NOIZ Group Ltd. — Annual Report 2020

Mar 30, 2021

CHARACTERISTICS OF GEM ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE")

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.

Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors (the "Directors") of Merdeka Financial Group Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

香港聯合交易所有限公司(「聯交所」)GEM(「GEM」)的特色

GEM的定位,乃為中小型公司提供一個上市的市場,此等公司相比起其他在主板 上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風 險,並應經過審慎周詳的考慮後方作出投資決定。

由於GEM上市公司普遍為中小型公司,在GEM買賣的證券可能會較於主板買賣之 證券承受較大的市場波動風險,同時無法保證在GEM買賣的證券會有高流通量的 市場。

香港交易及結算所有限公司及聯交所對本報告之內容概不負責,對其準確性或完整性亦不 發表任何聲明,並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。

本報告乃遵照《聯交所GEM證券上市規則》(「GEM上市規則」)的規定而刊載,旨在提供有關 領智金融集團有限公司(「本公司」)之資料;本公司各董事(「董事」)願就本報告的資料共同 及個別地承擔全部責任。董事在作出一切合理查詢後,確認就其所知及所信,本報告所載 資料在各重要方面均屬準確完備,沒有誤導或欺詐成分,且並無遺漏任何事項,足以令致 本報告或其所載任何陳述產生誤導。

Contents 目錄

• 2 Corporate Information 公司資料
• 4 Chairman's Statement 主席報告
• 7 Management Discussion and Analysis 管理層討論及分析
• 24 Biographical Details of Directors and Senior Management 董事及高級管理層履歷
• 27 Corporate Governance Report 企業管治報告
• 49 Environmental, Social and Governance Report 環境、社會及管治報告
• 63 Report of the Directors 董事會報告書
• 79 Independent Auditor's Report 獨立核數師報告
• 85 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收入表
• 87 Consolidated Statement of Financial Position 綜合財務狀況報表
• 89 Consolidated Statement of Changes in Equity 綜合股東權益變動表
• 90 Consolidated Statement of Cash Flows 綜合現金流量表
• 92 Notes to the Consolidated Financial Statements 財務報表附註
• 212 Summary of Financial Information 財務資料概要

Corporate Information 公司資料

BOARD OF DIRECTORS

Executive Directors Mr. Wong Hin Shek (Chairman and Chief Executive Officer) Mr. Cheung Wai Yin, Wilson Ms. Tsang Kwai Ping

Independent Non-executive Directors Ms. Ng Ka Sim, Casina Mr. Wong Wing Kit Ms. Yeung Mo Sheung, Ann

COMPANY SECRETARY

Ms. Hau Hei Man, Sonya

COMPLIANCE OFFICER

Ms. Tsang Kwai Ping

AUDIT COMMITTEE

Ms. Ng Ka Sim, Casina Mr. Wong Wing Kit Ms. Yeung Mo Sheung, Ann

REMUNERATION COMMITTEE

Ms. Ng Ka Sim, Casina Mr. Wong Wing Kit Ms. Yeung Mo Sheung, Ann

NOMINATION COMMITTEE

Ms. Ng Ka Sim, Casina Mr. Wong Wing Kit Ms. Yeung Mo Sheung, Ann

AUTHORISED REPRESENTATIVE

Mr. Wong Hin Shek Ms. Hau Hei Man, Sonya

AUDITOR

Elite Partners CPA Limited

董事會

執行董事

王顯碩先生 (主席兼行政總裁) 張偉賢先生 曾桂萍女士

獨立非執行董事

吳嘉善女士 黃永傑先生 楊慕嫦女士

公司秘書

侯琋文女士

監察主任

曾桂萍女士

審核委員會

吳嘉善女士 黃永傑先生 楊慕嫦女士

薪酬委員會

吳嘉善女士 黃永傑先生 楊慕嫦女士

提名委員會

吳嘉善女士 黃永傑先生 楊慕嫦女士

授權代表

王顯碩先生 侯琋文女士

核數師

開元信德會計師事務所有限公司

Corporate Information 公司資料

PRINCIPAL BANKERS

Hang Seng Bank Limited Bank of Communications

REGISTERED OFFICE

Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Room 1108, 11/F, Wing On Centre 111 Connaught Road Central Central, Hong Kong

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Suntera (Cayman) Limited Suite 3204, Unit 2A Block 3, Building D P.O. Box 1586, Gardenia Court Camana Bay, Grand Cayman KY1-1100, Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE

Tricor Tengis Limited Level 54 Hopewell Centre 183 Queen's Road East Hong Kong

STOCK CODE

8163

WEBSITE

www.merdeka.com.hk

主要往來銀行

恒生銀行有限公司 交通銀行

註冊辦事處

Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands

總辦事處及香港主要營業地點

香港中環 干諾道中111號 永安中心 11樓1108室

開曼群島主要股份過戶登記處

Suntera (Cayman) Limited Suite 3204, Unit 2A Block 3, Building D P.O. Box 1586, Gardenia Court Camana Bay, Grand Cayman KY1-1100, Cayman Islands

香港股份過戶登記分處

卓佳登捷時有限公司 香港 皇后大道東183號 合和中心 54樓

股份代號

8163

網址

www.merdeka.com.hk

Chairman's Statement 主席報告

Dear Shareholders,

On behalf of the board (the "Board") of directors (the "Directors") of Merdeka Financial Group Limited (the "Company"), I am pleased to present the annual results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2020. During the year, the Group is principally engaged in (i) financial services business including the securities brokerage services, provision of corporate finance advisory services, asset management business, money lending services and financial leasing business; (ii) corporate consulting business including company secretarial services, accounting and financial reporting services and management consulting services; (iii) trading business; and (iv) information technology business.

BUSINESS REVIEW AND PROSPECTS

Loss for the year attributable to owners of the Company was approximately HK\$71.7 million (2019: approximately HK\$84.1 million). Basic and diluted loss per share was approximately HK\$0.08 (2019: approximately HK\$0.23 (restated)). The net loss for the years were mainly attributable from the impairment loss on finance lease receivables.

Given the businesses of both corporate finance advisory services and asset management continuously contributed revenue and operating profit to the Group since they commenced businesses in late 2019 and the loan interest income recognised from the provision of loans starting from the third quarter of 2020, should the impairment loss of finance lease receivables be excluded, the net loss of the Group for the year ended 31 December 2020 would be approximately HK\$19.7 million, which represented a significant drop in net loss as compared with the net loss of HK\$36.0 million for the year ended 31 December 2019.

During the year ended 31 December 2020, the financial services business recorded a turnover and segment profit of approximately HK\$21.8 million and HK\$4.5 million respectively (2019: turnover and segment loss of approximately HK\$11.8 million and HK\$11.2 million respectively).

各位股東:

本人代表領智金融集團有限公司(「本公司」)董事 (「董事」)會(「董事會」),欣然提呈本公司及其附屬 公司(統稱「本集團」)截至2020年12月31日止年度 之年度業績。年內,本集團主要從事(i)金融服務業 務(包括證券經紀服務、提供企業融資顧問服務、資 產管理服務、放債服務及融資租賃業務);(ii)企業諮 詢服務(包括公司秘書服務、會計及財務報告服務及 管理諮詢服務);(iii)交易業務;及(iv)資訊科技業務。

業務回顧及前景

本公司股權擁有人應佔本年度虧損約71,700,000港 元(2019年:約84,100,000港元)。每股基本及攤簿 虧損約0.08港元(2019年:約0.23港元(經重列))。 年內淨虧損乃主要源於融資租賃應收款項減值虧損。

由於企業融資諮詢服務和資產管理兩項業務自2019 年底開業以來一直為本集團貢獻收入及經營溢利, 且自2020年第三季度起從貸款撥備確認貸款利息收 入,倘若剔除融資租賃應收款項的減值虧損,則本 集團截至2020年12月31日止年度的淨虧損將為約 19,700,000港元,較截至2019年12月31日止年度的 淨虧損36,000,000港元大幅下降。

截至2020年12月31日止年度,金融服務業務分別錄 得營業額及分部溢利約21,800,000港元及4,500,000 港 元(2019 年:營業額及分部虧損分別為約 11,800,000港元及11,200,000港元)。

Chairman's Statement 主席報告

The financial leasing services business continued facing fierce competitions and stricter lending conditions environment and expects its development will remain sluggish in the coming future. On the other hand, the Group puts more effort in strengthening and expanding the licensed financial services business under the Securities and Futures Commission of Hong Kong (the "SFC"). Given that the stronger demand of corporate finance advisory services in the market, the turnover and segment profit of corporate finance advisory business for the year ended 31 December 2020 was approximately HK\$12.8 million (2019: approximately HK\$1.3 million) and approximately HK\$7.8 million (2019: segment loss of approximately HK\$0.2 million) respectively. Corporate finance advisory business becomes a core business of the Group. The Group will continue to put more effort in strengthening and expanding the licensed financial services business in the coming future.

The Group has carried out the asset management and advisory business with Type 4 (advising on securities) and Type 9 (asset management) regulated activity as defined under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO"). During the year ended 31 December 2020, the turnover of asset management and advisory business was approximately HK\$7.7 million (2019: approximately 1.0 million) and the segment profit of HK\$5.5 million (2019: segment loss of approximately HK\$2.2 million). Currently, the Group is going to launch an open-ended Cayman Island mutual fund with the initial asset under management of approximately US\$50 million. The Group will act as investment manager in return for management fee and performance fee if applicable.

During the year ended 31 December 2020, the corporate consulting business recorded a turnover and segment profit of approximately HK\$7.7 million (2019: approximately HK\$8.9 million) and approximately HK\$1.2 million (2019: approximately HK\$2.6 million) respectively. Corporate governance is vital importance to the public companies for meeting international standard and market expectations nowadays. The Group expects the demand for governance related services will have remarkable increase in the coming future.

The revenue of the trading business for the year ended 31 December 2020 was approximately HK\$10.3 million (2019: approximately HK\$462.0 million) and a segment loss of approximately HK\$0.6 million (2019: approximately HK\$2.9 million). The outbreak of novel coronavirus (the "COVID-19") in 2020 was a big challenge towards the trading business. The business environment had become more difficult due to the threat of COVID-19 infection heavily weighing on the inbound tourism and local consumption sentiment. As the availability of COVID-19 vaccine in 2021, the Group expects the business environment will be improved.

融資租賃服務業務繼續面臨激烈競爭及更嚴格的貸 款條件環境,並預期未來發展仍將緩慢。另一方面, 本集團致力加強及擴展在香港證券及期貨事務監察 委員會(「證監會」)下之持牌金融服務業務。鑑於市 場對企業融資顧問服務的需求殷切,截至2020年12 月31日止年度,企業融資顧問業務的營業額及分部 溢利分別約為 12,800,000 港 元(2019 年:約 1,300,000港元)及約7,800,000港元(2019年:分部 虧損約200,000港元)。企業融資顧問業務成為本集 團的核心業務。未來,本集團將繼續加強提升及拓 展持牌金融服務業務。

本集團已根據香港法例第571章《證券及期貨條例》 (「證券及期貨條例」)所界定第4類(就證券提供意見) 和第9類(提供資產管理)受規管活動開展資產管理 及顧問業務。截至2020年12月31日止年度,資產管 理及顧問業務的營業額約為7,700,000港元(2019 年:約1,000,000港元),分部溢利為5,500,000港元 (2019年:分部虧損約2,200,000港元)。目前,本集 團即將推出開放式開曼島互惠基金,初期管理資產 約為50,000,000美元。本集團將擔任投資經理,以 收取管理費及績效費(如適用)。

截至2020年12月31日止年度,企業諮詢業務分別錄 得營業額及分部溢利約7,700,000港元(2019年:約 8,900,000港 元)及 約1,200,000港 元(2019年:約 2,600,000港元)。當今企業管治對公眾公司達到國 際標準及市場預期至關重要。本集團預期未來對管 治相關服務的需求將顯著增長。

截至2020年12月31日止年度,貿易業務的收益為約 10,300,000港元(2019年:約462,000,000港元),及 分部虧損為約600,000港元(2019年:約2,900,000 港元)。2020年爆發新型冠狀病毒(「COVID-19」), 對貿易業務帶來沉重挑戰。由於COVID-19感染的威 脅嚴重影響入境旅遊及當地消費情緒,經營環境變 得更加困難。隨著2021年推出COVID-19疫苗,預期 本集團的經營環境將有所改善。

Chairman's Statement 主席報告

APPRECIATION

Finally, on behalf of the Board, I would like to express my gratitude to our management team and all staff for their hard work in the execution of the Group's strategies and operations during the past year. Last but not the least, I wish to thank all our valued shareholders, customers, suppliers, business partners, bankers for their continuous support and encouragement to the Group.

致謝

最後,本人謹代表董事會向管理人員及全體員工在 過去一年於執行本集團策略及業務營運方面的辛勤 工作致以謝意。最後,本人亦謹此向我們所珍視的 全體股東、客戶、供應商、業務夥伴及銀行家一直 以來對本集團的支持及鼓勵表達謝意。

Wong Hin Shek	主席兼行政總裁
Chairman and Chief Executive Officer	王顯碩
Hong Kong	香港
25 March 2021	2021年3月25日

FINANCIAL AND BUSINESS REVIEW

During the year ended 31 December 2020, the Group is principally engaged in (i) financial services business including the securities brokerage services, provision of corporate finance advisory services, asset management business, money lending services and financial leasing business; (ii) corporate consulting business including company secretarial services, accounting and financial reporting services and management consulting services; (iii) trading business; and (iv) information technology business.

For the year ended 31 December 2020, the Group recorded a revenue of approximately HK\$39.9 million (2019: approximately HK\$482.7 million). Loss for the year attributable to owners of the Company was approximately HK\$71.7 million (2019: approximately HK\$84.1 million). Basic and diluted loss per share was approximately HK\$0.08 (2019: approximately HK\$0.23 (restated)). The net loss for the years were mainly attributable from the impairment loss on finance lease receivables.

Given the businesses of both corporate finance advisory services and asset management continuously contributed revenue and operating profit to the Group since they commenced businesses in late 2019 and the loan interest income recognised from the provision of loans starting from the third quarter of 2020, should the impairment loss of finance lease receivables be excluded, the net loss of the Group for the year ended 31 December 2020 would be approximately HK\$19.7 million, which represented a significant drop in net loss as compared with the net loss of HK\$36.0 million for the year ended 31 December 2019.

Financial services business

The revenue for the year ended 31 December 2020 of the financial services business was approximately HK\$21.8 million (2019: approximately HK\$11.8 million) and a segment profit of approximately HK\$4.5 million (2019: segment loss of approximately HK\$11.2 million).

During the year under review, the financial leasing services business in the People's Republic of China (the "PRC") continued to be stagnant. No new financial leasing contract was concluded due to keen competition in the industry and the default rate of finance lease receivables was high that the performance of financial leasing services business was sluggish.

財務及業務回顧

截至2020年12月31日止年度,本集團主要從事(i)金 融服務業務(包括證券經紀服務、提供企業融資顧問 服務、資產管理服務、放債服務及融資租賃業務); (ii)企業諮詢服務(包括公司秘書服務、會計及財務報 告服務及管理諮詢服務);(iii)交易業務;及(iv)資訊 科技業務。

截至2020年12月31日止年度,本集團錄得收入約 39,900,000港元(2019年:約482,700,000港元)。本 公司股權擁有人應佔本年度虧損約71,700,000港元 (2019年:約84,100,000港元)。每股基本及攤薄虧 損約0.08港元(2019年:約0.23港元(經重列))。年 內淨虧損乃主要源於融資租賃應收款項減值虧損。

由於企業融資諮詢服務和資產管理兩項業務自2019 年底開展業務以來一直為本集團貢獻收入及經營溢 利,且自2020年第三季度起從貸款撥備確認貸款利 息收入,倘若剔除融資租賃應收款項的減值虧損, 則本集團截至2020年12月31日止年度的淨虧損將為 約19,700,000港元,較截至2019年12月31日止年度 的淨虧損36,000,000港元大幅下降。

金融服務業務

截至2020年12月31日止年度,金融服務業務的收入 約為21,800,000港元(2019年:約11,800,000港元) 及分部溢利約為4,500,000港元(2019年:分部虧損 約11,200,000港元)。

於回顧年度,中華人民共和國(「中國」)融資租賃服 務業務繼續停滯。由於行業競爭激烈,概無簽訂新 融資租賃合約,且融資租賃應收款項違約率高企, 以致融資租賃服務業務的表現疲弱。

The gross balance of finance lease receivables as at 31 December 2020 in the aggregate amount of approximately HK\$168.5 million referred to the finance lease agreement entered into between 恒河融 資租賃 (上海) 有限公司 (for identification purpose only, Heng He Financial Lease (Shanghai) Company Limited) ("Heng He") as lessor and an independent lessee in 2017 in relation to the sale and purchase of certain machineries and equipments and the leaseback of such machineries and equipments to the lessee for a term of 3 years and the deeds of transfer entered into between Heng He and an independent lessor in 2016 in relation to the sale and purchase of certain sub-leased assets from the lessor to Heng He and the leaseback of such sub-leased assets by Heng He to the lessor for a term of 3 years. The sub-leased assets consisted of certain network servers, Ethernet switches and high-end routers, which were owned by the lessor at the time of entering into the deeds of transfer and the lessor therefore had the right to sell such sub-leased assets to Heng He under the deeds of transfer.

The finance lease receivables in the aggregate amount of HK\$168.5 million had been outstanding since early 2018 and the management of Heng He had been actively chasing the lessee and the lessor for the outstanding payment by visiting their office, regularly communicating with them, and issuing demand letters and legal demand letters to remind them to pay the outstanding payment on time. The management of the Company, having considered the probability of default and the loss given default and the exposure at default, made a further impairment of HK\$78.0 million on the finance lease receivables for the year ended 31 December 2020 (2019: HK\$77.5 million).

As at 31 December 2020, the Company engaged an independent qualified valuer to determine the expected credit losses (the "ECL") of the Group's finance lease receivables. In assessing the ECL of the Group's finance lease receivables, a credit rating analysis of the underlying debtors was adopted by reviewing the historical accounting information, credit assessment and including forward-looking information to estimate the default risk. The Group applied different expected loss rates to different classes of receivables according to their respective risk characteristics. In determining the default risk, factors including but not limited to, the past default history, the duration of the underlying finance lease, the existence and valuation of the collaterals, the possibility of adverse change in the debtor's business environment and the debtor's financial position, would be considered. The rate of ECL for the year ended 31 December 2020 is approximately 100% (2019: 48.86%) depending on the nature, probability of default and loss given default of the finance lease receivables.

於2020年12月31日,融資租賃應收款項結餘總額約 168,500,000港元指與恒河融資租賃(上海)有限公司 (Heng He Financial Lease (Shanghai) Company Limited,僅供識別)(「恒河」)作為出租人及獨立承租 人於2017年訂立的融資租賃協議,內容有關買賣若 干機器及設備並將該等機器及設備回租予承租人, 為期三年,以及恒河與獨立出租人於2016年訂立的 轉讓契據,內容有關出租人向恒河買賣若干轉租資 產以及恒河向出租人回租該等轉租資產,為期三年。 轉租資產包括若干網絡服務器、以太網交換機及高 端路由器,於訂立轉讓契據時,該等資產由出租人 擁有,因此出租人有權根據轉讓契據向恒河出售該 等轉租資產。

融資租賃應收款項合共168,500,000港元自2018年 初起一直尚未支付,恒河管理層一直透過走訪承租 人及出租人辦公室、定期與彼等溝通、發出催款信 及法律催款信等方式積極追討欠款,提醒彼等按時 支付欠款。本公司管理層考慮到違約的可能性及違 約損失以及違約風險後,進一步對截至2020年12月 31日止年度的融資租賃應收款項計提78,000,000港 元的減值(2019年:77,500,000港元)。

於2020年12月31日,本公司委聘獨立合資格估值師 釐定本集團融資租賃應收款項的預期信貸虧損(「預 期信貸虧損」)。於評估本集團融資租賃應收款項的 預期信貸虧損時,對相關債務人的信用評級分析是 通過審閱歷史會計資料、信用評估及包括前瞻性資 料來估計違約風險。本集團根據不同類別應收款項 的風險特徵,對其採用不同的預期虧損率。在釐定 違約風險時,將考慮的因素包括但不限於過往違約 記錄、相關融資租賃的期限、抵押品的存在及估值、 債務人的經營環境及債務人的財務狀況出現不利變 動的可能性。截至2020年12月31日止年度預期信貸 虧損比率約為100%(2019年:48.86%),取決於融 資租賃應收款項的性質、違約概率及違約損失。

For the year ended 31 December 2020, the corporate financial advisory services generated revenue of approximately HK\$12.8 million (2019: HK\$1.3 million), represented approximately 32.1% of the total revenue of the Group. Since the Group's corporate financial advisory services obtained its license from the SFC to carry out Type 6 (advising on corporate finance) regulated activities as defined under the SFO in August 2019, it continuously generated stable revenue stream and contributed operating profit to the Group. Merdeka Investment Management Limited ("MIML"), a company carries out Type 4 (advising on securities) and Type 9 (asset management) regulated activities as defined under the SFO, generated revenue of approximately HK\$7.7 million for the year ended 31 December 2020 (2019: HK\$1.0 million).

In the course of preparing the financial statements for the year ended 31 December 2020, the Company had engaged an independent qualified valuer to determine the recoverable amount of the trading right of the business carrying on the regulated activities of Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) as defined under the SFO. The recoverable amount of the trading right has been determined from fair value less cost of disposal, which is primarily making reference to the recent sales of similar transactions in the market. During the year ended 31 December 2020, an impairment loss on intangible assets of approximately HK\$1.6 million (2019: HK\$1.2 million) was recognised.

As at 31 December 2020, the Group had loans receivable with gross principal amount of approximately HK\$11.2 million (2019: Nil). The Group recorded interest income from loans receivable of approximately HK\$0.2 million for the year ended 31 December 2020 (2019: Nil).

The loan portfolio comprises loans to independent third party borrowers with term ranging from 3 months to 12 months and interest rate from 10% to 15% per annum.

截至2020年12月31日止年度,企業融資諮詢服務產 生收入約12,800,000港 元(2019年:1,300,000港 元),佔本集團總收入約32.1%。由於本集團的企業 融資諮詢服務於2019年8月向證監會取得牌照,可 進行證券及期貨條例所界定的第6類(就機構融資提 供意見)受規管活動,該業務持續產生穩定收入流, 並為本集團貢獻經營利潤。領智投資管理有限公司 (「領智投資管理」)(可進行證券及期貨條例所界定的 第4類(就證券提供意見)和第9類(提供資產管理)受 規管活動的公司)於截至2020年12月31日止年度產 生收入約7,700,000港元(2019年:1,000,000港元)。

於編製截至2020年12月31日止年度的財務報表的過 程中,本公司已委聘獨立合資格估值師釐定進行證 券及期貨條例所界定的第1類(證券交易)、第4類 (就證券提供意見)和第9類(提供資產管理)受規管 活動的業務交易權的可收回金額。交易權的可收回 金額已按公平價值減出售成本計算,主要參考近期 市場上類似交易的銷售情況。截至2020年12月31日 止年度,確認無形資產減值虧損約1,600,000港元 (2019年:1,200,000港元)。

於2020年12月31日,本集團的應收貸款本金總額約 為11,200,000港元(2019年:無)。截至2020年12月 31日止年度,本集團錄得應收貸款利息收入約 200,000港元(2019年:無)。

貸款組合包括向獨立第三方借款人提供的貸款,期 限介乎3個月至12個月,年利率介乎10%至15%。

As at 31 December 2020, the management had engaged an independent qualified valuer to determine the expected credit losses of the Group's loans receivable (the "loans receivable ECL"). In assessing the loans receivable ECL of the Group, a credit rating analysis of the underlying debtors was adopted by reviewing the historical accounting information to estimate the default risk. The Group applied different expected loss rates to different classes of receivables according to their respective risk characteristics. In determining the default risk, factors including but not limited to, the ageing analysis of the receivables, the Group's internal assessment of the debtors' credit worthiness, historical and forecast occurrence of event of default, existence and valuation of the collaterals, the relevant regulatory framework and government policies in Hong Kong and global economic outlook in general and the specific economic condition of Hong Kong would be considered. The rate of loans receivable ECL ranged from 0% to 4.59% depending on the nature, probability of default and loss given default of the loans receivable.

The Group has adopted a credit policy to manage its money lending business which includes compliance with all applicable laws and regulations, credit assessment on potential borrower and his/its assets, the credibility of the potential borrower, the necessity in obtaining collaterals and determination of suitable interest rate to reflect the risk level of the provision of loan.

The Group has performed credit risk assessment before granting the loans by (a) reviewing the financial information of the potential borrower; and (b) performing an assessment on the financial condition of the potential borrower and its shareholder (for enterprises), such as the type and value of assets owned by the potential borrower.

The Group also assesses and decides the necessity and the value of security/collateral for granting of each loan, whether to an individual or enterprise, on a case by case basis considering factors, including but not limited to, the repayment history, results of public search towards the borrower, the value and location of the assets owned by the borrower and the financial condition of the borrower.

於2020年12月31日,管理層已委聘獨立合資格估值 師釐定本集團的應收貸款預期信貸虧損(「應收貸款 預期信貸虧損」)。評估本集團應收貸款預期信貸虧 損時,通過審閱過往會計資料以估計違約風險,對 相關債務人進行信貸評級分析。本集團於不同類別 之應收款項根據其各自之風險特性應用不同預期信 貸虧損比率。釐定違約風險時考慮之因素包括但不 限於應收賬款之賬齡分析、本集團對債務人信用狀 況之內部評估、發生違約事件之歷史及預測、抵押 品之存在及估值、香港相關監管框架及政府政策、 全球的總體經濟前景以及香港及中國的具體經濟狀 況。應收貸款預期信貸虧損比率介乎0%至4.59%, 視乎應收貸款違約性質、違約或然率及違約損失而 定。

本集團已採納信貸政策管理其借貸業務,包括遵守 所有適用法律及法規、對潛在借款人以及其資產、 潛在借款人的可信程度進行信貸評估、獲取抵押品 的必要性以及釐定合適利率以反映提供有關貸款的 風險水平。

本集團於授出貸款前已進行信貸風險評估,方法是: (a)審閱潛在借款人的財務資料;及(b)對潛在借款人 及其股東(就企業而言)的財務狀況進行評估,例如 潛在借款人擁有的資產類型及價值。

本集團在考慮(包括但不限於)還款記錄、對借款人 進行公開查詢的結果、借款人所擁有資產的價值及 位置以及借款人的財務狀況等因素後,亦會按個別 案例基準評估及決定授出各筆貸款(無論授予個人 或企業)的必要性及抵押╱抵押品的價值。

Corporate consulting business

The performance of corporate consulting business remained stable that it generated revenue of approximately HK\$7.7 million (2019: approximately HK\$8.9 million) and recorded a segment profit of approximately HK\$1.2 million (2019: approximately HK\$2.6 million) during the year ended 31 December 2020.

Trading business

The revenue of the trading business for the year ended 31 December 2020 was approximately HK\$10.3 million (2019: approximately HK\$462.0 million) and a segment loss of approximately HK\$0.7 million (2019: approximately HK\$2.9 million). The weak performance was brought by the demonstrations and social unrest in Hong Kong occurred since the second half of 2019, the number of PRC tourists visiting Hong Kong dropped significantly. The trading business was further impacted that the revenue from trading business dropped 97.8% as compared with 2019 since the outbreak of the COVID-19. By the combination of regulatory restrictions against social gatherings, poor market conditions and weak consumer sentiment, the Board believes all these challenging situation led to the significant decline in revenue and poor performance.

Information technology business

The information technology business recorded Nil revenue (2019: Nil) and a segment loss of approximately HK\$0.02 million (2019: approximately HK\$0.7 million) for the year ended 31 December 2020.

企業諮詢業務

企業諮詢業務的表現保持穩定,於截至2020年12月 31日止年度產生收入約7,700,000港元(2019年:約 8,900,000港元)及錄得分部溢利約1,200,000港元 (2019年:約2,600,000港元)。

貿易業務

截至2020年12月31日止年度,貿易業務的收入約為 10,300,000港元(2019年:約462,000,000港元)及 分部虧損約為700,000港元(2019年:約2,900,000 港元)。表現疲弱乃由於自2019年下半年起香港發 生示威及社會動盪,訪港中國旅客人數因而大幅下 跌。自COVID-19爆發以來,貿易業務進一步遭受打 擊,貿易業務的收入較2019年下跌97.8%。受針對 社交聚會的監管限制、市況欠佳及消費情緒疲弱的 綜合影響,董事會相信,上述各項困局導致收入大 幅下跌及表現欠佳。

資訊科技業務

截至2020年12月31日止年度,資訊科技業務的收入 為零(2019年:零)及分部虧損約20,000港元(2019 年:約700,000港元)。

Financial assets at fair value through profit or loss

As at 31 December 2020, the Group manage a listed security investment with fair value of approximately HK\$1.0 million (2019: Nil). In view of the fluctuations in the global and local financial markets, the Board is always cautious of the prospects of the trading performance of the Group's portfolio of listed securities investments.

Details of the listed security investment as at 31 December 2020 and gains for the year ended 31 December 2020 are as below:

按公平價值計入損益的金融資產

於2020年12月31日,本集團管理公平價值約 1,000,000港元的上市證券投資(2019年:無)。鑒於 全球及本地金融市場的波動,董事會始終對本集團 上市證券投資組合的交易表現前景持謹慎態度。

上市證券投資於2020年12月31日及截至2020年12 月31日止年度的收益的詳情如下:

Gains for the year ended 31 December 2020

截至2020年12月31日止年度之收益

		Realised	Unrealised	Dividend
Name of listed securities	Stock code	gains	gains	received
上市證券名稱	股份代號	已變現收益	未變現收益	已收股息
		HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元
Evergrande Property Services Group Limited 恒大物業集團有限公司	6666	—	15	—
JD Health International Inc. 京東健康股份有限公司	6618	13	—	—

Financial assets at fair value through profit or loss as at 31 December 2020

於2020年12月31日之按公平價值計入損益的金融資 產

Name of listed securities	Stock code	Brief description of the business	Number of shares held	Proportion of shares held	Investment cost	Market value	Approximate Percentage to total assets value of the Group
上市證券名稱	股份代號	業務簡述	所持股份 數目	所持股份 比例	投資成本 HK\$'000	市值 HK\$'000	佔本集團 資產總值 概約百分比
					千港元	千港元
Evergrande Property Services Group Limited 恒大物業集團有限 公司	6666	Integrated commercial properties service business 綜合商業地產服務業務	113,000	0.001%	995	1,010	0.90%

OUTLOOK

Financial services business

前景

金融服務業務

Given the outstanding performance of the businesses of corporate financial advisory services, asset management and money lending, the Group will continue to put more effort in the development of these businesses and at the same time to explore more related business opportunities. For the securities brokerage services business, the Group will explore the involvement in the share placement activities to enhance its revenue stream. Furthermore, YAS Digital Limited ("YAS Digital"), the Group's investment in a Hong Kong-based regional insurance technology company, on 23 July 2020, unveiled Hong Kong's first microinsurance marketplace, YAS, which utilises innovative technologies such as fifth-generation wireless (5G), artificial intelligence (AI), blockchain, data analytics, and open application programming interface (API), to create an unprecedented ecosystem and business model for both business-to-business (B2B) and businessto-customers (B2C) customers in the insurance segment. The Board is confident with the prospects and potential growth of the financial technology industry and believes that the underlying technology and innovative ideas can be complementary to the Group's existing financial businesses, including the securities brokerage services, corporate finance advisory services, asset management business and money lending services.

鑑於企業融資諮詢服務、資產管理及放債業務的表 現出色,本集團會繼續致力發展該等業務,同時探 索更多有關商機。證券經紀業務方面,本集團會探 索參與配股集資活動的機會,以擴大收益來源。此 外,於2020年7月23日,億有限公司(「億公司」)(本 集團於一間香港區域性保險科技公司的投資)推出 香港首個微型保險平台YAS,其使用創新技術(如第 五代無線通訊(5G)、人工智能(AI)、區塊鏈、數據分 析及開放應用程序編程介面(API)),為保險界別企業 對企業(B2B)及企業對客戶(B2C)客戶創立前所未有的 生態系統及業務模式。董事會看好金融技術行業的 前景及增長潛力,並相信有關技術及創新意念能補 助本集團的現有金融業務,包括證券經紀服務、企 業融資諮詢服務、資產管理業務及放債服務。

Corporate consulting business

Given the worldwide awareness of corporate governance, the Group anticipates the demand from Hong Kong listed issuers requesting for professional services in relation to corporate governance matters and compliance with the appropriate local rules governing the listed companies in Hong Kong and other relevant legal and regulatory requirements will persist.

Trading business

The business environment for retail trade would be more difficult and challenging in the near term. The Board has taken various proactive measures, including but not limited to, develop an online platform of trading of goods, components and accessories, to minimise the impact of COVID-19 on the trading business operations. Given the availability of COVID-19 vaccine in 2021, the performance of the trading business would be improved steadily.

CONVERTIBLE BONDS

2008 and 2015 Convertible Bonds

Further to the convertible bonds issued by the Company on 12 August 2008 (the "2008 CBs") as part of the consideration for the acquisition of forest concessions in Papua, Indonesia, the Company issued further convertible bonds on 21 April 2015 (the "2015 CBs") in the principal amount of HK\$40.0 million as paid of the consideration for acquisition of the entire issued share capital of Blossom Height Ventures Limited. On 17 December 2019, 17,391,304 shares issued as the convertible bonds with fair value of HK\$40.0 million were fully converted into shares of HK\$0.01 each at the conversion price of HK\$2.30.

On 10 January 2020, the Company and the holders of the 2008 CBs (the "CB Holders") entered into the fourth supplemental deed, pursuant to which the Company and the CB Holders conditionally agreed to amend certain terms of the 2008 CBs such that (a) the maturity date of the 2008 CBs be extended for a further term of three years from 13 August 2020 to 12 August 2023; and (b) the conversion price of the 2008 CBs be revised from HK\$0.95 per conversion share to HK\$0.110 per conversion share with effect from 13 August 2020 (subject to adjustments). Save for the above amendments, all other terms of the 2008 CBs shall remain unchanged and valid. The amendments on 2008 CBs took effect on 18 May 2020.

On 29 June 2020, the Company made a partial redemption in the principal amount of HK\$55,000,000 on part of the 2008 CBs.

企業諮詢業務

鑑於世界各地均重視企業管治,本集團預計,香港 上市發行人對有關企業管治事宜、遵守規管香港上 市公司的適當本地規則以及其他相關法律及監管規 定的專業服務的需求將會持續。

貿易業務

零售業的營商環境將於短期內變得更為艱難及挑戰 重重。董事會已積極採取各項措施(包括但不限於開 發商品、零部件及配件的網上交易平台)以盡量減低 COVID-19對貿易業務營運的影響。由於2021年有 COVID-19疫苗可供注射,貿易業務的表現將穩定改 善。

可換股債券

2008年及2015年可換股債券

繼本公司以本公司於2008年8月12日發行的可換股 債券(「2008年可換股債券」)作為收購位於印尼巴布 亞森林特許權之部分代價後,本公司於2015年4月 21日再發行本金額40,000,000港元的可換股債券 (「2015年可換股債券」),作為收購Blossom Height Ventures Limited全部已發行股本的已付代價。於 2019年12月17日,由於公平價值為40,000,000港元 的可換股債券按兌換價2.30港元悉數轉換為每股 0.01港元的股份,因而發行17,391,304股股份。

於2020年1月10日,本公司與2008年可換股債券的 持有人(「可換股債券持有人」)訂立第四份補充契 據,據此,本公司與可換股債券持有人有條件同意 修訂2008年可換股債券的若干條款,以:(a)將2008 年可換股債券的到期日由2020年8月13日進一步延 長3年至2023年8月12日;及(b)將2008年可換股債 券的兌換價由每股兌換股份0.95港元修訂為每股兌 換股份0.110港元,由2020年8月13日起生效(可予 調整)。除上述條款修訂外,2008年可換股債券的其 他條款全部維持不變及有效。2008年可換股債券的 修訂於2020年5月18日生效。

於2020年6月29日,本公司按本金額55,000,000港 元部分贖回2008年可換股債券。

As at 31 December 2020, the Company had 2008 CBs with principal amount of HK\$69.1 million conferring rights to convert into a total of 627,890,909 shares of the Company (the "Shares") with the conversion price of HK\$0.110 per Share.

Team Sunny Convertible Bonds

On 10 January 2020, the Company entered into the subscription agreement (as supplemented by the supplemental agreement dated 20 March 2020) with Team Sunny International Holdings Limited ("Team Sunny"), pursuant to which Team Sunny conditionally agreed to subscribe and the Company conditionally agreed to issue the convertible bonds (the "Team Sunny CB") in the principal amount of HK\$39,805,651 (which are convertible into conversion shares at the conversion price of HK\$0.110 per share (subject to adjustments)) for the settlement of the outstanding debt due from the Company to Mr. Wong Hin Shek of HK\$39,805,651. The subscription amount payable by Team Sunny under the subscription agreement shall be satisfied by way of offsetting (i) the principal amount of HK\$8,000,000 under the 2019 PN and payable by the Company to Mr. Wong Hin Shek, an executive Director, the Chairman and the Chief Executive Officer of the Company (which will be assigned to Team Sunny by Mr. Wong Hin Shek at the completion of the subscription to facilitate the setoff); and (ii) the outstanding principal amount and part of the accrued interest in an aggregate amount of HK\$31,805,651 under Mr. Wong Hin Shek's facilities payable by the Company to Mr. Wong Hin Shek (which will be assigned to Team Sunny by Mr. Wong Hin Shek at the completion of the subscription to facilitate the set-off).

On 21 May 2020, the subscription took place and the Team Sunny CB in the principal amount of HK\$39,805,651 were issued to Team Sunny.

As at 31 December 2020, the Company had Team Sunny CB with principal amount of HK\$39.8 million conferring rights to convert into a total of 361,869,554 Shares with the conversion price of HK\$0.110 per Share.

LITIGATION

On 22 January 2015, the Company received a writ of summons (HCA 170 of 2015) issued in the Court of First Instance of the High Court of Hong Kong (the "High Court") by Mr. Au Kai To Karel, as the plaintiff claiming against (i) End User Technology Limited ("End User"), an indirect wholly-owned subsidiary of the Company, as the first defendant; (ii) the Company, as the second defendant; and (iii) Mr. Lau Chi Yan Pierre, the then managing Director and executive Director, as the third defendant for, inter alia, (1) specific performance of an agreement dated 2 May 2013 in relation to a discloseable transaction of the Company (details of which were disclosed in the announcement of the Company dated 2 May 2013); (2) alternatively, the damages in the sum of HK\$80,000,000 in lieu of specific performance; (3) the interest; (4) further and/or other relief; and (5) the costs.

於2020年12月31日,本公司有本金額69,100,000港 元的2008年可換股債券,賦予權利可按每股股份 0.110港元的兌換價轉換為合共627,890,909股本公 司股份(「股份」)。

滙朗可換股債券

於2020年1月10日,本公司與滙朗國際控股有限公 司(「滙朗」)訂立認購協議(經日期為2020年3月20 日的補充協議補充),據此,滙朗有條件同意認購, 而本公司有條件同意發行本金額為39,805,651港元 的可換股債券(「滙朗可換股債券」)(可按兌換價每股 股份0.110港元(可予調整)兌換為兌換股份),以清 償本公司結欠王顯碩先生的未償還債務39,805,651 港元。滙朗根據認購協議應付的認購款項將透過抵 銷(i)本公司根據2019年承兌票據應付執行董事、主 席及本公司行政總裁王顯碩先生的本金額8,000,000 港元(將於認購事項完成時由王顯碩先生出讓予滙 朗以促成抵銷);及(ii)本公司根據王顯碩先生融資應 付王顯碩先生的未償還本金額及部分應計利息合共 31,805,651港元(將於認購完成時由王顯碩先生出讓 予滙朗以促成抵銷)償付。

於 2020 年 5 月 2 1 日,認購事項發生及本金額 39,805,651港元的滙朗可換股債券已發行予滙朗。

於2020年12月31日,本公司有本金額39,800,000港 元的滙朗可換股債券,賦予權利可按每股股份0.110 港元的兌換價轉換為合共361,869,554股股份。

訴訟

於2015年1月22日,本公司收到區君宇先生(原告) 於香港高等法院(「高等法院」)原訟法庭向下列人士 發出傳訊令狀(2015年HCA 170號):(i)本公司之間 接全資附屬公司End User Technology Limited(「End User」)(第一被告);(ii)本公司(第二被告);及(iii)當 時的董事總經理兼執行董事劉智仁先生(第三被 告),以就以下事項提出索償,其中包括:(1)強制履 行日期為2013年5月2日之協議,內容有關本公司之 須予披露交易(詳情於本公司日期為2013年5月2日 之公告披露);(2)替代性地,80,000,000港元的替代 強制履行損害;(3)利息;(4)進一步及╱或其他補償; 及(5)訟費。

On 29 September 2017, the Company received a judgement dated 29 September 2017 handed down by the High Court (the "Judgement") ordering, among others, that the Company and End User, to pay, jointly and severally, damages to Mr. Au Kai To Karel in the sum of HK\$4.4 million.

As announced by the Company in its announcement on 14 November 2017, the Company has appealed against the Judgment by way of Notice of Appeal filed on 25 October 2017 with the Court of Appeal (the "Appeal") (CACV 237 of 2017) and has taken steps to seek further legal advice on the Judgement, the Appeal, and other appropriate actions to be taken thereon.

On 13 November 2017, the Company received a petition made by Mr. Au Kai To Karel (the "Petition") in the matter of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Chapter 32 of the laws of Hong Kong (the "CWUMPO") from the High Court (HCCW 343 of 2017) that the Company may be wound up by the High Court under the provisions of the CWUMPO on the ground that the Company is deemed to be unable to pay the sum of HK\$4.4 million as stipulated therein the Judgement.

On 7 May 2018, upon the Company having paid into court the judgement sum of HK\$4.4 million pursuant to a court order dated 16 April 2018, the Petition was adjourned until the determination of the Appeal.

On 4 January 2019, the Court of Appeal allowed the Company's appeal despite dismissing End User's appeal. Reasons for judgement was handed down on 18 January 2019.

On 20 May 2019, the High Court ordered that the Petition made by Mr. Au Kai To Karel (the "Petitioner") under HCCW 343 of 2017 to wind up the Company be dismissed with costs payable by the Petitioner to the Company. Application for the return of HK\$4.4 million together with the interest accrued to the Company has been submitted to the High Court. On the hearing of the High Court on 18 December 2019, the High Court ordered that such application be adjourned sine die and costs be reserved. It was ordered by the High Court that the case be placed before a judge of the Court of Appeal for direction or determination.

On 13 August 2020, the Company received a judgement dated 13 August 2020 handed down by the Court of Appeal, among others, that an order made in favor of Mr. Au Kai To Karel, the plaintiff, for the payment of HK\$4.4 million and ordering the Company and End User to pay the costs of HK\$100,000. After seeking legal advice, the Group decided not to appeal against the Court of Appeal's judgement.

於2017年9月29日,本公司接獲日期為2017年9月 29日由高等法院頒佈的判決(「判決」)命令(其中包 括)本公司及End User向區君宇先生共同及分別支付 損害金額4,400,000港元。

誠如本公司於2017年11月14日之公告所宣佈,本公 司已於2017年10月25日採用上訴通知形式向上訴法 庭 就 判 決 提 出 上 訴(「上 訴」)(2017年CACV 237 號),並就該判決、該上訴及其他將予採取的適當行 動尋求進一步法律意見。

於2017年11月13日,本公司接獲自高等法院發出; 由區君宇先生提起有關香港法例第32章《公司(清盤 及雜項條文)條例》(「清盤及雜項條文」)之呈請(「呈 請」)(2017年HCCW 343號),指稱本公司因被視作 未能償還該判決中所述的合共4,400,000港元而可能 獲高等法院根據該條例之條文清盤。

於2018年5月7日,本公司根據日期為2018年4月16 日的法院頒令向法院支付判決金額4,400,000港元 後,該呈請押後至確定上訴為止。

於2019年1月4日,儘管駁回了End User的上訴,但 上訴法庭允許本公司提出上訴。判決理由已於2019 年1月18日作出。

於2019年5月20日,高等法院頒令駁回有關由區君 宇先生(「呈請人」)根據呈請編號為2017年HCCW 343號所提出對本公司之清盤呈請,呈請人需向本 公司支付訟費。要求退還4,400,000港元連同應計利 息予本公司的申請已提交高等法院。在2019年12月 18日的高等法院聆訊中,高等法院頒令有關申請無 限期休庭及保留訟費。高等法院頒令將案件呈交上 訴法庭法官,以作出指示或決定。

於2020年8月13日,本公司接獲上訴庭發下日期為 2020年8月13日的判決,其中包括判處原告人區君 宇先生勝訴,獲支付4,400,000港元,並頒令要求本 公司及End User支付訟費100,000港元。經尋求法律 意見後,本集團決定不就上訴庭判決提出上訴。

For details, please refer to the announcements of the Company dated 22 January 2015, 29 September 2017, 14 November 2017, 16 November 2017, 6 February 2018, 20 February 2018, 16 May 2018, 22 January 2019, 21 May 2019, 14 August 2020 and 11 September 2020.

DIVIDENDS

The Board resolved not to recommend the payment of any dividend for the year ended 31 December 2020 (2019: Nil).

FINANCIAL RESOURCES, LIQUIDITY AND GEARING

As at 31 December 2020, the Group recorded cash and bank balances (including trust accounts) amounting to approximately HK\$55.0 million (2019: approximately HK\$47.1 million) and the net current assets value was approximately HK\$2.6 million (2019: net current liabilities of HK\$128.5 million).

The Group's gearing ratio as at 31 December 2020 was approximately 0.69 (2019: approximately 0.66), being a ratio of total interest-bearing debts, including borrowings, convertible bonds and promissory notes of approximately HK\$74.7 million (2019: approximately HK\$129.2 million) to the total assets of approximately HK\$108.2 million (2019: approximately HK\$197.1 million).

USE OF PROCEEDS FROM RIGHTS ISSUE

The Company completed the rights issue on 22 June 2020 (the "Rights Issue"), pursuant to which the Company has issued 1,048,802,876 Shares as rights shares at HK\$0.110 per rights share on the basis of four rights shares for every one existing Share held on 28 May 2020. The net proceeds from the Rights Issue (after deducting the expenses) were approximately HK\$110.8 million. The net subscription price per rights share after deducting the related expenses of the Rights Issue was approximately HK\$0.106.

詳情請參閱本公司日期為2015年1月22日、2017年 9月29日、2017年11月14日、2017年11月16日、 2018年2月6日、2018年2月20日、2018年5月16 日、2019年1月22日、2019年5月21日、2020年8 月14日及2020年9月11日的公告。

股息

董事會決議不建議宣派截至2020年12月31日止年度 的任何股息(2019年:無)。

財務資源、流動資金及資本負債比率

於2020年12月31日,本集團錄得現金及銀行結餘 (包 括 信 託 賬 戶)約55,000,000港 元(2019年:約 47,100,000港元)及流動資產淨值約2,600,000港元 (2019年:流動負債淨值128,500,000港元)。

於2020年12月31日,本集團之資本負債比率約0.69 (2019年:約0.66),即計息債務總額(包括借款、可 換股債券及承兌票據約74,700,000港元(2019年: 約129,200,000港元)相對於總資產約2,600,000港元 (2019年:約197,100,000港元)之比率。

供股所得款項用途

本公司於2020年6月22日完成供股(「供股」),據 此,按於2020年5月28日持有每一股現有股份獲發 四股供股股份的基準,本公司已發行1,048,802,876 股股份作為供股股份,每股供股股份作價0.110港 元。供 股 的 所 得 款 項 淨 額(扣 除 開 支 後)為 約 110,800,000港元。每股供股股份淨認購價(扣除開 支後)為約0.106港元。

The intended and actual use of the net proceeds from the Rights 供股所得款項淨額的擬定及實際用途載列如下: Issue is stated as below:

Amount 金額
HK\$ million 百萬港元	Intended use 擬定用途	Actual use 實際用途
55.00	Repayment of the 2008 CBs to Mr. Cheung Wai Yin, Wilson	Fully utilised as intended
	向張偉賢先生償還2008年可換股債券	按擬定用途悉數動用
12.64	Repayment of the Mr. Cheung Wai Yin, Wilson advance to the Company	Fully utilised as intended
	償還張偉賢先生給予本公司的墊款	按擬定用途悉數動用
14.86	Repayment of the promissory notes issued by the Company on 4 April 2014	Fully utilised as intended
	償還本公司於2014年4月4日發行的承兌票據	按擬定用途悉數動用
28.30	General working capital and future investment	Approximately HK\$14.0 million has not been utilised and is expected to be used as intended within 6 months
	一般營運資金及未來投資	約14,000,000港元尚未動用,預期將於6個月內 按擬定用途動用

110.80

FINANCIAL ASSISTANCES RECEIVED BY THE COMPANY

As at 31 December 2019, Mr. Cheung Wai Yin, Wilson, an executive Director, advanced fund of approximately HK\$12.6 million to the Company at no interest, no security and no fixed repayment terms. The Company fully settled the advanced fund to Mr. Cheung Wai Yin, Wilson on 16 July 2020.

Upon the subscription of Team Sunny CB (the "CB Subscription") with principal amount of HK\$39,805,651 completed on 21 May 2020 which offset the outstanding principal amount and part of the accrued interest in an aggregate amount of HK\$31,805,651 under Mr. Wong Hin Shek's advance payable by the Company to Mr. Wong Hin Shek, as at 31 December 2019, Mr. Wong Hin Shek advanced fund of approximately HK\$30.5 million to the Company. All the loans advanced by Mr. Wong Hin Shek to the Company were unsecured. The Company fully settled the advance fund to Mr. Wong Hin Shek on 31 July 2020.

As Mr. Wong Hin Shek is the connected person to the Company, the loans constitute financial assistance received by the Company from connected person. The loans were conducted on normal commercial terms or better to the Company and not secured by any asset of the Group, the loans were fully exempted from all disclosure, annual review, circular and shareholders' approval requirements under Chapter 20 of the GEM Listing Rules.

PLEDGE OF ASSETS

As at 31 December 2020, the Group had no pledged assets (2019: bank deposits of approximately HK\$4.1 million).

CAPITAL STRUCTURE

On 22 June 2020, the Company allotted and issued 1,048,802,876 Shares under Rights Issue on the basis of four rights shares for every one existing Share held on 28 May 2020.

During the year ended 31 December 2020, 12,240,000 share options were exercised.

As a result of the completion of the Rights Issue, the exercise prices of the outstanding share options and the related number of shares that could be subscribed for upon exercise of the outstanding share options was adjusted with effect from 22 June 2020 in accordance with the share options scheme.

本公司獲得的財務援助

於2019年12月31日,執行董事張偉賢先生向本公司 墊付資金約12,600,000港元,該款項為免息、無抵 押及無固定還款期限。本公司已於2020年7月16日 悉數向張偉賢先生結付其墊付的資金。

本公司於2020年5月21日認購本金額39,805,651港 元的滙朗可換股債券(「可換股債券認購事項」),以 抵銷根據王顯碩先生墊款本公司應付王顯碩先生的 未償還本金額及部分應計利息,總額為31,805,651 港元,於2019年12月31日,王顯碩先生向本公司墊 付資金約30,500,000港元。王顯碩先生向本公司墊 付的所有貸款均為無抵押。本公司已於2020年7月 31日悉數向王顯碩先生結付其墊付的資金。

由於王顯碩先生為本公司的關連人士,故該等貸款 構成關連人士向本公司提供的財務援助。該等貸款 乃按一般或更佳的商業條款向本公司提供,並無由 本集團的任何資產作抵押,且該等貸款獲全面豁免 遵守GEM上市規則第20章項下的所有披露、年度審 閱、通函及股東批准規定。

資產抵押

於2020年12月31日,本集團並無已抵押資產(2019 年:銀行存款約4,100,000港元)。

資本架構

於2020年6月22日,本公司按於2020年5月28日持 有每一股現有股份獲發四股供股股份的基準進行供 股,據此配發及發行1,048,802,876股股份。

截至2020年12月31日止年度,12,240,000份購股權 已行使。

由於供股完成,尚未行使購股權的行使價及行使尚 未行使購股權時可認購的相關股份數目,已自2020 年6月22日起根據購股權計劃調整。

With reference to the terms and conditions of the share option scheme, Rule 23.03(13) of the GEM Listing Rules and the supplementary guidance issued by the Stock Exchange on 5 September 2005, the exercise prices and the number of shares that could be subscribed for upon exercise of the outstanding share options were adjusted in the following manner:

經參考購股權計劃的條款及條件、GEM上市規則第 23.03(13)條及聯交所於2005年9月5日發出的補充指 引後,行使價及行使尚未行使購股權時可認購的股 份數目按以下方式調整:

			Immediately before completion of the Rights Issue 緊接完成供股前		Immediately after completion of the Rights Issue 緊隨完成供股後
	Number of shares that can be subscribed for upon			Number of shares that can be subscribed for upon
Date of grant		Exercise price per share	exercise of the outstanding share options 於尚未行使 購股權獲 行使時可認購	Exercise price per share	exercise of the outstanding share options 於尚未行使 購股權獲 行使時可認購
授出日期		每股行使價 (HK\$) (港元)	之股份數目	每股行使價 (HK\$) (港元)	之股份數目
30 May 2012	2012年5月30日	36.000	33,199	33.333	35,854

Following the completion of the Rights Issue, the board lot size for trading in shares was remains the same as 20,000 shares.

供股完成後,股份的每手買賣單位維持為20,000股。

Save as disclosed, the Company had no changes in capital structure during the year ended 31 December 2020.

INVESTMENT POSITION AND PLANNING

Rights Issue on the basis of four (4) rights shares for every one (1) existing share held on 28 May 2020

On 22 June 2020, the Company completed the Rights Issue on the basis of four (4) rights shares for every one (1) existing Share held on 28 May 2020 at the subscription price of HK\$0.110 per rights share and allotted and issued 1,048,802,876 Shares. The net proceeds raised from the Rights Issue were approximately HK\$110.8 million.

Details were set out in the Company's announcements dated 10 January 2020, 20 March 2020, 14 April 2020, 16 April 2020, 18 May 2020 and 19 June 2020, the Company's circular dated 27 March 2020 and the Company's prospectus dated 29 May 2020.

除所披露者外,截至2020年12月31日止年度,本公 司的資本架構概無變動。

投資狀況及計劃

按於2020年5月28日持有每一(1)股現有股份獲發四 (4)股供股股份的基準進行供股

於2020年6月22日,本公司完成供股,基準為按於 2020年5月28日持有每一(1)股現有股份按認購價每 股供股股份0.110港元獲發四(4)股供股股份,並配發 及發行1,048,802,876股股份。供股籌集的所得款項 淨額為約110,800,000港元。

詳情載於本公司日期為2020年1月10日、2020年3 月20日、2020年4月14日、2020年4月16日、2020 年5月18日及2020年6月19日的公告、本公司日期 為2020年3月27日的通函及本公司日期為2020年5 月29日的供股章程。

Connected transaction — subscription of convertible bonds under specific mandate

On 10 January 2020, the Company entered into the subscription agreement (as supplemented by the supplemental agreement dated 20 March 2020) with Team Sunny, a company incorporated in the British Virgin Islands and is wholly-owned by Mr. Wong Hin Shek, pursuant to which Team Sunny conditionally agreed to subscribe and the Company conditionally agreed to issue the convertible bonds in the principal amount of HK\$39,805,651 (which are convertible into conversion shares at the conversion price of HK\$0.110 per share (subject to adjustments)) for the settlement of the outstanding debt due from the Company to Mr. Wong Hin Shek of HK\$39,805,651. The subscription amount payable by Team Sunny under the subscription agreement shall be satisfied by way of offsetting (i) the principal amount of HK\$8,000,000 under the 2019 PN and payable by the Company to Mr. Wong Hin Shek (which will be assigned to Team Sunny by Mr. Wong Hin Shek at the completion of the subscription to facilitate the set-off); and (ii) the outstanding principal amount and part of the accrued interest in an aggregate amount of HK\$31,805,651 under Mr. Wong Hin Shek's facilities payable by the Company to Mr. Wong Hin Shek (which will be assigned to Team Sunny by Mr. Wong Hin Shek at the completion of the subscription to facilitate the set-off). The subscription was completed on 21 May 2020.

Details were set out in the Company's announcements dated 10 January 2020, 20 March 2020, 14 April 2020, 16 April 2020, 18 May 2020 and 21 May 2020 and the Company's circular dated 27 March 2020.

Connected transaction — Amendments to the terms of the 2008 convertible bonds

On 10 January 2020, the Company and the CB Holders entered into the fourth supplemental deed, pursuant to which the Company and the CB Holders conditionally agreed to amend certain terms of the 2008 CBs such that (a) the maturity date of the 2008 CBs be extended for a further term of three years from 13 August 2020 to 12 August 2023; and (b) the conversion price of the 2008 CBs be revised from HK\$0.95 per conversion share to HK\$0.110 per conversion share with effect from 13 August 2020 (subject to adjustments). Save for the above amendments, all other terms of the 2008 CBs shall remain unchanged and valid. The amendments to the terms of the 2008 CBs took effect on 18 May 2020.

Details were set out in the Company's announcements dated 10 January 2020, 20 March 2020, 14 April 2020, 16 April 2020 and 18 May 2020 and the Company's circular dated 27 March 2020.

關連交易 — 根據特定授權認購可換股債券

於2020年1月10日,本公司與滙朗(一間於英屬處女 群島註冊成立的公司,並由王顯碩先生全資擁有)訂 立認購協議(經日期為2020年3月20日的補充協議補 充),據此,滙朗有條件同意認購,而本公司有條件 同意發行本金額為39,805,651港元的可換股債券(可 按兌換價每股股份0.110港元(可予調整)兌換為兌 換股份),以償付本公司結欠王顯碩先生的未償還債 務39,805,651港元。滙朗根據認購協議應付的認購 款項將透過抵銷(i)本公司根據2019年承兌票據應付 王顯碩先生的本金額8,000,000港元(將於認購事項 完成時由王顯碩先生出讓予滙朗以促成抵銷);及(ii) 本公司根據王氏融資應付王顯碩先生的未償還本金 額及部分應計利息合共31,805,651港元(將於認購完 成時由王顯碩先生出讓予滙朗以促成抵銷)償付。認 購事項於2020年5月21日完成。

詳情載於本公司日期為2020年1月10日、2020年3 月20日、2020年4月14日、2020年4月16日、2020 年5月18日及2020年5月21日的公告及本公司日期 為2020年3月27日的通函。

關連交易 — 修訂2008年可換股債券的條款

於2020年1月10日,本公司與可換股債券持有人訂 立第四份補充契據,據此,本公司與可換股債券持 有人有條件同意修訂2008年可換股債券的若干條 款,以:(a)將2008年可換股債券的到期日由2020年 8月13日進一步押後3年至2023年8月12日;及(b)將 2008年可換股債券的兌換價由每股兌換股份0.95港 元修訂為每股兌換股份0.110港元,由2020年8月13 日起生效(可予調整)。除上述條款修訂外,2008年 可換股債券的其他條款全部維持不變及有效。修訂 2008年可換股債券的條款於2020年5月18日生效。

詳情載於本公司日期為2020年1月10日、2020年3 月20日、2020年4月14日、2020年4月16日及2020 年5月18日的公告及本公司日期為2020年3月27日 的通函。

Extension of the maturity date of the promissory note

On 28 February 2020, Mr. Wong Hin Shek entered into an extension deed (which was agreed and accepted by the Company), agreeing that (i) the maturity date of a promissory note with principal amounts of HK\$8.0 million issued by the Company (the "2019 PN") shall be extended to the date of completion of the CB Subscription or the date on which the CB Subscription lapses, whichever is the earlier, or such later date as Mr. Wong Hin Shek and the Company may mutually agree in writing and; (ii) all interest accrued on the outstanding principal amount of the 2019 PN shall be repayable on the fifth business day immediately after the date of completion of the proposed Rights Issue or the date on which the proposed Rights Issue and the underwriting agreement are terminated or lapse, whichever is the earlier, or such other date as Mr. Wong Hin Shek and the Company may mutually agree in writing. For the avoidance of doubt, no interest shall continue to accrue after the full repayment of the principal amount of the 2019 PN on the New Maturity Date. Save for the above amendments, all other terms and conditions of the 2019 PN shall remain unchanged and in full and effect in all aspects. Upon the completion of the subscription and issue of Team Sunny CB on 21 May 2020, all the principal amount of 2019 PN was offset and settled. Details were set out in the Company's announcements dated 28 February 2020 and 21 May 2020.

Memorandum of understanding in relation to the possible acquisition of the digital insurance and related business

On 20 March 2020, Joy Sunny Investment Limited ("Joy Sunny"), a wholly-owned subsidiary of the Company, entered into a non-legally binding memorandum of understanding (the "MOU") with the vendors of YAS Digital (the "YAS Vendors") regarding the Group's intention to acquire certain amount of shares of YAS Digital owned by YAS Vendors at a consideration subject to further negotiation by the parties thereto.

On 21 September 2020, given that additional time is required for further negotiation of the sale and purchase agreement, the parties to the MOU entered into an extension letter to extend the negotiation period from six (6) months to nine (9) months i.e. 20 December 2020 (or such later date as the parties to the MOU may agree) (the "negotiation period").

On 21 December 2020, as no sales and purchase agreement has been entered into between Joy Sunny and YAS Digital within the negotiation period nor reaching an agreement in extending the negotiation period, the MOU has automatically lapsed and ceased to have any effect.

延長承兌票據到期日

於2020年2月28日,王顯碩先生訂立一份延長契據 (已經由本公司同意及接納),同意(i)本公司發行本 金額為8,000,000港元的承兌票據(「2019年承兌票 據」)的到期日應延長至可換股債券認購事項完成或 失效當日(以較早者為準),或王顯碩先生與本公司 可能以書面互相協定的較後日期及;(ii)2019年承兌 票據未償還本金額的所有累計利息,應於緊隨建議 供股完成日期或建議供股及包銷協議被終止或失效 當日(以較早者為準)之後第五個營業日或王顯碩先 生與本公司可能以書面互相協定的其他日期償付。 為免生疑,當2019年承兌票據的本金額於新到期日 悉數償還後,將不會繼續累計利息。除上述修訂外, 2019年承兌票據的所有其他條款及條件保持不變, 在各方面維持十足效力及作用。於2020年5月21日 完成認購及發行滙朗可換股債券後,2019年承兌票 據的本金額已悉數抵銷及結付。詳情載於本公司日 期為2020年2月28日及2020年5月21日的公告。

有關可能收購數碼保險及相關業務的諒解備忘錄

於2020年3月20日,本公司的全資附屬公司Joy Sunny Investment Limited(「Joy Sunny」)與億公司 的賣方(「億賣方」)訂立不具法律約束力之諒解備忘 錄(「諒解備忘錄」),內容有關本集團有意收購由億 賣方擁有的億公司的若干股份,代價須待訂約方進 一步磋商。

於2020年9月21日,考慮到需要額外時間就買賣協 議進行進一步磋商,諒解備忘錄訂約方已訂立一份 延長函件,以將磋商期由六(6)個月延長至九(9)個 月,即2020年12月20日(或諒解備忘錄訂約方可能 協定的較遲日子)(「磋商期」)。

於2020年12月21日,由於Joy Sunny與億公司於磋 商期內並無訂立買賣協議,亦無就延長磋商期達成 協議,故諒解備忘錄已自動失效及不再具有任何效 力。

On 29 October 2020, Joy Sunny entered into a simple agreement for future equity with YAS Digital to grant Joy Sunny the future rights to acquire certain shares of YAS Digital at a consideration of USD150,000 (equivalent to approximately HK\$1,170,000).

Details were set out in the Company's announcements dated 20 March 2020, 21 September 2020 and 21 December 2020.

CONTINGENT LIABILITIES

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

CAPITAL COMMITMENTS

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

FOREIGN CURRENCY RISK

The Group's reporting currency is Hong Kong dollar. During the year ended 31 December 2020, most of the Group's transactions were denominated in Hong Kong dollars ("HK\$") and Renminbi ("RMB"). The Group had exposure to the risk of exchange rate fluctuations for RMB on account of its cost of financial leasing and information technology operations in the PRC. The Group did not formally employ any hedging instruments or derivative products considering the relevant costs and benefits. However, the Group will continue to monitor closely the exchange rate risk.

EMPLOYEES AND REMUNERATION POLICIES

As at 31 December 2020, the Group employed 40 staff (2019: 41). The Group's remuneration policy is based on principle of equality, motivating, performance-oriented and market-competitiveness. Remuneration packages are normally reviewed on an annual basis. Apart from salary payments, other staff benefits included provident fund contributions, medical insurance coverage and performance related bonuses. A share option scheme is also established to reward and motivate the employees of the Group.

於2020年10月29日,Joy Sunny與億公司訂立未來 股權簡單協議,授予Joy Sunny收購若干億公司股份 的未來權利,代價為 150,000 美 元(相 當 於 約 1,170,000港元)。

詳情載於本公司日期為2020年3月20日、2020年9 月21日及2020年12月21日的公告。

或然負債

於2020年12月31日,除訴訟外,本集團並無其他重 大或然負債(2019年:無)。

資本承擔

於2020年12月31日,本集團並無重大資本承擔 (2019年:無)。

外幣風險

本集團以港元為呈報貨幣。截至2020年12月31日止 年度,本集團的大部分交易均以港元(「港元」)及人 民幣(「人民幣」)列值。本集團的融資租賃及資訊科 技業務均位於中國,故須就相關成本承受人民幣匯 率波動的風險。計及相關成本及利益,本集團並無 正式採用任何對沖工具或衍生產品,惟本集團將繼 續密切監控匯率風險。

僱員及薪酬政策

於2020年12月31日,本集團共僱用40名員工(2019 年:41名)。本集團薪酬政策以公平為原則,為僱員 提供具推動力,以表現為主且具市場競爭力的薪酬 政策。薪酬方案通常每年檢討。除薪金外,其他員 工福利包括公積金供款、醫療保險及與表現掛鈎之 花紅。本集團亦設有購股權計劃以獎勵及激勵員工。

Biographical Details of Directors and Senior Management 董事及高級管理層履歷

EXECUTIVE DIRECTORS

Mr. Wong Hin Shek, aged 51, joined in September 2020, is an executive Director, the Chairman, the Chief Executive Officer, an authorised representative under Rule 5.24 of the GEM Listing Rules ("Authorised Representative") and an authorised representative for accepting service of any process and notices in Hong Kong under Part 16 of the Companies Ordinance ("Process Agent"), a substantial Shareholder and a director of various subsidiaries of the Company. Mr. Wong holds a Master of Science (Financial Management) degree from University of London in United Kingdom and a Bachelor of Commerce degree from University of Toronto in Canada. Besides having over 26 years of experience in the investment banking industry, Mr. Wong has been involved in the management, business development and strategic investment of listed companies in Hong Kong, having operations in finance, information technology, hotel, manufacturing and environmental protection industries. Mr. Wong is currently the chairman and an executive director of DeTai New Energy Group Limited (stock code: 559) ("DeTai") and a non-executive director of Sino Golf Holdings Limited (stock code: 361), both companies listed on the Main Board of the Stock Exchange. He was an executive director of GET Holdings Limited (stock code: 8100), a company listed on the GEM of the Stock Exchange, from September 2017 to April 2019. Mr. Wong was also an executive director, the chief executive officer and a non-executive director of Bisu Technology Group International Limited (stock code: 1372), a company listed on the Main Board of the Stock Exchange, from July 2015 to November 2018, from March 2017 to November 2018 and from November 2018 to April 2019 respectively.

Mr. Cheung Wai Yin, Wilson, aged 49, joined in 2012, is currently an executive Director and a director of various subsidiaries of the Company. He was the Chairman, the Chief Executive Officer, the compliance officer of the Company (the "Compliance Officer"), an Authorised Representative, an Process Agent and a member of each of the remuneration committee of the Company (the "Remuneration Committee") and the nomination committee of the Company (the "Nomination Committee") from August 2012 to September 2020. He holds a Master of Science Degree in Financial Engineering from City University of Hong Kong and Bachelor Degrees in Arts and Administrative Studies from York University, Canada. Mr. Cheung is a member of the Hong Kong Institute of Certified Public Accountants and Hong Kong Securities and Investment Institute. Mr. Cheung has over 21 years of experience in the field of audit, business development, corporate finance and financial management.

執行董事

王顯碩先生,51歲,於2020年9月加入,擔任執行 董事、主席、行政總裁、GEM上市規則第5.24條項 下的授權代表(「授權代表」)、根據公司條例第16部 於香港接收任何令狀及通知的授權代表(「法律程序 文件代理人」)、主要股東及本公司多間附屬公司之 董事。王先生持有英國倫敦大學頒授之財務管理理 學碩士學位及加拿大多倫多大學頒授之商業學士學 位。除具備超過26年投資銀行經驗外,王先生參與 香港上市公司之管理、業務發展及策略投資工作, 該等公司於金融、資訊科技、酒店、製造及環保產 業經營業務。王先生現為德泰新能源集團有限公司 (股份代號:559)(「德泰」)之主席兼執行董事和順龍 控股有限公司(股份代號:361)之非執行董事,兩 間公司均於聯交所主板上市。彼曾於2017年9月至 2019年4月擔任於聯交所GEM上市的智易控股有限 公司(股份代號:8100)之執行董事。王先生亦曾於 2015年7月至2018年11月、2017年3月至2018年11 月及2018年11月至2019年4月分別擔任於聯交所主 板上市的比速科技集團國際有限公司(股份代號: 1372)之執行董事、行政總裁及非執行董事。

張偉賢先生,49歲,於2012年加入,現任執行董事 及本公司多間附屬公司董事。於2012年8月至2020 年9月期間,彼曾擔任本公司主席、行政總裁、監察 主任(「監察主任」)、授權代表、法律程序文件代理 人,以及本公司薪酬委員會(「薪酬委員會」)及提名 委員會(「提名委員會」)各自的成員。彼持有香港城 市大學之金融工程學理學碩士學位及加拿大約克大 學之文學及行政學學士學位。張先生為香港會計師 公會及香港證券及投資學會會員。張先生於審核、 業務發展、企業融資及財務管理方面擁有逾21年經 驗。

Ms. Tsang Kwai Ping, aged 42, joined in April 2019, is an executive Director, the Compliance Officer and a director of various subsidiaries of the Company. Ms. Tsang holds Master Degree in Corporate Governance from The Hong Kong Polytechnic University and a Bachelor Degree in Accountancy from City University of Hong Kong. Ms. Tsang is a member of both of the Hong Kong Institute of Certified Public Accountants and the Institute of Chartered Accountants in England and Wales. She is also an associate member of both of The Hong Kong Institute of Chartered Secretaries and The Chartered Governance Institute in the United Kingdom. She is the company secretary of DeTai, a company listed on the Main Board of the Stock Exchange. Ms. Tsang has extensive experience in accounting, financial management and company secretarial matters.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Ng Ka Sim, Casina, aged 48, joined in May 2019 as an independent non-executive Director and is a member of each of the Nomination Committee, the Remuneration Committee and the audit committee of the Company (the "Audit Committee"). She holds a Bachelor of Business (Accountancy) Degree from Royal Melbourne Institute of Technology. Ms. Ng is a member of both the Hong Kong Institute of Certified Public Accountants and the CPA Australia. Ms. Ng was the chief financial officer and company secretary of GR Properties Limited (stock code: 108), a company listed on the Main Board of the Stock Exchange from August 2019 to November 2019. She was the group financial controller of Luxey International (Holdings) Limited (stock code: 8041), a company listed on the GEM of the Stock Exchange from 2011 to 2018. Ms. Ng has over 21 years of experience in auditing, accounting and financial management.

Mr. Wong Wing Kit, aged 50, joined in October 2019 as an independent non-executive Director and is a member of each of the Nomination Committee, the Remuneration Committee and the Audit Committee. He holds a Master of Business Administration Degree from the City University of Hong Kong and a Bachelor of Arts in Accountancy from The Hong Kong Polytechnic University. He is a fellow member of The Association of Chartered Certified Accountants and a member of the Hong Kong Institute of Certified Public Accountants. Mr. Wong held senior positions with various local and international institutions. Mr. Wong has over 28 years of experience in auditing, accounting management, financial reporting and analysis and financial system implementation.

曾桂萍女士,42歲,於2019年4月加入,擔任執行 董事、合規主任及本公司多間附屬公司董事。曾女 士持有香港理工大學企業管治碩士學位及香港城市 大學會計學學士學位。曾女士為香港會計師公會及 英格蘭及威爾士特許會計師公會會員。彼亦為香港 特許秘書公會及英國特許公司治理公會的會員。彼 為德泰(一間於聯交所主板上市之公司)之公司秘 書。曾女士在會計、財務管理及公司秘書事宜方面 擁有豐富經驗。

獨立非執行董事

吳嘉善女士,48歲,於2019年5月加入,擔任獨立 非執行董事且為提名委員會、薪酬委員會及本公司 審核委員會(「審核委員會」)各自之成員。彼持有墨 爾本皇家理工大學(Royal Melbourne Institute of Technology)之商學學士(主修會計)學位。吳女士為 香港會計師公會及澳洲會計師公會會員。吳女士於 2019年8月至2019年11月為聯交所主板上市公司國 銳地產有限公司(股份代號:108)的首席財務官及 公司秘書。彼於2011年至2018年為聯交所GEM上市 公司薈萃國際(控股)有限公司股份代號:8041)之 集團財務總監。吳女士於審計、會計及財務管理方 面擁有逾21年經驗。

黃永傑先生,50歲,於2019年10月加入,擔任獨立 非執行董事且為提名委員會、薪酬委員會及審核委 員會各自之成員。彼持有香港城市大學工商管理碩 士學位及香港理工大學會計學文學士學位。彼為特 許公認會計師公會會員及香港會計師公會會員。黃 先生於多間本地及國際機構擔任高級職位。黃先生 於審計、會計管理、財務報告及分析及金融系統實 施方面擁有逾28年經驗。

Biographical Details of Directors and Senior Management 董事及高級管理層履歷

Ms. Yeung Mo Sheung, Ann, aged 56, joined in 2012 as an independent non-executive Director and is a member of each of the Nomination Committee, the Remuneration Committee and the Audit Committee. She holds a Bachelor Degree of Retail Marketing with honours in the United Kingdom and a Diploma in Marketing from The Chartered Institute of Marketing. She pursued her further study on legal course and has been awarded a Diploma in Legal Practice in the United Kingdom in 1998. She is a solicitor of Messrs. Fung & Fung, Solicitors, a legal firm in Hong Kong. Ms. Yeung is an independent non-executive director of Success Universe Group Limited (stock code: 487), a company listed on the Main Board of the Stock Exchange and E Lighting Group Holdings Limited (stock code: 8222), a company listed on the GEM of the Stock Exchange. Ms. Yeung has over 21 years of experience in legal field.

楊慕嫦女士,56歲,於2012年加入,擔任獨立非執 行董事且為提名委員會、薪酬委員會及審核委員會 各自之成員。於英國取得零售市場學榮譽學士學位 及英國特許市場學學會之市場學文憑。彼其後於 1998年在英國進修法律課程並獲頒執業律師法律實 務文憑。彼為馮霄,馮國基律師行(一間香港律師 行)之律師。楊女士為實德環球有限公司(股份代號: 487),一間於聯交所主板上市的公司及壹照明集團 控股有限公司(股份代號:8222),一間於聯交所 GEM上市的公司之獨立非執行董事。楊女士於法律 界擁有超過21年經驗。

COMPLIANCE WITH CORPORATE GOVERNANCE CODE

The Company has always recognised the importance of the transparency and accountability to shareholders of the Company (the "Shareholders"). It is the belief of the Board that the Shareholders can maximise their benefits from good corporate governance. The Company is committed to maintaining a good and sensible framework of corporate governance and to complying with applicable statutory and regulatory requirements with a view to assuring the conduct of management as well as protecting the interests of the Shareholders.

Throughout the year and up to the date of this Annual Report, to the best knowledge of the Board, the Company has applied the principles and complied with the applicable code provisions set out in the Corporate Governance Code in Appendix 15 of the GEM Listing Rules (the "CG Code") except for the following deviations:

Code Provision A.2.1

The code provision A.2.1 provides that the roles of chairman and chief executive should be separated and should not be performed by the same individual.

On 1 September 2020, following the resignation of Mr. Cheung Wai Yin, Wilson as the Chairman and the Chief Executive Officer, Mr. Wong Hin Shek was appointed the roles of both the Chairman and the Chief Executive Officer. The Board considered (1) Mr. Wong has substantial experience that is essential to fulfilling the role of the Chairman, at the same time, he has the appropriate management skills and business acumen that are the prerequisites for assuming the role of the Chief Executive Officer in the day-to-day management of the Group; (2) having the same individual in both roles as the Chairman and the Chief Executive Officer could ensure the leadership consistency and could make and implement the overall strategy of the Group more effectively; and (3) the current structure of the Board does not compromise the balance of power and authority between the Board and the management of the Company. The Board will regularly review the effectiveness of this structure to ensure that it is appropriate to the Group's circumstances.

遵守企業管治守則

本公司一向認同對本公司之股東(「股東」)的透明度 及問責之重要性。董事會深信良好之企業管治能使 股東獲得最大利益。本公司致力維持良好合理的企 業管治架構,並遵守適用法定及監管規定,以確保 管理層之行為及保障股東之利益。

於整個年度及直至本年報日期,據董事會所知,本 公司已應用GEM上市規則附錄十五企業管治守則 (「企業管治守則」)所載原則及遵守其所載之適用守 則條文,惟以下偏離情況除外:

守則條文第A.2.1條

守則條文第A.2.1條規定主席及行政總裁之職務須分 立並不應由同一人出任。

於2020年9月1日,自張偉賢先生辭任主席兼行政總 裁後,王顯碩先生獲委任為主席兼行政總裁。董事 會認為(1)王先生擁有豐富的經驗,對於履行主席一 職屬不可或缺的,同時,他亦具備合適的管理技巧 及商業觸覺,在日常管理上對出任本集團行政總裁 而言屬先決條件;(2)由同一人同時出任主席及行政 總裁,確保領導層一致,並能有效制定及執行本集 團的整體策略;及(3)現時的董事會架構並無損及董 事會與本公司管理層之間的權力及權限平衡。董事 會將定期檢討這架構的有效能力,確保適合本集團 的情況。

Code Provision A.4.2

The code provision A.4.2 provides that all directors appointed to fill a casual vacancy should be subject to election by shareholders at the first general meeting after their appointment. Every director, including those appointed for a specific term, should be subject to retirement by rotation at least once every three years.

The Articles of Association of the Company (the "Original Articles") provides that (1) any Director appointed to fill a casual vacancy shall hold office only until the next following annual general meeting of the Company (the "AGM") and shall then be eligible for re-election and (2) the Chairman and the managing Director shall not be subject to retirement by rotation or also not be taken into account in determining the number of Directors to retire in each year (the "Code Deviation Articles"). The Code Deviation Articles in the Original Articles deviate from the code provision A.4.2 of the CG Code.

On 30 December 2020, the Company has amended the Original Articles and adopted the Amended and Restated Articles of Association of the Company (the "Articles") by the Shareholders at the extraordinary general meeting and the Articles had become effective on the same day. The Code Deviation Articles has been amended to reflect the current requirements of the CG Code. Following the adoption of the Articles, the Company has complied with the code provision A.4.2 of the CG Code.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has not adopted a code of conduct nor established written guidelines regarding the securities transactions by the Directors and relevant employees of the Company but has applied the principles of the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules (the "Required Standard of Dealings").

All Directors have confirmed, following the specific enquiry by the Company, that they have complied with the Required Standard of Dealings throughout the year and up to the date of this Annual Report.

守則條文第A.4.2條

守則條文第A.4.2條規定所有獲委任以填補臨時空缺 之董事應由股東於彼等獲委任後首屆股東大會上推 選。每名董事(包括有特定任期的董事)應最少每三 年輪值告退一次。

本公司的組織章程細則(「原有細則」)規定:(1)獲任 何委任填補臨時空缺的董事只可任職至本公司下一 屆股東週年大會(「股東週年大會」)為此,並且合符 資格膺選連任;及(2)主席及董事總經理毋須輪值退 任,或在釐定每年退任的董事人數時亦毋須計算在 內(「偏離守則細則」)。原有細則中的偏離守則細則 偏離了企業管治守則的守則條文第A.4.2條。

於2020年12月30日,本公司已修訂原有細則,股東 在股東特別大會上通過經本公司經修訂和重列的組 織章程細則(「細則」),細則已於同日生效。偏離守 則細則已作修訂,反映企業管治守則的現行規定。 採納細則後,本公司已遵守企業管治守則第A.4.2條 的守則條文。

董事進行證券交易的標準守則

本公司並無就本公司董事及相關僱員進行證券交易 採納操守守則或設立書面指引,惟已應用GEM上市 規則第5.48至第5.67條所載之交易必守標準(「交易 必守標準」)原則。

經本公司作出特定查詢後,所有董事均已確認彼等 於整個年度及直至本年報日期一直遵守交易必守標 準。

THE BOARD OF DIRECTORS

The Board is charged with the responsibility for the promotion of the success of the Company by directing and supervising its affairs in a responsible and effective manner. Directors take decisions objectively in the interests of the Company. The Directors, individually and collectively, are aware of their responsibilities and accountability to Shareholders and for the manner in which the affairs of the Company are managed and operated.

The senior management of the Group was delegated the authority and responsibility by the Board and under the leadership of the Board, responsible for executing the Board's strategy and implementing its policies through day-to-day management and operations of the business of the Group. The Board determines which functions are reserved to the Board and which are delegated to senior management. It delegates appropriate aspects of its management and administrative functions to senior management. It also gives clear directions as to the powers of senior management, in particular, with respect to the circumstances where senior management must report back and obtain prior approval from the Board before making decisions or entering into any commitments on behalf of the Company. These arrangements are reviewed periodically to ensure that they remain appropriate to the needs of the Company.

Important matters are reserved to the Board for its decision, including strategic direction and objectives of the Group, extension of the Group's activities into new business areas, appointments to the Board and the Board committees, appointment or change of auditors, monitor the performance of the management of the Group, annual budgets and effective control measures, material acquisitions and disposals, material transactions, material banking facilities, risk management and internal control, announcements of quarterly, interim and final results and payment of dividends and other significant operational matters of the Company.

The Directors are enabled, upon reasonable request, to seek independent professional advice in appropriate circumstances, at the Company's expenses. The Board shall resolve to provide separate appropriate independent professional advice to the Directors to assist the relevant Directors to discharge their duties.

Appropriate insurance cover has been arranged in respect of the legal action against the Directors and the management of the Group. The Board considers that the Group has sufficient and appropriate liability insurance to cover the Directors and the management of the Group against any legal liability arising from their performance of duties.

董事會

董事會之責任為盡責有效地指引及監督公司事務, 以帶領本公司踏上成功之路。董事作出符合本公司 利益的客觀決策。董事個別及共同知悉彼等對股東 以及如何管理及經營本公司事宜所負的責任及義務。

董事會已授予本集團高級管理層權力及責任,董事 會起領導作用,負責在本集團的日常管理及業務營 運中執行董事會策略及實施其政策。董事會決定須 保留予董事會及授權予高級管理層的職能。董事會 適當地授予高級管理層管理與行政的職責,亦就高 級管理層的權力給予明確的指引,尤其是高級管理 層必須在代表本公司作出決定或訂立任何承諾前向 董事會匯報及獲得董事會事前批准的情況。此等安 排會被定期檢討以確保符合本公司的要求。

董事會保留重要事項的決定權,包括本集團的戰略 決策及目標、擴大本集團的經營至新業務範疇、董 事會及其轄下委員會的委任事宜、委任或更換核數 師、監察本集團管理層的表現、年度預算及有效控 制措施、重大收購及出售、重大交易、大額銀行融 資、風險管理及內部監控、季度、中期及末期業績 公告及派付股息以及本公司其他重大營運事宜。

董事可按合理要求,在適當情況下尋求獨立專業意 見,費用由本公司支付。董事會應議決另外為董事 提供合適之獨立專業意見,以協助有關董事履行其 職務。

本公司已安排適當保險,以於董事及本集團管理層 面臨法律訴訟時獲得保障。董事會認為,本集團已 投保充足及適當之責任保險,一旦董事及本集團管 理層因履行職務而負上任何法律責任,亦可獲得保 障。

Composition of the Board

As at the date of this Annual Report, the Board comprised a total of six members, with three executive Directors and three independent non-executive Directors.

Executive Directors:

Mr. Wong Hin Shek (Chairman and Chief Executive Officer) Mr. Cheung Wai Yin, Wilson Ms. Tsang Kwai Ping

Independent Non-executive Directors:

Ms. Ng Ka Sim, Casina Mr. Wong Wing Kit Ms. Yeung Mo Sheung, Ann

The Board possesses a balance of skills, experience and diversity of perspectives appropriate to the requirements of the businesses of the Group. The Directors with a variety and a balance of skills and experience in investment banking, auditing, accounting, financial management, company secretarial, business development, legal, management, marketing and corporate finance which is relevant in managing the businesses in which the Group is engaged. The biographical details of the Directors are set out in the section headed "Biographical Details of Directors and Senior Management" in this Annual Report. Updated list of Directors identifying their role and function are maintained on the websites of the Stock Exchange at www.hkexnews.hk and the Company at www.merdeka.com.hk.

To the best of the knowledge of the Company, there is no financial, business, family or other material or relevant relationships between Board members or between the Chairman and the chief executive.

Appointment, Re-Election and Retirement of the Directors

On appointment, each new Director is briefed by senior management on, among others, the corporate goals, objectives, business activities and plans and financial situation of the Group. Each new Director is also provided a training with a package of materials in respect of a director's duties and responsibilities under the GEM Listing Rules and other applicable law, rules and regulations, corporate governance matters and financial reporting standards.

董事會之組成

於本年報日期,董事會包括合共六名成員,即三名 執行董事及三名獨立非執行董事。

執行董事:

王顯碩先生 (主席及行政總裁) 張偉賢先生 曾桂萍女士

獨立非執行董事:

吳嘉善女士 黃永傑先生 楊慕嫦女士

董事會具備適當技巧、經驗及多樣的觀點與角度, 切合本集團業務所需。董事具備多樣化及均衡的投 資銀行、審計、會計、財務管理、公司秘書事宜、 業務發展、法律、管理、營銷及企業融資等與管理 本集團所從事業務相關的技能及經驗。各董事之履 歷詳情載於本年報「董事及高級管理層履歷」一節。 列明董事職務及職能的最新董事名單刊載於 聯交所網站 及本公司網站 。

據本公司所深知,董事會成員之間或主席及主要行 政人員之間並無任何財務、業務、親屬或其他重大 或相關關係。

董事委任、重選及告退

於委任時,各名新任董事獲高級管理層就(其中包 括)本集團企業宗旨、目標、業務活動及計劃以及財 務狀況作出簡要介紹。各名新任董事亦獲提供培訓, 隨附有關GEM上市規則及其他適用法律、規則及法 規項下董事之職務及職責、企業管治事宜及財務報 告準則的資料冊。

In accordance with articles 86(2) and 86(3) of the Articles, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy on the Board, or as an addition to the existing Board. The Directors shall have the power from time to time and at any time to appoint any person as a Director either to fill a casual vacancy on the Board or as an addition to the existing Board. Any Director appointed by the Board to fill a casual vacancy shall hold office until the first general meeting of Members after his appointment and be subject to re-election at such meeting and any Director appointed by the Board as an addition to the existing Board shall hold office only until the next following annual general meeting of the Company and shall then be eligible for re-election.

In accordance with articles 87(1) of the Articles, notwithstanding any other provisions in the Articles, at each annual general meeting onethird of the Directors for the time being (or, if their number is not a multiple of three (3), the number nearest to but not less than onethird) shall retire from office by rotation provided that every Director shall be subject to retirement at an annual general meeting at least once every three years.

In accordance with articles 87(2) of the Articles, a retiring Director shall be eligible for re-election and shall continue to act as a Director throughout the meeting at which he retires. The Directors to retire by rotation shall include (so far as necessary to ascertain the number of directors to retire by rotation) any Director who wishes to retire and not to offer himself for re-election. Any further Directors so to retire shall be those of the other Directors subject to retirement by rotation who have been longest in office since their last re-election or appointment and so that as between persons who became or were last re-elected Directors on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. Any Director appointed by the Board pursuant to Article 86(3) shall not be taken into account in determining which particular Directors or the number of Directors who are to retire by rotation.

The Chairman and the Chief Executive Officer

The Board, led by the Chairman, sets the overall direction, strategy and policies of the Company.

Presently, Mr. Wong Hin Shek assumes the roles of both the Chairman and the Chief Executive Officer. The roles of the Chairman and Chief Executive Officer are not separated and exercised by different individuals. The reasons for the deviation from the code provision A.2.1 under the CG Code are set out in the section headed "Compliance with Corporate Governance Code" above.

根據細則第86(2)及86(3)條,本公司可通過普通決議 案選舉任何人士擔任董事,以填補董事會臨時空缺 或作為董事會新增董事。董事有權不時及於任何時 候委任任何人士填補董事會臨時空缺或作為董事會 新增董事。任何獲董事會委任以填補臨時空缺之董 事將留任直至獲委任後的首屆股東大會,並可於該 大會上重選連任,且任何獲董事會委任為現有董事 會新增董事之董事將留任直至本公司下屆股東週年 大會,並應符合資格重選連任。

根據細則第87(1)條,儘管細則之任何其他條文有所 規定,於每屆股東週年大會上,當時三分之一董事 (或倘人數並非三(3)的倍數,則為最接近但不少於三 分之一之人數)須輪值告退,每位董事至少每三年須 於股東週年大會上告退一次。

根據細則第87(2)條,退任董事符合資格重選連任並 將於彼退任的整個大會上繼續以董事身份行事。輪 值告退之董事應包括(於需要時確定輪值告退董事 人數)任何擬退任但不擬重選連任之董事。任何其他 退任董事應為其他須輪值告退且自上一次獲重選或 獲委任以來任期最長者,惟於同一日成為董事或上 一次獲重選為董事之人士,須以抽籤方式(除非彼等 另行達成協議)釐定退任人選。根據細則第86(3)條 獲董事會委任之任何董事,在釐定輪值告退的特定 董事或董事人數時,不得計算在內。

主席及行政總裁

董事會由主席帶領,訂立本公司整體方向、策略及 政策。

王顯碩先生現時同時擔任主席及行政總裁。主席及 行政總裁的角色並未分開由不同人士執行。本公司 偏離企業管治守則之守則條文第A.2.1條之原因載於 上文「遵守企業管治守則」一節。

Independent Non-executive Directors

The independent non-executive Directors are seasoned individuals from diversified backgrounds and industries and at least one member has appropriate accounting and related financial management expertise as required by the GEM Listing Rules. The total number of independent non-executive Directors represented half of the Board members so that there is a strong independent element on the Board, which can effectively exercise independent judgement.

The independent non-executive Directors are appointed for an initial term of one year and will continue thereafter from year to year until terminated by either party, subject to re-election at the general meeting/AGM next following their appointment and thereafter retirement by rotation and re-election at the AGMs in accordance with the Articles.

The Company has received an annual confirmation of independence from each of the independent non-executive Directors. The Company is of the view that all of the independent non-executive Directors meet the guidelines for assessing independence as set out in rule 5.09 of the GEM Listing Rules and considers them to be independent.

During the year, the Chairman has held a meeting with the independent non-executive Directors without the presence of other executive Directors.

Board Meetings

Board meetings are held regularly and at least four times a year at approximately quarterly intervals to approve, among other things, the financial results of the Company. Regular Board meetings are scheduled in advance to give the Directors an opportunity to attend. All Directors are invited to include matters in the agenda for regular Board meetings. For all other Board meetings, reasonable notices are given to Directors. Directors can attend Board meetings either in person or by electronic means of communication.

During the year, a total of nineteen Board meetings were held. There was satisfactory attendance for Board meetings, which evidences prompt attention of the Directors to the affairs of the Company.

If a substantial Shareholder or a Director has a conflict of interest in a matter to be considered by the Board which the Board has determined to be material, the matter will be dealt with by a physical Board meeting rather than by a written resolution. Independent non-executive Directors who, have no material interest in the transaction will be present at such Board meeting.

獨立非執行董事

獨立非執行董事乃來自不同背景及行業的資深人士, 其中最少一名成員擁有GEM上市規則所規定的適當 會計及相關財務管理專長。獨立非執行董事的總數 佔董事會成員一半,因此,董事會有一個強大的獨 立元素,能有效地作出獨立的判斷。

獨立非執行董事的初步任期為一年,及後按年繼任, 直至由任何一方終止,惟須於彼等獲委任後的股東 大會╱股東週年大會上接受重選,及其後按照細則 於股東週年大會上輪值告退及接受重選。

本公司已收到每名獨立非執行董事的年度獨立性確 認函。本公司認為所有獨立非執行董事均符合GEM 上市規則第5.09條載列的評核獨立性指引,並認同 彼等均為獨立人士。

年內,主席與獨立非執行董事已舉行了一次會議, 而其他執行董事並無列席。

董事會會議

董事會會議定期舉行及至少每年四次(約每季舉行 一次),以批准(其中包括)本公司的財務業績。常規 董事會會議均會預定時間,讓董事有機會出席。全 體董事獲邀提出納入常規董事會會議議程的事務。 就所有其他董事會而言,則向董事提供合理通告。 董事可親身或透過電子通訊方式出席董事會會議。

年內,總共舉行十九次董事會會議。董事會會議出 席率理想,證明董事密切關注本公司事務。

倘主要股東或董事於董事會將作考慮的事宜中擁有 利益衝突,而董事會釐定屬重大,則有關事宜將以 實體董事會會議而非書面決議案處理。於有關交易 中並無重大權益的獨立非執行董事將出席該董事會 會議。

The company secretary of the Company (the "Company Secretary") is responsible for taking minutes of all Board and Board committee meetings. Draft minutes are circulated to Board or Board committee members unless a conflict of interest arises and the final version of minutes are open for inspection by the Directors upon reasonable notice.

All Directors have access to the advice and services of the Company Secretary with a view to ensuring that Board procedures and all applicable rules and regulations are followed. The Directors also have separate and independent access to senior management to make further enquiries or to obtain more information where necessary.

Directors' Continuous Professional Development

During the year, all the current Directors have participated in appropriate continuous professional development training to develop and refresh their knowledge and skills pursuant to code provision A.6.5 of the CG Code. Reading materials on relevant topics are sent to the Directors where appropriate. The following shows the training of each of the Directors received during the year:

本公司之公司秘書(「公司秘書」)負責就所有董事會 及董事委員會會議進行會議記錄。會議記錄草擬本 (除有利益衝突外)均會供董事會或董事委員會成員 傳閱,且會議記錄的最終稿經合理通知後可供董事 查閱。

全體董事均可獲取公司秘書的意見及服務,藉此確 保得以遵守董事會程序及所有實用規則及規例。董 事亦另有獨立途徑接觸高級管理層,於有需要時候 作出進一步諮詢或取得更多資訊。

董事持續專業發展

年內,所有現任董事已根據企業管治守則的守則條 文第A.6.5條參與合適的持續專業發展培訓,以發展 及更新最新知識及技能。在適當時候會向董事發送 相關課題的閱讀材料。下列所示為年內各董事接受 培訓的資料:

		Attending or giving
		talks at seminars/
		webinars/	Reading
		conferences/forums	materials
		出席座談會╱
		直播╱會議╱
		論壇或發表演講	閱讀材料
Executive Directors	執行董事
Mr. Wong Hin Shek	王顯碩先生	✓	✓
Mr. Cheung Wai Yin, Wilson	張偉賢先生	✓	✓
Ms. Tsang Kwai Ping	曾桂萍女士	✓	✓
Independent Non-executive Directors	獨立非執行董事
Ms. Ng Ka Sim, Casina	吳嘉善女士	✓	✓
Mr. Wong Wing Kit	黃永傑先生	✓	✓
Ms. Yeung Mo Sheung, Ann	楊慕嫦女士	✓	✓

BOARD COMMITTEES

The Board has established the Nomination Committee, the Remuneration Committee and the Audit Committee. They are each established with specific written terms of reference. The main roles and responsibilities of these three committees, including all authorities delegated to them by the Board, as set out in the terms of reference and are published on the websites of the Stock Exchange at www.hkexnews.hk and the Company at www.merdeka.com.hk. The different committees' independent views and recommendations not only ensure proper control of the Group but also the continual achievement of the high corporate governance standards expected of a listed company. The chairman of each committee reports the outcome of the committee's meetings to the Board for further discussion and approval.

There was satisfactory attendance for meetings of the Board committees during the year. The minutes of the committee meetings are circulated to all members of the relevant committee unless a conflict of interest arises. The committees are required to report back to the Board on key findings, recommendations and decisions.

Nomination Committee

The Company has established the Nomination Committee with specific written terms of reference in compliance with the CG Code.

The responsibilities and authorities of the Nomination Committee include such responsibilities and authorities set out in the relevant code provisions of the CG Code and the terms of reference, its main duties include: (i) to review the structure, size and diversity (including without limitation, gender, age, culture and educational background, skills, knowledge and experience) of the Board at least annually and make recommendations on any proposed changes to the Board to complement the Company's corporate strategy; (ii) to identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of individuals nominated for directorships; (iii) to assess the independence of independent non-executive Directors; and (iv) to make recommendations to the Board on the appointment or reappointment of Directors and succession planning for Directors.

董事委員會

董事會已成立提名委員會、薪酬委員會及審核委員 會,各具特定書面職權範圍。此等委員會之主要角 色及職責,包括董事會授予之一切權力,均在書面 職權範圍內加以說明,並刊登在聯交所網站www. hkexnews.hk及本公司網站。 不同委員會所提供之獨立意見與建議,不但可確保 本集團實行適當的監控,更可保證本集團持續保持 上市公司應有之高水平企業管治。各委員會會議之 結果,經委員會之主席向董事會匯報,以作進一步 商討和批核。

董事會轄下委員會於本年度的會議出席率令人滿意。 委員會會議的會議紀錄均會傳閱予相關委員會之所 有成員(除有利益衝突者外)。委員會須向董事會匯 報主要調查結果、建議及決定。

提名委員會

本公司已成立提名委員會,其特定的書面職權範圍 符合企業管治守則。

提名委員會之職務及權力包括企業管治守則之相關 守則條文及職權範圍所載之有關職務及權力,其主 要職務包括:(i)最少每年一次審閱董事會的架構、 人數及多元化狀況(包括但不限於性別、年齡、文化 及教育背景、技能、知識及經驗),並就任何為配合 本公司之公司策略而擬對董事會作出之變動提出建 議;(ii)物色具備合適資格可擔任董事會成員之人士, 並挑選提名有關人士出任董事或就此向董事會提供 意見;(iii)評核獨立非執行董事的獨立性;及(iv)就委 任或重新委任董事以及董事繼任計劃向董事會提出 建議。

Members of the Nomination Committee are: 提名委員會成員包括:

Ms. Ng Ka Sim, Casina 吳嘉善女士	(Independent non-executive Director) (獨立非執行董事)
Mr. Wong Wing Kit 黃永傑先生	(Independent non-executive Director) (獨立非執行董事)
Ms. Yeung Mo Sheung, Ann 楊慕嫦女士	(Independent non-executive Director) (獨立非執行董事)
Mr. Cheung Wai Yin, Wilson 張偉賢先生	(Executive Director) (執行董事)	(resigned on 1 September 2020) (於2020年9月1日辭任)

The Nomination Committee will at all times, have a minimum of three members, a majority of which shall be independent non-executive Directors and presently consists of three members comprising three independent non-executive Directors. The chairman of the Nomination Committee is elected by the members who are present at the meeting.

The Nomination Committee meets at least once a year and as and when there is any issue which requires its consideration. Two meetings were held during the year. During the year, the Nomination Committee has reviewed the structure, size and composition and diversity of the Board, assessed the independent of the independent non-executive Directors, reviewed the nomination policy of the Company (the "Nomination Policy") and resolved to recommenced to the Board the appointment of an executive Director in accordance with the Nomination Policy and diversity policy of the Board (the "Board Diversity Policy").

During the year, the Nomination Committee was provided with sufficient resources to perform its duties and responsibilities and at the Company's expense to seek independent professional advice, where and when necessary.

提名委員會於所有時間,必須具備最少三名成員, 當中大部分須為獨立非執行董事。現時包括三名成 員,當中包括三名獨立非執行董事。提名委員會主 席由出席會議之成員推選。

提名委員會每年至少舉行一次會議及於有事項須其 考慮時會面。年內已舉行兩次會議。年內,提名委 員會已審閱董事會的架構、人數、組成及多元化狀 況、評估獨立非執行董事的獨立性、審閱本公司提 名政策(「提名政策」),並根據提名政策及董事會多 元化政策(「董事會多元化政策」)決議並建議董事會 委任一名執行董事。

年內,提名委員會已提供足夠資源以履行其職務及 責任,並於有需要時由本公司承擔開支尋求專業意 見。

Board Diversity Policy

In order to maintain its competitive advantage and achieve a sustainable and balanced development, the Company recognises the benefits of having a diverse Board. The Board has adopted the Board Diversity Policy which sets out the approach by the Company to achieve diversity on the Board. According to the Board Diversity Policy, selection of candidates will be based on a range of diversity perspectives, including but not limited to gender, age, cultural and educational background and professional experience.

Nomination Policy

The Board approved and adopted the Nomination Policy which sets out the nomination procedures, criteria and process in the nomination and appointment of Directors. Details of the Nomination Policy are set out below:

1. Selection Criteria

The Nomination Committee and/or the Board shall consider the following criteria in evaluating and selecting candidates for directorships:

• character and integrity;
• qualifications including professional qualifications, skills, knowledge and experience and diversity aspects under the Board Diversity Policy that are relevant to the Company's business and corporate strategy;
• any measurable objectives adopted for achieving diversity on the Board;
• requirement in accordance with the GEM Listing Rules and whether the candidate would be considered independent with reference to the independence guidelines set out in the GEM Listing Rules (in case of independent nonexecutive Directors);
• any potential contributions the candidate can bring to the Board in terms of qualifications, skills, experience, independence and gender diversity;
• willingness and ability to devote adequate time to discharge duties as a member of the Board and/or Board committee(s) of the Company; and

董事會多元化政策

為了保持其競爭優勢,實現可持續及均衡發展,本 公司認同有一個多元化董事會的好處。董事會已採 納董事會多元化政策,其中載列由本公司為達致董 事會成員多元化制定的方針。根據董事會多元化政 策,甄選人選將按一系列多元化範疇為基準,包括 但不限於性別、年齡、文化及教育背景及專業經驗。

提名政策

董事會批准及採納提名政策,當中規定提名及委任 董事的提名程序、標準及過程。提名政策詳情載列 如下:

1. 甄選標準

評估及甄選董事候選人時,提名委員會及╱或 董事會應考慮以下標準:

• 品格及誠信;
• 包括專業資格、技能、知識及經驗等資 歷,以及董事會多元化政策所規定,與 本公司業務及企業策略有關的多元化因 素;
• 為達致董事會多元化而採納的任何可量 度目標;
• 遵守GEM上市規則的規定,以及就獨立 非執行董事而言,參照GEM上市規則所 載獨立性指引,考慮候選人是否屬獨 立;
• 在資歷、技能、經驗、獨立性及性別多 元各方面,候選人可為董事會帶來的任 何貢獻;
• 投入足夠時間以履行本公司董事會及╱ 或董事委員會職責的意願及能力;及

• any other perspectives that are appropriate to the Company's business and succession plan and where applicable, may be adopted and/or amended by the Board and/or the Nomination Committee from time to time for nomination of Directors and succession planning.

2. Nomination Procedures

The Board has the relevant procedures for Directors' nomination which are pursuant to the GEM Listing Rules and the Articles as below:

2.1 Appointment of New Director

The Nomination Committee or the Board or the Company Secretary shall call for a meeting of the Nomination Committee upon receipt of any nominations of candidates. The Nomination Committee should evaluate such candidate based on the selection criteria mentioned above to determine whether such candidate is qualified for directorship. The Nomination Committee should then recommend to the Board to appoint the appropriate candidate for directorship. For any person that is nominated by the Shareholder(s) for election as a Director at the general meeting of the Company (the "General Meeting"), the Nomination Committee and/or the Board should evaluate such candidate based on the same selection criteria as mentioned above to determine whether such candidate is qualified for directorship, and where appropriate, the Nomination Committee and/or the Board should make recommendation to the Shareholders in respect of the proposed election of Director at the General Meeting. The Board should have the final decision on all matters relating to its recommendation of candidates to stand for election at any General Meeting.

2.2 Re-election of Director at General Meeting

Retiring Directors are eligible for nomination by the Board to stand for re-election at the General Meeting according to the Articles. The Nomination Committee and/or the Board should review the overall contribution and service of the retiring Director to the Company, his/her level of participation and performance on the Board and determine whether the retiring Director continues to meet the above selection criteria. The Nomination Committee and/or the Board should then make recommendation to the Shareholders in respect of the proposed re-election of Director at the General Meeting.

• 董事會及╱或提名委員會就董事提名及 繼任計劃於合適情況下可不時採納及╱ 或修訂的適用於本公司業務及繼任計劃 的任何其他觀點。

2. 提名程序

董事會根據GEM上市規則及細則設有董事提 名相關程序,詳情如下:

2.1 委任新董事

提名委員會或董事會或公司秘書應於收 到候選人提名後召開提名委員會會議。 提名委員會應根據上述甄選標準評估及 釐定有關候選人是否合符擔任董事的資 格。其後,提名委員會應就委任合適候 選人擔任董事向董事會提供建議。就任 何獲股東提名於本公司股東大會(「股東 大會」)上出選董事的候選人而言,提名 委員會及╱或董事會應根據與上述甄選 標準相同的標準評估及釐定有關候選人 是否合符擔任董事的資格,並於適用情 況下,提名委員會及╱或董事會應就擬 於股東大會上舉行的董事選舉向股東提 出建議。董事會就於任何股東大會上出 選的候選人的建議應有最終決定權。

2.2 於股東大會上重選董事

根據細則,退任董事合資格可獲董事會 提名於股東大會上出選。提名委員會 及╱或董事會應檢討退任董事對本公司 作出的整體貢獻及服務、其於董事會的 投入程度及表現,並以此釐定有關退任 董事是否依然符合上述甄選標準。其 後,提名委員會及╱或董事會應就擬於 股東大會上重選董事向股東提供建議。

Remuneration Committee

The Company has established a Remuneration Committee in compliance with the GEM Listing Rules and with specific written terms of reference in accordance with the CG Code.

The Remuneration Committee is mainly responsible for (i) making recommendations to the Board on the policy and structure for the remuneration of the Directors and the senior management of the Group; (ii) assessing performance of executive Directors' and approving the terms of executive Directors' service contracts; (iii) reviewing the remuneration package including the performance-based bonus and incentive rewards for the executive Directors and the senior management of the Group; and (iv) reviewing and making recommendations to the Board the compensation, if any, payable to the executive Directors and senior management in connection with any loss or termination of their office or appointment.

The primary objective of the Group's remuneration policy is to retain and motivate the executive Directors and the senior management of the Group by linking their rewards to the corporate and individual performance, job complexity and responsibilities, so that the interests of the executive Directors are aligned with those of the Shareholders. No Director can, however, approve his/her own remuneration.

Members of the Remuneration Committee are: 薪酬委員會成員包括:

薪酬委員會

本公司已根據GEM上市規則成立薪酬委員會,其特 定職權範圍符合企業管治守則。

薪酬委員會主要職責為(i)就本集團董事及高級管理 層之薪酬政策及架構向董事會提供建議;(ii)評估執 行董事之表現及批准執行董事服務合約的條款;(iii) 審閱授予執行董事及本集團高級管理層之薪酬條件, 包括與表現掛鈎之花紅及獎賞;及(iv)審閱應付予執 行董事及高級管理層有關任何離職或終止任命之補 償(如有),並就此向董事會提供建議。

本集團薪酬政策之主要目的,乃將執行董事及本集 團高級管理層之薪酬與企業及個人之表現、其工作 性質及職責掛鈎,藉此挽留及激勵彼等人士,使執 行董事與股東的利益保持一致。然而,董事不得批 核其本身之薪酬。

Ms. Ng Ka Sim, Casina 吳嘉善女士	(Independent non-executive Director) (獨立非執行董事)
Mr. Wong Wing Kit 黃永傑先生	(Independent non-executive Director) (獨立非執行董事)
Ms. Yeung Mo Sheung, Ann 楊慕嫦女士	(Independent non-executive Director) (獨立非執行董事)
Mr. Cheung Wai Yin, Wilson 張偉賢先生	(Executive Director) (執行董事)	(resigned on 1 September 2020) (於2020年9月1日辭任)

薪酬委員會主席由出席會議之成員推選。 The chairman of the Remuneration Committee is elected by the members who are present at the meeting.

The Remuneration Committee meets at least once a year and as and when there is any issue which requires its consideration. Five meetings were held during the year. During the year, the Remuneration Committee reviewed the remuneration policy and structure of the Directors and the senior management of the Group. The Remuneration Committee also considered and approved the remuneration and service contract of a newly appointed executive Director. Also, the Remuneration Committee reviewed and approved the performance-based remuneration package of each individual executive Director and approved the salary adjustments and payable.

Audit Committee

The Company has established the Audit Committee in 2001 with specific written terms of reference formulated in accordance with the requirements of the GEM Listing Rules. The main duties of the Audit Committee are to (i) review the quarterly, half-yearly and annual results of the Group; (ii) review the risk management and internal control systems, the effectiveness of the internal audit function of the Group; and (iii) ensure the objectivity and credibility of the Company's financial reporting and internal control procedures as well as to maintain an appropriate relationship with the external auditor of the Company.

Members of the Audit Committee are: 審核委員會成員包括:

吳嘉善女士 (獨立非執行董事)

楊慕嫦女士 (獨立非執行董事)

Ms. Ng Ka Sim, Casina (Independent non-executive Director)

Mr. Wong Wing Kit (Independent non-executive Director) 黃永傑先生 (獨立非執行董事)

Ms. Yeung Mo Sheung, Ann (Independent non-executive Director)

薪酬委員會每年最少會面一次以及於任何需要其考 慮之事宜出現時進行會面。年內舉行五次會議。年 內,薪酬委員會審閱本集團董事及高級管理層之薪 酬政策及架構。薪酬委員會亦考慮及批准一名新委 任執行董事之薪酬及服務合約。同時,薪酬委員會 審閱及批准各執行董事基於績效的薪酬調整及應付 薪金。

審核委員會

本公司已於2001年成立審核委員會,並根據GEM上 市規則規定制訂特定的書面職權範圍。審核委員會 主要職責為(i)審閱本集團季度、年中及年度業績; (ii)檢討本集團風險管理及內部監控系統,以及內部 審核職能的成效;及 (iii)確保本公司財務報告及內部 監控程序客觀及可信,以及與本公司外聘核數師維 持恰當關係。

The Audit Committee consisted of three members comprising three independent non-executive Directors, at least one of whom with appropriate professional qualifications or accounting or related financial management expertise as required in rule 5.05(2) of the GEM Listing Rule. The chairman of the Audit Committee is elected by the members who are present at the meeting. All members of the Audit Committee possess appropriate professional qualifications and experience necessary to give advice on the Board's strategies and other related matters. All members of the Audit Committee have complete and unrestricted access to the external auditor of the Company and all employees of the Company.

The Audit Committee meets at least four times a year and as and when there is any issue which requires its consideration. Five meetings were held during the year.

During the year, the Audit Committee reviewed together with senior management and external auditor of the Company, the annual audit plan, the risk management and internal control system, the accounting principles and practices adopted by the Group and other financial matters. The Audit Committee also considered and approved the unaudited and audited financial statements for the year ended 31 December 2019, the financial statements for the six month ended 30 June 2020, and the financial statements for the periods ended 31 March 2020 and 30 September 2020 of the Group, and confirmed that the preparation of such complied with the applicable accounting standards and practices adopted by the Company, the requirements of the under the GEM Listing Rules and other applicable statutory and regulatory requirements and adequate disclosures has been made.

The Audit Committee has recommended to the Board the reappointment of Elite Partners CPA Limited as the Company's external auditor subject to the Shareholders' approval at the forthcoming AGM.

審核委員會由三名成員組成,包括三名獨立非執行 董事,其中至少一人具備GEM上市規則第5.05(2)條 所規定之適當專業資格或會計或相關財務管理之專 長。審核委員會主席由出席會議之成員推選。審核 委員會所有成員具備必要的合適專業資格及經驗, 以就董事會策略及其他相關事宜提供意見。審核委 員會所有成員可完全自由地與本公司外聘核數師及 本公司全體僱員聯繫。

審核委員會每年最少會面四次以及於任何需要其考 慮之事宜出現時進行會面。年內舉行五次會議。

年內,審核委員會連同本公司高級管理層及外聘核 數師已審核年度審計計劃、風險管理及內部監控系 統、本集團所採納之會計原則及實務守則以及其他 財務事宜。審核委員會亦考慮及批准本集團截至 2019年12月31日止年度之未經審核及經審財務報 表、截至2020年6月30日止六個月之財務報表及截 至2020年3月31日及2020年9月30日止期間之財務 報表,並確認有關業績之編製已遵守本公司採納之 適用會計原則及慣例、GEM上市規則項下之規定以 及其他適用法定及監管規定,並已作出充分之披露。

審核委員會建議董事會續聘開元信德會計師事務所 有限公司為本公司外聘核數師之任命,有關任命須 待股東於應屆股東週年大會上批准後方可作實。

Attendance at Meetings of the Board, the Board Committees the AGM and the Extraordinary General Meetings of the Company (the "EGMs"):

During the year, the attendance of each Director and member of Board committees at the Board, the Board Committees and shareholders' meetings (either in person or by phone) are set out below. The attendance of a Director is stated by reference to the number of meetings held during his/her tenure if he/she was appointed part way during the year.

董事會及董事委員會會議、股東週年大會及股東特 別大會(「股東特別大會」)的出席資料:

年內,各董事及董事委員會成員於董事會、董事委 員會及股東大會的出席記錄(親身出席或以電話形 式)載列如下。就於年內中途獲委任的董事而言,其 出席記錄乃參照其任內所舉行之會議次數而列出。

			Number of meetings during the year 年內會議次數
					Attended/Eligible to attend 已出席╱合資格出席
	Board	Audit Committee	Nomination Committee	Remuneration Committee	AGM held on 29 June 2020 於2020年 6月29日 舉行的股東	EGMs/ Adjourned EGM(s) held during the year 年內舉行的 股東特別 大會╱股東
	董事會	審核委員會	提名委員會	薪酬委員會	週年大會	特別大會續會
Executive Directors 執行董事
Mr. Wong Hin Shek(1) 王顯碩先生(1)	7/7	N/A 不適用	N/A 不適用	N/A 不適用	N/A 不適用	1/1
Mr. Cheung Wai Yin, Wilson(2) 張偉賢先生(2)	14/19	N/A 不適用	2/2	4/4	1/1	3/3
Ms. Tsang Kwai Ping 曾桂萍女士	18/19	N/A 不適用	N/A 不適用	N/A 不適用	1/1	3/3
Independent Non-executive Directors
獨立非執行董事 Ms. Ng Ka Sim, Casina 吳嘉善女士	19/19	5/5	2/2	5/5	1/1	3/3
Mr. Wong Wing Kit 黃永傑先生	19/19	5/5	2/2	5/5	1/1	3/3
Ms. Yeung Mo Sheung, Ann 楊慕嫦女士	19/19	5/5	2/2	5/5	1/1	3/3

Notes:

附註:

• (1) Mr. Wong Hin Shek was appointed as the Chairman, the Chief Executive Officer and an executive Director on 1 September 2020.
• (2) Mr. Cheung Wai Yin, Wilson ceased to be the Chairman, the Chief Executive Officer and a member of each of the Nomination Committee and the Remuneration Committee on 1 September 2020.
• (1) 王顯碩先生於2020年9月1日獲委任為主席、行政總 裁及執行董事。

(2) 張偉賢先生於2020年9月1日不再擔任主席、行政總 裁和提名委員會及薪酬委員會各自的成員。

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate governance duties as set out in the code provision D.3.1 of the CG Code which include (i) developing and reviewing the Company's policies and practices on corporate governance and make recommendations to the Board; (ii) reviewing and monitoring the training and continuous professional development of Directors and senior management of the Company; (iii) reviewing and monitoring the Company's policies and practices on compliance with legal and regulatory requirements; (iv) developing, reviewing and monitoring the code of conduct and compliance manual (if any) applicable to employees and Directors; and (v) reviewing the Company's compliance with the CG Code and disclosure in the Corporate Governance Report.

THE COMPANY SECRETARY

The Company Secretary reports to the Chairman and the Chief Executive Officer while all Directors have access to the advice and services of her to ensure that Board procedures, and all applicable law, rules and regulations, are followed. The Company Secretary is also responsible for supporting the Board by ensuring good information flow within the Board and that Board policy and procedures are followed, advising the Board through the Chairman and the Chief Executive Officer on corporate governance matters and facilitate induction and professional development of Directors.

The Company Secretary is Ms. Hau Hei Man, Sonya. During the year, Ms. Hau attended over 15 hours of professional training as required under rule 5.15 of the GEM Listing Rules.

企業管治職能

董事會負責履行企業管治守則的守則條文第D.3.1條 所載之企業管治職責,包括(i)擬定及檢討本公司的 企業管治政策及常規守則,並向董事會作出建議; (ii)檢討及監察本公司董事及高級管理層的培訓及持 續專業發展;(iii)檢討及監察本公司的政策及常規守 則,確保符合法律及監管規定;(iv)制定、檢討及監 察僱員及董事的操守準則及合規手冊(如有);及(v) 檢討本公司是否遵守企業管治守則及企業管治報告 披露之資料。

公司秘書

公司秘書須向主席及行政總裁匯報,而所有董事均 能獲得公司秘書之建議及服務,以確保董事會程序 以及所有適用法律、規則及法規獲得遵守。公司秘 書亦負責支援董事會工作,確保董事會內信息流動 暢順、遵守董事會政策及程序、透過主席及行政總 裁就企業管治事務向董事會提供建議以及促進對董 事之指導及其專業發展。

公司秘書為侯琋文女士。年內,侯女士已根據GEM 上市規則第5.15條規定,出席超過15小時的相關專 業培訓。

AUDITOR'S REMUNERATION

The remuneration in respect of audit and non-audit services for the year ended 31 December 2020 provided by the external auditor of the Company, Elite Partners CPA Limited, are as follows:

核數師酬金

截至2020年12月31日止年度,本公司外聘核數師開 元信德會計師事務所有限公司就提供審核及非審核 服務的酬金如下:

所提供服務	Fees paid/payable 已付╱應付費用 HK\$'000
	千港元
審核服務	920
非審核服務(附註)	180
總計	1,100

附註: 非審核服務主要包括有關須予披露交易的專業費用。 Note: The non-audit services mainly included professional fee in relation to a notifiable transaction.

DIRECTORS' RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Directors acknowledge their responsibilities for the preparation of the financial statements of the Company and ensure that they are prepared in accordance with the statutory requirements and applicable accounting standards. The Directors also ensure the timely publication of such financial statements. The Directors aim to present a balanced and understandable assessment of the Group's position and prospects.

The statement of the external auditor of the Company, Elite Partners CPA Limited, with regard to their reporting responsibilities on the Company's financial statements is set out in the section headed "Independent Auditors' Report" in this Annual Report.

The Directors confirm that, to the best of their knowledge, information and belief, having made all reasonable enquiries, they are not aware of any material uncertainties relating to the events or conditions that may cast significant doubt upon the Company's ability to continue as a going concern. The Board therefore continues to adopt the going concern approach in preparing the accounts.

董事就有關財務報表之責任

董事知悉彼等須負責編製本公司財務報表,並確保 報表根據法定規定及適用會計準則編製。董事亦須 確保準時刊發該等財務報表。董事致力就本集團現 況及前景提呈持平且易於理解之評估。

本公司外聘核數師開元信德會計師事務所有限公司 就彼等對本公司財務報表須承擔的申報責任所發表 之聲明,載於本年報「獨立核數師報告」一節。

董事確認,在作出一切合理查詢後,就彼等所知、 所悉及確信,彼等並沒有發現可能重大質疑本公司 持續經營能力的任何重大不明朗事件或情況。因此, 董事會繼續採納持續經營基準編製賬目。

RISK MANAGEMENT AND INTERNAL CONTROL

The Board is entrusted with the overall responsibility for establishing and maintaining the Group's risk management and internal control system and reviewing its effectiveness. The Group has established a risk management and internal control system covering all the business units to monitor, assess and manage various risks in the Group's business activities.

The main features of the risk management and internal control systems of the Group include the identification of risks, the assessment and evaluation of risks, the development and continuous update of responsive procedures, and the ongoing testing of risk management and internal control procedures to ensure their effectiveness. Such risk management and internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable but not absolute assurance against material misstatement or loss. The system identifies, evaluates and manages the significant risks through regular risk assessments, including both compliance assessment and selfassessment on risk management and internal control.

The Group risk management and internal control system of the Group comprises four levels based on the corporate governance structure: (1) the Board, responsible for evaluating and determining the nature and extent of the risks it is willing to take in achieving the Company's strategic objectives and to ensure the defects found in reviews of the risk management and internal control system can be resolved in a timely manner; (2) the Audit Committee, responsible for reviewing the quality, integrity and effectiveness of the risk management and internal control policies of the Group and to approve and make suggestions to the Board the revisions on the risk management and internal control policies; (3) management, responsible for the day-today risk management in all departments and subsidiaries of the Company and (4) the members of the Group, responsible for performing the daily risk management task.

To ensure timely, fair, accurate and complete disclosure of inside information and for compliance with the applicable laws and regulations, the Group has in place, as an internal control element, a serious of disclosure procedures of price sensitive information on reporting and dissemination of inside information and preservation of confidentiality. Under the current practice, the directors aware any potential/suspected inside information event as soon as practicable when it materializes for determining the nature of developments, and if required, making disclosure. All staff are also required to observe the code of ethical standards to keep non-public information confidential.

風險管理及內部監控

董事會全面負責建立與維持本集團風險管理及內部 監控制度及檢討其成效。本集團已設立涵蓋所有業 務單位的風險管理及內部監控系統,以監察、評估 及管理本集團業務活動的各項風險。

本集團風險管理及內部監控系統的主要特點包括風 險識別、風險評估及評價、回應措施的制定及持續 更新,以及持續檢測風險管理及內部監控程序以確 保其有效性。該風險管理及內部監控系統旨在管理 而非消除未能實現業務目標之風險,並僅可就避免 重大錯誤陳述或損失提供合理但並非絕對之保證。 該系統透過常規風險評估(包括合規評估及風險管 理及內部監控的自我評估)識別、估計及管理重大風 險。

本集團之風險管理及內部監控系統由四個層面組成, 基於企業管治架構:(1)董事會,負責評估及釐定就 達致本公司戰略目標而願意承擔風險的性質及程度 及確保檢討風險管理及內部監控系統過程中發現的 不足能夠及時解決;(2)審核委員會,負責檢討本集 團風險管理及內部監控政策的質素、誠信及成效, 並批准風險管理及內部監控政策及就其修訂向董事 會作出推薦建議;(3)管理層,負責本公司所有部門 及附屬公司的日常風險管理;及(4)本集團成員公司, 負責執行日常風險管理工作。

為確保適時、公平、準確及完整披露內幕消息及符 合適用法例及規定,本集團就匯報及發放內幕消息 和保密設有一系列股價敏感資料披露程序,作為內 部監控之一部分。根據目前慣例,董事如發現有任 何潛在╱疑似內幕消息事件,須在實際可行情況下 盡快釐定事態發展的性質,及在有需要時作出披露。 所有員工亦須遵守員工手冊載明的道德標準,將非 公開資料保密。

During the year, the internal audit team of the Company has conducted a review of the effectiveness of the risk management and internal control system of the Group covering the period from 1 January 2020 to 31 December 2020 in compliance with the requirements under code provision C.2 of the CG Code which covers the risk management control of the Group's major segments and operation controls of cash and treasury management and expenditure management.

The result of the review has been summarised and reported to the Audit Committee and the Board with recommendations and follow-up results. All the recommendations have been properly followed up by the Group to ensure that they will be implemented within a reasonable period of time. The Board considered that the risk management and internal control system of the Group is adequate and effective.

During the year, the Board also reviews the adequacy of resources, qualifications and experience of the staff of the Company, the Company's accounting, internal audit and financial reporting functions, and their training programmes and budget.

DIVIDEND POLICY

The Board approved and adopted a dividend policy which outlines general principles for the determination and payment of dividend to its Shareholders (the "Dividend Policy"). Dividends or distributions by the Company shall be determined and declared in accordance with the applicable laws and regulations, the Articles and the Dividend Policy. The Board may amend any provision in the Dividend Policy if it considers necessary.

年內,本公司內部審核小組已根據企業管治守則守 則條文C.2項下規定審閱2020年1月1日至2020年12 月31日期間本集團所有重大監控之風險管理及內部 監控制度之成效,範圍涵蓋本集團主要分部的風險 管理監控,以及現金及庫務管理和支出管理的營運 監控。

審閱結果經總結後,已連同推薦建議及跟進結果匯 報予審核委員會及董事會。本集團已妥善跟進所有 推薦建議,以確保於合理時間內將其落實。董事會 認為本集團之風險管理及內部監控系統充足而有效。

年內,董事會亦檢討本公司資源的充分性、員工的 資歷及經驗、本公司之會計、內部審核及財務報表 職能,以及其培訓課程及預算。

股息政策

董事會已批准及採納一項股息政策,當中概述釐定 及向股東派付股息的一般原則(「股息政策」)。本公 司將根據適用法例及規例、細則及股息政策決定及 宣派股息或分派。董事會可對股息政策的任何條文 作出其認為必需的修訂。

Pursuant to the Dividend Policy, the Company may declare and pay dividends to the Shareholders by way of cash or by other means that the Board considers appropriate. The Board, in recommending dividends, to allow the Shareholders to participate in the Company's profits, and at the same time, to ensure the Company to retain adequate reserves for future growth. The Company's decision to declare or to pay any dividends in the future, and the amount of such dividends will depend upon, among other things, the current and future operations, financial condition, liquidity position and capital requirements of the Group, as well as dividends received from the Company's subsidiaries and associates, which in turn will depend on the ability of those subsidiaries and associates to pay a dividend. In addition, any final dividends for a financial year will be subject to the approval of the Shareholders. The declaration and payment of dividends by the Company is also subject to any restrictions under the laws of Cayman Islands, the laws of Hong Kong, the Articles and any applicable laws, rules and regulations.

SHAREHOLDERS' RIGHTS

Procedures for Shareholders to Convene an Extraordinary General Meeting

Pursuant to article 58 of the Articles, any one or more members holding at the date of deposit of the requisition not less than onetenth of the paid up capital of the Company carrying the right of voting at general meetings of the Company shall at all times have the right, by written requisition to the Board or the secretary of the Company, to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of such requisition. If within twenty-one (21) days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s) himself (themselves) may convene a physical meeting at only one location which will be the principal place of the meeting, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

Sending Enquiries to the Board

Shareholders may send their enquiries to the Board by addressing them to the Company's head office and principal place of business in Hong Kong, presently at Room 1108, 11/F, Wing On Centre, 111 Connaught Road Central, Central, Hong Kong, by post for the attention of the Company Secretary.

本公司可通過現金或董事會認為合適的其他方式向 股東宣派及支付股息。董事會透過建議股息與股東 分享本公司溢利,同時確保本公司保留足夠儲備以 應付未來發展。本公司於未來宣派或支付股息的決 定及有關股息的金額將取決於(其中包括):本集團 目前及未來營運、財務狀況、流動資金狀況及資本 需求,以及自本公司附屬公司及聯營公司收取的股 息(取決於該等附屬公司及聯營公司支付股息的能 力)。此外,於任一財政年度派發任何末期股息均須 經股東批准。本公司宣派及支付股息亦受開曼群島 法例、香港法例、細則及任何適用法律、規則及規 例之限制。

股東權利

股東召開股東特別大會之程序

根據細則第58條,於提出要求當日持有不少於附帶 本公司股東大會上投票權利之本公司已繳足股本十 分之一的任何一名或多名股東於任何時候均有權透 過向董事會或本公司秘書發出書面要求,要求董事 會召開股東特別大會,以處理有關要求中指明的提 案;及有關大會須於提出有關要求後兩(2)個月內舉 行。倘提呈後二十一(21)日內,董事會未有召開該大 會,則提呈要求人士可自行自行於一個地點(即主要 會議地點)召開現場會議,而遞呈要求人士因董事會 未有召開大會而產生的所有合理開支應由本公司向 遞呈要求人士償付。

向董事會發出查詢

股東如有任何查詢,可寄往本公司總辦事處及香港 主要營業地點(地址為香港中環干諾道中111號永安 中心11樓1108室),由公司秘書收悉。

股東提名人士參選董事之程序 Procedures for Shareholders to Propose a Person for Election as a Director

Pursuant to article 86(2) of the Articles, subject to the Articles and the Law, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy on the Board, or as an addition to the existing Board.

Pursuant to article 88 of the Articles, no person other than a Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible for election as a Director at any general meeting unless a notice signed by a member (other than the person to be proposed) duly qualified to attend and vote at the meeting for which such notice is given of his intention to propose such person for election and also a notice signed by the person to be proposed of his willingness to be elected shall have been lodged at the head office or at the Registration Office provided that the minimum length of the period, during which such notice(s) are given, shall be at least seven (7) days and that (if the Notices are submitted after the despatch of the notice of the general meeting appointed for such election) the period for lodgement of such notice(s) shall commence on the day after the despatch of the notice of the general meeting appointed for such election and end no later than seven (7) days prior to the date of such general meeting.

The Procedures for Putting Forward Proposals at Shareholders' Meetings

There is no provision allowing Shareholders to make proposals or move resolutions at the general meetings under the Articles or the laws of the Cayman Islands other than to propose a person for election as a director. Shareholders who wish to make proposals or move a resolution may, however, follow the procedures set out in "Procedures for Shareholders to Convene an Extraordinary General Meeting" above by written requisition to the Board or the Company Secretary to convene an extraordinary general meeting for putting forward proposals at the Company's head office and principal place of business in Hong Kong, presently at Room 1108, 11/F, Wing On Centre, 111 Connaught Road Central, Central, Hong Kong.

COMMUNICATION WITH SHAREHOLDERS AND INVESTOR RELATIONS

The Company is committed to maintaining a high level of transparency and employs a policy of open and timely disclosure of relevant information to its shareholders and investors and discloses information in compliance with the GEM Listing Rules, and publishes periodic reports and announcements to the public in accordance with the relevant laws and regulations.

根據細則第86(2)條,受細則及法律規限,本公司可 透過普通決議案推選任何人士為董事,以填補董事 會臨時空缺或增加現有董事會成員。

根據細則第88條,除非獲董事推薦參選,否則除會 上退任董事外,概無任何人士合資格於任何股東大 會上參選董事,除非由正式合資格出席相關大會並 於會上表決的股東(並非擬參選人士)簽署通告,當 中表明其建議提名該人士參選的意向,並附上所提 名人士簽署表示願意參選的通告已提交總辦事處或 過戶登記處,而發出該等通告之期間最少須為七 (7) 日,而(若該等通告於寄發指定就該選舉所召開股東 大會通告後遞交)該等通告之提交期間須於寄發指 定就該選舉舉行之股東大會之有關通告翌日開始, 也不得遲於該股東大會舉行日期前七 (7) 日結束。

在股東大會上提出提案之程序

細則或開曼群島法例並無條文容許股東在股東大會 上提出建議或動議決議案,惟提名人選參選董事則 除外。然而,股東如欲提出建議或動議決議案,可 按照上文「股東召開股東特別大會之程序」所載的程 序,以書面要求董事會或公司秘書(地址為本公司的 總辦事處及香港主要營業地點,目前為香港中環干 諾道中111號永安中心11樓1108室)召開股東特別大 會,以提呈建議。

與股東之溝通及投資者關係

本公司致力維持高透明度及採取公開的政策,根據 GEM上市規則適時地向其股東及投資者披露相關資 料,及根據有關法律及法規向公眾定期刊發報告及 公佈。

The Board strives to encourage and maintain constant dialogue with its shareholders through various means. The Directors host the AGM each year to meet the shareholders and answer their enquiries. The Company also updates its shareholders on its latest business developments and financial performance through its annual, interim and quarterly reports.

The website of the Company has provided an effective communication platform to the shareholders and the investors as well as the general public.

CONSTITUTIONAL DOCUMENTS

On 30 December 2020, the Shareholders have approved the amendments to the memorandum of association of the Company (the "Original Memorandum") and the Original Articles at the extraordinary general meeting and adopted the amended and restated memorandum of association of the Company (the "Memorandum") and the Articles in substitution for and to the exclusion of the Original Memorandum and the Original Articles with effect from 30 December 2020.

The Memorandum has been updated to reflect the latest version of the Companies Law of the Cayman Islands which is the 2020 Revision, the current name of the Company, the current registered office of the Company and the current authorised share capital of the Company. The Articles has been updated in order to (i) modernize and update the Original Articles which were first adopted in 2002 and last amended in 2004; (ii) to bring the Original Articles in line with the relevant requirements of the applicable laws of the Cayman Islands and the GEM Listing Rules. Details of the amendments had been set out in the circular and notice of the extraordinary general meeting of the Company both dated 7 December 2020. The full text of the Memorandum and the Articles is available on the websites of the Company (http://www.merdeka.com.hk) and the Stock Exchange (http://www.hkexnews.hk).

Save as disclosed above, there is no other change in the Company's constitutional documents during the year ended 31 December 2020 and up to the date of this Annual Report.

董事會努力透過多種方式鼓勵及維持與其股東持續 對話。董事每年主持股東週年大會,與股東會面及 解答其諮詢。本公司亦透過年度報告、中期報告及 季度報告向其股東提供有關其最新業務發展及財務 表現的資訊。

本公司的公司網站亦為與股東、投資者及公眾進行 溝通的有效平台。

憲章文件

於2020年12月30日,股東已於股東特別大會上批准 修訂本公司組織章程大綱(「原有章程大綱」)及原有 章程細則,並採納經修訂和重列的本公司組織章程 大綱(「章程大綱」)及新章程細則,以取代及排除原 有章程大綱及原章程細則,自2020年12月30日起生 效。

新章程已經更新,以反映開曼群島公司法的最新版 本(即2020年修訂本)、本公司的當前名稱、本公司 的當前註冊辦事處及本公司的當前法定股本。新章 程已予更新,使(i)於2002年首次採納及最後於2004 年修訂的原有章程更為現代化新和更新;(ii)使原有 章程符合開曼群島適用法律及GEM上市規則的 相關規定。有關修訂的詳情已載於日期均為 2020年12月7日的通函和本公司股東特別大會 通告。章程大綱及全文載於本公司網站 (http://www.merdeka.com.hk) 及聯交所網站 (http://www.hkexnews.hk)。

除上文所披露者外,本公司憲章文件於截至2020年 12月31日止年度及直至本年報日期並無其他變動。

INTRODUCTION

The board of directors (the "Board") of Merdeka Financial Group Limited (the "Company") and its subsidiaries (collectively "we", "us", "ours", or the "Group") are pleased to present this Environmental, Social and Governance ("ESG") Report in accordance with the ESG Reporting Guide ("ESG Guide"), as set out in Appendix 20 of the Rules (the "GEM Listing Rules") Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited. This ESG Report stated the efforts made by the Group for the period from 1 January 2020 to 31 December 2020 (the "Reporting Period") which aligns with the financial year as the 2020 annual report of the Group.

OUR COMMITMENT AND APPROACH

We recognize the importance of strong ESG performance in meeting the changing expectations of stakeholders and enhancing the performance of the Group. The Board, working together with the management and our ESG working taskforce, has assessed, identified and managed ESG risks associated with the Group for the purpose of ESG strategy and reporting.

Using a top-down approach, we integrate ESG concepts into our daily operations at our workplace through the Group's policies and guidelines, so that each of our employees is fully aware our sustainability efforts.

SCOPE OF OUR REPORT

The Group is principally engaged in (i) financial services business including the securities brokerage services, provision of corporate finance advisory services, asset management business, money lending services and financial leasing business; (ii) corporate consulting business including company secretarial services, accounting and financial reporting services and management consulting services; (iii) trading business; and (iv) information technology business.

Our ESG Report content is mainly focused on the trading business located in Sheung Shui, and the Group's Hong Kong headquarter office (the "Selected Business Segments"), which the Board believes that they are the areas that could best reflect our social, environmental and economic impacts.

引言

領智金融集團有限公司(「本公司」)及其附屬公司(統 稱「我們」或「本集團」)董事會(「董事會」)欣然提呈 香港聯合交易所有限公司頒佈的香港聯合交易所有 限公司GEM證券上市規則(「GEM上市規則」)附錄 二十所載之環境、社會及管治報告指引(「環境、社 會及管治報告指引」)編製之本環境、社會及管治 (「環境、社會及管治」)報告。本環境、社會及管治 報告載列本集團於2020年1月1日至2020年12月31 日期間(「本報告期間」)作出的努力,有關期間與本 集團2020年年報的財務年度一致。

我們的承諾及方針

我們深明出色的環境、社會及管治表現對達成利益 相關者不斷變化的期望及提高本集團表現的重要性。 董事會與管理層及環境、社會及管治工作小組合作, 評估、釐定及管理與本集團相關的環境、社會及管 治風險,以制定環境、社會及管治策略及作出報告。

憑藉由上而下的方式,我們制定本集團的政策及指 引,藉以將環境、社會及管治理念融入至工作場所 的日常營運中,故此每名僱員深知我們在可持續發 展方面的努力。

報告範圍

本集團主要從事(i)金融服務業務(包括證券經紀服 務、提供企業融資諮詢服務、資產管理業務、放債 服務及融資租賃業務);(ii)企業諮詢業務(包括公司 秘書服務、會計及財務報告服務及管理諮詢服務); (iii)貿易業務;及(iv)資訊科技業務。

環境、社會及管治報告內容主要集中在位於上水之 貿易業務及本集團香港總部(「選定業務分部」),董 事會認為此乃最能反映我們的社會、環境及經濟影 響的範圍。

STAKEHOLDER ENGAGEMENT

The Group places high value on communication with stakeholders. Through several channels, the Group maintains active and open attitudes towards expectations and demands of stakeholders. The preparation of this report, which was supported by stakeholders of the Company, enabled the Company to have a clear understanding on the Company's current environmental and social development. The information we gathered and analyzed was not only the summary of the environmental and social works carried out by the Group during 2020, but also the basis for the Group to make strategies for sustainable development. The following table summaries stakeholders' participation channels and their expectations and demands.

利益相關者參與

本集團重視與利益相關者的溝通。本集團通過不同 渠道與利益相關者溝通,對利益相關者的期望及要 求保持積極及開放的態度。本報告編製過程中得到 本公司利益相關者的支持,使本公司清楚了解其當 前的環境及社會發展。我們收集及分析的資料不僅 是對本集團於2020年開展的環境及社會工作的概 要,亦為本集團制定可持續發展策略奠定基礎。下 表概述利益相關者的參與渠道及其期望和要求。

Stakeholders 利益相關者		Participation channels 參與渠道	Topics concerned 關注議題
Internal Stakeholders 內部利益相關者	Management 管理層	• Regular meetings • 定期會議	• Financial results • Sustainability business development • 財務業績 • 業務可持續發展
	Employees 僱員	• Regular performance appraisals • Frequent meetings • Training programs • 定期表現評核 • 密切會議溝通 • 培訓課程	• Career development • Health and Safety • Remuneration and benefits • Sustainability development • 職業發展 • 健康與安全 • 薪酬與福利 • 可持續發展
External Stakeholders 外部利益相關者	Customers 客戶	• Customer service • Daily communication • 客戶服務 • 日常交流	• Product/service quality • Protection and management on customer information • Environmental responsibility • Integrity and business behaviors • 產品╱服務質量 • 客戶資料保護及管理 • 環境責任 • 誠信及商業行為
	Shareholders/Investors 股東╱投資者	• General meetings • Quarterly/Interim/Annual Reports • Daily communication • Group website • 股東大會 • 季度╱中期報告╱年度報告 • 日常交流 • 集團網站	• Financial results • Sustainability business development • Environmental responsibility • Company transparency • Product/service quality • 財務業績 • 業務可持續發展 • 環境責任 • 公司透明度 • 產品╱服務質量
	Suppliers 供應商	• Close communication • Order placed • 密切溝通 • 下達訂單	• Product/service quality • Environmental responsibility • 產品╱服務質量 • 環境責任

SUBJECT AREA A: ENVIRONMENTAL SUBJECT AREA

The Group is aware of the risk associated with climate change and the importance of the efforts in managing these risks in the global community. Although the Group does not engage in activities that are generally regarded as having a high environmental impact, it has been our mission to conduct our business in a manner that is environmentally responsible as far as possible. The Company has always attached great importance to the protection of the environment and has adopted a number of measures which are regularly carried out to manage emissions and waste in the course of our business operations.

At all time, the Group is committed to complying with all applicable environmental laws and regulations. During the Reporting Period, the Group did not aware of any cases of violation of the environmental laws and regulations.

In this section we shall detail the ESG performances of the Group with regards to emissions and waste, use of resources, and environment and natural resources.

Aspect A1: Emissions and Wastes

Air and Green House Gases ("GHG") emissions

Emissions generated by the Selected Business Segments were mainly indirect GHG emissions generated from the use of purchased electricity. Subsequent to the disposal of company vehicles in 2018, the Selected Business Segment did not have any emissions generated from the scope 1 area — Direct emissions from operations that are owned or controlled by the Group.

主要範疇A:環境主要範疇

本集團意識到氣候變化相關的風險及在全球社區管 理該等風險的重要性。儘管本集團並非從事一般被 認為對環境造成嚴重影響的業務,惟我們的願景一 直為盡可能以對環境負責的方式經營業務。本公司 一直重視環境保護,並定期採取多項措施管理業務 營運中產生的排放物及廢棄物。

本集團一直致力遵守所有適用環境法律及法規。於 本報告期間,本集團並不知悉任何違反環境法律及 法規的案件。

於本節,我們將詳述本集團在排放物及廢棄物、資 源使用以及環境及天然資源方面的環境、社會及管 治表現。

層面A1:排放物及廢棄物

廢氣及溫室氣體(「溫室氣體」)排放

選定業務分部所產生的排放物主要為耗用所購電力 產生的間接溫室氣體排放物。於2018年出售公司車 輛後,在本集團擁有或控制的營運中,選定業務分 部並無在範圍1 — 直接排放產生任何排放。

The approximate volume of different types of GHG emissions in CO2 equivalent emissions ("CO2 e") during the Reporting Period of the Selected Business Segments were as follows:

選定業務分部於報告期間所排放的不同種類温室氣 體排放物概約數量(以二氧化碳當量排放(「二氧化 碳當量排放」)為單位)如下:

		For the year ended 31 December 截至12月31日止年度
(Units: tonnes of CO2 e) (單位:噸二氧化碳當量排放)		2020 2020年	2019 2019年
Greenhouse gas emissions 溫室氣體排放物	Emission source(s) 排放來源	Volume emitted 排放量	Volume emitted 排放量
Scope 1 Direct emissions 範圍1 直接排放物	N/A 不適用	—	—
Scope 2 Energy indirect emissions 範圍2 能源間接排放物	Purchased electricity 所購電力	50.8	54.7
Scope 3 Other indirect emissions 範圍3 其他間接排放物	• Electricity use for fresh water and sewage processing by government departments • 政府部門就處理淡水及污水所用的電力 • Air travels by employees for business purposes • 僱員出於商業目的乘坐飛機出行	0.2	4.1
Total 總計		51.0	58.8

Scope 2 GHG emissions were the major contributor of the Selected Business Segments' emissions, which were generated indirectly as a result of the use of purchased electricity. Electricity consumed by the Selected Business Segments is purchased from electricity companies (i.e. CLP and Hong Kong Electric) which generated these GHG directly by burning of fuel. During the Reporting Period, a total of approximately 50.8 tonnes of Scope 2 GHG emissions were emitted, representing a monthly average emission of approximately 4.23 tonnes.

範圍2的溫室氣體排放物佔選定業務分部排放物的 主要部分,乃由於耗用所購電力而間接產生。選定 業務分部所耗用的電力乃購自電力公司(即中華電 力及香港電燈),而該兩間公司則透過燃燒燃料直接 產生該等溫室氣體。於本報告期間,合計排放約50.8 噸屬於範圍2的溫室氣體排放物,相當於每月平均排 放約4.23噸。

The environmental impact of scope 3 GHG emissions were relatively small for the Selected Business Segments. Due to the outbreak of novel coronavirus, no business trip was taken during the Reporting Period, therefore no such kind of emission was recorded. The total emissions from scope 3 GHG for the Selected Business Segments were approximately 0.2 tonne, which was due to the use of electricity for fresh water and sewage processing by government departments.

During the Reporting Period, the Selected Business Segments did not have any company vehicles, thus, no emissions from scope 1 GHG were recorded.

Wastes

Wastes generated by the Selected Business Segments are nonhazardous in nature. Major wastes generated by the Selected Business Segments included consumables such as bubble wraps, carton boxes and papers from office printing. However, due to various waste reduction measures implemented in the Selected Business Segments as described in the later section headed "environmental protection measures", the amount of wastes generated during the Reporting Period were negligible, and hence no meaningful data from waste can collected for analysis.

Aspect A2: Use of Resources

The major source of energy used by the Selected Business Segments was electricity. It is used in all areas of the Selected Business Segments' business operation, for instance, general lighting and powering of laptops, monitors, printers and other equipment in the office and retail store in Sheung Shui.

The major resource used by the Selected Business Segments was paper, which was mainly for printing at the head office. Other than paper, water, though its use in operation is minimal, was mainly used in the pantries and toilets.

選定業務分部範圍3的溫室氣體排放物所造成的環 境影響相對較小。由於爆發新型冠狀病毒病,報告 期間並無任何商務旅行,故並無錄得任何排放。選 定業務分部範圍3溫室氣體的總排放量約為0.2噸, 因政府部門就處理淡水及污水耗用電力而產生所致。

於本報告期間,選定業務分部並無任何公司車輛, 因此並無錄得來自範圍1溫室氣體的排放量。

廢棄物

選定業務分部所產生的廢棄物屬無害性質。選定業 務分部產生的主要廢棄物包括氣泡包裝紙、紙箱以 及辦公室印刷所用紙張等消耗品。然而,由於如下 文「環保措施」一節所述選定業務分部實行多項減廢 措施,本報告期間僅產生少量廢棄物,因此未能收 集到足夠的廢棄物數據以供分析之用。

層面A2:資源使用

選定業務分部所使用能源的主要來源為電力。電力 用於選定業務分部業務營運的各個方面,例如整體 照明及為手提電腦、螢幕、印刷機以及辦公室及上 水零售店內其他設備供電。

選定業務分部所使用的主要資源為紙張,主要就總 辦事處印刷使用紙張。除紙張外,選定業務分部亦 主要用水,但水在營運中的用途甚為有限。水主要 用於茶水間及衛生間。

The amount of energy and resources used by the Selected Business Segments during the year were as follows:

選定業務分部於本報告期間的能源及資源消耗量如 下:

		For the year ended 31 December 截至12月31日止年度
		2020	2019
		2020年	2019年
		Consumption	Consumption
Energy and Resources	Units	amount	amount
能源及資源	單位	排放量	排放量
Electricity	kWh	73,474	82,999
電力	千瓦時
Water	Tonnes	3.0	2.5
水	噸
Paper (A4 sized 80 gsm)	Reams	310	275
紙張(A4大小80克)	卷

The energy and resource consumption for the Selected Business Segments during the Reporting Period remain fairly low. Nonetheless, energy and resource conservation are essential parts of the ESG strategy of the Group which will be detailed in the later section titled "environmental protection measures".

選定業務分部於本報告期間的能源及資源消耗量依 然相當低。儘管如此,節約能源及資源為本公司環 境、社會及管治策略的重要部分,詳情載於下文「環 保措施」一節。

Aspect A3: Environment and Natural Resources

The Group does not use any natural resources in the process of its business, and hence the adverse impact on the environment or natural resources was minimal during the Reporting Period. Nonetheless the Company is well aware of the importance in environmental protection, and has adopted policies and a range of measures to minimize current impact and manage any potential adverse impact in the future, persisting in conducting our business in an environmentally responsible manner. These policies and measures are described below:

層面A3:環境及天然資源

本集團於業務營運過程中並無耗用任何天然資源, 因此於本報告期間對環境或天然資源造成的不利影 響微乎其微。然而,本公司深明環保的重要性,故 已採納政策及一系列措施,以將當前的影響減至最 低及控制日後的任何潛在不利影響,堅持以對環境 負責的方式經營業務。該等政策及措施載述如下:

Environmental Protection Measures

Energy saving

• Lights and air-conditioning in office premise are turned off when not in use.
• Workplace temperature is maintained at a comfortable level to reduce over-cooling or under-cooling and thus reducing excessive use of electricity.
• Electronic appliances, such as computers, photocopy machines, printers, are turned off when employees are off duty or on leave.

Use of paper

• Other than formal documents that require the use of papers, each department is advised to handle documents electronically and employees are also encouraged to communicate electronically.
• When the use of paper is required, duplex printing and reusing single-side printed papers are recommended.

Reduction of waste

• When procuring office equipment and supplies, considerations are taken on environmental protection, resource saving and recycling readiness.
• We do not use additional packaging materials on finished products other than those supplied to us by suppliers and we encourage customers to bring their own bags to purchase our products at our retail stores.
• Waste produced in the course of business operations such as plastic bottles, bubble wraps, carton boxes are reused wherever possible, for example use by packing products to customers with bulk purchase, otherwise recycled by disposing them into the appropriate local waste collection points.

We conduct regular operational meetings to ensure our employees are fully aware of the above policies and to align our practices, one of which is fostering environmental protection awareness.

環保措施

節能

• 無人使用時關掉辦公室的電燈及空調。
• 我們將工作場所的溫度保持於舒適水平,以 減少出現溫度過低或過高的情況,從而減少 耗用過多電力。
• 員工下班或休假時關閉電腦、影印機及打印 機等電器。

用紙

• 除正式文件須使用紙張外,建議各部門使用 電子文檔處理文件,並鼓勵僱員以電子方式 通訊。
• 當需要使用紙張時,建議以雙面打印及重用 單面列印的環保紙。

減廢

• 於採購辦公設備及供應品時,考慮環保、資源 節約及能否循環回收方面。
• 除供應商向我們提供的包裝物料外,我們不 會就製成品使用額外包裝材料,我們亦鼓勵 顧客在我們的零售店購物時自備購物袋。
• 在可行情況下,業務營運過程中產生的廢棄 物(如塑料瓶、氣泡包裝紙及紙箱等)均會重 複使用,舉例而言,向批量購買的客戶使用包 裝產品,否則將其丟棄至當地適當的廢棄物 收集點進行回收。

我們定期舉行營運會議,以確保員工充分了解上述 政策及調整我們的慣例,其中一項是培養環保意識。

SUBJECT AREA B: SOCIAL ASPECTS

EMPLOYMENT AND LABOUR PRACTICES

Aspect B1: Employment

The Company highly values its employees, as the workforce is not only the most valuable asset of the Group but is also the solid foundation of sustainable development. In order to fully develop staff competence and potential, the Group has an employee handbook in place for the employees to understand the policy of the Group. Employee recruitment and remuneration decisions are made on the basis of merits and working experience, including qualifications, industrial expertise, general aptitude and competence for the job the candidates applying for. As a company which is committed to equal opportunity, these recruitment decisions are never based on gender, family position or ethnic background. There is no limit imposed on age other than the legal minimum age limits.

Our workforce

During the Reporting Period, the Selected Business Segments had a total of 38 employees (2019: 37 employees). The workforce categorised by gender, age groups, and hierarchy are depicted below:

主要範疇B:社會層面

僱員及勞工實務

B1層面:僱傭

本公司高度重視其僱員,因勞動力不單是本集團最 寶貴的資產,亦為可持續發展的堅石。為全面開發 員工能力及潛能,本集團制定員工手冊,以便員工 了解本集團政策。我們按優點及工作經驗(包括候選 人的資格、行業專長、綜合才能及是否勝任所申請 職位)就員工招聘及薪酬作出決定。作為致力於平等 機會的公司,本公司不會基於性別、家庭地位或種 族背景作出招聘決定。除法定最低年齡限制外,我 們並無制訂年齡限制。

我們的員工

於本報告期間,選定業務分部共聘用38名(2019年: 37名)僱員。按性別、年齡組別及職級劃分的員工概 述如下:

Age Group

Retaining talents

Employees are the most valuable assets of the Group. To retain and motivate employees, the Group recognises their contribution by offering competitive remuneration package. The management regularly reviews the Group's remuneration policy in relation to relevant market standards. Apart from salary payments, other staff benefits included provident fund contributions, medical insurance coverage and performance related discretionary bonuses. A share option scheme is also established to reward and motivate the employees of the Group. During the Reporting Period, 12 employees (2019: 12 employees) left the Selected Business Segments.

Aspect B2: Health and Safety

The Group is committed to providing employees with a safe and healthy working environment. The office and retail store layouts are designed based on relevant safety provisions. The exit aisles are equipped with lighting panels "Exit" to guide the way out of the workplace when an emergency occurs. Smoking is strictly prohibited in the entire office premises.

We continued to build a safety-first culture and engage employees to keep incidents as low as possible. During the Reporting Period, there was no reported case of work-related injury (2019: Nil) for the Selected Business Segments.

During the Reporting Period, the Selected Business Segments were not aware of any non-compliance with relevant laws and regulations that had a significant impact on it relating to employment, health and safety, and labour standards as mentioned in aspects B1, B2 and B4 of the Guide.

挽留人才

僱員為本集團最寶貴的資產。為挽留及激勵僱員, 本集團透過提供具競爭力的薪酬待遇認可其貢獻。 管理層定期按相關市場標準檢討本集團的薪酬政策。 除薪金付款外,其他僱員福利包括強積金供款、醫 療保險及業績相關酌情獎金。本集團亦制定購股權 計劃,以獎勵及激勵本集團之僱員。於本報告期間, 12名僱員(2019年:12名僱員)從選定業務分部離 職。

B2層面:健康及安全

本集團致力為僱員提供安全健康的工作環境。辦公 室及零售店佈局設計乃依據相關安全條文設計。出 入通道均裝設「出口」照明顯示板,以便於發生緊急 事故時就逃離工作場所提供逃生指示。全部辦公室 嚴禁抽煙。

我們繼續建立安全第一的文化,並盡可能將僱員事 故減至最少。於本報告期間,選定業務分部並無呈 報任何工傷案件(2019年:無)。

於本報告期間,選定業務分部並不知悉有任何不遵 守相關法例及規例的情況導致對環境、社會及管治 報告指引B1、B2及B4層面所述僱傭、健康及安全以 及勞工標準構成重大影響。

Aspect B3: Development and Training

The Group is subject to various ordinances, rules and guidelines such as, but not limited to, the Securities and Futures Commission Ordinance (Chapter 571 of the Laws of Hong Kong), the Personal Data (Privacy) Ordinance, the GEM Listing Rules and the Hong Kong Securities and Futures Commission's Guideline on Anti-Money Laundering and Counter-Terrorist Financing (the "AML Guideline"). Every licensed individual must fulfill prescribed hours of continuous professional training for each type of regulated activity in each calendar year. Also, pursuant to the GEM Listing Rules, the company secretary and all Directors are required to participate in continuous professional training to develop and refresh their knowledge and skills.

Knowledge and skills of employees are vital to the continuous business growth and success of the Group. As such, the Group is committed to providing support to its employees in continuous professional training and encourages them to attend professional training programs. Subject to management's approval, the Group will subsidise the studying fee of the staff members with a maximum annual cap, however, the Group may consider granting more subsidise if it sees fit. Summary of training recorded from the Selected Business Segments is present as below:

B3層面:發展及培訓

本集團須遵守多項條例、規則及指引,例如但不限 於香港法例第571章《證券及期貨條例》、《個人資料 (私隱)條例》、GEM上市規則以及香港證券及期貨 事務監察委員會的打擊洗錢及恐怖分子資金籌集指 引(「打擊洗錢指引」)。各持牌人士均須於每個曆年 就各類受規管活動接受規定時數的持續專業培訓。 此外,根據GEM上市規則,公司秘書及全體董事須 參與持續專業培訓,以增進及重溫其知識及技能。

僱員的知識及技能對於本集團業務持續增長及成功 至關重要。因此,本集團致力支援僱員參與持續專 業培訓,並鼓勵彼等參與專業培訓計劃。經管理層 批准後,本集團將向員工提供學習津貼,該津貼設 有最高年度上限,然而本集團可考慮於適當時授出 更多津貼。選定業務分部記錄的培訓概要呈列如下:

		31 December 2020
		Number of employees 僱員人數	Total training hours 總培訓時數	Average training hours 平均培訓時數
By gender	按性別劃分
Male	男	20	95.4	4.8
Female	女	18	123.0	6.8
Total	總計	38	218.4	5.7
By hierarchy	按職級劃分
Management	管理層	14	144.9	10.4
General staff	一般員工	24	73.5	3.1
Total	總計	38	218.4	5.7

* As at 31 December

* 於12月31日

Aspect B4: Labour Standards

The Company attaches great importance to and strictly abides by all applicable labour laws on employment in Hong Kong.

At all time, the Group strives to create a workplace that is free from discrimination and provide equal employment and promotion opportunities by recruiting or promoting people mainly based on job requirements and employees' performance. No one is subject to discrimination due to nationality, age, gender, religion, marital status, disability, and/or other forms of difference. The Group has published an employment hand book that includes the terms and conditions of employment, the staff benefits and the office rules and policies.

The Group strictly prohibits the use of child and forced labour. Through the well-established recruitment policies, the Group ensures that its employees are all above the minimum legal working age and no forced labour is hired. Apart from it, the Group regularly review the employment practice and guidelines on staff recruitment to ensure that it is in full compliance with the Employment Ordinance and Republic Act No. 9231 and other regulations related to, among other things, prevention of child labour and forced labour.

Aspect B5: Supply Chain Management

Our Selected Business Segments supply chains mainly cover two general categories: (i) office supply chains; and (ii) trading segment supply chains. At the office level, supply chains cover procurement for headquarter office and are mainly focused on routine office items such as stationery, toner and paper. At the trading segment, most items are procured for running a retail store and that cover a wide variety items including milk powder, dairy products, beauty and cosmetic products, and pharmaceutical OTC products.

The Group is committed to operating in an ethical and safe environment and employ sound supply chain practices to ensure that the performance remain sustainable. The Group recognises the supply chains play in an important role in the overall sustainability performance. Guidelines were adopted to guide the assessment of suppliers. Suppliers are assessed for their capability to fulfil our business needs based on a price and non-price factors such as labor practices, environment and quality. And at all time, the Group required suppliers to comply with all applicable laws and regulations and align with environmental protection management at a minimum. Supplier assessment guidelines will be reviewed and updated from time to time to ensure suppliers' best meet our business needs.

B4層面:勞工標準

本公司十分重視及嚴格遵守香港有關僱傭事宜的所 有適用勞工法律。

本集團始終銳意建立不存在歧視以及提供平等僱傭 及晉升機會的工作環境,主要按工作要求及僱員表 現而招聘或晉升人才。任何人都不會因國籍、年齡、 性別、宗教、婚姻狀況、殘障及╱或其他形式的差 異而受到歧視。本集團已刊發僱傭手冊,當中載列 僱傭條款及條件、僱員福利以及辦公室規則及政策。

本集團嚴格禁止使用童工及強制勞工。本集團設有 完善的招聘政策,確保其僱員全部均超過最低合法 工作年齡及並無僱用強制勞工。除此以外,本集團 定期檢討招聘員工的僱傭慣例及指引,確保全面遵 守僱傭條例及共和國法(Republic Act)第9231條以及 有關(其中包括)防止童工及強制勞工的其他規例。

B5層面:供應鏈管理

選定業務分部的供應鏈主要涵蓋兩大類別:(i)辦公 供應鏈;及(ii)貿易分部供應鏈。就辦公層面而言, 供應鏈涵蓋總部辦公室的採購,主要為文具、碳粉 及紙張等日常辦工用品。就貿易分部而言,所採購 的用品大多用作營運零售店,涵蓋各類項目,包括 牛奶、奶製品、美容及化妝品以及非處方藥品。

本集團致力於合乎道德及安全之環境營運,並採納 良好供應鏈慣例,以確保本集團表現得以持續。本 集團深信供應鏈對整體可持續發展表現而言至關重 要。我們已採納嚴格的供應商評核指引。我們依據 價格和非價格因素(例如勞工慣例、環境及質量 等),評估供應商滿足我們業務需求的能力。另外, 本集團一貫要求供應商最低限度須遵守所有適用法 律和法規及符合環保管理。供應商評核指引會不時 檢討及更新,以確保供應商能最大程度切合我們的 業務需求。

Environmental, Social and Governance Report 環境、社會及管治報告

The Group will also continuously seek potential new suppliers in an attempt to find more reliable and price competitive products for operation. To further enhance the sustainability of the supply chains, the Group tried to source goods locally whenever possible. During the Reporting Period, suppliers of our Selected Business Segments are 100% (2019: 100%) located in Hong Kong.

Aspect B6: Product Responsibility

Quality Assurance

We control the quality of our products from suppliers' selection as mentioned in the previous section. To be responsible to our customers, the Group has registered as a food importer/food distributor under the Food Safety Ordinance.

Apart from product quality, the quality of our employees is also a crucial element of our Company's continuous success which differentiates ourselves from other competitors in the industry. Through our comprehensive recruitment process, we ensure our employees are sufficiently qualified and experienced. In addition, the Group has in place a risk management structure and implemented compliance and operational manuals to ensure its full compliance with all applicable laws, rules and regulations. This is controlled and monitored by a team of experienced management, including responsible officers and compliance officers.

Complaint Handling

We treat all complaints seriously and view them as means to consistently improve the quality of our services and the products we offer.

We have an email address as well as front-line staff at the retail store in Sheung Shui to handle complaints from customers, and from other stakeholders. We take immediate action upon receipt of any complaint, resolving or following up the complaint until resolution, offering replacement or refund where appropriate.

本集團亦將不斷物色潛在新供應商,為我們的營運 尋找更可靠及更具價格競爭力的產品。為進一步提 升供應鏈可持續性,本集團盡可能於本地採購貨品。 於本報告期間,選定業務分部全部供應商(2019年: 100%)位於香港。

B6層面:產品責任

質量保證

我們按上節所述控制我們從供應商處挑選的產品的 質量。為對客戶負責,本集團已根據食品安全條例 註冊成為食品進口商╱食品經銷商。

除產品質量外,我們員工的質素亦對本公司持續取 得成功,從業內其他競爭對手中脫穎而出至關重要。 透過我們的全面招聘程序,我們確保我們的僱員充 分具備相關資格且經驗豐富。此外,本集團已推行 風險管理架構並執行合規及營運手冊,確保其全面 遵守所有適用法律、規則及法規。此乃受經營豐富 的管理團隊(包括主管人員及合規主任)控制及監察。

處理投訴

我們認真處理所有投訴,並視之為持續改善所提供 服務及產品質量的方法。

我們設有電郵地址,並由上水零售店的前線員工處 理客戶及其他利益相關者的投訴。我們於收到任何 投訴後立刻採取行動,解決或跟進投訴,直至得到 解決方案,提供換貨或退款(視適用情況而定)為止。

Protection of Customer Information

The Group emphasises the importance of confidentiality of personal data and privacy of its clients. We pay extra attention to customer data management and no substantiated complaint regarding leakage of customer privacy or loss of customer data were reporting during the Reporting Period. Apart from complying with the provisions of the Personal Data (Privacy) Ordinance when collecting, processing and using clients' personal data, the Group has implemented various measures to prevent unauthorised access of clients' data, such as installation of firewall and storing clients' data in a secured place.

Aspect B7: Anti-corruption

The Group is committed to promoting a culture of integrity, fairness, honesty and openness when doing business and zero tolerance of bribery and corruption. All employees of the Group are regulated by the Prevention of Bribery Ordinance in Hong Kong and required to adhere to high standards of business and ethical conducts as lay out in the Group's employment handbook. In addition, all employees of the Group are required to adhere to the requirements set out in the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance and the AML Guideline and any update in relation thereto. The Group has adopted policies and procedures in its operations and procedures manual to identify and detect money laundering activities, covering policies in relation to, among others, customer due diligence, records retention, handling of cash and reporting of suspicious transactions to the management of the Group.

The Group has complied with all applicable laws and regulations in relation to anti-corruption matters during the Reporting Period.

保護客戶資料

本集團強調客戶個人資料的保密性及私密性。我們 格外注意客戶資料管理,於本報告期間並無有關客 戶隱私洩露或客戶資料遺失的投訴查明屬實。除遵 守個人資料(私隱)條例外,於收集、處理及使用客 戶個人資料時,本集團已實施多項措施防止不當獲 取客戶資料,如安裝防火墻及在安全地方儲藏客戶 資料。

層面B7:反貪污

本集團努力提倡在經營業務時秉持持正、公平、誠 實及公開的文化,對賄賂及貪污採取零容忍態度。 本集團全體僱員均受香港防止賄賂條例規管,並須 遵循本集團僱傭手冊所載高商業標準及道德操守。 此外,本集團全體僱員須謹守打擊洗錢及恐怖分子 資金籌集(金融機構)條例及打擊洗錢指引以及其任 何更新版本所載規定。本集團已採納其營運及程序 手冊的政策及程序,以識別及查明洗錢活動,涉及 有關(其中包括)客戶盡職審查、保留記錄、處理現 金及向本集團管理層匯報可疑交易的政策。

於本報告期間,本集團已遵守有關反貪污事宜的所 有適用法例及法規。

Aspect B8: Community Investment

The Group is committed to be a socially responsible corporation by improving the well-being and contributing to the development of ESG conscious community to support our sustainable growth in the future. The Company encourages staff to contribute their time and efforts in participating in local community activities and events. The Group made donations in various charity activities, including but not limited to "Hong Kong Children in Need Foundation", "The Hong Medical Association" and "Hong Kong Blind Sports Federation".

層面B8:社區投資

本集團承諾肩負起社會責任,透過改善福祉及努力 建立具備環境、社會及管治意識的社區,支持我們 的未來可持續發展。本公司鼓勵員工付出時間及精 力參與本地社區活動及項目。本集團向多個慈善活 動捐獻,包括但不限於「童享慈善基金會」、「香港醫 學會」及「香港盲人體育總會」。

Cash donations	現金捐獻		184,000	138,600
			港元	港元
		HK\$	HK\$
			2020年	2019年
			2020	2019

In the future, the Group will continue to explore more opportunities in contributing to community services.

本集團日後將繼續開拓更多機會以在社會服務方面 作出貢獻。

The directors (the "Directors") of Merdeka Financial Group Limited (the "Company", together with its subsidiaries, the "Group") present the annual report and the audited consolidated financial statements of the Group for the year ended 31 December 2020.

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

The Company is a limited liability company incorporated in Cayman Islands and its principal place of business in Hong Kong is Room 1108, 11/F., Wing On Centre, 111 Connaught Road Central, Central, Hong Kong.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding.

The subsidiaries are engaged in (i) financial services business including the securities brokerage services, provision of corporate finance advisory services, asset management business, money lending services and financial leasing business; (ii) corporate consulting business including company secretarial services, accounting and financial reporting services and management consulting services; (iii) trading business; and (iv) information technology business. There were no significant changes in the nature of the Group's principal activities during the year.

RESULTS AND DIVIDENDS

The results of the Group for the year ended 31 December 2020 set out in the consolidated statement of profit or loss and other comprehensive income on pages 85 to 86.

The board (the "Board") of the Directors resolved not to pay any final dividend for the year ended 31 December 2020 (2019: Nil).

BUSINESS REVIEW

The business review of the Company for the year ended 31 December 2020 is set out in the "Chairman's Statement" and "Management Discussion and Analysis" on pages 4 to 6 and pages 7 to 23 respectively.

SUMMARY OF FINANCIAL INFORMATION

A summary of the results and assets, liabilities and non-controlling interests of the Group for the last five financial years are set out on pages 212.

領智金融集團有限公司(「本公司」,連同其附屬公司 統稱「本集團」)董事(「董事」)謹提呈本年報以及本 集團截至2020年12月31日止年度之經審核綜合財務 報表,以供閱覽。

於香港的主要營業地點

本公司為一家於開曼群島註冊成立的有限公司,於 香港的主要營業地點為香港中環干諾道中111號永 安中心11樓1108室。

主要業務

本公司的主要業務為投資控股。

附屬公司從事(i)金融服務業務(包括證券經紀服務、 提供企業融資諮詢服務、資產管理業務、放債服務 及融資租賃業務);(ii)企業諮詢業務(包括公司秘書 服務、會計及財務報告服務及管理諮詢服務);(iii) 貿易業務;及(iv)資訊科技業務。年內,本集團之主 要業務性質並無重大變動。

業績及股息

本集團截至2020年12月31日止年度之業績載於第85 至86頁之綜合損益及其他全面收入表。

董事會(「董事會」)決議不派發截至2020年12月31 日止年度末期股息(2019年:無)。

業務回顧

本公司截至2020年12月31日止年度之業務回顧分別 載於第4至6頁及第7至23頁之「主席報告」及「管理 層討論及分析」。

財務資料概要

本集團過去五個財政年度之業績及資產、負債及非 控制權益概要載於第212頁。

Report of the Directors 董事會報告書

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the Group during the year are set out in note 15 to the consolidated financial statements.

SHARE CAPITAL, SHARE OPTIONS AND CONVERTIBLE BONDS

Details of movements in the Company's share capital, share options and convertible bonds during the year are set out in notes 34, 42 and 29 to the consolidated financial statements, respectively.

RESERVES

Details of movements in the reserves of the Company during the year are set out in note 37 to the consolidated financial statements.

DISTRIBUTABLE RESERVES

At 31 December 2020, the Company had no reserves available for distribution (2019: Nil).

物業、廠房及設備

本集團之物業、廠房及設備於年內變動詳情載於綜 合財務報表附註15。

股本、購股權及可換股債券

本公司之股本、購股權及可換股債券於年內之變動 詳情載於綜合財務報表附註34、42及29。

儲備

年內,本公司之儲備變動詳情分別載於綜合財務報 表附註37。

可供分派儲備

於2020年12月31日,本公司概無可供分派儲備 (2019年:無)。

MAJOR CUSTOMERS AND SUPPLIERS

主要客戶及供應商

The information in respect of the Group's sales and purchases attributable to the major customers and suppliers, respectively, during the financial year is as follows:

有關主要客戶及供應商於財政年度分別所佔的本集 團銷售額及採購額相關資料如下:

			Percentage of the Group's total sales 佔本集團總銷售額百分比
		2020 2020年	2019 2019年
Largest customer Five largest customers	最大客戶 五大客戶總額	17.66% 45.89%	84.01% 90.87%

			Percentage of the Group's total purchase 佔本集團總採購額百分比
		2020 2020年	2019 2019年
Largest supplier Five largest suppliers	最大客戶 五大客戶總額	40.88% 72.53%	39.97% 94.82%

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

CHARITABLE CONTRIBUTIONS

The Group made donations in various charity activities for approximately HK\$184,000 during the year ended 31 December 2020 (2019: approximately HK\$138,600).

董事或彼等任何聯繫人或就董事所知持有本公司已 發行股本5%以上之任何本公司股東(「股東」)概無 擁有本集團五大客戶或供應商之任何實益權益。

慈善捐助

截至2020年12月31日止年度,本集團在各項慈善活 動中捐款約184,000港 元(2019年:約138,600港 元)。

EVENTS AFTER REPORTING PERIOD

On 20 January 2021, the Company has offered to grant to certain Directors, employees and consultants of the Group (the "Grantees"), subject to acceptance by such Grantees, a total of 132,320,000 share options (the "Share Option(s)") which will entitle the Grantees to subscribe for a total number of 132,320,000 ordinary shares of nominal value of HK\$0.01 each under the share option scheme adopted by the Company on 30 December 2020. The number of Shares to be issued upon exercise of the Share Options grant to the Grantees represents less than 10% of the issued shares as at 20 January 2021.

Details of which are set out in the Company's announcement dated 20 January 2021.

39,000,000 Share Options and 13,000,000 Share Options has been exercised by the Grantees on 4 March 2021 and 8 March 2021 respectively.

DIRECTORS

The Directors during the year ended 31 December 2020 and up to the date of this report are as follows:

Executive Directors:

Mr. Wong Hin Shek (appointed as the Chairman, the Chief Executive Officer and an executive Director on 1 September 2020)

Mr. Cheung Wai Yin, Wilson (resigned as the Chairman and

the Chief Executive Officer on 1 September 2020)

Ms. Tsang Kwai Ping

Independent non-executive Directors:

Ms. Ng Ka Sim, Casina Mr. Wong Wing Kit Ms. Yeung Mo Sheung, Ann

All independent non-executive Directors are appointed for a term of one year and will continue thereafter from year to year until terminated by either party and are subject to retirement by rotation and re-election at the annual general meetings of the Company (the "AGM") in accordance with the Amended and Restated Articles of Association of the Company (the "Articles"). According to the Articles, all Directors are subject to retirement by rotation and reelection at the AGM.

報告期後事件

於2021年1月20日,本公司已向本集團若干董事、 僱員及顧問(「承授人」)授出(惟須待有關承授人接 納)合共132,320,000份購股權(「購股權」),該等購 股權將賦予承授人權利根據本公司於2020年12月30 日採納的購股權計劃認購合共132,320,000股每股面 值0.01港元的普通股。因行使向承授人授出之購股 權而將予發行之股份數目佔於2021年1月20日之已 發行股份的不到10%。

詳情載於本公司日期為2021年1月20日的公告。

於2021年3月4日及2021年3月8日,承授人已分別 行使39,000,000份購股權及13,000,000份購股權。

董事

於截至2020年12月31日止年度內及直至本報告日期 之董事如下:

執行董事:

王顯碩先生(於2020年9月1日獲委任為主席、 行政總裁及執行董事) 張偉賢先生(於2020年9月1日辭任主席及行政總裁)

曾桂萍女士

獨立非執行董事:

吳嘉善女士 黃永傑先生 楊慕嫦女士

根 據 經 修 訂 及 重 列 的 本 公 司 組 織 章 程 細 則(「細 則」),本公司所有獨立非執行董事的任期為一年, 此後將持續至任何一方終止為止,惟每年均須於本 公司股東週年大會(「股東週年大會」)上輪值告退及 重選連任。根據細則,所有董事須於股東週年大會 上輪值告退及重選連任。

In accordance with articles 86(2) and 86(3) of the Articles, Mr. Wong Hin Shek who has been appointed with effect from 1 September 2020, will retire at the forthcoming AGM and being eligible, for re-election as well. Pursuant to article 87 of the Articles, Mr. Cheung Wai Yin, Wilson and Ms. Tsang Kwai Ping will retire by rotation at the forthcoming AGM, and, both retiring Directors are eligible and will offer themselves for re-election at the forthcoming AGM.

DIRECTORS' SERVICE CONTRACTS

Each of Mr. Wong Hin Shek, Mr. Cheung Wai Yin, Wilson and Ms. Tsang Kwai Ping, being the executive Directors, has entered into a service agreement with the Company for a term of two years from the date of appointment/agreement and which will continue thereafter until terminated by either party and are subject to retirement and re-election at the AGM in accordance with the Articles. Each of the other three independent non-executive Directors, namely, Ms. Ng Ka Sim, Casina, Mr. Wong Wing Kit and Ms. Yeung Mo Sheung, Ann has entered into a letter of appointment with the Company for a term of one year from the date of appointment and which will continue thereafter until terminated by either party and are subject to retirement and re-election at the AGM in accordance with the Articles.

No Director had a service contract with the Company, which is not determinable by the Company within one year without payment of compensation, other than statutory compensation.

根據細則第86(2)及86(3)條,王顯碩先生自2020年9 月1日起獲委任,並將於應屆股東週年大會上退任, 並將合資格重選連任。根據細則第87條,張偉賢先 生及曾桂萍女士將於應屆股東週年大會上輪值退任, 兩名退任董事均符合資格並願意於應屆股東週年大 會上重選連任。

董事服務合約

執行董事王顯碩先生、張偉賢先生及曾桂萍女士均 已與本公司訂立服務協議,由委任╱協議日期起為 期兩年,此後將持續至任何一方終止為止,並須根 據細則於股東週年大會上退任及重選。另外三名獨 立非執行董事吳嘉善女士、黃永傑先生及楊慕嫦女 士已與本公司訂立委任函,任期由委任日期起計一 年,其後將持續至任何一方終止為止,並須根據細 則於股東週年大會上退任及重選。

概無董事與本公司訂立本公司不作補償(法定補償 除外)則不可於一年內終止之服務合約。

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS IN SECURITIES OF THE COMPANY

As at 31 December 2020, the interests and short positions of the Directors and chief executive of the Company in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO")) which were required to be notified to the Company and the Stock Exchange under Divisions 7 and 8 of Part XV of the SFO (including any interests or short positions which they are taken or deemed to have under such provisions of the SFO) or as 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 required standard of dealings by Directors as referred to in rules 5.46 to 5.67 of the GEM Listing Rules, were as follows:

Long positions in the Shares and underlying Shares of the Company

董事及最高行政人員於本公司證券的權益

於2020年12月31日,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 (香港法例第571章)(「證券及期貨條例」)第XV部)之 股份、相關股份及債權證中擁有根據證券及期貨條 例第XV部第7及8分部須知會本公司及聯交所的權益 及淡倉(包括根據證券及期貨條例的該等條文彼等 被當作或視為擁有的任何權益或淡倉),或須記入根 據證券及期貨條例第352條存置的登記冊內的權益 及淡倉,或根據GEM上市規則第5.46及5.67條所載 董事進行證券交易的標準守則須知會本公司及聯交 所的權益及淡倉如下:

於本公司股份及相關股份之好倉:

	Nature of interest/	Number of	Number of underlying		Approximate percentage of the total issued share capital of the
Name of Director	Capacity	Shares held	Shares held	Total	Company (%)
					佔本公司
					已發行股本
		持有	持有相關		總額之概約
董事姓名	權益性質╱身份	股份數目	股份數目	總數	百分比(%)
Mr. Wong Hin Shek (Note) 王顯碩先生(附註)	Controlled corporation 受控制法團	390,730,000	861,869,554	1,252,599,554	94.66%
Mr. Cheung Wai Yin Wilson 張偉賢	Beneficial owner 實益擁有人	55,781	—	55,781	0.004%

Note: The interest is held by Team Sunny International Holdings Limited, a company incorporated in the British Virgin Islands owned as to 100% by Mr. Wong Hin Shek.

附註:該權益由滙朗國際控股有限公司持有,該公 司於英屬處女島註冊成立,由王顯碩先生擁 有100%權益。

Save as disclosed above and so far as is known to the Directors, at 31 December 2020, none of the Directors and chief executive of the Company had any interests or short positions in the Shares, underlying Shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange under Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO) or as 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 required standard of dealings by Directors as referred to in rules 5.46 to 5.67 of the GEM Listing Rules.

SUBSTANTIAL SHAREHOLDERS' AND OTHER PERSONS' INTERESTS IN SECURITIES OF THE COMPANY

As at 31 December 2020, the following persons (other than the Directors or chief executive of the Company) had interests or short positions in the Shares or 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 as recorded in the register required to be kept under section 336 of the SFO:

Long positions in the Shares and underlying Shares of the Company:

除上文所披露及據董事所知,於2020年12月31日, 本公司董事及最高行政人員概無於本公司或其任何 相聯法團(定義見證券及期貨條例第XV部)之股份、 相關股份及債權證中擁有根據證券及期貨條例第XV 部第7及8分部須知會本公司及聯交所的權益及淡倉 (包括根據證券及期貨條例的該等條文彼等被當作或 視為擁有的任何權益或淡倉),或須記入根據證券及 期貨條例第352條存置的登記冊內的權益及淡倉, 或根據GEM上市規則第5.46及5.67條所載董事進行 證券交易的標準守則須知會本公司及聯交所的權益 及淡倉。

主要股東及其他人士於本公司證券的權益

於2020年12月31日,下列人士(除董事及本公司最 高行政人員外)於本公司之股份或相關股份中擁有 根據證券及期貨條例第XV部第2及3分部須知會本公 司或須記入根據證券及期貨條例第336條存置的登 記冊內的權益及淡倉如下:

於本公司股份及相關股份之好倉:

Name of Shareholder	Nature of interest/Capacity	Number of Shares held	Number of underlying Shares held	Total	Approximate percentage of the total issued share capital of the Company 佔本公司已發行
			持有相關		股本總額之
股東名稱	權益性質╱身份	持有股份數目	股份數目	總數	概約百分比
Team Sunny International Holdings Limited (Note)	Beneficial owner	390,730,000	861,869,554	1,252,599,554	94.66%
滙朗國際控股有限公司(附註)	實益擁有人

Note: The interest is held by Team Sunny International Holdings Limited, a company incorporated in the British Virgin Islands owned as to 100% by Mr. Wong Hin Shek.

附註:該權益由滙朗國際控股有限公司持有,該公司於英 屬處女島註冊成立,由王顯碩先生擁有100%權益。

Save as disclosed above, the Directors and chief executive of the Company are not aware that there is any party who, as at 31 December 2020, had an interest or short position in the Shares or underlying Shares which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or as recorded in the register required to be kept under section 336 of the SFO.

SHARE OPTION SCHEME

The Company operates a share option scheme (the "New Share Option Scheme") approved and adopted by the Shareholders at the extraordinary general meeting of the Company held on 30 December 2020 (the "Date of Adoption"). Unless otherwise cancelled or amended, shall be valid and effective for a period of ten years from the Date of Adoption. Apart from the New Share Option Scheme, the Company has no other share option scheme currently in force.

Since the Date of Adoption and up to the date of this report, a total of 132,320,000 Share Options were granted and a total of 52,000,000 Share Options were exercised under the New Share Option Scheme. Save and except for the aforesaid, no Share Option was granted, exercised, cancelled, expired or lapsed during the period from the Date of Adoption and up to the date of this report.

As at the date of this report, the Company had 80,355,854 accumulated total outstanding Share Options, which entitled holders thereof to subscribe for (i) 80,320,000 Share Options under the New Share Option Scheme at an exercise price of HK\$0.015 per Share and (ii) 35,854 Share Options under the old share option scheme, which adopted by the Company on 3 May 2012 and terminated by an ordinary resolution in an extraordinary general meeting on 30 December 2020, at an exercise price of HK\$33.333 per Share. Save for the aforementioned Share Options, the Company does not have any other outstanding Share Options.

Further details of the share option scheme of the Company and the movements during the year are set out in note 42 to the consolidated financial statements.

DIRECTORS' INTERESTS IN CONTRACTS

No Director had a material interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company or any of its subsidiaries or fellow subsidiaries was a party during the year ended 31 December 2020.

除上文所披露者外,據本公司董事及主要行政人員 所知,於2020年12月31日,概無任何人士於股份或 相關股份中擁有根據證券及期貨條例第XV部第2及 3分部須知會本公司,或須記入根據證券及期貨條例 第336條須予存置的登記冊內的權益及淡倉。

購股權計劃

本公司實施的購股權計劃(「新購股權計劃」)已獲股 東於2020年12月30日(「採納日期」)舉行的本公司 股東特別大會上批准及採納。除另行註銷或修訂外, 由採納日期起計十年內有效。除新購股權計劃外, 本公司目前並無其他有效之購股權計劃。

自採納日期起至本報告日期止,根據新購股權計劃 已授出合共132,320,000份購股權及已行使合共 52,000,000份購股權。除上述者外,自採納日期起 至本報告日期止期間,並無購股權獲授、行使、註 銷、到期或失效。

於本報告日期,未行使之本公司購股權合共 80,355,854份,其持有人有權(i)按行使價每股股份 0.015港元認購新購股權計劃項下的80,320,000份購 股權;及(ii)按行使價每股股份33.333港元認購舊購 股權計劃下35,854份購股權,該舊購股權計劃由本 公司於2012年5月3日採納並於2020年12月30日股 東特別大會上以普通決議案終止,行使價為每股 33.333港元。除上述購股權外,本公司並無任何其 他尚未行使的購股權。

本公司購股權計劃及年內變動之更多詳情載於綜合 財務報表附註42。

董事於合約之權益

概無董事在截至2020年12月31日止年度內於本公司 或其任何附屬公司或同系附屬公司所訂立任何對本 集團業務關係重大之合約中直接或間接擁有任何重 大權益。

As at 31 December 2020, the Company had outstanding the convertible bonds issued by the Company on 12 August 2008 of aggregate principal amounts of HK\$69,068,000 which could be converted into 627,890,909 Shares.

DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed under the sections headed "Directors' and chief executive's Interests in securities of the Company" and "Share Option Scheme" above, at no time during the year ended 31 December 2020 was the Company, or any of its subsidiaries or associated corporations, a party to any arrangement to enable the Directors and chief executive of the Company (including their respective spouse and children under 18 years of age) to acquire benefits by means of the acquisition of the shares or underlying shares in, or debentures of, the Company or any of its associated corporations.

DIRECTORS' INTERESTS IN COMPETING BUSINESS

Mr. Wong Hin Shek, the Chairman, the Chief Executive Officer, an executive Director and the substantial shareholder of the Company, is the chairman and an executive director of DeTai New Energy Group Limited ("DeTai"), the issued shares of which are listed on the Stock Exchange. One of the subsidiaries of DeTai is engaged in money lending business, which competes or is likely to compete, either directly or indirectly of the money lending business of the Group. To safeguard the Group's interest, Mr. Wong is not involved in the day-to-day business operations of the money lending business of DeTai and will abstain from voting on any matter in relation to the money lending business of DeTai if there is or may be a conflict of interest.

Ms. Tsang Kwai Ping, an executive Director, is a director of Bridgeharbour (HK) Management Service Company Limited ("BMSCL"), a company incorporated in Hong Kong with limited liability which is principally engaged in the provision of company secretarial services for non-listed Hong Kong companies in Hong Kong. The business of BMSCL competes or is likely to compete, either directly or indirectly of the company secretarial services business of the Group. To safeguard the Group's interest, Ms. Tsang has irrevocably and unconditionally provided the Company an undertaking in accordance with the terms and conditions under outside interests and non-competition undertaking set out in her service agreement.

As the Board is independent of the boards of the aforesaid companies and maintains three independent non-executive Directors, the Group operates its businesses independently of, and at arm's length from, the businesses of the aforesaid companies.

於2020年12月31日,本公司擁有本金總額為 69,068,000港元尚未兌換的本公司於2008年8月12 日發行的可換股債券,該等債券可兌換成 627,890,909股股份。

董事收購股份或債權證的權利

除上文「董事及最高行政人員於本公司證券的權益」 一節及「購股權計劃」一節所披露者外,本公司或其 任何附屬公司或相聯法團於截至2020年12月31日止 年度概無訂立任何安排,使本公司董事及最高行政 人員(包括彼等各自之配偶及十八歲以下之子女)可 透過收購本公司或其任何相聯法團之股份或相關股 份或債權證而獲益。

董事於競爭業務之權益

本公司主席、行政總裁、執行董事及主要股東王顯 碩先生為德泰新能源集團有限公司(「德泰」)(其已發 行股份於聯交所上市)的主席兼執行董事。德泰的其 中一家附屬公司從事放債業務,與本集團的放債業 務直接或間接構成競爭或可能構成競爭。為保障本 集團的利益,王先生不參與德泰放債業務的日常業 務營運,倘存在或可能存在利益衝突,則將放棄就 任何有關德泰放債業務的事項投票。

執行董事曾桂萍女士為樂力(香港)管理服務有限公 司(「樂力管理服務」)(一間於香港註冊成立之有限公 司)之董事,該公司主要從事為香港之非上市香港公 司提供公司秘書服務。樂力管理服務的業務直接或 間接與本集團的公司秘書服務業務構成競爭或可能 構成競爭。為保障本集團的利益,曾女士已不可撤 銷及無條件根據載列於其服務協議之外部利益及不 競爭承諾項下之條款及條件向本公司作出承諾。

由於董事會獨立於前述公司的董事會,且有三名獨 立非執行董事,因此本集團在獨立於且與前述公司 業務保持距離的情況下開展業務。

Report of the Directors 董事會報告書

Further, the Articles also expressly provides that if a substantial shareholder or a Director has a conflict of interest in the matter or business to be considered by the Board and the Board has determined that such conflict of interest to be material, the matter or business shall not be dealt with by way of written resolutions, but a Board meeting attended by the independent non-executive Directors who have no material interest in the matter shall be held to deliberate on the same. The Directors believe that the Group's interests are adequately protected by its Articles, the good corporate governance practices and the involvement of the independent nonexecutive Directors.

For the year ended 31 December 2020, save as disclosed above and as so far as is known to the Directors, none of the Directors, substantial shareholder or their respective associates (as defined in the GEM Listing Rules) had any interest in business which competes or is likely to compete, either directly or indirectly, with the businesses of the Group.

DIRECTORS' INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

Save as disclosed, no transactions, arrangements or contracts of significance in relation to the Group's business to which any of the Company's subsidiaries and fellow subsidiaries was a party, and in which a Director or an entity connected with a Director had a material interest, whether directly or indirectly, subsisted at any time during the year or at the end of the year.

EQUITY-LINKED AGREEMENTS

Save for the share option scheme and convertible bonds of the Company, no other equity-linked agreements were entered into by the Company, or existed during the year.

PERMITTED INDEMNITY PROVISION

Pursuant to Code Provision A.1.8 of the Corporate Governance Code in Appendix 15 of the GEM Listing Rules and subject to the provisions of the Companies Ordinance, the Company has arranged for appropriate insurance cover for directors' and officers' liabilities in respect of any losses or liabilities incurred, or any legal actions brought against the directors and senior management of the Group which may arise out of corporate activities. The permitted indemnity provision is in force for the benefit of the directors as required by section 470 of the Companies Ordinance.

此外,細則亦規定,倘主要股東或董事於董事會將 予考慮的事宜或業務有利益衝突,而董事會已釐定 該等利益衝突屬重大,則該事宜或業務將不會以書 面決議案的方式處理,惟須舉行由於在該事宜中並 無重大利益的獨立非執行董事出席的董事會會議, 以商議該事宜。董事相信,本集團的利益受其細則、 良好的企業管治常規及獨立非執行董事的參與所充 分保障。

於截至2020年12月31日止年度,除上文所披露者外 及就董事所知,概無董事、主要股東或其各自聯繫 人(定義見GEM上市規則)於直接或間接與本集團業 務構成競爭或可能構成競爭的業務中擁有任何權益。

董事於交易、安排或合同之權益

除本年報所披露者外,本公司任何附屬公司及同系 附屬公司概無訂立對本集團業務屬重大且董事或與 董事關連之實體於其中直接或間接擁有重大權益而 於年內任何時間或本年度結束時仍然有效之重大交 易、安排或合同。

股票掛鈎協議

除本公司之購股權計劃及可換股債券外,於年內本 公司概無訂立或存有任何股票掛鈎協議。

獲准許之彌償條文

根據GEM上市規則附錄十五所載企業管治守則之守 則條文第A.1.8條及在公司條例條文之規限下,本公 司已就董事及高級職員就公司業務活動中可能產生 的任何虧損或負債而承擔的責任,或業務活動中可 能產生的針對董事及本集團高級管理層的任何法律 行動安排適當保險。該獲准許彌償條文乃根據公司 條例第470條為董事的利益而制定。

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

Other than the share option scheme, at no time during the year was the Company or its subsidiaries, a party to any arrangements to enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

MANAGEMENT CONTRACTS

No contract concerning the management and administration of the whole and any substantial part of the business of the Company was entered into or in existence during the year.

CONNECTED TRANSACTIONS

Save as disclosed, the Company did not have any other connected transactions which were subject to the reporting requirements under Chapter 20 of the GEM Listing Rules for the year ended 31 December 2020.

COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS

During the year, as far as the Company is aware, there was no material breach of or non-compliance with applicable laws and regulations by the Group that has a significant impact on the business and operations of the Group.

EMOLUMENT POLICY AND RETIREMENT BENEFITS

The emolument policy of the senior employees of the Company is set and recommended by the remuneration committee of the Company (the "Remuneration Committee") to the Board on the basis of the employees' merit, qualifications and competence.

The emoluments of the Directors are formulated and recommended by the Remuneration Committee to the Board, having regards to the Company's operating results, individual performance of the Directors and comparable market statistics.

The Company has adopted a share option scheme as an incentive to the Directors and eligible employees of the Company, details of which are set out in note 42 to the consolidated financial statement.

購買股份或債權證的安排

除購股權計劃外,本公司或其任何附屬公司於年內 概無訂立任何安排可讓董事藉購入本公司或任何其 他法團之股份或債權證而獲益。

管理合同

於年內概無訂立或存有任何與本公司整體或任何重 大部分業務之管理及行政事務有關之合同。

關連交易

除所披露者外,截至2020年12月31日止年度,本公 司概無須遵守GEM上市規則第二十章申報規定之任 何其他關連交易。

遵守相關法例及規例

於年內,據本公司所知,本集團並無因重大違反或 不遵守適用法律法規而對本集團之業務及運營產生 重大影響。

薪酬政策及退休福利

本公司高級僱員之薪酬政策由本公司薪酬委員會 (「薪酬委員會」)按僱員價值、資質及能力釐定,並 向董事會作出建議。

董事的薪酬乃由薪酬委員會按本公司經營業績、董 事個人表現及可資比較市場數據制定,並向董事會 作出建議。

本公司已採納購股權計劃,作為對本公司董事及合 資格僱員之獎勵,有關詳情載於綜合財務報表附註 42。

ENVIRONMENTAL POLICY

The Company encourages environmental protection and promotes awareness towards environmental protection. The Company has adhered to the concepts of recycling and reducing by implementing green office practices such as double-sided printing and copying, using recycle papers and reducing energy by switching off those idle lighting. The Board will review the Company's environmental saving practices and identify other energy efficiency opportunities from time to time.

RELATIONSHIPS WITH STAKEHOLDERS

The Company recognises that employees are our valuable assets. Thus the Group provides competitive remuneration package to attract and motivate the employees. The Group regularly reviews the remuneration package of employees and makes necessary adjustments to conform to the market standard.

The Group also understands that it is important to maintain good relationship with business partners to achieve its long-term goals. Accordingly, our senior management have kept good communication, promptly exchanged ideas and shared business update with them when appropriate. During the year, there was no material and significant dispute between the Group and its business partners.

KEY RISKS AND UNCERTAINTIES

The Group has reviewed the possible risks and uncertainties which may affect its businesses, financial condition, operations and prospects. The followings are the key risks and uncertainties identified by the Group. There may be other risks and uncertainties in addition to those shown below which are not known to the Group or which may not be material now but could turn out to be material in the future.

Risk pertaining to financial services business

The Group's financial services business in relation to securities brokerage services, provision of corporate finance advisory services and asset management business are highly dependent on the activeness of the financial market in Hong Kong. Any sudden downturn in the global economic and sudden change in political environment, which are beyond the control of the Group, may adversely affect the financial market sentiment. Severe fluctuation in market and economic sentiments may also lead to a prolonged period of sluggish market activities which would in turn incur adverse impact on the business and operating performance of the Group. As such, the revenue and profitability of the Group may fluctuate and there is no assurance that the Group will be able to maintain our historical financial results under difficult or unstable economic conditions.

環境政策

本公司提倡環境保護並推廣保護環境意識。本公司 堅守循環再造及節約減廢之理念,實施綠色辦公室 常規實務,例如實行雙面列印及影印及使用再造紙, 關掉無人使用之照明以減少耗用能源。董事會將檢 討本公司之環保節約常規實務並不時發掘其他有利 能源效益之機會。

與利益相關人士之關係

本公司認同,僱員乃其寶貴資產。因此,本團提供 具競爭力之薪酬待遇,以吸引並激勵僱員。本集團 定期檢討僱員之薪酬待遇,並會因應市場標準而作 出必要調整。

本集團亦明白,與商業夥伴保持良好商業關係對達 成其長遠目標而言屬至關重要。因此,高級管理層 會在適當情況下與彼等進行良好溝通、適時交流想 法及共享最新業務資料。於年內,本集團與其商業 夥伴並無重大而明顯之糾紛。

主要風險及不確定因素

本集團已審核可能影響其業務、財務狀況、營運及 前景之潛在風險及不確定因素。以下為本集團已識 別主要風險及不確定因素。除下文所述者外,亦可 能存在其他本集團並未知悉之風險及不確定因素或 現時並不重大但可能於未來變為重大之風險及不確 定因素。

與金融服務業務有關的風險

本集團的金融服務業務(其涉及證券經紀服務、提供 企業融資顧問服務及資產管理業務)高度依賴香港 金融市場的活躍性。本集團無法控制的全球經濟突 然下滑及政治環境突然變化,可能對金融市場的情 緒造成不利影響。市場及經濟情緒的嚴重波動亦可 能導致市場活動長期低迷,繼而對本集團的業務及 經營業績產生不利影響。因此,本集團的收益及盈 利能力可能會波動,且無法保證本集團將能在困難 或不穩定的經濟狀況下維持我們的歷史財務業績。

In addition, the Hong Kong financial market in which the Group operates is highly regulated. There are changes in rules and regulations from time to time in relation to the regulatory regime for the financial services industry, including but not limited to, the SFO, the Securities and Futures (Financial Resources) Rules (Chapter 571N of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time, the GEM Listing Rules, the trading rules of the Stock Exchange and the Hong Kong Code on Takeovers and Mergers. Any such changes might result in an increase in the cost of compliance, or might restrict the business activities of the Group. In case the Group fails to comply with the applicable rules and regulations from time to time, it might result in fines, restrictions on the Group's activities or even suspension or revocation of some or all of the licences for carrying on the business activities of the Group. Accordingly, the business operation and financial results the might be materially and adversely affected.

Regarding to the Group's financial leasing business and money lending business, these two segments are subject to risks that a customer or counterparty may fail to perform its contractual obligations or that the value of collateral held to secure the obligations might be inadequate. While the Group has internal policies and procedures designed to manage such risks, these policies and procedures may not be fully effective. Any material non-payment or non-performance by a customer or counterparty could adversely affect the Group's financial position, results of operations and cash flows. In addition, both businesses are highly pegged with the fluctuation of interest rates and change of monetary policies, which may be affected due to the economic, political and social conditions both locally and globally and are beyond the Group's control.

Risk pertaining to corporate consulting business

The Group's corporate consulting business segment may be affected by, among other things, demand for its services, its capacity to undertake new projects, the number of listed companies and corporate actions conducted by them in Hong Kong as well as other external factors which may be outside the control of the Group.

Also, we materially rely on our staff to provide reliable and quality corporate consulting services to our clients, and believe that our experienced staff has developed strong relationships with our clients through their ability to provide personalised services through understanding clients' needs. There is however no guarantee that our staff will or are willing to continue to serve our Group which might negatively influence our client base and business relationship with them.

此外,本集團經營所在的香港金融市場受到嚴格監 管。有關金融服務業監管制度的法規(包括但不限於 證券及期貨條例、《證券及期貨(財政資源)規則》(香 港法例第571N章)(經不時修訂,補充或以其他方式 修改)、GEM上市規則、聯交所的交易規則及公司收 購及合併守則)會不時變動。任何此類變動可能導致 合規成本增加,或有可能會限制本集團的業務活動。 倘本集團未能適時遵守適用規則及法規,可能會導 致罰款、令本集團的活動受到限制,甚至本集團進 行業務活動所需的牌照被部分或全部暫停或撤銷。 因此,業務運營及財務結果可能會受到重大不利影 響。

就本集團的融資租賃業務及放債業務而言,此兩分 部均面臨客戶或交易對手無法履行其合約責任或持 作抵押該等責任之抵押品價值不足之風險。儘管本 集團設有旨在管理相關風險的內部政策及程序,惟 該等政策及程序未必完全有效。客戶或交易對手未 能償還大額款項或重大違約,均可能對本集團之財 務狀況、營運業績與現金流產生不利影響。此外, 該兩項業務均密切掛鈎於利率波動及貨幣政策變動, 其或會受本地及全球範圍內經濟、政治及社會狀況 的影響,而此並非本集團所能控制。

與企業諮詢業務有關的風險

本集團的企業諮詢業務分部或會受到(其中包括)對 其服務的需求、其承接新項目的能力、香港上市公 司的數目及所作出的企業行為,以及其他外部因素 的影響,而此可能並非本集團所能控制。

此外,我們十分依賴員工為客戶提供可靠及優質的 企業諮詢服務,並相信經驗豐富的員工有能力通過 熟識客戶需求而提供個性化服務,並以此與客戶建 立牢固關係。然而,概不保證員工將會或願意繼續 為本集團服務,此或會對我們的客戶基礎及與彼等 的業務關係造成負面影響。

Market competition is another key factor affecting our business. Apart from the large multi-national corporate consultancy institutions with global network and local presence in Hong Kong, the Group faces local competition from branded medium-sized and well-established corporate consultancy firms, which offer similar range of services as our Group. The Group may not be able to compete effectively and successfully with the competitors and its results of operations may be adversely affected should such competition is being intensified.

Risk pertaining to trading business

The Group's trading outlet is located in Sheung Shui, where is nearer to its customers visiting Hong Kong from the People's Republic of China (the "PRC"). The overall sales decline from February 2020 onwards due to novel coronavirus (the "COVID-19") as the individual visit scheme for mainland Chinese visitors to Hong Kong was suspended to impede the outbreak, significantly impacting tourist arrivals while local consumption plummeted. A substantial fall in Mainland tourist arrivals of around 99% was recorded in February and March due to very strict border controls to control the outbreak. Due to the outbreak of COVID-19 over the world, Hong Kong's Department of Health has introduced the compulsory quarantine arrangement to persons arriving at Hong Kong from foreign places on 19 March 2020, and noticed the public should go out less and reduce social activities, and maintain appropriate social distance with other people as far as possible. All these additional virus-control policies will hit the Hong Kong tourism industry hard.

Given the profit margin is minimal, any further decrease in market price or increase in competition will further reduce profit margin of the business. The Group has been actively seeking to secure appropriate suppliers at reasonable cost. Before that is achieved there is a risk that the Group may not be able to operate the trading business at sufficient profit margin continuously under a competitive environment.

Furthermore, as the targeted customers of the Group are those visiting Hong Kong from the PRC, if hostility between Hong Kong civilians and PRC visitors continue to rise and intensify, it could result in a negative impact on the tourism and retail industries in Hong Kong which could deter PRC tourists from visiting Hong Kong.

TAX RELIEF AND EXEMPTION

The Company is not aware of any tax relief and exemption available to shareholders of the Company by reason of their holding of the Company's securities.

市場競爭是影響我們業務的另一關鍵因素。除擁有 遍布全球的網絡並於香港設有本地辦事處的大型跨 國企業諮詢機構外,本集團亦面臨來自本地品牌中 型及知名企業諮詢公司的競爭,該等公司提供與本 集團類似的服務。倘競爭加劇,本集團可能無法與 競爭對手有效及成功競爭,經營業績可能受到不利 影響。

與貿易業務有關的風險

本集團的貿易零售店位於上水,接近中華人民共和 國(「 中 國 」)訪 港 客 戶 。 受 新 型 冠 狀 病 毒 病 (「COVID-19」)影響,自2020年2月起整體銷售下 降,因為中國內地遊客赴港個人遊計劃暫停,以防 此疫情爆發,嚴重影響訪港遊客人數,同時亦重挫 本地消費。2月及3月,由於當局為控制疫情而實施 非常嚴格的邊境管制,令訪港的內地旅客人數大幅 減少約99%。由於COVID-19在全球爆發,香港衛生 署已於2020年3月19日對從外地來港的人士實施強 制隔離安排,並提醒市民減少外出,減少社交活動, 盡量與他人保持適當的社交距離。此等新增的防疫 政策均重創香港旅遊業。

鑑於利潤率極低,任何進一步降低市場價格或競爭 加劇均會進一步降低業務的利潤率。本集團一直積 極尋求以合理成本取得合適供應商。此前,本集團 可能面臨無法在競爭環境下以足夠的利潤率持續經 營貿易業務的風險。

此外,由於本集團的目標客戶為中國訪港旅客,倘 香港市民與中國旅客之間的敵意持續惡化加劇,可 能會對香港的旅遊業及零售業造成負面影響,從而 減低中國旅客訪港的意欲。

稅務寬免及豁免

本公司並不知悉本公司股東因持有本公司證券可獲 任何稅務寬免及豁免。

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Articles or the Companies Law of the Cayman Islands which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.

PURCHASE, SALE OR REDEMPTION OF THE LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities during the year ended 31 December 2020.

CORPORATE GOVERNANCE

Full details on the Company's corporate governance practices are set out on pages 27 to 48.

AUDIT COMMITTEE

The audit committee of the Company (the "Audit Committee") was established with written terms of reference which are in line with the Corporate Governance Code in Appendix 15 of the GEM Listing Rules and comprises three independent non-executive Directors.

The Audit Committee has reviewed with the management of the Company and the external auditor the Group's annual results for the year ended 31 December 2020, and was of the opinion that the preparation of such results are in compliance with the relevant accounting standards, rules and regulations and that adequate disclosures have been made.

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the Directors, the Company has maintained a sufficient public float of not less than 25% of the total issued share capital of the Company as required under the GEM Listing Rules throughout the financial period under review and up to the date of this Annual Report.

先購權

根據細則或開曼群島公司法,並無任何有關先購權 之條文規定本公司須向現時之股東按比例發售新股。

購買、出售或贖回上市證券

本公司或其任何附屬公司於截至2020年12月31日止 年度概無購買、出售或贖回任何本公司上市證券。

企業管治

有關本公司企業管治常規之全部詳情,載於第27至 48頁。

審核委員會

本公司已成立審核委員會(「審核委員會」),並制定 符合GEM上市規則附錄十五所載企業管治守則之書 面職權範圍,成員包括三名獨立非執行董事。

審核委員會已聯同本公司高級管理層及外聘核數師 審閱本集團截至2020年12月31日止年度之全年業 績,並認為該業績之編製符合相關會計準則、規則 及規例,且已作出充分披露。

足夠公眾持股量

根據本公司取得之公開資料並就董事所知,於整個 回顧財政期間及直至本年報日期,本公司已按照 GEM上市規則之規定維持足夠公眾持股量,即不少 於本公司已發行股本總額之25%。

AUDITOR

The consolidated financial statements for the year ended 31 December 2020 have been audited by Elite Partners CPA Limited, who will retire and, being eligible, offer themselves for reappointment. A resolution for their re-appointment as auditors of the Company will be proposed at the forthcoming AGM.

ON BEHALF OF THE BOARD

Wong Hin Shek Chairman and Chief Executive Officer

Hong Kong 25 March 2021

核數師

截至2020年12月31日止年度之綜合財務報表經由開 元信德審核。開元信德會計師事務所有限公司現將 依章告退,且符合資格及願意重選連任。於本公司 即將舉行之股東週年大會上將會提呈決議案續聘開 元信德會計師事務所有限公司為本公司之核數師。

代表董事會

主席兼行政總裁 王顯碩

香港 2021年3月25日

TO THE MEMBERS OF MERDEKA FINANCIAL GROUP LIMITED

(incorporated in the Cayman Islands with limited liability)

Opinion

We have audited the consolidated financial statements of Merdeka Financial Group Limited (the "Company") and its subsidiaries (together the "Group") set out on pages 85 to 211, which comprise the consolidated statement of financial position as at 31 December 2020, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows 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 disclosure requirements of the Hong Kong Companies Ordinance.

Basis for 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"), together with the ethical requirements that are relevant to our audit of the consolidated financial statements, 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.

致領智金融集團有限公司列位成員

(於開曼群島註冊成立的有限公司)

意見

吾等已審核列載於第85至211頁領智金融集團有限 公司(「貴公司」)及其附屬公司(統稱「貴集團」)的綜 合財務報表,此財務報告包括於2020年12月31日的 綜合財務狀況報表與截至當日止年度的綜合損益及 其他全面收入表、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,包括編製基準及主要 會計政策。

吾等認為,該等綜合財務報表根據香港會計師公會 (「香港會計師公會」)頒佈之香港財務報告準則(「香 港財務報告準則」)真實而公平地反映 貴集團於 2020年12月31日的綜合財務狀況以及 貴集團截至 該日止年度的財務表現及其綜合現金流量,並已按 照香港公司條例的披露規定妥為編製。

意見基礎

吾等已根據香港會計師公會頒佈的香港審計準則 (「香港審計準則」)進行審核。根據該等準則,吾等 的責任於本報告「核數師就審核綜合財務報表之責 任」一節中進一步詳述。根據香港會計師公會「職業 會計師道德守則」(「守則」)及與吾等審核綜合財務表 相關的道德要求,吾等獨立於 貴集團,並已遵循 守則履行其他道德責任。吾等相信,吾等所獲得之 審核憑證能充足及適當地為吾等的意見提供基礎。

Material Uncertainty Related to Going Concern

We draw attention to Note 3.4 in the consolidated financial statements, which indicates that the Group incurred a net loss of HK\$97,782,000 for the year ended 31 December 2020 and, as of that date, the Company had net liabilities of HK\$54,701,000. As stated in Note 3.4, these events or conditions, along with other matters as set forth in Note 3.4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended 31 December 2020. 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. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.

Allowance for impairment assessment of trade receivables, finance lease receivables, deposits and other receivables and loans receivable

The Group's trade receivables, loans receivable, finance lease receivables and deposits and other receivables are accounted for approximately 32% of the Group's total assets. The assessment of impairment of trade receivables, loans receivable, finance lease receivables and deposits and other receivables under the expected credit loss ("ECL") model is considered to be a matter of most significance as it requires the application of judgement and use of subjective assumptions by management.

Management performed periodic assessment on the recoverability of the trade receivables, finance lease receivables, deposit and other receivables and loans receivable and the sufficiency of provision for impairment based on information including credit profile of different debtors, historical settlement records, subsequent settlement status, expected timing and amount of realisation of outstanding balances, and on-going relationships with the relevant debtors. Management also considered forward looking information that may impact the customers' ability to repay the outstanding balances in order to estimate the ECL for the impairment assessment.

有關持續經營之重大不確定因素

吾等注意到綜合財務報表附註3.4中,顯示 貴集團 於截至 2020 年 1 2 月 3 1 日止年度招致淨虧損 97,782,000港元,及截至該日, 貴公司的負債淨額 為54,701,000港元。誠如附註3.4所述,該等事件或 狀況連同附註3.4載列的其他事宜,顯示存在可能 對 貴公司持續經營能力構成重大疑慮的重大不確 定因素。我們就此事宜之意見並無修訂。

關鍵審核事項

根據吾等的專業判斷,關鍵審核事項為吾等審核截 至2020年12月31日止年度綜合財務報表中最重要的 事項。吾等於審核綜合財務報表整體處理該等事項 及就此形成意見,而吾等不會就該等事項單獨發表 意見。除有關持續經營之重大不確定因素所述事宜 外,吾等釐定下文載述的事宜將作為關鍵審核事宜 於吾等的報告中傳達。

貿易應收款項、融資租賃應收款項、其他應收款項、 按金及應收貸款之減值撥備評估

貴集團的貿易應收款項、應收貸款、融資租賃應收 款項及及按金及其他應收款項,佔 貴集團總資產 約32%。根據預期信貸虧損(「預期信貸虧損」)模式 對貿易應收款項、應收貸款、融資租賃應收款項及 按金及其他應收款項進行減值評估被視作一項最重 要的事項,此乃由於管理層須作出判斷及運用主觀 假設。

管理層基於不同債務人的信用概況、歷史結算記錄、 其後結算狀況、未償還結餘的預期變現時間及金額 及與相關債務人的持續關係等資料對貿易應收款項、 融資租賃應收款項、按金及其他應收款項及應收貸 款的可收回性及減值撥備的充分性定期進行評估。 管理層亦考慮可能影響客戶償還未償還結餘能力之 前瞻性資料,以估計減值評估的預期信貸虧損。

How the matter was addressed in our audit

Our major audit procedures to address the management's impairment assessment of trade receivables, loans receivable, finance lease receivables and deposit and other receivables included the following:

• Understood and evaluated of related internal controls;
• Tested on a sample basis the ageing of receivables at year end;
• Checked on a sample basis the settlement subsequent to the financial year end to the receivables; and
• Assessed the appropriateness of the expected credit loss provisioning methodology, examining the key data inputs on a sample basis to assess their accuracy and completeness, and challenging the assumptions, including both historical and forward-looking information, used to determine the expected credit losses.

Other Information

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include 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.

吾等審核時處理該事項的方法

吾等處理管理層就貿易應收款項、應收貸款、融資 租賃應收款項、按金及其他應收款項所作減值評估 的主要審核程序包括下列各項:

• 了解及評估相關內部控制;
• 抽樣測試應收賬款於年末的賬齡;
• 抽樣檢查應收賬款於財政年結日後的結付情 況;及
• 評估預期信貸虧損撥備方法是否適當,抽樣 審查主要數據輸入值,以評估其是否準確及 完備,以及質詢用以釐定預期信貸虧損的假 設,包括歷史及前瞻性資料。

其他資料

貴公司董事負責其他資料。其他資料包括年報所載 資料,但不包括綜合財務報表及相關核數師報告。

吾等對綜合財務報表的意見並不涵蓋其他資料,吾 等亦不對其他資料發表任何形式的鑒證結論。

審核綜合財務報表時,吾等的責任為閱讀其他資料, 於此過程中,考慮其他資料是否與綜合財務報表或 吾等於審計過程中所瞭解的情況有重大抵觸,或者 似乎有重大錯誤陳述。基於吾等已執行的工作,倘 吾等認為其他資料有重大錯誤陳述,吾等須報告該 事實。於此方面,吾等沒有任何事項報告。

Responsibility of Directors and those charged with governance for the Consolidated Financial Statements

The directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determined 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 charged with governance are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibility 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 the terms of our engagement, 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.

董事及負責管治人員就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會頒布的香港 財務報告準則及香港公司條例的披露規定擬備真實 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 誤陳述所必需的內部控制負責。

於編製綜合財務報表,董事負責評估 貴集團的持 續經營能力,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。

負責管治人員負責監督 貴集團的財務報告過程。

核數師就審計綜合財務報表的責任

吾等的目標為合理確定整體綜合財務報表是否不存 在由於欺詐或錯誤而導致的任何重大錯誤陳述,並 發出載有吾等意見的核數師報告。吾等僅向 閣下 (作為整體)按照委任條款報告,除此之外本報告別 無其他目的。吾等不會就本報告內容向任何其他人 士負上或承擔任何責任。

合理確定屬高層次核證,但不能擔保根據香港審計 準則進行的審核工作總能發現所有存在的重大錯誤 陳述。錯誤陳述可源於欺詐或錯誤,倘個別或整體 於合理預期情況下可影響使用者根據綜合財務報表 作出的經濟決定時,則被視為重大錯誤陳述。

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism 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.
• 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.

根據香港審計準則進行審核時,吾等運用專業判斷, 於整個審核過程中抱持專業懷疑態度。吾等亦:

• 識別及評估綜合財務報表由於欺詐或錯誤而 導致的重大錯誤陳述風險,因應此等風險設 計及執行審核程序,獲得充足及適當審核憑 證為吾等的意見提供基礎。由於欺詐涉及合 謀串通、偽造、故意遺漏、誤導性陳述或凌駕 內部控制,因此未能發現由此造成的重大錯 誤陳述風險較未能發現由於錯誤而導致的重 大錯誤陳述風險更高。
• 瞭解與審核有關的內部控制,以設計恰當的 審核程序,但並非旨在對 貴集團內部控制的 有效程度發表意見。
• 評估所用會計政策是否恰當,以及董事所作 會計估算及相關披露是否合理。
• 總結董事採用以持續經營為基礎的會計法是 否恰當,並根據已獲取的審核憑證,總結是否 有對 貴集團持續經營的能力構成重大疑問 的事件或情況等重大不確定因素。倘吾等總 結認為存在重大不確定因素,吾等需於核數 師報告中提請注意綜合財務報表內的相關資 料披露,或如果相關披露不足,則修訂吾等的 意見。吾等的結論以截至核數師報告日期所 獲得的審核憑證為基礎,惟未來事件或情況 可能導致 貴集團不再具有持續經營的能力。
• 評估綜合財務報表(包括披露)的整體呈列、 架構及內容,以及綜合財務報表是否已公允 反映及呈列相關交易及事項。
• 就 貴集團內各實體或業務活動的財務資料 獲得充足的審核憑證,以就綜合財務報表發 表意見。吾等須負責指導、監督及執行集團的 審核工作。吾等須為吾等的審核意見承擔全 部責任。

We communicate with those charged with governance 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 those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to 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.

From the matters communicated with those charged with governance, 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 director on the audit resulting in this independent auditor's report is Lock Kwong Hang, Simon with practising certificate number P06735.

Elite Partners CPA Limited

Certified Public Accountants Hong Kong, 25 March 2021

10th Floor, 8 Observatory Road, Tsim Sha Tsui Kowloon, Hong Kong

吾等與負責管治人員就(其中包括)審核工作的計劃 範圍及時間安排及重大審核發現,包括吾等於審核 期間識別出內部監控的任何重大缺陷溝通。

吾等亦向負責管治人員提交聲明,說明吾等已遵守 有關獨立性的道德要求,並就所有被合理認為可能 影響吾等的獨立性的關係及其他事宜及為消除威脅 而採取的行動或所採用的防範措施(如適用)與彼等 溝通。

吾等從與負責管治人員溝通的事項中,決定哪些事 項對本期綜合財務報表的審核工作最為重要,因而 構成關鍵審核事項。除非法律或法規不容許公開披 露此等事項,或於極罕有的情況下,吾等認為披露 此等事項可合理預期的不良後果將超越公眾知悉此 等事項的利益而不應於報告中披露,否則吾等會於 核數師報告中描述此等事項。

出具本獨立核數師報告的審計項目董事為駱廣恒(執 業證書編號:P06735)。

開元信德會計師事務所有限公司

執業會計師 香港,2021年3月25日

香港九龍 尖沙咀天文台道8號 10樓

For the year ended 31 December 2020 截至2020年12月31日止年度

			2020 2020年	2019 2019年
		Notes	HK\$'000	HK\$'000
		附註	千港元	千港元
REVENUE	收入	6	39,861	482,705
Cost of sales	銷售成本		(9,496)	(465,767)
Gross profit	毛利		30,365	16,938
Other income and gains or (losses)	其他收入及收益或(虧損)	7	(2,970)	2,496
Operating expenses	經營開支		(24,306)	(23,068)
Administrative expenses	行政費用		(15,170)	(13,539)
Impairment loss on intangible assets	無形資產減值虧損	17	(1,600)	(1,205)
Impairment loss on trade receivables	貿易應收款項減值虧損	22	(1,592)	(4,496)
Reversal of impairment loss/(impairment	按金及其他應收款項撥回
loss) on deposits and other receivables	減值虧損╱(減值虧損)	23	8,509	(2,005)
Impairment loss on loans receivable	應收貸款減值虧損	24	(240)	—
Impairment loss on finance lease receivables	融資租賃應收款項減值虧損	25	(78,049)	(77,458)
Gain on disposal of subsidiaries	出售附屬公司之收益	41(b)&(c)	—	533
Gain on deregistration of subsidiaries	附屬公司註銷登記之收益	41(a), (d)&(e)	1,057	1,204
Finance costs	融資成本	8	(13,315)	(13,292)
LOSS BEFORE INCOME TAX	除所得稅前虧損	9	(97,311)	(113,892)
Income tax (expense)/credit	所得稅(開支)╱抵免	12	(471)	471
LOSS FOR THE YEAR	本年度虧損		(97,782)	(113,421)

Consolidated Statement of Profit or Loss and Other Comprehensive Income

綜合損益及其他全面收入表

For the year ended 31 December 2020 截至2020年12月31日止年度

		Notes 附註	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Other comprehensive income: Items that may be subsequently reclassified to profit or loss: Exchange differences arising on	其他全面收入: 其後可能重新分類至損益之 項目: 換算海外經營活動的匯兌差
translation of foreign operations	額		(3,413)	(3,002)
Release of exchange reserve upon disposal/deregistration of subsidiaries Item that will not be subsequently reclassified to profit or loss: Changes in fair value of financial assets at fair value through other	出售附屬公司╱附屬公司註銷 登記後解除匯兌儲備 其後不會重新分類至損益之 項目: 以公平價值計入其他全面收 入之金融資產公平價值變動	41(c)&(d)	—	132
comprehensive income		19	698	32
Other comprehensive income for the year	本年度其他全面收入		(2,715)	(2,838)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	本年度全面總收入		(100,497)	(116,259)
Loss for the year attributable to: Owners of the Company Non-controlling interests	應佔本年度虧損: 本公司股權擁有人 非控股權益		(71,711) (26,071)	(84,110) (29,311)
			(97,782)	(113,421)
Total comprehensive income attributable to:	應佔全面總收入:
Owners of the Company Non-controlling interests	本公司股權擁有人 非控股權益		(73,840) (26,657)	(85,704) (30,555)
			(100,497)	(116,259)
LOSS PER SHARE TO OWNERS OF THE COMPANY Basic and diluted	本公司股權擁有人應佔每股 虧損 基本及攤薄	14	(HK\$0.08港元)	(Restated) (經重列) (HK\$0.23港元)

Consolidated Statement of Financial Position 綜合財務狀況報表

As at 31 December 2020 於2020年12月31日

		Notes 附註	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
ASSETS AND LIABILITIES	資產及負債
Non-current assets Property, plant and equipment Statutory deposit Goodwill	非流動資產 物業、廠房及設備 法定按金 商譽	15 16	750 510 5,470	1,891 510 5,470
Intangible assets Right-of-use assets Financial assets at fair value through other	無形資產 使用權資產 以公平價值計入其他全面	17 18	3,622 3,630	5,450 8,706
comprehensive income Financial assets at fair value through	收入之金融資產 以公平價值計入損益之	19	2,730	2,032
profit or loss	金融資產	20	487	—
Total non-current assets	非流動資產總值		17,199	24,059
Current assets	流動資產
Inventories Trade receivables Prepayments, deposits and	存貨 貿易應收款項 預付款項、按金及其他	21 22	377 15,253	485 29,888
other receivables	應收款項	23	8,339	14,479
Loans receivable Finance lease receivables	應收貸款 融資租賃應收款項	24 25	11,032 —	— 81,071
Financial assets at fair value through profit or loss	以公平價值計入損益之 金融資產	20	1,010	—
Bank balances — trust accounts	銀行結餘 — 信託賬戶	26	27,378	31,651
Bank balances and cash — general accounts	銀行結餘及現金 — 一般賬戶	26	27,610	15,454
Total current assets	流動資產總值		90,999	173,028
Current liabilities	流動負債
Borrowings	借款	27	851	4,884
Lease liabilities Convertible bonds	租賃負債 可換股債券	28 29	3,354 —	5,003 116,344
Promissory note	承兌票據	30	—	8,005
Trade payables Other payables and accruals	貿易應付款項 其他應付款項及應計費用	31 32	40,864 42,801	60,183 106,721
Tax payables	應付稅項		559	341
Total current liabilities	流動負債總額		88,429	301,481
Net current assets/(liabilities)	流動資產╱(負債)淨額		2,570	(128,453)
Total assets less current liabilities	資產總值減流動負債		19,769	(104,394)
Non-current liabilities	非流動負債
Deferred tax liabilities Convertible bonds	遞延稅項負債 可換股債券	33 29	598 73,872	1,128 —
Lease liabilities	租賃負債	28	—	3,842
Total non-current liabilities	非流動負債總值		74,470	4,970
Net liabilities	負債淨額		(54,701)	(109,364)

Consolidated Statement of Financial Position

綜合財務狀況報表

As at 31 December 2020 於2020年12月31日

		Notes 附註	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
EQUITY Share capital Reserves	權益 股本 儲備	34	13,232 (76,015)	2,622 (146,725)
Equity attributable to owners of the Company Non-controlling interests	本公司股權擁有人應佔 權益 非控股權益		(62,783) 8,082	(144,103) 34,739
Total deficiency	虧絀總額		(54,701)	(109,364)

These consolidated financial statements on pages 85 to 211 were approved and authorised for issue by the board of directors on 25 March 2021 and are signed on its behalf by:

載於第85至211頁的該等綜合財務報表已由董事會 於2021年3月25日核准及授權刊發,並由以下董事 代為簽署:

Wong Hin Shek Tsang Kwai Ping 王顯碩 曾桂萍 Director Director 董事 董事

Consolidated Statement of Changes in Equity 綜合股東權益變動表

For the year ended 31 December 2020 截至2020年12月31日止年度

		Attributable to owners of the Company 本公司股權擁有人應佔
		Share capital 股本 HK\$'000	Share premium 股份溢價 HK\$'000	Contributed surplus 繳入盈餘 HK\$'000	Equity component of convertible bonds 可換股債券之 權益部分 HK\$'000	Share option reserve 購股權 儲備 HK\$'000	Capital reduction reserve 股本削減 儲備 HK\$'000	Exchange fluctuation reserve 匯兌波動 儲備 HK\$'000	Fair value through other comprehensive income reserve 以公平價值 計入其他全面 收入儲備 HK\$'000	Other reserve 其他儲備 HK\$'000	Accumulated losses 累計虧損 HK\$'000	Total 總計 HK\$'000	Non controlling interests 非控股權益 HK\$'000	Total equity 權益總計 HK\$'000
		千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
As at 1 January 2019	2019年1月1日	2,040	957,059	66,710	53,115	27,328	163,191	(9,371)	—	—	(1,318,451)	(58,379)	69,066	10,687
Comprehensive income Loss for the year Other comprehensive income Exchange difference arising on translation of foreign	全面收入 本年度虧損 其他全面收入 換算海外經營活動的 匯兌差額	—	—	—	—	—	—	—	—	—	(84,110)	(84,110)	(29,311)	(113,421)
operations		—	—	—	—	—	—	(1,758)	—	—	—	(1,758)	(1,244)	(3,002)
Release of exchange reserve upon disposal/deregistration of subsidiaries (Note 41(c)&(d)) Changes in fair value of financial assets at fair value through	出售附屬公司╱ 附屬公司註銷登記後 解除匯兌儲備 (附註41(c)及(d)) 以公平價值計入其他全 面收入之金融資產公	—	—	—	—	—	—	132	—	—	—	132	—	132
other comprehensive income	平價值變動	—	—	—	—	—	—	—	32	—	—	32	—	32
Total comprehensive income for the year	年內全面收入總額	—	—	—	—	—	—	(1,626)	32	—	(84,110)	(85,704)	(30,555)	(116,259)
Lapse of share options Disposal/deregistration of subsidiaries (Note 41(c)&(e))	購股權失效 出售附屬公司╱附屬公司 註銷登記(附註41(c)	—	—	—	—	(2,324)	—	—	—	—	2,324	—	—	—
	及(e))	—	—	—	—	—	—	—	—	—	—	—	(320)	(320)
Placing shares Arising from transaction with non-controlling interest (Note 40)	配售股份 源於與非控股權益的交易 (附註40)	408 —	6,120 —	— —	— —	— —	— —	— —	— —	— (6,548)	— —	6,528 (6,548)	— (3,452)	6,528 (10,000)
Shares issued upon exercise of	可換股債券獲行使後發行
convertible bond	股份	174	30,213	—	(30,387)	—	—	—	—	—	—	—	—	—
As at 31 December 2019 and 1 January 2020 Comprehensive income	於2019年12月31日及 2020年1月1日 全面收入	2,622	993,392	66,710	22,728	25,004	163,191	(10,997)	32	(6,548)	(1,400,237)	(144,103)	34,739	(109,364)
Loss for the year Other comprehensive income Exchange difference arising on translation of foreign	本年度虧損 其他全面收入 換算海外經營活動的 匯兌差額	—	—	—	—	—	—	—	—	—	(71,711)	(71,711)	(26,071)	(97,782)
operations Changes in fair value of financial assets at fair value through	以公平價值計入其他 全面收入之金融資產	—	—	—	—	—	—	(2,827)	—	—	—	(2,827)	(586)	(3,413)
other comprehensive income	公平價值變動	—	—	—	—	—	—	—	698	—	—	698	—	698
Total comprehensive income for the year	年內全面收入總額	—	—	—	—	—	—	(2,827)	698	—	(71,711)	(73,840)	(26,657)	(100,497)
Issuance of shares	發行股份	10,488	104,880	—	—	—	—	—	—	—	—	115,368	—	115,368
Transaction cost for rights issue Recognition of equity-settled	供股交易成本 確認以股份為基礎按權益結	—	(1,552)	—	—	—	—	—	—	—	—	(1,552)	—	(1,552)
share-based payment expense Proceed from exercise of share	算付款開支 行使購股權所得款項	—	—	—	—	102	—	—	—	—	—	102	—	102
options		122	62	—	—	—	—	—	—	—	—	184	—	184
Exercise of share options Redemption of convertible bonds	行使購股權 贖回可換股債券	— —	102 —	— —	— (28,596)	(102) —	— —	— —	— —	— —	— 10,030	— (18,566)	— —	— (18,566)
Issuance of convertible bonds	發行可換股債券	—	—	—	16,016	—	—	—	—	—	—	16,016	—	16,016
Modification of the terms of convertible bonds	修訂可換股債券條款	—	—	—	41,780	—	—	—	—	—	1,828	43,608	—	43,608
As at 31 December 2020	於2020年12月31日	13,232	1,096,884	66,710	51,928	25,004	163,191	(13,824)	730	(6,548)	(1,460,090)	(62,783)	8,082	(54,701)

* These reserve accounts comprised the reserve balances as presented in the consolidated statement of financial position.

* 該等儲備賬目包括於綜合財務狀況報表所呈列的儲 備結餘。

Consolidated Statement of Cash Flows 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

Notes 附註	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
經營業務現金流量 CASH FLOWS FROM OPERATING ACTIVITIES
除所得稅前虧損 Loss before income tax	(97,311)	(113,892)
Adjustments for: 調整:
Finance costs 融資成本 8 利息收入 Interest income 7	13,315 (15)	13,292 (59)
無形資產的攤銷 Amortisation of intangible assets 17	228	190
Depreciation of property, plant and 物業、廠房及設備折舊
equipment 15 使用權資產折舊 Depreciation of right-of-use assets 18	920 4,867	1,151 4,944
Gain on disposal of property, plant and 出售物業、廠房及設備之收益
equipment 7	(56)	—
Written off of property, plant and 物業、廠房及設備撇銷 equipment 7	252	—
Gain on disposal of right-of-use assets 出售使用權資產收益	(9)	—
Gain on disposal of subsidiaries 出售附屬公司之收益 41(b)&(c)	—	(533)
附屬公司註銷登記之收益 Gain on deregistration of subsidiaries 41(a), (d)&(e) 以公平價值計入損益之金融資 Changes in fair value of financial assets	(1,057)	(1,204)
at fair value through profit or loss 產公平價值變動 7	655	233
Gain on modification of terms of 修改可換股債券條款收益		—
convertible bonds 7 Derecognition of other payable and 取消確認其他應付款項及承兌	(2,502)
promissory note 票據 7	1,702	—
Loss on redemption of convertible bonds 贖回可換股債券虧損 7 貿易應收款項減值虧損 Impairment loss on trade receivables 22	2,444 1,592	— 4,496
(Reversal of impairment loss)/impairment 按金及其他應收款項(撥回
loss on deposits and other receivables 減值虧損)╱減值虧損 23	(8,509)	2,005 —
應收貸款減值虧損 Impairment loss on loans receivable 24 融資租賃應收款項減值虧損 Impairment loss on finance lease	240
receivables 25	78,049	77,458
Impairment loss on intangible assets 無形資產減值虧損 17 其他應收款項撇銷 Written off of other receivables 7	1,600 4,400	1,205 —
Written down of inventories 存貨撇減	41	155
Proceeds from disposal of financial assets 出售以公平價值計入損益之金
at fair value through profit or loss 融資產所得款項 以股份為基礎付款開支 Share-based payment expense 9	27 102	195 —
扣除營運資金變動前經營 Operating profit/(loss) before working capital changes 溢利╱(虧損)	975	(10,364)
Decrease in inventories 存貨減少	67	270
Decrease/(increase) in trade receivables 貿易應收款項減少╱(增加)	13,043	(30,972)
應收貸款增加 Increase in loans receivable Decrease in finance lease receivables 融資租賃應收款項減少	(11,272) —	— 384,393
Decrease in prepayments, deposits and 預付款項、按金及其他應收
款項減少 other receivables 銀行結餘 — 信託賬戶減少╱ Decrease/(increase) in bank balances	10,249	94,638
— trust account (增加) (Decrease)/increase in trade payables 貿易應付款項(減少)╱增加	4,273 (19,319)	(25,107) 47,297
其他應付款項及應計款項減少 Decrease in other payables and accruals	(31,954)	(43,884)
Payment for financial assets at fair value 就以公平價值計入損益之 through profit or loss 金融資產付款	(1,009)	—
Cash (used in)/generated from operations 經營活動(所用)╱產生之現金	(34,947)	416,271
Tax paid 已付稅項	(783)	—
已付利息 Interest paid	—	(1,513)
經營活動(所用)╱產生之 Net cash (used in)/generated from
operating activities 現金淨額	(35,730)	414,758

Consolidated Statement of Cash Flows

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

		Notes 附註	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
CASH FLOWS FROM INVESTING	投資活動現金流量
ACTIVITIES Bank interest income received	已收銀行利息收入		15	59
Payment for financial assets at fair value	以公平價值計入其他全面		—
through other comprehensive income Payment for property, plant and	收入之金融資產付款 物業、廠房及設備付款	19		(2,000)
equipment Proceeds from sale of property, plant and	出售物業、廠房及設備所得	15	(65)	(354)
equipment Payment for financial assets at fair value	款項 以公平價值計入損益之金融資		104	—
through profit or loss Net cash inflow from acquisition of a	產付款 收購一間附屬公司之現金		(1,170)	—
subsidiary	流入淨額	39	—	2,654
Net cash (used in)/generated from	投資活動(所用)╱產生之
investing activities	現金淨額		(1,116)	359
CASH FLOWS FROM FINANCING ACTIVITIES	融資活動現金流量
Net cash outflow from transaction with non-controlling interest	非控股權益交易的現金流出淨 額	40	—	(10,000)
Interest paid on bank borrowings and	就銀行借款及銀行透支 支付之利息		(149)
bank overdrafts Proceeds from issue of ordinary shares	供股時發行普通股所得款項淨			(351)
upon rights issue Transaction costs for rights issue	額 供股的交易成本		115,368 (1,552)	— —
Net proceeds from issue of ordinary shares upon exercise of share options	行使購股權時發行普通股 所得款項淨額		184	—
Proceeds from placing of shares Repayment of principal portion of lease	配售股份所得款項 償還租賃負債本金部分		—	6,528
liabilities Repayment of interest portion of lease	償還租賃負債利息部分		(5,273)	(4,295)
liabilities Repayments of bank borrowings	償還銀行借款		(197) (2,149)	(581) (405,138)
Redemption of convertible bonds	贖回可換股債券		(55,000)	—
Net cash generated from/(used in)	融資活動產生╱(所用)之
financing activities	現金淨額		51,232	(413,837)
NET INCREASE IN CASH AND CASH	現金及現金等值項目增加
EQUIVALENTS Bank balances and cash	淨額 銀行結餘及現金		14,386	1,280
— general accounts at the beginning of the year	— 年初一般賬戶		13,570	12,255
Effect of foreign exchange rate changes, net	外幣匯率變動之影響,淨額		(346)	35
Cash and cash equivalents at end	年末現金及現金等值項目
of the year			27,610	13,570
Analysis of the balances of cash and	現金及現金等值項目結餘
cash equivalents Bank balances and cash — general	分析 銀行結餘及現金
accounts Bank overdrafts	— 一般賬戶 銀行透支	26 27	27,610 —	15,454 (1,884)
Cash and cash equivalents as at year	年末現金及現金等值項目
ended			27,610	13,570

For the year ended 31 December 2020 截至2020年12月31日止年度

1. CORPORATE INFORMATION

The Company is a limited company incorporated in the Cayman Islands and its share are listed on GEM. Its registered office is located at the offices of Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands and the principal place of business is located at Room 1108, 11/F, Wing On Centre, 111 Connaught Road Central, Central, Hong Kong.

During the year ended 31 December 2020, the principal activity of the Company was investment holding. The principal activities of the subsidiaries comprised of financial services business, corporate consulting business, trading business and information technology business.

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")

(a) Adoption of new/revised HKFRSs

In the current year, the Company and its subsidiaries (collectively referred to as the "Group") has applied for the first time the following new standards, amendments and interpretations issued by the HKICPA, which are relevant to and effective for the Group's consolidated financial statements for the annual period beginning on 1 January 2020:

Amendments to	Definition of a Business
HKFRS 3
Amendments to HKAS 1	Definition of Material
and HKAS 8

Amendments to HKAS 39, HKFRS 7 and HKFRS 9 Interest Rate Benchmark Reform

1. 公司資料

本公司為一間於開曼群島註冊成立之有限公 司,其股份於GEM上市。其註冊辦事處位於 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands,而主要營業地點則位於香港中環干諾 道中111號永安中心11樓1108室。

截至2020年12月31日止年度,本公司的主要 業務為投資控股,而附屬公司的主要業務包 括金融服務業務、企業諮詢業務、貿易業務及 資訊科技業務。

2. 採納香港財務報告準則(「香港財務報 告準則」)

(a) 採納新訂╱經修訂香港財務報告準則

於本年度,本公司及其附屬公司(統稱 「本集團」)首次應用以下由香港會計師 公會頒佈之新訂準則、修訂及詮釋,新 訂香港財務報告準則與本集團於2020年 1月1日開始之年度期間之綜合財務報表 相關,並適用於該等財務報表:

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

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(a) Adoption of new/revised HKFRSs (Continued)

Other than the amendments to HKFRS 3, none of these new or amended HKFRSs has a material impact on the Group's results and financial position for the current or prior period. The Group has not early applied any new or amended HKFRSs that is not yet effective for the current accounting period. Impact on the applications of these amended HKFRSs are summarised below.

Amendments to HKFRS 3, Definition of a Business

The amendments clarify the definition of a business and introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The election to apply the concentration test is made for each transaction. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the concentration test is met, the set of activities and assets is determined not to be a business. If the concentration test is failed, the acquired set of activities and assets is further assessed based on the elements of a business.

2. 採納香港財務報告準則(「香港財務報 告準則」)(續)

(a) 採納新訂╱經修訂香港財務報告準則 (續)

除香港財務報告準則第3號(修訂本) 外,該等新訂或經修訂香港財務報告準 則對本期間或過往期間本集團業績及財 務狀況並無重大影響。本集團並無提早 應用任何於本會計期間尚未生效的新訂 或經修訂香港財務報告準則。對應用該 等經修訂香港財務報告準則的影響概述 如下。

香港財務報告準則第3號(修訂本),業 務的定義

該等修訂澄清業務之定義並引入選擇性 集中度測試,允許簡化評估所收購的一 系列活動及資產是否屬業務。每項交易 均進行集中度測試的選擇。倘所購總資 產之公平價值基本上都集中於單一可識 別資產或一組相似的可識別資產中,則 滿足集中度測試。倘滿足集中度測試, 則該系列活動及資產釐定為非業務。倘 集中度測試失敗,則所收購的一系列活 動及資產將根據業務的要素進一步評 估。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective

The following new/revised HKFRSs, potentially relevant to the Group's consolidated financial statements, have been issued, but are not yet effective and have not been early adopted by the Group.

	Amendments to HKAS 1	Classification of Liabilities as Current or Non-current and HK Interpretation 5 (2020) Presentation of Financial Statements — Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause4
	Amendments to HKAS 16	Proceeds before Intended Use2
	Amendments to HKAS 37	Onerous Contracts — Cost of Fulfilling a Contract2
	Amendments to HKFRS 3	Reference to the Conceptual Framework3
	Amendments to HKFRS 10 and HKAS 28	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture5
	Amendments to HKAS 39, HKFRS 4, HKFRS 7, HKFRS 9 and HKFRS 16	Interest Rate Benchmark Reform — Phase 21
	Amendment to HKFRS 16	Covid-19-Related Rent Concessions6
	Amendments to HKFRS Standards	Annual Improvements to HKFRSs 2018-20202
1	January 2021.	Effective for annual periods beginning on or after 1
2	January 2022.	Effective for annual periods beginning on or after 1
3		Effective for business combinations for which the date of acquisition is on or after the beginning of the first annual period beginning on or after 1 January 2022.
4	January 2023.	Effective for annual periods beginning on or after 1

5 The amendments shall be applied prospectively to the sale or contribution of assets occurring in annual periods beginning on or after a date to be determined.

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

2. 採納香港財務報告準則(「香港財務報 告準則」)(續)

(b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則

以下與本集團的綜合財務報表可能相關 的新訂╱經修訂香港財務報告準則已獲 頒佈但尚未生效,且尚未獲本集團提早 採納。

	香港會計準則第1號 (修訂本)	負債分類為即期或 非即期及香港 詮釋第5號 (2020年) 財務報表之呈列 — 借款人對載 有按要求償還條 文的定期貸款的 分類4
	香港會計準則第16號	於作擬定用途前的
	(修訂本)	所得款項2
	香港會計準則第37號	虧損性合約 — 履
	(修訂本)	行合約的成本2
	香港財務報告準則第 3號(修訂本)	概念框架指引3
	香港財務報告準則第	投資者及其聯營公
	10號及香港會計準	司或合營企業之
	則第28號(修訂本)	間的資產出售或
	香港會計準則第39	投入5 利率基準改革
	號、香港財務報告	— 第二期1
	準則第4號、香港
	財務報告準則
	第7號、香港財務
	報告準則第9號及 香港財務報告準則
	第16號(修訂本)
	香港財務報告準則	COVID-19相關的
	第16號(修訂本)	租金減免6
	香港財務報告準則的	香港財務報告準則
修訂		2018年至2020 年週期的年度
		改進2
1	期間生效。	於2021年1月1日或之後開始的年度
2	期間生效。	於2022年1月1日或之後開始的年度
3		對收購日期為於2022年1月1日或之
		後開始的首個年度期間開始或之後的
4	業務合併生效。	於2023年1月1日或之後開始的年度
	期間生效。
5		該等修訂本應前瞻性地應用於待定日
		期或之後開始的年度期間內發生的資
6	產出售或投入。	於2020年6月1日或之後開始的年度
	期間生效。

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective (Continued)

Amendments to HKAS 1, Classification of Liabilities as Current or Non-current and HK Interpretation 5 (2020), Presentation of Financial Statements — Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause

The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability and explain that rights are in existence if covenants are complied with at the end of the reporting period. The amendments also introduce a definition of 'settlement' to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.

HK Interpretation 5 (2020) was revised as a consequence of the Amendments to HKAS 1 issued in August 2020. The revision to HK Interpretation 5 (2020) updates the wordings in the interpretation to align with the Amendments to HKAS 1 with no change in conclusion and do not change the existing requirements.

The Directors do not anticipate that the application of the amendments and revision in the future will have an impact on the Group's consolidated financial statements.

Amendments to HKAS 16, Proceeds before Intended Use

The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, the proceeds from selling such items, and the cost of producing those items, is recognised in profit or loss.

2. 採納香港財務報告準則(「香港財務報 告準則」)(續)

(b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則(續)

香港會計準則第1號(修訂本),負債分 類為即期或非即期及香港詮釋第5號 (2020年),財務報表之呈列 — 借款 人對載有按要求償還條文的定期貸款 的分類

該等修訂澄清負債應基於報告期末存在 之權利分類為流動或非流動負債,明確 規定分類不受有關實體是否會行使其延 遲清償債務權利之預期,並闡述如於報 告期末遵守契約,則存在該權利。該等 修訂亦引入「結算」的定義,以明確表示 結算乃指將現金、股權工具、其他資產 或服務轉移至交易對手方。

香港詮釋第5號(2020年)已因2020年8 月頒佈的香港會計準則第1號(修訂本) 而作出修訂。經修訂香港詮釋第5號 (2020年)更新了詮釋中的措辭,以與香 港會計準則第1號(修訂本)一致,但結 論並無變動,亦不會更改現行規定。

董事預計日後應用該等修訂及修改不會 對本集團的綜合財務報表造成任何影 響。

香港會計準則第16號(修訂本),於作 擬定用途前的所得款項

該等修訂禁止實體從物業、廠房及設備 項目的成本中扣除使資產達到能夠按照 管理層擬定的方式開展經營所必要的位 置及條件過程中產出的項目的任何銷售 所得款項。反而,實體必須於損益中確 認出售該等項目的所得款項及產出該等 項目的成本。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective (Continued)

Amendments to HKAS 16, Proceeds before Intended Use (Continued)

The Directors are currently assessing the impact that the application of the amendments will have on the Group's consolidated financial statements.

Amendments to HKAS 37, Onerous Contracts — Cost of Fulfilling a Contract

The amendments specify that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (e.g. direct labour and materials) or an allocation of other costs that relate directly to fulfilling contracts (e.g. the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

The Directors are currently assessing the impact that the application of the amendments will have on the Group's consolidated financial statements.

Amendments to HKFRS 3, Reference to the Conceptual Framework

The amendments update HKFRS 3 so that it refers to the revised Conceptual Framework for Financial Reporting 2018 instead of the version issued in 2010. The amendments add to HKFRS 3 a requirement that, for obligations within the scope of HKAS 37, an acquirer applies HKAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of HK(IFRIC)- Interpretation 21 Levies, the acquirer applies HK(IFRIC)- Interpretation 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date. The amendments also add an explicit statement that an acquirer does not recognise contingent assets acquired in a business combination.

The Directors do not anticipate that the application of the amendments in the future will have an impact on the Group's consolidated financial statements.

• 2. 採納香港財務報告準則(「香港財務報 告準則」)(續)
• (b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則(續)

香港會計準則第16號(修訂本),於作 擬定用途前的所得款項(續)

董事現正評估應用該等修訂對本集團的 綜合財務報表的影響。

香港會計準則第37號(修訂本),虧損 性合約 — 履行合約的成本

該等修訂釐清「履行合約的成本」包括 「與合約直接相關的成本」。與合約直接 相關之成本為履行合約之增量成本(如 直接勞工及材料),或與履行合約直接 相關之其他成本分配(如用於履行合約 的物業、廠房及設備項目之折舊支出分 配)。

董事現正評估應用該等修訂對本集團的 綜合財務報表的影響。

香港財務報告準則第3號(修訂本),概 念框架指引

該等修訂更新香港財務報告準則第3 號,致使其提述2018年財務報告之經修 訂概念框架,而非2010年頒佈之版本。 該等修訂對香港財務報告準則第3號增 加一項規定,就香港會計準則第37號範 圍內的責任而言,收購方應用香港會計 準則第37號釐定於收購日期是否因過往 事件而存在現有責任。就香港(國際財 務報告詮釋委員會)— 詮釋第21號徵稅 範圍內的徵稅而言,收購方應用香港 (國際財務報告詮釋委員會)— 詮釋第 21號釐定產生支付徵稅負債的責任事件 是否已於收購日期前發生。該等修訂亦 增加一項明確聲明,表明收購方並無確 認於業務合併中收購的或然資產。

董事預計日後應用該等修訂不會對本集 團的綜合財務報表造成任何影響。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective (Continued)

Amendments to HKFRS 10 and HKAS 28, Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The amendments clarify with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. When the transaction with an associate or joint venture that is accounted for using the equity method, any gains or losses resulting from the loss of control of a subsidiary that does not contain a business are recognised in the profit or loss only to the extent of the unrelated investors' interests in that associate or joint venture. Similarly, any gains or losses resulting from the remeasurement of retained interest in any former subsidiary (that has become an associate or a joint venture) to fair value are recognised in the profit or loss only to the extent of the unrelated investors' interests in the new associate or joint venture.

The Directors anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods should such transaction arise.

• 2. 採納香港財務報告準則(「香港財務報 告準則」)(續)
• (b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則(續)

香港財務報告準則第10號及香港會計 準則第28號(修訂本),投資者及其聯 營公司或合營企業之間的資產出售或 投入

該等修訂澄清投資者與其聯營公司或合 營企業之間存在資產出售或投入的情 況。倘與聯營公司或合營企業的交易採 用權益法入賬,則於損益確認因失去對 並無包含業務的附屬公司的控制權而產 生的任何收益或虧損,惟僅以非相關投 資者於該聯營公司或合營企業的權益為 限。同樣地,於損益內確認因重新計量 任何前附屬公司(已成為聯營公司或合 營企業)之保留權益至公平價值而產生 之任何收益或虧損,惟僅以非相關投資 者於新聯營公司或合營企業之權益為 限。

董事預計,倘該交易出現,應用該等修 訂可能會對未來期間本集團的綜合財務 報表造成影響。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective (Continued)

Annual Improvements to HKFRSs 2018–2020

The annual improvements amend a number of standards, including:

• HKFRS 1, First-time Adoption of HKFRSs, which permit a subsidiary that applies paragraph D16(a) of HKFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent's date of transition to HKFRSs.
• HKFRS 9, Financial Instruments, which clarify the fees included in the '10 per cent' test in paragraph B3.3.6 of HKFRS 9 in assessing whether to derecognise a financial liability, explaining that only fees paid or received between the entity and the lender, including fees paid or received by either the entity or the lender on other's behalf are included.
• HKFRS 16, Leases, which amend Illustrative Example 13 to remove the illustration of reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives are illustrated in that example.
• HKAS 41, Agriculture, which remove the requirement to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique.

The Directors do not anticipate that the application of the amendments in the future will have an impact on the Group's consolidated financial statements.

• 2. 採納香港財務報告準則(「香港財務報 告準則」)(續)
• (b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則(續)

香港財務報告準則2018年至2020年週 期的年度改進

年度改進修訂多項準則,其中包括:

• 香港財務報告準則第1號,首次採 納香港財務報告準則,其允許應 用香港財務報告準則第1號 第 D16(a)段的附屬公司,根據母公 司過渡至香港財務報告準則的日 期使用母公司呈報的金額計量累 計匯兌差額。
• 香港財務報告準則第9號,財務工 具,其澄清實體於評估是否終止 確認金融負債時應用香港財務報 告準則第9號第B3.3.6段中「百分 之十」測試時計入的費用。實體僅 計入實體與貸款人之間支付或收 取的費用,包括實體或貸款人代 表另一方支付或收取的費用。
• 香港財務報告準則第16號,租 賃,其修訂第13項範例以刪除出 租人償還租賃物業裝修的說明, 以解決因該例子中如何說明租賃 獎勵措施而可能出現與處理租賃 獎勵有關的任何潛在混淆情況。
• 香港會計準則第41號,農業,其 刪除有關使用現值技術計量生物 資產的公平價值時不包括稅收現 金流量之要求。

董事預計日後應用該等修訂不會對本集 團的綜合財務報表造成任何影響。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective (Continued)

Amendments to HKAS 39, HKFRS 4, HKFRS 7, HKFRS 9 and HKFRS 16, Interest Rate Benchmark Reform — Phase 2

The amendments address issues that might affect financial reporting when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the interest rate benchmark reform (the "Reform"). The amendments complement those issued in November 2019 and relate to (a) changes to contractual cash flows in which an entity will not have to derecognise or adjust the carrying amount of financial instruments for changes required by the Reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; (b) hedge accounting in which an entity will not have to discontinue its hedge accounting solely because it makes changes required by the Reform, if the hedge meets other hedge accounting criteria; and (c) disclosures in which an entity will be required to disclose information about new risks arising from the Reform and how it manages the transition to alternative benchmark rates.

The Directors do not anticipate that the application of the amendments in the future will have an impact on the Group's consolidated financial statements.

• 2. 採納香港財務報告準則(「香港財務報 告準則」)(續)
• (b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則(續)

香港會計準則第39號、香港財務報告 準則第4號、香港財務報告準則第7 號、香港財務報告準則第9號及香港財 務報告準則第16號(修訂本),利率基 準改革 — 第二期

該等修訂解決因利率基準改革(「改革」) 而導致公司以替代基準利率代替舊利率 基準時可能影響財務報告之問題。該等 修訂對於2019年11月頒佈之修訂進行 補充,內容有關:(a)合約現金流量之變 化,而實體毋須就改革要求之變動終止 確認或調整金融工具之賬面值,而是更 新實際利率以反映替代基準利率之變 動;(b)對沖會計處理,倘對沖滿足其他 對沖會計標準,則實體毋須僅因其作出 改革所要求之變更而中止其對沖會計處 理;及(c)披露,實體將被要求披露有關 改革產生之新風險以及其如何管理過渡 至替代基準利率之資料。

董事預計日後應用該等修訂不會對本集 團的綜合財務報表造成任何影響。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs") (Continued)

(b) New/revised HKFRSs that have been issued but are not yet effective (Continued)

Amendment to HKFRS 16, Covid-19-Related Rent Concessions

HKFRS 16 was amended to provide a practical expedient to lessees in accounting for rent concessions arising as a result of the Covid-19 pandemic, by including an additional practical expedient in HKFRS 16 that permits entities to elect not to account for rent concessions as modifications. The practical expedient applies only to rent concessions occurring as a direct consequence of Covid-19 pandemic and only if all of the following criteria are satisfied:

• (a) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;
• (b) the reduction in lease payments affects only payments originally due on or before 30 June 2021; and
• (c) there is no substantive change to other terms and conditions of the lease.

Rent concessions that satisfy these criteria may be accounted for in accordance with this practical expedient, which means the lessee does not need to assess whether the rent concession meets the definition of lease modification. Lessees shall apply other requirements of HKFRS 16 in accounting for the rent concession.

Accounting for rent concessions as lease modifications would have resulted in the Group remeasuring the lease liability to reflect the revised consideration using a revised discount rate, with the effect of the change in the lease liability recorded against the right-of-use asset. By applying the practical expedient, the Group is not required to determine a revised discount rate and the effect of the change in the lease liability is reflected in profit or loss in the period in which the event or condition that triggers the rent concession occurs.

The Directors are currently assessing the impact that the application of the amendments will have on the Group's consolidated financial statements.

• 2. 採納香港財務報告準則(「香港財務報 告準則」)(續)
• (b) 已頒佈但尚未生效的新訂╱經修訂香港 財務報告準則(續)

香港財務報告準則第16號(修訂本), Covid-19相關的租金減免

香港財務報告準則第16號已作出修訂, 通過在香港財務報告準則第16號中加入 一項額外的可行權宜方法,允許實體選 擇不將租金減免按修訂入賬,為承租人 就因Covid-19疫情而產生的租金減免入 賬提供可行權宜方法。該可行權宜方法 僅適用於因Covid-19疫情而直接產生的 租金減免,而且必須符合以下所有準 則:

• (a) 租賃付款的變動導致經修訂租賃 代價與緊接變動前的租賃代價基 本相同或更低;
• (b) 租賃付款的減少僅影響原本於 2021年6月30日或之前到期的付 款;及
• (c) 租賃的其他條款及條件並無任何 實質性變動。

符合上述標準的租金減免可按照該可行 權宜方法入賬,即承租人無需評估租金 減免是否符合租賃修訂的定義。承租人 應運用香港財務報告準則第16號的其他 規定對租金減免進行會計處理。

倘將租金減免列作租賃修訂入賬,將導 致本集團使用經修訂貼現率重新計量租 賃負債以反映經修訂代價,而租賃負債 變動的影響將錄作使用權資產。通過應 用可行權宜方法,本集團無需釐定經修 訂貼現率,而租賃負債變動的影響在觸 發租金減免的事件或條件發生的期間於 損益中反映。

董事現正評估應用該等修訂對本集團的 綜合財務報表的影響。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

3.1 Statement of compliance

The consolidated financial statements have been prepared in accordance with all applicable HKFRSs, which collective term includes all applicable individual HKFRSs, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance. The consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities (the "GEM Listing Rules") on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

3.2 Basis of measurement

The consolidated financial statements have been prepared under historical cost convention except for certain financial instruments which are measured at fair values as explained as the accounting policies set out below.

3.3 Functional and presentation currency

The financial statements are presented in Hong Kong dollars ("HK\$"), which is the same as the functional currency of the Company and all values are rounded to the nearest thousand ("HK\$'000") except when otherwise indicated.

3.4 Going concern assessment

In preparing the consolidated financial statements, the Directors have given consideration to the future liquidity of the Group in light of the Group incurred a net loss of approximately HK\$97,782,000 for the year ended 31 December 2020 and, as of that date, the Group had net liabilities of approximately HK\$54,701,000 as at 31 December 2020.

3. 編製基準及主要會計政策

3.1 合規聲明

該等綜合財務報表乃按照香港會計師公 會頒佈之所有適用香港財務報告準則, 包括所有適用個別香港財務報告準則、 香港會計準則(「香港會計準則」)及詮 釋)及香港公司條例之披露規定編製。 該等綜合財務報表亦遵守香港聯合交易 所有限公司(「聯交所」)GEMJ證券上市 規則(「GEM上市規則」)之適用披露條 文。

3.2 計量基準

綜合財務報表乃以歷史成本慣例為編製 基準,惟若干以公平價值計量的金融工 具除外,其會計政策解釋如下。

3.3 功能貨幣及呈報貨幣

財務報表以港元 (「港元」) 呈列,與本 公司的功能貨幣相同,除另有註明外, 所有價值均約整至最接近的千港元 (「千 港元」)。

3.4 持續經營評估

於編製綜合財務報表時,董事已考慮本 集團未來的資金流動性,有鑒於截至 2020年12月31日止年度,本集團產生 淨虧損約97,782,000港元,及截至該 日,本集團於2020年12月31日的負債 淨額約為54,701,000港元。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.4 Going concern assessment (Continued)

These conditions indicate the existence of material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The consolidated financial statements have been prepared on a going concern basis as the Directors are satisfied that the liquidity of the Group can be maintained in the coming year taking into consideration of the following matter:

— An undertaking has been obtained from a creditor for not to demand repayment of debt due from the Group within twelve months under the condition that the Group uses its best endeavors to sources additional funding for the repayment of the balance. The Group has sufficient financial resources to satisfy its future working capital and other financial requirements.

Should the Group be unable to continue to operate as a going concern, adjustments would have to be made to write down the value of assets to their recoverable amounts, to provide for future liabilities which might arise and to reclassify non-current assets and non-current liabilities to current respectively. The effect of these adjustments has not been reflected in the consolidated financial statements. The preparation of consolidated 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 and 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. The estimates and the 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.

3. 編製基準及主要會計政策(續)

3.4 持續經營評估(續)

該等情況顯示存在重大不確定性,可能 對本集團繼續持續經營之能力造成重大 疑問,故有可能無法在正常業務過程中 變現其資產及清償其負債。綜合財務報 表乃按持續經營基準編製,因董事考慮 到以下事項後信納本集團可於來年維持 資金流動性:

— 本公司已從一名債權人取得承 諾,在本集團盡其最大努力尋求 額外資金以償還有關結餘的情況 下,彼在十二個月內不會要求本 集團償還到期債務。本集團有足 夠財務資源滿足其未來營運資金 及其他財務需求。

倘本集團無法持續經營業務,則須調整 及撇減資產價值至其可收回金額,並就 未來可能產生之負債計提撥備以及分別 將非流動資產及非流動負債重列為流動 性質。此等調整之影響並未於綜合財務 報表中反映。編製符合香港財務報告準 則的綜合財務報表要求管理層作出可影 響政策應用及資產、負債、收入及開支 呈報金額的判斷、估計和假設。此等估 計及相關假設乃基於過往經驗及於有關 情況下相信屬合理的多項其他因素,而 有關結果乃作為就該等不可基於其他資 料來源而明顯地得出的資產及負債賬面 值的判斷基準。實際結果可能會與此等 估計不同。此等估計及相關假設會持續 獲檢討。若對會計假設所作的修訂僅影 響作出修訂的期間,則有關修訂會於該 期間確認,若有關修訂影響當期及未來 期間,則會於作出修訂的期間及未來期 間確認。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.5 Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Control is achieved where the Company (the "Group"):

• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains control over the subsidiaries and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of subsidiaries acquired or disposed of over the years are included in the profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.

Profit or loss and each item of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other member of Group.

All intragroup transaction balance, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of financial position respectively.

3. 編製基準及主要會計政策(續)

3.5 綜合基準

綜合財務報表包括本公司及其附屬公司 (「本集團」)之財務報告。倘本公司達成 以下事項,則視為取得控制:

• 對被投資方擁有權力;
• 就參與被投資方所得可變回報面 臨風險或擁有權利;及
• 有行使其權力以影響其回報之能 力。

倘有事實及情況顯示上述三項控制元素 之一項或多項有變,則本集團會重估其 是否控制被投資方。

本集團取得附屬公司控制權時開始將附 屬公司綜合入賬,於喪失控制權時終止 入賬。具體而言,年內收購或出售之附 屬公司收入及開支自本集團取得控制權 日期及直至本集團不再控制附屬公司之 日止計入損益及其他全面收入表。

損益及各其他全面收入項目歸屬於本公 司股權擁有人及非控股權益。附屬公司 之全面收入總額歸屬於本公司股權擁有 人及非控股權益,即使此會導致非控股 權益出現虧絀結餘。

如有需要,附屬公司財務報表已作出調 整,以使其會計政策與本集團其他成員 公司所用者一致。

所有集團內公司間之交易結餘、收入及 開支以及與本集團成員公司間之交易有 關之現金流量均於綜合入賬時悉數對 銷。

於附屬公司的業績及權益中的非控股權 益分別於綜合損益及其他全面收入表、 綜合權益變動表及綜合財務狀況表獨立 列示。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.6 Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition related costs are generally recognised in profit or loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their acquisition-date fair values, except that:

• a deferred tax asset or liability arising from the assets acquired and liabilities assumed in a business combination and the potential tax effects of temporary differences and carryforwards of an acquiree that exist at the acquisition date or arise as a result of the acquisition are recognised and measured in accordance with HKAS 12 Income Tax;
• assets or liabilities relating to employee benefit arrangements are recognised and measured in accordance with HKAS 19 Employee Benefits;
• liabilities or equity instruments relating to sharebased payment transactions of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with HKFRS 2 Share-based Payment at the acquisition date (see accounting policy below); and
• assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.

3. 編製基準及主要會計政策(續)

3.6 業務合併

收購業務採用收購法進行會計處理。業 務合併之轉讓代價以公平價值計量,而 公平價值按本集團於收購日期向被收購 方前擁有人轉讓資產、所產生的負債以 及本集團為換取被收購方控制權而發行 之股本權益之總和計算得出。收購相關 成本一般會於產生時在損益表確認。

於收購日所收購之可識別資產及所承擔 之負債應按其在收購日之公平價值予以 確認,惟以下各項除外:

• 因業務合併中所收購之資產及所 承擔之負債而產生之遞延稅項資 產或負債,以及於收購日存在或 因收購事項而產生之被收購方暫 時差額及結轉之潛在稅項影響, 乃根據香港會計準則第12號「所 得稅」予以確認及計量;
• 有關僱員福利安排之資產或負債 乃根據香港會計準則第19號「僱 員福利」予以確認及計量;
• 與被收購方以股份為基礎之付款 交易有關或以本集團以股份為基 礎之付款交易取代被收購方以股 份為基礎之付款交易有關之負債 或股本工具,乃於收購日根據香 港財務報告準則第2號「以股份為 基礎之付款」計量(參閱下述會計 政策);及
• 根據香港財務報告準則第5號「持 作出售之非流動資產及已終止經 營業務」分類為持作出售之資產 (或出售集團)並根據該準則計量。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.6 Business combinations (Continued)

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after re-assessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of noncontrolling interests are measured at their fair value or, when applicable, on the basis specified in another HKFRSs.

Where the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisitiondate fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with the corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the "measurement period" (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

3. 編製基準及主要會計政策(續)

3.6 業務合併(續)

商譽是以轉讓代價、任何非控股權益於 被收購方中所佔金額及收購方過往持有 之被收購方股本權益之公平價值(如有) 之總和,超出所收購可識別資產及所承 擔之負債於收購日之淨額之差額計量。 倘經過重新評估後,所收購之可識別資 產與所承擔之負債於收購日之淨額高於 轉讓代價、任何非控股權益於被收購方 中所佔金額及收購方過往持有之被收購 方權益之公平價值(如有)之總和,則差 額即時於損益內確認為議價購買收益。

屬現時擁有權權益且於清盤時讓持有人 有權按比例分佔實體資產淨值之非控股 權益,可按逐項交易基準初步以公平價 值或非控股權益應佔被收購方可識別資 產淨值之已確認金額比例計量。其他類 別之非控股權益按其公平價值或於適用 情況下另外以香港財務報告準則所述基 準列賬。

倘本集團在業務合併中轉讓之代價包括 或然代價安排所產生之資產或負債,則 或然代價按其於收購日之公平價值計 量,並包含於業務合併中轉讓之部分代 價。符合計量期間調整條件之或然代價 公平價值變動會追溯調整,並對商譽作 出相應調整。計量期間調整是指在「計 量期間」(從收購日起計不超過一年)所 獲取之關於購買日存在之事實及環境之 額外資料而引致之調整。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.6 Business combinations (Continued)

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with HKFRS 9 Financial Instruments: Recognition and Measurement, or HKAS 37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date.

3.7 Goodwill

Goodwill is carried at cost less accumulated impairment losses. For the purposes of impairment testing, goodwill is allocated to each of the cash-generating unit, or groups of cash-generating units that is expected to benefit from the synergies of the combination.

A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently whenever there is indication that the unit may be impaired. For goodwill arising on an acquisition in a reporting period, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

3. 編製基準及主要會計政策(續)

3.6 業務合併(續)

倘或然代價公平價值之其後變動不符合 計量期間調整之條件,則有關其後會計 處理須視乎或然代價如何分類而定。分 類為權益之或然代價於報告日後不獲重 新計量,而有關其後結算於權益列賬。 分類為資產或負債之或然代價於報告日 後根據香港財務報告準則第9號「金融工 具:確認及計量」或香港會計準則第37 號「撥備、或然負債及或然資產」(視何 者適用而定)重新計量,相關收益或虧 損於損益內確認。

倘業務合併之初步會計處理於合併發生 之報告期末尚未完成,則本集團報告尚 未完成會計處理之項目臨時金額。該等 臨時金額會於計量期間(請參閱上文)予 以調整,或確認額外資產或負債,以反 映於收購日已存在而據所知可能影響該 日已確認金額之事實與情況所取得之新 資料。

3.7 商譽

商譽乃按成本減去累計減值虧損列賬。 就減值測試目的而言,商譽會分配至預 期可透過合併的協同效益獲利的各個現 金產生單位或現金產生單位組別。

獲分配商譽的現金產生單位每年會進行 減值測試,但如果有跡象顯示某單位可 能會發生減值,則會更頻密地進行減值 測試。就於報告期間的收購所產生的商 譽而言,獲分配商譽的現金產生單位於 該報告期末前進行減值測試。如果現金 產生單位的可收回金額低於該單位的賬 面值,減值虧損會先分配以減少分配到 該單位的任何商譽賬面值,然後根據該 單位每一資產的賬面值的比例分攤到該 單位的其他資產。商譽之任何減值虧損 直接於損益中確認。已確認商譽減值虧 損不可在後續期間撥回。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.8 Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation and impairment losses.

Depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

Leasehold improvement	Over the lease term
Computer and office equipment	20% to 33%
Motor vehicles	25%

Where parts of an item of property, plant and equipment have different useful lives, the cost of the item is allocated on a reasonable basis between the parts and each part is depreciated separately. Both the useful life of an asset and its residual value, if any, are reviewed annually.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are recognised in profit or loss during the financial period in which they are incurred.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

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 proceeds on disposal and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal.

3. 編製基準及主要會計政策(續)

3.8 物業、廠房及設備

物業、廠房及設備乃按成本值減累計折 舊及減值虧損於財務狀況報表列賬。

折舊以直線法按各項物業、廠房及設備 於其估計可使用年期的剩餘價值撇銷其 成本值。就此而使用的主要折舊年率如 下:

租賃物業裝修 按租期 電腦及辦公室設備 20%至33% 汽車 25%

當物業、廠房及設備項目之部分擁有不 同使用年期時,該項目之成本值乃按合 理基準分配至各部分,各部分將個別地 折舊。本集團每年均會審閱資產之可使 用年期及其剩餘價值(如有)。

只有在與項目相關的未來經濟效益有可 能流入本集團,並能夠可靠地計量項目 成本的情況下,本集團才會將其後成本 計入為資產賬面值之一部分或確認為獨 立資產項目(如適用)。所替換之部分的 賬面值乃撇除確認。所有其他維修及保 養費均需於產生時於該財務期間之損益 內扣除。

倘資產賬面值大於其估計可收回金額, 資產賬面值即時撇減至其可收回金額。

退用或出售物業、廠房及設備項目所產 生之收益或虧損乃按出售所得款項淨額 與有關項目賬面值之差額釐定,並在退 用或出售當日於損益內確認。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.9 Intangible assets

Intangible assets acquired separately and with finite useful lives are carried at costs less accumulated amortisation and any accumulated impairment losses or at revalued amounts, being their fair value at the date of the revaluation less subsequent accumulated amortisation and any subsequent accumulated impairment losses. Amortisation for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less any subsequent accumulated impairment losses.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss in the period when the asset is derecognised.

3. 編製基準及主要會計政策(續)

3.9 無形資產

個別購買而有固定年期之無形資產按成 本扣除累計攤銷及任何累計減值虧損或 其重估價值(即於重估日之公平價值扣 除其後累計攤銷及任何累計減值虧損) 列賬。有固定年期之無形資產乃按其估 計可用年期以直線法攤銷,而於每個報 告期末檢閱估計可用年期及攤銷方法, 並把有關估計之任何轉變的影響以未來 的方式反映。擁有無限使用年期之無形 資產按成本扣除任何其後累計減值虧損 列賬。

取消確認無形資產產生之收益或虧損, 按出售所得款項淨額與資產賬面值之差 額計量,並於取消確認資產期間在損益 內確認。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.10 Leases

Definition of 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.

For contracts entered into or modified on or after the date of initial application or arising from business combinations, the Group assesses whether a contract is or contains a lease based on the definition under HKFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

The Group as a lessee

As a practical expedient, leases with similar characteristics are accounted on a portfolio basis when the Group reasonably expects that the effects on the consolidated financial statements would not differ materially from individual leases within the portfolio.

Right-of-use assets

The cost of right-of-use asset includes:

• the amount of the initial measurement of the lease liability;
• any lease payments made at or before the commencement date, less any lease incentives received;
• any initial direct costs incurred by the Group; and
• an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.

3. 編製基準及主要會計政策(續)

3.10 租賃

租賃的定義

倘合約在一定期間內讓渡控制使用一項 已識別資產的權利以獲取對價,則合約 為或包含租賃。

就於首次應用日期或之後訂立或修改或 由業務合併產生的合約而言,本集團根 據香港財務報告準則第16號的定義,於 初始、修改日期或收購日期(如適用)評 估合約是否為租賃或包含租賃。除非合 約條款及條件其後有變,否則有關合約 將不予重新評估。

本集團作為承租人

作為可行權宜方法,當本集團合理預期 對綜合財務報表的影響與投資組合內的 個別租賃並無重大差異時,具有類似特 徵的租賃按組合基準入賬。

使用權資產

使用權資產成本包括:

• 租賃負債初始計量金額;
• 於開始日期或之前支付的任何租 賃款項減任何已收租賃獎勵;
• 本集團產生的任何初始直接成 本;及
• 本集團拆卸及搬運有關資產、恢 復其所處場地或將有關資產恢復 至租賃條款及條件所規定的狀況 所產生的估計成本,惟倘該等成 本乃因生產存貨而產生則作別論。

使用權資產按成本減任何累計折舊及減 值虧損計量,並就租賃負債的任何重新 計量予以調整。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.10 Leases (Continued)

The Group as a lessee (Continued)

Right-of-use assets (Continued)

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.

The Group presents right-of-use assets as a separate line item on the consolidated statement of financial position.

Lease liabilities

At the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at the date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.

The lease payments include:

• fixed payments (including in-substance fixed payments) less any lease incentives receivable;
• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
• amounts expected to be payable by the Group under residual value guarantees;
• the exercise price of a purchase option if the Group is reasonably certain to exercise the option; and
• payments of penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.

3. 編製基準及主要會計政策(續)

3.10 租賃(續)

本集團作為承租人(續)

使用權資產(續)

本集團合理確定可於租期結束時獲取有 關租賃資產所有權的使用權資產自可使 用年期開始至結束時折舊。否則,使用 權資產按直線法於其估計可使用年期與 租期之較短期間折舊。

本集團於合併財務狀況表內單獨呈列使 用權資產。

租賃負債

於租賃開始日期,本集團根據該日未支 付租賃款項現值確認及計量租賃負債。 於計算租賃款項現值時,倘租賃隱含的 利率難以釐定,本集團於租賃開始日期 使用增量借款利率。

租賃款項包括:

• 固定款項(包括實質固定款項)減 任何應收租賃獎勵;
• 根據指數或利率釐定的可變租賃 款項,使用於開始日期的指數或 利率初始計量;
• 剩餘價值擔保下本集團的預期應 付款項;
• 購買選擇權的行使價(倘本集團可 合理確定將行使選擇權);及
• 為終止租賃而支付的罰款(倘租期 反映本集團行使終止租賃的選擇 權)。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.10 Leases (Continued)

The Group as a lessee (Continued)

Lease liabilities (Continued)

Variable lease payments that reflect changes in market rental rates are initially measured using the market rental rates as at the commencement date. Variable lease payments that do not depend on an index or a rate are not included in the measurement of lease liabilities and right-of-use assets, and are recognised as expense in the period in which the event or condition that triggers the payment occurs.

After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.

The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever:

• the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.
• the lease payments change due to changes in market rental rates following a market rent review in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.

The Group presents lease liabilities as a separate line item on the consolidated statement of financial position.

3. 編製基準及主要會計政策(續)

3.10 租賃(續)

本集團作為承租人(續)

租賃負債(續)

反映市場租金率變動的可變租賃付款使 用於開始日期的市場租金率初始計量。 不會依賴指數或利率的可變租賃付款不 計入租賃負債及使用權資產計量,並在 觸發付款的事件或條件出現的期間內確 認為開支。

於開始日期後,租賃負債按利率增值及 租賃款項予以調整。

當出現下列情況時,本集團重新計量租 賃負債(及對有關使用權資產作出相應 調整):

• 倘租期有變或行使購買選擇權的 評估發生變動,在此情況下,有 關租賃負債乃使用重新評估日期 經修訂貼現率貼現經修訂租賃款 項而重新計量。
• 因進行市場租金調查後市場租金 率變動而導致租賃付款變動,在 此情況下,相關租賃負債透過使 用初始折現率折現經修訂租賃付 款而重新計量。

本集團於合併財務狀況表內單獨呈列租 賃負債。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.11 Impairment of tangible and intangible assets other than goodwill

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating unit, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a cashgenerating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or the cashgenerating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. 編製基準及主要會計政策(續)

3.11 除商譽外有形及無形資產減值

本集團於各報告期間結算日檢討其有形 資產及無形資產之賬面值,以確定有關 資產是否出現減值虧損跡象。如有任何 該等跡象,則會估計資產之可收回金 額,以確定減值虧損(如有)之程度。如 不可能估計個別資產之可收回金額,則 本集團會估計該類資產之現金產生單位 之可收回金額。如可識別合理及一致之 分配基準,企業資產亦會分配至個別現 金產生單位,或按其他能確認以合理及 一致之分配基準將其分配至最少之現金 產生單位組別。

無限可使用年期之無形資產及尚未可供 使用之無形資產至少每年及於有跡象顯 示資產可能出現減值時進行減值測試。 可收回金額指公平價值減銷售成本與使 用價值兩者中之較高者。評估使用價值 時,採用除稅前折現率將估計未來現金 流量折現至其現值,該折現率反映目前 市場對貨幣時間值及並未於未來估計現 金流量調整之資產特定風險之評估。

倘資產(或一項現金產生單位)之可收回 金額估計低於其賬面值,則資產(或一 項現金產生單位)之賬面值下調至其可 收回金額。減值虧損會即時於損益中確 認。

倘其後回撥減值虧損,該資產(或現金 產生單位)賬面值會調高至其經修訂之 估計可收回金額,但增加之賬面值不得 高於倘該資產(或一項現金產生單位)往 年並無確認減值虧損時釐定之賬面值。 撥回之減值虧損會即時於損益中確認。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments

Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with HKFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

3. 編製基準及主要會計政策(續)

3.12 金融工具

金融資產及金融負債乃於集團實體成為 工具合同條文之訂約方時確認。所有以 正規途徑購入或銷售之金融資產乃按交 易日期基準確認及取消確認。正規途徑 購入或銷售乃按市場法規或慣例所確定 的時間框架內交付資產的金融資產購入 或銷售。

金融資產及金融負債初始按公平價值計 量,惟產生自客戶合同之貿易應收款項 除外,其中該等應收款項初步按香港財 務報告準則第15號計量。收購或發行金 融資產及金融負債(以公平價值計入損 益之金融資產或金融負債除外)之直接 應佔交易成本,於初始確認時加入金融 資產或金融負債的公平價值或從中扣減 (如適用)。直接歸屬於以公平價值計入 損益之金融資產或金融負債的交易成本 可於損益中即時確認。

實際利息法乃計算金融資產或金融負債 的攤銷成本及分配有關期間利息收入及 利息開支的方法。實際利率乃初始確認 時按金融資產或金融負債的預計年期或 適用的較短期間準確貼現估計未來現金 收入及付款(包括構成實際利率不可或 缺部分的一切已付或已收費用及分數、 交易成本及其他溢價或折扣)至該資產 或負債的賬面淨值的利率。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets

Classification and subsequent measurement of financial assets

Financial assets that meet the following conditions are subsequently measured at amortised cost:

the financial asset is held within a business model whose objective is to collect contractual cash flows; and

the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income ("FVOCI"):

the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and

the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are subsequently measured at fair value through profit or loss ("FVPL"), except that at the date of initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in OCI if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which HKFRS 3 "Business Combinations" applies.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產

金融資產的分類及後續計量

符合下列條件的金融資產其後按攤銷成 本計量:

於一個商業模式內持有的金融資產,其 目的是為收取合同現金流量;及

合同條款令於特定日期產生的現金流量 純粹為支付本金及未償還本金的利息。

符合下列條件的金融資產其後以按公平 價值計入其他全面收入(「按公平價值計 入其他全面收入」)的方式計量:

於目的為同時收回合同現金流量及出售 的業務模式中持有的金融資產;及

合同條款令於特定日期產生的現金流量 純粹為支付本金及未償還本金的利息。

所有其他金融資產其後以按公平價值計 入損益(「按公平價值計入損益」)的方式 計量,惟於初始確認金融資產之日,倘 股本投資既非持作買賣,亦非香港財務 報告準則第3號「業務合併」所適用的業 務合併收購方確認的或然代價,本集團 可能不可撤回地選擇於其他全面收入呈 列股本投資公平價值的其後變動則除 外。

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Classification and subsequent measurement of financial assets (Continued)

(i) Amortised cost and interest income

Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost and calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that have subsequently become credit-impaired (see below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired.

(ii) Financial assets at FVPL

Financial assets that do not meet the criteria for being measured at amortised cost or FVOCI or designated as FVOCI are measured at FVPL.

Financial assets at FVPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The net gain or loss recognised in profit or loss excludes any dividend earned on the financial asset and is included in the "other income and gains or (losses)" line item.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產(續)

金融資產的分類及後續計量(續)

(i) 攤銷成本及利息收入

利息收入就其後按攤銷成本計量 的金融資產而以實際利息法確認 並透過將實際利率應用於金融資 產賬面總值計算,惟其後已變為 信貸減值(見下文)的金融資產則 除外。就其後已變為信貸減值的 金融資產而言,利息收入透過將 實際利率應用於自下個報告期起 計的金融資產攤銷成本確認。倘 信貸減值金融工具的信貸風險升 高,以使金融資產不再維持信貸 減值,則利息收入在釐定資產不 再維持信貸減值後,透過將實際 利率應用於自報告期開始時起計 的金融資產賬面總值確認。

(ii) 按公平價值計入損益之金融資產

不符合按攤銷成本或按公平價值 計入其他全面收入計量或指定為 按公平價值計入其他全面收入計 量標準之金融資產按公平價值計 入損益計量。

按公平價值計入損益計量之金融 資產於各報告期末以公平價值計 量,於損益中確認任何公平價值 之收益或虧損。於損益中確認的 淨溢利或虧損不包括該金融資產 所產生的任何股息,並計入「其他 收入及收益或(虧損)」項目中。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets

The Group recognises a loss allowance for expected credit losses ("ECL") on financial assets which are subject to impairment under HKFRS 9 (including trade and other receivables, other financial assets measured at amortised cost and bank balances). The amount of ECL is updated at each reporting dates to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL ("12m ECL") represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after each reporting date. Assessment are done based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

The Group always recognises lifetime ECL for trade receivables. The ECL on these assets are assessed individually for debtors with significant balances.

For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產(續)

金融資產減值

本集團就根據香港財務報告準則第9號 須予減值之金融資產(包括貿易及其他 應收款項、按攤銷成本計量之其他金融 資產及銀行結餘)的預期信貸虧損(「預 期信貸虧損」)確認虧損撥備。預期信貸 虧損金額於各報告日期更新,以反映自 初始確認以來信貸風險之變化。

全期預期信貸虧損指相關工具的預計年 期內所有可能的違約事件將產生的預期 信貸虧損。相反,12個月預期信貸虧損 (「12個月預期信貸虧損」)指預期於各報 告日期後12個月內可能發生的違約事件 導致的部分全期預期信貸虧損。評估乃 根據本集團過往信貸虧損經驗進行,並 就債務人特有的因素、一般經濟狀況以 及對報告日期的當前狀況及未來狀況預 測之評估作出調整。

本集團始終就應收貿易款項確認全期預 期信貸虧損。該等資產的預期信貸虧損 乃就有重大結餘之債務人進行個別評 估。

對於所有其他工具,本集團計量等於12 個月預期信貸虧損的虧損撥備,除非自 初始確認以來信貸風險大幅增加,則本 集團確認全期預期信貸虧損。評估是否 應確認全期預期信貸虧損乃基於自初始 確認以來發生違約的可能性或風險是否 大幅增加。

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(i) Significant increase in credit risk

In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at each reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, 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.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

an actual or expected significant deterioration in the financial instrument's external (if available) or internal credit rating;

significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;

existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor's ability to meet its debt obligations;

an actual or expected significant deterioration in the operating results of the debtor;

an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor's ability to meet its debt obligations.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產(續)

金融資產減值(續)

(i) 信貸風險大幅增加

於評估自初始確認以來信貨風險 是否大幅增加時,本集團將金融 工具於各報告日期發生的違約風 險與該金融工具於初始確認日期 發生的違約風險進行比較。於進 行此評估時,本集團會考慮合理 且有理據的定量及定性資料,包 括過往經驗及無需付出不必要的 成本或努力而可獲得的前瞻性資 料。

特別是,在評估信貸風險是否大 幅增加時會考慮以下資料:

金融工具的外部(如有)或內部信 貸評級的實際或預期顯著惡化;

信貸風險外部市場指標顯著惡 化,例如信貸價差顯著增加,債 務人的信貸違約掉期價格;

預計將導致債務人償還其債務責 任的能力大幅下降的業務、財務 或經濟狀況的現有或預測的不利 變化;

債務人經營業績的實際或預期顯 著惡化;

導致債務人償還其債務責任的能 力大幅下降的債務人監管、經濟 或技術環境的實際或預期的重大 不利變化。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(i) Significant increase in credit risk (Continued)

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

(ii) Definition of default

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).

Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產(續)

金融資產減值(續)

(i) 信貸風險大幅增加(續)

不論上述評估的結果如何,本集 團認為,倘合同付款逾期超過30 天,則自初始確認以來信貸風險 已大幅增加,除非本集團有合理 且有理據的資料可予證明則作別 論。

本集團定期監控用以識別信貸風 險有否大幅增加的標準之有效 性,並修訂有關標準(如適用)以 確保其能夠在金額逾期前識別信 貸風險大幅增加。

(ii) 違約定義

就內部信貸風險管理而言,當內 部開發或自外部獲得之資料表明 債務人不太可能全額償付其債權 人(包括本集團)時,本集團認為 會發生違約事件(不計及本集團持 有之任何抵押品)。

不論上述情況如何,本集團認 為,當金融資產逾期超過90天 時,違約已經發生,除非本集團 具有合理且可證實的信息,用於 證明更寬鬆的違約標準更合適則 作別論。

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(iii) Credit-impaired financial assets

A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

• (a) significant financial difficulty of the issuer or the borrower;
• (b) a breach of contract, such as a default or past due event;
• (c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
• (d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
• (e) the disappearance of an active market for that financial asset because of financial difficulties.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產(續)

金融資產減值(續)

(iii) 信貸減值金融資產

倘發生一項或多項對金融資產估 計未來現金流量有不利影響的違 約事件,金融資產出現信貸減 值。金融資產信貸減值的證據包 括有關下列事件的可觀察數據:

• (a) 發行人或借款人出現嚴重 財務困難;
• (b) 違反合同,如違約或逾期 事件;
• (c) 借款人的放款人因與借款 人出現財務困難有關的經 濟或合同理由而給予借款 人在一般情況下放款人不 予考慮的優惠條件;
• (d) 借款人可能破產或進行其 他財務重組;或
• (e) 因出現財務困難而導致金 融資產在市場上交易不活 躍。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(iv) Write-off policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a de recognition event. Any subsequent recoveries are recognised in profit or loss.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forwardlooking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.

Where ECL is measured on a collective basis or cater for cases where evidence at the individual instrument level may not yet be available, the financial instruments are grouped on the following basis:

• 3. 編製基準及主要會計政策(續)
• 3.12 金融工具(續)
• 金融資產(續)

金融資產減值(續)

(iv) 撇銷政策

倘有資料顯示交易對方處於嚴重 財務困難時,且並無實際收回可 能(例如交易對方已被清盤或已進 入破產程序),以較早發生者為 準,本集團會撇銷金融資產。在 考慮法律意見(如適當)後,已撇 銷的金融資產仍可根據本集團的 收回程序實施強制執行。撇銷構 成取消確認事件。其後收回的任 何金融資產會於損益內確認。

(v) 預期信貸虧損之計量及確認

預期信貸虧損之計量為違約概 率、違約損失率(即倘發生違約的 損失程度)及違約風險之函數。違 約概率及違約損失率之評估乃基 於經前瞻性資料調整之歷史數據 作出。預期信貸虧損的估計乃無 偏概率加權平均金額,以各自發 生違約的風險為權重釐定。

一般而言,預期信貸虧損乃根據 合同應付本集團之所有合同現金 流量與本集團預期收取之現金流 量之間的差額,並按初始確認時 釐定之實際利率貼現。

倘預期信貸虧損以集體計量或針 對個別工具級別的證據可能尚不 可用的情況,則金融工具按以下 基礎分組:

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(v) Measurement and recognition of ECL (Continued)

Nature of financial instruments (i.e. the Group's trade and other receivables, finance lease receivables and amounts due from customers are each assessed as a separate group. Loans to related parties are assessed for expected credit losses on an individual basis);

Past-due status;

Nature, size and industry of debtors; and

External credit ratings where available.

Interest income 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 amortised cost of the financial asset.

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

The Group recognises an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade and other receivables and other financial assets measured at amortised cost, where the corresponding adjustment is recognised through a loss allowance account.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融資產(續)

金融資產減值(續)

(v) 預期信貸虧損之計量及確認(續)

金融工具(即本集團的貿易及其他 應收款項、融資租賃應收款項及 應收客戶款項均分別作獨立組評 估。自關聯方之貸款按個別基準 評估預期信貸虧損)之性質;

逾期狀態;

債務人的性質、規模和行業;及

外部信用評級(如可用)。

利息收入按金融資產的賬面總值 計算,除非該金融資產信貸減 值,於該情況下,利息收入按金 融資產的攤銷成本計算。

管理層定期檢討分組以確保各個 分組之組成部分繼續享有類似之 信貸風險特徵。

本集團透過調整賬面值於損益確 認所有金融工具的減值收益或虧 損,惟貿易及其他應收款項及其 他按攤銷成本計量之金融資產除 外,其相關調整乃透過虧損撥備 賬予以確認。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial liabilities and equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definition of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by group entities are recognised at the proceeds received, net of direct issue costs.

Financial liabilities at amortised cost

All financial liabilities including trade and other payables and amounts due to the Controlling Equity Holders are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate, a shorter period, to the net carrying amount on initial recognition.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, is recognised in profit or loss.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融負債及股本工具

債務及股本工具乃根據合同安排的實質 內容與金融負債及股本工具的定義分類 為金融負債或股本。

股本工具

股本工具乃指證明於一間實體扣減所有 負債後的資產中擁有剩餘權益的任何合 同。本集團發行的股本工具乃按收取的 所得款項(扣除直接發行成本)確認。

按攤銷成本計量之金融負債

所有金融負債(包括貿易及其他應付款 項及應付控股權益持有人之款項)其後 使用實際利息法按攤銷成本計量。

實際利息法乃計算金融負債的攤銷成本 以及分配相關期間利息開支的方法。實 際利率乃於初始確認時按金融負債的預 計年期或適用的較短期間內準確貼現估 計未來現金付款至賬面淨值的利率。

取消確認金融負債

本集團在且僅在其責任獲解除、取消或 屆滿時取消確認金融負債。已取消確認 金融負債的賬面值與已付及應付代價的 差額於損益內確認。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial liabilities and equity (Continued)

Convertible bonds contains liability and equity components

The component parts of the convertible bonds issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's own equity instruments is an equity instrument.

At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible instruments. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date.

The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised, in which case, the balance recognised in equity will be transferred to share premium. Where the conversion option remains unexercised at the maturity date of the convertible bonds, the balance recognised in equity will be transferred to retained profits. No gain or loss is recognised in profit or loss upon conversion or expiration of the conversion option.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融負債及股本工具(續)

可換股債券包含負債及權益成份

本公司發行之可換股債券之組成成份乃 根據合同安排的實質內容與金融負債及 股本工具的定義,個別分類為金融負債 及股本。將以固定金額現金或另一項金 融資產交換固定數目之本公司本身股本 工具方式結清之轉換選擇權屬股本工 具。

於發行日期,負債成份之公平價值按類 似非可換股工具之現行市場利率估算。 該金額按實際利率法以攤銷成本基準入 賬列作負債,直至於轉換時或該工具到 期日被取消為止。

分類為權益之轉換選擇權乃透過從整體 複合工具之公平價值中扣減負債成份金 額釐定。其將於扣除所得稅影響後在權 益中確認及記賬,且其後將不予重新計 量。此外,分類為權益之轉換選擇權將 一直保留於權益內,直至該轉換選擇權 獲行使為止,在此情況下,權益內確認 之結餘將轉入股份溢價。倘轉換選擇權 於可換股債券到期日仍未行使,則於權 益內確認之結餘將轉入保留溢利。轉換 選擇權於獲轉換或屆滿時將不會於損益 中確認任何收益或虧損。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.12 Financial instruments (Continued)

Financial liabilities and equity (Continued)

Convertible bonds contains liability and equity components (Continued)

Transaction costs that relate to the issue of the convertible bonds are allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are charged directly to equity. Transaction costs relating to the liability component are included in the carrying amount of the liability portion and amortised over the lives of the convertible bonds using the effective interest method.

When the Company extinguishes a convertible bonds before maturity through an early redemption or repurchase in which the original conversion privileges are unchanged, the Company allocates the consideration paid and any transaction costs for the repurchase or redemption to the liability and equity components of the instrument at the date of the transaction. The method used in allocating the consideration paid and transaction costs to the separate components is consistent with that used in the original allocation to the separate components of the proceeds received by the Company when the convertible instrument was issued. The gain or loss relating to the equity component is recognised in equity. The gain or loss relating to the liability component is recognised in profit or loss.

3.13 Inventories

Inventories are carried at the lower of cost and net realisable value. Costs of inventories are calculated using the first-in first-out. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

3. 編製基準及主要會計政策(續)

3.12 金融工具(續)

金融負債及股本工具(續)

可換股債券包含負債及權益成份(續)

與發行可換股債券有關之交易成本乃按 所得款項總額之分配比例分配至負債及 權益成份。與權益成份有關之交易成本 會直接自權益扣除。與負債成份有關之 交易成本則計入負債成份之賬面值,並 於可換股債券年期內使用實際利率法攤 銷。

當本公司於到期日前通過提早贖回或購 回之方式取消可換股債券,而原轉換權 並無改變,則本公司將已付代價及任何 購回或贖回之交易成本於交易日期分配 至該工具之負債及權益成份。分配已付 代價及交易成本至個別成份之所用方 法,與發行可換股工具當時原有分配本 公司所收款項至個別成份之方法一致。 與權益成份相關之收益或虧損於權益中 確認。與負債成份相關之收益或虧損於 損益中確認。

3.13 存貨

存貨乃按成本及可變現淨值兩者中之較 低值列值。存貨成本乃按先進先出法計 算。可變現淨值指存貨之估計售價減所 有完成所需估計成本及進行銷售所需成 本。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.14 Bank balances and cash

Bank balances and cash comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments 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.

3.15 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, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

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.

3. 編製基準及主要會計政策(續)

3.14 銀行結餘及現金

銀行結餘及現金包括銀行及手持現金、 銀行及其他金融機構之活期存款,以及 可隨時轉換為可知現金數額而無須承受 重大風險的價值改變,以及於購入起計 於三個月內到期的高度流通投資。

3.15 所得稅

本年度所得稅包括即期稅項及遞延稅項 資產及負債變動。即期稅項及遞延稅項 資產及負債變動於損益內確認,惟倘該 等項目與其他全面收入或直接於權益確 認之項目有關,則分別於其他全面收入 或直接於權益確認。

即期稅項為年度應課稅收入按報告期末 已制定或大致上制定的稅率釐定之預計 應付稅項,並已包括以往年度應付稅項 之任何調整。

遞延稅項資產及負債是因財務申報目的 及納稅基礎計算之資產及負債與其賬面 值之間之差異而分別產生之可扣減及應 課稅之暫時差額。遞延稅項資產也產生 自未動用稅項虧損及未動用稅項抵免。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.15 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 that 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 differences 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.

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.

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.

3. 編製基準及主要會計政策(續)

3.15 所得稅(續)

除了若干有限之例外情況外,所有遞延 稅項負債及未來可能有應課稅溢利予以 抵銷的遞延稅項資產均予確認。未來應 課稅溢利可支持由可扣減之暫時差額引 致遞延稅項資產之確認,包括現存之應 課稅暫時差額之撥回,但該等差異須屬 於同一稅務機關及應課稅實體,以及預 計在同期內該可扣減之暫時差額撥回或 在若干期限內由該遞延稅項資產產生之 稅項虧損可以收回或轉結。相同標準應 用在判斷現時可扣減暫時差額能否支持 由未動用稅項虧損或稅項抵免產生之遞 延稅項資產確認,即如果屬於同一稅務 機關及應課稅實體,以及預計在某期間 內因該稅項虧損或稅項抵免可使用而撥 回時,會計入該等差額。

在有限例外情況下,不確認遞延稅項資 產及負債之暫時差額包括不可扣稅之商 譽、初始時已確認不影響會計及應課稅 溢利之資產或負債(須不是商業合併之 一部分)、及有關投資附屬公司之暫時 差額,就應課稅差額而言,不超過本集 團可控制該差額撥回的時間而該差額在 可見將來不會撥回;而就可扣稅差額而 言,除非該差額在可見將來可以撥回。

確認遞延稅項金額乃根據該資產及負債 之賬面值之預期變現及結算方式,按於 各報告期末已制定或大致上制定的稅率 釐定。遞延稅項資產及負債不作折讓。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.15 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.

Additional income taxes that arise from the distribution of dividends are recognised when the liability to pay the related dividends is recognised.

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 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 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.

3. 編製基準及主要會計政策(續)

3.15 所得稅(續)

遞延稅項資產的賬面值將於各報告期末 審核,直至不再可能會有足夠應課稅溢 利以容許動用相關稅務利益,則會予以 扣減。如有足夠應課稅溢利,有關扣減 則予撥回。

由派發股息引起的額外所得稅在有關股 息的支付責任獲確立時確認。

即期稅項結餘與遞延稅項結餘以及其變 動會分開呈列而不會相互抵銷。倘本集 團擁有可依法強制執行權利將即期稅項 資產與即期稅項負債抵銷並符合以下附 加條件,則即期稅項資產與即期稅項負 債以及遞延項資產與遞延稅項負債相互 抵銷:

• 就即期稅項資產及負債而言,本 集團計劃支付淨額或同時間變現 資產及償還負債;或
• 有關遞延稅項資產及負債屬同一 稅務機關對以下機構徵收所得稅 而產生:
• 同一個應課稅實體;或
• 不同的應課稅實體,並預 計在未來期間會結算或收 回重大遞延稅項負債或資 產,該實體計劃以淨額形 式變現即期稅項資產及償 還即期稅項負債,或同時 間變現及償還。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.16 Provisions and contingent liabilities

i) Contingent liabilities assumed in business combinations

Contingent liabilities assumed in a business combination which are present obligations at the date of acquisition are initially recognised at fair value, provided the fair value can be reliably measured. After their initial recognition at fair value, such contingent liabilities are recognised at the higher of the amount initially recognised, less accumulated amortisation where appropriate. Contingent liabilities assumed in a business combination that cannot be reliably fair valued or were not present obligations at the date of acquisition.

ii) Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or amount when the Group 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 carried at the present value of the expenditure expected to settle the obligation.

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 an outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or nonoccurrence of one or more future events are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.

3. 編製基準及主要會計政策(續)

3.16 撥備及或然負債

i) 業務合併中假定之或然負債

業務合併中假定之或然負債乃屬 於收購當日之現有責任,初步須 按公平價值確認(倘公平價值可被 可靠計量)。初始確認公平價值 後,該或然負債乃按初始確認金 額減累計攤銷(如適用)兩者中的 較高者確認。業務合併中之假定 或然負債未能可靠計量,或在收 購當日而言並非現有責任。

ii) 撥備及或然負債

當本集團須就過往事件承擔法律 或推定責任,而履行有關責任會 導致經濟利益外流,並可作出可 靠之估計時,本集團或本公司便 會就時間或金額不定之負債計提 撥備。倘貨幣時間價值重大,則 按預計清償責任所須開支之現值 計提撥備。

倘經濟利益外流之可能性不大, 或無法就有關金額作出可靠之估 計,則該責任將予披露為或然負 債,惟經濟利益外流之可能性極 低則除外。倘本集團之可能責任 僅將視乎某宗或多宗未來事件是 否發生始能確定是否存在,亦會 披露為或然負債,惟經濟利益外 流之可能性極低則除外。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.17 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.
• b) An entity is related to the Group if any of the following conditions applies:
• 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).
• 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).
• iii) Both entities are joint ventures of the same third party.
• iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
• 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.
• vi) The entity is controlled or jointly controlled by a person identified in a).

3. 編製基準及主要會計政策(續)

3.17 關聯方

• a) 有關人士為一名人士或該人士之 關係密切家庭成員,而該人士:
• i) 控制本集團或共同控制本 集團;
• ii) 可對本集團發揮重大影響 力;或
• iii) 為本集團或其母公司的主 要管理人員。
• b) 倘任何下列情況適用,該實體即 被視為與本集團有關連:
• i) 該實體與本集團屬同一集 團的成員公司(即母公司、 附屬公司、同系附屬公司 各自互有關連)。
• ii) 一實體為另一實體(或另一 實體所屬集團旗下某成員 公司的聯營公司或合營公 司)的聯營或合營公司。
• iii) 該實體與本集團為同一第 三方的合營公司。
• iv) 一實體為一第三方的合營 公司,而另一實體為同一 第三方的聯營公司。
• v) 該實體為本集團或屬本集 團關聯方的實體的僱員離 職後福利計劃。
• vi) 該實體為a)所 述 人 士 控 制、或共同控制。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.17 Related parties (Continued)

• b) (Continued)
• 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).
• 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 parent of the Group.

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.

3.18 Revenue recognition

Revenue is recognised in profit or loss when the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when the customer obtains control of that asset. Revenue may be over time or at a particular point in time. Revenue is recognised over time when one of the following criteria is satisfied:

• (a) the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs;
• (b) the Group's performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
• (c) the Group's performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Revenue is recognised at a particular point in time (i.e. when the customer obtains control of the promised goods or service) when none of the abovementioned criteria are satisfied.

3. 編製基準及主要會計政策(續)

3.17 關聯方(續)

• b) (續)
• vii) 於a)i)所識別人士對實體有 重大影響或屬該實體(或該 實體母公司)主要管理人員 的其中一名成員。
• viii) 實體或其所屬集團的任何 成員公司向本集團或本集 團之母公司提供主要管理 人員服務。

有關人士之關係密切家庭成員是指預期 在彼等與有關實體往來時會影響上述個 人或受上述個人影響之該等家庭成員。

3.18 收入確認

當本集團通過將承諾之貨品或服務(即 資產)轉移給客戶來履行履約責任時, 於損益中確認收入。客戶獲得該資產控 制權時,將資產轉移。收入可隨時或於 某個時間點確認。當滿足以下標準之一 時,收入會隨時確認:

• (a) 客戶同時獲得及消費本集團履約 所提供的利益;
• (b) 本集團履約會創造或加強客戶隨 著創造或加強資產而控制的資 產;或
• (c) 本集團履約不會創造可由本集團 另作他用的資產,且本集團對迄 今完成的履約付款擁有可強制執 行的權利。

倘上述標準均不符合,則於特定時間點 (即於客戶獲得承諾貨品或服務的控制 權時)確認收入。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.18 Revenue recognition (Continued)

i) Sale of goods

Revenue (net of value added tax or other sales taxes) is recognised at a particular point in time when customers have control over the promised goods, which is generally the time when goods are delivered to customers and customers have accepted the goods.

ii) Rendering of services

Revenue is recognized when the services are rendered. Depending on the terms of the contract and the laws that apply to the contract, control of the service may be transferred over time or at a point in time.

For contracts where the period between the payment and the transfer of the promised services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15.

3.19 Government grants

Government grants are recognised when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable and are recognised as other income, rather than reducing the related expense.

3. 編製基準及主要會計政策(續)

3.18 收入確認(續)

i) 銷售貨品

收入(扣除增值稅或其他銷售稅) 於客戶獲得承諾貨品控制權時於 特定時間點確認,通常為貨品交 付客戶且客戶已接受貨物之時間。

ii) 提供服務

收入於提供服務時確認。根據合 同條款及適用法律的不同,服務 的控制權可能會在一段時間內或 在某個時間點上轉移。

對於付款與承諾服務轉讓之間的 期間為一年或更短的合約,採用 香港財務報告準則第15號的實際 權宜之計,交易價格不會就重大 融資部分的影響作出調整。

3.19 政府補助

當有合理保證會收到政府補助,且本集 團將遵守補助的附帶條件時,則確認該 等補助。

應收政府補助為補償已產生之開支或虧 損,或為向本集團提供即時財政支援而 不涉及未來相關成本之政府補助,均於 應收期間在損益內確認,並確認為其他 收入,而非減少相關開支。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.20 Employee benefits

i) Short term employee benefits and contributions to defined contribution retirement plans

Salaries, annual bonuses, paid annual leave, contributions to defined contribution 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 carried at their present values.

The Group operates a Mandatory Provident Fund 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. The MPF scheme is a defined contribution retirement plan administered by independent trustees. 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 (HK\$25,000 prior to June 2014). Contributions to the plan vest immediately.

3. 編製基準及主要會計政策(續)

3.20 僱員福利

i) 短期僱員福利及向定額供款退休 計劃作出之供款

薪金、年終花紅、有薪年假、對 定額供款計劃之供款及非金錢福 利費用於僱員提供相關服務的年 度計提。倘遞延付款或結算,且 影響重大,則按現值將該等款項 入賬。

本集團根據香港強制性公積金計 劃條例,為於香港僱傭條例項下 司法權區僱用的僱員提供強制性 公積金計劃(「強積金計劃」)。強 積金計劃為由獨立受託人管理的 界定供款退休計劃。根據強積金 計劃,僱主及其僱員各自須向計 劃供款,供款額為僱員有關收入 的5%,惟不得超過每月相關收入 30,000港 元(2014年6月前為 25,000港元)的上限。向計劃作 出的供款即時歸屬。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.20 Employee benefits (Continued)

i) Short term employee benefits and contributions to defined contribution retirement plans (Continued)

The employees of the Company's subsidiaries which operate in the People's Republic of China (the "PRC") are required to participate in a central pension scheme operated by the local municipal government. These subsidiaries are required to contribute a certain percentage of its payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payable in accordance with the rules of the central pension scheme.

ii) Share-based payments

The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in a capital reserve within equity. The fair value is measured at grant date by 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 share options, the total estimated fair value of the share options is spread over the vesting period, taking into account the probability that the options will vest.

During the vesting period, the number of share options expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognised in prior years is charged/credited to profit or loss for the year under review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to capital reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of share options that vest (with a corresponding adjustment to the capital 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 capital reserve until either the option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained profits).

3. 編製基準及主要會計政策(續)

3.20 僱員福利(續)

i) 短期僱員福利及向定額供款退休 計劃作出之供款(續)

本公司於中華人民共和國(「中 國」)營運之附屬公司所聘僱員須 參與由當地市政府運作之中央退 休金計劃。該等附屬公司須按薪 金成本之若干百分比作為中央退 休金計劃供款。供款於其根據中 央退休金計劃之規則應付時於損 益內列賬。

ii) 以股份為基礎之付款

授予僱員之購股權之公平價值乃 確認為僱員成本,並在股本權益 內之資本儲備作相應增加。公平 價值乃於授出日期計量,並經計 入授出購股權之條款及條件。當 僱員可無條件享有購股權前須符 合歸屬條件,購股權之估計公平 價值總額在歸屬期內攤分入賬, 並計及購股權歸屬之或然率。

預期歸屬之購股權數目乃於歸屬 期內作出檢討。除非原僱員支出 符合資產確認之要求,任何已在 過往年度確認之累積公平價值之 調整須在回顧年度之損益表內扣 除╱抵免,並於資本儲備作相應 調整。於歸屬日期,除非僅因未 能符合歸屬條件引致權利喪失與 本公司股份之市價有關,確認為 支出之金額按歸屬購股權之實際 數目作調整,並於資本儲備作相 應調整。股本權益金額於資本儲 備確認,直至購股權獲行使(轉撥 至股份溢價賬)或購股權屆滿(直 接於保留溢利中解除)。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.20 Employee benefits (Continued)

iii) Termination benefits

Termination benefits are recognised when, and only when, the Group demonstrably commits itself to terminate employment or to provide benefits as a result of voluntary redundancy by having a detailed formal plan which is without realistic possibility of withdrawal.

3.21 Foreign currencies translation

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. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rates of exchange ruling at the end of the reporting period. All differences are taken to profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

The functional currencies of certain subsidiaries are currencies other than the Hong Kong dollar. As at the end of the reporting period, the assets and liabilities of these entities are translated into the presentation currency of the Company at the exchange rates ruling at the end of the reporting period and their statements of profit or loss are translated into Hong Kong dollars at the weighted average exchange rates for the year. The resulting exchange differences are recognised in the other comprehensive income and accumulated in the exchange fluctuation reserve.

3. 編製基準及主要會計政策(續)

3.20 僱員福利(續)

iii) 離職福利

倘本集團明確就終止僱用作出承 擔或因在一項實際上不可能退出 之詳細正式計劃下僱員自願離職 而 提 供 利 益(及 僅 在 上 述 情 況 下),則離職褔利可確認入賬。

3.21 外幣換算

該等財務報表乃以港元列示,而港元乃 本公司之功能及呈報貨幣。本集團旗下 各實體決定本身之功能貨幣,而納入各 實體之財務報表之項目乃以該功能貨幣 計量。本集團內實體記錄之外幣交易初 步以交易日期各自適用之功能貨幣匯率 記錄。以外幣計值之貨幣資產及負債乃 按報告期末適用之功能貨幣匯率重新換 算。所有差額乃計入損益表。以歷史成 本及外幣計量之非貨幣項目乃以初步交 易日期適用之匯率換算。以公平價值及 外幣計量之非貨幣項目乃按公平價值釐 定當日適用之匯率換算。

若干附屬公司之功能貨幣乃為港元以外 之貨幣。於報告期末,該等實體之資產 及負債乃以本公司之呈報貨幣及按報告 期末適用之匯率換算,而該等實體之損 益表則按年內加權平均匯率換算為港 元。所得匯兌差額於其他全面收入確 認,並累積於匯兌波動儲備。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.22 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 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.

4. ACCOUNTING ESTIMATES AND JUDGEMENT

Key sources of estimation uncertainty

In the process of applying the Group's accounting policies, management has made certain key assumptions concerning the future, and other key sources of estimated uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, as discussed below.

(i) Property, plant and equipment and depreciation

The Group's management determines the estimated useful lives and related depreciation charges for its property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. It could change significantly as a result of technical innovations and competitor actions in response to severe industry cycles. Management will increase the depreciation charge where useful lives are less than previously estimated lives, or it will write-off or writedown technically obsolete or non-strategic assets that have been abandoned or sold.

3. 編製基準及主要會計政策(續)

3.22 分部報告

財務報表所報告之經營分部及個別分部 項目之款項乃於為分配資源於本集團不 同業務及地區以及評估該等業務及地區 之表現而定期向本集團最高級行政管理 層提供之財務資料中確認。

就財務報告而言,個別重大經營分部不 會合併,惟分部間有類似經濟特點及在 產品及服務性質、生產過程性質、客戶 種類或類別、用作分銷產品或提供服務 之方式以及監管環境性質方面相類似則 除外。倘並非個別重大之經營分部符合 大部分此等準則,則該等經營分部可能 會被合併。

4. 會計估計及判斷

估計不確定性之主要來源

於應用本集團會計政策的過程中,管理層就 未來及其他於報告期末之估計不確定性之主 要來源作出若干主要假設。有重大風險並導 致須於下一個財政年度對資產及負債賬面值 作重大調整之估計及假設論述如下。

(i) 物業、廠房及設備以及折舊

本集團管理層釐定物業、廠房及設備的 估計可使用年期以及相關折舊開支。該 估計乃根據性質及功能相近的物業、廠 房及設備實際使用年期的過往經驗而作 出,並會因技術發展及競爭對手因應激 烈的行業週期所作行動而出現重大變 動。倘可使用年期較之前的估計為短, 則管理層會調高折舊開支,或將已報廢 或出售的技術過時或非策略資產撇銷或 撇減。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. ACCOUNTING ESTIMATES AND JUDGEMENT (Continued)

Key sources of estimation uncertainty (Continued)

(ii) Impairment on finance lease receivables

The Group's finance lease receivables are assessed for impairment based on the expected credit loss model required by HKFRS 9, taking into account: (i) whether the finance lease receivables have been past due; and (ii) whether the repayments are in accordance with repayment schedules together with forward looking information and other assessment indications. Changing the assumptions selected by management to determine the level of impairment, could materially affect the amount of impairment.

(iii) Impairment on trade receivables, deposits and other receivables and loans receivable

The Group's trade receivables, deposits and other receivables and loans receivable are assessed for impairment based on the expected credit loss model required by HKFRS 9. The assessment made by management has taken into account relevant historical information adjusted for forward looking information available to management at the date of assessment (to the extent that such information is reasonable and supportable without undue cost or effort). Impairment losses are also recognised for the current year (please see Notes 22, 23 and 24). Management has exercised judgment in estimating the amount of expected credit loss. If the actual outcome is different from management's estimate, an additional impairment loss or reversal of impairment loss may arise.

(iv) Impairment on goodwill and intangible assets

Determining whether goodwill and intangible assets are impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the Directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate the present value.

4. 會計估計及判斷(續)

估計不確定性之主要來源(續)

(ii) 融資租賃應收款項減值

本集團的融資租賃應收款項乃根據香港 財務報告準則第9號所規定的預期信貸 虧損模型進行減值評估,當中經考慮: (i)融資租賃應收款項是否已逾期;及(ii) 是否按還款時間表還款連同前瞻性資料 及其他評估指標。更改管理層為釐定減 值級別所選取的假設可能大幅影響減值 金額。

(iii) 貿易應收款項、按金及其他應收款項 及按金及應收貸款之減值

本集團的貿易應收款項、按金及其他應 收款項及按金及應收貸款乃根據香港財 務報告準則第9號所規定的預期信貸虧 損模型進行減值評估。管理層作出之評 估已考慮就評估日期管理層可獲得的前 瞻性資料而調整的相關歷史資料(該等 資料乃合理及具支持性且無需花費不必 要的成本或精力)。本年度減值虧損亦 已獲確認(請參閱附註22及23及24)。 管理層已於估計預期信貸虧損金額時作 出判斷。倘實際結果與管理層之估計不 同,則會產生額外的減值虧損或撥回減 值虧損。

(iv) 商譽及無形資產減值

於確定商譽及無形資產是否出現減值 時,需要估計商譽獲分配的現金產生單 位的使用價值。計算使用價值時,董事 需要估計該現金產生單位預期將產生的 未來現金流量以及計算現值的合適貼現 率。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. ACCOUNTING ESTIMATES AND JUDGEMENT (Continued)

Key sources of estimation uncertainty (Continued)

(v) Income tax

The Group is subject to income taxes in several jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be charged. Where the final tax outcome of these matters is different from the amounts that are initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group's principal financial instruments comprise finance lease receivables, loans receivables, financial assets at FVOCI, financial assets at FVPL, trade receivables, deposits and other receivables, cash and short-term deposits, trade payables, other payables, convertible bonds, promissory notes and bank borrowings. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.

It is, and has been throughout the year under review, the Group's policy that no trading in financial instruments shall be undertaken.

The main risks arising from the Group's financial instruments are foreign currency risk, liquidity risk, interest rate risk and credit risk. The Board reviews and agrees policies for managing this risk and they are summarised below.

Foreign currency risk

Foreign currency risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group's exposure to foreign currency risk primarily arises from bank balances which are denominated in RMB and EUR. The Group currently does not have a foreign currency hedging policy but the management continuously monitors the foreign exchange exposure. In the opinion of the Directors of the Company, the Group's foreign exchange exposure is not significant.

4. 會計估計及判斷(續)

估計不確定性之主要來源(續)

(v) 所得稅

本集團須於多個司法權區繳納所得稅。 在釐定全球所得稅撥備時,本集團需作 出重大判斷。許多交易及計算所涉及之 最終稅務釐定皆無法於一般業務過程中 確定。本集團根據對是否須繳付額外稅 款的估計,就預期稅務審計項目確認負 債。如此等事件的最終稅務後果有別於 最初列賬金額,此等差額將影響作出此 等釐定期間的所得稅和遞延稅項撥備。

5. 財務風險管理目標及政策

本集團之主要金融工具包括融資租賃應收款 項、應收貸款、按公平價值計入其他全面收入 之金融資產、按公平價值計入損益之金融資 產、貿易應收款項、按金及其他應收款項、現 金及短期存款、貿易應付款項、其他應付款 項、可換股債券、承兌票據及銀行借款。該等 金融工具主要旨在為本集團之營運籌集資金。 本集團擁有多種其他金融資產及負債,如直 接由其營運產生之貿易應收款項及貿易應付 款項。

本集團之政策為於回顧年度全年不進行任何 金融工具交易。

本集團金融工具所產生之主要風險為外幣風 險、流動資金風險、利率風險及信貸風險。董 事會審閱及同意管理各類風險之政策,茲概 述如下。

外幣風險

外幣風險指金融工具的公平價值或未來現金 流量將會因為匯率變化而波動的風險。本集 團所面臨的外幣風險主要來自以人民幣及歐 元計值的銀行結餘。本集團現時並無外幣對 沖政策,但管理層持續監控外幣風險。本公司 董事認為,本集團的外幣風險不重大。

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Liquidity risk

The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of convertible bonds and promissory notes.

The table below summarises the maturity profile of the Group's financial liabilities based on contractual undiscounted payments.

As at 31 December 2020

5. 財務風險管理目標及政策(續)

流動資金風險

本集團之目的是要充分利用可換股債券及承 兌票據,在資金持續供應與靈活性之間維持 平衝。

下表概述根據合約非貼現付款分析之本集團 財務負債之到期情況。

於2020年12月31日

		Within one year or on demand 一年內或 按要求 HK\$'000 千港元	More than 1 year but less than 5 years 多於一年 但少於五年 HK\$'000 千港元	Total undiscounted cash flows 未貼現 現金流總額 HK\$'000 千港元	Carrying amount 賬面值 HK\$'000 千港元
Borrowings Trade payables Other payables and accruals Convertible bonds Lease liabilities	借款 貿易應付款項 其他應付款項及應計款項 可換股債券 租賃負債	851 40,864 42,801 — 3,407	— — — 108,874 —	851 40,864 42,801 108,874 3,407	851 40,864 42,801 73,872 3,354
		87,923	108,874	196,797	161,742

As at 31 December 2019

於2019年12月31日

		Within one year or on	More than 1 year but less	Total undiscounted	Carrying
		demand	than 5 years	cash flows	amount
		一年內或	多於一年	未貼現
		按要求	但少於五年	現金流總額	賬面值
		HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元
Borrowings	借款	4,884	—	4,884	4,884
Promissory note	承兌票據	8,160	—	8,160	8,005
Trade payables	貿易應付款項	60,183	—	60,183	60,183
Other payables and accruals	其他應付款項及應計款項	106,721	—	106,721	106,721
Convertible bonds	可換股債券	124,068	—	124,068	116,344
Lease liabilities	租賃負債	5,200	3,894	9,094	8,845
		309,216	3,894	313,110	304,982

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Interest rate risk

The Group does not have material exposure to interest rate risk, as the Group has no financial assets and liabilities of material amounts with floating interest rate.

Management will continue to review the market trend, as well as its business operation needs and its financial position in order to identify the most effective tools for the Group's interest rate risk management.

Credit risk

The Group's credit risk is primarily attributable to trade receivables, deposits and other receivables, loans receivable and finance lease receivables. Management has monitored the exposures on an ongoing basis.

For loans receivable, deposits and other receivables and finance lease receivables, the company uses three categories which reflect their credit risk and how the loss provision is determined for each of those categories. These internal credit risk ratings are aligned to external credit rating companies, such as Moody's.

The Group's current credit risk grading framework comprises the following categories:

5. 財務風險管理目標及政策(續)

利率風險

本集團並無涉及重大利率風險,因為本集團 並無以浮動利率計息之重大金融資產及負債。

管理層將繼續檢討市場趨勢以及其業務營運 需求與財務狀況,以物色對本集團利率風險 管理最有效之工具。

信貸風險

本集團之信貸風險主要來自貿易應收款項、 存款及其他應收款項、應收貸款及融資租賃 應收款項。管理層持續監察風險。

就應收貸款、按金及其他應收款項及融資租 賃應收款項而言,本公司使用三個類別反映 其信貸風險及如何就該三個類別釐定虧損撥 備。該等內部信貸風險評級與穆迪等外部信 貸評級公司一致。

本集團的現有信貸風險評級框架包括以下類 別:

Internal credit rating 內部信貸評級	Description 說明	Trade receivables 貿易應收款項	Other financial assets 其他金融資產
Low risk	The counterparty has a low risk of default and does not have any past-due amounts (refer to as Stage 1)	Lifetime ECL-not credit-impaired	12m ECL
低風險	交易對手方之違約風險較低,且並無任何逾期未還 款項(指第一階段)	全期預期信貸虧損 — 無信貸減值	十二個月預期信貸虧損
Watch list	Debtor frequently repays after due dates but usually settle in full after due date (refer to as Stage 1)	Lifetime ECL-not credit-impaired	12m ECL
觀察名單	經常於到期日後償還而通常於到期日後悉數結付的 債務(指第一階段)	全期預期信貸虧損 — 無信貸減值	十二個月預期信貸虧損
Doubtful	There have been significant increases in credit risk since initial recognition through information developed internally (refer to as Stage 2)	Lifetime ECL-not credit-impaired	Lifetime ECL-not credit-impaired
存疑	根據內部形成之資料或外部資源,信貸風險自初始 確認以來顯著增加(指第二階段)	全期預期信貸虧損 — 無信貸減值	全期預期信貸虧損 — 無信貸減值
Loss	There is evidence indicating the asset is credit-impaired (refer to as Stage 3)	Lifetime ECL-credit impaired	Lifetime ECL-credit impaired
虧損	有證據顯示資產出現信貸減值(指第三階段)	全期預期信貸虧損 — 無信貸減值	全期預期信貸虧損 — 無信貸減值
Write-off	There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery (refer to as Stage 3)	Amount is written off	Amount is written off
撇銷	有證據顯示債務人面對嚴重財政困難及本集團並無 實際可收回希望(指第三階段)	款項被撇銷	款項被撇銷

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Credit risk (Continued)

For the trade receivables arising from business other than dealing in securities, the Group carries out regular review on these balances and follow-up action on any overdue amounts to minimise exposures to credit risk. The Group measures the lifetime ECL based on the outstanding balances and historical credit loss experience adjusted to reflect the Group's view of current and forecast economic conditions that may affect the ability of the debtors to settle receivables. The total impairment allowance amounted to HK\$8,250,000 (2019: HK\$6,658,000) had been provided under ECL assessment by using simplified approach according to the ageing by due date disclose in note 22, of which HK\$1,592,000 (2019: HK\$4,496,000) was recognised in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2020. For trade receivable of approximately HK\$12,829,000 (2019: HK\$27,579,000) that are arising from the business of dealing securities, the credit risk is limited because the counterparties are clearing house and brokers with sound credit ratings. They have a low risk of default and there is no significant increase in credit risk since initial recognition. Accordingly, they are subject to lifetime ECL and the amount of ECL is insignificant.

5. 財務風險管理目標及政策(續)

信貸風險(續)

就證券買賣以外的業務產生的貿易應收款項 而言,本集團定期審視該等結餘,並就任何逾 期款項採取跟進行動,以盡量減少信貸風險。 本集團計量全期預期信貸虧損的依據,是未 償還結餘及過往信貸虧損經驗,並作出調整, 以反映本集團對可能影響債務人償還應收賬 款能力之現行及預測經濟狀況之看法。根據 附註22披露的到期日前的賬齡評估,已使用 簡化法就預期信貸虧損評估計提的減值撥備 總額達8,250,000港元(2019年:6,658,000港 元 ), 其 中 1,592,000 港 元( 2019 年 : 4,496,000港元)已於截至2020年12月31日止 年度的綜合損益及其他全面收入表中確認。 買賣證券業務產生約12,829,000港元(2019 年:27,579,000港元)的貿易應收款項,信貸 風險有限,原因是對手方為信貸評級穩定的 結算所及經紀商。彼等違約風險低,且初步確 認後信貸風險概無顯著上升。因此,彼等概無 全期預期信貸虧損,且預期信貸虧損金額並 不重大。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Credit risk (Continued)

The loss allowance as at 31 December 2020 and 2019 was determined for trade receivables as follows:

5. 財務風險管理目標及政策(續)

信貸風險(續)

於2020年及2019年12月31日的虧損撥備乃就 應收貿易款項釐定如下:

		Expected credit loss rate — weighted average (%) 預期信貸虧損 比率 — 加權 平均(%)	Gross carrying amount (after excluding credit impaired balance) 賬面總值 (經扣除信貸 減值結餘) HK\$'000 千港元	Loss allowance 虧損撥備 HK\$'000 千港元	Net amount 淨額 HK\$'000 千港元
	於2020年12月31日
At 31 December 2020 Not yet past due Overdue within 90 days Overdue over 91 days	尚未逾期 逾期不超過90日 逾期超過91日	1% 20% 94%	1,467 612 8,595	(12) (120) (8,118)	1,455 492 477
			10,674	(8,250)	2,424
		Expected credit loss rate — weighted average (%) 預期信貸虧損 比率 — 加權 平均(%)	Gross carrying amount (after excluding credit impaired balance) 賬面總值 (經扣除信貸 減值結餘) HK\$'000 千港元	Loss allowance 虧損撥備 HK\$'000 千港元	Net amount 淨額 HK\$'000 千港元
At 31 December 2019 Not yet past due Overdue within 90 days Overdue over 91 days	於2019年12月31日 尚未逾期 逾期不超過90日 逾期超過91日	1% 20% 94%	443 1,853 6,671	(5) (370) (6,283)	438 1,483 388
			8,967	(6,658)	2,309

For the deposits and other receivables, the ECL had been provided under combination of 12m ECL and lifetime ECL assessment. The total impairment allowance amounted to HK\$54,742,000 (2019: HK\$63,241,000) has been provided under ECL assessment.

For loans receivable, the ECL had been provided under 12m ECL assessment. The total impairment allowance amounted to HK\$240,000 (2019: Nil) has been provided under ECL assessment, of which HK\$240,000 (2019: Nil) was recognised in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2020.

就存款及其他應收賬款而言,已結合按12個 月預期信貸虧損及全期預期信貸虧損為預期 信貸虧損計提撥備。減值撥備總額為 54,742,000港 元(2019年:63,241,000港 元),已根據預期信貸減值評估計提撥備。

就應收貸款而言,已按12個月預期信貸虧損 預期信貸虧損計提撥備。減值撥備總額為 240,000港元(2019年:無),已根據預期信貸 減值評估計提撥備,其中240,000港元(2019 年:無)已於截至2020年12月31日止年度的綜 合損益及其他全面收入表中確認。

Notes to the Consolidated Financial Statements

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Credit risk (Continued)

In assessing the ECL of the Group's finance lease receivables, a credit rating analysis of the underlying debtors was adopted by reviewing the historical accounting information, credit assessment and including forward-looking information to estimate the default risk. In determining the default risk, factors including but not limited to, the past default history, the duration of the underlying finance lease, the existence and valuation of the collaterals, the possibility of adverse change in the debtor's business environment and the debtor's financial position, would be considered. The total impairment allowance amounted to HK\$168,518,000 (2019: HK\$77,458,000) has been provided under lifetime ECL assessment, of which HK\$78,049,000 (2019: HK\$77,458,000) was recognised in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2020.

The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the consolidated statement of financial position after deducting any impairment allowance. The Group does not provide any other guarantees which would exposure the Group to the credit risk.

Offsetting financial assets and financial liabilities

The disclosures set out in the tables below include financial assets and financial liabilities that:

• are offset in the Group's consolidated statement of financial position; or are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, irrespective of whether they are offset in the Group's consolidated statement of financial position.

Under the agreement of continuous net settlement made between the Group and Hong Kong Securities Clearing Company Limited ("HKSCC"), the Group has a legally enforceable right to set off the money obligation receivable and payable with HKSCC on the same settlement date and the Group intends to set off on a net basis.

In addition, the Group has a legally enforceable right to set off the trade receivables and payables with cash clients that are due to be settled on the same date and the Group intends to settle these balances on a net basis.

Except for balances which are due to be settled on the same date which are being offset, amounts due from/to HKSCC, brokers and cash clients that are not to be settled on the same date, deposit placed with brokers do not meet the criteria for offsetting in the consolidated statement of financial position since the right of set-off of the recognised amounts is only enforceable following an event of default.

5. 財務風險管理目標及政策(續)

信貸風險(續)

評估本集團融資租賃應收賬款的預期信貸虧 損時,對相關債務人的信用評級進行分析,通 過審查歷史會計信息、信用評估和包括前瞻 性信息來估計違約風險。在釐定違約風險時, 將考慮的因素包括但不限於過往違約記錄、 相關融資租賃的年期、是否有抵押品及其估 值、債務人的經營環境及債務人的財務狀況 出現不利變動的可能性。根據全期預期信貸 虧損評估,已計提減值撥備總額168,518,000 港 元(2019年:77,458,000港 元),其 中 78,049,000港元(2019年:77,458,000港元) 已於截至2020年12月31日止年度的綜合損益 及其他全面收入表中確認。

最高信貸風險指於綜合財務狀況報表內各金 融資產之賬面值(扣除任何減值撥備)。本集 團並無提供任何其他導致本集團須面對信貸 風險之擔保。

抵銷金融資產及金融負債

下表所載之披露包括以下類型的之金融資產 及金融負債:

• 於本集團的綜合財務狀況表抵銷;或受 可強制執行總淨額結算安排或涵蓋類似 金融工具的類似協議所規限,不論其是 否於本集團的綜合財務狀況表抵銷。

根據本集團與香港中央結算有限公司(「香港 結算」)作出之持續淨額結算協議,本集團擁 有合法可強制執行權利,以在相同結算日與 香港結算抵銷應收及應付貨幣責任,而本集 團有意按淨額基準抵銷。

此外,本集團擁有合法可強制執行權利,以在 同日與現金客戶抵銷將予結算的貿易應收款 項及應付款項,而本集團有意按淨額基準結 算該等結餘。

除於同日抵銷將予結算的結餘外,並非於同 日結算的應收╱應付香港結算、經紀及現金客 戶的款項、存放於經紀處的按金並不符合於 綜合財務狀況表抵銷的標準,由於抵銷已確 認金額的權利僅在出現違約事件後方可強制 執行。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements

5. 財務風險管理目標及政策(續)

受抵銷、可強制執行總淨額結算安排或類似 安排所規限的金融資產

			Gross amounts	Net amounts
			of recognised	of financial
			financial	assets
			liabilities offset	recognised
			in the	in the		Related amounts not set off in
			consolidated	consolidated		the consolidated statement of
		Gross amounts of	statement of	statement of	financial position
		recognised	financial	financial	Financial	Collateral	Net
Type of financial assets	金融資產類型	financial assets	position	position	instruments	received	amount
			於綜合財務		並非於綜合財務狀況表
			狀況表抵銷的	於綜合財務	抵銷的相關金額
		已確認	已確認	狀況表確認的
		金融資產總額	金融負債總額	金融資產淨額	金融工具	已收抵押品	淨額
		HK\$'000	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	千港元
At 31 December 2020	於2020年12月31日
Trade receivables from the business of	證券買賣業務的貿易
dealing in securities	應收款項	232,411	(219,582)	12,829	(480)	—	12,349
At 31 December 2019	於2019年12月31日
Trade receivables from the business of	證券買賣業務的貿易
dealing in securities	應收款項	28,179	(600)	27,579	—	—	27,579
			Gross amounts	Net amounts
			of recognised	of financial
			financial	liabilities
			liabilities offset	recognised
			in the	in the	Related amounts not set off in
			consolidated	consolidated		the consolidated statement of
		Gross amounts	statement of	statement of	financial position
		of recognised	financial	financial	Financial	Collateral	Net
Type of financial liabilities	金融負債類型	financial liabilities	position	position	instruments	received	amount
			於綜合財務
			狀況表抵銷的	於綜合財務	並非於綜合財務狀況表
		已確認	已確認	狀況表確認的	抵銷的相關金額
		金融負債總額	金融負債總額	金融負債淨額	金融工具	已收抵押品	淨額
		HK\$'000	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	千港元
At 31 December 2020 Trade payables from the business of	於2020年12月31日 證券買賣業務的貿易
dealing in securities	應付款項	258,877	(219,582)	39,295	(480)	—	38,815
At 31 December 2019	於2019年12月31日
Trade payables from the business of	證券買賣業務的貿易
	應付款項	59,265	(600)	58,665	—	—	58,665
dealing in securities

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Fair value estimation

The fair values of current financial assets and liabilities are not materially different from their carrying amounts because of the immediate or short-term maturity.

The Group's financial instruments carried at fair value represent the Group's other financial assets. The following provides on analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to 3 based on the degree which the fair value is observable.

• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active market for identical assets or liabilities.
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The fair values of the Group's financial assets are determined as follows:

The fair value of listed equity securities as at 31 December 2020 is determined by reference to its quoted market price at the reporting date in active markets.

The fair value of unlisted investments and unlisted equity securities as at 31 December 2020 are determined by reference to a valuation report issued by independent qualified valuer.

5. 財務風險管理目標及政策(續)

公平價值估計

由於屬即時或於短期內到期,故流動金融資 產及負債的公平價值與其賬面值並無重大差 異。

本集團按公平價值列賬之金融工具指本集團 之其他金融資產。下文提供於初步確認後按 公平價值計量,且按照公平價值可觀察得出 之程度歸類為第一至三個層級之金融工具分 析。

• 第一層公平價值計量由相同資產或負債 在活躍市場的報價(未經調整)得出。
• 第二層公平價值計量由第一層所載報價 以外的可觀察資產或負債輸入數據直接 (即價格)或間接(即源自價格)得出。
• 第三層公平價值計量由包括並非以可觀 察市場數據(不可觀察輸入數據)為基礎 的資產或負債輸入數據的估值方法得 出。

本集團按以下方式釐定金融資產:

上市股本證券於2020年12月31日的公平價值 乃參考其於報告日期在活躍市場的市場報價 而釐定。

非上市投資及非上市股本證券於2020年12月 31日的公平價值乃參考獨立合資格估值師出 具的估值報告而釐定。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. 財務風險管理目標及政策(續) 5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Fair value estimation (Continued)

The financial assets measured at fair value in the consolidated statement of financial position are group into the fair value hierarchy as follows:

公平價值估計(續)

於綜合財務狀況表內以公平價值計量的金融 資產按公平價值層級分類如下:

At 31 December 2020	於2020年12月31日	Level 1 第一層 HK\$'000 千港元	Level 2 第二層 HK\$'000 千港元	Level 3 第三層 HK\$'000 千港元	Total 總計 HK\$'000 千港元
Assets Financial assets at FVPL	資產 按公平價值計入損益之 金融資產
— Listed equity securities	— 上市股權證券	1,010	—	—	1,010
— Unlisted investments	— 非上市投資	—	—	487	487
Financial assets at FVOCI	按公平價值計入其他全 面收入之金融資產
— Unlisted equity securities	— 非上市股權證券	—	—	2,730	2,730
		1,010	—	3,217	4,227
At 31 December 2019	於2019年12月31日	Level 1	Level 2	Level 3	Total
		第一層	第二層	第三層	總計
		HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元
Assets	資產
Financial assets at FVOCI	按公平價值計入其他全 面收入之金融資產
— Unlisted equity securities	— 非上市股權證券	—	—	2,032	2,032

The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared to the previous reporting periods. There were no significant transfers of financial assets and liabilities between Level 1, Level 2 and Level 3 fair value hierarchy classifications.

用以計量公平價值的方法及估值技術與以往 報告期相比概無變化。金融資產及負債在公 平價值層級分類下的第一層、第二層及第三 層之間概無重大轉移。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Fair value estimation (Continued)

The fair value of unlisted investments is a Level 3 recurring fair value measurement. A reconciliation of the opening and closing fair value balances are provided as below:

5. 財務風險管理目標及政策(續)

公平價值估計(續)

非上市投資的公平價值屬第三層經常性公平 價值計量。期初及期末公平價值餘額對賬如 下:

2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Opening balance (Level 3 recurring 期初餘額(第三層經常性
— 公平價值) fair value)	—
Acquisition 收購 1,170	—
年內公平價值變動 Fair value change during the year (683)	—
Closing balance (Level 3 recurring fair value) 期末餘額(第三層經常性
公平價值) 487	—

One of the key significant unobservable inputs to determine the fair value of unlisted investments is discount rate. A higher discount rate would result in a decrease in the fair value of unlisted investments, and vice versa.

The fair value of unlisted equity securities is a Level 3 recurring fair value measurement. A reconciliation of the opening and closing fair value balances are provided as below:

釐定非上市投資的公平價值的重要不可觀察 輸入數據之一是貼現率。較高的貼現率將導 致非上市投資的公平價值下降,反之亦然。

非上市股權證券的公平價值屬第三層經常性 公平價值計量。期初及期末公平價值餘額對 賬如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Opening balance (Level 3 recurring fair	期初餘額(第三層經常性
value)	公平價值)	2,032	—
Acquisition	收購	—	2,000
Fair value change during the year	年內公平價值變動	698	32
Closing balance (Level 3 recurring fair value)	期末餘額(第三層經常性
	公平價值)	2,730	2,032

One of the key significant unobservable inputs to determine the fair value of unlisted equity securities is discount rate. A lower discount late would result in an increase in the fair value of unlisted equity securities, and vice versa.

釐定非上市股權證券的公平價值的重要不可 觀察輸入數據之一是貼現率。較低的貼現率 將導致非上市證券的公平價值上升,反之亦 然。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. 財務風險管理目標及政策(續) 5. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

Capital risk management

The Group's objective of managing capital is to safeguard the Group's ability to continue as a going concern in order to provide returns and benefits for members and to maintain an optimal capital structure to reduce cost of capital.

The capital structure of the Group consists of net debts, which includes borrowings, convertible bonds, promissory note, bank balances and cash and total equity as disclosed in the consolidated statement of changes in equity.

The Group's management reviews the capital structure on a semi-annual basis. As part of this review, the management considers the cost of capital and the risks associated with each class of capital. Based on recommendations of the management, the Group will balance its overall capital structure through new share issues as well as the issue of new debts or redemption of existing debts.

The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their corresponding fair values.

The gearing ratio at the end of reporting periods was as follows:

資本風險管理

本集團管理資本的目的是維護本集團的持續 經營能力,以便為股東提供回報及利益,並維 持最佳的資本結構,以降低資本成本。

本集團的資本結構包括債務淨額,其包括綜 合權益變動表中披露的借款、可換股債券、承 兌票據、銀行結餘及現金和權益總額。

本集團的管理層每半年審核一次資本結構。 作為此審查的一部分,管理層將考慮資本成 本及與各資本類別相關的風險。根據管理層 的建議,本集團將通過發行新股、發行新債或 贖回現有債務,以平衡其整體資本結構。

董事認為,在綜合財務報表中以攤銷成本入 賬的金融資產及金融負債的賬面值與其相應 公平價值相若。

報告期末的資產負債比率如下:

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Borrowings	借款	851	4,884
Convertible bonds	可換股債券	73,872	116,344
Promissory note	承兌票據	—	8,005
Total borrowings	借款總額	74,723	129,233
Total assets	總資產	108,198	197,087
Gearing ratio	資產負債比率	0.69	0.66

Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.

本公司及任何其附屬公司不受外部附加資本 規定之規限。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. REVENUE AND SEGMENT REPORTING

6. 收入及分部報告

• 6.1 Revenue represents income from financial services operations, income from corporate consulting operations and the amounts received and receivable for goods sold to outside customers, net of returns and discounts during the year.
• 6.1 收入指年內就金融服務業務所得收入、 企業諮詢業務所得收入及售予外部客戶 貨品的已收及應收款項,已扣除退貨及 折讓。

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Financial services business Corporate consulting business Trading business	金融服務業務 企業諮詢業務 貿易業務	21,782 7,748 10,331	11,817 8,912 461,976
		39,861	482,705

6.2 Segment reporting

(a) Reportable segments

The Group determines its operating segments based on the reports reviewed by the chief operating decision-maker that are used to make strategic decisions. The chief operating decisionmaker has been identified as the Company's Executive Directors.

The Group currently has four reportable segments. The segments are managed separately as each business offers different products and services and requires different business strategies as follows:

There were no inter-segment transactions between different operating segments for the year (2019: Nil). Central revenue and expenses are not allocated to the operating segments as they are not included in the measure of the segments' results that is used by the chief operating decision-maker for assessment of segment performance.

(a) The financial services business includes the securities brokerage business, provision of corporate finance advisory services, asset management business, money lending business and financial leasing business;

6.2 分部報告

(a) 可呈報分部

本集團根據首席經營決策者所審 閱用以製定策略決策的報告釐定 其經營分部。首席經營決策者已 被確定為本公司的執行董事。

本集團目前有四個可呈報分部。 分部乃分別管理,因為各項業務 提供不同的產品及服務,並需不 同的業務策略,如下所示:

年內,不同經營分部之間並無分 部間交易(2019年:無)。中央收 入及開支未包括於主要經營決策 者用以評估分部績效的分部業績 計量之內,故未分配到經營分部。

(a) 包括證券經紀業務、提供 企業融資諮詢服務、資產 管理業務、放債業務及融 資租賃業務之金融服務業 務分部;

For the year ended 31 December 2020 截至2020年12月31日止年度

6. 收入及分部報告(續) 6. REVENUE AND SEGMENT REPORTING (Continued)

6.2 Segment reporting (Continued)

(a) Reportable segments (Continued)

• (b) The corporate consulting business segment is engaged in the provision of company secretarial services, accounting and financial reporting services and management consulting services;
• (c) The trading business segment is engaged in the trading of goods, components and accessories; and
• (d) The information technology business segment is engaged in distributorship of information technology products and the provision of relevant technical support services.

(b) Segment revenue and results

The following is an analysis of the Group's revenue and results by reportable segments.

For the year ended 31 December 2020

• 6.2 分部報告(續)
• (a) 可呈報分部(續)
• (b) 從事提供公司秘書服務、 會計及財務申報服務以及 管理諮詢服務之企業諮詢 業務分部;
• (c) 買賣貨品、零件及配件之 貿易業務分部;及
• (d) 從事分銷資訊科技產品及 提供相關技術支援服務之 資訊科技業務分部。

(b) 分部收入及業績

以下是按可呈報分部對本集團的 收入及業績的分析。

截至2020年12月31日止年度

HK\$'000	千港元	Financial services business 金融 服務業務	Corporate consulting business 企業 諮詢業務	Trading business 貿易業務	Information technology business 資訊 科技業務	Total 合計
Segment revenue	分部收入	21,782	7,748	10,331	—	39,861
Segment profit/(loss)	分部溢利╱(虧損)	4,538	1,159	(664)	(16)	5,017
Finance costs Gain on deregistration of	融資成本 附屬公司註銷登記之收益					(13,059)
subsidiaries						1,057
Reversal of impairment loss on deposits and other receivables	按金及其他應收款項 撥回減值虧損					8,509
Impairment loss on finance lease receivables	融資租賃應收款項減值虧損					(78,049)
Unallocated corporate expenses (Note)	未分配企業開支(附註)					(20,786)
Loss before income tax	除所得稅前虧損					(97,311)

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. REVENUE AND SEGMENT REPORTING (Continued)

6. 收入及分部報告(續)

• 6.2 Segment reporting (Continued)
• (b) Segment revenue and results (Continued)

For the year ended 31 December 2019

(b) 分部收入及業績(續) 截至2019年12月31日止年度

HK\$'000	千港元	Financial services business 金融 服務業務	Corporate consulting business 企業 諮詢業務	Trading business 貿易業務	Information technology business 資訊 科技業務	Total 合計
Segment revenue	分部收入	11,817	8,912	461,976	—	482,705
Segment (loss)/profit	分部(虧損)╱溢利	(11,158)	2,583	(2,866)	(743)	(12,184)
Finance costs Gain on disposal of subsidiaries Gain on deregistration of	融資成本 出售附屬公司之收益 附屬公司註銷登記之收益					(12,659) 533
subsidiaries Impairment loss on finance lease	融資租賃應收款項減值虧損					1,204
receivables	未分配企業開支(附註)					(77,458)
Unallocated corporate expenses (Note)						(13,328)
Loss before income tax	除所得稅前虧損					(113,892)

Note: Unallocated corporate expenses mainly included staff salaries, directors' remuneration and office rental expenses for the years ended 31 December 2020 and 2019.

附註: 未分配企業開支主要包括截至 2020年及2019年12月31日止 年度的員工薪金、董事酬金及 辦公室租金開支。

6.2 分部報告(續)

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6.			REVENUE AND SEGMENT REPORTING (Continued)		6.		收入及分部報告(續)
	6.2		Segment reporting (Continued)		6.2		分部報告(續)
		(c)	Segment assets and liabilities			(c)	分部資產及負債
			The following is an analysis of the Group's assets and liabilities by reportable segments:				以下是按可呈報分部對本集團資 產及負債的分析:
							2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
			Segment assets	分部資產
			Financial services business Corporate consulting business Trading business	金融服務業務 企業諮詢業務 貿易業務			69,705 11,710 6,400	159,790 11,633 12,163
			Total segment assets	分部資產總值			87,815	183,586
			Unallocated bank balances and cash Unallocated corporate assets	未分配銀行結餘及現金 未分配企業資產			11,309 9,074	119 13,382
			Consolidated total assets	綜合資產總值			108,198	197,087
			Segment liabilities	分部負債
			Financial services business Corporate consulting business Trading business Information technology business	金融服務業務 企業諮詢業務 貿易業務 資訊科技業務			44,034 973 3,415 19	65,901 3,442 8,398 765
			Total segment liabilities	分部負債總值			48,441	78,506
			Convertible bonds Promissory notes Unallocated corporate liabilities	可換股債券 承兌票據 未分配企業負債			73,872 — 40,586	116,344 8,005 103,596
			Consolidated total liabilities	綜合負債總額			162,899	306,451

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. REVENUE AND SEGMENT REPORTING (Continued)

• 6.2 Segment reporting (Continued)
• (d) Other segment information

For the year ended 31 December 2020

收入及分部報告(續) 6.
------------------	--

• 6.2 分部報告(續)
• (d) 其他分部資料

截至2020年12月31日止年度

		Financial services business 金融服務業務 HK\$'000 千港元	Corporate consulting business 企業諮詢業務 HK\$'000 千港元	Trading business 貿易業務 HK\$'000 千港元	Information technology business 資訊科技業務 HK\$'000 千港元	Unallocated 未分配 HK\$'000 千港元	Total 總計 HK\$'000 千港元
Amounts included in the measure of segment profit or loss or segment	計入分部溢利或虧損或 分部資產計量之 金額:
assets:
Additions to non-current assets (other than financial assets)	添置非流動資產 (金融資產除外)	—	—	—	—	65	65
Depreciation of property, plant and equipment	物業、廠房及設備折舊	(78)	(3)	—	—	(839)	(920)
Depreciation of right-of-use	使用權資產折舊				—
assets		(914)	(1,479)	(522)		(1,952)	(4,867)
Amortisation of intangible assets	無形資產攤銷	—	(228)	—	—	—	(228)
(Impairment loss)/reversal of impairment loss on trade	貿易應收款項(減值 虧損)╱撥回減值
receivables	虧損	(1,000)	(824)	232	—	—	(1,592)
Impairment loss on loans receivable	應收貸款減值虧損	(240)	—	—	—	—	(240)
Impairment loss on intangible assets	無形資產減值虧損	(1,600)	—	—	—	—	(1,600)
Amounts regularly provided	定期提供予主要經營
to the chief operating	決策者但不計入
decision-maker but not	分部損益計量的
included in the measure	金額:
of segment profit or loss:
Reversal of impairment loss/	按金及其他應收款項
(impairment loss) on	撥回減值虧損╱
deposits and other receivables	(減值虧損)	14	(1)	(207)	—	8,703	8,509
Impairment loss on finance	融資租賃應收款項減值
lease receivables	虧損	(78,049)	—	—	—	—	(78,049)
Gain on deregistration of	附屬公司註銷登記之
subsidiaries	收益	993	—	64	—	—	1,057

For the year ended 31 December 2020 截至2020年12月31日止年度

6. REVENUE AND SEGMENT REPORTING (Continued)

6.2 Segment reporting (Continued)

(d) Other segment information (Continued)

For the year ended 31 December 2019

6. 收入及分部報告(續)

6.2 分部報告(續)

(d) 其他分部資料(續)

截至2019年12月31日止年度

			Corporate		Information
		Financial services	consulting		technology
		business	business	Trading business	business	Unallocated	Total
		金融服務業務	企業諮詢業務	貿易業務	資訊科技業務	未分配	總計
		HK\$'000	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	千港元
Amounts included in the	計入分部溢利或虧損或
measure of segment	分部資產計量之
profit or loss or segment	金額:
assets:
Additions to non-current assets	添置非流動資產
(other than financial assets)	(金融資產除外)	—	20	—	—	354	374
Depreciation of property, plant	物業、廠房及設備折舊
and equipment		(354)	(17)	—	—	(780)	(1,151)
Depreciation of right-of-use	使用權資產折舊
assets		(1,329)	(1,232)	(593)	—	(1,790)	(4,944)
Amortisation of intangible	無形資產攤銷
assets		—	(190)	—	—	—	(190)
Impairment loss on trade	貿易應收款項減值虧損
receivables		(1)	(2,036)	(2,459)	—	—	(4,496)
Impairment loss on	預付款項、按金及其他
prepayments, deposits and	應收款項減值虧損
other receivables		(648)	—	(69)	(697)	(591)	(2,005)
Impairment loss on intangible	無形資產減值虧損
assets		(1,205)	—	—	—	—	(1,205)
Amounts regularly provided	定期提供予主要經營
to the chief operating	決策者但不計入
decision-maker but not	分部損益計量的
included in the measure	金額:
of segment profit or loss:
Impairment loss on finance	融資租賃應收款項減值
lease receivables	虧損	(77,458)	—	—	—	—	(77,458)
Gain on disposal of subsidiaries	出售附屬公司之收益	—	—	—	360	173	533
(Loss)/gain on deregistration of	附屬公司註銷登記之
subsidiaries	(虧損)╱收益	—	(6)	—	(1,397)	2,607	1,204

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. REVENUE AND SEGMENT REPORTING (Continued)

6.2 Segment reporting (Continued)

(e) Geographical information

The Group's operations are mainly located in Hong Kong (Place of domicile) and the PRC.

The Group's revenue from external customers and information about its non-current assets (other than financial assets) by geographical markets are detailed as below:

6. 收入及分部報告(續)

6.2 分部報告(續)

(e) 區域資料

本集團的業務主要位於香港(所在 地)及中國。

以下是按地區市場劃分本集團來 自外部客戶的收入及有關其非流 動資產(金融資產除外)的詳情:

			Revenue from external customers 來自外部客戶之收入	Non-current assets 非流動資產
		2020	2019	2020	2019
		2020年	2019年	2020年	2019年
		HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元
Hong Kong	香港	39,861	473,654	13,982	21,667
PRC	中國	—	9,051	—	360
		39,861	482,705	13,982	22,027

The geographical location of customers is based on the location at which the goods and services are delivered. For goodwill and intangible assets, the geographical location is based on the areas of operation. The geographical location of other noncurrent assets is based on the physical location of the assets.

(f) Major customers

Revenue from a customer contributing over 10% of the total turnover of the Group is as follow:

客戶之地理位置乃按交付貨品及 服務所在位置而定。商譽及無形 資產之地理位置乃按營運地區而 定。其他非流動資產之地理位置 乃按資產之實際位置而定。

(f) 主要客戶

佔本集團總營業額超過10%的客 戶收入如下:

		Year ended 31 December 截至12月31日止年度
	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Customer A — financial services 客戶A — 金融服務業務 business Customer B — trading business 客戶B — 貿易業務	7,036 N/A 不適用	N/A 不適用 405,545

For the year ended 31 December 2020 截至2020年12月31日止年度

7. OTHER INCOME AND GAINS OR (LOSSES)

7. 其他收入及收益或(虧損)

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Bank interest income	銀行利息收入	15	59
Other operating income	其他經營收入	870	1,008
Changes in fair value of financial assets at	以公平價值計入損益之金融
fair value through profit or loss	資產公平價值變動	(655)	(233)
Gain on modification of terms of convertible bonds	修訂可換股債券之條款收益	2,502	—
Derecognition of other payable and	取消確認其他應收款項及
promissory note	承兌票據	(1,702)	—
Loss on redemption of convertible bonds	贖回可換股債券虧損	(2,444)	—
Written off of other receivables	撇銷其他應收款項	(4,400)	—
Gain on disposal of property, plant and	出售物業、廠房及設備收益
equipment		56	—
Written off of property, plant and	物業、廠房及設備撇銷
equipment		(252)	—
Government grants (Note)	政府補助(附註)	2,175	—
Sundry income	雜項收入	865	1,662
		(2,970)	2,496

Note: Government grants represented the subsidies received from the local government in support of the business operation. There were no unfulfilled conditions or contingencies relating to these subsidies.

附註: 政府補助指地方政府為支持企業經營而提供 的補貼。該等補助並無尚未達成的條件或或 然項目。

8. FINANCE COSTS

8. 融資成本

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Imputed interest on convertible bonds (Note) Imputed interest on promissory note Coupon interest on promissory note Interest on bank borrowings Interest on bank overdrafts Interest on other payables Interest on lease liabilities	可換股債券之估算利息(附註) 承兌票據之估算利息 承兌票據之息票 銀行借款利息 銀行透支利息 其他應付款項利息 租賃負債利息	12,136 128 27 90 59 678 197	10,693 600 133 2,725 — 933 581
Less: Interest on bank borrowings included in cost of sales for financial services business	減:計入金融服務業務銷售成本 之銀行借款利息	13,315 —	15,665 (2,373)
		13,315	13,292

Note: It represents the imputed interest on the liability component of the convertible bonds for both years.

附註: 指各年度可換股債券負債部分之估算利息。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

9. LOSS BEFORE INCOME TAX

9. 除所得稅前虧損

Loss before income tax is arrived at after charging/(crediting):

除所得稅前虧損經扣除╱(計入)下列項目後 達致:

				2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
(a)	Staff costs (including directors' emoluments): Salaries, wages and other benefits Pension scheme contributions Share-based payment expense	(a)	員工成本(包括董事酬金): 薪金、工資及其他福利 退休金計劃供款 以股份為基礎的付款開支	17,718 611 102	15,144 754 —
				18,431	15,898
(b)	Other items: Auditors' remuneration Depreciation expenses in respect of: Property, plant and equipment Right-of-use assets Amortisation of intangible assets Impairment loss on intangible assets Impairment loss on trade receivables (Reversal of impairment loss)/impairment loss on deposits and other receivables Impairment loss on loans receivable Impairment loss on finance lease receivables	(b)	其他項目: 核數師酬金 以下的折舊開支: 物業、廠房及設備 使用權資產 無形資產攤銷 無形資產減值虧損 貿易應收款項減值虧損 按金及其他應收款項(撥回 減值虧損)╱減值虧損 應收貸款減值虧損 融資租賃應收款項減值虧損	920 920 4,867 228 1,600 1,592 (8,509) 240 78,049	920 1,151 4,944 190 1,205 4,496 2,005 — 77,458

10. DIRECTORS' EMOLUMENTS

10. 董事酬金

The remuneration of Directors during the years were as follow:

年內董事酬金如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Executive Directors: Fees Other emoluments: Salaries, housing allowances, other	執行董事: 袍金 其他酬金: 薪金、房屋津貼、其他津貼	—	—
allowances and benefits in kind Pension scheme contributions	及實物利益 退休金計劃供款	1,283 31	1,475 31
		1,314	1,506
Independent non-executive Directors: Fees	獨立非執行董事: 袍金	360	354
		1,674	1,860

年內已付獨立非執行董事之袍金如下:

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

10. DIRECTORS' EMOLUMENTS (Continued)

10. 董事酬金(續)

(a) 獨立非執行董事

(a) Independent non-executive Directors

The fees paid to independent non-executive Directors during the year were as follows:

			Fees 袍金 HK\$'000 千港元	Equity-settled share option expenses 以股權結算的 購股權開支 HK\$'000 千港元	Total emoluments 酬金總額 HK\$'000 千港元
2020:	Yeung Mo Sheung, Ann Ng Ka Sim, Casina Wong Wing Kit	2020年: 楊慕嫦 吳嘉善 黃永傑	120 120 120	— — —	120 120 120
			360	—	360
2019:	Yeung Mo Sheung, Ann Ng Kay Kwok (Note 1) Au-Yeung Sei Kwok (Note 2) Ng Ka Sim, Casina (Note 3) Wong Wing Kit (Note 4)	2019年: 楊慕嫦 吳祺國(附註1) 歐陽士國(附註2) 吳嘉善(附註3) 黃永傑(附註4)	120 30 100 78 26 354	— — — — — —	120 30 100 78 26 354
Notes:				附註:
1.	Mr. Ng Kay Kwok resigned as an independent non executive Director ("INED") with effect from 1 April 2019.			1. 1日起生效。	吳祺國先生已辭任獨立非執行董事 (「獨立非執行董事」),自2019年4月
2.	from 1 November 2019.	Mr. Au-Yeung Sei Kwok resigned as an INED with effect		2. 事,自2019年11月1日起生效。	歐陽士國先生已辭任獨立非執行董
3.	from 7 May 2019.	Ms. Ng Ka Sim, Casina appointed as an INED with effect		3. 事,自2019年5月7日起生效。	吳嘉善女士獲委任為獨立非執行董
4.	14 October 2019.	Mr. Wong Wing Kit appointed as an INED with effect from		4. 事,自2019年10月14日起生效。	黃永傑先生獲委任為獨立非執行董

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

10. DIRECTORS' EMOLUMENTS (Continued)

10. 董事酬金(續)

(b) 執行董事

(b) Executive Directors

		Fees	Salaries, housing allowances, other allowances and benefits in kind 薪金、房屋 津貼、其他津貼	Pension scheme contributions 退休金	Equity settled share option expenses 以股權結算 的購股權	Total emoluments
		袍金	及實物利益	計劃供款	開支	酬金總額
		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
2020: Wong Hin Shek (Note 1) Cheung Wai Yin, Wilson	2020年: 王顯碩(附註1) 張偉賢	— —	650 200	6 10	— —	656 210
Tsang Kwai Ping	曾桂萍	—	433	15	—	448
		—	1,283	31	—	1,314
2019:	2019年:
Cheung Wai Yin, Wilson	張偉賢	—	1,080	13	—	1,093
Tsang Kwai Ping (Note 2) Lau Chi Yan, Pierre	曾桂萍(附註2) 劉智仁(附註3)	—	195	10	—	205
(Note 3)		—	200	8	—	208
		—	1,475	31	—	1,506

There was no arrangement under which a director waived or agreed to waive any remuneration during the years ended 31 December 2020 and 2019.

During the years ended 31 December 2020 and 2019, no emolument was paid by the Group to the directors as an inducement to join or upon joining the Group or as compensation for loss of office.

Notes:

• 1. Mr. Wong Hin Shek appointed as an executive Director with effect from 1 September 2020.
• 1. Ms. Tsang Kwai Ping appointed as an executive Director with effect from 1 April 2019.
• 1. Mr. Lau Chi Yan, Pierre resigned as an executive Director with effect from 31 May 2019.

截 至2020年 及2019年12月31日止年 度,並無作出有關任何董事放棄或同意 放棄任何酬金之安排。

截 至2020年 及2019年12月31日止年 度,本集團概無向董事支付薪酬,以作 為促使其加入或於加入本集團時支付或 作為其離職補償。

附註:

• 1. 王顯碩先生獲委任為執行董事,自 2020年9月1日起生效。
• 1. 曾桂萍女士獲委任為執行董事,自 2019年4月1日起生效。
• 1. 劉智仁先生已辭任執行董事,自2019 年5月31日起生效。

For the year ended 31 December 2020 截至2020年12月31日止年度

11. 董事及五名最高薪酬人士 11. DIRECTORS' AND FIVE HIGHEST PAID INDIVIDUALS

None of the executive director of the Company is included in the five highest paid individuals of the Group (2019: two). The emoluments of the five highest paid individuals (2019: remaining three excluded the two Executive Directors) for the year ended 31 December 2020 are as follows:

概無本公司執行董事為本集團五名最高薪酬 人士(2019年:兩名)。截至2020年12月31日 止年度,五名最高薪酬人士(2019年:餘下三 名不包括兩名執行董事的人士)的薪酬如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Salaries, allowances and benefits in kind Pension scheme contributions	薪金、津貼及實物利益 退休金計劃供款	5,149 90	3,516 81
		5,239	3,597

Their emoluments fell within the following bands:

彼等的酬金範圍如下:

		2020 2020年 Number of	2019 2019年 Number of
HK\$	港元	individuals 人數	individuals 人數
Nil–1,000,000 1,000,001–2,000,000	零至1,000,000 1,000,001至2,000,000	2 3	2 1

No share options were granted to non-director, highest paid individuals in respect of their services to the Group for the years ended 31 December 2020 and 2019.

There was no arrangement under which the above non-director, highest paid individuals waived or agreed to waive any remuneration for the years ended 31 December 2020 and 2019. No compensation for loss of office has been paid by the Group for any individual for the years ended 31 December 2020 and 2019.

12. INCOME TAX EXPENSE/(CREDIT)

Under the two-tiered profits tax rates regime, the first HK\$2,000,000 of profits of qualifying corporations will be taxed at 8.25%, and profits above HK\$2,000,000 will be taxed at 16.5%. The profits of group entities in Hong Kong that are not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

截至2020年及2019年12月31日止年度,概無 向非董事最高薪人士就其向本集團提供的服 務授予購股權。

截至2020年及2019年12月31日止年度,概無 上述非董事最高薪酬人士放棄或同意放棄任 何薪酬的安排。截至2020年及2019年12月31 日止年度,本集團概無向任何個人支付任何 離職補償。

12. 所得稅開支╱(抵免)

根據利得稅兩級制,合資格企業首2,000,000 港元的溢利的稅率將為 8.25%,而超過 2,000,000港元的溢利的稅率則將為16.5%。 不符合利得稅兩級制的香港集團實體的溢利 將繼續按16.5%劃一稅率繳稅。

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

12. INCOME TAX EXPENSE/(CREDIT) (Continued)

The subsidiaries established in the PRC are subject to enterprise income tax at tax rates of 25% for both years ended 31 December 2020 and 2019.

12. 所得稅開支╱(抵免)(續)

於中國成立的附屬公司須於截至2020年及 2019年12月31日止兩個年度按25%的稅率繳 納企業所得稅。

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Current tax Hong Kong profits tax: — Tax for the year PRC enterprise income tax: — Over provision in respect of prior years	即期稅項 香港利得稅: — 本年度稅項 中國企業所得稅: — 過往年度超額撥備	1,001 —	574 (1,045)
Deferred tax (Note 33)	遞延稅項(附註33)	(530)	—
		471	(471)

Income tax for the year can be reconciled to the loss before income tax per the consolidated statement of profit or loss and other comprehensive income as follows:

本年度所得稅與綜合損益及其他全面收入表 的除所得稅前虧損對賬如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Loss before income tax	除所得稅前虧損	(97,311)	(113,892)
Tax calculated at the domestic rate of 16.5% (2019: 16.5%)	按本地稅率16.5% (2019年:16.5%)計算的稅項	(16,056)	(18,792)
Effect of different tax rates of subsidiaries operating in other jurisdictions Effect of two-tiered profit tax rate regime	於其他司法權區經營的附屬 公司的不同稅率的影響 兩級利得稅稅率的影響	(6,281) (165)	(459) (165)
Tax effect of income not taxable for tax purpose	毋須課稅收入的稅務影響	(1,121)	(11,973)
Tax effect of expenses not deductible for tax purposes	不可扣稅開支的稅務影響	23,701	29,997
Tax effect of tax losses not recognised Over provision in respect of prior years Others	不予確認稅項虧損的稅務影響 過往年度超額撥備 其他	393 — —	1,986 (1,045) (20)
Total income tax expense/(credit)	所得稅開支╱(抵免)總額	471	(471)

As at 31 December 2020, the Group has unused tax losses of approximately HK\$392,485,000 (2019: HK\$390,383,000) available for offset against future profits that may be carried forward indefinitely. No deferred tax asset has been recognised in respect of the tax losses due to the unpredictability of future profit streams.

於2020年12月31日,本集團未動用稅項虧損 約為392,485,000港元(2019年:390,383,000 港元),可用作無限期抵銷未來溢利。由於未 能預測未來溢利來源,本集團並無就稅項虧 損確認遞延稅項資產。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

13. DIVIDEND

The Board does not recommend the payment of any dividend for the year ended 31 December 2020 (2019: Nil).

14. LOSS PER SHARE

The calculation of basic and diluted loss per share based on the following data:

13.	股息
-----	----

董事會不建議派發截至2020年12月31日止年 度的任何股息(2019年:無)。

14. 每股虧損

每股基本及攤薄虧損乃根據以下數據計算:

	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Loss attributable to owners of the Company 就計算每股基本及攤薄虧損之 for the purpose of calculating basic and 本公司股權擁有人應佔虧損 diluted loss per share	(71,711)	(84,110)
		Number of shares 股份數目
	2020 2020年 '000 (千股)	2019 2019年 '000 (千股)
		(Restated) (經重列)
Weighted average number of ordinary 就計算每股基本及攤薄虧損之 shares for the purpose of calculating 普通股加權平均數 basic and diluted loss per share	867,430	371,788

The calculation of basic and diluted loss per share is based on the loss attributable to ordinary equity shareholders of the Company, and the weighted average number of 867,430,000 (2019: 371,788,000 adjusted for the effect of the bonus element of the right issue on 22 June 2020) ordinary shares in issue.

The computation of diluted loss per share does not assume the exercise of the Company's share options and conversion option of convertible bonds because the exercise prices of those options were higher than the average market price for both 2020 and 2019.

Pursuant to an ordinary resolution passed in the extraordinary general meeting of the Company held on 15 August 2019, every ten ordinary shares of HK\$0.001 each in the issued and unissued share capital of the Company were consolidated into one consolidated ordinary share of HK\$0.01 each in the issued and unissued share capital of the Company. As a result of the share consolidation, the weighted average number of ordinary shares adopted in the calculation of the basic and diluted loss per share for the year ended 31 December 2019 have been adjusted retrospectively.

每股基本及攤薄虧損乃根據本公司普通股股 東應佔虧損,以及已發行普通股的加權平均 數867,430,000股(2019年:371,788,000股, 按2020年6月22日供股分紅因素的影響調整) 計算。

由於本公司的購股權及可換股債券的兌換選 擇權於2020年及2019年的行使價均高於平均 市價,故於計算每股攤薄虧損時並無假設該 等購股權獲行使。

根據於2019年8月15日舉行的本公司股東特別 大會上通過的一項普通決議案,每十股本公 司已發行及未發行股本中每股面值0.001港元 的普通股合併為一股本公司已發行及未發行 股本中面值0.01港元的合併普通股。由於進行 股份合併,故於計算截至2019年12月31日止 年度的每股基本及攤薄虧損時採納的普通股 加權平均數已作出追溯調整。

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

15. PROPERTY, PLANT AND EQUIPMENT 15. 物業、廠房及設備

			Computer
		Leasehold	and office
		improvements	equipment 電腦及辦公室	Motor vehicles	Total
		租賃物業裝修	設備	汽車	合計
		HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元
COST:	成本:
At 1 January 2019	於2019年1月1日	2,925	1,305	1,122	5,352
Addition	購置	315	39	—	354
Acquisition of subsidiaries	收購附屬公司(附註39)
(Note 39)		—	20	—	20
Disposal of subsidiaries	出售附屬公司(附註41(b))
(Note 41(b))		—	(285)	—	(285)
Exchange realignment	匯兌調整	(16)	(5)	(21)	(42)
At 31 December 2019 and	於2019年12月31日
1 January 2020	及2020年1月1日	3,224	1,074	1,101	5,399
Addition	購置	21	44	—	65
Disposal	出售	—	—	(955)	(955)
Written off	撇銷	(924)	(644)	(162)	(1,730)
Exchange realignment	匯兌調整	55	37	16	108
At 31 December 2020	於2020年12月31日	2,376	511	—	2,887
ACCUMULATED DEPRECIATION	累計折舊及減值虧損︰
AND IMPAIRMENT LOSSES:
At 1 January 2019	於2019年1月1日	1,030	823	817	2,670
Depreciation for the year	年內折舊	731	180	240	1,151
Disposal of subsidiaries	出售附屬公司(附註41(b))
(Note 41(b))		—	(273)	—	(273)
Exchange realignment	匯兌調整	(17)	(6)	(17)	(40)
At 31 December 2019 and	於2019年12月31日
1 January 2020	及2020年1月1日	1,744	724	1,040	3,508
Depreciation for the year	年內折舊	816	88	16	920
Disposal	出售	—	—	(907)	(907)
Written off	撇銷	(924)	(392)	(162)	(1,478)
Exchange realignment	匯兌調整	55	26	13	94
At 31 December 2020	於2020年12月31日	1,691	446	—	2,137
NET CARRYING AMOUNT:	賬面淨值︰
At 31 December 2020	於2020年12月31日	685	65	—	750
At 31 December 2019	於2019年12月31日	1,480	350	61	1,891

ANNUAL REPORT 年報 │²⁰²⁰ 163

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

16. GOODWILL

16. 商譽

			HK\$'000 千港元
COST:	成本:
At 1 January 2019 Acquired through acquisition of subsidiaries	於2019年1月1日	透過收購附屬公司獲取(附註39)	5,803
(Note 39)			5,470
At 31 December 2019, 1 January 2020 and 31		於2019年12月31日、2020年1月1日及
December 2020	2020年12月31日		11,273
ACCUMULATED IMPAIRMENT LOSSES:	累計減值虧損:
At 1 January 2019, 31 December 2019,		於2019年1月1日、2019年12月31日、
1 January 2020 and 31 December 2020		2020年1月1日及2020年12月31日	5,803
NET CARRYING AMOUNT:	賬面淨值:
At 31 December 2020	於2020年12月31日		5,470
At 31 December 2019	於2019年12月31日		5,470
For the purpose of impairment testing, goodwill is allocated to the cash generating units ("CGU") identified as follows:		就減值測試而言,商譽分配至已識別現金產 生單位(「現金產生單位」)如下:
		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Corporate consulting business	企業諮詢業務	5,470	5,470
Financial services business	金融服務業務	5,803	5,803
		11,273	11,273

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

16. GOODWILL (Continued)

Notes:

Corporate consulting business

The goodwill was arising from the acquisition of corporate consulting business in the financial year of 2019. The carrying amount of goodwill is HK\$5,470,000 as at 31 December 2020 and 2019.

For the year ended 31 December 2020, the recoverable amount of the cash generating unit of corporate consulting business (the "Corporate Consulting Business CGU") is determined by the Directors with reference to a valuation report issued by an independent qualified valuer. The recoverable amount of the Corporate Consulting Business CGU has been determined from value-in-use calculation. The calculation used cash flow projections based on latest financial budgets approved by the management covering a period of 5 years and at a pre-tax discount rate of 16.27% (2019: 17.19%). The cash flow projections beyond the 5 years periods are extrapolated using a growth rate at 2% (2019: 2%). Cash flow projections during the budget period are based on past performance and the Group management's expectations for the market development and future performance of the Corporate Consulting Business CGU. The discount rate is determined based on the cost of capital adjusted by the specific risk associated with the Corporate Consulting Business CGU. As the recoverable amount of the Corporate Consulting Business CGU is higher than its carrying amount, the Directors of the Company are in opinion that no impairment loss was considered for the year ended 31 December 2020 (2019: Nil).

Financial services business

The goodwill was arising from the acquisition of financial services business in the previous years. Full impairment loss had been recognised in the previous year. The carrying amount of goodwill is Nil as at 31 December 2020 and 2019.

16. 商譽(續)

附註:

企業諮詢業務

商譽乃源於在2019財政年度收購企業諮詢業務。於 2020年 及2019年12月31日,商譽的賬面值為 5,470,000港元。

截至2020年12月31日止年度,企業諮詢業務現金產 生單位(「企業諮詢業務現金產生單位」)乃由董事經 參考一名獨立合資格估值師出具的估值報告釐定。 企業諮詢業務現金產生單位的可收回金額乃按在用 價值計算釐定。計算採用根據管理層批准之最新財 務預算作出之現金流量預測,涵蓋五年期間,並按 稅前貼現率16.27%(2019年:17.19%)貼現。五年 期間後之現金流量預測乃採用增長率2%(2019年: 2%)推算。預算期間之現金流量預測乃根據過往表 現以及本集團管理層期望企業諮詢業務現金產生單 位之市場發展及未來表現而釐定。貼現率乃根據經 企業諮詢業務現金產生單位之相關特定風險調整之 資本成本而釐定。由於企業諮詢業務現金產生單位 的可收回金額高於其賬面值,本公司董事認為毋須 考慮就截至2020年12月31日止年度作出減值虧損 (2019年:無)。

金融服務業務

商譽乃源於過往年度收購金融服務業務,已於上一 年度確認全部減值虧損。於2020年及2019年12月 31日,商譽賬面值為零。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

17. INTANGIBLE ASSETS 17. 無形資產

		Trading right (Note (a)) 交易權	Customer relationship (Note (b)) 客戶關係	Total
		(附註(a))	(附註(b))	總計
		HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
COST:	成本:
At 1 January 2019	於2019年1月1日	5,705	—	5,705
Acquired through acquisition	透過收購附屬公司獲取
of subsidiaries (Note 39)	(附註39)	—	1,140	1,140
At 31 December 2019,	於2019年12月31日、
1 January 2020 and	2020年1月1日及
31 December 2020	2020年12月31日	5,705	1,140	6,845
ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES:	累計攤銷及減值虧損:
At 1 January 2019	於2019年1月1日	—	—	—
Impairment loss for the year	年內減值虧損	1,205	—	1,205
Amortisation for the year	年內攤銷	—	190	190
At 31 December 2019 and	於2019年12月31日及
1 January 2020	2020年1月1日	1,205	190	1,395
Impairment loss for the year	年內減值虧損	1,600	—	1,600
Amortisation for the year	年內攤銷	—	228	228
At 31 December 2020	於2020年12月31日	2,805	418	3,223
NET CARRYING AMOUNT:	賬面淨值:
At 31 December 2020	於2020年12月31日	2,900	722	3,622
At 31 December 2019	於2019年12月31日	4,500	950	5,450

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

17. INTANGIBLE ASSETS (Continued)

Notes:

• (a) Trading right have indefinite useful life and therefore no amortisation has been provided. The recoverable amount of the trading right is determined by the Directors with reference to a valuation report issued by an independent qualified valuer. The recoverable amount of the trading right has been determined by fair value less cost of disposal, which is primarily making reference to the recent sales of similar transactions in the market. As the recoverable amount of trading right is lower than its carrying amount, the Directors are in opinion that an impairment loss of HK\$1,600,000 has been recognised for the year ended 31 December 2020 (2019: HK\$1,205,000).
• (b) Customer relationship was arising from the acquisition of corporate consulting business in the financial year of 2019. Details of the acquisition of subsidiaries are set out in note 39.

Customer relationship of HK\$1,140,000 represented the intangible assets arose from the acquisition of corporate consulting business and was valued as of the respective date of acquisition by an independent qualified valuer on the basis of the excess earnings method under the income approach. The management of the Group considered customer relationship has finite useful lives and is amortised on a straight-line basis over 5 years.

17. 無形資產(續)

附註:

• (a) 交易權無固定使用期限,因此概無攤銷已計 提撥備。交易權的可收回金額由董事經參考 一名獨立合資格估值師出具的估值報告釐 定。交易權的可收回金額,按公平價值減出 售成本後的淨額釐定。由於交易權的可收回 金額低於其賬面值,董事認為截至2020年12 月31日止年度已確認減值虧損1,600,000港 元(2019年:1,205,000港元)。
• (b) 客戶關係乃源於2019財政年度收購企業諮詢 業務。收購附屬公司的詳情載於附註39。

客戶關係1,140,000港元指收購企業諮詢業務 產生的無形資產,並於各收購日期由一名獨 立合資格估值師按收入法項下的超額盈利法 基準進行估值。本集團管理層認為客戶關係 的可使用年期有限,並於5年內按直線基準 攤銷。

ANNUAL REPORT 年報 │²⁰²⁰ 167

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

18. RIGHT-OF-USE ASSETS

18. 使用權資產

		HK\$'000 千港元
COST:	成本:
Recognition upon initial application of HKFRS 16	首次應用香港財務報告準則第16號時確認	11,171
Acquired through acquisition of a subsidiary (Note 39)	透過收購一間附屬公司獲取(附註39)	3,943
Exchange realignment	匯兌調整	(18)
At 31 December 2019 and 1 January	於2019年12月31日及2020年1月1日
2020 Lease modification Exchange realignment	租賃修改 匯兌調整	15,096 (1,832) 21
At 31 December 2020	於2020年12月31日	13,285
ACCUMULATED DEPRECIATION: Depreciation recognised upon initial application of HKFRS 16	累計折舊: 首次應用香港財務報告準則第16號時確認折舊	1,463
Depreciation for the year	年內折舊	4,944
Exchange realignment	匯兌調整	(17)
At 31 December 2019 and 1 January 2020	於2019年12月31日及2020年1月1日	6,390
Depreciation for the year	年內折舊	4,867
Lease modification Exchange realignment	租賃修改 匯兌調整	(1,623) 21
At 31 December 2020	於2020年12月31日	9,655
NET CARRYING AMOUNT:	賬面淨值:
At 31 December 2020	於2020年12月31日	3,630
At 31 December 2019	於2019年12月31日	8,706

The right-of-use assets represent the Group's right to use underlying leased premises under operating lease arrangements over the lease terms, which are stated at cost less accumulated depreciation, and adjusted for any remeasurement of the lease liabilities.

使用權資產指本集團根據經營租賃安排於租 期內使用相關租賃物業的權利,其乃按成本 減累計折舊及累計減值虧損呈列,並就租賃 負債的任何重新計量進行調整。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

19. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

On 16 August 2019, the Group acquired 10% of the issue share capital of a private company as financial assets at fair value through other comprehensive income at cash consideration of HK\$2,000,000. As at 31 December 2020, the Group's shareholding in this private company was diluted to approximately 9.55% (31 December 2019: 9.9%) due to further allotment of shares of the private company to investors and the carrying amount of financial asset at FVOCI is HK\$2,730,000 (2019: HK\$2,032,000). The increase in fair value of this financial asset of approximately HK\$698,000 has been dealt with in other comprehensive income and fair value through other comprehensive income reserve for the year ended 31 December 2020 (2019: HK\$32,000).

20. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

19. 以公平價值計入其他全面收入之金融資 產

於 2019 年 8 月 16 日,本集團以現金代價 2,000,000港元收購一間私人公司已發行股本 的10%,作為以公平價值計入其他全面收入 之金融資產。於2020年12月31日,由於向投 資者進一步配發私人公司股份,本集團於該 私人公司的股權攤薄至約9.55%(2019年12月 31日:9.9%)。以公平價值計入其他全面收入 的金融資產的賬面值為2,730,000港元(2019 年:2,032,000港元)。該項金融資產的公平價 值增加約698,000港元已於截至2020年12月 31日止年度的其他全面收入及以公平價值計 入其他全面收入儲備內處置(2019年:32,000 港元)。

20. 以公平價值計入損益之金融資產

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Investment in a private company (Note (a)) Listed equity instrument in Hong Kong at	於一家私營公司的投資 (附註(a)) 香港上市股本工具,按市場價值	487	—
market value (Note (b))	(附註(b))	1,010	—
Less: Non-current portion	減:非流動部分	1,497 (487)	— —
Current portion	流動部分	1,010	—

Notes:

• (a) On 29 October 2020, the Group entered into a simple agreement for future equity with a private company to grant the Group the future right to acquire certain shares of the private company at a consideration of USD150,000 (equivalent to approximately HK\$1,170,000). The right is classified as financial asset at fair value through profit or loss. The decrease in fair value of this financial asset of HK\$683,000 has been recognised in profit or loss for the year ended 31 December 2020.
• (b) Fair value of the listed equity instrument has been determined by reference to its quoted market price at the reporting date in an active market. Fair value of the listed trading portfolio investment is Level 1 recurring fair value measurement. The increase in fair value of this financial asset of HK\$28,000 has been recognised in profit or loss for the year ended 31 December 2020.

附註:

• (a) 於2020年10月29日,本集團與一間私營公司 訂立未來股權簡單協議,授予本集團收購若 干該私營公司股份的未來權利,代價為 150,000美元(相當於約1,170,000港元)。該 權利被分類為以公平價值計入損益之金融資 產。此金融資產的公平價值減少683,000港 元,已於截至2020年12月31日止年度損益中 確認。
• (b) 上市股本工具的公平價值乃參照其於報告日 期在活躍市場的市場報價釐定。上市交易組 合投資的公平價值為一級經常性公平價值計 量。此金融資產的公平價值增加28,000港 元,已於截至2020年12月31日止年度損益中 確認。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

21. INVENTORIES

22. TRADE RECEIVABLES

21. 存貨

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Finished goods	製成品	377	485

The cost of inventories recognised as an expense during the year was approximately HK\$9 million (2019: HK\$459 million).

年內確認為開支的存貨成本約為9,000,000港 元(2019年:459,000,000港元)。

22. 貿易應收款項

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Trade receivables	貿易應收款項	23,503	36,546
Less: Provision for impairment losses	減:減值虧損撥備	(8,250)	(6,658)
		15,253	29,888

The Group's trading terms with its customers are mainly on credit. The credit period is generally two months. Each customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables and has credit control procedures established to monitor credit risk. Overdue balances are reviewed regularly by senior management. Trade receivables are non-interest-bearing.

The settlement term of trade receivables arising from the business of dealing securities is two business days after trade date ("T+2").

Trade receivable from cash clients related to a wide range of customers for whom there was no recent history of default. Based on the past experience, current assessment and the available forward-looking information, the management believes that no additional impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are considered fully recoverable.

Trade receivables from HKSCC is current which represents pending trades arising from the financial business of securities dealing and are normally due on "T+2" day in accordance with the requirements of HKSCC.

本集團與其客戶之貿易條款主要以信貸為主, 信貸期一般為兩個月。每名客戶有最高信貸 限額。本集團嚴格控制未結清之應收賬款,並 設有信貸程序以監察信貸風險,高級管理人 員會定期檢討逾期欠款。貿易應收款項均為 免息。

來自證券買賣業務的貿易應收款項的結算期 限為交易日後兩個營業日(「T+2」)。

與廣泛客戶有關的應收現金客戶貿易款項最 近並無拖欠記錄。根據過往經驗、現行評估及 可得前瞻性資料,管理層認為,由於信貸質量 並無重大變化,且該等結餘被認為可以悉數 收回,故無需就該等結餘計提額外減值準備。

應收香港結算款項為即期,其指源自證券買 賣金融業務的待決交易,且一般按照香港結 算所規定於「T+2」日到期。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

22. TRADE RECEIVABLES (Continued)

22. 貿易應收款項(續)

Details of trade receivables as at the end of reporting period, are as follows:

於報告期末,貿易應收款項的詳情如下:

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Trade receivables from financial services	證券買賣以外金融服務業務的貿
business other than dealing in securities	易應收款項	1,085	1,249
Trade receivables from corporate consulting	企業諮詢業務的貿易應收款項
business		1,112	920
Trade receivables from trading business	貿易業務的貿易應收款項	227	140
		2,424	2,309
Trade receivables from the business of	證券買賣業務的貿易應收款項
dealing in securities
— Cash clients	— 現金客戶	294	—
— HKSCC	— 香港結算	229	27,579
— Brokers	— 經紀	12,306	—
		12,829	27,579
		15,253	29,888

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

22. TRADE RECEIVABLES (Continued)

An ageing analysis of the trade receivables arising from business other than dealing in securities as at the end of the reporting period, based on the invoice date and net of impairment losses, are as follows:

22. 貿易應收款項(續)

於報告期末,來自證券買賣以外業務的貿易 應收款項的賬齡分析(按發票日期並扣除減值 虧損)如下:

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Within 30 days	30日內	1,306	590
31 to 60 days	31至60日	410	312
61 to 120 days	61至120日	151	978
Over 120 days	120日以上	557	429
		2,424	2,309

The movement in the expected credit loss for trade receivables for the years ended 31 December 2020 and 2019 are as follows:

截至2020年及2019年12月31日止年度的貿易 應收款項預期信貸虧損變動如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
At 1 January Written off of trade receivables Expected credit loss for the year	於1月1日 撇銷貿易應收款項 本年度預期信貸虧損	6,658 — 1,592	5,217 (3,055) 4,496
At 31 December	於12月31日	8,250	6,658

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

23. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

23. 預付款項、按金及其他應收款項

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Prepayments	預付款項	354	550
Trade deposit	貿易按金	5,776	6,205
Deposits and other receivables	按金及其他應收款項	56,951	70,965
		63,081	77,720
Less: Provision for impairment losses	減︰減值虧損撥備	(54,742)	(63,241)
		8,339	14,479

The movements in the expected credit loss for the deposits and other receivables for the years ended 31 December 2020 and 2019 are as follows:

截至2020年及2019年12月31日止年度,按金 及其他應收款項的預期信貸虧損的變動如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
At 1 January (Reversal of expected credit loss)/ expected credit loss for the year	於1月1日 年內(預期信貸虧損撥回) 預期信貸虧損	63,241 (8,509)	65,264 2,005
Exchange realignment	匯兌調整	10	(4,028)
At 31 December	於12月31日	54,742	63,241

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. LOANS RECEIVABLE

2020 2019 2020年 2019年 HK\$'000 HK\$'000 千港元 千港元 Gross loan and interest receivables 應收貸款及利息總額 11,272 — Less: Provision for impairment loss 減:減值虧損撥備 (240) — 11,032 —

Note:

As at 31 December 2020, loans receivable with gross principal amount of HK\$11,204,000 (2019: Nil) in aggregate and related gross interest receivables of HK\$68,000 (2019: Nil) were due from three independent third parties. These loans are interest-bearing at rates ranging from 10% to 15% per annum and was repayable within twelve months from the end of the reporting period and therefore were classified as current assets as at 31 December 2020.

As at 31 December 2020, the Group hold collateral over loans receivable with gross principal amount of HK\$6,000,000 (2019: Nil). Impairment loss of HK\$240,000 (2019: Nil) has been recognised in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2020.

The movements in the expected credit loss for loans receivable for the years ended 31 December 2020 and 2019 are as follows:

附註:

於2020年12月31日,合計本金總額11,204,000港 元(2019年:無)之應收貸款及相關應收利息總額 68,000港元(2019年:無),乃三名獨立第三方所結 欠。該等貸款按10%至15%年利率計息,須於報告 期末起計十二個月內償還,因此於2020年12月31日 分類為流動資產。

於2020年12月31日,本集團持有本金總額為 6,000,000港元(2019年:無)的應收貸款抵押 品。截至2020年12月31日止年度,240,000 港元(2019年:無)的減值虧損已於綜合損益 及其他全面收入表中確認。

截至2020年及2019年12月31日止年度,應收 貸款的預期信貸虧損變動如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
At 1 January	於1月1日	—	—
Expected credit loss for the year At 31 December	年內預期信貸虧損 於12月31日	240 240	— —

24. 應收貸款

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. LOANS RECEIVABLE (Continued)

24. 應收貸款(續)

Reconciliation of gross carrying amount for loans receivable for the year ended 31 December 2020 is as follows:

截至2020年12月31日止年度應收貸款賬面總 值的對賬如下:

		Stage 1 第一階段 HK\$'000 千港元
At 1 January 2020	於2020年1月1日 已產生的新貸款	—
New loans originated At 31 December 2020	於2020年12月31日	11,272 11,272

The movements in the expected credit loss in respect of loans receivable for the year ended 31 December 2020 is as follows:

截至2020年12月31日止年度應收貸款的預期 信貸虧損變動如下:

		Stage 1 第一階段 HK\$'000 千港元
At 1 January 2020	於2020年1月1日	—
Expected credit loss for the year	年內預期信貸虧損	240
At 31 December 2020	於2020年12月31日	240

25. FINANCE LEASE RECEIVABLES

25. 融資租賃應收款項

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Current finance lease receivables Less: Provision for impairment losses	即期融資租賃應收款項 減:減值虧損撥備	168,518 (168,518)	158,529 (77,458)
		—	81,071

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

25. FINANCE LEASE RECEIVABLES (Continued)

25. 融資租賃應收款項(續)

		Minimum lease payment 最低租賃付款	lease payment 最低租賃付款現值	Present value of minimum
	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
一年內 Within one year Unearned finance income 未賺取融資收入	182,899 (14,381)	172,059 (13,530)	168,518 N/A 不適用	158,529 N/A 不適用
Present value of minimum 最低租賃付款現值 lease payment Less: Provision for impairment 減:減值虧損撥備 losses	168,518 (168,518)	158,529 (77,458)	168,518 (168,518)	158,529 (77,458)
	—	81,071	—	81,071

The interest rate inherent in the leases was fixed at the contract date for the entire lease term. The interest rates of the above finance leases range is 5.83% per annum (2019: 4.81% to 9.40%).

Finance lease receivable balances are secured over the equipment held by the lessee. The Group is not permitted to sell or repledge the collateral in the absence of default by the leasee.

Impairment loss of HK\$78,049,000 (2019: HK\$77,458,000) has been recognised in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2020.

整個租期內之既有租賃利率定於合約日期當 日之水平。上述融資租賃的年利率介乎5.83% (2019年:4.81%至9.40%)。

融資租賃應收款項結餘由承租人持有之設備 作為抵押。本集團在承租人並無違約的情況 下,不得銷售或再抵押有關抵押品。

減值虧損 78,049,000 港 元( 2019 年 : 77,458,000港元)已於截至2020年12月31日 止年度的綜合損益及其他全面收入表中確認。

The movements in the expected credit loss finance lease receivables for the years ended 31 December 2020 and 2019 are as follows:

截至2020年及2019年12月31日止年度的融資 租賃應收款項預期信貸虧損變動如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
At 1 January Expected credit loss for the year Exchange realignment	於1月1日 年內預期信貸虧損 匯兌調整	77,458 78,049 13,011	— 77,458 —
At 31 December	於12月31日	168,518	77,458

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

25. FINANCE LEASE RECEIVABLES (Continued)

The expected credit loss for finance lease receivables has been provided under the stage 3 (2019: Stage 2) of lifetime ECL assessment for the year ended 31 December 2020.

26. BANK BALANCES AND CASH

25. 融資租賃應收款項(續)

融資租賃應收款項之預期信貸虧損已就截至 2020年12月31日止年度之全期預期信貸虧損 (第三階段)(2019年:第二階段)評估作出撥 備。

26. 銀行結餘及現金

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Bank balances — trust accounts (Note) Bank balances and cash — general accounts	銀行結餘 — 信託賬戶(附註) 銀行結餘及現金 — 一般賬戶	27,378 27,610	31,651 15,454
		54,988	47,105

Note: The Group receives and holds money deposited by clients in the course of the conduct of the regulated activities. These clients money are maintained in one trust bank account and a financial institution and bear interest at commercial rates. The Group has recognised the corresponding accounts payable to respective clients (Note 31).

As at 31 December 2020, the Group's bank balances and cash — general accounts amounted to approximately HK\$27,610,000 (2019: approximately HK\$15,454,000), approximately HK\$78,000 was denominated in RMB and approximately HK\$27,532,000 was denominated in Hong Kong Dollars (2019: approximately HK\$127,000 and approximately HK\$15,327,000 respectively). Therein, approximately HK\$27,596,000 (2019: approximately HK\$15,130,000) were bank balances deposited with credit worthy banks of high credit ratings in Hong Kong. There is no pledged deposit as at 31 December 2020. As at 31 December 2019, included in bank balances and cash — general accounts, there is a pledged deposit of approximately HK\$4,124,000 to secure a general banking facility (Note 27).

附註:本集團在進行受規管活動時收取並持有客戶 存放的款項。該等客戶的款項於一個信託銀 行賬戶及融資機構保管並按商業利率計息。 本集團已確認應付各客戶的相應賬款(附註 31)。

於2020年12月31日,本集團之銀行結餘及現 金 — 一般賬戶約為27,610,000港元(2019 年:約15,454,000港元),約78,000港元以人 民幣計值及約27,532,000港元以港元計值 (2019 年:各自為約 127,000 港元及約 15,327,000港 元),其 中 約27,596,000港 元 (2019年:約15,130,000港元)為存放於香港 具有高信貸評級且信譽良好銀行之銀行結餘。 截至2020年12月31日,概無已抵押存款。於 2019年12月31日,銀行結餘及現金 — 一般 賬戶包括已抵押存款約4,124,000港元,其作 為一般銀行融資的抵押(附註27)。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

27. BORROWINGS

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Bank overdrafts Bank borrowings, secured Bank borrowings, unsecured	銀行透支 銀行借款,有抵押 銀行借款,無抵押	— — 851	1,884 3,000 —
		851	4,884

Notes:

附註:

27. 借款

• 1. At 31 December 2019, a general banking facility amounted to HK\$7,000,000 was secured by a deposit of HK\$4,124,000. The facility was utilised to the extent of approximately HK\$3,000,000. This general banking facility is subject to the fulfilment of covenants relating to certain of the security coverage ratios, as are commonly found in lending arrangements with financial institutions. If any of the security coverage ratios shall at any time fall below the level required, the Group shall provide additional security acceptable to the bank and/or reduce the outstanding of the facilities designated by the bank. The Group regularly monitors its compliance with these covenants.
• 1. The abovementioned bank borrowings is charged at a fixed rate of 5.75% per annum (2019: 5.75%).
• 1. As at 31 December 2020, the Group had no pledged assets for the bank borrowings.

28. LEASE LIABILITIES

The amount included in the consolidated statement of financial position in respect of the carrying amounts of lease liabilities and the movements during the years are as follows:

1. 於 2019 年 1 2 月 3 1 日,一般銀行融資 7,000,000港元以存款4,124,000港元作抵 押。已動用該融資約3,000,000港元。該一般 銀行融資須待與若干抵押覆蓋比率有關之契 據獲達成後方告落實,而此乃與金融機構作 出借款安排的普遍做法。倘任何抵押覆蓋比 率於任何時間低於所規定水平,本集團須提 供銀行可接納之額外抵押及╱或減少銀行所 指定之尚未動用融資額。本集團定期監控其 遵守該等契據之情況。

2. 1. 上述銀行借款按固定年利率5.75%計 息 (2019年:5.75%)。
3. 1. 於2020年12月31日,本集團並無就銀行借款 質押資產。

28. 租賃負債

計入綜合財務狀況表的租賃負債賬面值及年 內變動如下:

		Land and buildings 土地及樓宇 HK\$'000 千港元
At 1 January 2019 Acquired through acquisition of subsidiaries Lease payments Exchange realignment	於2019年1月1日 透過收購附屬公司獲取 租賃付款	9,780 3,943 (4,876) (2)
At 31 December 2019 and 1 January 2020 Interest expenses Lease payments Derecognition of lease liabilities	於2019年12月31日及2020年1月1日 利息開支 租賃付款 取消確認租賃負債	8,845 197 (5,470) (218)
At 31 December 2020	於2020年12月31日	3,354

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

28. LEASE LIABILITIES (Continued)

28. 租賃負債(續)

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Minimum lease payment due — Within one year — In the second to fifth years, inclusive	最低租賃付款於以下時間到期 — 一年內 — 第二至第五年(包括首尾兩年)	3,407 —	5,200 3,894
		3,407	9,094
Less: Future finance charges	減:未來融資費用	(53)	(249)
Present value of lease liabilities	租賃負債現值	3,354	8,845
		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Within one year In the second to fifth years, inclusive	一年內 第二至第五年(包括首尾兩年)	3,354 —	5,003 3,842
		3,354	8,845

29. CONVERTIBLE BONDS

(1) 2008 CBs

On 12 August 2008, the Company issued a convertible bonds as part of the consideration for the acquisition of forest concessions in Papua, Indonesia (the "2008 CBs").

Subject to the restrictions specified below (the "Conversion Restriction"), the 2008 CBs are convertible at the option of the bondholders into ordinary shares in the Company at the initial conversion price of HK\$0.1 per share (subject to adjustments as provided in the terms and conditions of the 2008 CBs) at any time from the date of issue and ending on the fifth business day before the third anniversary of the date of issue:

• The bondholders do not have the right to convert any principal amount of the 2008 CBs into new shares of the Company thereof, if upon such conversion, Merdeka Commodities Limited and the parties acting in concert with it will be interested in 30% (or such amount as may from time to time be specified in the Codes on Takeovers and Mergers and Share Repurchases as being the level for triggering a mandatory general offer) or more of the enlarged issued share capital of the Company at the date of relevant conversion;

29. 可換股債券

(1) 2008年可換股債券

於2008年8月12日,本公司發行可換股 債券,作為收購印尼巴布亞省森林特許 權之部分代價(「2008年可換股債券」)。

債券持有人可選擇,於發行日期至發行 日期滿三週年之前第五個營業日止期間 內,隨時按初步兌換價每股0.1港元(可 根據2008年可換股債券之條款及條件所 訂明者而調整)將2008年可換股債券兌 換為本公司普通股。惟受下文所列限制 (「換股限制」):

• 倘於兌換後, M e r d e k a Commodities Limited及與其一致 行動人士於相關兌換日期將擁有 本公司當時之經擴大已發行股本 30%(或公司收購、合併及股份 購回守則可能不時指定為觸發強 制性全面收購要約水平之持股百 分比)或以上權益,則債券持有人 無權於當時將任何本金額之2008 年可換股債券兌換為本公司新股 份;

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

29. CONVERTIBLE BONDS (Continued)

(1) 2008 CBs (Continued)

• The conversion of the 2008 CBs shall not cause the Company to be in breach of the minimum public float requirement as stipulated under Rule 11.23 of the GEM Listing Rules; and
• The bondholders do not have the right to convert any 2008 CBs with the principal amount falling between the range of HK\$350,000,000 to HK\$776,880,000 at any time during the period from the issue date up to and inclusive of the date that falls on the first anniversary of the issue date.

The 2008 CBs are unsecured, interest-free and have an initial maturity date at 12 August 2011. Unless converted into the shares of the Company (the "Shares"), the outstanding balance of the 2008 CBs would be redeemed in full on maturity.

By the first supplemental deed dated 30 May 2011, the maturity date of the 2008 CBs was extended for 3 years and the conversion period was accordingly extended from 12 August 2011 to 12 August 2014. Upon becoming effective of the first supplemental deed, the Company might at any time during the period commencing from the date of extension to the new maturity date to redeem the whole or part of the outstanding 2008 CBs at par on a pro rata basis. Also, the Conversion Restriction was removed. Apart from the extension of the maturity date, the conversion period, the early redemption right and the removal of the Conversion Restriction, all terms of the 2008 CBs remain unchanged.

By the second supplemental deed dated 9 July 2014, the maturity date of the 2008 CBs was extended for 3 years and the conversion period was accordingly extended from 12 August 2014 to 12 August 2017. Upon becoming effective of the second supplemental deed, the Company might at any time during the period commencing from the date of extension to the new maturity date to redeem the whole or part of the outstanding 2008 CBs on a pro rata basis.

Upon effective of the second supplemental deed, the 2008 CBs was valued by the Directors with reference to a valuation report issued by Roma Appraisal Limited, an independent qualified valuer not connected to the Group. Gain on extinguishment of convertible bonds of approximately HK\$39,480,000 was recognised in the profit or loss for the year ended 31 December 2014.

29. 可換股債券(續)

(1) 2008年可換股債券(續)

• 兌換2008年可換股債券不得導致 本公司違反 GEM 上市規則第 11.23條下訂明之最低公眾持股量 規定;及
• 債券持有人之2008年可換股債券 本金額介乎350,000,000港元至 776,880,000港元之間者,於發行 日期至發行日期滿一週年之日(包 括首尾兩日)止期間內任何時間無 權兌換。

2008年可換股債券為無抵押、免息及初 始到期日為2011年8月12日。除非兌換 為本公司股分(「股份」),否則2008年 可換股債券尚未兌換餘額將於到期時悉 數贖回。

藉訂立日期為2011年5月30日之第一份 補充契據,2008年可換股債券之到期日 延長三年,而相應之可換股期由2011年 8月12日延長至2014年8月12日。於第 一份補充契據生效後,本公司可於延長 起始日起至新到期日期間之任何時間, 按面值按比例贖回全部或部分未兌換之 2008年可換股債券。另外,兌換限制被 剔除。除延長到期日及可換股期、提早 贖回權及剔除兌換限制外,2008年可換 股債券的全部條款維持不變。

藉訂立日期為2014年7月9日之第二份 補充契據,2008年可換股債券之到期日 延長三年,而相應之可換股期由2014年 8月12日延長至2017年8月12日。於第 二次補充契據生效後,本公司可於延長 起始日起至新到期日期間之任何時間, 按比例贖回全部或部分未兌換之2008年 可換股債券。

第二份補充契據生效後,董事參考與本 集團並無關連的獨立合資格估值師羅馬 國際評估有限公司出具的估值報告,對 2008年可換股債券進行估值。註銷可換 股債券之收益約39,480,000港元已於截 至2014年12月31日止年度的損益內確 認。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

29. CONVERTIBLE BONDS (Continued)

(1) 2008 CBs (Continued)

By the third supplemental deed dated 20 January 2017, the maturity date of the 2008 CBs was extended for 3 years and the conversion period was accordingly extended from 12 August 2017 to 12 August 2020 (the "Previous Maturity Date"). Upon becoming effective of the third supplemental deed, the Company might at any time during the period commencing from the date of extension to the Previous Maturity Date to redeem the whole or part of the outstanding 2008 CBs on a pro rata basis. Also, the conversion price and the adjustment events to the conversion price had been changed. The conversion price have been adjusted to HK\$0.095 per share.

Upon effective of the third supplemental deed, the 2008 CBs was valued by the Directors of the Company with reference to a valuation report issued by International Valuation Limited, an independent qualified valuer not connected with the Group. Gain on extinguishment of convertible bond of approximately HK\$31,162,000 was recognised in the profit or loss for the year ended 31 December 2017.

Upon effective of the Share consolidation on the basis that every ten issued and unissued shares of par value of HK\$0.001 each in the share capital of the Company will be consolidated into one consolidated share of par value of HK\$0.01 each, the conversion price of 2008 CBs adjusted to HK\$0.95 per share.

By the fourth supplemental deed dated 10 January 2020, the maturity date of the 2008 CBs was extended for a further term of three years from 13 August 2020 to 12 August 2023. Upon becoming effective of the third supplemental deed, the Company might at any time during the period commencing from the date of extension to the Previous Maturity Date to redeem the whole or part of the outstanding 2008 CBs on a pro rata basis. Also, the conversion price of the 2008 CBs be revised from HK\$0.95 per conversion share to HK\$0.110 per conversion share with effect from 13 August 2020 (subject to adjustments). Save for the above amendments, all other terms of the 2008 CBs remain unchanged and valid. On 29 June 2020, the Company made a partial redemption in the principal amount of HK\$55,000,000 on part of the 2008 CBs.

29. 可換股債券(續)

(1) 2008年可換股債券(續)

根據日期為2017年1月20日的第三份補 充契據,2008年可換股債券的到期日延 長三年,而兌換期相應自2017年8月12 日延長至2020年8月12日(「過往到期 日」)。於第三份補充契據生效後,本公 司或於延長日期至過往到期日的任何時 間按比例贖回全部或部分未兌換之2008 年可換股債券。再者,兌換價及兌換價 調整事件已變更。兌換價已調整為每股 0.095港元。

於第三份補充契據生效後,2008年可換 股債券由本公司董事經參考由與本集團 並無關連的獨立合資格估值師國際評估 有限公司出具的估值報告進行估值。註 銷可換股債券之收益約31,162,000港元 已於截至2017年12月31日止年度於損 益確認。

於股份合併生效後,基於本公司股本中 每十股每股面值0.001港元的已發行及 未發行股份將合併為一股每股面值0.01 港元的合併股份,2008年可換股債券兌 換價已調整為每股0.95港元。

根據日期為2020年1月10日的第四份補 充契據,2008年可換股債券的到期日再 延長三年,由2020年8月13日延長至 2023年8月12日。於第三份補充契據生 效後,本公司或於延長日期至過往到期 日的任何時間按比例贖回全部或部分未 兌換之2008年可換股債券。再者, 2008年可換股債券的兌換價由每股兌換 股 份0.95港元修訂為每股兌換股份 0.110港元,由2020年8月13日起生效 (可予調整)。除上述修訂外,2008年可 換股債券的所有其他條款維持不變及有 效。於2020年6月29日,本公司按本金 額55,000,000港元部分贖回2008年可 換股債券。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

29. CONVERTIBLE BONDS (Continued)

(1) 2008 CBs (Continued)

Upon effective of the fourth supplemental deed, the 2008 CBs was valued by the Directors with reference to a valuation report issued by an independent qualified valuer not connected with the Group. Gain on modification of terms of convertible bonds of HK\$2,502,000 and loss on redemption of convertible bonds of HK\$2,444,000 were recognised in the profit or loss for the year ended 31 December 2020.

The outstanding principal amount of the 2008 CBs as at 31 December 2020 was HK\$69,068,000 (2019: HK\$124,068,000) conferring rights to convert into a total of 627,890,909 ordinary Shares (2019: 130,597,895).

The 2008 CBs contain two components, the liability and equity components. The equity component is presented in equity as an "Equity component of convertible bonds".

The effective interest rate of the liability component is as follow:

29. 可換股債券(續)

(1) 2008年可換股債券(續)

於第四份補充契據生效後,2008年可換 股債券由董事經參考由與本集團並無關 連的獨立合資格估值師出具的估值報告 進行估值。修訂可換股債券條款的收益 2,502,000港元及贖回可換股債券的虧 損2,444,000港元已於截至2020年12月 31日止年度的損益確認。

於2020年12月31日,2008年可換股債 券尚未兌換本金額為69,068,000港元 (2019年:124,068,000港元),附帶權 利可兌換為合共627,890,909股普通股 (2019年:130,597,895股)。

2008年可換股債券包括負債及權利兩個 組成部分。權益部分以「可換股債券之 權益部分」呈列。

負債部分的實際利率如下:

		Fourth Supplemental deed 第四份補充契據	Third Supplemental deed 第三份補充契據	Second Supplemental deed 第二份補充契據	First Supplemental deed 第一份補充契據
Effective interest rate	實際利率	14.72%	10.11%	14.13%	11.66%

The movement of the liability component of the convertible bonds for the year was set out below:

年內可換股債券負債部分的變動載列如 下:

	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
At the beginning of the year 於年初	116,344	105,651
Interest charged 利息費用	9,692	10,693
修訂可換股債券的條款 Modification of the terms of convertible
bonds	(46,110)	—
贖回可換股債券 Redemption of convertible bonds	(33,990)	—
At the end of the year 於年末	45,936	116,344

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

29. CONVERTIBLE BONDS (Continued)

(2) Team Sunny CB

On 10 January 2020, the Company issued the convertible bonds to Team Sunny International Holdings Limited ("Team Sunny"), a company incorporated in the British Virgin Islands and is wholly-owned by Mr. Wong Hin Shek ("Mr. Wong"), the Chairman, the Chief Executive Officer, an executive Director and the substantial shareholder of the Company, for the settlement of the outstanding debt due from the Company to Mr. Wong of HK\$39,805,651 ("Team Sunny CB"). The subscription amount payable by Team Sunny under the subscription agreement shall be satisfied by way of offsetting (i) the principal amount of HK\$8,000,000 under the 2019 PN (as defined below) and payable by the Company to Mr. Wong (which will be assigned to Team Sunny by Mr. Wong at the completion of the subscription to facilitate the set-off); and (ii) the outstanding principal amount and part of the accrued interest in an aggregate amount of HK\$31,805,651 under Mr. Wong's facilities payable by the Company to Mr. Wong (which will be assigned to Team Sunny by Mr. Wong at the completion of the subscription to facilitate the set-off).

The Team Sunny CB are convertible at the option of the bondholders into ordinary shares in the Company at the conversion price of HK\$0.110 per share (subject to adjustments as provided in the terms and conditions of the Team Sunny CB) at any time from the date of issue and ending on the third anniversary of the date of issue.

The Team Sunny CB are unsecured, interest-free and have a maturity date fall on the third anniversary from the date of issue.

The outstanding principal amount of the Team Sunny CB as at 31 December 2020 was HK\$39,805,651 conferring rights to convert into a total 361,869,554 ordinary Shares.

The convertible bonds contained two component, the liability and equity components. The equity component is presented in equity as an "Equity component of convertible bonds". The effective interest rate of the liability component is approximately 14.95% per annum.

29. 可換股債券(續)

(2) 滙朗可換股債券

於2020年1月10日,本公司發行可換股 債 券 予 滙 朗 國 際 控 股 有 限 公 司(「滙 朗」),該公司於英屬處女群島註冊成 立,由本公司主席、行政總裁、執行董 事及主要股東王顯碩先生(「王先生」)全 資擁有,藉此清償本公司結欠王先生的 未償還債務39,805,651港元(「滙朗可換 股債券」)。滙朗根據認購協議應付的認 購款項將透過抵銷(i)本公司根據2019年 承兌票據(定義見下文)應付王先生的本 金額8,000,000港元(將於認購事項完成 時由王先生出讓予滙朗以促成抵銷); 及(ii)本公司根據王氏融資應付王先生的 未償還本金額及部分應計利息合共 31,805,651港元(將於認購完成時由王 先生出讓予滙朗以促成抵銷)償付。

債券持有人可選擇,於發行日期至發行 日期滿三週年止期間內,隨時按兌換價 每股0.110港元(可根據滙朗可換股債券 之條款及條件所訂明者而調整)將滙朗 可換股債券兌換為本公司普通股。

滙朗可換股債券為無抵押、免息及於至 發行日期滿三週年當日到期。

於2020年12月31日,滙朗可換股債券 尚未兌換本金額為39,805,651港元,附 帶權利可兌換為合共361,869,554股普 通股。

滙朗可換股債券包括負債及權利兩個組 成部分。權益部分以「可換股債券之權 益部分」呈列。負債部分的實際年利率 約14.95%。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

29. CONVERTIBLE BONDS (Continued)

(2) Team Sunny CB (Continued)

The movement of the liability component of the convertible bonds for the year was set out below:

29. 可換股債券(續)

(2) 滙朗可換股債券(續)

年內可換股債券負債部分的變動載列如 下:

	2020 2020年 HK\$'000 千港元
利息費用	25,492 2,444
	27,936
	發行可換股債券 於年末

(3) 2015 CBs

On 21 April 2015, the Company issued the convertible bonds as part of the consideration for the acquisition of Blossom Height Ventures Limited and its subsidiaries (the "2015 CBs").

The 2015 CBs are convertible at the option of the bondholders into ordinary shares in the Company at the initial conversion price of HK\$0.32 per share (subject to adjustment as provided in the terms and conditions of the 2015 CBs) at any time from the date of issue and ending on the fifth business day before the third anniversary of the date of issue.

As a result of open offer of shares on 10 August 2015, the conversion price of 2015 CBs have been adjusted to HK\$0.23.

The 2015 CBs are unsecured, interest-free and have a maturity date fall on the third anniversary from the date of issue.

Upon effective of the share consolidation on the basis that every ten issued and unissued shares of par value of HK\$0.001 each in the share capital of the Company will be consolidated into one consolidated share of par value of HK\$0.01 each, the conversion price of 2015 CBs have been adjusted to HK\$2.30 per share.

(3) 2015年可換股債券

於2015年4月21日,本公司發行可換股 債券,作為收購 Blossom Height Ventures Limited及其附屬公司的部分代 價(「2015年可換股債券」)。

債券持有人可選擇,於發行日期至發行 日期滿三週年之前第五個營業日止期間 內,隨時按初步兌換價每股0.32港元 (可根據2015年可換股債券之條款及條 件所訂明者而調整)將2015年可換股債 券兌換為本公司普通股。

由於在2015年8月10日公開發售股份, 故2015年可換股債券的兌換價已獲調整 至0.23港元。

2015年可換股債券為無抵押、免息及於 至發行日期滿三週年當日到期。

於股份合併生效後,基於本公司股本中 每十股每股面值0.001港元的已發行及 未發行股份將合併為一股每股面值0.01 港元的合併股份,2015年可換股債券兌 換價已調整為每股2.30港元。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

29. CONVERTIBLE BONDS (Continued)

(3) 2015 CBs (Continued)

At the maturity date, any outstanding principal amount of the 2015 CBs will be compulsorily converted into ordinary shares at HK\$2.30 per share. The compulsorily conversion feature of the 2015 CBs is, in substance, a prepaid forward purchase of the fixed number of shares of the Company. Accordingly, at the date of initial recognition, the fair value of the 2015 CBs was wholly recognised as equity and will not be remeasured subsequently.

On 17 December 2019, 17,391,304 shares issued as the convertible bonds with face value of HK\$40,000,000 were fully converted into shares of HK\$0.01 each at the conversion price of HK\$2.30.

30. PROMISSORY NOTE

On 28 February 2019, The Company issued a promissory note with principal amounts of HK\$8.0 million (the "2019 PN") as a consideration for the acquisition of MPSL Group (as defined in note 39). The 2019 PN bears interest at 2% per annum and is due on the date falling on the last day of the 12th month from the date of issue of the 2019 PN (the "2019 PN Maturity Date"). The maturity date is 28 February 2020. The Company has the right to repay in full or in part of the principal amount of the 2019 PN prior to the 2019 PN Maturity Date at par.

The fair value of the 2019 PN was approximately HK\$7.2 million as at the issue date, calculated at the effective interest rate of 10.01% per annum. The promissory note was carried at amortised cost until settlement on due date. As at 31 December 2019, the carrying amount of outstanding 2019 PN was HK\$8.0 million.

29. 可換股債券(續)

(3) 2015年可換股債券(續)

於到期日,任何2015年可換股債券之未 兌換本金額將強制按每股2.30港元轉換 為普通股。具體而言,2015年可換股債 券之強制兌換特點為預付遠期購入固定 數目之本公司股份。因此,於初步確認 日期,2015年可換股債券之公平價值獲 悉數確認為權益,其後將不會重新計 量。

於 2019 年 1 2 月 1 7 日,已發行 17,391,304股股份面值為40,000,000港 元的可換股債券按兌換價2.30港元悉數 轉換為每股0.01港元的股份。

30. 承兌票據

於2019年2月28日,本公司發行本金額為 8,000,000港元之承兌票據(「2019年承兌票 據」),作為收購領智專業商務集團之代價(定 義見附註39)。2019年承兌票據年利率為 2%,將於2019年承兌票據自發行日期起計第 十二個月之最後一日(「2019年承兌票據到期 日」)到期。到期日為2020年2月28日。本公 司有權於2019年承兌票據到期日之前按面值 償還全部或部分2019年承兌票據之本金。

2019年承兌票據於發行日期之公平價值約 7,200,000港元,按實際年利率10.01%計息。 承兌票據按攤銷成本列賬,直至於到期日結 付。於2019年12月31日,未兌換2019年承兌 票據之賬面值為8,000,000港元。

For the year ended 31 December 2020 截至2020年12月31日止年度

30. PROMISSORY NOTE (Continued)

On 28 February 2020, Mr. Wong entered into an extension deed (which was agreed and accepted by the Company), agreeing that (i) the maturity date of 2019 PN shall be extended to the date of completion of the subscription agreement be entered into between the Company and Team Sunny (as supplemented by the supplemental agreement dated 20 March 2020) (the "CB Subscription") or the date on which the CB Subscription lapses, whichever is the earlier, or such later date as Mr. Wong and the Company may mutually agree in writing (the "New Maturity Date") and; (ii) all interest accrued on the outstanding principal amount of the 2019 PN shall be repayable on the fifth business day immediately after the date of completion of the proposed rights issue or the date on which the proposed rights issue and the underwriting agreement are terminated or lapse, whichever is the earlier, or such other date as Mr. Wong and the Company may mutually agree in writing. For the avoidance of doubt, no interest shall continue to accrue after the full repayment of the principal amount of the 2019 PN on the New Maturity Date. Save for the above amendments, all other terms and conditions of the 2019 PN shall remain unchanged and in full and effect in all aspects. Upon the completion of the subscription and issue of Team Sunny convertible bonds on 21 May 2020 all the principal amount of 2019 PN was offset and settled.

Details were set out in the Company's announcements dated 28 February 2020 and 21 May 2020.

The movement of the promissory note was as follows:

30. 承兌票據(續)

於2020年2月28日,王先生訂立一份延長契據 (已經由本公司同意及接納),同意(i)2019年 承兌票據到期日應延長至認購協議(由本公司 與滙朗訂立)(經日期為2020年3月20日的補充 協議補充)(「可換股債券認購事項」)完成日 期,或失效當日(以較早者為準),或王先生 與本公司可能以書面互相協定的較後日期(「新 到期日」)及;(ii)2019年承兌票據未償還本金 額的所有累計利息,應於緊隨建議供股完成 日期或建議供股及包銷協議被終止或失效當 日(以較早者為準)之後第五個營業日或王先 生與本公司可能以書面互相協定的其他日期 償付。為免生疑,當2019年承兌票據的本金 額於新到期日悉數償還後,將不會繼續累計 利息。除上述修訂外,2019年承兌票據的所 有其他條款及條件保持不變,在各方面維持 十足效力及作用。於2020年5月21日完成認購 及發行滙朗可換股債券後,2019年承兌票據 的本金額已悉數抵銷及結付。

詳情載於本公司日期為2020年2月28日 及 2020年5月21日之公告。

該等承兌票據變動如下:

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
At the beginning of the year	於年初	8,005	—
Issuance upon acquisition of MPSL Group	收購領智專業商務集團
(as defined in Note 39)	(定義見附註39)時發行	—	7,272
Coupon interest charged	票面利息費用	27	133
Imputed interest charged	估算利息費用	128	600
Transfer to convertible bonds (Note 29(2))	轉讓至可換股債券(附註29(2))	(8,000)	—
Transfer to other payables upon maturity	到期時轉至其他應付款項	(160)	—
At the end of the year	於年末	—	8,005

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

31. TRADE PAYABLES

31. 貿易應付款項

Details of trade payables as at the end of reporting period are as follows:

於報告期末,貿易應付款項的詳情如下:

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Trade payables from the business of dealing in securities	證券買賣業務的貿易應付款項
— Cash clients (Note)	— 現金客戶(附註)	39,109	58,665
— HKSCC	— 香港結算	186	—
Trade payables from trading business	貿易業務的貿易應付款項	1,569	1,518
		40,864	60,183

Note: As at 31 December 2020, the Group had trade payables due to a private company, which is wholly-owned by Mr. Wong, of approximately HK\$12,333,000 (2019: Nil) was arising from the Group's ordinary course of business in dealing securities. The transaction with such related company were carried out in normal course of business.

附註: 於2020年12月31日,本集團應付一家私人公 司(由王先生全資擁有)的貿易應付款項為約 12,333,000港元(2019年:無),該應付款項 乃因本集團在日常業務過程中買賣證券而產 生。與該家關聯公司的交易在正常業務過程 中進行。

An ageing analysis of trade payables arising from business other than dealing in securities as at the end of reporting period based on the invoice date/contractual term, are as follows:

於報告期末,來自證券買賣以外業務的貿易 應付款項按發票日期╱合約期的賬齡分析如 下︰

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Within 30 days	30日內	211	57
31 to 60 days	31至60日	—	294
61 to 120 days	61至120日	134	26
Over 120 days	120日以上	1,224	1,141
		1,569	1,518

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

32. OTHER PAYABLES AND ACCRUALS

32. 其他應付款項及應計款項

		2020 2020年	2019 2019年
		HK\$'000	HK\$'000
		千港元	千港元
Other payables (Note)	其他應付款項(附註)	39,829	103,872
Accruals	應計款項	2,972	2,849
		42,801	106,721

Note:

As at 31 December 2019, included in other payable, the amounts of approximately HK\$12,636,000 and HK\$31,521,000 represented the amounts due to Mr. Cheung Wai Yin, Wilson, an executive Director of the Company, and loans from Mr. Wong, respectively.

The amounts due to Mr. Cheung Wai Yin, Wilson are unsecured, interest-free and no fixed repayment terms. The Company fully settled the advanced fund to Mr. Cheung Wai Yin, Wilson on 16 July 2020.

The loans from Mr. Wong are unsecured, interest bearing at 5% to 5.125% and repayable within one year. The Company fully settled the advance fund to Mr. Wong on 31 July 2020.

33. DEFERRED TAX LIABILITIES

附註:

於2019年12月31日,其他應付款項中包括約 12,636,000港元及31,521,000港元分別代表應付本 公司執行董事張偉賢先生的款項及來自王先生的貸 款。

應付張偉賢先生款項為無抵押、免息及無固定還款 期。本公司於2020年7月16日向張偉賢先生悉數償 還獲提供的資金。

來自王先生的貸款為無抵押、按5%至5.125%利率 計息及須於一年內償還。本公司於2020年7月31日 向王先生悉數償還獲提供的資金。

33. 遞延稅項負債

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
As at 1 January Acquisition of a subsidiary (note 39) Credit to profit or loss for the year	於1月1日 收購一間附屬公司(附註39) 計入年內損益	1,128 — (530)	941 187 —
As at 31 December	於12月31日	598	1,128

The deferred tax liabilities arising from revaluation of intangible assets.

遞延稅項負債來自無形資產的重新估值。

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

34. SHARE CAPITAL

34. 股本

			Number of	Nominal
			shares	values
			股份數目	面值
		Notes	in'000	HK\$'000
		附註	千股	千港元
Authorised:	法定:
At 1 January 2019	於2019年1月1日
Ordinary shares of HK\$0.001 each	每股面值0.001港元之普通股		200,000,000	200,000
Share consolidation	股份合併		(180,000,000)	—
At 31 December 2019, 1 January 2020 and	於2019年12月31日、2020年
31 December 2020	1月1日及2020年12月31日
Ordinary shares of HK\$0.01 each	每股面值0.01港元之普通股		20,000,000	200,000
	已發行及繳足:
Issued and fully paid: At 1 January 2019	於2019年1月1日
Ordinary shares of HK\$0.001 each	每股面值0.001港元之普通股		2,040,094	2,040
Placing of shares	配售股份		408,000	408
Share consolidation	股份合併		(2,203,285)	—
Convertible bonds convert into shares	可換股債券轉換為股份		17,391	174
At 31 December 2019 and 1 January 2020	於2019年12月31日及
	2020年1月1日
Ordinary shares of HK\$0.001 each	每股面值0.001港元之普通股		262,200	2,622
Issuance of shares upon rights issue	因供股而發行股份	1	1,048,803	10,488
Issuance of shares upon exercise of	因購股權獲行使而發行股份
share options		2	12,240	122
At 31 December 2020	於2020年12月31日
Ordinary shares of HK\$0.01 each	每股面值0.01港元之普通股		1,323,243	13,232

Notes:

附註:

• (1) On 22 June 2020, the Company completed a rights issue (the "Rights Issue") on the basis of four rights shares for every one exiting shares held on 28 May 2020 at the subscription price of HK\$0.110 per rights share and allotted and issued 1,048,802,876 shares of the Company. Gross Rights Issue proceeds of HK\$115,368,000 of which HK\$10,488,000 was credited against share capital and the remaining proceeds of HK\$104,880,000 after offsetting the share issuance costs of HK\$1,552,000 were credited against the share premium account.
• (2) On 20 November 2020, share options to subscribe for 12,240,000 ordinary shares of the Company were exercised. The net consideration was HK\$184,000 of which HK\$122,000 was credited to share capital account and the balance of HK\$62,000 was credited to the share premium account. An amount of HK\$102,000 was transferred from share option reserve account to share premium account upon the exercise of the share options.

(1) 於2020年6月22日,本 公 司 完 成 供 股(「供 股」),基準為於2020年5月28日每持有1股 現有股份獲發四股供股股份,按認購價每股 供股股份 0.110 港元配發及發行 1,048,802,876股本公司股份。供股所得款項 總額為115,368,000港元,其中10,488,000 港元計入股本,而餘下所得款項104,880,000 港元抵銷股份發行成本1,552,000港元後計入 股份溢價賬。

(2) 於 2020 年 1 1 月 2 0 日,可認購本公司 12,240,000股普通股的購股權已獲行使。代 價淨額為184,000港元,其中122,000港元已 計入股本賬,餘額62,000港元計入股份溢價 賬。於行使購股權後,由購股權儲備賬轉撥 金額102,000港元至股份溢價賬。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

35. RESERVES

Nature and purpose of the reserves

(i) Share premium

Under the Companies Law of the Cayman Islands, the share premium account is distributable to the shareholders of the Company, provided that immediately following the date on which the dividend is proposed to be distributed, the Company will be in a position to pay off its debts as and when they fall due in the ordinary course of business.

(ii) Contributed surplus

The Company's contributed surplus represents the excess of the fair value of the shares of a subsidiary acquired in prior years, over the nominal value of the Company's shares issued in exchange thereof.

(iii) Equity component of convertible bonds

The value of unexercised equity component of convertible bonds issued by the Company recognised in accordance with the accounting policy adopted for convertible bonds.

(iv) Share option reserve

The share option reserve comprises the fair value of share options granted which are yet to be exercised, The amount will either be transferred to the share premium account when the related options are exercised, or be transferred to retained profits should the related options expire or be forfeited.

(v) Capital reduction reserve

Capital reduction reserve is the credit arising from the capital reduction.

(vi) Exchange fluctuation reserve

The exchange fluctuation reserve comprises all foreign exchange differences arising from the translation of the financial statements of the overseas subsidiaries.

(vii) Fair value through other comprehensive income reserve

Fair value through other comprehensive income reserve represents gain/losses arising on recognising financial assets classified as financial assets at fair value through other comprehensive income.

(viii) Other reserve

Other reserve arose from the acquisition of additional equity interest in a subsidiary from non-controlling interest set out in note 40.

35. 儲備

儲備性質及目的

(i) 股份溢價

根據開曼群島公司法,倘於緊隨建議分 派股息當日後,本公司能夠償付日常業 務過程中到期的債務,則股份溢價賬可 分派予本公司股東。

(ii) 繳入盈餘

本公司的繳入盈餘指於往年收購的一間 附屬公司的股份公平價值,超出用作交 換而發行的本公司股份面值的差額。

(iii) 可換股債券權益部分

本公司所發行可換股債券之未行使權益 部分之價值乃根據有關可換股之債券會 計政策予以確認。

(iv) 購股權儲備

購股權儲備包括已授出而尚未行使之購 股權之公平價值。該數額會於有關購股 權獲行使時轉撥至股份溢價賬,或於有 關購股權期限屆滿或被沒收時轉撥至保 留溢利。

(v) 股本削減儲備

股本削減儲備為股本削減產生的進賬。

(vi) 匯兌波動儲備

匯兌波動儲備包括因換算海外附屬公司 財務報表產生之所有匯兌差額。

(vii) 以公平價值計入其他全面收入儲備

以公平價值計入其他全面收入儲備指確 認歸類為以公平價值計入其他全面收入 之金融資產的金融資產而產生的收益╱ 虧損。

(viii) 其他儲備

其他儲備產生自附註40所列的非控制性 權益收購附屬公司額外權益。

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

36. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

36. 本公司財務狀況報表

		Note 附註	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
ASSETS AND LIABILITIES Non-current assets Property, plant and equipment Right-of-use assets Interests in subsidiaries	資產及負債 非流動資產 物業、廠房及設備 使用權資產 於附屬公司之權益		701 1,636 43,710	1,516 3,589 81,387
Total non-current assets	非流動資產總額		46,047	86,492
Current assets Prepayments, deposits and other receivables Financial asset at fair value through profit or loss Bank balances and cash	流動資產 預付款項、按金及其他應收 款項 按公平價值計入損益之金融 資產 銀行結餘及現金		789 1,010	5,242 —
— general accounts	— 一般賬戶		11,309	119
Total current assets	流動資產總額		13,108	5,361
Current liabilities Lease liabilities Convertible bonds Promissory notes Other payables and accruals Amounts due to subsidiaries	流動負債 租賃負債 可換股債券 承兌票據 其他應付款項及應計款項 應付附屬公司賬款		1,514 — — 38,620 9,588	1,963 116,344 8,005 98,730 989
Total current liabilities	流動負債總額		49,722	226,031
Net current liabilities	流動負債淨額		(36,614)	(220,670)
Total assets less current liabilities 總資產減流動負債			9,433	(134,178)
Non-current liabilities Convertible bonds Lease liabilities	非流動負債 可換股債券 租賃負債		73,872 —	— 1,685
Total non-current liabilities	非流動負債總額		73,872	1,685
Net liabilities	負債淨額		(64,439)	(135,863)
EQUITY Share capital Reserves	股權 股本 儲備	34	13,232 (77,671)	2,622 (138,485)
Total equity	總股權		(64,439)	(135,863)

Approved and authorised for issue by the board of Directors on 25 March 2021.

經董事會於2021年3月25日核准及授權刊發。

Wong Hin Shek Tsang Kwai Ping 王顯碩 曾桂萍 Director Director 董事 董事

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

37. RESERVES OF THE COMPANY 37. 本公司儲備

Share premium Contributed surplus Equity component of convertible bonds Share option reserve Capital reduction reserve Accumulated losses Total 股份溢價 繳入盈餘 可換股債券 之權益部分 購股權儲備 股本 削減儲備 累計虧損 總計 HK\$'000 HK\$'000 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 千港元 千港元 As at 1 January 2019 於2019年1月1日 957,059 18,203 53,115 27,328 163,191 (1,278,797) (59,901) Changes in equity for 2019: 2019年權益變動: Loss and total comprehensive income for the year 虧損及本年度全面收入總額 — — — — — (84,530) (84,530) Lapse of share options 購股權失效 — — — (2,324) — 2,324 — Placing shares 配售股份 6,120 — — — — — 6,120 Shares issued upon exercise of convertible bond 可換股債券獲行使後發行股份 30,213 — (30,387) — — — (174) As at 31 December 2019 and 1 January 2020 於2019年12月31日及2020年 1月1日 993,392 18,203 22,728 25,004 163,191 (1,361,003) (138,485) Changes in equity for 2020: 2020年股權變動 Loss and total comprehensive income for the year 年內虧損及全面收入總額 — — — — — (83,736) (83,736) Issuance of shares 發行股份 104,880 — — — — — 104,880 Transaction cost for right issue 供股之交易成本 (1,552) — — — — — (1,552) Recognition of equity-settled share-based payment expense 確認以股份為基礎按權益結算 的開支 — — — 102 — — 102 Proceeds from exercise of share options 行使購股權所得款項 62 — — — — — 62 Exercise of share options 行使購股權 102 — — (102) — — — Redemption of convertible bonds 贖回可換股債券 — — (28,596) — — 10,030 (18,566) Issuance of convertible bonds 發行可換股債券 — — 16,016 — — — 16,016 Modification of the terms of convertible bonds 修訂可換股債券條款 — — 41,780 — — 1,828 43,608 As at 31 December 2020 於2020年12月31日 1,096,884 18,203 51,928 25,004 163,191 (1,432,881) (77,671)

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

38. INTERESTS IN SUBSIDIARIES

38. 於附屬公司權益

Particulars of the principal subsidiaries are as follows:

有關主要附屬公司之詳情如下:

Name 名稱	Place of establishment/ incorporation and operations 成立╱註冊成立及 經營地點	Issued and fully paid/ Percentage of equity registered share capital attributable to the Company Principal activities 本公司 應佔股本權益 已發行及繳足╱註冊股本 百分比 主要業務
			2020	2019
			2020年	2019年
			%	%
Atbinary (Holdings) Limited	Hong Kong	HK\$1	100	100	Information technology business
二次元(控股)有限公司	香港	1港元			資訊科技業務
End User Investments Limited	BVI	HK\$2,970,618	100	100	Investment holding
	英屬維京群島	2,970,618港元			投資控股
End User Technology Limited	BVI	US\$100	100	100	Investment holding
	英屬維京群島	100美元			投資控股
Ever Hero Group Limited	BVI	US\$100	100	100	Investment holding
	英屬維京群島	100美元			投資控股
Merdeka Professional Services Limited (formerly known as "Veda Corporate Services Limited")	Hong Kong	HK\$1,500,000	100	100	Corporate consulting business
領智專業商務有限公司 (前稱「智略企業服務有限公司」)	香港	1,500,000港元			企業諮詢業務
Ideal Magic International Limited	Hong Kong	HK\$10,000	100	100	Investment holding
裕驊國際有限公司	香港	10,000港元			投資控股
Merdeka Corporate Finance Limited	Hong Kong	HK\$1,500,001	100	100	Advising on corporate finance
萬德企業融資有限公司	香港	1,500,001港元			企業融資顧問
Merdeka Corporate Advisory Limited	Hong Kong	HK\$1	100	100	Accounting and financial
領智企業諮詢有限公司	香港	1港元			reporting services 會計及財務報告服務
Merry Fortune Holdings Limited	BVI 英屬維京群島	US\$1 1美元	100	100	Investment holding 投資控股
Heng He Financial Lease (Shanghai) Company Limited* (Note)	PRC	RMB300,000,000	64.71	64.71	Finance leasing
恒河融資租賃(上海)有限公司(附註)	中國	人民幣300,000,000元			融資租賃
Source Easy Limited	Hong Kong	HK\$10,000	100	100	Trading business
源易通有限公司	香港	10,000港元			貿易業務

For the year ended 31 December 2020 截至2020年12月31日止年度

38. INTERESTS IN SUBSIDIARIES (Continued)

38. 於附屬公司權益(續)

Name 名稱	Place of establishment/ incorporation and operations 成立╱註冊 成立及經營地點	Issued and fully paid/ registered share capital 已發行及繳足股本	Percentage of equity attributable to the Company 本公司 應佔股本權益百分比		Principal activities 主要業務
			2020 2020年 %	2019 2019年 %
Merdeka Securities Limited (formerly known as "Merdeka Capital Limited") 領智證券有限公司(前稱「萬德資本有限公司」)	Hong Kong 香港	HK\$25,770,000 25,770,000港元	100	100	Dealing in securities 證券交易
Merdeka Credit Information Limited* (Note) 萬德徵信有限公司(附註)	PRC 中國	RMB50,000,000 人民幣50,000,000元	70	70	Inactive 不活躍
Merdeka Investment Management Limited (formerly known as "Heng Asset Management Limited") 領智投資管理有限公司 (前稱「衡資產管理有限公司」)	Hong Kong 香港	HK\$5,000,000 5,000,000港元	100	100	Advising on securities and asset management 就證券提供意見及資產管理

The above table lists the subsidiaries of the Company which, in the opinion of the Directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the Directors, result in particulars of excessive length.

None of the subsidiaries had issued any debt securities at the end of the year.

* For identification purpose only

Note:

These subsidiaries are registered as wholly foreign owned enterprises under the Law of the PRC.

董事認為,上表所載列之本公司附屬公司主 要影響本年度業績或構成本集團資產淨值的 重大部分。董事認為,提供其他附屬公司之詳 情將導致資料篇幅過於冗長。

於年末,概無附屬公司發行任何債務證券。

* 僅供識別

附註:

該等附屬公司根據中國法律註冊為外商獨資企業。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

39. ACQUISITION OF SUBSIDIARIES

On 28 February 2019, the Group completed the acquisition of the entire interest in Merdeka Professional Services Limited ("MPSL") (formerly known as Veda Corporate Services Limited) and its subsidiaries (together "MPSL Group") at a consideration of HK\$8,000,000 settled by the promissory note issued by the Company. MPSL Group is principally engaged in the provision of corporate consulting services including company secretarial services, accounting and financial reporting services and management consulting services and is a holder of the Trust or Company Service Provider License registered with the Company Registry of Hong Kong. The primary reason for acquisition was to further expand and diversify the business portfolio within the corporate consulting business sector.

The fair values of identifiable assets and liabilities arising from the acquisition of MPSL Group as at the date of acquisition were as follows:

39. 收購附屬公司

於2019年2月28日,本集團完成收購領智專業 商務有限公司(「領智專業商務有限公司」)(前 稱智略企業服務有限公司)及其附屬公司(統 稱「領智專業商務集團」)的全部權益,代價為 8,000,000港元,由本公司發行承兌票據支 付。領智專業商務集團主要從事提供企業諮 詢服務,包括公司秘書服務、會計及財務報告 服務,以及管理諮詢服務,且為香港公司註冊 處註冊信託或公司服務提供者牌照的持牌人。 收購事項的主要理由是在企業諮詢業務領域 內進一步擴充及使業務組合多元化。

於收購日期,因收購領智專業商務集團而產 生的可辨認資產及負債的公平價值如下:

		Fair Value
		公平價值
		HK\$'000
		千港元
Property, plant and equipment	物業、廠房及設備	20
Right-of-use assets	使用權資產	3,943
Intangible assets	無形資產	1,140
Trade receivables	貿易應收款項	998
Other receivables	其他應收款項	36
Prepayments and deposits	預付款項及按金	544
Bank balances and cash	銀行結餘及現金	2,654
Tax receivables	應收稅項	233
Trade payables	貿易應付款項	(630)
Deferred income	遞延收入	(3)
Receipt in advance	預收款項	(33)
Deferred tax liabilities	遞延稅項負債	(187)
Dividend payable	應付股息	(2,970)
Lease liabilities	租賃負債	(3,943)
Fair value of net assets acquired	已購入淨資產的公平價值	1,802

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

39. ACQUISITION OF SUBSIDIARIES (Continued)

39. 收購附屬公司(續)

		HK\$'000 千港元
Total consideration satisfied by promissory note	以承兌票據支付的總代價公平價值
issued at fair value (Note 30)	(附註30)	7,272
Less: Fair value of net assets acquired	減:已購入淨資產的公平價值	(1,802)
Goodwill (Note 16)	商譽(附註16)	5,470
Cash consideration paid	已付現金代價	—
Bank balances and cash in a subsidiary acquired	於一間已收購附屬公司的銀行結餘及現金	2,654
Net cash inflow from acquisition of a subsidiary	來自收購一間附屬公司的現金流入淨額	2,654

The goodwill of HK\$5,470,000, which is not deductible for tax purposes, comprises the acquired workforce and the expected future growth of corporate consulting business to diversify the revenue stream of the existing business of the Group.

Post-acquisition contribution to revenue and net profit of the MPSL Group as included in the Group's consolidated statement of comprehensive income for the year ended 31 December 2019 is HK\$8,004,000 and HK\$3,161,000 respectively. Had the acquisition been completed on 1 January 2019, the revenue and net loss of the Group for the year ended 31 December 2019 would have been HK\$484,014,000 and HK\$114,661,000 respectively. The pro-forma information is for illustrative purposes only and is not necessarily an indication of revenue and results of the operations of the Group that actually would have been achieved had the acquisition of the Group been completed on 1 January 2019 nor are they intended to be a projection of future results.

商譽5,470,000港元(不可扣稅),包括所收購 的員工及企業諮詢業務的預期未來增長,以 使本集團現有業務的收入來源多元化。

收購後對領智專業商務集團截至2019年12月 31日止年度的收入及純利的貢獻(計入本集團 綜 合 全 面 收 入 表)分 別 為8,004,000港元及 3,161,000港元。倘收購事項於2019年1月1日 完成,則本集團截至2019年12月31日止年度 的收入及虧損淨額將分別為484,014,000港元 及114,661,000港元。備考資料僅作說明用 途,未必可反映倘收購事項於2019年1月1日 完成,本集團實際會取得的收入及經營業績, 亦不擬作為未來業績的預測。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

40. TRANSACTIONS WITH NON-CONTROLLING INTERESTS

On 4 November 2019, the Company acquired the remaining 49% equity interest of Merdeka Investment Management Limited (formerly known as Heng Asset Management Limited ("MIML") at cash consideration of HK\$10,000,000. MIML becomes the wholly-owned subsidiary of the Group. The Group recognised a decrease in non-controlling interests of HK\$3,452,000 and a decrease in equity attributable to owners of the Company of HK\$6,548,000. The effect of changes in the ownership interest of MIML on the equity attributable to owners of the Company during the year is summarised as below:

40. 與非控股權益之交易

於 2019 年 11 月 4 日,本公司以現金代價 10,000,000港元收購領智投資管理有限公司 (前稱衡資產管理有限公司,「領智投資管理」) 餘下49%股權。領智投資管理成為本集團的 全資附屬公司。本集團確認非控股權益減少 3,452,000港元及本公司股權擁有人應佔權益 減少6,548,000港元。年內,領智投資管理的 擁有權權益變動對本公司股權擁有人應佔權 益的影響概述如下:

		HK\$'000 千港元
Carrying amount of non-controlling interests acquired	所收購非控股權益之賬面值	3,452
Consideration paid to non-controlling interests	已付非控股權益之代價	(10,000)
Excess of consideration paid recognised within equity	於權益確認之已付溢價	6,548

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

41. DISPOSAL OF SUBSIDIARIES/DEREGISTRATION OF SUBSIDIARIES

(a) Deregistration of M Technology Limited ("M Technology") and Merdeka Asset Management Limited ("MAML")

On 22 May 2020, the Group deregistrated M Technology and MAML, indirect wholly-owned subsidiaries of the Company. Gain on deregistration of subsidiaries in aggregate amounted to HK\$1,057,000 was analysed as follows:

41. 出售附屬公司╱附屬公司註銷登記

(a) 註銷登記M Technology Limited(「M Technology」)及萬德資產管理有限公 司(「萬德資產」)

於2020年5月22日,本集團註銷登記本 公司的間接全資附屬公司M Technology 及萬德資產。附屬公司註銷登記的收益 合共1,057,000港元分析如下:

HK\$'000

(i)	Net liabilities of M Technology deregistered:	(i)	已註銷登記M Technology的負債淨 額:
	Other payables		其他應付款項	(993)
	Gain on deregistration		註銷登記收益	(993)
	(ii) Net liabilities of MAML deregistered:		(ii) 已註銷登記萬德資產的負債淨額:
	Other payables		其他應付款項	(64)
	Gain on deregistration		註銷登記收益	(64)
	Total gain on deregistration		註銷登記收益總額	(1,057)

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

41. DISPOSAL OF SUBSIDIARIES/DEREGISTRATION OF SUBSIDIARIES (Continued)

(b) Disposal of Merdeka Resources International Limited ("MRI")

On 1 April 2019, a subsidiary of the Group as a vendor entered into agreements with a director under normal commercial terms to dispose of its entire equity interests of MRI, at a consideration of HK\$1. Gain on disposal amounted to HK\$173,000 was analysed as follows:

41. 出售附屬公司╱附屬公司註銷登記(續)

(b) 出售萬德資源國際有限公司(「萬德資源 國際」)

於2019年4月1日,本集團一家附屬公 司(作為賣方)根據一般商業條款與董事 訂立協議,以出售萬德資源國際之全部 股權,代價為 1 港元。出售收益為 173,000港元分析如下:

HK\$'000 千港元

Net liabilities disposed of:	已出售負債淨額:
Property, plant and equipment Prepayments, deposits and other receivables Other payables	物業、廠房及設備 預付款項、按金及其他應收款項 其他應付款項	12 20 (205)
Less: Proceeds from disposal	減:出售所得款項	(173) —
Gain on disposal	出售收益	(173)
The cash consideration of HK\$1 from the disposal of MRI		截至2019年12月31日止年度,本集團

has been fully received by the Group for the year ended 31 December 2019. Net cash inflows arising on disposal is HK\$1.

截至2019年12月31日止年度,本集團 已悉數收取出售萬德資源國際之現金代 價1港元。出售產生現金流入淨額為1港 元。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

41. DISPOSAL OF SUBSIDIARIES/DEREGISTRATION OF SUBSIDIARIES (Continued)

(c) Disposal of Gold Coin Development Limited ("Gold Coin") and its subsidiary (together "Gold Coin Group")

On 23 December 2019, a subsidiary of the Group as a vendor entered into agreements with a director under normal commercial terms to dispose of its entire equity interest of Gold Coin Group at a consideration of HK\$1. Gain on disposal amounted to HK\$360,000 was analysed as follows:

41. 出售附屬公司╱附屬公司註銷登記(續)

(c) 出售金鼎發展有限公司(「金鼎」)及其附 屬公司(統稱「金鼎集團」)

於2019年12月23日,本集團一家附屬 公司(作為賣方)根據一般商業條款與董 事訂立協議,以出售金鼎集團之全部股 權,代價為1港元。出售收益為360,000 港元分析如下:

HK\$'000 千港元

Net liabilities disposed of:	已出售負債淨額:
Inventories	存貨	94
Trade receivables	貿易應收款項	44
Prepayments, deposits and other receivables	預付款項、按金及其他應收款項	94
Trade payables	貿易應付款項	(10)
Other payables and accruals	其他應付款項及應計費用	(504)
		(282)
Non-controlling interest	非控股權益	(204)
		(486)
Less: Release of exchange reserve to profit or	減:出售後解除匯兌儲蓄至損益
loss upon disposal		126
Less: Proceeds from disposal	減:出售所得款項	—
Gain on disposal	出售收益	(360)

The cash consideration of HK\$1 from the disposal of Gold Coin has been fully received by the Group for the year ended 31 December 2019. Net cash flows arising on disposal is HK\$1.

截至2019年12月31日止年度,本集團 已悉數收取出售金鼎之現金代價1港 元。出售產生現金流入淨額為1港元。

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

41. DISPOSAL OF SUBSIDIARIES/DEREGISTRATION OF SUBSIDIARIES (Continued)

(d) Deregistration of Veda (Yan'an) Corporate Services Limited ("Yan'an")

On 11 July 2019, the Group deregistered Yan'an, a wholly-owned subsidiary in PRC.

• 41. 出售附屬公司╱附屬公司註銷登記(續)
• (d) 註銷智略(延安)企業服務有限公司(「延 安」)

於2019年7月11日,本集團註銷延安, 一間於中國的全資附屬公司。

				HK\$'000 千港元
	Release of exchange reserve upon deregistration of a subsidiary	匯兌儲備	於註銷一間附屬公司時解除	6
	Loss on deregistration	註銷虧損		6
	Upon deregistration of this subsidiary, the cumulative amount of the exchange differences relating to this foreign operation, recognised in other comprehensive income and accumulated in the translation reserve, has been reclassified from equity to profit or loss in accordance with HKAS 21.		於註銷該附屬公司後,於其他全面收人 確認及於換算儲備累計的有關該海外業 務的匯兌差額累計金額,已根據香港會 計準則第21號自權益重新分類至損益。
(e)	Deregistration of Netgenii Technology Limited ("Netgenii")	(e)	機智科技有限公司(「機智」)註銷登記
	On 25 January 2019, the Group deregistered Netgenii, a non-wholly owned subsidiary in Hong Kong. Gain on disposal amounted to HK\$1,210,000 was analysed as follows:		於2019年1月25日,本集團將一間香港 非全資附屬公司機智註銷登記。出售收 益為1,210,000港元分析如下:
				HK\$'000 千港元
	Net liabilities deregistered of:	已註銷負債淨額:
	Bank balances Prepayments, deposits and other receivables Trade payables	銀行結餘 預付款項、按金及其他應收款項 貿易應付款項		76 130 (1,300)
	Less: Non-controlling interests	減:非控股權益		(1,094) (116)
	Gain on deregistration	註銷登記之收益		(1,210)

For the year ended 31 December 2020 截至2020年12月31日止年度

42. SHARE OPTION SCHEME

The Company operates a share option scheme for the purpose of providing incentives and rewards to eligible participants for their contribution to the Group. The share option scheme of the Company was approved and adopted by the Shareholders at the extraordinary general meeting of the Company held on 30 December 2020 (the "Share Option Scheme"). Unless otherwise cancelled or amended, the Share Option Scheme will remain in force for a period of 10 years from the date of its adoption. The Board may, at their discretion, offer options to any Directors of the Group, full time or part time employees of the Group ; and any business or joint venture partners, contractors, agents or representatives, consultants, advisers, suppliers, producers or licensors, customers, licensees (including any sub-licensees) or distributors, landlords or tenants (including any sub-tenants) of the Group (the "Eligible Participants") to subscribe for shares of the Company (the "Shares").

The maximum number of Shares which may be issued upon the exercise of all outstanding share options granted and yet to be exercised under all share option scheme must not exceed 30% of the Shares in issue from time to time.

The maximum number of Shares available for issue under share options which may be granted under the Share Option Scheme must not in aggregate exceed 10% of the Shares in issue. The maximum number of Shares issued and to be issued upon exercise of the share options granted and to be granted to each Participant (including both exercised and outstanding share options) in any 12-month period up to the date of grant must not exceed 1% of the Shares in issue at the date of grant. Any further grant of share options in excess of the above limit must be subject to shareholders' approval with such Participant and his associates (as defined in the GEM Listing Rules) abstaining from voting.

42. 購股權計劃

本公司推行購股權計劃,旨在向對本集團有 貢獻的合資格參與者提供鼓勵和嘉許。本公 司購股權計劃(「購股權計劃」)於2020年12月 30日召開的股東特別大會上獲股東批准並採 納。除非另行註銷或修訂,否則購股權計劃亦 將由其採納日期起計10年期間內有效。董事 會可酌情向本集團的任何董事、本集團的全 職或兼職僱員;及本集團的任何業務或合營 夥伴、承包商、代理或代表、顧問、諮詢人、 供應商、生產商或許可人、客戶、被許可人 (包括任何次級被許可人)或分銷商、業主或 租戶(包括任何次級租戶)(「合資格參與者」) 授出購股權,以認購本公司股份(「股份」)。

於所有購股權計劃項下的所有已授出但尚未 行使購股權獲悉數行使後可予發行之股份數 目最多不得超過不時之已發行股份30%。

根據購股權計劃可授出的購股權而可予發行 的股份總數,最高不得超過已發行股份10%。 在截至授出日期止任何12個月期間因行使已 授予及將授予每位參與者的購股權(包括已行 使及未行使的購股權)而已發行及將予發行的 股份總數,最高不得超逾於授出購股權日期 已發行股份1%。任何授出超逾上述限額的購 股權必須獲得股東批准,而有關參與者及其 聯繫人(定義見GEM上市規則)不得參與投票。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. SHARE OPTION SCHEME (Continued)

If share options are granted to a substantial Shareholder (as defined in the GEM Listing Rules) or an independent non-executive Director or any of their respective associates would result in the Shares issued and to be issued upon exercise of all share options already granted and to be granted (including share options exercised, cancelled and outstanding) to such person in the 12-month period up to and including the date of such grant (a) representing in aggregate over 0.1 per cent. of the Shares in issue; and (b) having an aggregate value, based on the closing price of the Shares at the date of each grant, in excess of HK\$5 million, such further grant of Options must be approved by the Shareholders at a general meeting of the Company, with voting to be taken by way of a poll. The Company must send a circular to the Shareholders. The grantee, his associates and all core connected persons of the Company must abstain from voting in favour of the proposed grant at such general meeting. Any vote taken at the meeting to approve the grant of such share options must be taken on a poll and comply with the requirements under the GEM Listing Rules.

Upon acceptance of the share option offers, the grantee shall pay HK\$1 to the Company as consideration for each offer. The share option will be offered for acceptance for a period of 21 days (or such shorter period as the Board may from time to time determine) from the date on which the share option is granted. The exercise period of the share options granted is determinable by the Directors and commences after a certain vesting period, if any, as determined by the Directors and ends on a date which is not later than 10 years from the date of the offer of the share options.

The subscription price of the share in respect of any particular share option granted under the Share Option Scheme shall be such price as the Board in its absolute discretion shall determine, save that such price shall be not less than the highest of: (i) the closing price of the Shares as stated in the Stock Exchange as shown in the daily quotation sheet on the date of the grant of the share option, which must be a business day; (ii) the average of the closing prices of the Shares as shown in the Stock Exchange's daily quotation sheets on the five business days immediately preceding the date of the grant of the share option; and (iii) the nominal value of the Share on the date of grant.

Share options do not confer rights on the holders to dividends or to vote at shareholders' meetings.

42. 購股權計劃(續)

倘向主要股東(定義見GEM上市規則)或獨立 非執行董事或彼等各自之任何聯繫人授出購 股權,將導致該人士於截至授出日期(包括該 日)之十二個月期間,因行使已授出及將予授 出之所有購股權(包括已行使、註銷及尚未行 使之購股權)而發行及將予發行之股份(a)合共 佔已發行股份0.1%的已發行股份;及(b)按每 項授出日期的股份收市價計算,總價值超過 5,000,000港元,則相關之進一步授出購股權 必須獲股東於本公司股東大會上批准,並以 投票方式進行表決。本公司須向股東寄發一 份通函。承授人、其聯繫人及本公司所有核心 關連人士必須於該股東大會上放棄投票贊成 建議授出的購股權。於大會上就批准授出該 等購股權而進行之任何投票必須以投票方式 進行,並須符合GEM上市規則之規定。

於接納購股權時,承授人須向本公司支付1港 元作為授出的代價。購股權將於授出日期起 計21日期間(或董事會不時決定的較短期間) 可供接納。授出之購股權之行使期由董事決 定,並於若干由董事釐定之歸屬期間(如有) 後開始,且最遲不得超過提呈購股權日期起 計十年或購股權計劃屆滿之日(以較早者為準) 終止。

根據購股權計劃授出的任何特定購股權所涉 及股份的認購價由董事會全權決定,惟在任 何情況下應不低於下列情況之最高者:(i)授出 購股權之日(必須為營業日)聯交所每日報價 表所列股份的收市價;(ii)緊接授出購股權之 日前五個營業日聯交所每日報價表所列股份 於授出日期的平均收市價;以及(iii)股份之面 值。

購股權並無賦予持有人獲派股息或於股東大 會投票的權利。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. SHARE OPTION SCHEME (Continued)

Number of share options and weighted average exercise price under the old share option scheme (the "Old Share Option Scheme"), which adopted by the Company on 3 May 2012 and terminated by an ordinary resolution in an extraordinary general meeting on 30 December 2020, were as follows:

42. 購股權計劃(續)

本公司於2012年5月3日採納並於2020年12月 30日的股東特別大會上以普通決議案終止的 舊購股權計劃(「舊購股權計劃」)項下購股權 數目及加權平均行使價如下:

			2020	2019
			2020年	2019年
		Weighted		Weighted
		average Number of		average	Number of
		exercise price	options	exercise price	options
		加權平均	購股權	加權平均	購股權
		行使價	數目	行使價	數目
		HK\$ per share	'000	HK\$ per share	'000
		每股港元	千股	每股港元	千股
Outstanding at 1 January	於1月1日尚未行使	36	33	0.153	233,390
Granted during the year	年內授出	0.015	12,240	—	—
Exercised during the year	年內行使	0.015	(12,240)	—	—
Cancelled/lapsed during the year	於年內註銷╱失效	—	—	1.49	(41,327)
Adjusted upon effective of Rights Issue	供股生效後調整	N/A 不適用	3	—	—
Adjusted upon effective of share	股份合併生效後調整
consolidation		N/A 不適用	—	N/A 不適用	(192,030)
Outstanding at 31 December	於12月31日尚未行使	33	36	36	33

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. SHARE OPTION SCHEME (Continued)

During the year ended 31 December 2020, 12,240,000 share options (2019: Nil) have been granted and exercised during the year under the Old Share Option Scheme resulted in an equal number of ordinary shares issued. The weighted average share price of these shares at the date of exercise was HK\$0.015 (2019: Nil).

No share option has been granted or exercise during the year ended 31 December 2020 under the Share Option Scheme.

The exercise price for the options granted and number of shares in respect of options granted were adjusted to reflect the impact of the Rights Issue during the year ended 31 December 2020.

During the year ended 31 December 2020, share-based payment expenses of HK\$102,000 (2019: Nil) have been charged to profit or loss.

The following table summarised movements of the Company's granted share options under the Old Share Option Scheme during the year:

For the year ended 31 December 2020:

42. 購股權計劃(續)

截至2020年12月31日止年度,年內根據舊購 股權計劃授出及行使12,240,000份購股權 (2019年:無),導致發行同等數目的普通股。 該等股份於行使日期的加權平均股價為0.015 港元(2019年:無)。

截至2020年12月31日止年度,概無根據購股 權計劃授出或行使購股權。

已授出購股權的行使價及所授購股權的股份 數目已作出調整,以反映截至2020年12月31 日止年度內供股的影響。

截至2020年12月31日止年度,已於損益中扣 除以股份為基礎的付款開支102,000港 元 (2019年:無)。

舊購股權計劃下本公司已授出之購股權於年 內變動概要如下:

截至2020年12月31日止年度:

Capacity	身份	Outstanding as at 1 January 2020 於2020年 1月1日	Granted during the year	Exercised during the year	購股權數目 Cancelled/ Lapsed during the year 於年內註銷╱	Adjusted during the year upon effective of Rights Issue 於供股生效後 於年內調整	Outstanding as at 31 December 於2020年 12月31日	購股權之	2020 Date of grant Exercise period	Exercise price	Adjusted exercise price of the share options upon effective of Rights Issue (Note 1) 供股生效後 經調整購股權行
		尚未行使	於年內授出	於年內行使	失效	(附註1)	尚未行使	授出日期	購股權之行使期	行使價	使價(附註1)
Other eligible participants Other eligible participants	僱員及其他合資格 參與者 其他合資格參與者	33,199	—	—	—	2,655		35,854 30/5/2012	30/5/2012–29/5/2022	36.00	33.33
		—	12,240,000	(12,240,000)	—	—		— 16/11/2020	16/11/2020-15/11/2030 (Note a) (附註a)	0.015	不適用 N/A
		33,199	12,240,000	(12,240,000)	—	2,655	35,854

Number of share options

(a) 年內授予提供類似僱員服務的其他合資格參 與者的購股權的公平價值,乃於授出購股權 當日釐定,於歸屬期內支銷。公平價值以二 價模式計算。該模式的輸入數據如下:

Notes to the Consolidated Financial Statements

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. SHARE OPTION SCHEME (Continued)

Note:

(a) The fair value of share options granted to other eligible participants providing similar services of employees during the year, determined at the date of grant of the share options, is expensed over the vesting period. The fair value was calculated using the Binominal model. The inputs into the model were as follow:

Grant date	16 November 2020	授出日期	2020年11月16日
Share price on date of grant (HK\$)	HK\$0.015	授出日期股價(港元)	0.015港元
Exercise price (HK\$)	HK\$0.015	行使價(港元)	0.015港元
Expected volatility	105.06%	預期波副	105.06%
Expected life	1 year	預期使用年期	1年
Risk-free interest rate	0.53%	無風險利率	0.53%
Expected dividend yield	Nil	預期股息率	無

For the year ended 31 December 2019:

截至2019年12月31日止年度:

42. 購股權計劃(續)

附錄:

					Number of share options 購股權數目
Capacity	身份	Outstanding as at 1 January 2019 於2019年	Granted during the year	Exercised during the year	Cancelled/ Lapsed during the year	Adjusted during the year upon effective of share consolidation (Note 1) 在股份合併生	Outstanding as at 31 December 於2019年		2019 Date of grant Exercise period	Adjusted exercise price of the share options upon effective of share consolidation (Note 2) 股份合併生效後
		1月1日 尚未行使	於年內授出	於年內行使	於年內註銷╱ 失效	效後年內調整 (附註1)	12月31日	尚未行使 授出日期	行使期	經調整購股權行 使價(附註2)
	執行董事
Executive Director Mr. Cheung Wai Yin, Wilson Mr. Lau Chi Yan, Pierre	張偉賢先生 劉智仁先生	100,000,000	—	—	(10,000,000)	(90,000,000)		— 19/8/2015	19/8/2015–18/8/2025	1.47
("Mr. Lau") (Note 3)	(「劉先生」) (附註3) 獨立非執行董事	20,000,000	—	—	(2,000,000)	(18,000,000)		— 19/8/2015	19/8/2015–18/8/2025	不適用
Independent non-executive Directors
Ms. Yeung Mo Sheung, Ann	楊慕嫦女士	16,483 1,000,000	— —	— —	(1,648) (100,000)	(14,835) (900,000)		— 17/1/2013 — 19/8/2015	17/1/2013–16/1/2023 19/8/2015–18/8/2025	21.30 1.47
Mr. Ng Kay Kwok ("Mr. Ng") (Note 4)	吳祺國先生 (「吳先生」)
Employees and other eligible participants	(附註4) 僱員及其他合資格 參與者	1,000,000	—	—	(100,000)	(900,000)		— 19/8/2015	19/8/2015–18/8/2025	不適用
Employees	僱員	28,241	—	—	(24,002)	(4,239)		— 30/5/2012	30/5/2012–29/5/2022	36.00
		40,000,000	—	—	(22,000,000)	(18,000,000)		— 19/8/2015	19/8/2015–18/8/2025	1.47
Other eligible participants	其他合資格參與者	332,003	—	—	(1)	(298,803)		33,199 30/5/2012	30/5/2012–29/5/2022	36.00
		14,128 71,000,000	— —	— —	(1,412) (7,100,000)	(12,716) (63,900,000)		— 17/1/2013 — 19/8/2015	17/1/2013–16/1/2023 19/8/2015–18/8/2025	21.30 1.47
		233,390,855	—	—	(41,327,063)	(192,030,593)	33,199

Notes:

• 1. The number of outstanding share option are adjusted after Rights Issue of the Company became effective on 22 June 2020.
• 1. The exercise price of the share option are adjusted after share consolidation of the Company became effective on 19 August 2019.
• 1. Mr. Lau resigned as an executive Director with effect from 31 May 2019.
• 1. Mr. Ng resigned as an independent non-executive Director with effect from 1 April 2019.

附註:

• 1. 本公司供股於2020年6月22日生效後,未行 使購股權的數量有所調整。
• 1. 本公司股份合併於2019年8月19日生效後, 購股權的行使價有所調整。
• 1. 劉先生已辭任執行董事,自2019年5月31日 起生效。
• 1. 吳先生已辭任獨立非執行董事,自2019年4 月1日起生效。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

43. NON-CONTROLLING INTERESTS

43. 非控股權益

Set out below are the summarised financial information for Heng He Financial Lease (Shanghai) Company Limited that had non-controlling interests which is material to the Group, before any elimination.

以下載列恒河融資租賃(上海)有限公司(於註 銷前擁有對本集團屬重大之非控股權益)之財 務資料概要。

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Summarised statement of financial position	財務狀況表概要
As at 31 December	於12月31日
Non-current assets	非流動資產	—	360
Current assets	流動資產	5	81,494
Current liabilities	流動負債	(7,137)	(11,697)
Net assets	資產淨值	(7,132)	70,157
Carrying amount of non-controlling	非控股權益賬面值
interests		(2,517)	24,758
Summarised statement of comprehensive income	全面收入表概要
For the year ended 31 December	截至12月31日止年度
Revenue	收入	—	9,420
Expenses	開支	(82,826)	(92,059)
Loss for the year	年內虧損	(82,826)	(82,639)
Loss attributable to non-controlling interests	年內非控股權益應佔虧損
for the year		(29,231)	(29,163)
Summarised statement of cash flows For the year ended 31 December	現金流量表概要 截至12月31日止年度
Cash flow generated from operating activities	經營活動所得現金	4,544	360,129
Cash flow used in investing activities	投資活動所得現金	110	—
Cash flow used in financing activities	融資活動所得現金	—	(360,838)

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

44. 綜合現金流量表附註 44. NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS

Reconciliation of liabilities arising from financing activities:

融資活動所產生負債對賬:

		Bank borrowings	Lease liabilities	Total
		銀行借款	租賃負債	總計
		HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元
As at 1 January 2019	2019年1月1日	415,788	—	415,788
Changes from financing cash flows:	融資現金流量變動:
Interest paid	已付利息	(351)	—	(351)
Repayment of principal portion of lease liabilities	償還租賃負債本金部分	—	(4,295)	(4,295)
Repayment of interest portion of lease liabilities	償還租賃負債利息部分	—	(581)	(581)
Repayments of bank borrowings	償還銀行借款	(405,138)	—	(405,138)
Total changes from financing cash flows	融資現金流量變動總額	(405,489)	(4,876)	(410,365)
	其他變動
Other changes	利息開支		—
Interest expenses Recognition upon initial application	首次應用香港財務報告準	351		351
of HKFRS 16	則第16號後確認	—	9,780	9,780
Acquisition of a subsidiary	收購一間附屬公司	—	3,943	3,943
Exchange adjustments	匯兌調整	(7,650)	(2)	(7,652)
Total other changes	其他變動總額	(7,299)	13,721	6,422
As at 1 January 2020	於2020年1月1日	3,000	8,845	11,845
Changes from financing cash flows:	融資現金流量變動:
Interest paid	已付利息	(90)	—	(90)
Repayment of principal portion of lease liabilities	償還租賃負債本金部分	—	(5,273)	(5,273)
Repayment of interest portion of lease liabilities	償還租賃負債利息部分	—	(197)	(197)
Repayments of bank borrowings	償還銀行借款	(2,149)	—	(2,149)
Total changes from financing cash flows	融資現金流量變動總額	(2,239)	(5,470)	(7,709)
Other changes	其他變動
Interest expenses	利息開支	90	197	287
Derecognition of lease liabilities	取消確認租賃負債	—	(218)	(218)
Total other changes	其他變動總額	90	(21)	69
As at 31 December 2020	於2020年12月31日	851	3,354	4,205

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

45. RELATED PARTY TRANSACTIONS

45. 關聯方交易

Save as disclosed in elsewhere to the consolidated financial statements, the Group have the following related party transactions.

除於綜合財務報表其他章節所披露者外,本 集團有以下關聯方交易。

Name of related party 關聯方名稱	Relationship 關係	Nature of transaction 交易性質	2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Mr. Wong Hin Shek 王顯碩先生	Director 董事	Loan interest charged 已收貸款利息	678	990
		Commission income from dealing in securities 買賣證券的佣金收入	455	—
			1,133	990
Related Companies 關聯公司	Common director 普通董事	Corporate consulting service income 企業諮詢服務收入	622	—
		Commission income from dealing in securities 買賣證券的佣金收入	47	—
			669	—

Compensation of key management personnel of the Group

本集團主要管理層人員之薪酬

		2020 2020年 HK\$'000 千港元	2019 2019年 HK\$'000 千港元
Short term employee benefits Post-employment benefits	短期僱員福利 僱用後福利	1,643 31	2,189 35
Total compensation paid to key management personnel	付予主要管理人員之薪酬總額	1,674	2,224

For the year ended 31 December 2020 截至2020年12月31日止年度

46. LITIGATION

On 22 January 2015, the Company announced that a writ of summons was issued in the Court of First Instance of the High Court of Hong Kong (the "High Court") by Mr. Au Kai To Karel, as the plaintiff claiming against (i) End User Technology Limited ("End User"), an indirect wholly-owned subsidiary of the Company, as the 1st defendant; (ii) the Company, as the 2nd defendant; and (iii) Lau Chi Yan Pierre, the managing director and executive director of the Company, as the 3rd defendant for, inter alia, (1) specific performance of an agreement dated 2 May 2013 in relation to a discloseable transaction of the Company (details of which were disclosed in the announcement of the Company dated 2 May 2013); or (2) alternatively, the damages in the sum of HK\$8,000,000 in lieu of specific performance; and (3) the interest; (4) further and/or other relief; and (5) the costs. Formal trial was held on 4th to 7th September 2017.

On 29 September 2017, the Company received a judgement dated 29 September 2017 handed down by the High Court (the "Judgement") ordering, among others, that the Company and End User, to pay, jointly and severally, damages to Mr. Au Kai To Karel in the sum of HK\$4.4 million.

As announced by the Company in its announcement dated 14 November 2017, the Company has appealed against the Judgment by way of Notice of Appeal filed on 25 October 2017 with the Court of Appeal. The Company's appeal is numbered CACV 237 of 2017. Additionally, after seeking further legal advice on the Judgement, the Appeal, the Petition (as explained below) and other appropriate actions to be taken thereon.

On 13 November 2017, the Company received a petition made by Mr. Au Kai To Karel (the "Petition") in the matter of the Companies (Winding Up and Miscellaneous Provision) Ordinance, Chapter 32 (the "Ordinance") from the High Court that the Company may be wound up by the High Court under the provisions of the Ordinance on the ground that the Company is deemed to be unable to pay the sum of HK\$4.4 million as stipulated therein the Judgement mentioned above. The Petition is numbered HCCW 343 of 2017.

The Company, on 1 December 2017, applied to the Court for a validation order in respect of the Company's disposition of property pending determination of the Petition (the "Validation Order").

46. 訴訟

於2015年1月22日,本公司宣佈,區君宇先生 (原告)於香港高等法院(「高等法院」)原訟法 庭向下列人士發出傳訊令狀:(i)本公司之間接 全資附屬公司End User Technology Limited (「End User」第一被告);(ii)本公司(第二被 告);及(iii)本公司之董事總經理兼執行董事劉 智仁(第三被告),以就以下事項提出索償, 其中包括:(1)強制履行日期為2013年5月2日 之協議,內容有關本公司之須予披露交易(詳 情於本公司日期為2013年5月2日之公告披 露);或(2)替代性地,8,000,000港元的替代強 制履行損害;及(3)利息;(4)進一步及╱或其 他補償;及(5)訟費。正式審訊已於2017年9月 4日至7日進行。

於2017年9月29日,本公司接獲日期為2017 年9月29日由高等法院頒佈的判決(「判決」)命 令(其中包括)本公司及End User向區君宇先 生共同及分別支付損害金額4,400,000港元。

誠如本公司於2017年11月14日之公告所宣 佈,本公司已於2017年10月25日採用上訴通 知形式向上訴法庭就判決提出上訴。本公司 之上訴編號為2017年CACV 237號。此外,就 該判決、該上訴、該呈請(如下所述)及其他 將予採取的適當行動尋求進一步法律意見。

於2017年11月13日,本公司接獲自高等法院 發出;由區君宇先生提起有關《公司(清盤及 雜項條文)條例》第32章(「該條例」)之呈請 (「該呈請」),指稱本公司因被視作未能償還 上述判決中所述的合共4,400,000港元而可能 獲高等法院根據該條例之條文清盤。該呈請 之編號為2017年HCCW 343號。

本公司於2017年12月1日就其產權處置向法院 申請認可令(「認可令」),以待釐定該呈請。

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

46. LITIGATION (Continued)

At the hearing on 24 January 2018, the Validation Order was granted by the Court in the terms as follows: until further order of the Court, (i) any payment or other disposition of property made on or after 13 November 2017 in the ordinary course of the business of the Company shall not be void; (ii) the payments made into or out of certain specified bank accounts of the Company in respect of expenses incurred in the ordinary course of business shall be sanctioned; (iii) the payment of reasonable legal expenses incurred by the Company in various legal proceedings shall not be void; (iv) any transfer of the Company's shares on or after 13 November 2017 shall not be void; and (v) the Company shall provide to the Petitioner all quarterly Reports commencing December 2017 and annual Reports starting from the year ending 31 December 2017 within three days from the date of issuance of the same to the public.

On 7 May 2018, upon the Company having paid into court the judgement sum of HK\$4.4 million pursuant to a court order dated 16 April 2018, the Petition was adjourned until the determination of the Appeal.

On 4 January 2019, the Court of Appeal allowed the Company's appeal despite dismissing End User's appeal. Reasons for judgement was handed down on 18 January 2019.

On 20 May 2019, the Court ordered that the Petition made by Mr. Au Kai To Karel (the "Petitioner") under HCCW 343 of 2017 to wind up the Company be dismissed with costs payable by the Petitioner to the Company.

On 13 August 2020, the Company received a judgement dated 13 August 2020 handed down by the Court of Appeal, among others, that an order made in favor of Mr. Au Kai To Karel, the plaintiff, for the payment of HK\$4.4 million and ordering the Company and End User to pay the costs of HK\$100,000. After seeking legal advice, the Group decided not to appeal against the Court of Appeal's judgement.

46. 訴訟(續)

於2018年1月24日進行之聆訊上,法院已頒授 認可令,有關條款如下:直至法院進一步頒令 為止(i)不得取消於2017年11月13日或之後於 本公司日常業務過程中作出之任何付款或其 他產權處置;(ii)批准就有關日常業務過程中 所產生開支之轉入或轉出本公司若干指定銀 行賬戶之款項;(iii)不得取消本公司就各項法 律程序所產生之合理法律費用付款;(iv)不得 取消於2017年11月13日或之後辦理之任何本 公司股份轉讓;及(v)本公司應於向公眾刊發 全部季度報告(自2017年12月起)及年報(自 截至2017年12月31日止年度起)之日期起三 日內將該等報告提交予呈請人。

於2018年5月7日,本公司根據日期為2018年 4月16日的法院頒令向法院支付判決金額 4,400,000港元後,該呈請押後至確定上訴為 止。

於2019年1月4日,儘管駁回End User的上 訴,但上訴法庭允許本公司提出上訴。判決理 由已於2019年1月18日作出。

於2019年5月20日,法院頒令駁回有關由區君 宇先生(「呈請人」)根據呈請編號為2017年 HCCW 343號所提出對本公司之清盤呈請,呈 請人需向本公司支付訟費。

於2020年8月13日,本公司接獲上訴庭頒下日 期為2020年8月13日的判決,內容計有(其中 包括)判原告人區君宇先生勝訴,要求支付 4,400,000港元及判令本公司及End User支付 訟費100,000港元。經諮詢法律意見後,本集 團決定不對上訴庭的判決上訴。

綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

47. 按類型劃分的金融資產及金融負債概要 47. SUMMARY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY

The carrying amounts of the Group's financial assets and financial liabilities as recognised as at 31 December 2020 and 2019 may be categorised as follows:

本集團於2020年及2019年12月31日確認的金 融資產及金融負債賬面值分類如下:

		2020	2019
		2020年	2019年
		HK\$'000	HK\$'000
		千港元	千港元
Financial assets	金融資產
Financial assets at amortised cost	按攤銷成本計量之金融資產	89,258	171,993
Financial assets at fair value through other	以公平價值計入其他全面收入之
comprehensive income	金融資產	2,730	2,032
Financial assets at fair value through profit
or loss	以公平價值計入損益之金融資產	1,497	—
		93,485	174,025
Financial liabilities	金融負債
Financial liabilities at amortised cost	按攤銷成本計量之金融負債	158,388	296,137
		158,388	296,137

48. EVENTS AFTER REPORTING PERIOD

On 20 January 2021, the Company has offered to grant to certain Directors, employees and consultants of the Group (the "Grantees"), subject to acceptance by such Grantees, a total of 132,320,000 share options (the "Share Option(s)") which will entitle the Grantees to subscribe for a total number of 132,320,000 ordinary shares of nominal value of HK\$0.01 each under the share option scheme adopted by the Company on 30 December 2020. The number of Shares to be issued upon exercise of the Share Options grant to the Grantees represents less than 10% of the issued shares as at 20 January 2021.

39,000,000 Share Options and 13,000,000 Share Options has been exercised by the Grantees on 4 March 2021 and 8 March 2021 respectively. Details of which are set out in the Company's announcement dated 20 January 2021.

49. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the Board on 25 March 2021.

48. 報告期後事項

於2021年1月20日,本公司已向本集團若干董 事、僱員及顧問(「承授人」)授出(惟須待有關 承授人接納)合共132,320,000份購股權(「購 股權」),該等購股權將賦予承授人權利根據 本公司於2020年12月30日採納的購股權計劃 認購合共132,320,000股每股面值0.01港元的 普通股。因行使向承授人授出之購股權而將 予發行之股份數目佔於2021年1月20日之已發 行股份的不到10%。

於2021年3月4日及2021年3月8日,承授人 已分別行使 39,000,000 份購股權及 13,000,000份購股權。詳情載於本公司日期為 2021年1月20日的公告。

49. 財務報表之批准

財務報表已由董事會於2021年3月25日批准及 授權刊發。

Summary of Financial Information 財務資料概要

A summary of the results and of the assets, liabilities and noncontrolling interests of the Group for the last five financial years, as extracted from the published audited financial statements, is set out below:

以下為本集團過去五個財政年度的業績以及資產、 負債及非控股權益概要,乃摘錄自已刊發的經審核 財務報表:

RESULTS Year ended 31 December 2016 Year ended 31 December 2017 Year ended 31 December 2018 Year ended 31 December 2019 Year ended 31 December 2020 截至2016年 12月31日止年度 截至2017年 12月31日止年度 截至2018年 12月31日止年度 截至2019年 12月31日止年度 截至2020年 12月31日止年度 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 Revenue 收入 256,232 430,184 559,785 482,705 39,861 LOSS BEFORE INCOME TAX 除所得稅前虧損 (36,210) (90) (119,704) (113,892) (97,311) (Income tax)/tax credit (所得稅)╱稅項抵免 (3,938) (3,242) — 471 (471) LOSS FOR THE YEAR 年內虧損 (40,148) (3,332) (119,704) (113,421) (97,782) Attributable to: 應佔: Owners of the Company 本公司股權擁有人 (42,617) (6,725) (92,051) (84,110) (71,711) Non-controlling interests 非控股權益 2,469 3,393 (27,653) (29,311) (26,071) LOSS FOR THE YEAR 年內虧損 (40,148) (3,332) (119,704) (113,421) (97,782) 業績

ASSETS, LIABILITIES AND NON-CONTROLLING INTERESTS

資產、負債及非控股權益

As at 31 December 2016 As at 31 December 2017 As at 31 December 2018 As at 31 December 2019 As at 31 December 2020 截至2016年 12月31日止年度 截至2017年 12月31日止年度 截至2018年 12月31日止年度 截至2019年 12月31日止年度 截至2020年 12月31日止年度 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 TOTAL ASSETS 總資產 2,055,071 2,224,251 697,548 197,087 108,198 TOTAL LIABILITIES 總負債 (1,963,731) (2,083,091) (686,789) (306,451) (162,899) 91,340 141,160 10,759 (109,364) (54,701) EQUITY attributable to: 應佔權益: Owners of the Company 本公司股權擁有人 3,301 40,114 (58,311) (144,103) (62,783) Non-controlling interests 非控股權益 88,039 101,046 69,070 34,739 8,082 91,340 141,160 10,759 (109,364) (54,701)