Sinopec Engineering Group Co Ltd. — Interim / Quarterly Report 2020

Mar 27, 2020

CORPORATE INFORMATION

Executive Directors

Mr. Lam Shiu Ming, Daneil (Chairman) Mr. Lam Kit Sun

Independent Non-Executive Directors

Mr. Lam Chi Keung Mr. Choi Wing Koon Mr. Tang Yiu Wing

Company Secretary

Mr. Lam Kit Sun

Authorised Representatives

Mr. Lam Shiu Ming, Daneil Mr. Lam Kit Sun

Principal Bankers

The Hongkong and Shanghai Banking Corporation Limited OCBC Wing Hang Bank Limited Bank of Communications Co., Ltd.

Auditor

Crowe (HK) CPA Limited Certified Public Accountants

Legal Advisers

So Keung Yip & Sin 1009–1012, 10th Floor Nan Fung Tower 173 Des Voeux Road Central Hong Kong

Andrew W.Y. Ng & Co. 18/F., Wing On Cheong Building 5 Wing Lok Street Central, Hong Kong

TUNG, NG, TSE & LAM 26/F., CMA Building 64 Connaught Road Central, Hong Kong

公司資料

執行董事

林小明先生(主席) 林傑新先生

獨立非執行董事

林芝強先生 蔡永冠先生 鄧耀榮先生

公司秘書

林傑新先生

授權代表

林小明先生 林傑新先生

主要往來銀行

香港上海滙豐銀行有限公司 華僑永亨銀行有限公司 交通銀行股份有限公司

核數師

國富浩華(香港)會計師事務所有限公司 執業會計師

法律顧問

蘇姜葉冼律師行 香港 中環 德輔道中173號 南豐大廈 10樓1009–1012室

吳惠恩律師行 香港中環 永樂街5號 永安祥大廈18樓

董吳謝林律師事務所 香港中環 干諾道中64號 廠商會大廈26樓

CORPORATE INFORMATION (Continued)

Share Registrar

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

Audit Committee

Mr. Choi Wing Koon (Chairman) Mr. Lam Chi Keung Mr. Tang Yiu Wing

Remuneration Committee

Mr. Choi Wing Koon (Chairman) Mr. Lam Shiu Ming, Daneil Mr. Lam Chi Keung Mr. Tang Yiu Wing

Nomination Committee

Mr. Lam Chi Keung (Chairman) Mr. Lam Shiu Ming, Daneil Mr. Choi Wing Koon Mr. Tang Yiu Wing

Registered Office

Clarendon House 2 Church Street Hamilton HM 11 Bermuda

Head Office and Principal Place of Business

18th Floor Wyler Centre Phase II 192–200 Tai Lin Pai Road Kwai Chung New Territories Hong Kong

Website

www.uih.com.hk

Stock Code

1046

公司資料(續)

股份登記處

卓佳雅柏勤有限公司 香港 皇后大道東183號 合和中心54樓

審計委員會

蔡永冠先生(主席) 林芝強先生 鄧耀榮先生

薪酬委員會

蔡永冠先生(主席) 林小明先生 林芝強先生 鄧耀榮先生

提名委員會

林芝強先生(主席) 林小明先生 蔡永冠先生 鄧耀榮先生

註冊辦事處

Clarendon House 2 Church Street Hamilton HM 11 Bermuda

總辦事處及主要營業地點

香港 新界 葵涌 大連排道192至200號 偉倫中心第二期 18樓

網址

www.uih.com.hk

股份代號

1046

The board of directors (the "Director(s)") (the "Board") of Universe Entertainment and Culture Group Company Limited (the "Company") announces the unaudited condensed consolidated balance sheet as at 31st December 2019 and the unaudited condensed consolidated statement of comprehensive income, the unaudited condensed consolidated statement of changes in equity and the unaudited condensed consolidated statement of cash flows of the Company and its subsidiaries (collectively, the "Group") for the six months ended 31st December 2019 (the "Period") as follows:

UNAUDITED CONDENSED

CONSOLIDATED BALANCE SHEET

寰宇娛樂文化集團有限公司(「本公司」)之董事 (「董事」)會(「董事會」)公佈本公司及其附屬公 司(統稱「本集團」)於二零一九年十二月三十一 日之未經審核簡明綜合資產負債表以及截至 二零一九年十二月三十一日止六個月(「本期 間」)之未經審核簡明綜合全面收益表、未經審 核簡明綜合權益變動表及未經審核簡明綜合 現金流量表如下:

未經審核簡明綜合 資產負債表

		Note 附註	Unaudited As at 31st December 2019 未經審核 於二零一九年 十二月三十一日 HK\$'000 千港元	Audited As at 30th June 2019 經審核 於二零一九年 六月三十日 HK\$'000 千港元
				(Note) (附註)
ASSETS	資產
Non-current assets	非流動資產
Property, plant and equipment	物業、機器及設備	6	5,574	4,649
Right-of-use asset	使用權資產	6	20,521	–
Investment properties	投資物業	6	31,460	31,460
Other intangible assets	其他無形資產	6	2,314	2,387
Film rights and films in progress	電影版權及製作中之
	電影	6	231,950	235,304
Interests in associates	於聯營公司之權益	7(a)	–	1,085
Loans receivable	應收貸款	12	1,461	–
Loan to an associate	授予一間聯營公司之 貸款		–	4,288
Film related deposits	電影相關訂金		64,106	74,426
Deposits paid	已付訂金		1,971	1,596
Deferred tax assets	遞延稅項資產		281	341
Other financial assets	其他金融資產	9	13,516	9,574
			373,154	365,110

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Continued)

			Unaudited	Audited
			As at	As at
			31st December	30th June
			2019	2019
			未經審核	經審核
			於二零一九年	於二零一九年
			十二月三十一日	六月三十日
		Note	HK\$'000	HK\$'000
		附註	千港元	千港元
				(Note)
				(附註)
Current assets	流動資產
Inventories	存貨		11,885	9,217
Accounts receivable	應收賬款	10	85,266	11,161
Loans receivable	應收貸款	12	43,822	61,630
Amount due from an associate	應收一間聯營公司款項	7(b)	239	–
Deposits paid, prepayments	已付訂金、預付款項及
and other receivables	其他應收款項		39,582	87,501
Trading securities	交易性證券	13	8,691	8,691
Contingent consideration	應收或然代價
receivable		8	–	–
Tax recoverable	可收回稅項		2,242	2,242
Tax certificate	儲稅券		–	45
Bank balances and cash	銀行結餘及現金
– trust accounts	– 信託賬戶	14	782	869
Cash and cash equivalents	現金及現金等價物		184,394	178,228
Total current assets	流動資產總值		376,903	359,584
Total assets	總資產		750,057	724,694
EQUITY	權益
Equity attributable to	本公司擁有人應佔權益
the owners of the Company
Share capital	股本	16	9,066	9,066
Share premium	股份溢價		35,013	35,013
Other reserves	其他儲備	18	546,629	546,467
Accumulated losses	累計虧損		(165,414)	(209,315)
			425,294	381,231
Non-controlling interests	非控股權益		(632)	(297)
Total equity	總權益		424,662	380,934

未經審核簡明綜合

資產負債表(續)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

未經審核簡明綜合 資產負債表(續)

(Continued)

			Unaudited	Audited
			As at	As at
			31st December	30th June
			2019	2019
			未經審核	經審核
			於二零一九年	於二零一九年
			十二月三十一日	六月三十日
		Note	HK\$'000	HK\$'000
		附註	千港元	千港元
				(Note)
				(附註)
LIABILITIES	負債
Non-current liabilities	非流動負債
Lease liabilities	租賃負債		8,783	–
Deferred tax liabilities	遞延稅項負債		89	90
			8,872	90
Current liabilities	流動負債
Accounts payable	應付賬款	20	18,421	10,821
Amount due to an associate	應付一間聯營公司款項	7(b)	–	2,725
Other payables and	其他應付款項及應計支出
accrued charges			115,547	74,610
Contingent consideration payable	應付或然代價	21	20,400	20,400
Contract liabilities	合約負債		127,291	193,454
Deposits received	已收訂金		16,451	34,923
Lease liabilities	租賃負債		11,982	7
Taxation payable	應繳稅項		6,431	6,730
Total current liabilities	流動負債總額		316,523	343,670
Total liabilities	總負債		325,395	343,760
Total equity and liabilities	總權益及負債		750,057	724,694
Net current assets	流動資產淨值		60,380	15,914
Total assets less current	總資產減流動負債
liabilities			433,534	381,024

Note:

附註:

The Group has initially applied HKFRS 16 at 1st July 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See note 3.

The notes on pages 13 to 62 form an integral part of this unaudited condensed consolidated interim financial information.

本集團於二零一九年七月一日以經修訂之追溯法初 步應用香港財務報告準則第16號。根據此方法,並 無重列比較資料。見附註3。

載於第13頁至62頁之附註為本未經審核簡明 綜合中期財務資料之一部分。

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

未經審核簡明綜合 全面收益表

			Unaudited
		未經審核
		For the six months ended
			31st December
			截至十二月三十一日止六個月
			2019	2018
			二零一九年	二零一八年
		Note	HK\$'000	HK\$'000
		附註	千港元	千港元
				(Note)
				(附註)
	持續經營業務
CONTINUING OPERATIONS Revenue	收益
Sales of goods – video	銷售貨品 – 錄像發行、
distribution, optical products	眼鏡產品及鐘錶產品
and watches products			24,915	17,352
Income on film distribution	電影發行及放映、
and exhibition, licensing	授出及轉授電影版權
and sub-licensing of film rights	收入		191,934	3,710
Income from other businesses	其他業務收入		7,404	7,209
Total revenue	總收益	5	224,253	28,271
Cost of revenue	收益成本
Cost of inventories sold	已售存貨成本		(16,234)	(10,269)
Related cost on film distribution	電影發行及放映、
and exhibition, licensing and	授出及轉授電影版權
sub-licensing of film rights	相關成本		(106,712)	(3,595)
Cost from other businesses	其他業務成本		(3,257)	(345)
Total cost of revenue	收益總成本		(126,203)	(14,209)
Selling expenses	銷售費用		(6,133)	(5,446)
Administrative expenses	行政費用		(43,517)	(35,034)
Change in expected credit loss	預期信貸虧損變動		(15,444)	(1,828)
Amortisation of other intangible	其他無形資產攤銷
assets		6	(73)	(74)
Other gains/(losses) – net	其他收益╱(虧損)– 淨額		7,445	(3,228)
Other income	其他收入		484	5,321
Gains/(losses):	收益╱(虧損): 交易性證券之公平值
Fair value change on trading securities	變動		–	(2,777)
Fair value change on other	透過損益按公平值入賬之
financial assets at fair value	其他金融資產之
through profit or loss	公平值變動		2,600	(17,347)
Finance income	財務收入		472	1,546
Finance costs	財務成本	22	(273)	–
Share of losses of associates	應佔聯營公司之虧損		(1,085)	(499)
Profit/(loss) before tax	除稅前溢利╱(虧損)	23	42,526	(45,304)
Income tax credit/(expense)	所得稅抵免╱(開支)	24	105	(935)
Profit/(loss) for the Period from	來自持續經營業務之
continuing operations	期內溢利╱(虧損)		42,631	(46,239)

06 Universe Entertainment and Culture Group Company Limited Interim Report 2019/20

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Continued)

未經審核簡明綜合 全面收益表(續)

			Unaudited 未經審核 For the six months ended 31st December 截至十二月三十一日止六個月
		Note 附註	2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元 (Note) (附註)
DISCONTINUED OPERATION Profit/(loss) for the Period from discontinued operation	已終止經營業務 來自已終止經營業務之 期內溢利╱(虧損)	26	935	(3,418)
Profit/(loss) for the Period	期內溢利╱(虧損)		43,566	(49,657)
Other comprehensive income: Items that may be reclassified to profit or loss: Currency translation differences	其他全面收益: 可重新分類至損益之項目: 貨幣換算差額		162	65
Other comprehensive income for	期內其他全面收益,
the Period, net of tax Total comprehensive income/(loss) for the Period	扣除稅項 期內全面收益╱(虧損) 總額		162 43,728	65 (49,592)
Profit/(loss) attributable to owners of the Company: – from continuing operations – from discontinued operation Profit/(loss) for the Period attributable	本公司擁有人應佔溢利╱ (虧損): – 來自持續經營業務 – 來自已終止經營業務 本公司擁有人應佔期內		42,966 935	(46,150) (3,418)
to owners of the Company	溢利╱(虧損)		43,901	(49,568)
Loss attributable to non-controlling interests: – from continuing operations – from discontinued operation	非控股權益應佔虧損: – 來自持續經營業務 – 來自已終止經營業務		(335) –	(89) –
Loss for the Period attributable to non-controlling interests	非控股權益應佔期內虧損		(335)	(89)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Continued)

未經審核簡明綜合 全面收益表(續)

			Unaudited 未經審核 For the six months ended 31st December 截至十二月三十一日止六個月
		Note 附註	2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元 (Note) (附註)
Total comprehensive income/(loss) for the Period attributable to: Owners of the Company Non-controlling interests	以下應佔期內全面收益╱ (虧損)總額: 本公司擁有人 非控股權益		44,063 (335) 43,728	(49,503) (89) (49,592)
Total comprehensive income/(loss) attributable to owners of the Company arises from: Continuing operations Discontinued operation	來自以下各項之本公司 擁有人應佔全面收益╱ (虧損)總額: 持續經營業務 已終止經營業務		43,128 935 44,063	(46,085) (3,418) (49,503)
Earnings/(loss) per share attributable to the owners of the Company for the Period (expressed in HK cents per share) From continuing and discontinued operations – basic and diluted	期內本公司擁有人應佔 每股盈利╱(虧損) (以每股港仙列示) 來自持續經營業務及 已終止經營業務 – 基本及攤薄	25	4.84	(5.47)
From continuing operations – basic and diluted	來自持續經營業務 – 基本及攤薄	25	4.74	(5.09)

Note:

The Group has initially applied HKFRS 16 at 1st July 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See note 3.

The notes on pages 13 to 62 form an integral part of this unaudited condensed consolidated interim financial information.

附註:

本集團於二零一九年七月一日以經修訂之追溯法初 步應用香港財務報告準則第16號。根據此方法,並 無重列比較資料。見附註3。

載於第13頁至62頁之附註為本未經審核簡明 綜合中期財務資料之一部分。

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

未經審核簡明綜合 權益變動表

		Attributable to the owners of the Company
				本公司擁有人應佔
							Non
		Share	Share	Other	Accumulated		controlling	Total
		capital	premium	reserves	losses	Total	interests	equity
		股本	股份溢價	其他儲備	累計虧損	總計	非控股權益	總權益
		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
		(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(unaudited)
		(未經審核)	(未經審核)	(未經審核)	(未經審核)	(未經審核)	(未經審核)	(未經審核)
				(Note 18)
				(附註18)
Balance at 1st July 2019	於二零一九年
	七月一日之結餘	9,066	35,013	546,467	(209,315)	381,231	(297)	380,934
Comprehensive income	全面收益
Profit/(loss) for the Period	期內溢利╱(虧損)	–	–	–	43,901	43,901	(335)	43,566
Other comprehensive income	其他全面收益
Currency translation difference	貨幣換算差額	–	–	162	–	162	–	162
Total other comprehensive income	其他全面收益總額	–	–	162	–	162	–	162
Total comprehensive income/(loss)	期內全面收益╱(虧損)
for the Period	總額	–	–	162	43,901	44,063	(335)	43,728
Balance at 31st December 2019	於二零一九年十二月

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

		Attributable to the owners of the Company 本公司擁有人應佔
		Share capital 股本 HK\$'000 千港元 (unaudited) (未經審核)	Share premium 股份溢價 HK\$'000 千港元 (unaudited) (未經審核)	Other reserves 其他儲備 HK\$'000 千港元 (unaudited) (未經審核) (Note 18) (附註18)	Accumulated losses 累計虧損 HK\$'000 千港元 (unaudited) (未經審核)	Total 總計 HK\$'000 千港元 (unaudited) (未經審核)	Non controlling interests 非控股權益 HK\$'000 千港元 (unaudited) (未經審核)	Total equity 總權益 HK\$'000 千港元 (unaudited) (未經審核)
Balance at 1st July 2018	於二零一八年
Impact on initial application of	七月一日之結餘 初步應用香港財務報告 準則第9號的影響	9,066 –	928,358 –	67,565	(88,094)	916,895	78 –	916,973
HKFRS 9		9,066	928,358	(6,629) 60,936	(21) (88,115)	(6,650) 910,245	78	(6,650) 910,323
Comprehensive loss Loss for the Period	全面虧損 期內虧損	–	–	–	(49,568)	(49,568)	(89)	(49,657)
Other comprehensive loss Currency translation difference	其他全面虧損 貨幣換算差額	–	–	65	–	65	–	65
Total other comprehensive loss	其他全面虧損總額	–	–	65	–	65	–	65
Total comprehensive loss for the Period	期內全面虧損總額	–	–	65	(49,568)	(49,503)	(89)	(49,592)
Transactions with owners Dividend paid Reduction of share premium (Note 16(a))	與擁有人之交易 派付股息 股份溢價削減 (附註16(a))	– –	– (893,345)	(271,990) 893,345	– –	(271,990) –	– –	(271,990) –
Total contributions by and distribution to owners of the Company, recognised directly in equity	本公司擁有人注資及 向本公司擁有人 分派之總額, 直接於權益中確認	–	(893,345)	621,355	–	(271,990)	–	(271,990)
Balance at 31st December 2018	於二零一八年十二月 三十一日之結餘	9,066	35,013	682,356	(137,683)	588,752	(11)	588,741

Note:

附註:

The Group has initially applied HKFRS 16 at 1st July 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See note 3.

The notes on pages 13 to 62 form an integral part of this unaudited condensed consolidated interim financial information.

本集團於二零一九年七月一日以經修訂之追溯法初 步應用香港財務報告準則第16號。根據此方法,並 無重列比較資料。見附註3。

載於第13至62頁之附註為本未經審核簡明綜 合中期財務資料之一部分。

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

未經審核簡明綜合 現金流量表

			Unaudited
		未經審核
			For the six months ended
			31st December
			截至十二月三十一日止六個月
			2019	2018
			二零一九年	二零一八年
		Note	HK\$'000	HK\$'000
		附註	千港元	千港元
				(Note)
				(附註)
Net cash generated from	營運活動產生之淨現金
operating activities			34,772	94,178
Cash flows from investing	投資活動之現金流量
activities
Purchase of property,	購入物業、機器及設備
plant and equipment		6	(2,289)	(1,207)
Decrease/(increase) in film	電影相關訂金之減少╱
related deposits	(增加)		10,320	(40,961)
Payments for film rights and	電影版權及製作中電影之
films in progress	付款	6	(32,643)	(17,024)
Proceeds from disposal of	出售物業、機器及設備之
property, plant and equipment	所得款項		–	34
Proceeds from disposal of	出售製作中電影之
films in progress	所得款項		–	8,198
Return of capital from other	自其他金融資產
financial assets	退還資本		1,446	34,658
Interest received	已收利息		472	1,546
Dividend received	已收股息		–	1,564
Net cash used in	投資活動所用之淨現金
investing activities			(22,694)	(13,192)
Cash flows from financing	融資活動之現金流量
activities
Capital element of lease	已付租金之資本部分
rentals paid			(5,652)	(9)
Interest element of lease	已付租金之利息部分
rentals paid			(273)	–
Dividend paid	已付股息		–	(271,990)
Net cash used in financing	融資活動所用之淨現金
activities			(5,925)	(271,999)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

未經審核簡明綜合 現金流量表(續)

		Unaudited 未經審核
			For the six months ended 31st December
			截至十二月三十一日止六個月
		2019	2018
		二零一九年	二零一八年
		HK\$'000	HK\$'000
		千港元	千港元
			(Note)
			(附註)
Net increase/(decrease) in cash	現金及現金等價物之淨
and cash equivalents	增加╱(減少)	6,153	(191,013)
Currency translation differences	貨幣換算差額	13	115
Cash and cash equivalents	期初之現金及現金等價物
at the beginning of the Period		178,228	522,285
Cash and cash equivalents	期末之現金及現金等價物
at the end of the Period		184,394	331,387
Analysis of cash and	現金及現金等價物分析:
cash equivalents:
Cash and cash equivalents	現金及現金等價物	184,394	331,387
		184,394	331,387

Note: The Group has initially applied HKFRS 16 at 1st July 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See note 3.

The notes on pages 13 to 62 form an integral part of this unaudited condensed consolidated interim financial information.

附註:本集團於二零一九年七月一日以經修訂之追溯法 初步應用香港財務報告準則第16號。根據此方 法,並無重列比較資料。見附註3。

載於第13頁至62頁之附註為本未經審核簡明 綜合中期財務資料之一部分。

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

1. GENERAL INFORMATION

The Group is principally engaged in video distribution, film distribution and exhibition, licensing and sub-licensing of film rights, money lending, leasing of investment properties, entertainment business, securities investment, trading, wholesaling and retailing of optical products and watches products, and provision of type-setting, translation, printing, design, distribution of financial print products and other related services ("Financial Printing Services"). The Group ceased the business of China Jianxin Financial Services Limited, an indirect wholly-owned subsidiary of the Company, which was principally engaged in the business of securities brokerage and margin financing ("Securities Brokerage Business") with effect from 30th June 2018.

The Company is a limited liability company incorporated in Bermuda. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The address of the principal place of business of the Company is 18th Floor, Wyler Centre Phase II, 192-200 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong.

The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

This unaudited condensed consolidated interim financial information is presented in thousands of units of Hong Kong dollars ("HK\$'000"), unless otherwise stated. This unaudited condensed consolidated interim financial information has been approved for issue by the Board on 27th February 2020.

2. BASIS OF PREPARATION

This unaudited condensed consolidated interim financial information has been prepared in accordance with the Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") as well as the applicable disclosure provisions of the Rules of Governing the Listing of Securities on the Stock Exchange (the "Listing Rules").

The unaudited condensed consolidated interim financial information has been prepared on the historical cost convention, as modified by the revaluation of financial instruments that are measured at fair values at the end of each reporting period, contingent consideration receivable, contingent consideration payable and investment properties, which are carried at fair value.

The unaudited condensed interim financial information has been prepared in accordance with the same accounting policies adopted in the Company's consolidated financial statements for the year ended 30th June 2019, except for the accounting policy changes that are expected to be reflected in the Company's consolidated financial statements for the year ending 30th June 2020. Details of these changes in accounting policies are set out in note 3.

未經審核簡明綜合 中期財務資料附註

1. 一般資料

本集團主要從事錄像發行、電影發行及放 映、授出及轉授電影版權、放貸、出租投資 物業、娛樂業務、證券投資、眼鏡產品及鐘 錶產品貿易、批發及零售業務,以及提供財 經印刷產品之排版、翻譯、印刷、設計、分 派及其他相關服務(「財經印刷服務」)。自二 零一八年六月三十日起,本集團已終止中國 建信金融服務有限公司(本公司間接全資附屬 公司)之業務,該公司主要從事證券經紀及孖 展融資業務(「證券經紀業務」)。

本公司乃於百慕達註冊成立之有限公司, 其註冊辦事處地址為Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda。 本公司主要營業地點位於香港新界葵涌大連 排道192–200號偉倫中心二期18樓。

本公司之股份於香港聯合交易所有限公司 (「聯交所」)主板上市。

除另有說明外,本未經審核簡明綜合中期財 務資料以千港元(「千港元」)為單位呈列。本 未經審核簡明綜合中期財務資料已於二零二 零年二月二十七日獲董事會批准刊發。

2. 編製基準

本未經審核簡明綜合中期財務資料乃根據香 港會計師公會(「香港會計師公會」)頒佈的香 港會計準則(「香港會計準則」)第34號「中期財 務報告」以及聯交所證券上市規則(「上市規 則」)的適用披露條文而編製。

未經審核簡明綜合中期財務資料乃按歷史成 本法編製,並就於各報告期末按公平值計量 之金融工具、應收或然代價、應付或然代價 及投資物業按公平值重估而修改。

除預期將於本公司截至二零二零年六月三十 日止年度之綜合財務報表反映之會計政策變 動外,未經審核簡明中期財務資料已按與本 公司截至二零一九年六月三十日止年度之綜 合財務報表所採納者相同之會計政策編製。 該等會計政策變動之詳情載列於附註3。

2. BASIS OF PREPARATION (Continued)

The preparation of interim condensed consolidated financial statements in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

The unaudited condensed consolidated interim financial information contains selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the annual financial statements for the year ended 30th June 2019. The unaudited condensed consolidated interim financial information and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with the Hong Kong Financial Reporting Standards (the "HKFRSs").

3. CHANGE IN ACCOUNTING POLICIES

The HKICPA has issued a new HKFRS, HKFRS 16, Leases, and a number of amendments to HKFRSs that are first effective for the current accounting period of the Group.

Except for HKFRS 16, Leases, none of the developments have had a material effect on how the Group's results and financial position for the current or prior periods have been prepared or presented in this interim financial report. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.

HKFRS 16, Leases

HKFRS 16 replaces HKAS 17, Leases , and the related interpretations, HK(IFRIC) 4, Determining whether an arrangement contains a lease, HK(SIC) 15, Operating leases – incentives , and HK(SIC) 27, Evaluating the substance of transactions involving the legal form of a lease. It introduces a single accounting model for lessees, which requires a lessee to recognise a right-of-use asset and a lease liability for all leases, except for leases that have a lease term of 12 months or less ("short-term leases") and leases of low value assets. The lessor accounting requirements are brought forward from HKAS 17 substantially unchanged.

The Group has initially applied HKFRS 16 as from 1st July 2019. The Group has elected to use the modified retrospective approach and has therefore recognised the cumulative effect of initial application as an adjustment to the opening balance of equity at 1st July 2019. Comparative information has not been restated and continues to be reported under HKAS 17.

1. 編製基準(續)

編製符合香港會計準則第34號的簡明綜合中 期財務報表,要求管理層作出判斷、估計及 假設,而該等判斷、估計及假設會影響政策 之應用及由年初至今就資產及負債、收入及 開支所呈報之金額。實際結果或會與此等估 計有所不同。

未經審核簡明綜合中期財務資料載有經甄選 解釋性附註。附註包括對了解自截至二零一 九年六月三十日止年度之年度財務報表以來 本集團財務狀況及表現變動而言屬重大的事 件及交易說明。未經審核簡明綜合中期財務 資料及其附註不包括根據香港財務報告準則 (「香港財務報告準則」)編製之全套財務報表 所需的全部資料。

3. 會計政策變動

香港會計師公會已刊發新訂香港財務報告準 則,香港財務報告準則第16號,租賃,以及 多項香港財務報告準則之修訂,該等準則及 修訂於本集團當前會計期間首次生效。

除香港財務報告準則第16號,租賃外,上述 變動對本中期財務報告編製或列示本集團當 前或過往期間業績及財務狀況之方式並無重 大影響。本集團並未應用任何於當前會計期 間尚未生效之新訂準則或詮釋。

香港財務報告準則第16號,租賃

香港財務報告準則第16號取代香港會計準則 第17號,租賃,及其相關詮釋,香港(國際財 務報告詮釋委員會)– 詮釋第4號,釐定安排 是否包括租賃、香港(準則詮釋委員會)– 詮 釋第15號,經營租賃 – 優惠及香港(準則詮釋 委員會)– 詮釋第27號,評估涉及租賃法律形 式交易。其就承租人引入單一會計模型,要 求承租人就所有租賃確認使用權資產及租賃 負債,惟租期為12個月或更短之租賃(「短期 租賃」)及低價值資產租賃則除外。出租人會 計規定沿用香港會計準則第17號,基本上維 持不變。

本集團自二零一九年七月一日起初步應用香 港財務報告準則第16號。本集團選用經修訂 追溯法,故將初步應用之累計影響確認為於 二零一九年七月一日期初結餘之調整。比較 資料並無重列,且繼續根據香港會計準則第 17號呈報。

HKFRS 16, Leases (Continued)

Further details of the nature and effect of the changes to previous accounting policies and the transition options applied are set out below:

• (a) Changes in the accounting policies
• (i) New definition of a lease

The change in the definition of a lease mainly relates to the concept of control. HKFRS 16 defines a lease on the basis of whether a customer controls the use of an identified asset for a period of time, which may be determined by a defined amount of use. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

The Group applies the new definition of a lease in HKFRS 16 only to contracts that were entered into or changed on or after 1st July 2019. For contracts entered into before 1st July 2019, the Group has used the transitional practical expedient to grandfather the previous assessment of which existing arrangements are or contain leases.

Accordingly, contracts that were previously assessed as leases under HKAS 17 continue to be accounted for as leases under HKFRS 16 and contracts previously assessed as non-lease service arrangements continue to be accounted for as executory contracts.

(ii) Lessee accounting

HKFRS 16 eliminates the requirement for a lessee to classify leases as either operating leases or finance leases, as was previously required by HKAS 17. Instead, the Group is required to capitalise all leases when it is the lessee, including leases previously classified as operating leases under HKAS 17, other than those short-term leases and leases of low-value assets. As far as the Group is concerned, these newly capitalised leases are primarily in relation to property, plant and equipment as disclosed in note 6.

Where the contract contains lease component(s) and non-lease component(s), the Group has elected not to separate non-lease components and accounts for each lease component and any associated nonlease components as a single lease component for all leases.

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續) 有關過往會計政策變動之性質及影響及所應 用過渡選項之進一步詳情載列如下:

• (a) 會計政策變動
• (i) 租賃之新定義

租賃定義之變動主要與控制權之 概念有關。香港財務報告準則第 16號根據客戶是否在某一時段內 控制已識別資產之使用(其可由 指定使用量釐定)而對租賃作出 定義。當客戶有權主導已識別資 產用途以及從該用途中獲得絕大 部分經濟利益時,即表示擁有控 制權。

香港財務報告準則第16號內租賃 之新定義僅適用於本集團於二零 一九年七月一日或之後訂立或變 更之合約。就於二零一九年七月 一日之前訂立之合約而言,本集 團已採用過渡性可行權宜方法, 繼續沿用之前對現有安排是否為 租賃或包含租賃所作之評估結 果。

因此,先前根據香港會計準則第 17號評估為租賃之合約繼續根據 香港財務報告準則第16號入賬列 為租賃,而先前評估為非租賃服 務安排之合約則繼續入賬列為未 生效合約。

(ii) 承租人會計處理法

香港財務報告準則第16號剔除先 前香港會計準則第17號要求承 租人將租賃分類為經營租賃或融 資租賃之規定。反之,當本集團 為承租人,其須將所有租賃資本 化,包括先前根據香港會計準則 第17號分類為經營租賃之租賃, 惟該等短期租賃及低價值資產租 賃除外。就本集團而言,該等新 資本化租賃主要與物業、機器 及設備有關,正如附註6所披露 者。

當合約包含租賃部分及非租賃部 分,本集團選擇不區分非租賃部 分及將各租賃部分及任何關聯非 租賃部分入賬列為所有租賃之單 一租賃部分。

HKFRS 16, Leases (Continued)

• (a) Changes in the accounting policies (Continued)
• (ii) Lessee accounting (Continued)

When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalise the lease on a lease-by-lease basis. For the Group, low-value assets are typically laptops or office furniture. The lease payments associated with those leases which are not capitalised are recognised as an expense on a systematic basis over the lease term.

Where the lease is capitalised, the lease liability is initially recognised at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortised cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

The right-of-use asset recognised when a lease is capitalised is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the rightof-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received.

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

• (a) 會計政策變動(續)
• (ii) 承租人會計處理法(續)

倘本集團就低價值資產訂立租 賃,則本集團決定是否按個別租 賃基準將租賃資本化。就本集團 而言,低價值資產一般為筆記本 電腦或辦公室傢俱。與該等未資 本化租賃相關之租賃付款於租期 按系統基準確認為開支。

倘租賃已資本化,租賃負債初步 按租期應付租賃付款現值確認, 並按租賃中所內含之利率貼現, 倘該利率不易釐定,則使用相關 增量借款利率。初步確認後,按 攤銷成本計量租賃負債及使用實 際利率法計量利息開支。計量租 賃負債時,並不包括不依賴某個 指數或利率之可變租賃款項,因 此計入其所產生會計期間之損益 內。

於租賃資本化時確認之使用權資 產初步按成本計量,其中包括租 賃負債之初步金額加上於開始日 期或之前作出之任何租賃付款, 以及產生之任何初步直接成本。 於適用情況下,使用權資產成本 亦包括拆除及移除相關資產或恢 復相關資產或該資產所在地之估 計成本,並貼現至彼等之現值再 減去任何已收租賃優惠。

HKFRS 16, Leases (Continued)

• (a) Changes in the accounting policies (Continued)
• (ii) Lessee accounting (Continued)

The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses, except for the following types of right-of-use asset:

• right-of-use assets that meet the definition of investment property are carried at fair value;
• right-of-use assets related to leasehold land and buildings where the Group is the registered owner of the leasehold interest are carried at fair value; and
• right-of-use assets related to interests in leasehold land where the interest in the land is held as inventory are carried at the lower of cost and net realisable value.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-ofuse asset has been reduced to zero.

(iii) Leasehold investment property

Under HKFRS 16, the Group is required to account for all leasehold properties as investment properties when these properties are held to earn rental income and/or for capital appreciation ("leasehold investment properties"). The adoption of HKFRS 16 does not have a significant impact on the Group's financial statements as the Group previously elected to apply HKAS 40, Investment properties, to account for all of its leasehold properties that were held for investment purposes as at 30th June 2019. Consequentially, these leasehold investment properties continue to be carried at fair value.

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

• (a) 會計政策變動(續)
• (ii) 承租人會計處理法(續)
  • 使用權資產其後按成本減累計折 舊及減值虧損列賬,惟以下使用 權資產類別除外:
  • 符合按公平值入賬之投資 物業定義之使用權資產;
  • 與租賃土地及樓宇有關之 使用權資產,而本集團為 按公平值入賬之租賃權益 之登記擁有人;及
  • 與租賃土地權益有關之使 用權資產,當中土地之權 益作為存貨持有並按成本 與可變現淨值之較低者入 賬。

倘指數或利率變動引致未來租賃 付款變動,或本集團根據剩餘價 值擔保預期應付款項之估計有 變,或當重新評估本集團是否將 合理確定行使購買、延期或終止 選擇權而產生變動,則會重新計 量租賃負債。當租賃負債以此方 式重新計量,則就使用權資產之 賬面值作出相應調整,或倘使用 權資產之賬面值減至零,則於損 益入賬。

(iii) 租賃投資物業

根據香港財務報告準則第16號, 本集團於持有該等物業以賺取租 金收入及╱或資產增值(「租賃投 資物業」)時,須將所有租賃物業 作為投資物業入賬。採納香港財 務報告準則第16號對本集團之財 務報表並無重大影響,因為本集 團以往已選擇應用香港會計準則 第40號,投資物業,將所有於二 零一九年六月三十日以投資目的 而持有之租賃物業入賬。因此, 該等租賃投資物業繼續按公平值 列賬。

HKFRS 16, Leases (Continued)

• (b) Critical accounting judgements and sources of estimation uncertainty in applying the above accounting policies
• (i) Classification of interest in leasehold land and buildings held for own use

In accordance with HKAS 16, Property, plant and equipment, the Group chooses to apply either the cost model or the revaluation model as its accounting policy for items of property, plant and equipment held for own use on a class-byclass basis. In applying this policy, the Group has concluded that its registered ownership interests in leasehold properties and the right to use other properties leased under tenancy agreements are two separate groupings of assets which differ significantly in their nature and use. Accordingly, they are regarded by the Group as separate classes of asset for subsequent measurement policies in accordance with the above accounting policies.

In making this judgement, the Group has taken into account that, as the registered owner of a leasehold property, the Group is able to benefit fully from any changes in the valuation of these properties whether as holding gains or by selling the property interest to others, as well as being able to use the properties in its operation free of paying market rents. In contrast, the shorter term tenancy agreements are typically for periods of no more than 10 years and are subject to other restrictions, in particular on transferability of the Group's tenancy rights to others. These shorter term tenancy agreements are executed in order to retain operational flexibility and to reduce the Group's exposure to the property market fluctuation. They may contain termination or extension clauses, and/or variable rental payment clauses linked to the level of sales generated by the Group's use of the premises, and are typically subject to market rent reviews.

(ii) Determining the lease term

As explained in the above accounting policies, the lease liability is initially recognised at the present value of the lease payments payable over the lease term. In determining the lease term at the commencement date for leases that include renewal options exercisable by the Group, the Group evaluates the likelihood of exercising the renewal options taking into account all relevant facts and circumstances that create an economic incentive for the Group to exercise the option, including favourable terms, leasehold improvements undertaken and the importance of that underlying asset to the Group's operation. The lease term is reassessed when there is a significant event or significant change in circumstance that is within the Group's control. Any increase or decrease in the lease term would affect the amount of lease liabilities and right-of-use assets recognised in future years.

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

• (b) 應用上述會計政策時作出之重大會計判 斷及存在之估計不明朗因素之來源
• (i) 持作自用之租賃土地及樓宇權益 分類

根據香港會計準則第16號,物 業、機器及設備,本集團選擇逐 個分類將成本模式或重估模式作 為持作自用之物業、機器及設 備項目之會計政策。於應用該政 策時,本集團之結論為其於租賃 物業之登記擁有權權益及租賃協 議項下其他租賃物業之使用權為 資產之兩個獨立組別,其性質及 用途有重大差異。因此,根據以 上會計政策,該等資產被本集團 視為後續計量政策之獨立資產分 類。

於作出該判斷時,本集團已考 慮,作為租賃物業登記擁有人, 本集團能夠從該等物業估值之任 何變動中全面獲益(不論作為持 有收益或向其他人士出售物業權 益),並能夠毋須支付市場租金 在其營運中使用該等物業。相 反,較短租期租賃協議之期間一 般不超過10年,並受其他限制規 限,尤其是本集團租賃權利可轉 讓予他人。該等較短租期之租賃 協議乃為保留營運靈活性及降低 本集團面臨之物業市場波動風險 而簽立。彼等或包含終止或延期 條款,及╱或連結本集團使用該 等處所產生之銷售水平之可變租 金付款,並一般須進行市場租金 檢討。

(ii) 釐定租期

誠如上述會計政策所解釋,租賃 負債初步按租期內應付租賃付款 之現值確認。於釐定租賃(包括 本集團可行使之續租權)於開始 日期之租期時,本集團經考慮會 對本集團行使選擇產生經濟激 勵之所有相關事實及情況(包括 有利條款、所進行租賃物業裝修 及相關資產對本集團營運之重 要性)後評估行使續租權之可能 性。倘出現本集團控制範圍內之 重大事件或重大變動,則會重新 評估租期。租期之任何增減將影 響於未來年度確認之租賃負債及 使用權資產金額。

HKFRS 16, Leases (Continued)

(c) Transitional impact

At the date of transition to HKFRS 16 (i.e. 1st July 2019), the Group determined the length of the remaining lease terms and measured the lease liabilities for the leases previously classified as operating leases at the present value of the remaining lease payments, discounted using the relevant incremental borrowing rates at 1st July 2019. The weighted average of the incremental borrowing rates used for determination of the present value of the remaining lease payments was 3%.

To ease the transition to HKFRS 16, the Group applied the following recognition exemption and practical expedients at the date of initial application of HKFRS 16:

• (i) the Group elected not to apply the requirements of HKFRS 16 in respect of the recognition of lease liabilities and right-of-use assets to leases for which the remaining lease term ends within 12 months from the date of initial application of HKFRS 16, i.e. where the lease term ends on or before 30th June 2020;
• (ii) when measuring the lease liabilities at the date of initial application of HKFRS 16, the Group applied a single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases with a similar remaining lease term for a similar class of underlying asset in a similar economic environment); and
• (iii) when measuring the right-of-use assets at the date of initial application of HKFRS 16, the Group relied on the previous assessment for onerous contract provisions as at 30th June 2019 as an alternative to performing an impairment review.

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

• (c) 過渡性影響
• 於過渡至香港財務報告準則第16號當 日(即二零一九年七月一日),本集團釐 定餘下租期之長短,並就先前分類為 經營租賃之租賃按於二零一九年七月 一日之相關增量借款利率貼現之餘下 租賃付款現值計量租賃負債。用於釐 定餘下租賃付款現值之增量借款利率 加權平均數為3%。

為緩解過渡至香港財務報告準則第16 號之影響,本集團於初步應用香港財 務報告準則第16號當日應用以下確認 豁免及可行權宜方法:

• (i) 本集團選擇不應用香港財務報告 準則第16號有關確認租賃負債及 使用權資產至剩餘租期於香港財 務報告準則第16號初步應用日 期起計12個月內結束(即租期於 二零二零年六月三十日或之前結 束)之租賃之規定;
• (ii) 於初步應用香港財務報告準則第 16號當日計量租賃負債時,本集 團將單一貼現率應用於具有合理 類似特徵之租賃組合(如具有在 類似經濟環境中有類似剩餘租期 之類似分類相關資產之租賃); 及
• (iii) 於初步應用香港財務報告準則第 16號當日計量使用權資產時,本 集團依賴對二零一九年六月三十 日之虧損合約撥備之過往評估作 為進行減值檢討之替代方法。

HKFRS 16, Leases (Continued)

(c) Transitional impact (Continued)

The following table reconciles the operating lease commitments as disclosed in note 28(a) as at 30th June 2019 to the opening balance for lease liabilities recognised as at 1st July 2019:

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

(c) 過渡性影響(續)

下表載列附註28(a)所披露於二零一九 年六月三十日之經營租賃承擔與於二 零一九年七月一日確認之租賃負債之 期初結餘之對賬:

At 1st July 2019

		於二零一九年 七月一日 HK\$'000 千港元
Operating lease commitments	於二零一九年六月三十日之
at 30th June 2019	經營租賃承擔	22,058
Less: commitments relating to leases	減:與獲豁免資本化租賃有關之
exempt from capitalisation:	承擔:
– short-term leases and other leases	– 短期租賃及其他剩餘租期於
with remaining lease term ending	二零二零年六月三十日
on or before 30th June 2020	或之前屆滿之租賃	(1,878)
– leases of low-value assets	– 低價值資產租賃	(10)
Add: lease payments for the additional	加:本集團認為合理確定其將行使
periods where the Group considers	延期選擇權之額外期間之
it reasonably certain that it will	租賃付款
exercise the extension options		973
		21,143
Less: total future interest expenses	減:未來利息開支總額	(679)
Present value of remaining lease payments,	餘下租賃付款現值,使用於二零一九年
discounted using the incremental borrowing	七月一日之增量借款利率貼現
rate at 1st July 2019		20,464
Add: finance lease liabilities recognised	加:於二零一九年六月三十日確認之
as at 30th June 2019	融資租賃負債	7
Total lease liabilities recognised	於二零一九年七月一日確認之租賃
at 1st July 2019	負債總額	20,471

The right-of-use assets in relation to leases previously classified as operating leases have been recognised at an amount equal to the amount recognised for the remaining lease liabilities, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position at 30th June 2019.

So far as the impact of the adoption of HKFRS 16 on leases previously classified as finance leases is concerned, the Group is not required to make any adjustments at the date of initial application of HKFRS 16, other than changing the captions for the balances. Accordingly, instead of "obligations under finance leases", these amounts are included within "lease liabilities", and the depreciated carrying amount of the corresponding leased asset is identified as a right-of-use asset. There is no impact on the opening balance of equity.

The Group presents right-of-use assets that do not meet the definition of investment property and lease liabilities separately in the balance sheet.

與先前分類為經營租賃之租賃有關之 使用權資產已按相等於就餘下租賃負 債確認之金額確認,並按於二零一九 年六月三十日之財務狀況表中確認與 該租賃有關之任何預付或應計租賃付 款金額作出調整。

就採納香港財務報告準則第16號對 先前分類為融資租賃之租賃之影響而 言,除改變結餘說明外,本集團毋須 於初步應用香港財務報告準則第16號 當日作出任何調整。因此,該等款項 計入「租賃負債」,而非「融資租賃責 任」,相應租賃資產之折舊賬面值被識 別為使用權資產。對期初權益結餘並 無影響。

本集團於資產負債表中單獨呈列不符 合投資物業定義之使用權資產及租賃 負債。

HKFRS 16, Leases (Continued)

(c) Transitional impact (Continued)

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

(c) 過渡性影響(續)

Carrying

The following table summarises the impacts of the adoption of HKFRS 16 on the Group's consolidated balance sheet:

下表概述採納香港財務報告準則第16 號對本集團綜合資產負債表之影響:

Carrying

Capitalisation

		amount at 30th June 2019 於二零一九年	of operating lease contracts	amount at 1st July 2019 於二零一九年
		六月三十日之	經營租賃合約	七月一日之
		的賬面值	撥充資本	賬面值
		HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元
Line items in the consolidated	受採納香港財務報告準則第16號
balance sheet impacted by	影響之綜合資產負債表項目:
the adoption of HKFRS 16:
Right-of-use assets	使用權資產	–	20,384	20,384
Property, plant and equipment	物業、機器及設備	4,649	(9)	4,640
Total non-current assets	非流動資產總額	365,110	20,375	385,485
Other payables and assets charge	其他應付款項及應計支出	74,610	(89)	74,521
Lease liabilities (current)	租賃負債(流動)	7	9,985	9,992
Current liabilities	流動負債	343,670	9,896	353,566
Net current assets	流動資產淨值	15,914	(9,896)	6,018
Total assets less current liabilities	總資產減流動負債	381,024	10,479	391,503
Lease liabilities (non-current)	租賃負債(非流動)	–	10,479	10,479
Total non-current liabilities	非流動負債總額	90	10,479	10,569
Net assets	資產淨值	380,934	–	380,934

The analysis of the net book value of the Group's right-ofuse assets by class of underlying asset at the end of the reporting period and at the date of transition to HKFRS 16 is as follows:

於報告期末及過渡至香港財務報告準 則第16號當日,本集團按相關資產分 類劃分之使用權資產賬面淨值分析如 下:

		At 31st December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元	At 1st July 2019 於二零一九年 七月一日 HK\$'000 千港元
Included in "Right-of-use assets": Other properties leased for own use, carried at depreciated cost Plant, machinery and equipment, carried at depreciated cost	計入「使用權資產」: 按折舊成本列賬之租賃 作自用之其他物業 按折舊成本列賬之機器、 機械及設備	20,521 –	20,375 9
Ownership interest in leasehold interest properties, carried at fair value	按公平值列賬之 租賃權益物業之 擁有權權益	20,521 31,460 51,981	20,384 31,460 51,844

HKFRS 16, Leases (Continued)

(d) Lease liabilities

The remaining contractual maturities of the Group's lease liabilities at the end of the reporting period and at the date of transition to HKFRS 16 are as follows:

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

(d) 租賃負債

於報告期末及過渡至香港財務報告準 則第16號當日,本集團租賃負債之餘 下合約到期情況如下:

		At 31st December 2019		At 1st July 2019
		於二零一九年十二月三十一日		於二零一九年七月一日
		Present		Present
		value of the	Total	value of the	Total
		minimum	minimum	minimum	minimum
		lease	lease	lease	lease
		payments	payments	payments	payments
		最低租賃	最低租賃	最低租賃	最低租賃
		付款現值	付款總額	付款現值	付款總額
		HK\$'000	HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元	千港元
Within 1 year	1年內	11,982	12,431	9,985	10,410
After 1 year but within 2 years	1年後但2年內	6,615	6,772	7,100	7,294
After 2 years but within 5 years	2年後但5年內	2,168	2,194	3,379	3,439
		8,783	8,966	10,479	10,733
		20,765	21,397	20,464	21,143
Less: total future interest expenses	減:未來利息開支總額		(632)		(679)
Present value of lease liabilities	租賃負債現值		20,765		20,464

(e) Impact on the financial result, segment results and cash flows of the Group

After the initial recognition of right-of-use assets and lease liabilities as at 1st July 2019, the Group as a lessee is required to recognise interest expense accrued on the outstanding balance of the lease liability, and the depreciation of the right-of-use asset, instead of the previous policy of recognising rental expenses incurred under operating leases on a straight-line basis over the lease term. This results in an insignificant impact on the reported profit from operations in the Group's consolidated statement of comprehensive income, as compared to the results if HKAS 17 had been applied during the year.

In the cash flow statement, the Group as a lessee is required to split rentals paid under capitalised leases into their capital element and interest element. These elements are classified as financing cash outflows, similar to how leases previously classified as finance leases under HKAS 17 were treated, rather than as operating cash outflows, as was the case for operating leases under HKAS 17. Although total cash flows are unaffected, the adoption of HKFRS 16 therefore results in a significant change in presentation of cash flows within the cash flow statement.

(e) 對本集團財務業績、分部業績及現金流 量之影響

於二零一九年七月一日初步確認使用 權資產及租賃負債後,本集團(作為承 租人)須確認租賃負債未償還結餘所產 生之利息開支及使用權資產折舊,而 非過往政策於租期內按直線基準確認 根據經營租賃所產生之租金開支。此 對本集團綜合全面收益表內之呈報營 運溢利造成輕微影響(相對年內應用香 港會計準則第17號所得之業績而言)。

於現金流量表中,本集團(作為承租人) 須將資本化租賃項下已付租金分為其 資本部分及利息部分。該等部分分類 為融資現金流出(與先前根據香港會計 準則第17號將租賃分類為融資租賃之 處理方法類似),而非經營現金流出(與 香港會計準則第17號項下經營租賃之 情況類似)。儘管現金流量總額不受影 響,但採納香港財務報告準則第16號 會導致現金流量表內現金流量之呈列 發生重大變化。

HKFRS 16, Leases (Continued)

(e) Impact on the financial result, segment results and cash flows of the Group (Continued)

The following tables may give an indication of the estimated impact of adoption of HKFRS 16 on the Group's financial result, segment results and cash flows for the six months ended 31st December 2019, by adjusting the amounts reported under HKFRS 16 in these interim financial statements to compute estimates of the hypothetical amounts that would have been recognised under HKAS 17 if this superseded standard had continued to apply to 2019 instead of HKFRS 16, and by comparing these hypothetical amounts for 2019 with the actual 2018 corresponding amounts which were prepared under HKAS 17.

3. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

• (e) 對本集團財務業績、分部業績及現金流 量之影響(續)
• 下表或可顯示採納香港財務報告準則 第16號對本集團截至二零一九年十二 月三十一日止六個月之財務業績、分 部業績及現金流量之估計影響,方法 為對於中期財務報表中根據香港財務 報告準則第16號呈報之金額作出調 整,以計算在香港會計準則第17號(而 非香港財務報告準則第16號)於二零一 九年繼續適用之情況下根據該已被取 代準則應確認之假設金額估計,並將 二零一九年有關假設金額與二零一八 年根據香港會計準則第17號編製之實 際對應金額進行比較。

Unaudited 未經審核

For the six months ended 31st December 截至十二月三十一日止六個月

				2019 二零一九年		2018 二零一八年
		Amounts reported under HKFRS 16	Add back: HKFRS 16 depreciation and interest expense	Deduct: Estimated amounts related to operating leases as if under HKAS 17 (note (i)) 減:	Hypothetical amounts for 2019 as if under HKAS 17	Compared to amounts reported for 2018 under HKAS 17
		根據香港 財務報告 準則第16號 所呈報 之金額 (A) HK\$'000 千港元	加回: 香港財務 報告準則 第16號下 折舊及利息 開支 (B) HK\$'000 千港元	根據香港 會計準則 第17號 所得出有關 經營租賃 之估計金額 (附註(i)) (C) HK\$'000 千港元	根據香港 會計準則 第17號 所得出之 二零一九年 假設金額 (D=A+B–C) HK\$'000 千港元	與根據香港 會計準則 第17號 所呈報之 二零一八年 金額進行 比較 HK\$'000 千港元
Financial result for the six months ended 31st December 2019 impacted by the adoption of HKFRS 16:	受採納香港財務報告 準則第16號影響之 截至二零一九年 十二月三十一日止 六個月財務業績:
Administrative expenses Finance costs Profit/(loss) before taxation	行政開支 財務成本 持續經營業務之除稅前	(43,517) (273)	5,811 273	(6,024) –	(43,730) –	(35,034) –
from continuing operations Profit/(loss) for the period	溢利╱(虧損) 持續經營業務之期內	42,526	6,084	(6,024)	42,586	(45,304)
from continuing operations Profit/(loss) for the period Reportable segment profit/(loss) for the	溢利╱(虧損) 期內溢利╱(虧損) 受採納香港財務報告準則 第16號影響之截至	42,631 43,566	6,084 6,084	(6,024) (6,024)	42,691 43,626	(46,239) (49,657)
six months ended 31st December 2019 (note 5) impacted by the adoption of HKFRS 16: – Video distribution,	二零一九年十二月 三十一日止六個月 可呈報分部溢利╱ (虧損)(附註5): – 錄像發行、電影發行及
film distribution and exhibition, licensing and sub-licensing of film rights – Trading, wholesaling and	放映、授出及轉授 電影版權 – 眼鏡產品及鐘錶產品	62,665	1,868	(1,826)	62,707	(12,438)
retailing of optical products and watches products – Financial printing	貿易、批發及零售 – 財經印刷	(6,889) (3,427)	3,040 1,176	(3,007) (1,191)	(6,856) (3,442)	(3,411) (3,635)

HKFRS 16, Leases (Continued)

(e) Impact on the financial result, segment results and cash flows of the Group (Continued)

1. 會計政策變動(續)

香港財務報告準則第16號,租賃(續)

(e) 對本集團財務業績、分部業績及現金流 量之影響(續)

Unaudited 未經審核 For the six months ended 31st December

				截至十二月三十一日止六個月
				2019 二零一九年		2018 二零一八年
				Estimated amounts related to
				operating	Hypothetical	Compared
			Amounts	leases as	amounts for	to amounts
			reported	if under	2019 as	reported
			under	HKAS 17	if under	under
			HKFRS 16	(notes (i) & (ii))	HKAS 17	HKAS 17
				根據香港會計		與根據香港
			根據香港	準則第17號 所得出有關	根據香港會計 準則第17號	會計準則
			財務報告準則	經營租賃之	所得出之	第17號所呈報
			第16號所呈報	估計金額	二零一九年	之金額進行
			之金額	(附註(i)及(ii))	假設金額	比較
			(A)	(B)	(C=A+B)
			HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
	Line items in the condensed consolidated cash flow statement for the six months ended 31st December 2019 impacted by the adoption of HKFRS 16: Net cash generated from	受採納香港財務報告準則 第16號影響之截至 二零一九年十二月三十一日 止六個月簡明綜合現金 流量表內項目: 經營業務所產生之
	operating activities	現金淨額	34,772	(5,918)	28,854	94,178
	Capital element of lease rentals paid	已付租金之資本部分	(5,652)	5,645	(7)	(9)
	Interest element of lease rentals paid Net cash used in financing	已付租金之利息部分 融資活動所用之現金淨額	(273)	273	–	–
activities			(5,925)	5,918	(7)	(271,999)
Note (i):	effect is ignored.	The "estimated amounts related to operating leases" is an estimate of the amounts of the cash flows in 2019 that relate to leases which would have been classified as operating leases, if HKAS 17 had still applied in 2019. This estimate assumes that all of the new leases entered into in 2019 would have been classified as operating leases under HKAS 17, if HKAS 17 had still applied in 2019. Any potential net tax			略不計。	附註(i): 「有關經營租賃之估計金額」 為在香港會計準則第17號 於二零一九年仍然適用之 情況下,有關會分類為經 營租賃之租賃於二零一九 年之現金流量估計金額。 有關估計假設,在香港會 計準則第17號於二零一九 年仍然適用之情況下,所 有於二零一九年訂立之新 租賃根據香港會計準則第 17號會分類為經營租賃。 任何潛在淨稅務影響均忽
	still applied.	Note (ii): In this impact table these cash outflows are reclassified from financing to operating in order to compute hypothetical amounts of net cash generated from operating activities and net cash used in financing activities as if HKAS 17			之現金淨額之假設金額。	附註(ii): 在此影響表中,該等現金 流出由融資重新分類至經 營,以計算在香港會計準 則第17號仍然適用之情況 下,經營業務所產生之現 金淨額以及融資活動所用

4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

4.1 Financial assets and liabilities measured at fair value

(i) Fair value hierarchy

The following table presents the fair value of the Group's financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13 "Fair Value Measurement". The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

• Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date
• Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data is not available
• Level 3 valuations: Fair value measured using significant unobservable inputs

4. 金融工具之公平值計量

• 4.1 按公平值計量之金融資產及負債
• (i) 公平值等級 下表呈列本集團金融工具之公平
  • 值,該等金融工具之公平值於報 告期末按經常性基準計量,並分 類為香港財務報告準則第13號 「公平值計量」所界定之三級公平 值等級。將公平值計量分類之等 級乃經參考如下估值方法所用輸 入數據之可觀察性及重要性後釐 定:
  • 第一級估值:僅使用第一 級輸入數據(即於計量日 同類資產或負債於活躍市 場之未經調整報價)計量 之公平值
  • 第二級估值:使用第二級 輸入數據(即未能達到第 一級之可觀察輸入數據) 且並未使用重大不可觀察 輸入數據計量之公平值。 不可觀察輸入數據為無市 場數據之輸入數據
  • 第三級估值:使用重大不 可觀察輸入數據計量之公 平值

4.1 Financial assets and liabilities measured at fair value (Continued)

(i) Fair value hierarchy (Continued)

The Group has a team headed by the finance manager performing valuations for the financial instruments. The team reports directly to the directors of the Company and the audit committee. Valuation reports with analysis of changes in fair value measurement are prepared by the team at each annual reporting date, and are reviewed and approved by the directors of the Company. Discussion of the valuation process and results with the Directors and the audit committee is held twice a year, to coincide with the reporting dates.

4. 金融工具之公平值計量(續)

• 4.1 按公平值計量之金融資產及負債(續) (i) 公平值等級(續)
• 本集團擁有一支由財務經理領導 之團隊,負責就金融工具進行估 值。該團隊直接向本公司董事及 審計委員會報告。載有公平值計 量變動分析之估值報告乃由團隊 於各年度報告日期編製,並由本 公司董事審閱及批准。團隊就估 值程序及結果每年與董事及審計 委員會進行兩次討論,以與報告 日期保持一致。

		Unaudited Fair value measurements as at 31st December 2019 categorised into 未經審核 於二零一九年十二月三十一日 之公平值計量分類為		Audited Fair value measurements as at 30th June 2019 categorised into 經審核 於二零一九年六月三十日 之公平值計量分類為
		Level 1	Level 2	Level 3	Fair value at 31st December 2019 於二零一九年 十二月 三十一日	Level 1	Level 2	Level 3	Fair value at 30th June 2019 於二零一九年 六月三十日
		第一級 HK\$'000 千港元	第二級 HK\$'000 千港元	第三級 HK\$'000 千港元	之公平值 HK\$'000 千港元	第一級 HK\$'000 千港元	第二級 HK\$'000 千港元	第三級 HK\$'000 千港元	之公平值 HK\$'000 千港元
Recurring fair value measurements Assets:	經常性公平值計量 資產:
Unlisted investment funds (Note (a)) Derivative financial instruments	非上市投資基金 (附註(a)) 衍生金融工具	–	–	317	317	–	–	317	317
(Note (a)) Unlisted limited partnership	(附註(a)) 非上市有限合夥企業	–	–	4,846	4,846	–	–	2,058	2,058
(Note (a)) Trading securities (Note (d)) Contingent consideration	(附註(a)) 交易性證券(附註(d)) 應收或然代價	– –	– –	8,353 8,691	8,353 8,691	– –	– –	7,199 8,691	7,199 8,691
receivable (Note (b))	(附註(b))	– –	– –	– 22,207	– 22,207	– –	– –	– 18,265	– 18,265
Liabilities: Contingent consideration payable (Note (c))	負債: 應付或然代價 (附註(c))	–	–	(20,400)	(20,400)	–	–	(20,400)	(20,400)

• 4.1 Financial assets and liabilities measured at fair value (Continued)
• (i) Fair value hierarchy (Continued)

During the six months ended 31st December 2019, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3.

During the year ended 30th June 2019, the Group reclassified two listed equity security, amounted to HK\$1,791,000, from Level 1 to Level 3 due to suspension of trading. The listed equity security suspended trading as at 30th June 2019 and was still suspended from trading up to the date of this unaudited condensed consolidated interim financial information. The Group's policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. Therefore, the transfer between Level 1 and Level 3 of the fair value hierarchy is deemed to have occurred at the end of the reporting period. Apart from the above, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3 during the year ended 30th June 2019.

Notes:

(a) For unlisted investment funds and limited partnership classified under Level 3 of the fair value measurement hierarchy, the fair values were determined based on the net asset values of those investment funds and limited partnership with reference to third party valuation of underlying investment portfolio and adjustments of related expenses. When the net asset values of the unlisted investment funds and limited partnership increase/decrease by 10% (as at 30th June 2019: 10%), the fair value would increase/ decrease by HK\$867,000 (as at 30th June 2019: HK\$752,000). The higher the net assets values, the higher the fair value.

4. 金融工具之公平值計量(續)

• 4.1 按公平值計量之金融資產及負債(續)
• (i) 公平值等級(續) 於截至二零一九年十二月三十一 日止六個月,第一級與第二級之 間並無轉撥,亦無轉撥入第三級

或自第三級轉撥出。

於截至二零一九年六月三十日止 年度,本集團由於兩項上市股本 證券1,791,000港元暫停買賣而 將之由第一級重新分類至第三 級。於二零一九年六月三十日該 上市股本證券暫停買賣,而截至 本未經審核簡明綜合中期財務資 料日期仍繼續暫停買賣。本集團 的政策是於發生所在之報告期末 確認各公平值等級水平之間之轉 撥。因此,公平值等級第一級與 第三級間之轉撥被視為於報告期 末已發生。除上述者外,於截至 二零一九年六月三十日止年度, 第一級與第二級之間並無轉撥, 亦無轉撥入第三級或自第三級轉 撥出。

附註:

(a) 就分類為第三級公平值計 量等級的非上市投資基金 及有限合夥企業而言,公 平值乃根據該等投資基金 及有限合夥企業之資產淨 值,參考相關投資組合之 第三方估值及相關開支作 出之調整釐定。當非上市 投資基金及有限合夥企業 的資產淨值增加╱減少 10%(於二零一九年六月 三十日:10%)時,公平 值將增加╱減少867,000 港元(於二零一九年六月 三十日:752,000港元)。 資產淨值越高,則公平值 越高。

28 Universe Entertainment and Culture Group Company Limited Interim Report 2019/20

期間內攤銷。 於二零一九年十二月三十 一日及二零一九年六月三 十日,倘所有其他變數維 持不變,非上市投資基金 公平值之5%增加或減少 估計將不會對衍生金融工 具之價值有重大影響。因 此,截至二零一九年十二 月三十一日止六個月及截 至二零一九年六月三十日 止年度概無就非上市投資 Valuation techniques Significant unobservable input Range 估值方法 重大不可觀察 輸入數據 範圍 HK\$ 港元 Derivative financial instruments Marking-to-market approach and discounted cash flow approach Fair value of equity interest in unlisted investment fund HK\$317,000 (as at 30th June 2019: HK\$317,000) 衍生金融工具 市價計值法及 貼現現金流量法 於非上市投資基金之 股權公平值 317,000港元 (於二零一九年 六月三十日: 317,000港元) Credit value adjustment factor 4.85%–13.30% (as at 30th June 2019: 4.85%–13.30%) 信貸價值調整因素 4.85%–13.30% (於二零一九年 六月三十日: 4.85%–13.30%) As at 31st December 2019 and 30th June 2019, it was estimated that a 5% increase or decrease in the fair value of the unlisted investment fund while holding all other variables constant would not significantly affect the value of the DFI. As a result, no sensitivity analysis for the six months ended 31st December 2019 and the year ended 30th June 2019 was disclosed for the impact of changes in the fair value of the unlisted investment fund.

4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued)

4.1 Financial assets and liabilities measured at fair value (Continued)

(i) Fair value hierarchy (Continued)

Notes: (Continued)

(a) (Continued)

During the year ended 30th June 2019, the Group entered into certain arrangement to dispose one of the unlisted investment funds at a fixed consideration in December 2021. In the opinion of the directors of the Company, the arrangement constituted a derivative contract which should be recognized as a derivative financial instrument ("DFI"). The DFI is net of deferred day one gain, which arise from the difference between its fair value at initial recognition and its transaction price of nil. The deferred day one gain is amortised over the period from March 2019 to December 2021.

4. 金融工具之公平值計量(續)

4.1 按公平值計量之金融資產及負債(續)

(i) 公平值等級(續)

附註:(續)

(a) (續)

截至二零一九年六月三十 日止年度,本集團訂立若 干安排以於二零二一年十 二月按固定代價出售其中 一項非上市投資基金。本 公司董事認為,該項安排 構成一份衍生合約,應予 確認為衍生金融工具(「衍 生金融工具」)。衍生金融 工具乃經扣除遞延首日收 益,乃由於其於初步確認 時的公平值與其交易價格 間的差額為零而產生。遞 延首日收益於二零一九年 三月至二零二一年十二月

基金公平值變動之影響披

露敏感度分析。

• 4.1 Financial assets and liabilities measured at fair value (Continued)
• (i) Fair value hierarchy (Continued)

Notes: (Continued)

(a) (Continued)

As at 31st December 2019, a 5% increase or decrease in the credit value adjustment factor while holding all other variables constant would decrease or increase the carrying amount of the DFI by HK\$576,000 or HK\$572,000 (as at 30th June 2019: HK\$724,000 or HK\$715,000), respectively.

The following table represents the changes in other financial assets included in Level 3 fair value measurements:

4.1 按公平值計量之金融資產及負債(續)

(i) 公平值等級(續)

1. 金融工具之公平值計量(續)

附註:(續)

(a) (續)

於二零一九年十二月三十 一日,倘所有其他變數 維持不變,信貸價值調整 因素之5%增加或減少將 分別減少或增加衍生金 融工具之賬面值576,000 港元或572,000港元(於二 零一九年六月三十日: 724,000港元或715,000港 元)

下表為計入第三級公平值 計量之其他金融資產之變 動:

		Unlisted investment funds		Derivative financial instruments		Unlisted limited partnership	Total
		非上市 投資基金		衍生金融工具		非上市 有限合夥 企業	總計
				Deferred day
			Gross	one gain 遞延	Net
		HK\$'000 千港元	總額 HK\$'000 千港元	首日收益 HK\$'000 千港元	淨額 HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
As at 1st July 2018	於二零一八年		–	–	–
Addition Gain/(losses) included in	七月一日 添置 計入損益之收益╱	1,049 –	15,500	(15,500)	–	64,833 –	65,882 –
profit or loss	(虧損) 遞延首日收益之	(732)	422	–	422	(19,127)	(19,437)
Amortisation of deferred day one gain Return of capital	攤銷 資本回報	– –	– –	1,636 –	1,636 –	– (38,507)	1,636 (38,507)
As at 30th June 2019	於二零一九年 六月三十日	317	15,922	(13,864)	2,058	7,199	9,574
Gain included in profit or loss	計入損益之 收益	–	–	–	–	2,600	2,600
Amortisation of deferred day one gain Return of capital	遞延首日收益之 攤銷 資本回報	– –	– –	2,788 –	2,788 –	– (1,446)	2,788 (1,446)
As at 31st December 2019	於二零一九年 十二月三十一日	317	15,922	(11,076)	4,846	8,353	13,516

4.1 Financial assets and liabilities measured at fair value (Continued) (i) Fair value hierarchy (Continued)

1. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

Notes: (Continued)

(Continued)

(b) The valuation techniques and key inputs used for contingent consideration receivable in Level 3 fair value measurement at the end of the reporting period are as follows:

4. 金融工具之公平值計量(續)

(i) 公平值等級(續) 附註:(續)

(b) 於報告期末,應收或然代 價第三級公平值計量所使

用之估值方法及主要輸入

數據如下: Valuation techniques Significant unobservable input Range 估值方法 重大不可觀察輸入數據 範圍 Contingent consideration receivable Discounted cash flow approach Expected net loss Expected loss of HK\$1,875,845 (as at 30th June 2019: HK\$1,875,845) 應收或然代價 貼現現金流量法 預期淨虧損 預期虧損1,875,845港元 (於二零一九年六月三十日: 1,875,845港元)

The fair value of the contingent consideration receivable represented the profit guarantee in relation to the adjustments to the consideration from the acquisition of AP Group Investment Holdings Limited ("AP Group") as detailed in Note 8.

As at 31st December 2019 and 30th June 2019, the contingent consideration receivable is determined by reference to the financial statements of AP Group and its subsidiaries for the years ended 31st December 2016 and 2017, in which the consolidated results showed a net loss position. As at 31st December 2019 and 30th June 2019, it was estimated that a 5% increase or decrease in the expected net loss of AP Group while holding all other variables constant would not significantly affect the value of contingent consideration receivable.

Discount rate 100% (as at 30th June 2019: 100%) 貼現率 100%(於二零一九年六月三十日: 100%)

應收或然代價的公平值指 與對收購愛拼集團控股有 限公司(「愛拼集團」)的代 價調整有關的溢利保證, 於附註8詳述。

於二零一九年十二月三十 一日及二零一九年六月三 十日,應收或然代價乃根 據愛拼集團及其附屬公司 截至二零一六年及二零一 七年十二月三十一日止 年度財務報表(其中綜合 業績處於淨虧損狀況)釐 定。於二零一九年十二月 三十一日及二零一九年六 月三十日,假設所有其他 變量維持不變,估計愛拼 集團預期淨虧損上升或下 降5%將不會嚴重影響應 收或然代價的價值。

^4.1 按公平值計量之金融資產及負債(續)

• 4.1 Financial assets and liabilities measured at fair value (Continued)
• (i) Fair value hierarchy (Continued)

Notes: (Continued)

(b) (Continued)

As at 31st December 2019, it was estimated that a 5% increase or decrease in the discount rate used while holding all other variables constant would decrease or increase the carrying amount of contingent consideration receivable by Nil or HK\$725,000 (as at 30th June 2019: HK\$Nil or HK\$725,000) respectively.

The movements during the period/year in the balance of these Level 3 fair value measurements are as follows:

4.1 按公平值計量之金融資產及負債(續)

(i) 公平值等級(續)

1. 金融工具之公平值計量(續)

附註:(續)

(b) (續)

於二零一九年十二月三十 一日,倘所有其他變數維 持不變,所使用之貼現率 增加或減少5%估計將會 將導致應收或然代價之賬 面值分別減少或增加零港 元或725,000港元(於二零 一九年六月三十日:零港 元或725,000港元)。

該等第三級公平值計量之 結餘於期╱年內變動如 下:

		Unaudited	Audited
		Six months
		ended	Year ended
		31st December	30th June
		2019	2019
		未經審核	經審核
		截至二零一九年	截至二零一九年
		十二月三十一日	六月三十日
		止六個月	止年度
		HK\$'000	HK\$'000
		千港元	千港元
Contingent consideration	應收或然代價:
receivable:
At the beginning of	於期╱年初
the period/year		–	3,796
Total gain included in	計入損益的總收益
profit or loss		–	(3,796)
At the end of the period/year	於期╱年末	–	–

	Unaudited For the six months ended 31st December 未經審核 截至十二月三十一日止六個月
	2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
就報告期末持有之資產 Total loss included in profit or 計入損益之總虧損 loss for assets held at the end of the reporting period	–	–

4.1 Financial assets and liabilities measured at fair value (Continued)

(i) Fair value hierarchy (Continued)

Notes: (Continued)

(c) The valuation techniques and key inputs used for contingent consideration payable in Level 3 fair value measurement at the end of the reporting period are as follows:

1. 金融工具之公平值計量(續)

析。

(i) 公平值等級(續)

附註:(續)

(c) 於報告期末,應付或然代 價第三級公平值計量所使 用之估值方法及主要輸入 數據如下:

	Valuation techniques 估值方法	Significant unobservable input 重大不可觀察輸入數據	Range 範圍
Contingent consideration payable	Discounted cash flow approach	Expected net loss	Expected loss of HK\$1,875,845 (as at 30th June 2019: Loss of HK\$1,875,845)
應付或然代價	貼現現金流量法	預期淨虧損	預期虧損1,875,845港元 (於二零一九年六月三十日: 虧損1,875,845港元)
	The fair value of the contingent consideration		應付或然代價的公平值指
	payable represented the profit guarantee		與對出售愛拼集團的代價
	in relation to the adjustments to the		調整有關的溢利保證,於
as detailed in Note 21.	consideration from the disposal of AP Group		附註21詳述。
	As at 31st December 2019 and 30th June		於二零一九年十二月三十
	2019, the contingent consideration payable		一日及二零一九年六月三
	is determined by reference to the financial		十日,應付或然代價乃根
	statements of AP Group and its subsidiaries		據愛拼集團及其附屬公司
	for the years ended 31st December 2016		截至二零一六年及二零一
	and 2017, in which the consolidated results		七年十二月三十一日止
	showed a net loss position. As at 31st		年度財務報表(其中綜合
	December 2019 and 30th June 2019, it was		業績處於淨虧損狀況)釐 定。於二零一九年十二月
	estimated that a 5% increase or decrease in the expected net loss of AP Group while		三十一日及二零一九年六
	holding all other variables constant would not		月三十日,假設所有其他
	significantly affect the value of contingent		變量維持不變,估計愛拼
	consideration payable. The amount would		集團預期淨虧損上升或下
	become payable once the actual results of		降5%將不會嚴重影響應
	AP Group is finalised and no discount factor		付或然代價的價值。一旦
	is applied to the amount. As a result, no		落實愛拼集團實際業績,
	sensitivity analysis for the period ended 31st		該金額將須支付,且該金
	December 2019 and year ended 30th June		額不予貼現。因此,並無
	2019 was disclosed for the impact of changes		就預期淨虧損變動及貼現
	in expected net loss and discount rate.		率之影響披露截至二零一
			九年十二月三十一日止期
			間及截至二零一九年六月 三十日止年度之敏感度分

^4.1 按公平值計量之金融資產及負債(續)

• 4.1 Financial assets and liabilities measured at fair value (Continued)
• (i) Fair value hierarchy (Continued)

Notes: (Continued)

(c) (Continued)

The movements during the period/year in the balance of these Level 3 fair value measurements are as follows:

4.1 按公平值計量之金融資產及負債(續)

1. 金融工具之公平值計量(續)

(i) 公平值等級(續)

附註:(續)

(c) (續)

該等第三級公平值計量之 結餘於期╱年內變動如 下:

		Unaudited	Audited
		Six months
		ended	Year end
		31st December	30th June
		2019	2019
		未經審核	經審核
		截至二零一九年	截至二零一九年
		十二月三十一日	六月三十日
		止六個月	止年度
		HK\$'000	HK\$'000
		千港元	千港元
Contingent consideration	應付或然代價:
payable:
At the beginning and at	於期╱年初及
the end of the period/year	期╱年末	(20,400)	(20,400)

		Unaudited For the six months ended 31st December 未經審核 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Total loss included in profit or loss for liabilities held at the end of the reporting period	就報告期末持有之 負債計入損益之 虧損總額	–	–

(d) The financial assets at fair value through profit or loss classified under Level 3 of the fair value measurement hierarchy represent investment in listed equity securities suspended from trading.

(d) 分類於公平值計量等級第 三級項下透過損益按公平 值入賬之金融資產指於上 市股本證券(已暫停買賣) 之投資。

4.1 Financial assets and liabilities measured at fair value (Continued)

(i) Fair value hierarchy (Continued)

Notes: (Continued)

(d) (Continued)

The fair value of those equity instruments is mainly valued based on Guideline Publicly Traded Company (the "GPTC") method whereas the key inputs to the valuation models include the market multiples, share prices of similar companies that are traded in a public market and discount for lack of marketability. The discount for lack of marketability used are unobservable input. As at 31st December 2019 and 30th June 2019, if any of the significant unobservable input above was 5% higher/lower while all the other variables were held constant, the changes in fair value of the listed equity security would not be significant to the Group.

The movement during the year in the balance of these Level 3 fair value measurements are as follows:

		Unaudited Six months ended 31st December 2019 未經審核 截至二零一九年 十二月三十一日 止六個月 HK\$'000 千港元	Audited Year ended 30th June 2019 經審核 截至二零一九年 六月三十日 止年度 HK\$'000 千港元
Listed equity security suspended from trading At the beginning of the Period/year Transfer from Level 1 Total loss included in profit or loss	上市股本證券 (已暫停買賣) 於期╱年初 轉撥自第一級 計入損益之 虧損總額	8,691 – –	9,465 1,791 (2,565)
At the end of the year	於年末	8,691	8,691

		Unaudited 31st December 未經審核 截至十二月三十一日止六個月	For the six months ended
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Total loss included in profit or loss for assets held at the end of the reporting period	於報告期末 持有之資產計入 損益之虧損總額	–	–

4. 金融工具之公平值計量(續)

• 4.1 按公平值計量之金融資產及負債(續)
• (i) 公平值等級(續)

附註:(續)

(d) (續)

該等權益工具之公平值乃 主要按指引公開交易公司 (「指引公開交易公司」)法 進行估值,在該方法下, 估值模型之主要輸入數據 包括在公開市場進行交易 之同類公司之市場倍數、 股價及對缺乏市場性所作 之折讓。所用之對缺乏市 場性所作之折讓為不可觀 察輸入數據。於二零一九 年十二月三十一日及二零 一九年六月三十日,倘上 述任何重大不可觀察輸入 數據提高╱降低5%而所 有其他變量維持不變,則 上市股本證券之公平值變 動對本集團而言並不重 大。

該第三級公平值計量結餘 於年內之變動如下:

4.2 Financial assets and liabilities at other than fair value

The carrying amounts of the Group's financial instruments carried at amortised cost are not materially different from their fair values as at 31st December 2019 and 30th June 2019.

5. SEGMENT INFORMATION

The Group manages its businesses by divisions, which are organised by business lines (products and services). In a manner consistent with the way in which information is reported internally to the Chairman of the Company, being the Group's chief operating decision maker ("CODM") for the purposes of resources allocation and performance assessment. The Group has presented the following reportable segments.

During the year ended 30th June 2018, the Group ceased its business in securities brokerage and margin financing which are classified as discontinued operations for the year ended 30th June 2018. Further details of the cessation of the business in securities brokerage and margin financing are set out in the note 26 to the unaudited condensed consolidated financial statements.

Continuing operations

• Video distribution, film distribution and exhibition, licensing and sub-licensing of film rights
• Trading, wholesaling and retailing of optical products and watches products
• Leasing of investment properties
• Securities investments
• Money lending
• Entertainment business
• Financial printing services

Discontinued operation

– Securities brokerage and margin financing

4. 金融工具之公平值計量(續)

4.2 並非以公平值列值之金融資產及負債 本集團按攤銷成本入賬之金融工具之 賬面值與其於二零一九年十二月三十 一日及二零一九年六月三十日之公平 值差別不大。

5. 分部資料

本集團按部門劃分管理其業務,而部門按業 務(產品及服務)設立。以與就資源分配及表 現評估向本公司主席(為本集團主要營運決策 者(「主要營運決策者」))內部呈報資料方式一 致之方式。本集團已呈列以下可呈報分部。

截至二零一八年六月三十日止年度,本集團 終止於截至二零一八年六月三十日止年度分 類為已終止經營業務的證券經紀及孖展融資 業務。有關終止證券經紀及孖展融資業務的 進一步詳情載於未經審核簡明綜合財務報表 附註26。

持續經營業務

• 錄像發行、電影發行及放映、授出及 轉授電影版權
• 眼鏡產品及鐘錶產品貿易、批發及零 售
• 出租投資物業
• 證券投資
• 放貸
• 娛樂業務
• 財經印刷服務

已終止經營業務

– 證券經紀及孖展融資

5. SEGMENT INFORMATION (Continued)

Information regarding the Group's reportable segments as provided to the Group's CODM for the purposes of resources allocation and assessment of segment performance is set out below.

5. 分部資料(續)

提供予本集團主要營運決策者用作資源分配 和分部表現評估之本集團可呈報分部資料載 列如下。

							2019 二零一九年
						Continuing operations 持續經營業務						Discontinued operation 已終止經營業務
		Video distribution, film distribution and exhibition, licensing and sub licensing of film rights 錄像發行、 電影發行及 放映、授出及 轉授電影版權 HK\$'000 千港元	Trading, wholesaling, and retailing of optical products and watches products 眼鏡產品及 鐘錶產品 貿易、批發 及零售 HK\$'000 千港元	Leasing of investment properties 出租 投資物業 HK\$'000 千港元	Securities investments 證券投資 HK\$'000 千港元	Money lending 放貸 HK\$'000 千港元	Entertainment businesses 娛樂業務 HK\$'000 千港元	Financial 財經印刷 HK\$'000 千港元	printing Elimination 抵銷 HK\$'000 千港元	Total for continuing operations 持續經營 業務合計 HK\$'000 千港元	Securities brokerage and margin financing 證券經紀及 孖展融資 HK\$'000 千港元	Total for discontinued operation 已終止經營 業務合計 HK\$'000 千港元	Total 總計 HK\$'000 千港元
For the six months ended 31st December 2019	截至二零一九年十二月 三十一日止六個月
(Unaudited):	(未經審核):
Segment revenue	分部收益
Disaggregate by timing of	按時間分開計算收益
revenue recognition – Point in time	確認 – 時點	192,804	24,045	–	–	–	95	–	–	216,944	1	1	216,945
– Overtime	– 隨時間	–	–	–	–	–	–	2,681	–	2,681	–	–	2,681
– Revenue out of scope of	– 香港財務報告準則
HKFRS 15	第15號範圍外之	–	–		–		–	–	–		–	–
	收益			570	–	4,058			–	4,628			4,628
External revenue Inter-segment sales	外部收益 分部間銷售	192,804 –	24,045 –	570 –	–	4,058 –	95 –	2,681 293	(293)	224,253 –	1 –	1 –	224,254 –
		192,804	24,045	570	–	4,058	95	2,974	(293)	224,253	1	1	224,254
Segment results	分部業績	62,665	(6,889)	447	(78)	(8,556)	(618)	(3,427)		43,544	935	935	44,479
Amortisation of deferred day	攤銷就衍生金融工具之
one gain in respect of derivative financial	遞延首日收益
instrument										2,788		–	2,788
Fair value change of other	透過損益按公平值
financial assets carried of fair value through	入賬之其他金融 資產之公平值變動
profit or loss										2,600		–	2,600
Finance income	財務收入									472		–	472
Share of losses of associates Unallocated corporate	分佔聯營公司虧損 未分配企業開支									(1,085)		–	(1,085)
expenses										(5,793)		–	(5,793)
Loss before tax	除稅前虧損									42,526		935	43,461
As at 31st December 2019	於二零一九年十二月
(Unaudited): Reportable segment assets	三十一日(未經審核): 可呈報分部資產	410,996	34,845	31,493	8,691	43,861	5,650	8,822		544,358	7,549	7,549	551,907
Reportable segment	可呈報分部負債
liabilities		251,901	19,324	342	–	–	10,803	4,587		286,957	779	779	287,736

5. SEGMENT INFORMATION (Continued) 5. 分部資料(續)

							二零一八年
						Continuing operations 持續經營業務						Discontinued operation 已終止經營業務
		Video
		distribution,
		film	Trading,
		distribution	wholesaling,
		and	and
		exhibition,	retailing
		licensing and sub	of optical products and	Leasing of						Total for	Securities brokerage	Total for
		licensing of	watches	investment	Securities	Money	Entertainment	Financial		continuing	and margin	discontinued
		film rights 錄像發行、	products 眼鏡產品及	properties	investments	lending	businesses	printing	Elimination	operations	financing	operation	Total
		電影發行及	鐘錶產品
		放映、授出及	貿易、批發	出租						持續經營	證券經紀及	已終止經營
		轉授電影版權	及零售	投資物業	證券投資	放貸	娛樂業務	財經印刷	抵銷	業務合計	孖展融資	業務合計	總計
		HK\$'000	HK\$'000	HK\$'000	HK\$'000	HK\$'000	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	千港元	千港元	千港元	千港元	千港元
For the six months ended	截至二零一八年十二月
31st December 2018 (Unaudited):	三十一日止六個月 (未經審核):
Segment revenue	分部收益
Disaggregate by timing of	按時間分開計算收益
revenue recognition	確認
– Point in time	– 時點	5,039	16,023	–	–	–	1,699	–	–	22,761	1	1	22,762
– Overtime – Revenue out of scope of	– 隨時間 – 香港財務報告準則	–	–	–	–	–	–	272	–	272	–	–	272
HKFRS 15	第15號範圍外之
	收益	–	–	544	–	4,694	–	–	–	5,238	–	–	5,238
External revenue	外部收益	5,039	16,023	544	–	4,694	1,699	272	–	28,271	1	1	28,272
Inter-segment sales	分部間銷售	–	–	–	–	–	–	463	(463)	–	–	–
		5,039	16,023	544	–	4,694	1,699	735	(463)	28,271	1	1	28,272
Segment results Fair value change on other	分部業績 透過損益按公平值	(12,438)	(3,411)	413	(1,302)	1,797	25	(3,635)		(18,551)	(3,438)	(3,438)	(21,989)
financial assets at fair value	入賬之其他金融
through profit or loss	資產之公平值變動									(17,347)		–	(17,347)
Finance income	財務收入									1,546		–	1,546
Share of losses of associates	分佔聯營公司虧損									(499)		–	(499)
Unallocated corporate expenses	未分配企業開支									(10,453)		–	(10,453)
Loss before tax	除稅前虧損									(45,304)		(3,438)	(48,742)
As at 30th June 2019	於二零一九年六月三十日
(Audited):	(經審核):
Reportable segment assets Reportable segment	可呈報分部資產 可呈報分部負債	385,615	23,412	31,488	8,691	59,922	5,497	4,846		519,471	13,736	13,736	533,207
liabilities		287,519	6,679	229	–	–	7,238	2,184		303,849	818	818	304,667

5. SEGMENT INFORMATION (Continued)

Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/(loss), which is a measure of profit/(loss) before tax from continuing operations. The profit/(loss) before tax from continuing operations is measured consistently with the Group's profit/(loss) before tax from continuing operations except that amortisation of deferred day one gain in respect of derivative financial instrument, fair value change on other financial assets at fair value through profit or loss, finance income, share of losses of associates and unallocated corporate expenses.

Segment assets exclude unallocated other intangible assets, interests in associates, other financial assets, unallocated loan receivable, unallocated cash and cash equivalents, deferred tax assets, loan to an associate, amount due from an associate, contingent consideration receivable, tax recoverable and other unallocated corporate assets as these assets are managed on a group basis.

Segment liabilities exclude tax payable, deferred tax liabilities, contingent consideration payable, amount due to an associate and other unallocated corporate liabilities as these liabilities are managed on a group basis.

5. 分部資料(續)

管理層在作出資源分配及表現評估之決策時 會獨立監察本集團經營分部之業績。分部表 現會按照呈報分部溢利╱(虧損)評估,此乃 來自持續經營業務之除稅前溢利╱(虧損)的 衡量基準。來自持續經營業務之除稅前溢 利╱(虧損)之計量方式與本集團來自持續經 營業務之除稅前溢利╱(虧損)一致,惟有關 計量不包括就衍生金融工具攤銷遞延首日收 益、透過損益按公平值入賬的其他金融資產 之公平值變動、財務收入、分佔聯營公司虧 損及未分配企業開支。

分部資產不包括未分配其他無形資產、於聯 營公司之權益、其他金融資產、未分配應收 貸款、未分配現金及現金等價物、遞延稅項 資產、授予一間聯營公司之貸款、應收一間 聯營公司之款項、應收或然代價、可收回稅 項及其他未分配企業資產,原因為該等資產 乃由集團統一管理。

分部負債不包括應繳稅項、遞延稅項負債、 應付或然代價、應付一間聯營公司款項及其 他未分配企業負債,乃因該等負債由集團統 一管理。

6. CAPITAL EXPENDITURES 6. 資本開支

		Unaudited For the six months ended 31st December 2019 未經審核 截至二零一九年十二月三十一日止六個月
		Property, plant and equipment 物業、機器 及設備 HK\$'000 千港元	Right-of-use assets 使用權資產 HK\$'000 千港元	Investment properties 投資物業 HK\$'000 千港元	Other intangible assets 其他 無形資產 HK\$'000 千港元	Film rights and films in progress 電影版權及 製作中之電影 HK\$'000 千港元
Net carrying amount at 30th June 2019 Impact on initial adoption of HKFRS 16 (Note)	於二零一九年六月三十日 之賬面淨值 初步採納香港財務報告準則 第16號之影響(附註)	4,649 (9)	– 20,384	31,460 –	2,387 –	235,304 –
Net carrying amount at 1st July 2019 Additions Depreciation and amortisation Adjustment for lease modification Currency translation difference	於二零一九年七月一日之 賬面淨值 添置 折舊及攤銷 租賃變更之調整 貨幣換算差額	4,640 2,289 (1,347) – (8)	20,384 6,356 (5,820) (355) (44)	31,460 – – – –	2,387 – (73) – –	235,304 32,643 (35,997) – –
Net carrying amount at 31st December 2019	於二零一九年十二月 三十一日之賬面淨值	5,574	20,521	31,460	2,314	231,950

				Unaudited
				For the six months ended 31st December 2018
				未經審核
				截至二零一八年十二月三十一日止六個月
		Property,			Other	Film rights
		plant and	Right-of-use	Investment	intangible	and films
		equipment	assets	properties	assets	in progress
		物業、機器			其他	電影版權及
		及設備	使用權資產	投資物業	無形資產	製作中之電影
		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
Net carrying amount at	於二零一八年七月一日
1st July 2018	之賬面淨值	5,705	–	29,360	2,535	80,603
Additions	添置	1,207	–	–	–	17,024
Depreciation and amortisation	折舊及攤銷	(1,505)	–	–	(74)	(267)
Disposals	出售	(82)	–	–	–	(9,332)
Currency translation difference	貨幣換算差額	(14)	–	–	–	–
Net carrying amount at	於二零一八年十二月
31st December 2018	三十一日之賬面淨值	5,311	–	29,360	2,461	88,028

Note: The Group has initially applied HKFRS 16 using the modified retrospective method and adjusted the opening balance at 1st July 2019 to recognise right-of-use assets relating to leases which were previously classified as operating leases under HKAS 17. (See Note 3)

附註: 本集團已初步按經修訂追溯法應用香 港財務報告準則第16號,並調整於二 零一九年七月一日之期初結餘,以確 認有關租賃之使用權資產,該等租賃 先前在香港會計準則第17號下獲分類 為經營租賃。(見附註3)

6. CAPITAL EXPENDITURES (Continued)

The valuation of investment properties carried at fair value was reassessed as at 31st December 2019 by the Directors using the same valuation technique used by the Group's independent valuer when carrying out the valuation as at 30th June 2019. The Directors estimated that the fair value as at 31st December 2019 was approximately the same as the fair value as at 30th June 2019.

The fair value measurement information for these investment properties in accordance with HKFRS 13 is given below.

6. 資本開支(續)

於二零一九年十二月三十一日,董事採用於 二零一九年六月三十日本集團獨立估值師進 行估值時所用之相同估值方法,對按公平值 列賬之投資物業之估值作出重估。董事估 計,二零一九年十二月三十一日之公平值與 二零一九年六月三十日之公平值相若。

該等投資物業根據香港財務報告準則第13號 之公平值計量資料列於下文。

			Unaudited
		Fair value measurement
Fair value hierarchy		at 31st December 2019 categorised into
			未經審核
			公平值計量
公平值等級			於二零一九年十二月三十一日分類為
		Quoted prices	Significant
		in active	other	Significant
		markets for	observable	unobservable
		identical assets	inputs	inputs
		相同資產在
		活躍市場的	其他重大	重大不可
		報價	可觀察輸入	觀察輸入
		(Level 1)	(Level 2)	(Level 3)
		(第一級)	(第二級)	(第三級)
		HK\$'000	HK\$'000	HK\$'000
		千港元	千港元	千港元
Recurring fair value	經常性公平值計量
measurements
Investment properties	投資物業
– Residential – Hong Kong	– 住宅 – 香港	–	–	31,460
			Audited
			Fair value measurement
Fair value hierarchy			at 30th June 2019 categorised into
			經審核
			公平值計量
公平值等級			於二零一九年六月三十日分類為
		Quoted prices	Significant
		in active	other	Significant
		markets for	observable	unobservable
		identical assets	inputs	inputs
		相同資產在
		活躍市場的	其他重大	重大不可
		報價	可觀察輸入	觀察輸入
		(Level 1)	(Level 2)	(Level 3)
		(第一級)	(第二級)	(第三級)

		千港元	千港元	千港元
Recurring fair value measurements	經常性公平值計量
Investment properties – Residential – Hong Kong	投資物業 – 住宅 – 香港	–	–	31,460

6. CAPITAL EXPENDITURES (Continued)

During the six months ended 31st December 2019 and the year ended 30th June 2019, there were no transfers between Level 1 and Level 2, or transfer into or out of Level 3. The Group's policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.

Investment properties which have fair value measurement use significant unobservable inputs (Level 3).

6. 資本開支(續)

於截至二零一九年十二月三十一日止六個月 及截至二零一九年六月三十日止年度,第一 級與第二級之間並無轉撥,亦無轉撥入第三 級或自第三級轉撥出。本集團之政策為於發 生之報告期末確認各公平值等級水平之間之 轉撥。

使用重大不可觀察輸入計量公平值的投資物 業(第三級)。

		Unaudited Six months ended 31st December 2019 未經審核 截至二零一九年 十二月三十一日 止六個月 HK\$'000 千港元	Audited Year end 30th June 2019 經審核 截至二零一九年 六月三十日 止年度 HK\$'000 千港元
At the beginning of the period/year	於期╱年初	31,460	29,360
Fair value change	公平值變化	–	2,100
At the end of the period/year	於期╱年末	31,460	31,460

The fair value of investment properties located in Hong Kong is determined by direct comparison approach with reference to recent sales price of comparable properties on a price per square feet basis, adjusted for a premium or discount specific to the quality of the Group's properties compared to recent sales on the comparable transaction. Higher discount for lower quality properties will result in a lower fair value measurement.

位於香港之投資物業之公平值乃使用直接比 較法釐定,其經參考可供比較物業按每平方 呎價格基準計算之近期售價,且已就本集團 物業質量之特定溢價或折讓(與近期可比較銷 售交易比較所得)作出調整。較低質素物業 之折讓較高,並會導致較低之公平值計量數 值。

7. INTERESTS IN ASSOCIATES/AMOUNT DUE FROM/TO AN ASSOCIATE

7. 於聯營公司之權益╱應收╱應付一間聯 營公司之款項

(a) Interests in associates

(a) 於聯營公司之權益

Unaudited As at 31st December 2019 未經審核 於二零一九年 十二月三十一日 HK\$'000 千港元	Audited As at 30th June 2019 經審核 於二零一九年 六月三十日 HK\$'000 千港元
投資聯營公司之成本, Cost of investments in associates, 非上市 unlisted 42,314 應佔收購後溢利 Share of post-acquisition profits 1,197 減:累計減值虧損 Less: Accumulated impairment loss (38,758) 減:已收股息 Less: Dividend received (4,753)	42,314 2,282 (38,758) (4,753) 1,085
	–

(b) Amount due from/to an associate

The amount due from/to an associate is unsecured, interest free and repayable on demand. The balance is denominated in Hong Kong dollars and approximate to its fair value.

8. CONTINGENT CONSIDERATION RECEIVABLE

The fair value of the contingent consideration receivable represented the profit guarantee in relation to the adjustments to the consideration from the acquisition of AP Group during the year ended 30th June 2016 as detailed in Note (i) below. Contingent consideration receivable is measured at fair value at the end of the reporting period. The movements of the fair value of contingent consideration receivable are as follows:

(b) 應收╱應付一間聯營公司之款項 應收╱應付一間聯營公司之款項屬無 抵押、不計息及須按要求償還。該結

餘乃以港元計值及與其公平值相若。

8. 應收或然代價

應收或然代價之公平值指與於截至二零一六 年六月三十日止年度收購愛拼集團之代價之 調整有關之溢利擔保(詳載於下文附註(i))。應 收或然代價乃於報告期末按公平值計算。應 收或然代價公平值之變動如下:

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
At fair value:	按公平值計量:
At beginning of the period/year	於期╱年初	–	3,796
Fair value change	公平值變動	–	(3,796)
At end of the period/year	於期╱年末	–	–

8. CONTINGENT CONSIDERATION RECEIVABLE (Continued)

Note:

(i) Adjustment to the consideration

Pursuant to the sale and purchase agreement entered in relation to the acquisition of AP Group, in the event that the audited consolidated profit after tax of AP Group for the period from 1st January 2016 to 31st December 2017 is less than HK\$16,000,000, the vendors shall, and the guarantors shall procure the vendors to, pay to the Group the adjustment amount (the "Adjustment Amount") in accordance with the formula set out below:

$$
A = HK$20,400,000 - (NP/2) \times 5 \times 51\%
$$

Where:

"A" means the amount of Adjustment Amount in HK\$; and

"NP" means the net profit for the period from 1st January 2016 to 31st December 2017. Where the NP is a negative figure, NP shall be deemed to be zero.

The fair value of the contingent consideration receivable as at 31st December 2019 and 30th June 2019 are based on the valuation performed by the Directors. Details of fair value measurement are set out in Note 4.1.

9. OTHER FINANCIAL ASSETS

8. 應收或然代價(續)

附註:

(i) 代價之調整

根據就收購愛拼集團訂立之買賣協 議,倘愛拼集團自二零一六年一月一 日起至二零一七年十二月三十一日 止期間之經審核除稅後綜合溢利少於 16,000,000港元,則賣方應及擔保人應 促使賣方根據下述公式向本集團支付 調整金額(「調整金額」):

A=20,400,000港元 – (NP/2) x 5 x 51%

其中:

「A」指以港元計值之調整金額之數值; 及

「NP」指自二零一六年一月一日起至二 零一七年十二月三十一日止期間之溢 利淨額。倘溢利淨額為負值,則溢利 淨額應被視作零。

應收或然代價於二零一九年十二月三 十一日及二零一九年六月三十日之公 平值乃基於董事進行之估值釐定。公 平值計算的詳情載於附註4.1。

9. 其他金融資產

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
Financial assets measured at fair value	透過損益按公平值入賬之
through profit or loss	金融資產
– Unlisted investment funds	– 非上市投資基金	317	317
– Unlisted limited partnership	– 非上市有限合夥企業	8,353	7,199
– Derivative financial instruments	– 衍生金融工具	4,846	2,058
		13,516	9,574

10. 應收賬款

證券經紀及孖展融資業務 Accounts receivable arising from 產生之應收賬款: securities brokerage and margin financing business: – Clearing house, brokers and – 結算所、經紀及現金客戶 cash clients 16 20 – – 減:減值虧損 Less: Impairment loss 淨額 Net 16 20 – Margin clients – 孖展客戶 – 1,500 – 減:減值虧損 Less: Impairment loss (1,500) – 淨額 – Net 16 20 其他業務產生之應收賬款: Accounts receivable arising from other businesses: Accounts receivable – others 應收賬款 – 其他 90,422 16,313 減:減值虧損 Less: Impairment loss (5,172) (5,172) 淨額 Net 85,250 11,141 Accounts receivable – net 應收賬款 – 淨額 85,266 11,161 應收賬款之賬面值與其公平值相若。 The carrying amount of accounts receivable approximates to their fair values. 附註: Notes: 來自結算所、經紀及現金客戶的應收 (a) Accounts receivable arising from clearing house, brokers (a) 賬款 and cash clients 於二零一九年十二月三十一日,於報 As at 31st December 2019, the ageing analysis of the 告期末逾期但未減值的應收結算所、 accounts receivable from clearing house, brokers and cash 經紀及現金客戶的賬款賬齡分析如 clients which are past due but not impaired as of the end 下: of the reporting period was as follow: Unaudited Audited As at As at 31st December 30th June 2019 2019 經審核 未經審核 於二零一九年 於二零一九年 六月三十日 十二月三十一日 HK\$'000 HK\$'000 千港元 千港元 – – 並未逾期或減值 Neither past due nor impaired – – 逾期少於1個月 Less than 1 month past due 逾期超過1個月 More than 1 month past due 16 20			Unaudited As at 31st December 2019 未經審核 於二零一九年 十二月三十一日 HK\$'000 千港元	Audited As at 30th June 2019 經審核 於二零一九年 六月三十日 HK\$'000 千港元
			16	20

10.	ACCOUNTS RECEIVABLE (Continued)

Notes: (Continued)

(a) Accounts receivable arising from clearing house, brokers and cash clients (Continued)

The normal settlement terms of accounts receivable from clearing house, brokers and cash clients, which arise from the securities brokerage and margin financing business, are within two days after trade date. Accounts receivable from cash clients are repayable on demand subsequent to the settlement date.

(b) Accounts receivable arising from margin clients

Accounts receivable from margin clients, which arise from the securities brokerage and margin financing business, are repayable on demand subsequent to the settlement date.

No ageing analysis of the accounts receivable from margin clients is disclosed as in the opinion of the directors of the Company, the ageing analysis does not give additional value in view of the nature of the business in margin financing.

(c) Accounts receivable arising from other businesses

As at 31st December 2019, the ageing analysis of the accounts receivable arising from other businesses, based on invoice date was as follows:

1. 應收賬款(續)

附註:(續)

(a) 來自結算所、經紀及現金客戶的應收 賬款(續)

證券經紀及孖展融資業務產生之應收 結算所、經紀及現金客戶賬款之一般 結算期為交易日後兩日內。應收現金 客戶賬款於結算日後按要求償還。

(b) 孖展客戶產生之應收賬款

來自證券經紀及孖展融資業務的應收 孖展客戶賬款於結算日後按要求償 還。

由於本公司董事認為,鑒於孖展融資 業務之業務性質,賬齡分析並無帶來 額外價值,故並無就應收孖展客戶賬 款披露任何賬齡分析。

(c) 來自其他業務的應收賬款

於二零一九年十二月三十一日,其他 業務產生之應收賬款按發票日期呈列 之賬齡分析如下:

		Unaudited	Audited
		As at	As at
		31st December	30th June
	2019		2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
1 to 90 days	1日至90日	3,108	8,693
91 days to 180 days	91日至180日	80,126	262
Over 180 days	180日以上	2,016	2,186
		85,250	11,141

Sales of videogram products are with credit terms of 7 days to 60 days. Sales from film exhibition, licensing and sub-licensing of film rights are on open account terms. Sales from trading and wholesaling of optical products and watches products, and provisions of financial printing services are with credit terms of 0–90 days. Sales to retail customers are made in cash or via major credit cards. The Group has policies in place to ensure that sales of products on credit terms are made to customers with an appropriate credit history and the Group performs periodic credit evaluations of its customers.

銷售錄像產品之信貸期為7日至60日。 電影放映、授出及轉授電影版權之銷 售均以記賬形式進行。眼鏡產品及鐘 錶產品貿易及批發之銷售以及提供財 經印刷服務之信貸期為0至90日不等。 向零售客戶銷售均以現金形式或透過 主要信用卡進行。本集團已制定政策 確保產品銷售信貸期乃向具有良好信 用記錄的客戶作出,本集團對其客戶 進行定期信貸評估。

1. DIVIDENDS

11. 股息

			Unaudited 未經審核 For the six months ended 31st December 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Special dividend declared and paid of HK\$0.3 per share (note(i))	已宣派及派發每股0.3港元之 特別股息(附註(i))	–	271,990

Note:

附註:

(i) On 17th September 2018, it was proposed by the Board and approved by the shareholders at the special general meeting that: (i) the amount standing to the credit of the share premium account of the Company be reduced by HK\$893,345,000; (ii) the credit arising from the share premium reduction be transferred to the contributed surplus account of the Company; and (iii) the Board be authorised to make a distribution of a special dividend of HK\$0.3 per share up to HK\$271,989,682.80 of the amount standing to the credit of the contributed surplus account of the Company, pro rata to the shareholders of the Company ("the Distribution").

The Distribution has become unconditional on 4th October 2018 and was paid on 22nd October 2018.

(i) 於二零一八年九月十七日,董事會建 議且股東於股東特別大會上批准:(i) 將本公司股份溢價賬中進賬額削減 893,345,000港元;(ii)將股份溢價賬 產生之進賬額轉撥至本公司之實繳盈 餘;及(iii)授權董事會將本公司實繳盈 餘賬中進賬額達271,989,682.80港元按 比例向本公司股東分派每股0.3港元之 特別股息(「分派」)。

分派於二零一八年十月四日成為無條 件,並已於二零一八年十月二十二日 派付。

12. LOANS RECEIVABLE

Loans receivable from third parties

1. 應收貸款

應收第三方貸款

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
	授予第三方之貸款
Loans to third parties Less: loss allowance	減:虧損撥備	47,311 (2,028)	66,908 (5,278)
		45,283	61,630
The maturity profile of the loans receivable,	根據到期日呈列之應收貸款
based on the maturity date is as follows:	到期情況如下:
– Non-current	– 非即期	1,461	–
– Current	– 即期	43,822	61,630

12. LOANS RECEIVABLE (Continued)

12. 應收貸款(續)

Loans receivable from third parties (Continued)

The credit quality analysis of the loans receivable is as follows:

應收第三方客戶貸款(續)

應收貸款的信貸質素分析如下:

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
Unsecured loans	無抵押貸款
Not past due	未逾期	4,849	23,710
Less than 30 days past due	逾期少於30日	–	5,198
31-60 days past due	逾期31至60日	–	8,000
Over 180 days past due	逾期180日以上	8,000	–
Secured loans	有抵押貸款
Not past due	未逾期	4,462	–
60-91 days past due	逾期60至91日	–	30,000
Over 180 days past due	逾期180日以上	30,000	–
		47,311	66,908
Less: loss allowance	減:減值撥備	(2,028)	(5,278)
		45,283	61,630

Except for secured loans receivables of HK\$4,462,000 which are denominated in Renminbi, interest bearing and repayable with fixed terms agreed (as at 30th June 2019: unsecured loans receivables at (i) HK\$909,840 which are denominated in Renminbi, interest-free and repayable with fixed terms agreed and (ii) HK\$1,000,000 which is denominated in Hong Kong Dollars, interest bearing and repayable with fixed terms agreed), all remaining loans receivable are due from third party customers, which arose from the money lending business in Hong Kong, and are denominated in Hong Kong dollars, interest bearing and repayable with fixed terms agreed with the customers.

The secured loans receivables of HK\$30,000,000 (as at 30th June 2019: HK\$30,000,000) and HK\$4,462,000 (as at 30th June 2019: nil) are secured by second mortgage on a property located in Hong Kong and investment in a film-in-progress respectively.

The maximum exposure to credit risk at each balance sheet date is the carrying value of the loans receivable.

All the loans receivable are entered with contractual maturity within 1 to 2 years. The Group seeks to maintain tight control over its loans receivable in order to minimise credit risk by reviewing the borrowers' or guarantors' financial positions.

Loans receivable are interest-bearing at rates ranging from 8.5% to 18% per annum (as at 30th June 2019: 3% to 18% per annum).

Interest income of approximately HK\$4,058,000 (for the six months ended 31st December 2018: approximately HK\$4,694,000) has been recognised in "revenue" in the unaudited condensed consolidated statement of comprehensive income during the Period.

除應收有抵押貸款4,462,000港元以人民幣計 值、計息及按協定之固定年期償還(於二零一 九年六月三十日:應收無抵押貸款(i)909,840 港元以人民幣計值、免息及按協定之固定年 期償還及(ii)1,000,000港元以港元計值、計息 及按協定之固定年期償還)外,所有餘下之應 收第三方客戶貸款(香港的放貸業務所產生) 乃以港元計值、計息及按與客戶協定之固定 年期償還。

應收有抵押貸款30,000,000港元(於二零一九 年六月三十日:30,000,000港元)及4,462,000 港元(於二零一九年六月三十日:零)分別以一項 位於香港物業的第二押記及一項製作中電影 投資抵押。

於各資產負債表日期最大的信貸風險為應收 貸款之賬面值。

所有應收貸款所訂合約到期日介乎1至2年 內。本集團致力透過審閱借款人或擔保人的 財務狀況,維持對應收貸款的嚴格控制,務 求將信貸風險減至最低。

應收貸款按介乎8.5%至18%之年利率計 息(於二零一九年六月三十日:每年3%至 18%)。

利息收入約4,058,000港元(截至二零一八年 十二月三十一日止六個月:約4,694,000港 元)已於本期間之未經審核簡明綜合全面收益 表之「收益」內確認。

1. TRADING SECURITIES

13. 交易性證券

		Unaudited As at 31st December 2019 未經審核 於二零一九年 十二月三十一日 HK\$'000 千港元	Audited As at 30th June 2019 經審核 於二零一九年 六月三十日 HK\$'000 千港元
Listed equity securities at fair value through profit or loss – listed in Hong Kong	透過損益按公平值入賬之 上市股本證券 – 於香港上市	8,691	8,691

Trading securities are presented within "operating activities" as part of changes in working capital in the unaudited condensed consolidated statement of cash flows.

As at 31st December 2019 and 30th June 2019, the trading securities of HK\$8,691,000 (as at 30th June 2019: HK\$8,691,000) represents listed equity securities suspended from trading. The fair value of the listed equity suspended from trading is determined based on valuation techniques and inputs as stated in note 4.1(i)(d).

14. BANK BALANCES AND CASH – TRUST ACCOUNTS

The Group maintains segregated trust accounts with licensed banks to hold clients' monies arising from its normal course of business. These clients' monies are maintained in one or more trust accounts. The Group has recognised the corresponding amount in accounts payable to the respective customers in current liabilities section as the Group is liable for any loss or misappropriation of clients' monies. The Group is not allowed to use the clients' monies to settle its own obligations. The trust accounts bank balances are restricted and governed by the Securities and Futures (Client Money) Rules under the Hong Kong Securities and Futures Ordinance.

交易性證券乃計入「營運活動」並於未經審核 簡明綜合現金流量表內作為營運資金變動之 一部份。

於二零一九年十二月三十一日及二零一九年 六月三十日,交易證券8,691,000港元(於二 零一九年六月三十日:8,691,000港元)為上 市股本證券(已暫停買賣)。上市股本證券(已 暫停買賣)之公平值乃根據附註4.1(i)(d)所述之 估值方法及輸入數據釐定。

14. 銀行結餘及現金 – 信託賬戶

本集團於持牌銀行開設獨立信託賬戶,以存 放其日常業務過程中產生的客戶款項。該等 客戶的款項存放於一個或以上信託賬戶。由 於本集團須對客戶款項遭受損失或被挪用而 承擔責任,故會按各相關客戶確認相應的應 付賬款。本集團不得使用客戶款項清償其自 身債務。信託賬戶的銀行結餘受香港證券及 期貨條例項下證券及期貨(客戶款項)規則所 限及受其規管。

15. INTERESTS IN JOINT OPERATIONS

The Group has entered into certain joint operation arrangements to produce and distribute four (as at 30th June 2019: four) television series, eighteen (as at 30th June 2019: nineteen) films and one webisode (as at 30th June 2019: one) respectively. The Group has participating interests ranging from 5% to 90% (as at 30th June 2019: 5% to 90%) in these joint operations. As at 31st December 2019, the aggregate amounts of assets, liabilities and profit after income tax recognised in the unaudited condensed consolidated interim financial information relating to the Group's interests in these joint operation arrangements are as follows:

15. 於合營業務之權益

本集團已訂立若干合營業務安排,以分別製 作及發行四部(於二零一九年六月三十日:四 部)電視連續劇、十八部(於二零一九年六月 三十日:十九部)電影及一部(於二零一九年 六月三十日:一部)網絡劇。本集團於該等合 營業務中擁有介乎5%至90%(於二零一九年 六月三十日:5%至90%)之參與權益。於二 零一九年十二月三十一日,有關本集團於此 等合營業務安排之權益中,已於未經審核簡 明綜合中期財務資料中確認之資產、負債及 除所得稅後溢利總額如下:

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
Assets	資產
Television series right and television series	電視連續劇版權及製作中之
in progress	電視連續劇	5,011	–
Film rights and films in progress	電影版權及製作中之電影	46,020	58,502
Film related deposits	電影相關訂金	9,273	36,429
Accounts receivable and other receivables	應收賬款及其他應收款項	81,108	9,369
		141,412	104,300
Liabilities	負債
Accounts payable and other payables	應付賬款及其他應付款項	450	6,565
Deposits received	已收訂金	3,242	28,309
Contract liabilities	合約負債	2,686	72,231
		6,378	107,105

		Unaudited For the six months ended 31st December 未經審核 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Revenue Expenses	收益 費用	189,924 (106,404)	3,653 (2,887)
Profit after income tax	除所得稅後溢利	83,520	766

1. SHARE CAPITAL

16. 股本

		Unaudited As at 31st December 2019 未經審核 於二零一九年 十二月三十一日		Audited As at 30th June 2019 經審核 於二零一九年 六月三十日
		Number of shares 股份數目 '000 千股	Nominal value 面值 HK\$'000 千港元	Number of shares 股份數目 '000 千股	Nominal value 面值 HK\$'000 千港元
Authorised: Ordinary shares of HK\$0.01 each	法定: 每股0.01港元之普通股	10,000,000	100,000	10,000,000	100,000
Issued and fully paid: Ordinary shares of HK\$0.01 each	已發行及繳足: 每股0.01港元之普通股	906,632	9,066	906,632	9,066

Movements in the issued share capital of the Company during the year ended 30th June 2019 and six months ended 31st December 2019 are as follows:

本公司於截至二零一九年六月三十日止年度 及截至二零一九年十二月三十一日止六個月 的已發行股本變動如下:

		Note 附註	Number of ordinary shares 普通股數目	Nominal value 面值 HK\$'000 千港元
At 1st July 2018, 30th June 2019, 1st July 2019 and 31st December 2019	於二零一八年七月一日、 二零一九年六月三十日、 二零一九年七月一日及 二零一九年十二月三十一日		906,632,276	9,066

(a) On 17th September 2018, it was proposed by the Board and approval by the Shareholders at the special general meeting that the amount standing to the credit of the share premium account of the Company be rendered by HK\$893,345,000. Further details are set out in note 11.

(a) 於二零一八年九月十七日,董事會建 議且股東於股東特別大會上批准削減 本公司股份溢價賬進賬額893,345,000 港元。進一步詳情載於附註11。

17. SHARE OPTIONS

Pursuant to an ordinary resolution passed in the annual general meeting held on 2nd December 2013, the Company conditionally approved and adopted a share option scheme (the "Share Option Scheme") in compliance with the Listing Rules. The Company operates the Share Option Scheme for the purpose of providing incentives and rewards to eligible participants who contributed to the success of the Group's operations.

There is no share options outstanding during the six months ended 31st December 2019 and year ended 30th June 2019.

18. OTHER RESERVES

17. 購股權

1. 其他儲備

根據於二零一三年十二月二日舉行之股東週 年大會上通過之一項普通決議案,本公司根 據上市規則有條件批准及採納一項購股權 計劃(「購股權計劃」)。本公司營運購股權計 劃,以向對本集團業務佳績作出貢獻的合資 格參與者提供獎勵及報酬。

於截至二零一九年十二月三十一日止六個月 及截至二零一九年六月三十日止年度概無尚 未行使購股權。

		Reserves arising on consolidation 綜合賬目 所得儲備 HK\$'000 千港元	Reorganisation reserve 重組儲備 HK\$'000 千港元	Contributed surplus 實繳盈餘 HK\$'000 千港元	Translation reserve 匯兌儲備 HK\$'000 千港元	Total 總額 HK\$'000 千港元
As at 1st July 2019 Currency translation difference	於二零一九年七月一日 匯兌差額	871 –	60,577 –	485,360 –	(341) 162	546,467 162
As at 31st December 2019	於二零一九年 十二月三十一日	871	60,577	485,360	(179)	546,629

		Reserves arising on consolidation 綜合賬目 所得儲備	Reorganisation reserve 重組儲備	Contributed surplus 實繳盈餘	Available for-sale investment reserve 可供出售 投資儲備	Translation reserve 匯兌儲備	Total 總額
		HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
As at 1st July 2018 Impact on initial application of	於二零一八年七月一日 初步應用香港財務報告	871	60,577	–	6,629	(512)	67,565
HKFRS 9	準則第9號的影響	–	–	–	(6,629)	–	(6,629)
		871	60,577	–	–	(512)	60,936
Currency translation difference Transfer from share premium	匯兌差額 轉撥自股份溢價	–	–	–	–	65	65
(Note 16(a))	(附註16(a))	–	–	893,345	–	–	893,345
Special dividend paid (Note 11)	派付特別股息(附註11)	–	–	(271,990)	–	–	(271,990)
As at 31st December 2018	於二零一八年
	十二月三十一日	871	60,577	621,355	–	(447)	682,356

19. EMPLOYEE BENEFITS EXPENSES INCLUDING DIRECTORS' EMOLUMENTS

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 employee's relevant income, subject to a cap of monthly relevant income of HK\$30,000. Contributions to the plan vest immediately.

The employees of the Group's subsidiaries in the PRC are members of a state-managed retirement benefit scheme operated by the government of the PRC. The subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit scheme is to make the specified contribution.

19. 僱員福利開支(包括董事酬金)

本集團根據香港強制性公積金計劃條例為在 香港僱傭條例保障下受聘的僱員設立一項強 制性公積金計劃(「強積金計劃」)。強積金計 劃為一項由獨立受託人管理的定額供款退休 計劃。根據強積金計劃,僱主及其僱員各自 須按僱員相關收入的5%向計劃供款,最高每 月相關收入為30,000港元。計劃供款即時歸 屬。

本集團於中國的附屬公司僱員均參與由中國 政府設立的國家管理退休福利計劃。該等附 屬公司須按薪金的規定百分比向該退休福利 計劃供款以支付福利。本集團對該退休福利 計劃的唯一責任為作出規定的供款。

		Unaudited
		For the six months ended 31st December
				未經審核
				截至十二月三十一日止六個月
			2019			2018
			二零一九年			二零一八年
		Continued	Discontinued		Continued	Discontinued
		operation	operation	Total	operation	operation	Total
		持續	已終止		持續	已終止
		經營業務	經營業務	總計	經營業務	經營業務	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
Wages and salaries	工資及薪金	15,877	–	15,877	18,869	1,035	19,904
Directors and staff bonus	董事及員工花紅	13,732	–	13,732	400	–	400
Provision for unutilised annual leave	未用年假之撥備	–	–	–	64	–	64
Write-back of provision for unutilised	撥回未動用年假撥備
annual leave		(143)	–	(143)	(43)	–	(43)
Write-back of provision for long service	撥回長期服務金撥備
payment		(231)	–	(231)	(27)	–	(27)
Staff welfare	員工福利	444	–	444	304	–	304
Pension costs – defined contribution plan	退休金成本 – 界定供款計劃	1,024	–	1,024	918	76	994
Total including directors' emoluments	包括董事酬金之總額	30,703	–	30,703	20,485	1,111	21,596

20. 應付賬款

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
Accounts payable arising	證券經紀及孖展融資業務
from securities brokerage and	產生之應付賬款:
margin financing business:
– cash clients	– 現金客戶	32	113
– margin clients	– 孖展客戶	506	516
		538	629
Accounts payable arising	其他業務產生之應付賬款
from other business		17,883	10,192
		18,421	10,821

The settlement terms of accounts payable to cash client, arising from securities brokerage and margin financing business are within two days after the trade date. Accounts payable to cash clients are repayable on demand subsequent to settlement date. Accounts payable to margin clients are repayable on demand. No ageing analysis is disclosed as in the opinion of the directors of the Company, the ageing analysis does not give additional value in view of the nature of this business.

Accounts payable in the amount of HK\$782,000 as at 31st December 2019 (as at 30th June 2019: HK\$869,000) were payable to clients in respect of the trust and segregated bank balances received and held for clients in the course of conducting the regulated activities. However, the Group does not have a currently enforceable right to offset these payables with the deposits placed.

As at 31st December 2019, the ageing analysis of the accounts payable arising from other businesses based on invoice date was as follows:

證券經紀及孖展融資業務產生之應付現金客 戶賬款結算期為交易日後兩日內。應付現金 客戶賬款於結算日後按要求償還。應付孖展 客戶賬款按要求償還。本公司董事認為,鑒 於本業務之性質,其賬齡分析並無帶來額外 價值,因此並無披露賬齡分析。

就在進行受規管業務過程中為客戶收取及持 有之信託及獨立銀行結餘而言,於二零一九 年十二月三十一日之應付賬款包括須向客戶 支付之款項782,000港元(於二零一九年六月 三十日:869,000港元)。然而,本集團並無 以所存放之訂金抵銷該等應付款項之現時可 強制執行權。

於二零一九年十二月三十一日,按發票日期 呈列其他業務產生之應付賬款之賬齡分析如 下:

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
1 to 90 days	1至90日	15,828	8,080
91 days to 180 days	91日至180日	27	48
Over 180 days	180日以上	2,028	2,064
		17,883	10,192

21. CONTINGENT CONSIDERATION PAYABLE

The fair value of the contingent consideration payable represented the profit guarantee in relation to the adjustments to the consideration from the disposal of AP Group during the year ended 30th June 2017 as detailed in Note (i) below. Contingent consideration payable is measured at fair value at the end of the reporting period. The movements of the fair value of contingent consideration payable are as follows:

21. 應付或然代價

應付或然代價之公平值指有關於截至二零一 七年六月三十日止年度調整出售愛拼集團所 得代價(如下文附註(i)所詳述)之溢利保證。應 付或然代價於報告期末按公平值計量。應付 或然代價之公平值變動如下:

		Unaudited	Audited
		As at	As at
		31st December	30th June
		2019	2019
		未經審核	經審核
		於二零一九年	於二零一九年
		十二月三十一日	六月三十日
		HK\$'000	HK\$'000
		千港元	千港元
At fair value:	按公平值計量:
At beginning and end of the period/year	於期╱年初及期╱年末	20,400	20,400

Note:

(i) Adjustment to the consideration

Pursuant to the sale and purchase agreement entered in relation to the disposal of AP Group, in the event that the audited consolidated profit after tax of AP Group for the period from 1st January 2016 to 31st December 2017 is less than HK\$16,000,000, the Group shall pay to the purchaser the adjustment amount (the "Adjustment Amount") in accordance with the formula set out below:

A = HK\$20,400,000 – (NP/2) x 5 x 51%

Where:

"A" means the amount of Adjustment Amount in HK\$; and

"NP" means the net profit for the period from 1st January 2016 to 31st December 2017. Where the NP is a negative figure, NP shall be deemed to be zero.

The fair value of the contingent consideration payable as at 31st December 2019 and 30th June 2019 are based on valuation performed by directors of the Company. Details of their fair value measurement are set out in Note 4.1.

附註:

(i) 代價之調整

根據就收購愛拼集團訂立之買賣協 議,倘愛拼集團自二零一六年一月一 日起至二零一七年十二月三十一日 止期間之經審核除稅後綜合溢利少於 16,000,000港元,則本集團須向買方支 付按下文所載公式計算的調整金額(「調 整金額」):

A = 20,400,000港元 – (NP/2) x 5 x 51%

其中:

「A」指以港元計值之調整金額之數值; 及

「NP」指自二零一六年一月一日起至二 零一七年十二月三十一日止期間之溢 利淨額。倘溢利淨額為負值,則溢利 淨額應被視作零。

應付或然代價於二零一九年十二月三 十一日及二零一九年六月三十日之公 平值乃基於本公司董事進行之估值釐 定。公平值計算的詳情載於附註4.1。

22. FINANCE COSTS

22. 財務成本

			Unaudited For the six months ended 31st December 未經審核截至十二月三十一日止六個月
			2019 二零一九年		2018 二零一八年
		Continued	Discontinued		Continued	Discontinued
		Operation	Operation	Total	Operation	Operation	Total
		持續	已終止		持續	已終止
		經營業務	經營業務	總計	經營業務	經營業務	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
Interest on lease liabilities	租賃負債利息	273	–	273	–	–	–

23. PROFIT/(LOSS) BEFORE TAX

Profit/(loss) before tax is arrived at after charging:

23. 除稅前溢利╱(虧損)

除稅前溢利╱(虧損)乃經扣除下列各項後得 出:

		Unaudited For the six months ended 31st December 未經審核截至十二月三十一日止六個月
			2019		2018
		Continued	二零一九年 Discontinued		Continued	二零一八年 Discontinued
		Operation	Operation	Total	Operation	Operation	Total
		持續 經營業務	已終止 經營業務	總計	持續 經營業務	已終止 經營業務	總計
		HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
Amortisation of film right	電影版權之攤銷	35,997	–	35,997	267	–	267
Amortisation of other intangible assets	其他無形資產之攤銷	73	–	73	74	–	74
Depreciation of property, plant and equipment	物業、機器及設備折舊	1,347	–	1,347	1,470	35	1,505
Depreciation of right-of-use assets	使用權資產折舊	5,820	–	5,820	–	–	–
Employee benefits expenses including directors' emoluments	僱員福利開支(包括董事酬金)	30,703	–	30,703	20,485	1,111	21,596
Cost of inventories sold	已售存貨成本	16,234	–	16,234	10,269	–	10,269

24. INCOME TAX CREDIT/(EXPENSE)

The amount of income tax credit/(expense) credited/(charged) to the unaudited condensed consolidated statement of comprehensive income represents:

24. 所得稅抵免╱(開支)

於未經審核簡明綜合全面收益表內計入╱(扣 除)的所得稅抵免╱(開支)金額如下:

	Unaudited For the six months ended 31st December 未經審核截至十二月三十一日止六個月
			2019 二零一九年			2018 二零一八年
		Continued Operation	Discontinued Operation	Total	Continued Operation	Discontinued Operation	Total
		持續 經營業務	已終止 經營業務	總計	持續 經營業務	已終止 經營業務	總計
		HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
Hong Kong Profits Tax – current	香港利得稅 – 即期	164	–	164	(982)	20	(962)
Deferred tax relating to the origination and reversal of temporary differences	與暫時性差額之產生及轉回 有關的遞延稅項	(59)	–	(59)	47	–	47
Income tax credit/(expense)	所得稅抵免╱(開支)	105	–	105	(935)	20	(915)

25. EARNINGS/(LOSS) PER SHARE

(a) Basic

Basic earnings/(loss) per ordinary share is calculated by dividing the profit/(loss) attributable to the owners of the Company and the weighted average number of ordinary shares in issue during the six months ended 31st December 2019 and 2018.

(i) Profit/(loss) for the Period attributable to the owners of the Company

25. 每股盈利╱(虧損)

(a) 基本

每股普通股基本盈利╱(虧損)乃按截 至二零一九年及二零一八年十二月三 十一日止六個月本公司擁有人應佔溢 利╱(虧損)除以已發行普通股之加權平 均數計算。

⁽i) 本公司擁有人應佔期內溢利╱ (虧損)

		Unaudited For the six months ended 31st December 未經審核 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Profit/(loss) for the Period attributable to the owners of the Company	本公司擁有人應佔期內 溢利╱(虧損)
– from continuing operations – from discontinued operation	– 來自持續經營業務 – 來自已終止經營業務	42,966 935	(46,150) (3,418)
– from continuing and discontinued operations	– 來自持續經營及 已終止經營業務	43,901	(49,568)

(ii) Weighted average number of ordinary shares in issue

(ii) 已發行普通股之加權平均數

			Number of shares 股份數目 (in thousand) (千股)
		2019 二零一九年	2018 二零一八年
Weighted average number of ordinary shares in issue at the end of the Period	期末已發行普通股之 加權平均數	906,632	906,632

(b) Diluted

For the six months ended 31st December 2018 and 2019, diluted loss per ordinary share equals to basic loss per ordinary share as there was no potential dilutive ordinary share outstanding during the period.

(b) 攤薄

截至二零一八年及二零一九年十二月 三十一日止六個月,每股普通股之攤 薄虧損相等於每股普通股之基本盈 利,原因是期內並無具潛在攤薄影響 之未發行普通股。

26. DISCONTINUED OPERATION

During the year ended 30th June 2018, the Group ceased its business in securities brokerage and margin financing due to deterioration of operating results and financial performance during that year. The analysis of the results of discontinued operation is as follows:

26. 已終止經營業務

截至二零一八年六月三十日止年度,本集團 因該年經營業績及財務表現轉差而終止其證 券經紀及孖展融資業務。已終止經營業務之 業績分析如下:

			Unaudited For the six months ended 31st December 未經審核 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Revenue Cost of revenue	收益 收益成本	1 –	1 –
Gross profit Other income Other losses Administrative expenses Change in expected credit loss	毛利 其他收入 其他虧損 行政開支 預期信貸虧損變動	1 35 (26) (575) 1,500	1 11 (9) (3,475) 34
Profit/(loss) before taxation from discontinued operation Income tax credit	來自已終止經營業務之 除稅前溢利╱(虧損) 所得稅抵免	935 –	(3,438) 20
Profit/(loss) for the period from discontinued operation	來自已終止經營業務之 期間溢利╱(虧損)	935	(3,418)
Attributable to: Owners of the Company	以下人士應佔: 本公司擁有人	935 935	(3,418) (3,418)

Net cash flows from discontinued operation are as follows:

已終止經營業務之現金淨流量如下:

		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
Net cash outflows from operating activities	經營業務運用之現金淨額	12,789	(5)
Net cash outflows from investing activities	投資業務所運用之現金淨額	–	–
Net cash outflows from financing activities	融資活動所運用之現金淨額	–	(47)
Total net cash outflows	淨現金流出總額	12,789	(52)

27. PENDING LITIGATIONS

(a) A court action was commenced in the Court of First Instance of the Hong Kong Special Administrative Region on 17th April 2002 by The Star Overseas Limited ("Star"), an independent third party, against Universe Entertainment Limited ("UEL"), an indirect wholly-owned subsidiary of the Company.

By the above action, Star alleges that a sum of US\$935,872 (equivalent to HK\$7,299,799) was payable by UEL to Star as its share of the revenue of the movie entitled "Shaolin Soccer" (the "Movie").

Pursuant to an Order (the "Order") made by the High Court on 21st February 2003, UEL was ordered and had paid to Star a sum of HK\$5,495,700, being part of the licence fee of the Movie received by UEL from Miramax Films (being the licencee of the Movie) and which was also part of the sum claimed by Star. Pursuant to the Order, UEL is also liable to pay Star interest in the sum of HK\$350,905 and some of the costs of the application leading to the making of the Order, all of which have been settled. As the Order has not disposed of all the claims of US\$935,872 (equivalent to HK\$7,299,799) by Star, UEL is entitled to continue to defend the claim by Star for recovering the remaining balance in the sum of approximately HK\$1,804,099 (HK\$7,299,799 less HK\$5,495,700).

On 30th April 2002, UEL claimed against Star for the latter's wrongful exploitation of certain rights in the Movie co-owned by both parties. UEL claimed to recover all losses and damages suffered by UEL as a result of the wrongful exploitation.

On 9th September 2002, Universe Laser & Video Co. Limited ("ULV"), an indirect wholly-owned subsidiary of the Company, claimed against Star for the latter's infringement of the licensed rights in the Movie held by ULV. ULV claimed to recover all loss and damages suffered by ULV as a result of the said infringement.

In the opinion of legal counsel, it is premature to predict the outcome of the claim against UEL. The Board is of the opinion that the outcome of the said claim against UEL will have no material financial impact to the Group for the Period.

27. 未決訴訟

(a) 於二零零二年四月十七日,獨立第三 方星輝海外有限公司(「星輝」)對本公司 之一間間接全資附屬公司寰宇娛樂有 限公司(「寰宇娛樂」)於香港原訟法庭展 開一項法庭訴訟。

星輝在上述訴訟中指稱寰宇娛樂應向 其支付935,872美元(相當於7,299,799 港元),作為分享一部名為「少林足球」 之電影(「該電影」)之部分收入。

根據高等法院於二零零三年二月二十 一日頒發之指令(「該指令」),寰宇娛 樂遭頒令及已向星輝支付5,495,700港 元,即寰宇娛樂就該電影而從Miramax Films(即該電影之版權持有人)收取之 部分版權費及星輝索償之部分金額。 根據該指令,寰宇娛樂亦須向星輝 支付金額350,905港元之利息及申請 該指令所耗部分費用,有關費用均已 支付。由於該指令並無解決星輝為數 935,872美元(相當於7,299,799港元)之 所有索償,故此寰宇娛樂有權繼續就 星輝追討餘下為數約1,804,099港元(即 7,299,799港元減5,495,700港元)之款 項進行抗辯。

於二零零二年四月三十日,寰宇娛樂 向星輝提出索償,指後者不當地使用 屬於雙方共同擁有之該電影中之若干 權利。寰宇娛樂追討因該不當使用權 利而令其蒙受之一切損失及損害。

於二零零二年九月九日,本公司之一 間間接全資附屬公司寰宇鐳射錄影有 限公司(「寰宇鐳射」)因指星輝侵犯寰宇 鐳射就該電影所持的特許權利而向其 提出索償。寰宇鐳射追討因上述侵權 行為而令其蒙受之一切損失及損害。

根據法律顧問之意見,現階段預測對 寰宇娛樂的上述索償結果尚為時過 早。董事會認為對寰宇娛樂的上述索 償之結果不會於本期間對本集團構成 重大財務影響。

27. PENDING LITIGATIONS (Continued)

(b) On 1st September 2008, Koninklijke Philips Electronics N.V. ("KPE") claimed against among other persons, the Company, ULV and Mr. Lam Shiu Ming, Daneil (one of the Directors), being three of the defendants named therein, in respect of damages arising from alleged infringement of the patents regarding Video Compact Disc owned by KPE.

In the opinion of legal counsel, it is premature to predict the outcome of the said claim made against the Company, ULV and Mr. Lam Shiu Ming, Daneil. The Board is of the opinion that the outflow of economic benefits cannot be reliably estimated and accordingly no provision for any liability that may result has been made in the unaudited condensed consolidated interim financial information.

(c) On 8th January 2010, KPE claimed against among other persons, the Company, ULV and Mr. Lam Shiu Ming, Daneil (one of the Directors), being three of the defendants named therein, in respect of damages arising from alleged infringement of the patents regarding Digital Video Disc owned by KPE.

On 6th June 2012, the action was discontinued against the Company and Mr. Lam Shiu Ming, Daneil. The claim made against ULV has been agreed with KPE and settled by ULV and appropriate legal costs provision was recognised accordingly in the consolidated financial statements for the year ended 30th June 2012.

No additional provision has been made in the unaudited condensed consolidated interim financial information for the Period. Based on the consultation with legal counsel, no further material outflow of economic benefits will be incurred for ULV.

(d) Universe Artiste Management Limited ("UAM"), an indirect wholly-owned subsidiary of the Company, commenced Court of First Instance Action against Kwong Ling and Oriental Prosperous Int'l Entertainments Limited (collectively the "Defendants") on 30th June 2014 claiming inter alia for a declaration that UAM is entitled to extend/renew the term of the Artist Management Contract of the Defendants with UAM (the "Artist Management Contract") for 5 years as from 3rd May 2014 to 2nd May 2019.

27. 未決訴訟(續)

(b) 於二零零八年九月一日,Koninklijke Philips Electronics N.V.(「KPE」)向(其中 包括)本公司、寰宇鐳射及林小明先生 (其中一名董事)(傳訊令狀上之其中三 名被告)提出有關因聲稱侵犯KPE所持 有關影音光碟的專利權而產生之損失 之索償。

根據法律顧問之意見,現階段預測對 本公司、寰宇鐳射及林小明先生的上 述索償結果尚為時過早。董事會認為 有關的經濟利益流出未能可靠地估 計,故並無在未經審核簡明綜合中期 財務資料內就可能產生的任何負債作 出撥備。

(c) 於二零一零年一月八日,KPE向(其中 包括)本公司、寰宇鐳射及林小明先生 (其中一名董事)(傳訊令狀上之其中三 名被告)提出有關因聲稱侵犯KPE所持 有關數碼影音光碟的專利權而產生之 損失之索償。

於二零一二年六月六日,對本公司及 林小明先生之訴訟已作終止。對寰宇 鐳射之索償已與KPE達成協議並已由寰 宇鐳射結清,且已於截至二零一二年 六月三十日止年度之綜合財務報表內 相應地確認適當的法律費用撥備。

概無於本期間之未經審核簡明綜合中 期財務資料內作出其他撥備。根據法 律顧問的意見,寰宇鐳射並無面臨進 一步的重大經濟利益流出。

(d) 於二零一四年六月三十日,寰宇藝人 管理有限公司(「寰宇藝人管理」,本公 司一間間接全資附屬公司)於原訟法庭 就江玲及東旺國際娛樂有限公司(統稱 「被告」)展開一項法庭訴訟,提出(其中 包括)寰宇藝人管理有權延長╱重續被 告與寰宇藝人管理的藝人管理合約(「藝 人管理合約」)的期限,年期自二零一四 年五月三日起至二零一九年五月二日 止,共五年。

27. PENDING LITIGATIONS (Continued)

(d) (Continued)

The Defendants filed their defence and counterclaim on 29th September 2014. By such counterclaim, the Defendants claimed against UAM inter alia for a declaration that the Artist Management Contract was void and unenforceable, the Artist Management Contract to be rescinded, damages for breach of the Artist Management Contract and for breach of fiduciary duties, a declaration that UAM is liable to account to the Defendants and an order for payment of all sums found to be due by UAM to the Defendants.

In the opinion of legal counsel, it is premature to predict the outcome of the said claim against UAM. The Board considers that the amounts of counterclaim by the Defendants against UAM is insignificant to the Group as a whole.

(e) On 16th July 2018, Lucky Famous Limited ("Lucky Famous") commenced Court of First Instance Action claimed against Fragrant River Entertainment Culture (Holdings) Limited ("Fragrant River"), an indirect whollyowned subsidiary of the Company, and the Company for, inter alia, the sum of HK\$20.4 million as the adjustment to the consideration (the "Adjustment Amount") alleged to be payable under an agreement dated 13th June 2016 (the "Disposal Agreement") pursuant to which Lucky Famous purchased from Fragrant River 51% of the issued share capital of AP Group Investment Holdings Limited. Lucky Famous applied to amend the writ and statement of claim to join Chan Sze Long and Lim Wah Elsa as defendants in the Lucky Famous Actions for certain claims against them. The Court allowed the application of Lucky Famous on 24th September 2019.

In the opinion of legal counsel, it is premature to predict the outcome of the said claims made against Fragrant River and the Company. Without admitting any liability to Lucky Famous under the Disposal Agreement, the Adjustment Amount of HK\$20.4 million was recognised as contingent consideration payable in the consolidated financial statements for the period ended 31st December 2019.

Save as disclosed above, as at 31st December 2019, no litigation or claim of material importance is known to the Directors to be pending against either the Company or any of its subsidiaries.

27. 未決訴訟(續)

(d) (續)

被告於二零一四年九月二十九日作出 抗辯及提起反申索。根據有關反申 索,被告就寰宇藝人管理提出(其中包 括)藝人管理合約屬無效及不可強制 執行,應廢除藝人管理合約,就違反 藝人管理合約及受信責任的損失提出 索賠,主張寰宇藝人管理應對被告負 責,並應判令寰宇藝人管理支付應付 被告的所有款項。

根據法律顧問的意見,預測上述對寰 宇藝人管理之索償的結果尚為時尚 早。董事會認為,被告就寰宇藝人管 理提出反申索的數額對本集團整體而 言屬微不足道。

(e) 於二零一八年七月十六日, L u c k y Famous Limited(「Lucky Famous」)於 原訟法庭對香江娛樂文化(控股)有限公 司(「香江」,本公司一間間接全資附屬 公司)及本公司提起訴訟,要求(其中包 括)支付其所聲稱根據日期為二零一六 年六月十三日之協議(「出售協議」,據 此,Lucky Famous向香江購買愛拼集 團控股有限公司51%已發行股本)項下 代價之調整金額20,400,000港元(「調整 金額」)。Lucky Famous已申請修改書 面申索陳述書,以在Lucky Famous訴 訟加入陳思朗及林樺為Lucky Famous 訴訟之被告,向彼等作出若干索償。 於二零一九年九月二十四日,法庭批 准Lucky Famous之申請。

根據法律顧問之意見,現階段預測對 香江及本公司的上述索償結果尚屬為 時過早。在沒有承認出售協議下對 Lucky Famous之任何責任的前提下, 調整金額20,400,000港元已於截至二零 一九年十二月三十一日止期間綜合財 務報表中確認為應付或然代價。

除上文所披露者外,於二零一九年十二月三 十一日,就董事所知,本公司或其任何附屬 公司並無面臨任何重大未決訴訟或索償。

28. COMMITMENTS

(a) Operating leases commitments

28. 承擔

(a) 經營租賃承擔

As at 30th June 2019, the Group had future aggregate minimum lease payments under non-cancellable operating leases as follows:

於二零一九年六月三十日,本集團根 據不可撤銷之經營租賃而將於未來支 付之最低租賃付款總額如下:

				2019 二零一九年 HK\$'000 千港元
Land and buildings Not later than one year Later than one year and not later	土地及樓宇 不超過一年 超過一年及不超過五年			11,390
than five years				10,668 22,058
Certain department store counters and retail stores include payment obligations with rental varied with gross revenue. The additional rental payable (contingent rents) is determined generally by applying pre-determined percentages to future revenue less minimum lease payment of the respective leases.			若干百貨公司專櫃及零售店訂有因應 不同的總收入而繳交不同租金的付款 責任。應付額外租金(或然租金)一般以 未來收入的預定百分比減各租賃的最 低租金付款釐定。
Other commitments As at 31st December 2019, the Group has commitments contracted but not provided for in the unaudited condensed consolidated interim financial information as follows:		(b)	其他承擔 於二零一九年十二月三十一日,本集 團已訂約但未於未經審核簡明綜合中 期財務資料撥備之承擔如下:
			Unaudited As at 31st December 2019 未經審核 於二零一九年 十二月三十一日 HK\$'000 千港元	Audited As at 30th June 2019 經審核 於二零一九年 六月三十日 HK\$'000 千港元
Purchase of film rights and (附註i) production of films (Note i)	購買電影版權及電影製作		130,790	152,806
Note i: Included in the commitment of purchase of film rights and production of films, an amount of approximately HK\$66,101,000 related to the joint operations arrangements of film production as at 31st December 2019 (as at 30th June 2019: approximately HK\$79,522,000).			附註i: 於二零一九年十二月三十一日 合營安排有關。	計入購買電影版權及電影製作 承擔的金額約66,101,000港元 (於二零一九年六月三十日:約 79,522,000港元)與製作電影之

29. 有關連人士之交易

		Unaudited For the six months ended 31st December 未經審核 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元	2018 二零一八年 HK\$'000 千港元
(i) Details of key management compensation Salaries and other short-term employee benefits	(i) 主要管理層報酬明細 薪金及其他短期僱員 福利	3,958	3,984
Employer's contribution to retirement scheme	退休計劃之僱主供款	18 3,976	18 4,002
(ii) Lease payment to paid to Universe Property Investment Limited which is wholly owned by a Director (Note a)	(ii) 向寰宇物業投資有限公司 (由一名董事全資擁有) 支付之租賃付款(附註a)	1,464	1,464
(iii) Rental income received from an associate	(iii) 自一間聯營公司收取之 租金收入	186	–
(iv) Purchase of optical products from an associate	(iv) 向一間聯營公司購買 眼鏡產品	15,152	1,936
(v) License and management fee paid to an associate	(v) 向一間聯營公司支付之 許可及管理費	874	467

Save as disclosed above and elsewhere in these unaudited condensed consolidated financial statements, no other material related party transactions have been entered into by the Group. The transactions were carried out after negotiations between the Group and the related parties in the ordinary course of business.

Notes:

(a) Universe Digital Entertainment Limited ("UDE"), an indirect wholly-owned subsidiary of the Company, entered into a tenancy agreement with Universe Property Investment Limited ("UPI"), a company owned by Mr. Lam Shiu Ming, Daneil, the Chairman and executive Director of the Company, for renting (1) an industrial unit and (2) 5 carparking spaces of an industrial building for warehouse, ancillary office and carparking uses in Kwai Chung from 25th February 2018 to 24th February 2021, with a monthly rental of HK\$244,000 (the "Tenancy Agreement") which was arrived at following arm's length negotiation between the Group and UPI with reference to the rental valuation performed by Ravia Global Appraisal Advisory Limited, an independent property valuer, as at 22nd January 2018 which reflected the then market rent.

除上文及於此等未經審核簡明綜合財務報表 其他部分所披露者外,本集團並無訂立其他 重大關連人士交易。該等交易乃於日常業務 過程中經本集團及關連人士商議後進行。

附註:

(a) 本公司間接全資附屬公司寰宇數碼娛 樂有限公司(「寰宇數碼娛樂」)與本公司 主席兼執行董事林小明先生擁有之公 司寰宇物業投資有限公司(「寰宇物業投 資」)就自二零一八年二月二十五日起至 二零二一年二月二十四日止以月租金 244,000港元租用(1)一個工業單位及(2) 坐落於葵涌一棟用作倉庫、配套辦公 室及停車場的工業大廈之5個停車位訂 立租賃協議,該協議由本集團與寰宇 物業投資經參考獨立物業估值師瑞豐 環球評估諮詢有限公司於二零一八年 一月二十二日作出的租金估值(反映當 時市場租金)後公平磋商釐定。

SPECIAL DIVIDEND

No special dividend was declared and paid by the Company for the Period.

For the six months ended 31st December 2018, pursuant to the joint announcement of the Company and Pioneer Entertainment Group Limited ("Pioneer Entertainment") dated 31st July 2018, the Company's circular dated 24th August 2018, the Company's announcement dated 17th September 2018 and the joint announcement of the Company and Pioneer Entertainment dated 4th October 2018, a special dividend of HK\$0.3 per share of the Company was paid on 22nd October 2018 to the Company's shareholders on the Company's share register or branch share register on 11th October 2018.

INTERIM DIVIDEND

No interim dividend was declared and paid by the Company for the Period.

For the six months ended 31st December 2018, a special interim dividend of HK\$0.15 per share of the Company was paid on 10th May 2019 to the Company's shareholders on the Company's share register or branch shares register on 24th April 2019.

MANAGEMENT DISCUSSION AND ANALYSIS

The Group recorded a net profit of approximately HK\$43.6 million for the Period against a net loss of approximately HK\$49.7 million for the six months period ended 31st December 2018. The Group's revenue increased significantly from approximately HK\$28.3 million to approximately HK\$224.3 million during the Period. The increase in profit and revenue during the Period are mainly due to the satisfactory performance of the new blockbuster film called "White Storm 2 – Drug Lords" ("掃毒2天地對決") released by the Group during the Period.

特別股息

本公司於本期間並無宣派及派付特別股息。

截至二零一八年十二月三十一日止六個月, 根據本公司與Pioneer Entertainment Group Limited(「Pioneer Entertainment」)日期為二零 一八年七月三十一日的聯合公告、本公司日 期為二零一八年八月二十四日的通函、本公 司日期為二零一八年九月十七日的公告及本 公司與Pioneer Entertainment日期為二零一八 年十月四日的聯合公告,已於二零一八年十 月二十二日向於二零一八年十月十一日名列 本公司股東名冊或股東分冊之本公司股東派 付特別股息每股0.3港元。

中期股息

本公司於本期間並無宣派及派付中期股息。

截至二零一八年十二月三十一日止六個月, 本公司已於二零一九年五月十日向於二零一 九年四月二十四日名列本公司股東名冊或股 東分冊之本公司股東派付特別中期股息每股 0.15港元。

管理層討論與分析

本集團於本期間錄得淨溢利約43.6百萬港元, 而截至二零一八年十二月三十一日止六個月 期間則錄得淨虧損約49.7百萬港元。本集團於 本期間之收益由約28.3百萬港元大幅增加至約 224.3百萬港元。本期間之溢利及收益增加乃 主要由於本期間發行了新賣座鉅片「掃毒2天 地對決」,錄得理想票房。

Films distribution and exhibition, licensing and sub-licensing of film rights

Revenue from this business segment during the Period was approximately HK\$192.8 million, representing an increase of approximately 38.6 times as compared to approximately HK\$5.0 million in the same period last year. It accounted for approximately 86.0% (2018: approximately 17.8%) of the Group's revenue during the Period.

The Group recorded a segmental profit of approximately HK\$62.7 million from this business segment for the Period against a segmental loss of approximately HK\$12.4 million for the six months period ended 31st December 2018.

The significantly increase of the revenue and profit from this business segment is mainly due to the satisfactory performance of the new film during the Period. In particular, the Group released a new blockbuster film called "White Storm 2 – Drug Lords" ("掃毒2天地對決"), directed by Herman Yau (邱禮濤) and starring Andy Lau (劉德華), Louis Koo (古天樂), Michael Miu (苗僑偉), Karena Lam (林嘉欣), Kent Cheng (鄭 則士) and Cherrie Ying (應采兒) in July 2019 and recorded a remarkable box office of approximately RMB1.3 billion in the PRC. However, no new films was released by the Group for the six months period ended 31st December 2018.

The Group continues to invest in original production of quality films in Hong Kong and China. The Group expects to release a new blockbuster film called "Shock Wave 2" ("拆彈專家 2") directed by Herman Yau (邱禮濤) and starring Andy Lau (劉德華), Sean Lau (劉青雲) and Ni Ni (倪妮) and another new film called "Atonement" ("阿龍" wrote, directed and performed with breakthrough by Ronald Cheng (鄭中基) and starring Chrissie Chau (周秀娜) and Philip Keung (姜皓文) in 2020. In addition, the Group plans to invest and produce 2 movies and around 8 on-line movies in the People's Republic of China (which excludes Hong Kong for the purpose of this announcement (the "PRC")) in 2020.

However, China's film market is expected to be hit with massive losses in the first half of 2020 as the bulk of the country's theaters have shut down in the wake of the new coronavirus outbreak. We will closely monitor the situation and adjust our plan and strategy from time to time to cope with the coming challenging environment.

管理層討論與分析(續)

電影發行及放映、授出及轉授 電影版權

於本期間,該業務分部產生之收益約為192.8 百萬港元,較上年同期之約5.0百萬港元增 加約38.6倍。其佔本集團於本期間收益的約 86.0%(二零一八年:約17.8%)。

於本期間,本集團在此業務分部錄得分部溢 利約62.7百萬港元,截至二零一八年十二月三 十一日止六個月期間則錄得分部虧損約12.4百 萬港元。

此業務分部之收益及溢利大幅增加乃主要由 於本期間新電影之理想表現,尤其是本集團 於二零一九年七月發行了新賣座鉅片「掃毒2 天地對決」,該電影由邱禮濤執導,主演包括 劉德華、古天樂、苗僑偉、林嘉欣、鄭則士 及應采兒,並在中國錄得人民幣13億元之理 想票房。然而,本集團截至二零一八年十二 月三十一日止六個月期間並無發行新電影。

本集團繼續於香港及中國投資優質電影原創 作品。本集團預期將於二零二零年發行一部 新重頭電影「拆彈專家2」,由邱禮濤執導、劉 德華、劉青雲及倪妮主演,以及另一部新電 影「阿龍」,由鄭中基突破性地自編自導自演, 並由周秀娜及姜皓文主演。此外,本集團計 劃於二零二零年於中華人民共和國(「中國」, 就本公佈而言不包括香港)投資及製作兩部電 影及約8部網上電影。

然而,中國之電影市場預期將於二零二零年 上半年遭受嚴重損失,此乃由於新型冠狀病 毒爆發導致國內大量電影院暫時關閉。我們 將密切注視情況,並不時調整我們的計劃及 策略,以應對即將到來的挑戰。

Trade, wholesale and retail of optical, watches products

Revenue from this business segment during the Period was approximately HK\$24.0 million, representing an increase of approximately 50.0% as compared to approximately HK\$16.0 million in the same period last year. Revenue from this business segment included the revenue of approximately HK\$17.7 million (2018: approximately HK\$5.1 million) mainly from the trading, wholesaling and retailing of optical products under a management and license agreement with the right to use the trade name of "茂昌眼鏡 Hong Kong Optical" in certain premises ("HK Optical Business") in Hong Kong and the revenue of approximately HK\$6.3 million (2018: approximately HK\$10.9 million) from the trading, wholesaling and retailing of watches and optical products in the PRC ("PRC Watches & Optical Business"). It accounted for approximately 10.7% (2018: approximately 56.7%) of the Group's revenue during the Period.

The revenue of the HK Optical Business was increasing during the Period. The number of optical retail shops operated by the Group in Hong Kong increased from 5 as at 31st December 2018 to 11 as at 31st December 2019 with the aim to increase the market shares in Hong Kong.

The revenue of the PRC Watches & Optical Business decreased during the Period as compared to the same period last year. The Group continued closing down the nonperforming watches retail shops during the Period. The number of the watch retail shops operated by the Group decreased from 11 as at 31st December 2018 to 5 as at 31st December 2019. On the other hand, we operated 2 (2018: Nil) optical retail shops under our own trade name of "寰宇茂昌" in Shenzhen and Beijing, to start our optical business in the PRC.

Segmental loss from this business segment during the Period was approximately HK\$6.9 million, representing an increase of approximately 102.9% as compared to approximately HK\$3.4 million in the same period last year. The increase in segmental loss is mainly due to (i) the marked deterioration in the retail sector in Hong Kong as a result of the mass protests and civil unrest in Hong Kong since June 2019; and (ii) the ongoing Sino-US trade slowed down the growth of the China's economy and the consumer market in both Hong Kong and PRC during the Period.

管理層討論與分析(續)

眼鏡、鐘錶產品貿易、批發及 零售

於本期間,該業務分部產生之收益約為24.0 百萬港元,較上年同期之約16.0百萬港元增 加約50.0%。該業務分部產生之收益包括主 要來自一項管理及許可協議項下有權以「茂昌 眼鏡Hong Kong Optical」之商號於香港若干場 所經營眼鏡產品貿易、批發及零售(「香港眼鏡 業務」)之收益約17.7百萬港元(二零一八年: 約5.1百萬港元),及來自於中國從事鐘錶及眼 鏡產品貿易、批發及零售(「中國鐘錶及眼鏡業 務」)收益約6.3百萬港元(二零一八年:約10.9 百萬港元)。其佔本集團於本期間收益之約 10.7%(二零一八年:約56.7%)。

香港眼鏡業務的收益於本期間內持續增長。 本集團於香港經營之眼鏡零售店數目由二零 一八年十二月三十一日之5間增加至二零一九 年十二月三十一日之11間,目標是增加於香 港之市場份額。

中國鐘錶及眼鏡業務於本期間之收益較上年 同期有所減少。本集團於本期間持續關閉表 現不佳之鐘錶零售店。本集團經營之鐘錶零 售店數目由二零一八年十二月三十一日之11 間減少至二零一九年十二月三十一日之5間。 另一方面,我們於深圳及北京以自家商號「寰 宇茂昌」經營2間(二零一八年:無)眼鏡零售 店,以開展中國眼鏡業務。

該業務分部於本期間之分部虧損約為6.9百 萬港元,較上年同期約3.4百萬港元增加約 102.9%。分部虧損增加乃主要由於(i)自二零 一九年六月起香港之大型示威活動及社會不 穩導致香港零售業顯著轉差;及(ii)持續之中 美貿易戰於本期間拖慢中國經濟以及香港及 中國之消費市場增長。

Trade, wholesale and retail of optical, watches products (Continued)

Apart from the HK Optical Business, the Group also owned a 34.5% (2018: 28%) equity interest of Hong Kong Optical Company Limited ("HK Optical") which is principally engaged in trading, wholesaling and retailing of optical products and owns the trade name of "茂昌眼鏡 Hong Kong Optical" in Hong Kong. According to the unaudited management account of HK Optical for the six months ended 31st December 2019, the unaudited revenue of HK Optical during the Period was approximately HK\$14.0 million, representing a decrease of approximately 50.2% as compared to approximately HK\$28.1 million in the same period last year. HK Optical recorded an unaudited loss of approximately HK\$2.4 million for the Period (2018: profit of approximately HK\$2.1 million).

The Optical and Watch Business of the Group will be taking over a time of unprecedented challenges in coming year. The watches and optical consumer market of Hong Kong and China will be continued negatively affected by the on-going Sino-US trade and the continued social unrest in Hong Kong as well as the fast wide spreading new coronavirus in Hong Kong and the PRC in the first half of 2020. Therefore, the downside trend of the Group's Optical and Watch Business will continue and deteriorate in the first half of 2020. In the long term, we are still optimistic about our optical and watch business in Hong Kong and the PRC amidst the continuously growth of China' economy and the development of the Greater Bay Area, including the Express Railway Link and the Hong Kong-Zhuhai-Macau Bridge as well as the supportive policies of the Central Government, which will benefit the China and Hong Kong retail industry in the long run.

管理層討論與分析(續)

眼鏡、鐘錶產品貿易、批發及 零售(續)

除香港眼鏡業務外,本集團亦擁有香港茂昌 眼鏡有限公司(「茂昌眼鏡」)34.5%(二零一八 年:28%)之股本權益,其主要從事眼鏡產品 貿易、批發及零售以及擁有「茂昌眼鏡Hong Kong Optical」於香港之商號。根據茂昌眼鏡 截至二零一九年十二月三十一日止六個月之 未經審核管理賬目,茂昌眼鏡於本期間之未 經審核收益約為14.0百萬港元,較上年同期約 28.1百萬港元減少約50.2%。茂昌眼鏡於本期 間錄得未經審核虧損約2.4百萬港元(二零一八 年:溢利約2.1百萬港元)。

本集團之眼鏡及鐘錶業務來年將迎來史無前 例之挑戰。香港及中國之鐘錶及眼鏡消費市 場將持續受以下各項之負面影響:持續之中 美貿易戰、香港社會持續動盪,加上二零二 零年上半年於香港及中國快速廣泛擴散之新 型冠狀病毒。因此,本集團之眼鏡及鐘錶業 務之下行趨勢將於二零二零年上半年持續及 惡化。長遠而言,隨着中國經濟持續增長及 大灣區發展,我們依然對香港及中國之眼鏡 及鐘錶業務保持樂觀,這些發展包括高速鐵 路及港珠澳大橋以至中央政府之支持政策, 長遠將有利中港零售業。

Securities investments

Below is the list of the material trading securities held by the Group as at 31st December 2019:

管理層討論與分析(續)

所持之重大交易性證券列表:

以下為本集團於二零一九年十二月三十一日

證券投資

Name of investee company	Notes	Place of incorporation	Number of shares held by the Group	Percentage to total issued share capital of the investee company as at 31st December 2019 (Note 1) 佔被投資公司	Fair value as at 31st December 2019	Percentage to the Group's total assets as at 31st December 2019	Percentage to the Group's net assets as at 31st December 2019	Percentage to the Group's total trading securities as at 31st December 2019	Unrealised gain/(loss) on change in fair value for the Period	Dividend income for the Period from such investment
				於二零一九年				佔本集團
				十二月三十一日		佔本集團	佔本集團	於二零一九年
				已發行股本	於二零一九年	於二零一九年	於二零一九年	十二月三十一日	本期間公平值	本期間
			本集團所持	總數之百分比	十二月三十一日之	十二月三十一日	十二月三十一日	交易證券	變動之未變現	自該投資之
被投資公司名稱	附註	註冊成立地點	股份數目	(附註1)	公平值	總資產之百分比	淨資產之百分比	總額之百分比	收益╱(虧損)	股息收入
				(approximately	(approximately	(approximately	(approximately	(approximately	(approximately	(approximately
				%)	HK\$'000)	%)	%)	%)	HK\$'000)	HK\$'000)
				(概約%)	(概約千港元)	(概約%)	(概約%)	(概約%)	(概約千港元)	(概約千港元)
First Credit Finance Group Limited	2	Bermuda	150,000,000	4.1	6,900	0.9	1.6	79.4	–	–
第一信用金融集團 有限公司		百慕達

Notes:

• 1. The percentage is calculated with reference to the then latest monthly return as at 31st December 2019 of the investee company publicly available on the website of the Stock Exchange (where applicable).
• 1. First Credit Finance Group Limited ("First Credit") and its subsidiaries are principally engaged in money lending business and securities trading business. The shares of First Credit (stock code: 8215) are listed on GEM. As disclosed in the latest annual report of First Credit, the revenue of the First Credit was approximately HK\$92.8 million for the year ended 31st December 2018 (2017: approximately HK\$116.2 million), representing a decrease of approximately 20.2% compared to the same period in last year. First Credit recorded a profit for the year of approximately HK\$25.9 million for the year ended 31st December 2018 (2017: approximately HK\$52.9 million), representing a decrease of approximately 51.0% compared to the same period in last year.

附註:

• 1. 該百分比乃參考聯交所網站上公開可查被投 資公司於二零一九年十二月三十一日的當時 最新月報表(如適用)計算。
• 1. 第一信用金融集團有限公司(「第一信用」)及 其附屬公司主要從事放債業務及證券交易業 務。第一信用股份(股份代號:8215)於GEM 上市。誠如第一信用的最新年報所披露, 第一信用於截至二零一八年十二月三十一日 止年度錄得收入約92.8百萬港元(二零一七 年:約116.2百萬港元),較上年同期減少約 20.2%。第一信用於截至二零一八年十二月 三十一日止年度錄得溢利約25.9百萬港元(二 零一七年:約52.9百萬港元),較上年同期減 少約51.0%。

Securities investments (Continued)

Notes: (Continued)

2. (Continued)

In connection with the re-focusing of the Group's business operations as announced on 25th May 2016, the Company decided to change the purpose of holding First Credit from short-term trading to long term investments. For the purpose of complying with the applicable accounting standards, the securities investments of First Credit were included in trading securities as current assets in the consolidated balance sheet for the accounting purpose despite the purpose of holding is a longterm investment.

On 24th November 2017, First Credit announced that the Securities and Futures Commission of Hong Kong ("SFC") had exercised its powers under Section 8(1) of the Securities and Futures (Stock Market Listing) Rules (Chapter 571V of the Laws of Hong Kong) to direct the Stock Exchange to suspend all dealings in the shares of First Credit with effect from 9:00 a.m. on 24th November 2017. Based on the best estimate of the Directors, the fair value of the shares of First Credit was approximately HK\$0.046 per share (As at 30th June 2019: approximately HK\$0.046 per share) as at 31st December 2019.

As disclosed in the latest quarter report of First Credit for the nine-month period ended 30th September 2019. First Credit recorded a loss attributable to owners of the First Credit of approximately HK\$49.90 million when compared to a profit attributable to owners of the First Credit of approximately HK\$23.17 million for the nine months ended 30th September 2018. The turnaround from profit to loss was mainly attributable to the significant increase in impairment loss on loans receivable for the review period. First Credit is proactively exploring further potential investment opportunities, including but not limited to investments in bonds, debt instruments, listed equity securities or project-based investments, subject to the prevailing market condition and taking into account the interest of the First Credit and its shareholders as a whole. Looking forward, with the ultimate aim to maximise value for shareholders and enhance its position in the competitive industry, First Credit will continue to strive for maintaining revenue growth and credit quality on the basis of its experience in money lending business. Meanwhile, First Credit will closely monitor its capital base from time to time to ensure sufficient funding is maintained through various means for capturing and supporting different potential opportunities.

管理層討論與分析(續)

證券投資(續)

附註:(續)

1. (續)

為按二零一六年五月二十五日所公佈重新集 中發展本集團的業務營運,本公司決定將持 有第一信用之目的由短期買賣變更為長期投 資。為符合適用會計準則,儘管持有目的為 長期投資,但就會計處理而言第一信用之證 券投資乃於綜合資產負債表內作為流動資產 計入交易證券。

於二零一七年十一月二十四日,第一信用宣 佈,香港證券及期貨事務監察委員會(「證監 會」)已根據香港法例第571V章證券及期貨(證 券市場上市)規則第8(1)條行使其權力,指令 聯交所自二零一七年十一月二十四日上午九 時正起暫停第一信用股份之所有買賣。根據 董事之最佳估算,第一信用股份於二零一九 年十二月三十一日之公平值約為每股0.046 港元(於二零一九年六月三十日:約為每股 0.046港元)。

誠如第一信用截至二零一九年九月三十日止 九個月期間之最新季度報告所披露,第一信 用錄得第一信用擁有人應佔虧損約49.90百萬 港元,相比之下,截至二零一八年九月三十 日止九個月則錄得第一信用擁有人應佔溢利 約23.17百萬港元。轉盈為虧乃主要由於回顧 期間應收貸款減值虧損大幅增加所致。第一 信用正積極探索更多潛在投資機遇,包括但 不限於投資債券、債務工具、上市股本證券 或以項目為基礎之投資,視乎現行市況及考 慮到第一信用及其股東之整體利益。展望將 來,為追求股東價值最大化及提升在競爭激 烈行業之地位,第一信用將憑藉對放債業務 擁有經驗之基礎上,繼續致力維持收益增長 及信貸質素。與此同時,第一信用將不時緊 密監察其資本基礎,通過各種方式確保維持 充裕資金以獲取及支持不同潛在機遇。

Securities investments (Continued)

The overall segment loss of the securities investment segment was approximately HK\$78,000 (2018: approximately HK\$1.3 million) during the Period.

The decrease in overall segment loss is mainly due to the scale down of the investment activities of the Group amid the uncertainty market circumstance during the Period.

Other financial assets

Below is the list of the material other financial assets at fair value held by the Group as at 31st December 2019:

管理層討論與分析(續)

證券投資(續)

於本期間證券投資分部之整體分部虧損約為 78,000港元(二零一八年:約1.3百萬港元)。

整體分部虧損減少主要是由於本集團之投資 業務於本期間市場環境不明朗下縮減規模。

其他金融資產

以下為本集團於二零一九年十二月三十一日 所持按公平值入賬之重大其他金融資產列 表:

Name of investee company	Notes	Place of incorporation	Number of shares held by the Group	Percentage of total issued share capital of the investee company as at 31st December 2019 佔被投資公司 於二零一九年	Fair value as at 31st December 2019	Percentage to the Group's total assets as at 31st December 2019 佔本集團於	Percentage to the Group's net assets as at 31st December 2019 佔本集團於	Percentage to the Group's total other financial assets as at 31st December 2019 佔本集團於 二零一九年	Change in fair value for the Period	Return of invested capital	Dividend income for the Period
被投資公司名稱	附註	註冊成立地點	本集團 所持股份數目	十二月三十一日 已發行股本 總數之百分比 (approximately %) (概約%)	於二零一九年 十二月三十一日 之公平值 (approximately HK\$'000) (概約千港元)	二零一九年 十二月三十一日 總資產之百分比 (approximately %) (概約%)	二零一九年 十二月三十一日 淨資產之百分比 (approximately %) (概約%)	十二月三十一日 其他金融資產 總額之百分比 (approximately %) (概約%)	本期間 公平值變動 (approximately HK\$'000) (概約千港元)	已投資 資本回報 (approximately HK\$'000)	本期間 股息收入 (approximately HK\$'000) (概約千港元) (概約千港元)
Cassia Investment Limited Partnership II	1	Cayman Islands 開曼群島	N/A 不適用	N/A 不適用	8,353.2	1.1	2.0	61.8	2,600.7	1,446.2	–
Promising Social Media Private Equity Fund	2	Cayman Islands 開曼群島	1,982.215	21.08	317.0	less than 0.1 少於0.1	0.1	2.3	–	–	–
Derivative financial instruments 㠘生金融工具	2	N/A 不適用	N/A 不適用	N/A 不適用	4,846.0	0.6	1.1	35.9	2,788.0	–	–
					13,516.2	1.8	3.2	100.0	5,388.7	1,446.2	–

Other financial assets (Continued)

Notes:

• 1. Cassia Investment Limited Partnership II ("Cassia II") is an exempted limited partnership established in accordance with the Exempted Limited Partnership Law of Cayman Islands offering limited partnership interests for the purpose of obtaining capital appreciation through making private equity investments mainly in the consumer sector across Greater China and South East Asia, as well as in non-Asian enterprises that have a strong exposure to Asian consumers market. Cassia II intends to target companies that it believes will benefit from the growing disposable income of the Asian middle class and can capture the behavioural consumer trends that follow such growing household wealth and structured equity transactions primarily in Greater China, Thailand, Indonesia, Vietnam and the Philippines. Up to 31st December 2019, the Group has subscribed for the limited partnership interest of Cassia II of approximately US\$7.9 million (approximately HK\$61.2 million) (2018: same).
• 1. Promising Social Media Private Equity Fund (the "PSM Fund") is a close-ended investment fund incorporated in the Cayman Islands on 5th February 2014 under the laws of the Cayman Islands as an exempted company with limited liability. The PSM Fund is not a regulated mutual fund for the purposes of the Mutual Funds Law (Revised) of the Cayman Islands. The principal investment objective of the PSM Fund is to maximize capital growth through investing businesses which are engaged in or derive a significant proportion of their income from the field of social media. The PSM Fund commenced operation on 29th April 2015. Weluck Development Limited ("Weluck"), a wholly owned subsidiary of the Company first invested in the PSM Fund in April 2015 and subscribed a total of 1,982.215 class A shares of the PSM Fund (the "PSM Shares") with a total investment cost of approximately HK\$19.5 million. The manager of the Fund (the "Fund Manager") had been delegated authority to manage the Fund.

Since the subscription of the PSM Shares by Weluck, the fair value of the PSM Fund significantly decreased because of the under performance of the PSM Fund. As informed by the Fund Manager in December 2018, in view of the real litigation risks and regulatory risks surrounding the Fund Manager's holding company and the fact that the underlying investment was loss making, the Fund Manager decided to divest the underlying investment held by the PSM Fund at a price significantly below the its investment cost. In addition, a fellow subsidiary of the Fund Manager (the "Purchaser" and is an independent third party of the Group) agreed to provide conditional offer ("Offer") to buy-back the PSM Shares held by Weluck at a consideration of approximately HK\$17.8 million by reference to Weluck's sharing of latest available audited net asset of the PSM Fund as at 31st December 2017.

管理層討論與分析(續)

其他金融資產(續)

附註:

• 1. Cassia Investment Limited Partnership II (「Cassia II」)為根據開曼群島豁免有限責任 合夥事業法成立之獲豁免有限合夥事業,有 關的有限合夥權益主要透過對在大中華及東 南亞地區消費行業以及於亞洲消費市場擁有 大量業務的非亞洲地區企業進行私募股本投 資以獲得資本增值。Cassia II擬投資於其認 為將從亞洲中產階層可支配收入日益增長中 受益及可把握隨著上述家庭財富增長所帶來 的消費趨勢之公司,以及主要位於大中華、 泰國、印尼、越南及菲律賓的結構性股權交 易。截至二零一九年十二月三十一日,本集 團已認購Cassia II之有限合夥權益約7.9百萬 美元(約61.2百萬港元)(二零一八年:相同)。
• 1. Promising Social Media Private Equity Fund (「PSM基金」)是於二零一四年二月五日根據 開曼群島法律在開曼群島註冊成立的封閉式 投資基金(作為獲豁免有限公司)。就開曼群 島共同基金法(修訂本)而言,PSM基金並非 受規管的共同基金。PSM基金的主要投資目 標是透過投資從事社交媒體領域或大部分收 入來自社交媒體領域的業務使資本增長最大 化。PSM基金於二零一五年四月二十九日開 始營運。永能發展有限公司(「永能」,本公司 全資附屬公司)於二零一五年四月首次投資於 PSM基金及認購PSM基金共1,982.215股A類 股(「PSM股份」),投資總成本約為19.5百萬 港元。該基金之經理(「基金經理」)已獲授權 管理該基金。

自永能認購PSM股份以來,PSM基金之公平 值顯著下降,原因是PSM基金表現欠佳。誠 如基金經理於二零一八年十二月所知會,鑒 於圍繞基金經理控股公司之真實訴訟風險及 監管風險以及事實上相關投資正錄得虧損, 基金經理決定按大幅低於投資成本價格出售 PSM基金持有之相關投資。此外,基金經理 之同系附屬公司(「買方」,本集團之獨立第三 方)同意提出有條件要約(「要約」)以回購永能 持有之PSM股份,代價約為17.8百萬港元, 乃參考永能分佔於二零一七年十二月三十一 日最近可得之PSM基金經審核資產淨值。

Other financial assets (Continued)

Notes: (Continued)

2. (Continued)

On 1st March 2019, Weluck accepted the Offer to dispose the PSM Shares at a consideration of approximately HK\$17.8 million (the "Disposal"). The Purchaser shall settle the consideration of the Disposal to Weluck in cash by 34 monthly instalments, whereby (i) approximately HK\$1,483,000 shall be paid on or before 29th March 2019 and (ii) approximately HK\$494,000 on or before the last business day of each consecutive month from April 2019 to December 2021. Completion of the Disposal is conditional upon the Purchaser having paid the consideration of the Disposal to Weluck in full in accordance with the schedule described above. The PSM Shares will be transferred to the Purchaser on receipt of the consideration of the Disposal in full by Weluck. In the opinion of the Directors, the arrangement constitute a derivatives contract to dispose the PSM Shares at a fixed consideration in the future and should be recognized as a derivative financial instrument ("DFI"). Based on the business valuation report issued by an independent professional valuer which was not connected with the Group, the fair value of the DFI was approximately HK\$15.5 million in March 2019. The fair value of the DFI would be recognised as a gain in the consolidated statement of comprehensive income of the Group and recognized as the other financial assets on the consolidated balance sheet of the Group over the time proportionally from March 2019 to December 2021.

Taking into account (i) the fair value of the DFI of approximately HK\$15.5 million would be recognised as a gain of the Group over the time proportionally from March 2019 to December 2021; (ii) the unsatisfactory performance of the investment of the PSM Fund; and (iii) the constant cash inflow that will be brought by the Disposal, the Directors consider it is appropriate and in the interests of the Company and its shareholders as a whole to accept the Offer made by the Purchaser to effect the Disposal.

Given the unclear economic prospect and the outbreak of the new coronavirus in Hong Kong and PRC, the Group will take a cautious and prudent approach in making new investment in coming year.

管理層討論與分析(續)

其他金融資產(續)

附註:(續)

1. (續)

於二零一九年三月一日,永能接受要約,以 代價約17.8百萬港元出售PSM股份(「出售事 項」)。買方須分期按34個月以現金支付出售 事項之代價予永能,其中(i)約1,483,000港元 須於二零一九年三月二十九日或之前支付及 (ii)約494,000港元須由二零一九年四月至二 零二一年十二月於各月之最後營業日或之前 支付。於買方根據上述時間表悉數支付出售 事項之代價予永能後,出售事項才告完成。 PSM股份將於永能悉數收到出售事項之代價 後轉讓予買方。董事認為,有關安排構成一 份衍生合約,以於日後按固定代價出售PSM 股份,故應確認為衍生金融工具(「衍生金融 工具」)。根據與本集團概無關連的獨立專業 估值師發表的業務估值報告,衍生金融工具 於二零一九年三月的公平值約為15.5百萬港 元。衍生金融工具的公平值將於二零一九年 三月至二零二一年十二月按時間比例於本集 團綜合全面收益表中確認為收益及於本集團 綜合資產負債表中確認為其他金融資產。

經考慮(i)該衍生金融工具之公平值約15.5百 萬港元將由二零一九年三月至二零二一年十 二月隨時間按比例悉數獲確認為本集團之收 益;(ii)PSM基金之投資表現欠佳;及(iii)出售 事項將帶來之持續現金流入,董事認為接納 買方所作之要約以落實出售事項乃適當且符 合本公司及其股東之整體利益。

鑒於經濟前景不明朗以及香港及中國爆發新 型冠狀病毒,本集團於未來一年作出新投資 時將採取審慎及謹慎態度。

Leasing of investment properties

The rental income from leasing of investment properties remained stable during the Period. The Group recorded rental income of approximately HK\$0.6 million (2018: approximately HK\$0.5 million) during the Period.

The segment profit of this business segment was approximately HK\$447,000 (2018: approximately HK\$413,000) during the Period.

Money lending business

As at 31st December 2019, the Group had loans receivable of approximately HK\$42.8 million arising from money lending business, (as at 30th June 2019: approximately HK\$65.0 million) and recognised interest income of approximately HK\$4.1 million (2018: approximately HK\$4.7 million). It accounted for approximately 1.8% (2018: approximately 16.6%) of the Group's revenue during the Period.

The segment loss of this business segment was approximately HK\$8.6 million during the Period while the Group recorded a segment profit of approximately HK\$1.8 million for the same period last year. The increase in segmental loss was mainly attributable to an increase in expected credit loss allowance for loans receivable of approximately HK\$12.5 million for the Period. The significantly increase in expected credit loss allowance for loans receivable is principally due to an increase in loans receivable which have past due during the Period.

Due to the unfavourable economic situation and the highly competitive business environment in Hong Kong, the Group will take a cautions approach to grant new loans in the coming year.

管理層討論與分析(續)

出租投資物業

於本期間內,出租投資物業之租金收入保持 穩定。本集團於本期間內錄得租金收入約0.6 百萬港元(二零一八年:約0.5百萬港元)。

於本期間內,該業務分部之分部溢利約為 447,000港元(二零一八年:約413,000港元)。

放貸業務

於二零一九年十二月三十一日,本集團放貸 業務之應收貸款約為42.8百萬港元(於二零一 九年六月三十日:約65.0百萬港元)及確認利 息收入約4.1百萬港元(二零一八年:約4.7百 萬港元)。其佔本集團於本期間內收益之約 1.8%(二零一八年:約16.6%)。

於本期間內,該業務分部之分部虧損約為8.6 百萬港元,而本集團於去年同期則錄得分部 溢利約1.8百萬港元。分部虧損增加乃主要由 於本期間內就應收貸款所作之預期信貸虧損 撥備增加約12.5百萬港元所致。就應收貸款所 作之預期信貸虧損撥備大幅增加乃主要由於 逾期應收貸款於本期間內有所增加。

鑒於香港經濟狀況不佳及業務環境競爭激 烈,本集團將於未來一年在授出新貸款方面 採取審慎態度。

Entertainment business

This segment primarily relates to the artiste and model management and organisation of concerts. Revenue from this business segment during the Period was approximately HK\$95,000, representing a decrease of approximately 94.4% as compared to approximately HK\$1.7 million in the same period last year. Due to the mass protests and social unrest in Hong Kong during the Period, the Group did not invest in any concerts held during the Period and therefore the turnover decreased significantly during the Period as compared to the same period last year. Segmental loss of approximately of HK\$618,000 was recorded during the Period (2018: segmental profit of approximately HK\$25,000). The increase in segmental loss from this segment was due to the decrease in turnover during the Period.

Financial Printing

The Group commenced the business of financial printing services ("Financial Printing Business") to provide the services of type-setting, translation, printing, design, distribution of financial print products and other related services to the financial sectors in Hong Kong through Formex Financial Press Limited, a wholly-owned subsidiary of the Company during the year ended 30th June 2019.

During the Period, the Group recorded turnover and segmental loss of approximately HK\$2.7 million (2018: approximately HK\$272,000) and approximately HK\$3.4 million (2018: approximately HK\$3.6 million) respectively in this segment. It accounts for approximately 1.2% (2018: approximately 1.0%) of the Group's revenue during the Period.

Taking into account the increase in number for the listed companies, the increase in demand of financial printing services in Hong Kong, and the rapid growth in revenue of the Financial Printing Business during the Period, we are of the view that the future prospect of Financial Printing Business is positive despite the Group recorded a segmental loss in Financial Printing Business during the Period.

管理層討論與分析(續)

娛樂業務

該分部主要與藝人及模特兒管理以及組織音 樂會有關。於本期間,該業務分部產生之收 益為約95,000港元,較去年同期約1.7百萬港 元減少約94.4%。由於本期間內香港發生大 型示威活動及社會不穩,本集團並無投資於 本期間內舉行之任何演唱會及因此與去年同 期比較營業額於本期間內大幅減少。於本期 間,錄得分部虧損約618,000港元(二零一八 年:分部溢利約25,000港元)。該分部虧損增 加乃由於本期間內營業額減少。

財經印刷

截至二零一九年六月三十日止年度,本集團 開展財經印刷服務業務(「財經印刷業務」),透 過本公司之全資附屬公司方訊財經印刷有限 公司,提供財經印刷產品之排版、翻譯、印 刷、設計、分派服務及其他相關服務予香港 財經界。

於本期間,本集團於此分部錄得營業額及分 部虧損分別約2.7百萬港元(二零一八年:約 272,000港元)及約3.4百萬港元(二零一八年: 約3.6百萬港元)。其於本期間佔本集團收益約 1.2%(二零一八年:約1.0%)。

考慮到上市公司數目增加、香港對財經印刷 服務需求上升,以及本期間財經印刷業務之 收益迅速增長,我們認為財經印刷服務之未 來前景正面,儘管本集團之財經印刷服務於 本期間錄得分部虧損。

管理層討論與分析(續)

Discontinued operation – Securities brokerage and margin financing

The Company engaged in securities brokerage and margin financing business through its wholly owned subsidiary China Jianxin Financial Services Limited ("China Jianxin"). China Jianxin is a company licensed under the SFO to carry out Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities, the principal activities of which are provision of brokerage services and securities margin financing to clients (the "Securities Brokerage Business") during the year ended 30th June 2018. The Group ceased the Securities Brokerage Business on 30th June 2018 and the details of the cessation are set out in the Company's announcement dated 17th May 2018.

The Group recorded the profit before tax from the discontinued Securities and Brokerage Business of approximately HK\$935,000 (2018: loss before tax of approximately HK\$3.4 million) during the Period which is mainly attributable to the recovery of certain bad and doubtful debt during the Period.

Geographical contribution

In terms of geographical contribution, overseas markets accounted for approximately 86% (2018: approximately 51%) of the Group's revenue during the Period.

Selling expenses

Selling expenses for the Period increased by approximately 13.0% to approximately HK\$6.1 million as compared to approximately HK\$5.4 million in the same period last year. The increase in selling expenses was mainly due to the increase in turnover of the Group during the Period.

Administrative expenses

Administrative expenses for the Period increased by approximately 24.3% to approximately HK\$43.5 million as compared to approximately HK\$35.0 million in the same period last year. The increase in administrative expenses was mainly due to the grant of staff bonus of HK\$10 million to the management of the films distribution and exhibition for the satisfactory performance of the new blockbuster film called "White Storm 2 – Drug Lords" ("掃毒2天地對決") released by the Group during the Period.

已終止經營業務 – 證券經紀及 孖展融資

本公司透過全資附屬公司中國建信金融服務 有限公司(「中國建信」)從事證券經紀及孖展融 資業務。中國建信為一間根據證券及期貨條 例從事第1類(證券交易)及第4類(就證券提供 意見)受規管活動的持牌公司,其截至二零一 八年六月三十日止年度的主要業務為向客戶 提供經紀服務及證券孖展融資(「證券經紀業 務」)。本集團於二零一八年六月三十日終止證 券經紀業務,有關詳情載於本公司日期為二 零一八年五月十七日之公佈。

本集團之已終止證券及經紀業務於本期間錄 得除稅前溢利約935,000港元(二零一八年:除 稅前虧損約3.4百萬港元),乃主要由於本期間 收回若干呆壞賬所致。

地區貢獻

就地區貢獻而言,海外市場佔本集團於本期 間之收益約86%(二零一八年:約51%)。

銷售費用

本期間銷售費用較上年同期之約5.4百萬港元 增加約13.0%至約6.1百萬港元。銷售費用增 加主要是由於本集團於本期間之營業額增加 所致。

行政費用

本期間內之行政費用由上年同期的約35.0百萬 港元增加約24.3%至約43.5百萬港元。行政費 用增加主要是由於就本集團於本期間發行之 新賣座鉅片「掃毒2天地對決」錄得理想票房向 負責電影發行及放映之管理層授出員工花紅1 千萬港元所致。

Update on the adjustment to the consideration of AP Group Investment Holdings Limited

On 12th October 2015, Fragrant River Entertainment Culture (Holdings) Limited ("Fragrant River"), a wholly owned subsidiary of the Company entered into a sale and purchase agreement ("AP Acquisition Agreement") with two independent third party vendors, namely Very Easy Limited ("Very Easy") and City Link Consultancy Limited ("City Link"), and their respective ultimate beneficial owners, namely Chan Sze Long ("Chan") and Lim Wah Elsa ("Lim"), as guarantors to acquire 51% equity interest of AP Group Investment Holdings Limited ("AP Group") at a consideration of HK\$20,400,000 (subject to downward adjustment in respect of the guaranteed profit as described in the AP Acquisition Agreement) (the "AP Acquisition"). AP Group and its subsidiaries were principally engaged in the provision of education and training programs in relation to self-improvement and self-enhancement in Hong Kong and the PRC. The AP Acquisition was completed on 14th December 2015.

On 13th June 2016, (i) Fragrant River as the vendor and the Company as the guarantor of Fragrant River; and (ii) Lucky Famous, an independent third party entered into a disposal agreement (the "AP Disposal Agreement") pursuant to which Fragrant River sold to Lucky Famous the 51% of the equity interest of AP Group at the consideration of HK\$20,400,000 (the "Consideration") subject to downward adjustments as described below (the "AP Disposal"). The amount of the Consideration was the same as the consideration for the AP Acquisition. Completion of the AP Disposal took place on 1st July 2016.

Under the AP Disposal Agreement, in the event that the audited consolidated profit after tax of the AP Group attributable to owners of the AP Group for the period from 1st January 2016 to 31st December 2017 ("FY 2016 & 2017") (which would only include income or gain generated by activities in the ordinary and usual course of business of AP Group and its subsidiaries) (the "FY 2016 & 2017 Net Profit") is less than HK\$16,000,000, the Group should pay to Lucky Famous (or to its order) the Adjustment Amount (as defined below) in cash within fourteen (14) days after the audited consolidated financial statements of AP Group for the period of FY 2016 & 2017 ("FY 2016 & 2017 Audited Accounts") are available.

管理層討論與分析(續)

調整愛拼集團控股有限公司代價 的最新消息

於二零一五年十月十二日,香江娛樂文化 (控股)有限公司(「香江」,本公司全資附屬公 司)與兩名獨立第三方賣方Very Easy Limited (「Very Easy」)及City Link Consultancy Limited (「City Link」)及彼等各自的最終實益擁有人 陳思朗(「陳先生」)及林樺(「林女士」)(作為擔 保人)訂立買賣協議(「愛拼收購協議」),以收 購愛拼集團控股有限公司(「愛拼集團」)51% 股權,代價為20,400,000港元(可就愛拼收購 協議所述之保證溢利向下調整)(「愛拼收購事 項」)。愛拼集團及其附屬公司主要於香港及中 國從事提供有關自我完善及自我提升的教育 及培訓項目。愛拼收購事項已於二零一五年 十二月十四日完成。

於二零一六年六月十三日,(i)香江(作為賣 方)及本公司(作為香江擔保人);及(ii)獨立第 三方Lucky Famous訂立出售協議(「愛拼出售 協議」),據此,香江向Lucky Famous出售愛 拼集團51%之股權,代價為20,400,000港元 (「代價」)(可按下文所述向下調整)(「愛拼出售 事項」)。代價金額與愛拼收購事項之代價相 同。愛拼出售事項已於二零一六年七月一日 完成。

根據愛拼出售協議,倘自二零一六年一月一 日起至二零一七年十二月三十一日止期間(「二 零一六及二零一七財年」),愛拼集團擁有人應 佔愛拼集團經審核綜合除稅後溢利(該溢利將 僅包括愛拼集團及其附屬公司於一般及日常 業務過程中之活動產生的收入或收益)(「二零 一六及二零一七財年淨溢利」)少於16,000,000 港元,本集團應在愛拼集團刊發二零一六及 二零一七財年期間的經審核綜合財務報表(「二 零一六及二零一七財年經審核賬目」)後十四 (14)日內向Lucky Famous(或根據其指令)以現 金方式支付調整金額(定義見下文)。

Update on the adjustment to the consideration of AP Group Investment Holdings Limited (Continued)

The adjustment amount under the AP Disposal Agreement (the "Adjustment Amount") will be determined in accordance with the formula set out below:

$$
A = HK$20,400,000.00 - (NP/2) \times 5 \times 51\%
$$

Where:

"A" means the amount of Adjustment Amount in HK\$; and "NP" means the FY 2016 & 2017 Net Profit. Where the FY 2016 & 2017 Net Profit is a negative figure, "NP" shall be deemed to be zero.

The FY 2016 & 2017 Audited Accounts will be prepared in accordance with the Hong Kong Financial Reporting Standards and audited, at the cost of AP Group, by an accounting firm as approved by Lucky Famous, adjusted for any non-recurring items.

Such downward adjustment mechanism for the Consideration under the AP Disposal Agreement depending on the actual performance of the AP Group for the FY 2016 & 2017 is virtually in the same terms as the downward adjustment mechanism of the consideration in respect of the AP Acquisition from Very Easy and City Link under the AP Acquisition Agreement. Details of such acquisition are set out in the Company's announcement dated 12th October 2015.

In the event there is a shortfall between the FY 2016 & 2017 Net Profit and the target profit of the AP Group for FY 2016 & 2017 of HK\$16,000,000 under the AP Acquisition Agreement, an adjustment amount under such agreement (the "Contingent Consideration Receivable") is payable by Very Easy and City Link, being the vendors under the AP Acquisition, to the Group within 7 days after the FY 2016 & 2017 Audited Accounts for the purpose of the AP Acquisition Agreement are available. The obligations of Very Easy and City Link to pay such adjustment amount to the Group are guaranteed by their respective beneficial owners.

管理層討論與分析(續)

調整愛拼集團控股有限公司代價 的最新消息(續)

愛拼出售協議的調整金額(「調整金額」)將根據 以下公式釐定:

A = 20,400,000.00港元 – (NP/2) x 5 x 51%

其中:

「A」指調整金額(港元);及「NP」指二零一六及 二零一七財年淨溢利。倘二零一六及二零一 七財年淨溢利為負數,則「NP」將視作為零。

二零一六及二零一七財年經審核賬目將根據 香港財務報告準則編製,並由Lucky Famous 認可的會計師事務所審核(費用由愛拼集團承 擔),並就任何非經常項目作出調整。

愛拼出售協議項下代價之有關下調機制(取決 於愛拼集團於二零一六及二零一七財年的實 際表現)的條款與Very Easy及City Link根據愛 拼收購協議有關愛拼收購事項之代價下調機 制的條款相同。有關收購的詳情載於本公司 日期為二零一五年十月十二日之公佈。

倘二零一六及二零一七財年淨溢利較愛拼集 團根據愛拼收購協議二零一六及二零一七財 年的目標溢利(16,000,000港元)出現短缺額, 則愛拼收購事項項下之賣方Very Easy及City Link須根據該協議於就愛拼收購協議刊發二零 一六及二零一七財年經審核賬目後七日內向 本集團支付調整金額(「應收或然代價」)。Very Easy及City Link向本集團支付有關調整金額的 責任由其各自實益擁有人擔保。

Update on the adjustment to the consideration of AP Group Investment Holdings Limited (Continued)

As mentioned above, in the event there is a shortfall between the FY 2016 & 2017 Net Profit and the target profit of the AP Group for FY 2016 & 2017 of HK\$16,000,000 under the AP Disposal Agreement, an adjustment amount under such agreement (the "Contingent Consideration Payable") is payable by the Group to Lucky Famous within 14 days after the FY 2016 & 2017 Audited Accounts for the purpose of the AP Disposal Agreement are available.

On 12th June 2018, the Group received a demand letter (the "Demand Letter") from Lucky Famous whereby it was alleged that the AP Group recorded a net loss of HK\$189,799 based on the alleged FY2016 & FY2017 Audited Accounts dated 11th June 2018. As set out in the Demand Letter, Lucky Famous demanded Fragrant River or the Company to fully pay the amount of HK\$20,400,000 (the "Alleged Claim"), being the alleged Adjustment Amount pursuant to the terms and conditions of the AP Disposal Agreement, to Lucky Famous on or before 26th June 2018, and upon default, steps would be taken by Lucky Famous to enforce its rights under the AP Disposal Agreement without further notice.

In response to the Lucky Famous Demand Letter, Fragrant River and the Company have through the letter from their legal advisers dated 22nd June 2018 stated that they would defend the purported claim of Lucky Famous for the payment of the Adjustment Amount under the AP Disposal Agreement as alleged by it.

In light of the Lucky Famous Demand Letter and the alleged net loss of the AP Group for FY 2016 & 2017, and in order to protect the interest of the Group, but without admitting any liability to Lucky Famous under the AP Disposal Agreement, Fragrant River issued corresponding demand letters all dated 22nd June 2018 (collectively, the "Fragrant River Demand Letters") to Very Easy, City Link, Chan and Lim, respectively demanding the payment of an amount of HK\$20,400,000 (the "Fragrant River Claim") to Fragrant River within seven (7) days from the date of the Fragrant River Demand Letters pursuant to the terms and conditions of the AP Acquisition Agreement, and if default, Fragrant River would take further action to protect its interest without further notice.

管理層討論與分析(續)

調整愛拼集團控股有限公司代價 的最新消息(續)

按上文所述,倘二零一六及二零一七財年淨 溢利較愛拼集團根據愛拼出售協議二零一六 及二零一七財年的目標溢利(16,000,000港元) 出現短缺額,則本集團須根據該協議於就愛 拼出售協議刊發的二零一六及二零一七財年 經審核賬目後14日內向Lucky Famous支付調 整金額(「應付或然代價」)。

於二零一八年六月十二日,本集團接獲Lucky Famous催款函(「催款函」),據此聲稱根據日 期為二零一八年六月十一日的二零一六財年 及二零一七財年經審核賬目,愛拼集團錄得 虧損淨額189,799港元。誠如催款函所載, Lucky Famous要求香江或本公司於二零一八 年六月二十六日或之前向Lucky Famous悉 數支付20,400,000港元(「聲稱索償」)(即根據 愛拼出售協議之條款及條件所聲稱之調整金 額),如違約,Lucky Famous將不發出進一步 通知而採取措施執行其於愛拼出售協議項下 之權利。

於接獲Lucky Famous催款函後,香江及本公 司已透過其日期為二零一八年六月二十二日 的法律顧問函表示,彼等將就Lucky Famous 要求支付其所聲稱愛拼出售協議項下調整金 額的申索進行抗辯。

鑒於Lucky Famous催款函及聲稱二零一六 及二零一七財年愛拼集團錄得虧損淨額,以 及為保障本集團利益,但在沒有承認愛拼出 售協議下對Lucky Famous之任何責任的前 提下,香江已分別向Very Easy、City Link、 陳先生及林女士發出相應之催款函,全部日 期為二零一八年六月二十二日(統稱「香江催 款函」),要求根據愛拼收購協議之條款及條 件在香江催款函日期起七(7)日內向香江支付 20,400,000港元(「香江索償」),如違約,香江 將不發出進一步通知而採取進一步行動保障 其利益。

Update on the adjustment to the consideration of AP Group Investment Holdings Limited (Continued)

On 16th July 2018, Lucky Famous as the plaintiff commenced court action (HCA No. 1646 of 2018) at the Court of First Instance of the High Court of Hong Kong against Fragrant River as the 1st defendant and the Company as the 2nd defendant (the "Lucky Famous Action"). Lucky Famous claimed against Fragrant River and the Company for (a) the Adjustment Amount of HK\$20,400,000; (b) interests; (c) costs; and (d) further and/or other relief. Fragrant River and the Company filed the defence on 26th October 2018.

Notwithstanding the Fragrant River Demand Letters, no payment under the AP Acquisition Agreement is received from any of Very Easy, City Link, Chan or Lim up to the date of this report.

Lucky Famous applied to amend the writ and statement of claim to join Chan and Lim as defendants in the Lucky Famous Actions for certain claims against them. The Court allowed the application of Lucky Famous on 24th September 2019.

The Company is in the course of seeking legal advice in respect of the Lucky Famous Action and any possible action that may be taken against Very Easy, City Link, Chan and/or Lim in respect of the Fragrant River Claim. The Company will keep the shareholders and potential investors of the Company informed of any further significant developments as and when appropriate.

Without admitting any liability to Lucky Famous under the AP Disposal Agreement and also without prejudice to any right against Very Easy, City Link, Chan and/or Lim under the AP Acquisition Agreement, the Group has recorded the fair value of the Contingent Consideration Receivable and Contingent Consideration Payable, at approximately HK\$Nil (as at 30th June 2019: Nil) and approximately HK\$20.4 million (as at 30th June 2019: approximately HK\$20.4 million) respectively as at 31st December 2019 in accordance with the Hong Kong Financial Reporting Standards, which is based on the best estimation of the Directors taking into account the financial statements of AP Group in 2016 and 2017 and the discount rate factors in estimating the fair value.

管理層討論與分析(續)

調整愛拼集團控股有限公司代價 的最新消息(續)

於二零一八年七月十六日,Lucky Famous(作 為原告)於香港高等法院原訟法庭對香江(作為 第一被告)及本公司(作為第二被告)提起訴訟 (訴訟編號:二零一八年HCA 1646號)(「Lucky Famous訴訟」)。Lucky Famous就(a)調整金 額20,400,000港元;(b)相關利息;(c)相關費 用;及(d)進一步及╱或其他賠償向香江及 本公司提出索償。於二零一八年十月二十六 日,香江及本公司送交抗辯書。

儘管已發出香江催款函,截至本報告日期, 尚未收到Very Easy、City Link、陳先生或林 女士中任何一方就愛拼收購協議項下作出的 付款。

Lucky Famous已申請修改書面申索陳述書, 以在Lucky Famous訴訟加入陳先生及林女士 為Lucky Famous訴訟之被告,向彼等作出若 干索償。於二零一九年九月二十四日,法庭 批准Lucky Famous之申請。

本公司現正就Lucky Famous訴訟及可能就香 江索償向Very Easy、City Link、陳先生及╱ 或林女士採取的任何潛在法律行動尋求法律 意見。本公司將於適當時知會本公司股東及 有意投資者任何進一步重大進展。

在沒有承認愛拼出售協議下對Lucky Famous 之任何責任,亦在不影響Very Easy、City Link、陳先生及╱或林女士根據愛拼收購協議 的任何權利的前提下,本集團根據香港財務 報告準則於二零一九年十二月三十一日錄得 應收或然代價及應付或然代價公平值分別約 零港元(於二零一九年六月三十日:零港元)及 約20.4百萬港元(於二零一九年六月三十日: 約20.4百萬港元),此乃董事考慮愛拼集團 於二零一六年及二零一七年的財務報表及估 計公平值時的貼現率因素後的最佳估計所作 出。

OUTLOOK

The year-long US-China trade war and social unrest in Hong Kong continues to weaken the retail sector in Hong Kong and the PRC. In addition, the recent outbreak of the new coronavirus will further weaken the economies of Hong Kong and the PRC and disrupt the Group's business. The Group is cautious on the short-term outlook but is optimistic about the long-term sustainability of its business. The Group will respond to forthcoming market challenges with flexibility and will adjust its our plan and strategy from time to time to cope with the changes in the market environment.

FINANCIAL RESOURCES/LIQUIDITY

As at 31st December 2019, the Group had cash balances of approximately HK\$184.4 million (as at 30th June 2019: approximately HK\$178.2 million).

As at 31st December 2019, the Group had total assets of approximately HK\$750.1 million (as at 30th June 2019: approximately HK\$724.7 million).

The Group's gearing ratio as at 31st December 2019 was approximately 4.9% (as at 30th June 2019: approximately 0.002%), which was calculated on the basis of the Group's total debt (including borrowings, obligations under finance lease, lease liability and bank overdraft) divided by total equity of the Group.

The Group incurred financial cost of approximately HK\$273,000, which is attributable to the interest on lease liabilities during the Period (for the six months ended 31st December 2018: HK\$Nil).

In light of the fact that most of the Group's transactions are denominated in Hong Kong dollars, Renminbi and United States dollars, the Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to Renminbi. The Group will continue to take proactive measures and monitor its exposure to the movements of these currencies closely.

As at 31st December 2019, current ratio (defined as total current assets divided by total current liabilities) was approximately 1.19 (as at 30th June 2019: approximately 1.05).

展望

已為時一年的中美貿易戰以及香港社會動盪 繼續打擊香港及中國的零售業。此外,近期 爆發新型冠狀病毒將進一步削弱香港及中國 之經濟,並影響本集團之業務。本集團對短 期展望態度審慎,惟對其業務之長期可持續 性依然樂觀。本集團將靈活應對市場挑戰, 並不時調整其計劃及策略,以適應市場環境 變化。

財務資源╱流動資金

於二零一九年十二月三十一日,本集團之現 金結存為約184.4百萬港元(於二零一九年六月 三十日:約178.2百萬港元)。

於二零一九年十二月三十一日,本集團之資 產總值為約750.1百萬港元(於二零一九年六月 三十日:約724.7百萬港元)。

本集團於二零一九年十二月三十一日之資產 負債比率為約4.9%(於二零一九年六月三十 日:約0.002%),乃根據本集團之債務總額 (包括借貸、融資租賃承擔、租賃負債及銀行 透支)除以本集團之總權益計算。

本集團於本期間產生財務成本約273,000港 元,乃歸因租賃負債之利息(截至二零一八年 十二月三十一日止六個月:零港元)。

鑒於本集團大部分交易以港元、人民幣及美 元計值,本集團面臨各種貨幣兌換所產生的 外匯風險,主要是有關人民幣的風險。本集 團將繼續採取積極措施,並密切監控其面臨 的該等貨幣之變動所帶來的風險。

於二零一九年十二月三十一日,流動比率(定 義為總流動資產除以總流動負債)為約1.19(於 二零一九年六月三十日:約1.05)。

CAPITAL STRUCTURE

As at 31st December 2019, the Group had shareholders' capital of approximately HK\$9.1 million (as at 30th June 2019: approximately HK\$9.1 million). The shareholders' capital of the Company is constituted of 906,632,276 shares.

THE PLEDGE OF GROUP ASSETS

As at 31st December 2019, none of the Group's assets was pledged to secure any liabilities (As at 30th June 2019: None).

EMPLOYEES AND REMUNERATION POLICIES

As at 31st December 2019, the Group had 100 staff (as at 30th June 2019: 116). Remuneration is reviewed annually and certain staffs are entitled to commission. In addition to basic salaries, staff benefits include discretionary bonus, medical insurance scheme and mandatory provident fund.

資本結構

於二零一九年十二月三十一日,本集團之股 東資本為約9.1百萬港元(於二零一九年六月三 十日:約9.1百萬港元)。本公司之股東資本由 906,632,276股股份組成。

集團資產抵押

於二零一九年十二月三十一日,概無本集團 資產已作抵押作為任何負債之擔保(於二零一 九年六月三十日:無)。

僱員及薪酬政策

於二零一九年十二月三十一日,本集團擁有 100名(於二零一九年六月三十日:116名) 僱員。薪酬會每年檢討,若干僱員可享有佣 金。除基本薪金外,僱員福利亦包括酌情花 紅、醫療保險計劃及強制性公積金。

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES

As at 31st December 2019, the interests of each of the Directors and chief executives of the Company in the shares (within the meaning of the SFO) which were required to be (a) notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of SFO (including interest which any such Director was taken or deemed to have under such provisions of the SFO) or; (b) entered in the register required to be kept by the Company pursuant to Section 352 of Part XV of the SFO or; (c) notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules are as follows:

董事及主要行政人員於 股份、相關股份及債券之 權益

於二零一九年十二月三十一日,各董事及本 公司主要行政人員於股份(定義見證券及期貨 條例)中擁有(a)根據證券及期貨條例第XV部第 7及第8分部須知會本公司及聯交所之權益(包 括任何該等董事根據證券及期貨條例有關條 文被當作或視為擁有之權益)或;(b)須記錄於 本公司按證券及期貨條例第XV部第352條規定 須置存之登記冊內之權益或;(c)根據上市規 則附錄10所載之上市發行人董事進行證券交 易的標準守則(「標準守則」)須知會本公司及聯 交所之權益如下:

		Number
		of the Company's	Percentage of
Name	Nature of interest	shares held	shareholding
姓名	權益性質	所持本公司 股份數目	持股百分比
Mr. Lam Shiu Ming, Daneil 林小明先生	Beneficial owner 實益擁有人	200,860,000	22.16%
	Founder and the discretionary object of a discretionary trust (Note a) 全權信託之創辦人及全權 信託對象(附註a)	33,546,853	3.70%
	Interest of a controlled corporation (Note b) 受控制法團權益(附註b)	430,120,020	47.44%
		664,526,873	73.30%
Mr. Lam Kit Sun (Director) 林傑新先生(董事)	Beneficial owner 實益擁有人	5,920,000	0.65%

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES (Continued)

Notes:

• (a) The trustee of the discretionary trust is Central Core Resources Limited which owns the entire issued share capital of the Globalcrest Enterprises Limited (the "Globalcrest") which in turn was interested in 33,546,853 shares of the Company as at 31st December 2019. Mr. Lam Shiu Ming, Daneil is the discretionary object of the discretionary trust.
• (b) Pioneer Entertainment, a company incorporated in the British Virgin Islands with limited liability and is wholly-owned by Mr. Lam Shiu Ming, Daneil, was interested in 430,120,020 shares of the Company as at 31st December 2019.

All the interests in the shares and underlying shares of the Company were long positions.

Save as disclosed above, as at 31st December 2019, none of the Directors or chief executives of the Company had any interests or short positions in the shares, underlying shares and debentures of the Company and its associated corporations which were required to be (a) notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests which they were deemed or taken to have under such provisions of the SFO) or; (b) entered in the register kept by the Company pursuant to Section 352 of Part XV of the SFO or; (c) notified to the Company and the Stock Exchange pursuant to the Model Code.

Save as disclosed above, at no time during the Period, the Directors and chief executives of the Company (including their spouse and children under 18 years of age) had any interests in, or had been granted, or exercised, any rights to subscribe for shares (or warrants or debentures, if applicable) of the Company and its associated corporations required to be disclosed pursuant to the SFO.

In addition, at no time during the Period was the Company, its holding company, its subsidiaries, its associated company or its fellow subsidiaries a party to any arrangement to enable the Directors and chief executives of the Company (including their spouse and children under 18 years of age) to hold any interests or short positions in the shares or underlying shares in or debentures of, the Company or its associated corporation.

董事及主要行政人員於 股份、相關股份及債券之 權益(續)

附註:

• (a) 該全權信託之受託人為Central Core Resources Limited,其擁有Globalcrest Enterprises Limited(「Globalcrest」)之全部已發行股本,而 Globalcrest於二零一九年十二月三十一日於本公 司33,546,853股股份中擁有權益。林小明先生為 該全權信託之全權信託對象。
• (b) Pioneer Entertainment為一於英屬處女群島 註冊成立之有限公司,由林小明先生全資擁 有,於二零一九年十二月三十一日於本公司 430,120,020股股份中擁有權益。

所有於本公司股份及相關股份之權益均為好 倉。

除上文所披露者外,於二零一九年十二月三 十一日,各董事或本公司主要行政人員概無 於本公司及其相聯法團的股份、相關股份及 債券中擁有(a)根據證券及期貨條例第XV部第7 及第8分部須知會本公司及聯交所之任何權益 或淡倉(包括彼等根據證券及期貨條例有關條 文被視為或當作擁有之權益)或;(b)須記錄於 本公司按證券及期貨條例第XV部第352條置存 之登記冊內之任何權益或淡倉或;(c)根據標 準守則須知會本公司及聯交所之任何權益或 淡倉。

除上文所披露者外,於本期間內任何時間, 各董事及本公司主要行政人員(包括彼等之配 偶及18歲以下之子女)並無擁有、或獲授予或 行使任何可認購本公司及其相聯法團之股份 (或認股權證或債券,如適用)之權利之任何權 益而根據證券及期貨條例須作出披露。

此外,本公司、其控股公司、其附屬公司、 其聯營公司或其同系附屬公司於本期間內任 何時間並無訂立任何安排,使董事及本公司 之主要行政人員(包括彼等之配偶及18歲以下 之子女)可於本公司或其相聯法團之股份或相 關股份或債券中擁有任何權益或淡倉。

SHARE OPTION SCHEME

Pursuant to an ordinary resolution passed in the annual general meeting held on 2nd December 2013, the Company conditionally approved and adopted a share option scheme in compliance with the Listing Rules (the "Share Option Scheme"). Details of the Share Option Scheme are as follows:

(1) Purpose of the Share Option Scheme

The purpose of the Share Option Scheme is to enable the Company to grant share options to selected Participants (as defined below) as incentive and/or rewards for their contributions and support to the Group and any invested entity.

(2) Participants of the Share Option Scheme

The Board may, at its discretion, invite any person belonging to any of the following classes of participants for their contributions and support to the Group and any invested entity (the "Participants" and individually, a "Participant") to take up share options to subscribe for shares.

• (a) any full-time employee of the Company, any of its subsidiary or any invested entity, including (without limitation) any executive director of the Company, any of its subsidiary or invested entity;
• (b) any non-executive director (including independent non-executive directors) of the Company, any of its subsidiary or any invested entity;
• (c) any supplier of goods or services to any member of the Group or any invested entity;
• (d) any customer of the Group or any invested entity;
• (e) any person or entity that provides research, development or other technical support to the Group or any invested entity;
• (f) any shareholder of any member of the Group or any invested entity or any holder of any securities issued by any member of the Group or any invested entity;

購股權計劃

根據於二零一三年十二月二日舉行之股東週 年大會上通過之一項普通決議案,本公司根 據上市規則有條件批准及採納一項購股權計 劃(「購股權計劃」)。購股權計劃之詳情如下:

(1) 購股權計劃之目的

購股權計劃之目的是使本公司可向經 過選定之參與人(定義見下文)授出購股 權,作為其對本集團及任何投資實體之 貢獻及支持之獎勵及╱或獎賞。

(2) 購股權計劃的參與人

董事會可酌情邀請屬於以下任何參與人 類別,對本集團及任何投資實體有貢獻 及作出支持之任何人士(「參與人」),藉 接納購股權以認購股份。

• (a) 本公司、其任何附屬公司或任何投 資實體之任何全職僱員,包括(但 不限於)本公司、其任何附屬公司 或投資實體之任何執行董事;
• (b) 本公司、其任何附屬公司或任何投 資實體之任何非執行董事(包括獨 立非執行董事);
• (c) 本集團任何成員公司或任何投資實 體之任何貨品或服務供應商;
• (d) 本集團或任何投資實體之任何客 戶;
• (e) 向本集團或任何投資實體提供研 究、開發或其他技術支援之任何人 士或實體;
• (f) 本集團任何成員公司或任何投資實 體之任何股東或本集團任何成員公 司或任何投資實體所發行之任何證 券之任何持有人;

SHARE OPTION SCHEME (Continued)

(2) Participants of the Share Option Scheme

(Continued)

• (g) any adviser (professional or otherwise) or consultant to any area of business or business development of any member of the Group or any invested entity; and
• (h) any joint venture partner or counter-party to business operation or business arrangements of the Group.

(3) Maximum number of share options available for issue under the Share Option Scheme

• (a) The maximum number of shares of the Company which may be issued upon exercise of all outstanding share option granted and yet to be exercised under the Share Option Scheme and any other schemes for the time being of the Company shall not exceed 30% of the shares in issue from time to time. Share options of the Company which are lapsed or cancelled for the time being shall not be counted for the purpose of calculating the said 30% limit; and
• (b) The maximum number of shares of the Company which may be issued upon exercise of all options granted and to be granted under the Share Option Scheme is an amount equivalent to 10% of the shares of the Company in issue as at the dates of approval of the Share Option Scheme unless approval for refreshing the 10% limit from the Company's shareholders has been obtained.

購股權計劃(續)

(2) 購股權計劃的參與人(續)

• (g) 本集團任何成員公司或任何投資實 體之任何業務範圍或業務發展之任 何顧問(專業或非專業)或諮詢人; 及
• (h) 本集團業務運作或業務安排之任何 合夥人或合作人。

(3) 根據購股權計劃可供發行 購股權之數目上限

• (a) 根據購股權計劃及本公司當時任何 其他計劃授出之所有未行使購股 權獲行使時可發行之本公司股份數 目,最多不得超過不時已發行股份 之30%。本公司當時作廢或註銷 之購股權,於計算以上之30%上 限時,不得計算在內;及
• (b) 除獲本公司股東批准更新10%之 上限外,根據購股權計劃已授出及 將予授出之所有購股權獲行使時可 予發行之本公司股份最高數目相當 於批准購股權計劃當日本公司已發 行股份數目之10%。

SHARE OPTION SCHEME (Continued)

(4) Maximum entitlement of each participant

The total number of shares of the Company issued upon exercise of the share options granted and to be granted to each grantee under the Share Option Scheme and any other schemes for the time being of the Company (including both exercised and outstanding share options) in any 12-month period up to the date of grant to each grantee must not exceed 1% of the aggregate number of shares for the time being in issue.

(5) Remaining life and exercisable period of the share options

There is no general requirement that a share option must be held for any minimum period before it can be exercised but the Board is empowered to impose at its discretion any such minimum period at the time of grant of any particular share option. A share option may be exercised in accordance with the terms of the Share Option Scheme at any time during a period of 10 years commencing on the date of grant and expiring on the last day of the said 10 year period.

(6) Payment on acceptance of the share options offer

A sum of HK\$1 is payable by the Participant on acceptance of the share option offer.

(7) Basis of determining the subscription price

The subscription price for shares under the Share Option Scheme should be a price notified by the Board to a Participant to whom any offer of the grant of a share option is made and shall be at least the higher of (a) the closing price of the shares as stated in the Stock Exchange's daily quotations sheet on the date of grant which must be a business day; and (b) the average closing price of the shares as stated in the Stock Exchange's daily quotations sheets for the five business days immediately preceding the date of grant, provided that the subscription price should not be lower than the nominal value of a share.

No share options under the Share Option Scheme was issued and outstanding during the Period.

購股權計劃(續)

(4) 各參與人之權利上限

於截至向每位獲授人授出日期為止之任 何12個月期間內,根據購股權計劃及本 公司當時任何其他計劃向每位獲授人授 出及將予授出之購股權(包括已行使及未 行使之購股權)獲行使而已發行之本公司 股份總數,不得超過當時已發行股份總 數之1%。

(5) 購股權之剩餘壽命及行使 時限

現時並無一般規定限制購股權必須於持 有任何最短期限後方可行使,惟董事會 獲授權於授出任何特定購股權時,可酌 情施加任何該等最短期限限制。由授出 日期起計10年至該段10年期間最後一日 內任何時間,購股權可根據購股權計劃 之條款行使。

(6) 接納購股權建議時之應付 代價

參與人於接納購股權建議時應付1港元 之代價。

(7) 釐定認購價之基準

根據購股權計劃釐定之股份認購價須為 董事會向已獲任何授出購股權建議之參 與人所知會之價格,惟不得低於以下各 項之較高數值:(a)於授出日期(必須為營 業日)股份在聯交所每日報價表所報之收 市價;及(b)於緊接授出日期前五個營業 日股份於聯交所每日報價表所報之平均 收市價,惟認購價不得低於一股股份之 面值。

於本期間並無購股權計劃項下已發行及尚未 行使之購股權。

SUBSTANTIAL SHAREHOLDERS

So far as is known to any Director or chief executive of the Company, as at 31st December 2019, shareholders (other than Directors or chief executive of the Company disclosed above) who had interests or short positions in shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Division 2 and 3 of Part XV of the SFO, or which were recorded in the register kept by the Company under Section 336 of Part XV of the SFO are as follows:

主要股東

就任何董事或本公司主要行政人員所知悉, 於二零一九年十二月三十一日,除以上披露 之董事或本公司主要行政人員外,以下股東 於本公司股份或相關股份中擁有根據證券及 期貨條例第XV部第2及第3分部規定須向本公 司披露,或記錄於本公司按證券及期貨條例 第XV部第336條規定置存之登記冊之權益或淡 倉如下:

Name 名稱	Capacity 身分		Number of shares and underlying shares of the Company held 所持本公司 股份及相關 股份數目	Approximate percentage of the total issued share capital of the Company 佔本公司 已發行股本 總額之 概約百分比
Pioneer Entertainment (Note a)	Beneficial owner		430,120,020	47.44%
Pioneer Entertainment (附註a)	實益擁有人
Note:		附註:

(a) Pioneer Entertainment, a company incorporated in the British Virgin Islands with limited liability and is wholly-owned by Mr. Lam Shiu Ming, Daneil.

All the interests disclosed above represent long positions in shares.

Save as disclosed above, as at 31st December 2019, no other person has any interests or short positions in the shares, underlying shares and debentures of the Company in the register required to be kept by Company under Section 336 of Part XV of the SFO.

MANAGEMENT CONTRACTS

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

(a) Pioneer Entertainment為一家於英屬處女群 島註冊成立之有限公司,由林小明先生全資 擁有。

上文所披露之所有權益均為股份之好倉。

除上文所披露者外,於二零一九年十二月三 十一日,概無其他人士於本公司之股份、相 關股份及債券中擁有記錄於本公司根據證券 及期貨條例第XV部第336條須予置存之登記冊 內之任何權益或淡倉。

管理合約

於本期間,本公司並無就整體業務或任何重 要業務之管理及行政工作簽訂或存在任何合 約。

CORPORATE GOVERNANCE CODE

The Company has, throughout the six months ended 31st December 2019, complied with the code provisions contained in Corporate Governance Code (the "Code") set out in Appendix 14 to the Listing Rules except for the code provision A.2.1 of the Code for the separation of the roles of Chairman and Chief Executive Officer ("CEO") as described in the following.

Code provision A.2.1 of the Code sets out that the roles of the Chairman and CEO should be separate and should not be performed by the same individual. The Company does not at present have any officer holding the position of CEO. Mr. Lam Shiu Ming, Daneil is the founder and Chairman of the Company and has also carried out the responsibilities of CEO. Mr. Lam Shiu Ming, Daneil possesses the essential leadership skills to manage the Board and extensive knowledge in the business of the Group. The Board considers the present structure to be more suitable to the Company because it can promote the efficient formulation and implementation of the Group's strategies.

AUDIT COMMITTEE

The Audit Committee was established on 11th October 1999. Its current members include three independent non-executive Directors, namely Mr. Choi Wing Koon (Chairman), Mr. Lam Chi Keung and Mr. Tang Yiu Wing.

The Audit Committee has reviewed the accounting principles and practises adopted by the Group and discussed internal control, risk management and financial reporting matters including a review of the unaudited condensed consolidated interim financial information for the six months ended 31st December 2019 with the management.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

The Company has not redeemed any of its shares during the six months ended 31st December 2019. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company's listed securities during the Period.

企業管治守則

本公司於截至二零一九年十二月三十一日止 六個月內已遵守上市規則附錄14所載之企業 管治守則(「守則」)所載之守則條文,除下文所 述守則之守則條文A.2.1有關主席與行政總裁 (「行政總裁」)角色區分外。

守則之守則條文A.2.1規定,主席及行政總裁 之角色應予以區分,並不應由同一人擔任。 本公司目前並無任何高級職員擔任行政總裁 一職。林小明先生為本公司創辦人及主席, 並已履行行政總裁之職責。林小明先生具備 管理董事會所需之領導才能及對本集團之業 務擁有深厚認識。董事會認為目前的架構更 適合本公司,因該架構可令本集團之策略更 有效地制定及落實。

審計委員會

審計委員會成立於一九九九年十月十一日, 現由三名獨立非執行董事蔡永冠先生(主席)、 林芝強先生及鄧耀榮先生組成。

審計委員會已審閱本集團所採用之會計原則 及方法,並已與管理層討論內部監控、風險 管理及財務申報事宜,包括審閱截至二零一 九年十二月三十一日止六個月之未經審核簡 明綜合中期財務資料。

購買、出售或贖回本公司 之上市證券

本公司於截至二零一九年十二月三十一日止 六個月內並無贖回其任何股份。本公司及其 任何附屬公司於本期間內概無購買或出售任 何本公司之上市證券。

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS

During the six months ended 31st December 2019, the Company has adopted the Model Code as the code for dealing in securities of the Company by Directors. Having made specific enquiries, all Directors confirmed that they had complied with the Model Code throughout the Period.

上市發行人董事進行證券 交易的標準守則

於截至二零一九年十二月三十一日止六個月 內,本公司已採納標準守則作為董事買賣本 公司證券的守則。經向全體董事作出特定查 詢後,彼等均確認於本期間內已遵守標準守 則。

By Order of the Board Lam Shiu Ming, Daneil Chairman and Executive Director

承董事會命 主席兼執行董事 林小明

Hong Kong, 27th February 2020

香港,二零二零年二月二十七日