022年6月19日
	– on 8 February 2018	– 2018年2月8日	7,244,370	2.869	20/06/2021	19/06/2022	4.36
					2021年6月20日	2022年6月19日
	Total share options outstanding	尚未行使購股權總數	153,604,958

234 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

37 Share options scheme (continued)

• (a) The terms and conditions of the share options outstanding as at end of the year are as follows: (continued)

• At the end of the reporting period, the Company had 153,604,958 share options outstanding under the Scheme, representing approximately 1.73% of the Company’s shares in issue as at that date. The exercise in full of the outstanding share options would, under the present capital structure of the Company, result in the issue of 153,604,958 additional ordinary shares of the Company and an increase in share capital of $550,988,000 (before issue expenses).

• 37 購股權計劃（續） (a) 於年末尚未行使購股權之條款及條件如 下：（續） ， ，

• 於報告期末 根據計劃 本公司有 153,604,958 份購股權（佔本公司於該日 已發行股份約1.73%）尚未行使。按照現 ，

• 時之本公司股本架構 悉數行使尚未行使 之購股權將致使發行額外153,604,958 股 ，

• 本公司普通股 及股本增加550,988,000 元（未扣除發行開支）。

• (b) Share options movement during the reporting period The number and weighted average exercise prices of share options under the Scheme are as follows:

• (b) 報告期內購股權變動 根據計劃授出購股權之數目及加權平均行 使價如下：

	2020 2020年	2020 2020年	2019 2019年
	Weighted average exercise price 加權平均 行使價 $per share 每股元	Number of options 購股權 數目	Weighted average exercise price Number of options 加權平均 行使價 購股權 數目 $per share 每股元
Outstanding at the beginning of the year 於年初尚未行使 Exercised during the year (i) 於年內行使(i) Forfeited during the year 於年內沒收 Lapsed during the year 於年內失效 Adjusted during the year (ii) 於年內調整(ii)	3.029	146,821,811	3.041 219,017,280 2.191 (26,348,178) 3.102 (19,015,772) 2.831 (36,933,519) 10,102,000
	–	–
	–	–
	–	–
		6,783,147
Outstanding at the end of the year 於年末尚未行使	2.895	153,604,958	3.0299 146,821,811
Exercisable at the end of the year 於年末可予行使	2.897	107,523,435	3.0300 58,728,708

The options outstanding at 31 December 2020 had an exercise price of $2.869 – $2.902 (2019: $3.001 – $3.036) and a weighted average remaining contractual life of 1.47 years (2019: 2.43 years).

於2020 年12 月31 日尚未行使購股權的行 使價為 2.869 元 －2.902 元（2019 年： 3.001元 －3.036元），加權平均剩餘合約 年限為1.47年（2019年：2.43年）。

235

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

37 Share options scheme (continued)

• (b) Share options movement during the reporting period (continued)

• (i) During the year ended 31 December 2019, the subscription rights attaching to 26,348,178 share options were exercised at the weighted average exercise price of $2.191 per share, resulting in the issue of 26,348,178 shares for a total cash consideration, before expenses, of $57,729,000. The corresponding amount included in share option reserve of $10,096,000 was also transferred to share capital upon the exercise of the share options, resulting in a total increase in share capital of $67,825,000. In 2020, no share options were exercised.

37 購股權計劃（續）

• (b) 報告期內購股權變動（續）

• (i) 於截至 2019 年 12 月 31 日止年度， 26,348,178 份購股權之所附認購權 以每股股份 2.191 元之加權平均行 使價行使 ， 導致以 57,729,000 元 之總現金代價（ 扣除開支前 ）發行 26,348,178 股股份。於購股權行使 後，計入購股權儲備10,096,000 元 ，

• 之相應金額亦轉撥至股本 致使股 本合共增加67,825,000元。於2020 年，概無購股權獲行使。

The weighted average share price at the date of exercise for share options exercised during the year ended 31 December 2019 was $2.566 per share.

• 於截至2019年12月31日止年度，購 股權行使當日所行使之加權平均股份 價格為每股2.566元。

• (ii) The number of unexercised share options and the exercise price may be subject to adjustment in case of alteration in the capital structure of the Company. Pursuant to the announcements dated 17 August 2018, 19 November 2018, 15 August 2019, 18 November 2019 and 17 August 2020, the Company adjusted the exercise price and number of options outstanding with reference to the terms of the Scheme and the supplementary guidance attached to the letter of the Stock Exchange relating to share option schemes dated 5 September 2005. The adjusted number and exercise prices for each batch of share options are presented in note 37(a) above.

• (ii) 未行使購股權之數目及行使價會隨 。

• 本公司股本架構變動而調整 根據 2018 年8 月17 日、2018 年11 月19 日、2019 年8 月15 日、2019 年11 月18日及2020年8月17日之公告， 本公司根據計劃的條款及聯交所就購 股權計劃出具日期為2005年9月5日 的函件隨附的補充指引對尚未行使購 股權行使價及數目作出調整。各批 購股權之經調整數目及行使價於上文 附註37(a)列示。

• (iii) The Group recognised a share option expense of $10,525,000 during the year (2019: $26,836,000).

• ，

• (iii) 年內 本集團確認購股權開 支 1 0 , 5 2 5 , 0 0 0 元（ 2 0 1 9 年 ： 26,836,000元）。

236

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

38 Capital and reserves

(a) Movements in components of equity

The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below:

38 資本及儲備

(a) 權益組成部份之變動

本集團各權益組成部份於期初及期末結餘 之對賬載於綜合權益變動表內。本公司個 別權益組成部份於年初及年末之變動詳情 載列如下：

			Share	Share option	Retained
			capital	reserve	profits	Total
			股本	購股權儲備	保留溢利	總額
			$’000	$’000	$’000	$’000
			千元	千元	千元	千元
	At 1 January 2019	於2019年1月1日	20,688,259	82,873	1,335,047	22,106,179
	Total comprehensive income	年內全面收益總額
	for the year		–	–	1,181,940	1,181,940
	Final 2018 dividends	2018年末期股息	675,777	–	(928,407)	(252,630)
	Interim 2019 dividends	2019年中期股息	478,407	–	(607,461)	(129,054)
	Exercise of share options	行使購股權	67,825	(10,096)	–	57,729
	Forfeit and lapse of share options	購股權沒收及失效	–	(5,975)	5,975	–
	Equity-settled share option	以股本支付之購股權
	expense	開支	–	26,836	–	26,836
	At 31 December 2019 and	於2019年12月31日
	1 January 2020	及2020年1月1日	21,910,268	93,638	987,094	22,991,000
	Total comprehensive income	年內全面收益總額
	for the year		–	–	3,040,080	3,040,080
	Final 2019 dividends	2019年末期股息	161,488	–	(971,678)	(810,190)
	Interim 2020 dividends	2020年中期股息	–	–	(622,993)	(622,993)
	Equity-settled share option	以股本支付之購股權
	expense	開支	–	10,525	–	10,525
	At 31 December 2020	於2020年12月31日	22,071,756	104,163	2,432,503	24,608,422

237

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 38 Capital and reserves (continued)

• (b) Share capital

• 38 資本及儲備（續）

• (b) 股本

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
	Issued and fully paid:	已發行及繳足：
	8,899,893,115 (2019: 8,833,437,048)	8,899,893,115股
	ordinary shares	（2019年：8,833,437,048股） 普通股 22,071,756	21,910,268

During the year, the movements in share capital were as follows:

年內，股本變動如下：

	2020 2020年	2020 2020年	2019 2019年
	Number of shares in issue 已發行股份數目	Issued share capital 已發行股本 $’000 千元	Number of shares in issue Issued share capital 已發行股份數目 已發行股本 $’000 千元
At 1 January 於1月1日 Share options exercised (note 37(b)(i)) 行使購股權 （附註37(b)(i)） Final dividend in the form of new shares (note 13(b)) 以新股份形式派發 之末期股息 （附註13(b)） Interim dividend in the form of new shares (note 13(c)) 以新股份形式派發 之中期股息 （附註13(c)）	8,833,437,048	21,910,268	8,413,711,807 20,688,259 26,348,178 67,825 237,949,329 675,777 155,427,734 478,407
	–	–
	66,456,067	161,488
	–	–
At 31 December 於12月31日	8,899,893,115	22,071,756	8,833,437,048 21,910,268

Note:

In accordance with section 135 of the Hong Kong Companies Ordinance, the ordinary shares of the Company do not have a par value.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets.

附註：

根據《香港公司條例》第135條，本公司普通 股無每股面值。

普通股持有人有權收取不時宣派之股息，並 有權於本公司股東大會上就每股享有一份投 票權。所有普通股對本公司之剩餘資產享有 同等權利。

238

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

38 Capital and reserves (continued)

(c) Nature and purpose of reserves

(i) Share option reserve

The share option reserve comprises the portion of the grant date fair value of unexercised share options granted to employees of the Company that has been recognised in accordance with the accounting policy adopted for share-based payments in note 2(s)(ii).

(ii) Asset revaluation reserve

The asset revaluation reserve has been set up and is dealt with in accordance with the accounting policies adopted for leasehold land and buildings held for own use in note 2(i).

(iii) Fair value reserve (non-recycling)

The fair value reserve comprises the cumulative net change in the fair value of equity investments designated at FVOCI under HKFRS 9 that are held at the end of the reporting period (see note 2(g)).

(iv) Statutory reserve

PRC statutory reserves were established in accordance with the relevant PRC rules and regulations and the articles of association of respective companies of the Group. PRC companies are required to transfer certain of their net profits (after offsetting prior year losses), as determined under the approval by the board of directors, to statutory general reserve.

Statutory general reserve can be used to make good prior years’ losses, if any, and may be converted into capital by issuing new shares to shareholders proportionate to their existing percentage of equity interests provided that the balance after such issue is not less than 25% of the registered capital.

(v) Exchange fluctuation reserve

The exchange fluctuation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.

The reserve is dealt with in accordance with the accounting policies set out in notes 2(w).

38 資本及儲備（續）

(c) 儲備之性質及用途

(i) 購股權儲備 購股權儲備包括部份已授予本公司僱 員但未行使之購股權於授出日期之 ， 公允值 該金額已按照附註2(s)(ii)內 以股份支付所採納之會計政策予以確 認。

• (ii) 資產重估儲備 已按照附註2(i)內持作自用之租賃土 地及樓宇所採用之會計政策設立及列 。

• 賬處理資產重估儲備

• (iii) 公允值儲備（不可撥回） 公允值儲備包括於報告期末持有之根 據香港財務報告準則第9 號指定透過 其他全面收益按公允值計算之股權 投資之公允值累積淨值變動（見附註 2(g)）。

(iv) 法定儲備 中國法定儲備乃按照相關中國規則及 法規以及本集團各公司之公司組織 。 章程細則建立 中國公司須按要求 將其若干純利（經彌補過往年度虧損 後）轉撥至一般法定儲備（經董事會 批准後釐定）。

一般法定儲備可用於彌補過往年度虧 損（如有），並可透過按股東現有股 權百分比向彼等發行新股之方式轉換 ， 為資本 惟發行後之結餘不低於註 冊資本之25%。

(v) 匯兌變動儲備 匯兌變動儲備包括轉換境外業務之財 。 務報表產生之所有匯兌差額

該儲備按照附註2(w)所載之會計政策 列賬處理。

239

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

38 Capital and reserves (continued)

• (c) Nature and purpose of reserves (continued)

• (vi) Other reserve

  • Other reserve represents the difference between the consideration paid and the book value of the share of net assets acquired in respect of the acquisition of non-controlling interests, and the difference between the consideration received and the book value of the share of net assets disposed of in respect of a change in the ownership interest in a subsidiary without a loss of control.

38 資本及儲備（續）

  - (c) 儲備之性質及用途（續） (vi) 其他儲備 其他儲備指與收購非控股權益相關之 已付代價與分佔所收購資產淨值賬面 ，

  - 值之差額 以及與持有附屬公司擁 有權權益變動（未失去控制權）相關 之已收代價與所出售資產淨值賬面值 之差額。

• (d) Distributability of reserves and dividends

• At 31 December 2020, the aggregate amount of reserves available for distribution to equity shareholders of the Company was $2,432,503,000 (2019: $987,094,000). Dividends declared and paid out of these distributable reserves are detailed in note 13.

• (d) 儲備及股息之可分派性 於2020 年12 月31 日，可供分派予本公司 權益股東之儲備總額為2,432,503,000 元

• （2019 年：987,094,000 元）。自該等可 供分派儲備宣派及派付之股息詳情載於附 註13。

• (e) Capital management

The objectives of the Group’s capital management policy are to ensure the financing capabilities of the Company in running its operation on a going concern basis, to maintain an optimal capital structure, to reduce capital cost and to maximise shareholders’ value.

• (e) 資本管理 本集團資本管理政策之目標為確保本公司 之融資能力以能夠按持續經營基準經營業 ， 、

• 務 並能夠維持優化之資本架構 減少資 。

• 本成本及使股東價值最大化

The Group manages and adjusts its capital structure appropriately according to the specific features of the risks of its assets and the changes in various economic conditions. Through adjustments in dividend distribution, injections and repayments of capital by shareholders or issuance of new shares, the Group is able to maintain an optimal capital structure of the Company.

本集團根據自身資產之特定風險特點及各 種經濟狀況之變動適當地對其資本架構進 行管理及調整。透過調整股息分派、股東 ， 注資及償還資本或發行新股 本集團能夠 。 將本公司之資本架構維持在優化水平

The Group monitors capital using a gearing ratio, which is net debt divided by equity attributable to equity shareholders of the Company. The Group’s policy is to keep the gearing ratio at a reasonable level. Net debt is interest-bearing bank and other borrowings less cash and cash equivalents and restricted cash.

本集團使用負債率（即淨貸款除以本公司 。 擁有人應佔權益）監控其資本 本集團之 政策乃將負債率維持在合理水平。淨貸款 為計息銀行及其他借貸減現金及現金等價 。 物以及受限制現金

240

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

38 Capital and reserves (continued)

(e) Capital management (continued)

The gearing ratios as at the end of the current and previous reporting periods are as follows:

38 資本及儲備（續）

• (e) 資本管理（續） 於本期及過往報告期末之負債率如下：

		31 December	31 December
		2020	2019
		2020年12月31日	2019年12月31日
		$’000	$’000
		千元	千元
Interest-bearing bank and other borrowings	計息銀行及其他借貸	30,828,413	24,297,918
Less: Cash and cash equivalents	減：現金及現金等價物	(16,166,471)	(9,653,239)
Restricted cash	受限制現金	(2,543,969)	(2,719,521)
Net debt	淨貸款	12,117,973	11,925,158
Equity attributable to equity shareholders of	本公司權益股東應佔權益
the Company		50,624,285	44,474,656
Gearing ratio	負債率	24%	27%

241

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management

Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group is also exposed to equity price risk arising from its equity investments in other entities and movements in its own equity share price.

39 財務風險管理

• 、

• 本集團面臨正常業務過程中發生之信貸 流動 性、利率及貨幣風險。本集團亦面臨因其對其 他實體股權投資產生之股權價格風險及自身權益 股價格變動風險。

The Group’s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.

本集團面臨之該等風險及金融風險管理政策以及 。 本集團管控該等風險所採用之慣例詳述如下

(a) Credit risk

The Group’s credit risk arising from cash and cash equivalents, restricted cash, trade receivables, other receivables, loans to related parties and financial guarantee on mortgage loans. Among these credit risk exposure, the Group’s exposure to credit risk arising from cash and cash equivalents and restricted cash is limited because the counterparties are state-owned financial institutions and reputable banks which are all high-credit-quality financial institutions.

• (a) 信貸風險

• 本集團的信貸風險產生自現金及現金等價 、 、 、

• 物 受限制現金 應收賬款 其他應收 、

• 款項 給予關聯方貸款及抵押貸款金融擔 保。在該等信貸風險中，本集團產生自現 金及現金等價物及受限制現金的信貸風險 ，

• 有限 因為交易對手為屬於高信貸質量金 。

• 融機構的國有金融機構及著名銀行

The Group has no significant concentrations of credit risk, with exposure spread over a large number of counterparties and customers. At the end of the reporting period, 5% (2019: 6%) and 17% (2019: 19%) of the total trade receivables was due from the Group’s largest customer and the five largest customers respectively.

， 本集團並無重大集中信貸風險 所面對之 。 風險分散於多名交易對手及客戶 於報 告期末，應收賬款總額的5%（2019 年： 6%）及17%（2019年：19%）分別來自本 。 集團最大客戶及五大客戶

For trade receivables in respect of property development, the Group has policies in place to ensure that sales are made to purchasers with an appropriate financial strength and appropriate percentage of down payments. It also has other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews regularly the recoverable amount of each individual trade receivables to ensure that adequate loss allowance are made for irrecoverable amounts.

， 就有關物業發展的應收賬款而言 本集團 已實行政策確保向具有適當財務實力及支 。 付適當百分比首期付款之買家作出銷售 ， 本集團亦制定有其他監控程序 以確保採 取跟進措施收回逾期債務。此外，本集團 定期審閱每名個人之應收貿易賬款可收回 ， 金額 以確保就不可收回金額作出足夠損 。 失撥備

For other trade receivables, the Group’s customer base is diversified and has no significant concentrations of credit risk. Trade receivables are due from 30 to 180 days to from the date of billing. The Group has a policy to closely monitor the settlement status of these trade receivables and all long outstanding balances are requested to be settled before any further credit is granted. Normally, the Group does not obtain collateral from customers.

， 就其他應收賬款而言 本集團的客戶基礎 多元化且並無重大集中信貸風險。應收賬 款自開票之日起30至180天到期。本集團 已制定政策密切監察該等應收賬款的結算 ， 狀況 而所有長期未償還結餘均須於授出 任何進一步信貸前結清。一般而言，本集 。 團不會向客戶收取抵押品

242 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

(a) Credit risk (continued)

For other receivables, finance lease receivables and loans to related parties, management makes periodic collective assessments as well as individual assessment on the recoverability of outstanding balances based on historical settlement records and past experience. The directors of the Company believe that there is no material credit risk inherent in the Group’s outstanding balance of other receivables and loans to related parties.

For properties that are still under construction, the Group typically provides guarantees to banks in connection with the customers’ borrowing of mortgage loans to finance their purchase of the properties for an amount up to 70% of the total purchase price of the property. If a purchaser defaults on the payment of its mortgage during the term of the guarantee, the bank holding the mortgage may demand the Group to repay the outstanding amount under the loan and any accrued interest thereon. Under such circumstances, the Group is able to retain the customer’s deposits and sell the property to recover any amounts paid by the Group to the bank. Unless the selling price would drop by more than 30%, which is remote, the Group would not be in a loss position in selling those properties out. In this regard, the directors of the Company consider that the Group’s credit risk is largely mitigated. The maximum exposure to credit risk in respect of these financial guarantees at the end of the reporting period is disclosed in note 42.

The Group considers the probability of default upon initial recognition of a financial asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forward-looking information, including credit rating of the borrower, actual or expected significant adverse changes in business, financial or economic conditions, actual or expected significant changes in the operating results of the borrower and whether there are significant increases in credit risk on other financial instruments of the same borrower.

39 財務風險管理（續）

(a) 信貸風險（續）

、 就其他應收款項 融資租賃應收款項及給 ， 予關聯方貸款而言 管理層根據歷史結算 ， 記錄及過往經驗 定期對未償還結餘的可 收回性進行集體評估及個別評估。本公司 ， 董事認為 本集團其他應收款項及給予 關聯方貸款的未償還結餘並無重大信貸風 險。

， 就在建物業而言 本集團通常就客戶為購 買物業融資所取得的按揭貸款向銀行提供 ， 擔保 而擔保金額最高為物業總購買價 的70%。如果買方於擔保期間未能償還按 ， 揭 則提供按揭的銀行可能會要求本集團 償還貸款的未償還款項及該等款項的任何 應計利息。 在此情況下， 本集團可沒收 客戶的按金並將物業出售以收回任何由本 。 集團支付予銀行的款項 除非售價下降超 過30%（該情況極為罕見），本集團不會 在銷售此類物業時承受損失。因此，本公 ， 司董事認為 本集團的信貸風險已大幅減 低。於報告期末，有關該等金融擔保的最 高信貸風險披露於附註42。

本集團在金融資產的初始確認時考慮壞賬 ， 的可能性 亦按持續基準評估各報告期間 。 是否會有信貸風險的顯著增加 在評估信 ， 貸風險是否顯著增加時 本集團將報告日 期資產發生壞賬的可能性與初始確認日期 ， 發生壞賬的可能性進行比較 同時亦考慮 ， 公開且合理的有理據的前瞻性資料 包括 、 借款人的信貸評級 實際發生的或者預期 、 的營業狀況 財務狀況或經濟環境中的重 、 大不利變化 借款人的經營成果實際發生 或者預期發生重大變化以及同一借款人的 。 其他金融工具信貸風險是否顯著增加

243

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

• (a) Credit risk (continued)

39 財務風險管理（續）

(a) 信貸風險（續）

(i) Trade receivables (excluding prepayments and loans to related (i) 應收賬款（不包括預付款項及給予關 and third parties) 聯方及第三方的貸款） The Group applies the simplified approach to providing for 本集團根據香港財務報告準則第9 號 expected credit losses prescribed by HKFRS 9, which permits 的規定應用簡化的方式計提預期信用 the use of the lifetime expected loss provision for trade 損失撥備，該準則允許應收賬款（不 receivables (excluding prepayments and loans to related and 包括預付款項及給予關聯方及第三方 third parties). 的貸款）採用整個存續期預期損失撥 備。

The following table provides information about the Group’s exposure to credit risk and ECLs for trade receivables:

下表載列本集團面臨的信貸風險及應 收賬款的預期信用損失的資料：

	2020 2020年
	Expected loss rate Gross carrying amount Loss allowance 預期損失率 賬面總值 損失撥備 % $’000 $’000 % 千元 千元
Current (not past due) 即期（未逾期） Less than one year past due 逾期少於一年 One to two years past due 逾期一年至兩年 Two to three years past due 逾期兩年至三年 Over three years past due 逾期三年以上	5% 472,955 23,648
	10% 279,434 27,943
	20% 171,474 34,295
	50% 74,323 37,162
	100% 39,352 39,352
	1,037,538 162,400

244

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued) 39 財務風險管理（續）

• (a) Credit risk (continued) (a) 信貸風險（續）

• (i) Trade receivables (excluding prepayments and loans to related (i) 應收賬款（不包括預付款項及給予關 and third parties) (continued) 聯方及第三方的貸款）（續）

	2019 2019年
	Expected loss rate Gross carrying amount Loss allowance 預期損失率 賬面總值 損失撥備 % $’000 $’000 % 千元 千元
Current (not past due) 即期（未逾期） Less than one year past due 逾期少於一年 One to two years past due 逾期一年至兩年 Two to three years past due 逾期兩年至三年 Over three years past due 逾期三年以上	5% 220,283 11,014 10% 255,138 25,514 20% 152,783 30,557 50% 64,987 32,494 100% 32,685 32,685
	725,876 132,264

Expected loss rates are estimated using a provision matrix, taking into account the past due status of the customers. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases. The expected loss rates are adjusted periodically to reflect changes in current economic conditions and the Group’s view of forecast economic conditions over the expected lives of the trade receivables.

， 預期損失率乃使用撥備矩陣估計 並考慮到客戶的逾期狀況。由於本 集團的歷史信貸損失經驗並未表明 不同客戶群的損失模式存在顯著差 異，因此基於逾期狀況的損失撥備 不會進一步區分本集團的不同客戶 群。預期損失率會定期調整，以反 映當前經濟狀況的變化以及本集團對 應收賬款預期年期的預測經濟狀況的 觀點。

245

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

• (a) Credit risk (continued)

(i) Trade receivables (excluding prepayments and loans to related and third parties) (continued)

Movement in the loss allowance account in respect of trade receivables during the year is as follows:

39 財務風險管理（續）

(a) 信貸風險（續）

(i) 應收賬款（不包括預付款項及給予關 聯方及第三方的貸款）（續） 年內有關應收賬款之損失撥備賬變動 如下：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Balance at 1 January	於1月1日之結餘	132,264	118,596
	Impairment losses recognised during the year	年內已確認減值虧損	21,965	16,625
	Amounts written off during the year	年內撇銷之金額	(400)	(54)
	Exchange realignment	匯兌調整	8,571	(2,903)
	Balance at 31 December	於12月31日之結餘	162,400	132,264

(ii) Finance lease receivables and loans to related and third parties

For loans to related parties and third parties, the Group monitors the credit risk over the terms of the loans and provide for expected credit losses on a timely basis. In calculating the expected credit loss rates, the Group considers historical loss rates for each category of loan, and adjusts for forward looking macroeconomic data. The ECL provision is limited to 12 months expected losses unless there is a significant increase in credit risk for that related/third party, which the Group considers as an underperforming loan and makes ECL provision based on lifetime expected losses. The Group’s expected credit loss rates on loans to related parties and third parties range from 1% to 5%, depending on management’s assessment of credit risks of the counterparties based on various internal and external factors.

(ii) 融資租賃應收款項及給予關聯方及第 三方的貸款

就給予關聯方及第三方的貸款而 ， 言 本集團於貸款期限內監控信貸 風險，並及時計提預期信用損失。 ， 在計算預期信用損失率時 本集團 ， 考慮每類貸款的歷史損失率 並就 前瞻性宏觀經濟數據作出調整。預 期信用損失撥備以12 個月預期損失 ， 為限 除非該關聯╱第三方的信貸 ， 風險顯著增加 則本集團將其視為 ， 不良貸款 並根據整個存續期預期 損失作出預期信用損失撥備。本集 團給予關聯方及第三方的貸款的預期 信用損失率介於 1% 至 5% 之間，取 決於管理層根據多項內部及外部因素 。 對交易對手的信貸風險評估

For finance lease receivables, the Group assesses the credit risk of the lessee and monitors the lease receivables regularly to mitigate the risk of significant exposure of default. In calculating the ECL rates, the Group considers historical loss rates and adjusts for forward looking information.

， 就融資租賃應收款項而言 本集團 ， 評估承租人之信貸風險 並定期監 ， 控租賃應收款項 以減低違約之重 。 大信貸風險 於計算預期信用損失 率時，本集團考慮歷史虧損率，並 。 就前瞻性資料作出調整

246

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements

財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

• (a) Credit risk (continued)

39 財務風險管理（續）

(a) 信貸風險（續）

(ii) Finance lease receivables and loans to related and third parties (ii) 融資租賃應收款項及給予關聯方及第 (continued) 三方的貸款（續） ， No significant change to estimation techniques or assumptions 於報告期內 估計方法或假設並無 。 was made during the reporting period. 發生重大變化 、 Movement in the loss allowance account in respect of deposit, 年內有關訂金 預付款項及其他應 prepayments and other receivables and other financial assets 收款項以及其他金融資產之損失撥備 during the year is as follows: 賬變動如下：

			Deposits,
			prepayments and	Other financial
			other receivables	assets	Total
			訂金、預付款項
			及其他應收款項	其他金融資產	總額
			$’000	$’000	$’000
			千元	千元	千元
	Balance at 1 January 2020	於2020年1月1日之結餘	171,955	89,295	261,250
	Impairment losses	年內已確認減值虧損
	recognised during the year		32,758	(56,628)	(23,870)
	Amounts written off during	年內撇銷之金額
	the year		(79)	–	(79)
	Exchange realignment	匯兌調整	11,836	5,460	17,296
	Balance at	於2020年12月31日
	31 December 2020	之結餘	216,470	38,127	254,597

247

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

• (a) Credit risk (continued)

• (ii) Finance lease receivables and loans to related and third parties (continued)

39 財務風險管理（續）

• (a) 信貸風險（續）

• (ii) 融資租賃應收款項及給予關聯方及第 三方的貸款（續）

			Deposits,
			prepayments and	Other financial
			other receivables	assets	Total
			訂金、預付款項
			及其他應收款項	其他金融資產	總額
			$’000	$’000	$’000
			千元	千元	千元
	Balance at 1 January 2019	於2019年1月1日之結餘	148,382	106,290	254,672
	Impairment losses	年內已確認減值虧損
	recognised during the year		27,265	(14,942)	12,323
	Amounts written off during	年內撇銷之金額
	the year		(7)	–	(7)
	Exchange realignment	匯兌調整	(3,685)	(2,053)	(5,738)
	Balance at	於2019年12月31日
	31 December 2019	之結餘	171,955	89,295	261,250

• (b) Liquidity risk

Liquidity risk arises when the Group is unable to meet its current liabilities that fall due. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of short and long term bank loans and other borrowings. Through maintaining a reasonable proportion in its asset and liability structure, the Group is able to meet its ongoing financial needs.

(b) 流動性風險 當本集團未能償還其已到期流動負債時則 。 產生流動性風險 本集團旨在透過運用短 ， 期及長期銀行貸款及其他借貸 維持資金 。 持續供應與靈活性之平衡 透過將其資產 ， 負債結構保持在合理比例 本集團可滿足 。 其持續財務需要

248

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

(b) Liquidity risk (continued)

The following tables show the remaining contractual maturities at the end of the reporting period of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the end of the reporting period) and the earliest date the Group can be required to pay:

39 財務風險管理（續）

(b) 流動性風險（續）

下表列示本集團以合約未貼現現金流量 （包括使用合約利率或（如為浮息）按照報 告期末之現行利率計算之利息付款）為基 礎之金融負債於報告期末餘下之合約期限 及本集團可按要求支付之最早日期：

		2020 Contractual undiscounted cash 2020年合約未貼現現金流出量	2020 Contractual undiscounted cash 2020年合約未貼現現金流出量	2020 Contractual undiscounted cash 2020年合約未貼現現金流出量	outflow		Carrying amount at 31 December 2020 於2020年 12月31日 之賬面值 $’000 千元
	On demand 按要求 $’000 千元	Within one year 一年內 $’000 千元	One to two years 一至兩年 $’000 千元	Two to three years 兩至三年 $’000 千元	Over three years 超逾三年 $’000 千元	Total 總額 $’000 千元
Interest-bearing bank and other borrowings (note 30) (i) 計息銀行及其他借貸 （附註30）(i) Lease liabilities (note 31) 租賃負債（附註31） Trade payables (note 32) 應付賬款（附註32） Other payables (note 33) 其他應付款項（附註33） Loans from fellow subsidiaries (note 33) 來自同系附屬公司之貸款 （附註33） Loans from joint ventures (note 33) 來自合營公司之貸款 （附註33） Loans from associates (note 33) 來自聯營公司之貸款 （附註33） Loans from other related parties (note 33) 來自其他關聯方之貸款 （附註33） Loans from non-controlling interests (note 33) 來自非控股權益之貸款 （附註33） Due to the immediate holding company (note 29(c)) 應付直接控股公司款項 （附註29(c)） Due to the ultimate holding company (note 29(c)) 應付最終控股公司款項 （附註29(c)）	7,411	13,570,705	6,358,157	8,537,702	4,274,326	32,748,301	30,828,413
	–	134,017	116,250	103,121	165,169	518,557	455,633
	3,863,062	–	–	–	–	3,863,062	3,863,062
	7,240,075	–	–	–	–	7,240,075	7,240,075
	69,511	3,137,120	–	–	–	3,206,631	3,137,120
	431	123,435	–	–	–	123,866	123,435
	20,660	–	–	–	–	20,660	20,660
	1,832	38,168	148,184	–	–	188,184	185,961
	186,352	–	–	–	–	186,352	186,352
	664,751	381,510	28,930	698,963	–	1,774,154	1,770,744
	5,564,596	3,096,427	1,144,743	–	–	9,805,766	9,415,468
Total 總額	17,618,681	20,481,382	7,796,264	9,339,786	4,439,495	59,675,608	57,226,923
Adjustments to present cash flows on other borrowings based on lender’s right to demand repayment in every 3 years 根據貸款人要求還款 權利每三年對其他 借貸現時現金流量 的調整	–	–	–	1,614,153	(2,251,304)	(637,151)	–
Total 總額	17,618,681	20,481,382	7,796,264	10,953,939	2,188,191	59,038,457	57,226,923

(i) The repayable schedule is based on the assumption that the outstanding amount of the CMBN will not be required to be redeemed at the end of every three years during the terms of the date of issue for the CMBN.

(i) 還款計劃乃基於假設在CMBN發行日期 的期限內每三年結束時毋須贖回CMBN 的未償還金額。

249

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

(b) Liquidity risk (continued)

39 財務風險管理（續） (b) 流動性風險（續）

	2019 Contractual undiscounted cash outflow 2019年合約未貼現現金流出量 On demand Within one year One to two years Two to three years Over three years Total Carrying amount at 31 December 2019 按要求 一年內 一至兩年 兩至三年 超逾三年 總額 於2019年 12月31日 之賬面值 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元
Interest-bearing bank and other borrowings (note 30) 計息銀行及其他 借貸（附註30） – 9,497,131 6,685,902 5,969,566 4,432,488 26,585,087 24,297,918 Lease liabilities (note 31) 租賃負債（附註31） – 125,116 111,670 101,110 247,073 584,969 505,017 Trade payables (note 32) 應付賬款（附註32） 2,625,609 – – – – 2,625,609 2,625,609 Other payables (note 33) 其他應付款項 （附註33） 7,880,180 – – – – 7,880,180 7,705,540 Loans from fellow subsidiaries (note 33) 來自同系附屬公司 之貸款（附註33） 173,923 3,997,282 – – – 4,171,205 4,049,884 Loans from joint ventures (note 33) 來自合營公司之 貸款（附註33） 7,350 341,445 – – – 348,795 342,239 Loans from associates (note 33) 來自聯營公司之 貸款（附註33） 45,922 – – – – 45,922 45,922 Loans from an other related party (note 33) 來自其他關聯方之 貸款（附註33） 182,994 – – – – 182,994 175,528 Loans from non-controlling interests (note 33) 來自非控股權益之 貸款（附註33） 639,608 – – – – 639,608 639,608 Due to the immediate holding company (note 29(c)) 應付直接控股公司 款項（附註29(c)） 562,926 32,706 32,659 729,857 – 1,358,148 1,263,846 Due to the ultimate holding company (note 29(c)) 應付最終控股公司 款項（附註29(c)） 652,727 1,303,269 – – – 1,955,996 1,936,473
Total 總額 12,771,239 15,296,949 6,830,231 6,800,533 4,679,561 46,378,513 43,587,584

250 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

(c) Interest rate risk

The interest rate risk of the Group is mainly due to the interest rate fluctuations of its bank and related parties borrowings. Interest on these borrowings is computed based on market rates.

The Group will constantly assess the interest rate risk it encounters to decide whether it is required to hedge against the possible interest rate risk that may arise.

At 31 December 2020, the Group had $28,000,898,000 (2019: $21,011,092,000) variable interest rate borrowings which expose the Group to cash flow interest rate risk. If the interest rate of these borrowings had increased/decreased by 0.5% and all other factors remained unchanged, the profit after tax for the year of the Group would have decreased/increased by approximately $126,765,000 (2019: $94,407,000).

The sensitivity analysis above indicates the instantaneous change in the Group’s profit after tax (and retained profits) that would arise assuming that the change in interest rates had occurred at the end of the reporting period and the impact on the Group’s profit after tax (and retained profits) is estimated as an annualised impact on interest expense or income of such a change in interest rates. The analysis is performed on the same basis as 2019.

(d) Currency risk

Most of the operating income of the Group’s business is in RMB and the Group’s assets held and all of the committed borrowings of the Group are mainly denominated in RMB, except for certain US$denominated bank loans held by the Company.

The Group currently does not have a policy on foreign currency risk as it had minimal transactions denominated in foreign currencies during the years ended 31 December 2019 and 2020 and the impact of foreign currency risk on the Group’s operation is minimal. The US$denominated bank loans are currently not hedged as the directors consider the risk of movements in exchange rates between the United States dollar and the Hong Kong dollar (the Company’s functional currency) to be insignificant.

39 財務風險管理（續）

(c) 利率風險

本集團之利率風險主要因其銀行及關聯方 。 借貸之利率波動而產生 該等借貸之利息 。 乃根據市場利率計算

本集團將持續評估所遇利率風險以決定是 。 否需要對沖可能產生之可能利率風險

於 2 0 2 0 年 1 2 月 3 1 日 ， 本集團有 2 8 , 0 0 0 , 8 9 8 , 0 0 0 元（ 2 0 1 9 年 ： 21,011,092,000元）浮息借貸，令本集團 。 面臨現金流量利率風險 倘若該等借貸之 利率上升╱下跌0.5%，而所有其他因素 ， 均保持不變 則本集團之年內除稅後溢利 將會減少╱增加約126,765,000元（2019 年：94,407,000元）。

上述敏感度分析顯示本集團的除稅後溢利 ， （及保留溢利）可能產生的即時變動 當 ， 中假設利率變動已於報告期末發生 而本 集團除稅後溢利（及保留溢利）所受影響乃 按有關利率變動對年度化利息支出或收入 的影響作估計。分析乃基於與2019年相同 的基準進行。

(d) 貨幣風險

， 本集團業務中大部份經營收益為人民幣 且本集團所持資產及本集團所有已承諾借 ， 貸均主要以人民幣列值 惟本公司持有之 若干銀行貸款以美元計值除外。

， ， 當前 本集團並無有關外幣風險之政策 乃因本集團於截至2019 年及2020 年12 月 31 日止年度內僅有極少以外幣計值之交 易，並且外幣風險對本集團營運之影響極 。 小 以美元計值之銀行貸款目前並未作對 ， 沖 乃由於董事認為美元與港元（本公司 。 之功能貨幣）之間的匯率變動之影響甚微

251

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

(e) Equity price risk

The Group is exposed to equity price changes arising from listed and unlisted equity investments held for trading and non-trading purposes (see note 24).

39 財務風險管理（續）

(e) 股權價格風險

本集團面臨因買賣及非買賣目的而持有的 上市及非上市股權投資所產生的股權價格 變動（見附註24）。

The Group’s listed equity investments are listed on the Stock Exchange of Hong Kong and Shanghai Stock Exchange. Decisions to buy or sell trading securities are based on the performance of individual securities compared to that of the relevant stock market Index and other industry indicators, as well as the Group’s liquidity needs. Listed equity investments that are not held for trading purposes have been chosen based on their longer term growth potential and are monitored regularly for performance against expectations.

本集團的上市股權投資於香港聯交所及上 。 海證券交易所上市 購入或出售買賣證券 的決定乃基於個別證券相對於相關股票市 場指數及其他行業指標的表現以及本集團 。 對流動資金的需要 並非為買賣目的而持 有的上市股權投資的選擇乃根據其長期升 ， 值潛力 並定期監察其實際表現是否符合 預期。

The Group’s unlisted equity investments are not held for trading purposes and have been chosen based on their longer term growth potential. Their performance is assessed regularly and the decisions to buy or sell is based on the Group’s long term strategic plans.

本集團的非上市股權投資並非為買賣目的 ， 而持有 而是根據其長期升值潛力而選 。 ， 擇 其表現會定期評估 而買賣決定則基 。 於本集團的長期策略計劃作出

252 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

39 Financial risk management (continued)

(e) Equity price risk (continued)

At 31 December 2020, it is estimated that an increase/（decrease) of 1% (2019: 1%) in the relevant stock market index (for listed equity investments) and the price/book ratios of comparable listed companies (for unlisted equity investments and derivative financial instrument) as applicable, with all other variables held constant, would have increased/decreased the Group’s profit after tax (and retained profits) and other components of consolidated equity as follows:

39 財務風險管理（續）

(e) 股權價格風險（續） 於 2020 年 12 月 31 日， 倘所有其他變量 ， 維持不變 估計相關股票市場指數（就上 市股權投資而言）及可資比較上市公司的 市賬率（就非上市股權投資及衍生金融工 具而言）（如適用）每增加╱（減少）1% （2019年：1%），將導致本集團的除稅後 溢利（及保留溢利）及綜合權益的其他組成 部份增加╱減少如下：

Change in the relevant equity price risk variables: 相關股權價格風險變量 的變動：	2020 2019 2020年 2019年
	Effect on profit after tax and retained profits Effect on other components of equity Effect on profit after tax and retained profits Effect on other components of equity 對除稅後溢利及 保留溢利的影響 對權益的其他 組成部份的影響 對除稅後溢利及 保留溢利的影響 對權益的其他 組成部份的影響 $’000 $’000 $’000 $’000 千元 千元 千元 千元
Increase 增加 1% Decrease 減少 (1%)	50,745 40 51,408 37 (50,745) (40) (51,408) (37)

The sensitivity analysis indicates the instantaneous change in the Group’s profit after tax (and retained profits) and other components of consolidated equity that would arise assuming that the changes in the stock market index or other relevant risk variables had occurred at the end of the reporting period and had been applied to re-measure those financial instruments held by the Group which expose the Group to equity price risk at the end of the reporting period. It is also assumed that the fair values of the Group’s equity investments would change in accordance with the historical correlation with the relevant stock market index or the relevant risk variables, and that all other variables remain constant. The analysis is performed on the same basis for 2019.

敏感度分析顯示本集團的除稅後溢利（及 保留溢利）及綜合權益的其他組成部份可 ， 能產生的即時變動 當中假設股票市場指 數或其他相關風險變量變動已於報告期末 ， 發生 並已應用於重新計量本集團所持有 ， 之金融工具 而該等工具令本集團於報告 。 期末須承受股權價格風險 本集團亦假設 其股權投資之公允值將根據與相關股票市 場指數或相關風險變量之歷史相互關係而 變動，而所有其他變量維持不變。分析乃 基於與2019年相同的基準進行。

253

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 40 Fair value and fair value hierarchy of financial instruments (a) Financial assets measured at fair value The following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

• 40 金融工具之公允值及公允值等級架構 (a) 按公允值計量之金融資產 下表呈報本集團於報告期末按經常性基準 計量、按香港財務報告準則第13號，公允 值計量的定義分為三層公允值等級之金融 。

• 工具公允值 公允值計量所歸類之層級乃 參照估值方法所使用可觀察性及重要性之 輸入值釐定如下：

• Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date

• 第一級估值：僅採用第一級輸入值

• （例如同等資產或負債於計量日期未 經調整之活躍市場報價）計量之公允 值

• Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available.

• 第二級估值：採用第二級輸入值（例 如未滿足第一級之可觀察輸入值）且 未採用重大不可觀察輸入值計量之公 。

• 允值 不可觀察輸入值為不可提供 。

• 市場數據之輸入值

• Level 3 valuations: Fair value measured using significant unobservable inputs

• 第三級估值：採用重大不可觀察輸 入值計量之公允值

The Group’s Financial Management Department headed by the General Manager is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The Financial Management Department reports directly to an executive director of the Company and the audit committee. At each reporting date, the Financial Management Department analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the executive director. The valuation process and results are discussed with the audit committee twice a year for interim and annual financial reporting.

本集團以總經理為首的財務管理部負責釐 訂金融工具公允值計量之政策及程序。財 務管理部直接向本公司執行董事及審核委 。 ， 員會報告 於各報告日期 財務管理部分 析金融工具之價值變動並釐定估值中適用 。 的主要輸入值 估值由執行董事審核及批 准。估值過程及結果與審核委員會每年討 ， 。 論兩次 作中期及年度財務申報

254 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 40 Fair value and fair value hierarchy of financial instruments 40 金融工具之公允值及公允值等級架構（續） (continued)

• (a) Financial assets measured at fair value (continued)

(a) 按公允值計量之金融資產（續）

Assets: 資產：	Fair value measurement as at 31 December 2020 using Fair value measurement as at 31 December 2019 using 於2020年12月31日使用以下輸入之公允值計量 於2019年12月31日使用以下輸入之公允值計量
	Unadjusted quoted prices in active markets (Level 1) Observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Unadjusted quoted prices in active markets (Level 1) Observable inputs (Level 2) Significant unobservable inputs (Level 3) Total 於活躍市場之 未經調整報價 （第一級） 可觀察 輸入值 （第二級） 重大不可 觀察輸入值 （第三級） 總額 於活躍市場之 未經調整報價 （第一級） 可觀察 輸入值 （第二級） 重大不可 觀察輸入值 （第三級） 總額 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 千元 千元 千元 千元 千元 千元 千元 千元
Listed equity investments in Hong Kong 於香港上市之 股權投資 Listed equity investments in mainland China 於中國大陸上市 之股權投資 Unlisted equity investments in mainland China 於中國大陸非 上市之股權 投資 Derivative financial instrument 衍生金融工具	1,982 – – 1,982 2,367 – – 2,367 26,935 – – 26,935 31,801 – – 31,801 – – 6,740,989 6,740,989 – – 6,194,748 6,194,748 – – – – – – 597,221 597,221
	28,917 – 6,740,989 6,769,906 34,168 – 6,791,969 6,826,137

During the year, there were no transfers of fair value measurements between Level 1 and Level 2, or transfers into or out of Level 3.

， 年內 第一級與第二級之間概無公允值計 ， 。 量的轉撥 亦無轉入或轉出第三級

• (i) The fair values of listed equity investments categorised under “financial assets measured at FVPL” is measured using level 1 fair value hierarchy and is determined based on quoted market prices.

• (i) 分類為「透過損益按公允值計算之金 融資產」項下的上市股權投資的公允 值乃使用第一級公允值等級架構計量 。

• 及根據市場報價釐定

• (ii) The fair values of unlisted equity investment categorised under “Other financial assets” are measured using level 3 fair value hierarchy and are determined based on Guideline Public Company Method.

• (ii) 「其他金融資產」項下分類的非上市 股權投資之公允值使用第三級公允值 ，

• 等級架構計量 並根據指引公眾公 。

• 司法進行釐定

255

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 40 Fair value and fair value hierarchy of financial instruments (continued)

• (a) Financial assets measured at fair value (continued) Information about level 3 fair value measurements

40 金融工具之公允值及公允值等級架構（續）

• (a) 按公允值計量之金融資產（續） 關於第三級公允值計量之資料

			Significant unobservable
		Valuation techniques	inputs	Weighted average
		估值方法	重大不可觀察輸入值	加權平均數
	Unlisted equity investment in	Guideline Public Company	Discount for lack of	24%
	Hengda Real Estate	Method	marketability	(2019: 24%)
	於恒大地產之非上市股權投資	指引公眾公司法	缺乏市場流通性折讓	24%
				（2019年：24%）

The fair value of the unlisted equity instruments in Hengda Real Estate amounting to $6,737,000,000 (2019: $6,191,000,000) is determined using Guideline public company method, which uses the price/book ratios of comparable listed companies as benchmark and adjusted for lack of marketability discount. The fair value measurement is positively correlated to the price/book ratios and negatively correlated to the discount for lack of marketability. As at 31 December 2020, it is estimated that with all other variables held constant, a decrease/ increase in discount for lack of marketability by 1% would have increased/decreased the Group’s profit after tax and retained profits by $16,068,000 (2019: $14,233,000).

於恒大地產之非上市股權工具的公 允值 6 , 7 3 7 , 0 0 0 , 0 0 0 元（ 2 0 1 9 年 ： 6,191,000,000 元）乃使用指引公眾公司 ， 法釐定 其使用可資比較上市公司的市賬 率為基準及對缺乏市場流通性折讓進行調 整。公允值計量與市賬率呈正相關及與缺 乏市場流通性折讓呈負相關。於 2020 年 12 月31 日，倘所有其他變量維持不變， 估計缺乏市場流通性折讓每減少╱增加 1%，將導致本集團除稅後溢利及保留溢 利增加╱減少16,068,000元（2019 年： 14,233,000元）。

256

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

• 40 Fair value and fair value hierarchy of financial instruments 40 金融工具之公允值及公允值等級架構（續） (continued)

• (a) Financial assets measured at fair value (continued) The movements during the year in the balance of these Level 3 fair value measurements are as follows:

• (a) 按公允值計量之金融資產（續） 年內該等第三級公允值計量的餘額變動如 下：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Financial assets measured at fair value:	按公允值計量之金融資產：
	At 1 January	於1月1日	6,791,969	6,600,546
	Changes in fair value recognised in	年內於損益確認的公允值變動
	profit or loss during the year		(462,499)	342,297
	Exchange realignment	匯兌調整	411,519	(150,874)
	At 31 December	於12月31日	6,740,989	6,791,969
	Total gains or losses for the year included	於報告期末持有的計入損益資產的
	in profit or loss for assets held	年內收益或虧損總額
	at the end of the reporting period		(462,499)	342,297

• (b) Fair value of financial assets and liabilities carried at other than fair value

The carrying amount of the Group’s financial instruments carried at cost or amortised cost were not materially different from their fair value as at 31 December 2019 and 2020.

(b) 按公允值以外方式列賬的金融資產及負債 的公允值 本集團按成本或攤銷成本列賬的金融工具 的賬面值與其於2019年及2020年12月31 。 日之公允值並無重大區別

257

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

41 Commitments

Capital commitments outstanding at 31 December 2020 not provided for in the financial statements were as follows:

41 承擔

於2020年12月31日尚未行使及未於財務報表作 出撥備的資本承擔如下：

		2020	2019
		2020年	2019年
		$’000	$’000
		千元	千元
	Commitments in respect of acquisition of land and	就收購土地及樓宇及發展中物業
	buildings, and development costs attributable	發展成本之承擔：
	to properties under development:
	Contracted, but not provided for	已訂約但未撥備 4,974,251	4,600,678

In addition to this, as disclosed in the Company’s announcement dated 14 July 2017, the Group agreed a maximum capital contribution to a related party, Shum King Limited, of $3,000,000,000 for its development of a piece of land in Hong Kong. As at 31 December 2020, the Group had an outstanding capital commitment to Shum King of $1,906,000,000 (2019: $1,971,500,000).

除此以外，如於本公司日期為2017 年7 月14 日 ， 之公佈所披露 本集團同意向關聯方深勁有限 公司最多注資3,000,000,000元以從事發展香港 之一塊土地。於2020 年12 月31 日，本集團對 深勁之尚未行使之資本承擔為1,906,000,000元 （2019年：1,971,500,000元）。

42 Contingent liabilities

• (a) Financial guarantees to purchasers of the Group’s properties As at 31 December 2020, the Group has given guarantees to a maximum extent of approximately $9,122,402,000 (2019: $5,144,838,000) to banks for housing loans extended by the banks to the purchasers of the Group’s properties.

42 或然負債

• (a) 向本集團物業買家提供之財務擔保 於 2020 年 12 月 31 日， 本集團就銀行給 予本集團物業買家之房屋貸款向銀行提供 最多達約 9,122,402,000 元（2019 年： 5,144,838,000元）之擔保。

Pursuant to the terms of the guarantees, if there is default of the mortgage payments by these purchasers, the Group is responsible for repaying the outstanding mortgage loans together with any accrued interest and penalty owed by the defaulted purchasers to banks. The Group is then entitled to take over the legal title of the related properties. The Group’s guarantee period commences from the date of grant of the relevant mortgage loan and ends after the buyer of the Group’s properties obtain the individual property ownership certificate.

The directors consider that in case of default in payments, the net realisable value of the related properties can cover the repayment of the outstanding mortgage loans together with any accrued interest and penalty and therefore no provision has been made in connection with the guarantees.

， 根據擔保條款 倘該等買家拖欠按揭款 項，本集團有責任償付欠付之按揭貸款以 及拖欠款項買家欠付銀行之任何應計利息 及罰款。本集團隨後可接收有關物業之合 。 法所有權 本集團之擔保期由授出有關按 揭貸款當日開始截至本集團物業買家取得 。 個別物業所有權證後屆滿 ， ， 董事認為 倘拖欠款項 有關物業之可變 現淨值足以償付尚未償還之按揭貸款連同 ， 任何應計利息及罰款 故未就該等擔保作 。 出撥備

258 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

42 Contingent liabilities (continued)

• (b) Financial guarantees to related parties of the Group As at 31 December 2020, the Group has given guarantees amounted to RMB1,351,672,000 (2019: RMB1,344,292,000) in respect of bank loans and other borrowings to Pik Sum and Taizhou Shum Yip, both of which are joint ventures of the Group (see note 23).

43 Related party transactions

• In addition to the related party transactions disclosed elsewhere in these financial statements, the Group also had the following related party transactions:

(a) Financing arrangements

• (i) The Group entered into certain financing arrangements with its related parties which are unsecured, interest-free and have no fixed terms of repayment, except for the balances of $9,514,902,000 (31 December 2019: $6,587,557,000) which are interest-bearing, unsecured and have fixed terms of repayment ranging from one to three years. The amounts due to these related parties at 31 December 2020 and the related cash flows are disclosed in note 29(c). The related interest expenses for the year are disclosed in note 7.

• (ii) The Group also provides loans to its related parties which are unsecured, interest-free and have no fixed terms of repayment, except for balances of $2,048,011,000 (31 December 2019: $2,860,786,000) which are interest-bearing, unsecured and have fixed terms of repayment ranging from one to four years. At 31 December 2020, the Group’s loans to joint ventures and associates were $2,148,692,000 (31 December 2019: $3,032,524,000) and $1,188,000 (31 December 2019: $14,076,000) respectively. The related interest income from the joint ventures and associates for the year ended 31 December 2020 were $117,688,000 (2019: $161,895,000) and $520,000 (2019: $494,000) respectively.

42 或然負債（續）

(b) 給予本集團關聯方之財務擔保

• 於2020 年12 月31 日，本集團就碧森及泰 州深業（兩者均為本集團合營公司）銀行 及其他貸款提供人民幣1,351,672,000 元

• （2019 年：人民幣1,344,292,000 元）之 擔保（見附註23）。

43 關聯方交易

• ，

• 除該等財務報表其他部份所披露者外 本集團 亦擁有以下關聯方交易：

(a) 融資安排

• (i) 本集團與其關聯方訂立若干融資 ， 、

• 安排 有關融資安排為無抵押 ，

• 免息及無固定還款期 除金額為 9,514,902,000 元（2019 年12 月31 日：6,587,557,000元）之計息、無 抵押及固定還款期限介乎一至三年之 結餘除外。於2020 年12 月31 日， 應付該等關聯方之款項及相關現金流 。

• 量披露於附註29(c) 年內相關利息 開支披露於附註7。

• ，

• (ii) 本集團亦向其關聯方提供貸款 有 、

• 關貸款為無抵押 免息及無固定 ，

• 還款期 除金額為 2,048,011,000 元（ 2 0 1 9 年 1 2 月 3 1 日 ： 2,860,786,000元）之計息、無抵押 及固定還款期限介乎一至四年之結 餘除外。於2020 年12 月31 日，本 集團給予合營公司及聯營公司之貸 款分別為2,148,692,000 元（2019 年12 月31 日：3,032,524,000 元） 及 1,188,000 元（2019 年 12 月 31 日：14,076,000 元）。截至 2020 年 12 月 31 日止年度 ， 來自合營公 司及聯營公司的相關利息收入分 別為 117,688,000 元（ 2019 年 ： 161,895,000 元 ）及 520,000 元

• （2019年：494,000元）。

259

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

43 Related party transactions (continued)

(b) Leasing arrangements

• (i) The Group entered into leases in respect of certain leasehold properties from its related parties, with lease terms ranging from 1 years to 5 years. During the year ended 31 December 2020, the amounts of rent payable by the Group under these leases to its immediate holding company, fellow subsidiaries and associates were $10,785,000 (2019: $4,972,000), $4,842,000 (2019: $3,460,000) and $25,988,000 (2019: $29,475,000) respectively. The related balances of right-of-use assets and lease liabilities are disclosed in note 20 and note 31 respectively.

43 關聯方交易（續）

(b) 租賃安排

• (i) 本集團就其關聯方的若干租賃物業 訂立租約 ， 租賃期介乎 1 至 5 年 。 截至 2020 年 12 月 31 日止年度 ， 本集團根據該等租約應向其直接控 、

• 股公司 同系附屬公司及聯營公 司支付的租金分別為 10,785,000 元（ 2019 年 ： 4,972,000 元 ）、 4,842,000元（2019年：3,460,000 元）及 25,988,000 元（2019 年： 29,475,000 元）。使用權資產及租 賃負債的相關結餘分別披露於附註 20及附註31。

• (ii) The Group also entered into a lease arrangement with its ultimate holding company as a lessor. For the year ended 31 December 2020, the rental income in respect of the lease arrangement was $8,373,000 (2019: $13,038,000).

• (ii) 本集團作為出租人亦與其最終控股 公司訂立租賃安排。截至2020年12 月31 日止年度，有關租賃安排的租 金收入為8,373,000 元（2019 年： 13,038,000元）。

• (iii) The prices for the above transactions were determined based on mutual agreement between the parties.

  • (iii) 上述交易之價格乃經雙方相互協定後 。

  • 釐定

• (c) Other related party transactions

• (i) On 2 July 2020, the Group entered into an acquisition agreement with Shum Yip Group, pursuant to which Shum Yip Group agreed to sell and the Group agreed to purchase 52.848% equity interest in Shum Yip Jinzhi Logistic Development Co., Ltd., at a consideration of RMB537,380,000 (equivalent to HK$638,514,000). The acquisition was completed in September 2020.

• (c) 其他關聯方交易

  • (i) 於2020年7月2日，本集團與深業集 ， ，

  • 團訂立收購協議 據此 深業集團 同意出售而本集團同意收購深業進 智物流發展有限公司 52.848% 的股 權，代價為人民幣537,380,000 元

  • （相當於638,514,000 港元）。收購 事項於2020年9月完成。

• (ii) The Group entered into arrangement with its ultimate holding company and fellow subsidiaries in which the Group provides management services on its behalf in respect of certain agricultural lands and property development projects. For the year ended 31 December 2020, the management fee income in respect of these management services was $1,142,000 (2019: $1,985,000).

• (ii) 本集團與其最終控股公司及同系附屬 ， ，

• 公司訂立安排 據此 本集團代其 就若干農業用地及物業開發項目提供 管理服務。截至 2020 年 12 月 31 日 ，

• 止年度 有關該等管理服務的管理 費收入為1,142,000 元（2019 年： 1,985,000元）。

260 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

43 Related party transactions (continued)

(c) Other related party transactions (continued)

• (iii) The Group entered into arrangement with its fellow subsidiaries in which the Group provides IT system services to the fellow subsidiaries. For the year ended 31 December 2020, the income in respect of these services was $1,800,000 (2019: nil)

43 關聯方交易（續）

(c) 其他關聯方交易（續）

• (iii) 本集團與其同系附屬公司訂立安 ， ，

• 排 據此 本集團向同系附屬公司 提供信息技術系統服務。截至2020 年12月31日止年度，有關該等服務 的收入為1,800,000 元（2019 年： 無）。

• (iv) During the year ended 31 December 2020, the Group sold products to its joint ventures of $267,243,000 (2019: $24,822,000).

• (iv) 截至 2020 年 12 月 31 日止年度 ， 本集團向其合營公司銷售產品 2 6 7 , 2 4 3 , 0 0 0 元（ 2 0 1 9 年 ： 24,822,000元）。

• (v) The prices for the above transactions were determined based on mutual agreement between the parties.

• (v) 上述交易之價格乃經雙方相互協定後 。

• 釐定

• (d) Key management personnel remuneration Remuneration for key management personnel of the Group, including amounts paid to the Company’s directors as disclosed in note 10 and certain of the highest paid employees as disclosed in note 11, is as follows:

• (d) 主要管理人員酬金 本集團主要管理人員之酬金（包括已付本 公司董事（於附註10 內披露）及若干最高 薪僱員（於附註11內披露）之金額）如下：

			2020	2019
			2020年	2019年
			$’000	$’000
			千元	千元
	Short-term employee benefits	短期僱員福利	18,222	16,094
	Post-employment benefits	退休福利	2,501	2,619
	Equity settled share option expense	以股本支付之購股權開支	2,821	6,586
			23,544	25,299

Total remuneration is included in “staff cost” (see note 8(b)).

酬金總額載於「員工成本」（見附註8(b)）。

(f) Applicability of the Listing Rules relating to connected transactions

The Group’s related party transactions with Shum Yip Group, Shum Yip Holdings and its fellow subsidiaries constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules. The directors of the Company confirmed that the Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.

(f) 有關關連交易之上市規則之適用程度

、 本集團與深業集團 深業（集團）及其同 系附屬公司之關聯方交易構成上市規則第 14A章內所界定之關聯交易或持續關聯交 易。本公司董事確認本公司已遵從上市規 則第14A章的披露規定。

261 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

44 Company-level statement of financial position

44 公司層面財務狀況表

31 December 2020 2020年 12月31日 $’000 千元	31 December 2019 2019年 12月31日 $’000 千元
Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 390 Investments in subsidiaries 附屬公司投資 42,818,750 Investments in associates 聯營公司投資 18,970	198 35,770,416 28,557
Total non-current assets 非流動資產總額 42,838,110	35,799,171
Current assets 流動資產 Prepayments, deposits and other receivables 預付款項、訂金及其他應收款項 1,132 Other financial assets 其他金融資產 1,981 Cash and cash equivalents 現金及現金等價物 1,023,253	2,778 2,367 882,377
Total current assets 流動資產總額 1,026,366	887,522
Current liabilities 流動負債 Interest-bearing bank and other borrowings 計息銀行及其他借貸 7,079,809 Other payables and accruals 其他應付款項及應計費用 924,593 Due to the ultimate holding company 應付最終控股公司款項 39,471 Due to the immediate holding company 應付直接控股公司款項 881,510	1,579,077 774,602 37,083 391,806
Total current liabilities 流動負債總額 8,925,383	2,782,568
Net current liabilities 流動負債淨值 (7,899,017)	(1,895,046)
Total assets less current liabilities 總資產減流動負債 34,939,093	33,904,125
Non-current liabilities 非流動負債 Interest-bearing bank and other borrowings 計息銀行及其他借貸 10,330,671	10,913,125
Total non-current liabilities 非流動負債總額 10,330,671	10,913,125
NET ASSETS 資產淨值 24,608,422	22,991,000

262

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

44 Company-level statement of financial position (continued)

44 公司層面財務狀況表（續）

			31 December	31 December
			2020	2019
			2020年	2019年
			12月31日	12月31日
		Note	$’000	$’000
		附註	千元	千元
CAPITAL AND RESERVES	資本及儲備
Share capital	股本	38(b)	22,071,756	21,910,268
Other reserves	其他儲備		2,536,666	1,080,732
TOTAL EQUITY	權益總額		24,608,422	22,991,000

Approved and authorised for issue by the board of directors on 30 March 2021.

經董事會於2021年3月30日批准及授權刊發。

==> picture [40 x 55] intentionally omitted <==

----- Start of picture text -----

Huang Wei
黃偉
Director
董事
----- End of picture text -----

Liu Shichao 劉世超 Director 董事

263

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Notes to the Financial Statements 財務報表附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，所有金額均以港元列示）

45 Non-adjusting events after the reporting period Subsequent to the end of the reporting period, the board of the directors proposed a final dividend. Further details are disclosed in note 13.

• 45 不涉調整的報告期後事項 於報告期末後，董事會建議派發末期股息。進 一步詳情於附註13披露。

• 46 Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 December 2020

Up to the date of issue of these financial statements, the HKICPA has issued a number of amendments and a new standard, HKFRS 17, Insurance contracts, which are not yet effective for the year ended 31 December 2020 and which have not been adopted in these financial statements. These developments include the following which may be relevant to the Group.

• 46 截至2020年12月31日止年度已頒佈但尚 、

• 未生效的修訂 新訂準則及詮釋的可能影 響

• ，

• 截至該等財務報表刊發當日 香港會計師公會 已頒佈若干修訂及一項新訂準則香港財務報告準 則第17 號，保險合約，於截至2020 年12 月31 ，

• 日止年度尚未生效 亦未於該等財務報表中採 納。該等修訂包括與本集團可能有關的以下內 容。

			Effective for accounting periods
			beginning on or after
			於下列日期或之後開始之
			會計期間生效
	Amendments to HKFRS 3, Reference to the Conceptual Framework		1 January 2022
	香港財務報告準則第3號之修訂，對概念框架的提述		2022年1月1日
	Amendments to HKAS 16, Property, Plant and Equipment: Proceeds before Intended	Use	1 January 2022
	香港會計準則第16號之修訂，物業、廠房及設備：作擬定用途前的所得款項		2022年1月1日
	Amendments to HKAS 37, Onerous Contracts – Cost of Fulfilling a Contract		1 January 2022
	香港會計準則第37號之修訂，虧損合約－合約履行費用		2022年1月1日
	Annual Improvements to HKFRSs 2018-2020 Cycle		1 January 2022
	2018年至2020年週期香港財務報告準則之年度改進		2022年1月1日
The Group is in the process of making an assessment of what the impact		本集團正在就該等修訂預期對首次應用期間的影
of these developments is expected to be in the period of initial application.		響程度作出評估。截至目前為止之結論為，採
So far it has concluded that the adoption of them is unlikely to have a		納該等修訂不大可能對綜合財務報表產生重大影
significant impact on the consolidated financial statements.		響。

264

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group I – Property interest held by the Group under development and for future development － 第一類 本集團持有發展中及有待日後發展之物業權益

				Interests
				attributable to		Planned GFA	Expected
	Project Name	Address	Type	the Group	Site Area	(sq.m.)	Completion Year
				本集團		規劃建築面積
	項目名稱	地址	用地性質	所佔權益	佔地面積	（平方米）	預計完工年份
	Property Interest held for future development
	有待日後發展之物業權益
	Garden Hills Land Plot 1	Zhongkai Development Zone,	Residential	100.00%	39,475	145,564	2024
		Huizhou, Guangdong
	半山名苑1號地塊	廣東省惠州市仲愷開發區	住宅
	Wanlin Huafu	Huicheng, Huizhou, Guangdong	Residential	100.00%	72,922	314,360	2025
	萬林華府	廣東省惠州市惠城區	住宅
	Yihu Rose Garden Laohuaniao Block	Qingbaijiang, Chengdu, Sichuan	Residential	52.54%	46,697	236,053	2024
	怡湖玫瑰苑老花鳥地塊	四川省成都市青白江區	住宅
	Wuhan Bio Valley Project	East Lake High-tech Development	Residential	75.05%	93,200	260,000	2023
		Zone, Wuhan, Hubei
	武漢生物谷項目	湖北省武漢市東湖高新區	住宅
	Nanhu Rose Bay 1-3#(Phase 4)	Wuchang, Wuhan, Hubei	Residential	75.05%	29,322	130,883	2022
	南湖玫瑰灣1-3#（4期）	湖北省武漢市武昌區	住宅
	Chaohu Royal Spring Garden North	Bantang Economic Development	Residential	100.00%	78,827	28,997	Unscheduled
		Zone, Chaohu, Hefei
	巢湖御泉莊北區	合肥省巢湖市半湯經濟開發區	住宅				未有計劃
	Chaohu South Residential	Bantang Economic Development	Residential	100.00%	81,537	22,085	Unscheduled
		Zone, Chaohu, Hefei
	巢湖南區住宅	合肥省巢湖市半湯經濟開發區	住宅				未有計劃
	Taifu Square Phase 3	Luohu, Shenzhen, Guangdong	Complex	97.68%	8,807	130,781	2024
	泰富廣場3期	廣東省深圳市羅湖區	綜合體
	Kashi Residential Land Plot 2	Duolaitebage Road, Kashi, Xinjiang	Residential	100.00%	17,129	59,952	Unscheduled
		Uygur Autonomous Region
	喀什住宅2號地塊	新疆維吾爾自治區喀什市多萊特巴格路	住宅				未有計劃
	Xinhongcheng	Guangming New District, Shenzhen,	Residential	65.00%	48,680	327,089	2023
		Guangdong
	信宏城	廣東省深圳市光明新區	住宅
	Shum Yip Chuangzhi Building	Longgang, Shenzhen, Guangdong	Industrial	100.00%	8,437	51,120	2023
	深業創智大廈	廣東省深圳市龍崗區	產業
	Chengdu Chenghua Shuanglin	Chenghua, Chengdu, Sichuang	Residential	75.05%	22,801	94,395	2024
	Henglu North land Parcel
	成都成華區雙林北橫路地塊	四川省成都市成華區	住宅
	Chengdu Qingbaijiang Phoenix	Qingbaijiang, Chengdu, Sichuang	Complex	75.05%	114,000	284,000	2024
	New Town land Parcel
	成都青白江區鳳凰新城地塊	四川省成都市青白江區	綜合體
	Nansha Hengli Island 2020NJY-10	Hengli Island, Nansha, Guangzhou,	Residential	100.00%	66,277	330,025	2024
	land Parcel	Guangdong
	南沙橫瀝島2020NJY-10地塊	廣東省廣州市南沙橫瀝島	住宅

265

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group I – Property interest held by the Group under development and for future development － 第一類 本集團持有發展中及有待日後發展之物業權益

				Interests				Expected
				attributable to		Planned GFA	Progress	Completion
	Project Name	Address	Type	the Group	Site Area	(sq.m.)	(note)	Year
						規劃建築面積	發展進度	預計
	項目名稱	地址	用地性質	本集團所佔權益	佔地面積	（平方米）	（附註）	完工年份
	Property interest held under development
	持有發展中之物業權益
	Boying Building	Luohu, Shenzhen, Guangdong	Industrial	97.68%	8,726	51,560	2	2021
	博盈大廈	廣東省深圳市羅湖區	產業
	Shum Yip Dongling	Luohu, Shenzhen, Guangdong	Commercial	95.00%	6,751	76,733	3	2022
	深業東嶺	廣東省深圳市羅湖區	商業
	Parkview Bay	Free Trading Area, Qianhai,	Residential	50.00%	12,491	54,360	4	2021
		Shenzhen, Guangdong
	頤灣府	廣東省深圳市前海自貿區	住宅
	Garden Hills Phase 3.2.2	Zhongkai Development Zone,	Residential	100.00%	30,951	147,984	2	2022
		Huizhou, Guangdong
	半山名苑3.2.2期	廣東省惠州市仲愷開發區	住宅
	Shum Yip West Lake Sanli Phase 2.2	Huicheng, Huizhou, Guangdong	Residential	100.00%	49,400	160,169	3	2022
	深業西湖三里2.2期	廣東省惠州市惠城區	住宅
	Shum Yip Qishan Yayuan	Nanhai District, Foshan,	Residential	100.00%	19,883	79,094	4	2022
		Guangdong
	深業旗山雅苑	廣東省佛山市南海區	住宅
	Shum Yip Upper Life	Shangfang Town, Jiangning	Residential	100.00%	34,623	111,134	4	2021
		District, Nanjing, Jiangsu
	深業青麓上居	江蘇省南京市江寧區上坊鎮	住宅
	Shum Yip Qinglong Mansion	Qinglong Subway Town,	Residential	100.00%	31,304	102,769	4	2021
		Jiangning District, Nanjing,
		Jiangsu
	深業青瓏上府	江 蘇省南京市江寧區青龍地鐵	住宅
		小鎮
	Shum Yip Heron Mansion	Yanghu Ecological New City,	Residential	100.00%	79,994	240,500	4	2022
		Yuelu, Changsha, Hunan
	深業鷺棲府	湖 南省長沙市岳麓區洋湖生態	住宅
		新城
	Shenyue Bay	Jiangyan, Taizhou, Jiangsu	Residential	100.00%	46,678	183,630	4	2021
	深悅灣	江蘇省泰州市姜堰區	住宅
	Taifu Square Phase 2	Luohu, Shenzhen, Guangdong	Complex	97.68%	8,964	106,106	1	2023
	泰富廣場2期	廣東省深圳市羅湖區	綜合體
	Tuen Mun Land Plot 520	Tuen Mun, New Territories,	Residential	50.00%	12,205	43,938	1	2023
		Hong Kong Special
		Administrative Region
	屯門520地塊	香港特別行政區新界屯門	住宅

266

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group I – Property interest held by the Group under development and for future development － 第一類 本集團持有發展中及有待日後發展之物業權益

				Interests					Expected
				attributable to			Planned GFA	Progress	Completion
	Project Name	Address	Type	the Group		Site Area	(sq.m.)	(note)	Year
							規劃建築面積	發展進度	預計
	項目名稱	地址	用地性質	本集團所佔權益		佔地面積	（平方米）	（附註）	完工年份
	Property interest held under development
	持有發展中之物業權益
	Four Seasons Mansion	Qinglong Street, Chenghua,	Residential	75.05%		20,479	60,921	3	2021
		Chengdu, Sichuang
	四季華庭	四川省成都市成華區青龍街道	住宅
	Shum Yip Songhu Yuncheng	Songshan Lake, Dongguan,	Residential	100.00%		50,017	170,081	3	2022
	Garden	Guangdong
	深 業松湖雲誠花園	廣東省東莞市松山湖	住宅
	Nanjing Hexi 2019G77 land Parcel	Hexi, Nanjing, Jiangsu	Residential	100.00%		17,520	60,727	2	2022
	南京河西2019G77地塊	江蘇省南京市河西區	住宅
	Ma’anshan Shum Yip Huafu	Yushan, Ma’anshan, Anhui	Residential	99.77%		72,583	225,836	3	2022
	Phase 2.2 South
	馬鞍山深業華府2期2組團南區	安徽省馬鞍山市雨山區	住宅
	Shum Yip Zhifeng Building	Luohu, Shenzhen, Guangdong	Industrial	51.62%		11,388	70,925	3	2021
	深業智豐大廈	廣東省深圳市羅湖區	產業
Note：					附註：
1.	Site formation				1.	地盤平整
2.	Foundation work				2.	地基工程
3.	Superstructure in progress				3.	上蓋工程進行中
4.	Interior finishing				4.	內部裝修

1. Superstructure in progress 4. Interior finishing

267

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group II – Property interest held by the Group for sales － 第二類 本集團持有作銷售之物業權益

				Interest to
	Property	Address	Use	the Group	TGFA (sq.m.)	Completion year
				本集團	總樓面面積
	物業	地址	用途	所佔權益	（平方米）	落成年份
	Shunde Shum Yip City	Shunde, Foshan, Guangdong	Com. & Res.	100%	77,044.12	2012-2017
	順德深業城	廣東省佛山市順德區	商業及住宅
	Xiyue City	Huizhou, Guangdong	Com. & Res.	100%	35,367.21	2012-2017
	喜悅城	廣東省惠州市	商業及住宅
	Saina Bay	Heyuan, Guangdong	Com. & Res.	100%	4,023.25	2012
	塞納灣	廣東省河源市	商業及住宅
	Ma’anshan Shum Yip Huafu	Ma’anshan, Anhui	Res.	99.77%	9,871.35	2013-2019
	馬鞍山深業華府	安徽省馬鞍山市	住宅
	Yihu Rose Garden	Chengdu, Sichuan	Com. & Res.	52.54%	15,102.37	2013-2019
	怡湖玫瑰苑	四川省成都市	商業及住宅
	UpperHills	Shenzhen, Guangdong	Com., Off. and Res.	100%	79,015.97	2014, 2016
	深業上城	廣東省深圳市	商業、辦公室及住宅
	Shum Yip Dongling	Shenzhen, Guangdong	Res.	95%	14,709.94	2018
	深業東嶺	廣東省深圳市	住宅
	Taifu Square Phase 1	Shenzhen, Guangdong	Com., Off. and Res.	97.68%	258,552.00	2019
	泰富廣場1期	廣東省深圳市	商業、辦公室及住宅
	Shum Yip Zhongcheng	Shenzhen, Guangdong	Com., Off. and Res.	100%	204,783.16	2019
	深業中城	廣東省深圳市	商業、辦公室及住宅
	Shum Yip Gaobangshan No. 1 Garden	Huizhou, Guangdong	Res.	100%	9,581.36	2019
	高榜山1號花園	廣東省惠州市	住宅
	Shum Yip Rui Cheng Phase 3.2	Changsha	Residential	80%	66,505	2020
	深業睿城3.2期	長沙	住宅
	Shum Yip Garden Hills Phase 3.2.1	Huizhou	Residential	100%	87,617	2020
	深業半山名苑3.2.1期	惠州	住宅
	Shum Yip West Lake Sanli Phase 2.1	Huizhou	Residential	100%	192,347	2020
	深業西湖三里2.1期	惠州	住宅
	Yihu Rose Garden – Longjing	Chengdu	Residential	70%	45,026	2020
	怡湖玫瑰苑瓏璟	成都	住宅
	Ma’anshan Shum Yip Huafu Phase 2.2 (North)	Ma’anshan	Residential	99.77%	235,600	2020
	馬鞍山深業華府2期2組團北區	馬鞍山	住宅

268 Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group III – Property interest held by the Group for investment － 第三類 本集團持有作投資之物業權益

				Interest to
	Property	Address	Use	the Group	TGFA (sq.m.)	Completion year
				本集團	總樓面面積
	物業	地址	用途	所佔權益	（平方米）	落成年份
	Shun Hing Square	Junction of Shennan Zhong Road,	Off., Apartment. and Carpark	100%	17,817.12	1996
		Jiefang Road and Baoan Road,
		Luohu, Shenzhen
	信興廣場	深圳市羅湖區深南中路解放路	辦公室，公寓及停車場
		及寶安路交界
	Shum Yip Centre	Shennan Zhong Road, Luohu,	Com., Off. and Carpark	100%	10,417.58	1997
		Shenzhen
	深業中心	深圳市羅湖區深南中路	商業，辦公室及停車場
	Hua Min Building	Renmin Nan Road, Luohu, Shenzhen	Apartment., Com. and	50%	6,252.73	1993
			Carpark
	華民大廈	深圳市羅湖區人民南路	公寓，商業及停車場
	Hua Min Building	Renmin Nan Road, Luohu, Shenzhen	Apartment	100%	947.42	1993
	華民大廈	深圳市羅湖區人民南路	公寓
	Shum Yip Building	Wenjin Zhong Road, Luohu, Shenzhen	Off.	100%	7,066.10	1991
	深業大廈	深圳市羅湖文錦中路	辦公室
	Noble Times	Pingshan, Shenzhen	Com.	100%	26,975.97	2012
	東晟時代	深圳市坪山區	商業
	Che Gong Miao Ind. Zone	Futian, Shenzhen	Com., Off.,	75.05%	136,639.81	1994-2012
			Res. and Carpark
	車公廟工業區	深圳市福田區	商 業，辦公室，
			住宅及停車場
	Shenhua Science & Technology Park	Meilin Road, Futian, Shenzhen	Com. and Off.	75.05%	15,246.77	1994
	深華科技園	深圳市福田區梅林路	商業及辦公室
	Tian’an Che Gong Miao Ind. Zone	Futian, Shenzhen	Off., Com., Res. and Carpark	37.53%	81,087.07	1992-2005
	天安車公廟工業區	深圳市福田區	辦公室，商業住宅及停車場
	Tian’an Nanhai New Cyber-City Phase 2	Nanhai, Guangdong	Com., Off. and Carpark	37.53%	42,379.20	2008-2015
	天安南海數碼新城2期	廣東省南海	商業，辦公室及停車場
	Tian’an Panyu New Cyber-City	Panyu, Guangdong	Com., Res. and Carpark	37.53%	130,107.97	2010
	天安番禺數碼新城	廣東省番禺	商業，住宅及停車場
	Tian’an Longgang New Cyber-City	Shenzhen, Guangdong	Com., Off. and Carpark	37.53%	45,115.54	2010-2014
	天安龍崗數碼新城	廣東省深圳市	商業，辦公室及停車場
	Tian’an Dongguan New Cyber-City	Dongguan, Guangdong	Com., Off. and Carpark	37.53%	85,747.32	2012-2017
	天安東莞數碼新城	廣東省東莞市	商業，辦公室及停車場
	Tian’an Jiangyin Cyber-City	Jiangyin, Jiangsu	Res. and Off.	37.53%	26,510.35	2012-2017
	天安江陰數碼城	江蘇省江陰市	住宅及辦公室
	Tian’an Changzhou New Cyber-City	Changzhou, Jiangsu	Off. and Com.	37.53%	37,289.38	2012
	天安常州數碼新城	江蘇省常州市	辦公室及商業

269

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group III – Property interest held by the Group for investment － 第三類 本集團持有作投資之物業權益

				Interest to
	Property	Address	Use	the Group	TGFA (sq.m.)	Completion year
				本集團	總樓面面積
	物業	地址	用途	所佔權益	（平方米）	落成年份
	Tian’an Qingdao New Cyber-City	Qingdao, Shandong	Off.	37.53%	12,004.56	2015-2017
	天安青島數碼新城	山東省青島市	辦公室
	Tian’an Tianjin New Cyber-City	Xiqing, Tianjin	Off.	37.53%	20,130.65	2016
	天安天津數碼新城	天津市西青區	辦公室
	Tian’an Chongqing New Cyber-City	Da Du Kou, Chongqing	Com.	37.53%	11,628.82	2015
	天安重慶數碼新城	重慶市大渡口	商業
	Tian’an Wuxi Cyber-City	Wuxi,Jiangsu	Off. and Com.	37.53%	82,763.72	2014
	天安無錫數碼城	江蘇省無錫市	辦公室及商業
	Tian’an Nantong Cyber-City	Nantong, Jiangsu	Off. and Com.	37.53%	66,169.04	2011
	天安南通數碼城	江蘇省南通市	辦公室及商業
	Tian’an Nanjing Cyber-City	Nanjing, Jiangsu	Com., Off. and Carpark	37.53%	96,971.50	2014-2015
	天安南京數碼城	江蘇省南京市	商業，辦公室及停車場
	Shum Yip Garden	Futian, Shenzhen	Com.	100%	2,646.43	2002
	深業花園	深圳市福田區	商業
	Sungang Warehouse Zone	Baoan Bei Road, Luohu, Shenzhen	Com.	97.68%	72,564.21	1990-2002
	笋崗倉庫區	深圳市羅湖區寶安北路	商業
	Composite Building on Taoyuan Road	Baoan Bei Road, Luohu, Shenzhen	Com. and Off.	97.68%	4,812.73	1991
	桃源路綜合樓	深圳市羅湖區寶安北路	商業及辦公室
	Dormitory Building on Taoyuan Road	Baoan Bei Road, Luohu, Shenzhen	Com./Res.	97.68%	4,835.28	1988
	桃源路宿舍樓	深圳市羅湖區寶安北路	商住
	Boxing Building	Qingshuihe, Luohu, Shenzhen	Com.	97.68%	12,861.05	2014
	博興大廈	深圳市羅湖區清水河	商業
	Bolong Building	Qingshuihe, Luohu, Shenzhen	Com.	97.68%	39,284.24	2014
	博隆大廈	深圳市羅湖區清水河	商業
	Bofeng Building	Qingshuihe, Luohu, Shenzhen	Com.	97.68%	10,070.39	2017
	博豐大廈	深圳市羅湖區清水河	商業
	S.Z. Int’l. Trust and Investment	Junction of Zhenxing Road	Off.	75.05%	1,316.54	1990
	Corp. Building	and Shangbu Zhong Road,
		Futian, Shenzhen
	深圳國際信託投資總公司大樓	深圳市福田區振興路及上步中路交界	辦公室
	Shenyang Wuai Bus Station	Shenyang, Liaoning	Com.	93.39%	33,089.44	1994-1996
	瀋陽五愛客運站	遼寧省瀋陽市	商業
	Shenyang Wuai Shengang Bus Station	Shenyang, Liaoning	Com.	93.39%	67,939.18	2011
	and Meibo Trading Centre
	瀋陽五愛深港客運站及美博貿易中心	遼寧省瀋陽市	商業

270

Shenzhen Investment Limited 深圳控股有限公司 Annual Report 年報 2020

Schedule of Major Properties 主要物業表

Group III – Property interest held by the Group for investment － 第三類 本集團持有作投資之物業權益

				Interest to
	Property	Address	Use	the Group	TGFA (sq.m.)	Completion year
				本集團	總樓面面積
	物業	地址	用途	所佔權益	（平方米）	落成年份
	Coastal International Centre	Suzhou, Jiangsu	Com., Apartment. and Off.	100%	56,606.73	2009
	沿海國際中心	江蘇省蘇州市	商業，公寓及辦公室
	Chengdu Jinxiu Workshop	Chengdu, Sichuan	Com. and Carpark	87.91%	29,013.03	2008
	成都錦繡工場	四川省成都市	商業及停車場
	UpperHills	Shenzhen, Guangdong	Com., Off. and Carpark	100%	378,818.21	2017-2019
	深業上城	廣東省深圳市	商業，辦公室及停車場
	Pengji Properties	Shenzhen, Guangdong and	Com., Res., Off. and Carpark	100%	201,408.40	1983-2005
		Nanjing, Jiangsu
	鵬基物業	廣東省深圳市及江蘇省南京	商業，住宅，辦公室及停車
			場
	Xiangli Oasis Club	Futian, Shenzhen	Com.	100%	2,560.00	2003
	香荔綠洲會所	深圳市福田區	商業
	Times Technology Building	Futian, Shenzhen	Com. and Off.	100%	52,742.86	2009
	時代科技大廈	深圳市福田區	商業及辦公室
	Longxi Garden	Futian, Shenzhen	Res.	100%	6,515.27	1984-1996
	龍溪花園	深圳市福田區	住宅
	Nongke Oasis Office Tower	Futian, Shenzhen	Off.	100%	5,343.91	2012
	農科綠洲辦公樓	深圳市福田區	辦公室
	Nongke Business Office Tower	Futian, Shenzhen	Off. and Com.	100%	859.16	2012
	農科商務辦公樓	深圳市福田區	辦公室及商業
	Xiangli Garden	Futian, Shenzhen	Com.	100%	2,560.00	2003
	香荔花園	深圳市福田區	商業
	Tanglang City	Nanshan, Shenzhen	Com., Carpark and Res.	50%	68,639.38	2015-2018
	塘朗城	深圳市南山區	商業，停車場及住宅
	Shum Yip Dongling	Luohu, Shenzhen	Com. and Carpark	95%	39,485.07	2018
	深業東岭	深圳市羅湖區	商業及停車場
	Jinzhi Properties	Luohu, Shenzhen	Off. and multiple-use	41.28%	5,054.08	1988
	進智物業	深圳市羅湖區	辦公室及綜合樓

Note to Schedule of Major Properties:

Properties which are insignificant are not included.

主要物業表附註：

本物業表不包括比重輕微之物業。

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