Time Interconnect Technology Limited - Annual Report 2021

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( 於開曼群島註冊成立之有限公司 ) (Incorporated in the Cayman Islands with limited liability)

股份代號 Stock Code: 1729

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2021 年度報告

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CONTENTS 目錄

Group Profile	集團簡介	2
Corporate Information	公司資料	3
Financial Highlights	財務摘要	4
Chairman’s Statement	主席報告	5
Management Discussion and Analysis	管理層討論及分析	8
Biographical Details of The Directors and	董事及高級管理層履歷詳情	25
Senior Management
Directors’ Report	董事會報告	30
Corporate Governance Report	企業管治報告	41
Environmental, Social and Governance Report	環境、社會及管治報告	52
Independent Auditor’s Report	獨立核數師報告	81
Consolidated Statement of Profit or Loss and	綜合損益及其他全面收益表	85
Other Comprehensive Income
Consolidated Statement of Financial Position	綜合財務狀況表	86
Consolidated Statement of Changes in Equity	綜合權益變動表	87
Consolidated Statement of Cash Flows	綜合現金流量表	89
Notes to the Consolidated Financial Statements	綜合財務報表附註	91
Financial Summary	財務概要	160

年度報告 2021 ANNUAL REPORT

GROUP PROFILE 集團簡介

Time Interconnect Technology Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) is a well-established supplier of customised interconnect solutions with more than 20 years experience in the industry. The Group is headquartered in Hong Kong, and has manufacturing facilities in Shanghai, Suzhou and Huizhou, the People’s Republic of China (“ PRC “).

匯聚科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）是一家信譽卓著的定制電線互連方案供應商，在行業擁有逾20年經驗。本集團的總部設於香港，並於中華人民共和國（「中國」）上海、蘇州及惠州擁有生產設施。

The Group currently manufactures and supplies, a wide variety of copper & optical fiber cable assemblies and networking cables products which are produced to the specifications and designs, of its individual customer partners. Its products are used by a number of established PRC and international customers in a variety of market sectors, including telecommunication, data centre, industrial equipment, medical equipment and networking cables.

本集團目前製造及供應各種銅纜和光纜電線組件及網絡電線產品，產品均根據個別客戶夥伴的詳述規格及設計而生產。產品已使用在包括電訊、數據中心、工業設備、醫療設備及網絡電線在內的各種市場領域，均受不少商譽優良的中國及國際客戶所採用。

Its business features on customised cable products for a variety of specifications which are used in a wide range of applications. The Group supplies cable products on a CMS basis, and its cable products are madeto-order, upon receipt of its customers’ orders.

我們的業務特點為定制電線產品，適用於各種應用中的各種規格。本集團按CMS基準供應電線產品，有關產品根據客戶提供的規格及設計生產。

VISION

To be a leading provider of electronic interconnect products, continually recognised as a “Preferred Supplier” capable of delivering world class quality, products and services – EACH and EVERY TIME.

願景

成為電纜互連產品的領先供應商，持續公認為「優選供應商」，積極地提供世界一流的品質、產品和服務。

STRATEGY

To become a Tier-1 supplier of cable products and high performance interconnect products to the market leaders in the 5G telecommunication, data communication, healthcare, transport and industrial sectors.

策略

成為5G電訊、數據通訊、醫療設備、運輸及工業領域的電線產品和高性能互連產品的一級供應商及市場領導者。

COMPETITIVE STRENGTHS

競爭優勢

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Experienced Management Team Customised and
with Extensive Interconnect Flexible Production
Market Knowledge Platforms
經驗豐富的管理團隊，可定制和靈活
擁有廣泛的電纜互連 Customer 的生產平台
市場知識 Driven Interconnect
Provider that is
Highly Adapted to
B2B2B Model
客戶驅動的互連
提供商，高度適應
Efficient Production B2B2B 模型 Long Term and Stable
Capabilities with Extensive Business Relationship with
Quality Control Market Leaders
高效的生產能力和大規模的與市場領導者建立長期穩定
質量控制的業務關係
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匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive Directors:

Mr. Cua Tin Yin Simon (Chief Executive Officer) Mr. Wong Chi Kuen

Non-Executive Director:

Mr. Lo Chung Wai Paul (Chairman)

Independent Non-Executive Directors:

Mr. Ho Hin Shun Mr. Luk Wai Shing Mr. Chan Chung Shun Eric

BOARD COMMITTEES

Audit Committee

Mr. Chan Chung Shun Eric (Chairman) Mr. Ho Hin Shun Mr. Luk Wai Shing

Remuneration Committee

Mr. Ho Hin Shun (Chairman) Mr. Wong Chi Kuen Mr. Luk Wai Shing Mr. Chan Chung Shun Eric

Nomination Committee

Mr. Luk Wai Shing (Chairman) Mr. Wong Chi Kuen Mr. Ho Hin Shun Mr. Chan Chung Shun Eric

COMPANY SECRETARY

Ms. Ng Hoi Ying

AUTHORISED REPRESENTATIVES

Mr. Wong Chi Kuen Ms. Ng Hoi Ying

COMPLIANCE ADVISER

Frontpage Capital Limited 26/F, Siu On Centre, 188 Lockhart Road, Wan Chai, Hong Kong

AUDITOR

Deloitte Touche Tohmatsu Certified Public Accountants Registered Public Interest Entity Auditors 35/F, One Pacific Place, 88 Queensway, Hong Kong

LEGAL ADVISERS AS TO HONG KONG LAWS

CFN Lawyers in association with Broad & Bright Room Nos. 4101-04, 41/F, Sun Hung Kai Centre, 30 Harbour Road, Wan Chai, Hong Kong

REGISTERED OFFICE IN THE CAYMAN ISLANDS

Windward 3, Regatta Office Park PO Box 1350, Grand Cayman KY1-1108, Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 601, Photonics Centre, 2 Science Park East Avenue Hong Kong Science Park, Shatin, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN CAYMAN ISLANDS

Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350, Grand Cayman KY1-1108, Cayman Islands

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

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

PRINCIPAL BANKS

Bank of China (Hong Kong) Limited Hang Seng Bank Limited The Hongkong and Shanghai Banking Corporation Limited China Citic Bank International Limited United Overseas Bank Limited, Hong Kong Branch Fubon Bank (Hong Kong) Limited Bank of China (Huizhou Branch) HSBC Bank (China) Company Limited Industrial and Commercial Bank of China Limited China Construction Bank Corporation Nanyang Commercial Bank (China) Limited

COMPANY’S WEBSITE

www.time-interconnect.com

STOCK CODE

1729

董事會

執行董事：柯天然先生（行政總裁）黃志權先生

非執行董事：羅仲煒先生（主席）

獨立非執行董事：何顯信先生陸偉成先生陳忠信先生

董事委員會

審核委員會陳忠信先生（主席）何顯信先生陸偉成先生

薪酬委員會何顯信先生（主席）黃志權先生陸偉成先生陳忠信先生

提名委員會陸偉成先生（主席）黃志權先生何顯信先生陳忠信先生

公司秘書吳愷盈女士

授權代表黃志權先生吳愷盈女士

合規顧問富比資本有限公司香港灣仔駱克道188號兆安中心26樓

核數師

德勤 • 關黃陳方會計師行執業會計師註冊公眾利益實體核數師香港金鐘道88號太古廣場一期35樓

有關香港法律的法律顧問陳馮吳律師事務所（與世澤律師事務所聯營）香港灣仔港灣道30號新鴻基中心41樓4101-04室

開曼群島註冊辦事處

Windward 3, Regatta Office Park PO Box 1350, Grand Cayman KY1-1108, Cayman Islands

香港總辦事處及主要營業地點香港沙田香港科學園科技大道東2號光電子中心601室

開曼群島股份過戶登記總處 Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350, Grand Cayman KY1-1108, Cayman Islands

香港股份過戶登記分處卓佳證券登記有限公司香港皇后大道東183號合和中心54樓

主要往來銀行

中國銀行（香港）有限公司恒生銀行有限公司香港上海滙豐銀行有限公司中信銀行（國際）有限公司大華銀行有限公司香港分行富邦銀行（香港）有限公司中國銀行（惠州分行）滙豐銀行（中國）有限公司中國工商銀行股份有限公司中國建設銀行股份有限公司南洋商業銀行（中國）有限公司

公司網站

www.time-interconnect.com

股份代號

1729

年度報告 2021 ANNUAL REPORT

FINANCIAL HIGHLIGHTS 財務摘要

For the year ended 31 March 截至三月三十一日止年度	2021 2020 Change 變動 (restated) （經重列）
Operating results (HK$’million) 經營業績（百萬港元） Revenue 收益 Gross profit 毛利 Total profit for the year – Adjusted (Note) 年內溢利總額–經調整（附註） Total profit for the year 年內溢利總額 Basic earnings per share (Hong Kong cents) – Adjusted (Note) 每股基本盈利（港仙） –經調整（附註） Basic earnings per share (Hong Kong cents) 每股基本盈利（港仙） Financial position (HK$’million) 財務狀況（百萬港元） Cash generated from operations 經營產生的現金 Bank balances and cash 銀行結餘及現金 Shareholders’ funds 股東資金 Capital expenditure 資本開支 Key ratios (%) 主要比率(%) Gross profit margin 毛利率 Net profit margin – Adjusted (Note) 淨利潤率–經調整（附註） Net profit margin 淨利潤率 EBITDA/Revenue – Adjusted (Note) EBITDA╱收益–經調整（附註） EBITDA/Revenue EBITDA╱收益 Return on shareholders’ funds 股東資金回報	3,008.0 2,780.2 8.2% 580.2 499.6 16.1% 230.8 173.6 32.9% 226.6 154.5 46.7% 12.5 9.4 33.0% 12.3 8.4 46.4%
	189.8 601.9 -68.5% 156.6 366.9 -57.3% 852.5 1,158.0 -26.4% 46.8 50.3 -7.0%
	19.3 18.0 1.3pts 7.7 6.2 1.5pts 7.5 5.6 1.9pts 12.9 12.4 0.5pts 12.7 11.7 1.0pts 26.6 13.3 13.3pts

Note: Total profit, net profit margin and EBITDA are calculated by excluding the extreme transaction expenses.

附註：溢利總額、淨利潤率及EBITDA乃經扣除極端交易開支計算。

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Revenue
收益
HK$’million
百萬港元
3,200
3,008.0
2,800 2,780.2
2,400
2,000
1,600
1,438.8
1,314.4
1,238.4
1,200
864.6
800
400
0
2017 2018 2019 2020 2020 2021
(restated)
（經重列）
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Net profit and Net profit margin
淨利潤及淨利潤率
HK$’million
百萬港元 %
240 32
226.6
210 28
180 24
154.5
150 20
132.1
128.1
122.9
120 16
90 81.7 12
10.7
60 9.4 9.4 8.9 8
7.5
30 5.6 4
0 0
2017 2018 2019 2020 2020 2021
(restated)
（經重列）
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匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CHAIRMAN’S STATEMENT 主席報告

Dear Shareholders,

On behalf of the board (the “ Board ”) of directors (the “ Directors ”), I am pleased to present to you the annual report of TIME Interconnect Technology Limited (the “ Company ” and together with its subsidiaries, the “ Group ”) for the year ended 31 March 2021 (the “ Review Year ” or “ FY2021 ”). During the Review Year, the coronavirus (COVID-19) pandemic has continued and created a more negative impact on the global economic activities. The continued lockdown and social distancing policies have put pressure on economic growth. However, with the introduction of vaccines and implementation of economic recovery measures, the global market is expected to recover gradually. Besides, the Sino-U.S. trade war seems to have eased with United States’ new president Joe Biden coming to power.

Amid the challenging and unstable business environment, the Group has taken all effective measures to ensure a safe working environment, stimulate business growth and minimise the impact of the COVID-19 pandemic. For example, we have set up a “Strategic Business Development Task Force” (the “ Task Force ”) to formulate long-term business strategies, accelerate the development of new markets and strategic customers. Besides, we have also paid efforts to improve our research and development (“ R&D ”) capabilities and broaden our product mix, in order to elevate our overall competitiveness and maintain sustainable growth.

It is worth mentioning that, the acquisition of Linkz Cables Limited and its subsidiaries (the “ Target Group ”) was completed on 30 June 2020. The successful acquisition of the Target Group is believed to enable the Group to expand its income base and capture the evolving opportunities brought by the rapid development of 5G technology. In addition, the Group is actively promoting the upgrade of intelligent manufacturing, and contributing to the 5G+ Smart City construction in the PRC. While devoting to develop our business, we also pay great attention to environmental protection. In FY2021, we have achieved recognition on our environmental control by gaining accreditation from Underwriters Laboratories Inc. (“ UL ”), one of the world’s leading safety science companies.

致各股東：

本人欣然代表董事（「董事」）會（「董事會」）向閣下呈列匯聚科技有限公司（「本公司」，連同其附屬公司統稱為「本集團」）截至二零二一年三月三十一日止年度（「回顧年度」或「二零二一財政年度」）的年報。於回顧年度，冠狀病毒（ 2019冠狀病毒病）疫情持續，對全球經濟活動造成更多負面影響。持續封城及社交隔離措施為經濟增長帶來壓力。然而，隨著引入疫苗，加上實施經濟復甦措施，全球市場有望逐步復甦。此外，中美貿易戰似乎隨著美國新任 · 總統喬拜登(Joe Biden)上場而有所緩和。

面對充滿挑戰又不穩定的營商環境，本集團已採取一切有效措施確保工作環境安全，刺激業務增長，並盡力減低2019冠狀病毒病疫情帶來的影響。例如，我們已成立「策略業務開拓專案組」（「專案組」），制定長遠業務策略、加速開拓新市場及戰略客戶。此外，我們亦致力提升研究及發展（「研發」）能力，擴大產品組合，以提高整體競爭力及維持可持續增長。

值得一提的是，華迅電纜有限公司及其附屬公司（「目標集團」）的收購事項已於二零二零年六月三十日完成。相信成功收購目標集團能擴大本集團的收入基礎，以把握5G技術快速發展而帶來不斷發展的機遇。另外，本集團積極推動智慧生產升級，為中國5G+智慧城市建設作出貢獻。在致力發展業務的同時，我們亦十分注重環保。於二零二一財政年度，我們取得來自 Underwriters Laboratories Inc.（「 UL 」）（全球領先的安全科學公司之一）的認證，意味我們在環境監控方面取得認可。

年度報告 2021 ANNUAL REPORT

CHAIRMAN’S STATEMENT (CONT‘D) 主席報告（續）

FINANCIAL REVIEW

The Group reported solid operating results and performance amid the challenging macro-economy environment. During the Review Year, the Group recorded revenue amounting to HK$3,008.0 million, representing an increase of HK$227.8 million or 8.2% as compared with HK$2,780.2 million (restated) for the year ended 31 March 2020 (the “ Previous Year ” or “ FY2020 ”). The increase was mainly driven by the significant sales growth of the data centre, the medical equipment and the industrial equipment sector. The Group recorded a 16.1% increase in gross profit to HK$580.2 million in FY2021 as compared to HK$499.6 million (restated) recorded in FY2020. The gross profit margin increased from approximately 18.0% (restated) for FY2020 to approximately 19.3% for FY2021. Such increase was mainly due to the increase in revenue from the new 5G products of the telecommunication sector, and the increase in revenue from the data centre sector and the medical equipment sector, which generated a higher profit margin for the Group during FY2021.

During the Review Year, the operating profit was HK$320.6 million, representing an increase of HK$42.4 million or 15.2%, as compared with HK$278.2 million (restated) for the previous financial year, with the operating profit margin improved 0.7% to 10.7% for FY2021. The increase of operating profit was mainly attributable to the improvement of profit margin of new 5G products in the telecommunication sector and the increase in revenue from the data centre sector, the medical equipment sector and the industrial equipment sector.

After considering the Group’s short term financial needs and its cash on hand, the Board has proposed to recommend to Shareholders the payment of a final dividend of HK1.5 cents (2020: HK1.5 cents) per share, amounting to a total of approximately HK$27.6 million.

OUTLOOK

With years of development, China has initially built the world’s largest 5G mobile network nowadays. In light of the rapid development of the 5G cellular network technology, we believe that 5G devices and equipment will be gradually replaced in large scale in the coming years, further driving the demand of cable assembly products, and leading the sustainable growth in cable assembly industry. In addition, we expect the sales order from customer A (“ Customer A ”, one of the Group’s major customers) will continue to increase, driving by government’s great efforts to accelerate the research and development of 5G technology. Moreover, the application and demand of network communication was also increased directly due to the new norm of economic activities under the COVID-19 pandemic. We are confident that, all the factors mentioned above will help to promote the growth of the Group’s telecommunication sector.

For the data centre sector, since the additional tariffs issue had been resolved, the fibre cable assembly products will not be subjected to any additional tariffs when importing into the United States anymore. The shipments of the data centre sector were back to the normal level prior to the Sino-U.S. trade war. Besides, the growing cloud technology is also expected to drive the development of data centre. Thus, we remain very positive on the continuous growth of the business of data centre sector.

財務回顧

面對宏觀經濟環境的挑戰，本集團仍錄得穩健的經營業績及表現。於回顧年度，本集團錄得的收益為3,008.0百萬港元，較截至二零二零年三月三十一日止年度（「上年度」或「二零二零財政年度」）的2,780.2百萬港元（經重列）增加 227.8百萬港元或8.2% 。有關增幅乃主要由於數據中心、醫療設備及工業設備分部的銷售大幅增加所致。本集團於二零二一財政年度錄得毛利580.2百萬港元，較二零二零財政年度錄得的499.6百萬港元（經重列）增加16.1% 。毛利率由二零二零財政年度約18.0%（經重列）增加至二零二一財政年度約19.3% 。該增長乃主要是由於來自電訊分部新5G產品的收益增加，以及來自數據中心分部及醫療設備分部的收益增加，該等分部於二零二一財政年度為本集團帶來較高的利潤率。

於回顧年度，經營溢利為320.6百萬港元，較上一財政年度的278.2百萬港元（經重列）增加 42.4百萬港元或15.2% ，而二零二一財政年度的經營利潤率改善0.7%至10.7% 。經營溢利增加乃主要歸因於電訊分部新5G產品的利潤率改善及數據中心分部、醫療設備分部及工業設備分部的收益增加。

經考慮本集團的短期財務需求及手頭現金後，董事會建議向股東派付末期股息每股1.5港仙（二零二零年：1.5港仙），總額約為27.6百萬港元。

展望

經過多年發展，中國現已初步建成全球最大的 5G移動網絡。隨著5G蜂巢式網路技術快速發展，我們相信5G裝置及設備將於未來數年逐步大規模更換，進一步推動電線組件產品的需求，並引領電線組件行業的可持續增長。再者，受政府加快5G技術研發的大力推動下，我們預期客戶A（「客戶 A 」，本集團主要客戶之一）的銷售訂單將會持續增加。此外，網絡通訊的應用及需求亦因2019冠狀病毒病疫情下的經濟活動新常態而直接增加。我們相信，上述所有因素將有助促進本集團電訊分部的增長。

就數據中心分部而言，由於額外關稅問題已解決，光纖電線組件產品進口至美國時將不再需要繳交任何額外關稅。數據中心分部的出貨量恢復至中美貿易戰之前的正常水平。此外，不斷增長的雲技術亦有望推動數據中心的發展。因此，我們對數據中心分部業務的持續增長仍然非常樂觀。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CHAIRMAN’S STATEMENT (CONT‘D) 主席報告（續）

For the medical equipment sector, although vaccines for COVID-19 have been launched, the COVID-19 pandemic is not completely over with the appearance of mutated virus. We predict that the demand for medical cables will last for a while and it will continue to bring positive impact to the Group’s financial performance in this year. In view of the arising demand from the medical equipment market, the Group will continue to enhance its medical equipment customers base, as well as to strengthen its R&D capabilities.

As aforementioned, the cable assembly industry is expected a notable growth in the coming years. To meet the market demand, the Group is committed to enhancing its production capacity by acquiring a parcel of industrial land with two industrial buildings for its production. The management is optimistic towards the Group’s enlarged production capacity and well-established business fundamentals would enable it to capture the market opportunities upon the arrival of this generation 5G network. Moving ahead, the management remain confident in the Group’s long-term business growth in spite of the challenges in the macroeconomy environment.

APPRECIATION

Looking ahead to 2021, the Group will continue to adhere to its professional practices and efficient operations to grow its existing businesses through continuous integration of enterprise resources and product innovation. Meanwhile, we will seize more profitable investment opportunities, to generate possible additional revenue and business diversification. We aim to consolidate and expand the Group’s competitive advantages, creating long-term and high-value returns for Shareholders.

Finally, I would like to take this opportunity to express my heartfelt thanks to the Board, the management team, business partners and all staff for their contributions.

Lo Chung Wai Paul Chairman

Hong Kong, 28 June 2021

就醫療設備分部而言，儘管2019冠狀病毒病疫苗已經推出，但隨着變種病毒的出現，2019 冠狀病毒病疫情尚未完全結束。我們預計醫療電纜的需求將持續一段時間，並將繼續為本集團本年度的財務表現帶來正面影響。有見醫療設備市場的需求增長，本集團將繼續擴大其醫療設備客戶群，並加強其研發能力。

如上文所述，電線組件行業有望在未來幾年出現顯著增長。為滿足市場需求，本集團已通過收購一幅建有兩幢工業大廈的工業用地用於生產，致力提升其產能。管理層對本集團經擴大產能及完善的業務基礎抱持樂觀態度，將令其在今世代5G網絡到來時把握市場機遇。展望未來，儘管面對宏觀經濟環境的挑戰，管理層仍對本集團的長期業務增長充滿信心。

致謝

展望二零二一年，本集團將透過持續整合企業資源及產品創新，繼續奉行專業守則及有效營運，以促進現有業務增長。與此同時，我們將把握更多具盈利的投資機遇，產生潛在額外收益，達致業務多元化。我們旨在強化及擴大本集團的競爭優勢，從而為股東締造高價值的長期回報。

最後，本人謹此衷心感謝董事會、管理團隊、業務夥伴及全體員工所作的努力。

主席羅仲煒

香港，二零二一年六月二十八日

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

BUSINESS OVERVIEW

During FY2021, the COVID-19 pandemic had a more negative impact on economic activities than anticipated. Greater scarring from the larger-thananticipated hit to economic activities have shown during the lockdown and persistent social distancing, and a negative impact has been made on productivity as surviving businesses have to spend efforts to enhance workplace safety and hygiene standards. For economies still struggling to control infection rates, the need for continued lockdown and social distancing will take an additional toll on economic activities. Meanwhile, since Joe Biden has been elected the new president of the United States in November last year, he has been busy coping with the epidemic and recovering the economy of its own country. Hence, the Sino-U.S. trade war seems to have eased, which has given the economy a chance to breath. Now, with the introduction of vaccines, countries around the world are vigorously urging people to get vaccinated and actively introducing economic recovery measures. The market is looking forward to economic recovery.

In order to cope with the changes and uncertainties of the external environment and ensure continued growth of the Group’s business, the Task Force has been set up under the executive office of TIME Interconnect Technology Group on 1 September 2020. The Task Force is led by the Group’s Chief Executive Officer and its main responsibilities are to formulate long-term business strategies for the Group, accelerate the development of new markets and strategic customers for both cable assembly and networking cables business. It is expected that the Task Force can make use of the Group’s business advantages and resources of different business units to create positive synergy. In addition, the Group has engaged doctoral consultants to enhance its internal technology and product development capabilities. The Group continued to pay great efforts in solidifying its customer base by developing relationships with leading international customers and further enhancing the business relationships with existing customers. During FY2021, the Group has successfully captured new customers and carried out the fundamental works for cooperation. In the meantime, the Group has pushed forward to improve its research and development capabilities and improve its product mix, so as to elevate the Group’s overall competitiveness and seize the huge opportunities generating from the arrival of this generation 5G networking technology.

業務回顧

於二零二一財政年度，2019冠狀病毒病疫情對於經濟活動的負面影響大於預期。在封城及持續的社交隔離措施期間，經濟活動所受到的未可預料衝擊進一步惡化，而掙扎求存的企業需要加強工作場所安全及衛生標準，生產力亦受到不利影響。對於仍在努力控制感染率的經濟體，持續封城及社交隔離的需求將進一步損 · 害經濟活動。與此同時，喬拜登(Joe Biden) 自去年十一月當選美國新任總統以來，一直忙於應對疫情及恢復其本國經濟。因此，中美貿易戰似乎已經緩和，使經濟得以喘息。隨著現時引入疫苗，世界各國均極力敦促人民接種疫苗，並積極採取經濟復甦措施。市場對經濟復甦充滿期待。

為了應對外部環境變化及不確定因素並確保本集團業務持續增長，於二零二零年九月一日，在匯聚科技集團總經辦下成立專案組。專案組由本集團行政總裁領導，首要職責為制定本集團的長遠業務策略、加速開拓電線組件及網絡電線兩項業務的新市場及戰略客戶。預期專案組能夠善用本集團的業務優勢及不同業務組別的資源，以創造正面協同效應。此外，本集團已僱用博士級顧問，以增強其內部技術及產品開發能力。透過與國際領先的客戶搭建關係，並進一步加強與現有客戶的業務關係，本集團繼續致力於鞏固其客戶基礎。於二零二一財政年度，本集團已成功吸納新客戶及開展基本合作工作。同時，本集團不斷提升其研究及發展能力，優化其產品組合，從而提高本集團的整體競爭力，並把握今世代5G網絡技術帶來的巨大機遇。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

The acquisition of the Target Group, a long-established networking cables manufacturer with its manufacturing facilities located in the PRC, was completed on 30 June 2020. The Target Group has over 27 years of business operation and currently owns three sizable industrial complexes situated in Shanghai and Kunshan City, Jiangsu Province, PRC. It is certified as the first market share ranking of the PRC networking cables market by the China Electronic Components Association. It has technical know-how in the next-generation networking cables, such as Cat 8 cables, PoE, hybrid cables and compatibility with the HDBaseT standard. The Target Group has distinct customer base as compared with the Group and its major customers are reputable multinational corporations that have presence in the PRC. With the successful acquisition, the Group’s revenue base has been significantly enlarged and its risk of customer concentration has been mitigated by merging with the diverse customer base of the Target Group. The Company believes that the acquisition of the Target Group can better position the Group and the Target Group to capture the evolving opportunities brought by the rapid development of 5G technology, and strategically improves the Group’s defence position amid the global economic uncertainties. The expanded business scale after the completion of the acquisition provides the Group a broader and more diversified revenue stream and enhances its profit source.

In addition, the Target Group’s wholly-owned subsidiary Linkz Industries (Suzhou) Limited (“ Linkz Ind (Suzhou) ”) has achieved ISO14064 accreditation on environmental control in July 2020, being the first wire and cable company in Asia to receive the Greenhouse Gas verification from UL, one of the world’s leading safety science companies. With the increasing problems on global environment, the society has higher requirements for environmental protection. In particular, the Chinese government has issued a number of environmental protection policies in recent years, vigorously promoting enterprises to reduce damage on environment during production. As a well-established supplier of custom cable assemblies, the Group has always attached great importance to the protection of natural resources and the environment, and has actively implemented a series of environmental protection measures to achieve sustainable development, including low energy consumption, recycling, solar energy, electricity reduction and etc. This time, Linkz Ind (Suzhou) has commissioned UL to verify the greenhouse gas declaration of Linkz Ind (Suzhou) according to ISO14064-3:2019 greenhouse gas specification, and confirmed that the greenhouse gas emission of Linkz Ind (Suzhou) met the required standard. This fully reflects Linkz Ind (Suzhou)’s unremitting efforts in strengthening environmental protection.

On 16 March 2021, Ms. Li Hui, secretary of Kunshan Huaqiao Government, Suzhou, Jiangsu Province, PRC (She is also the member of the Standing Committee of the CPC Kunshan Municipal Committee, Deputy Secretary of the Party Working Committee and Director of the Administrative Committee of Huaqiao Economic Development Zone), visited Linkz Ind (Suzhou). As a globally recognised supplier of high-quality wire and cable, the Target Group has experiences in cable industry for many years and is one of the largest specialised manufacturers in Asia that produces and exports digital communication cables. Over the years, the Target Group promotes the transformation and upgrade of intelligent manufacturing and contributes to the 5G+ Smart City construction in the PRC. With the support of Huaqiao Economic Development Promotion Bureau, the Target Group is committed to the construction of 5G+ smart factories, and strives to become the region’s benchmark enterprise with “green manufacturing” and digital production. This visit was exclusively reported by Suzhou Kunshan City TV.

目標集團（一間歷史悠久的網絡電線製造商，其生產設備位於中國）的收購事項已於二零二零年六月三十日完成。目標集團業務營運已超逾27年，目前擁有三幢位於中國上海及江蘇省昆山市的大型工業綜合大樓。其獲中國電子元件行業協會認證為中國網絡電線市場佔有率排名第一，擁有下一代網絡電線（例如Cat 8電線、以太網供電、混合電線及配備HDBaseT標準兼容能力）的技術專業知識。目標集團相對本集團擁有更為明確的客戶群，而其主要客戶為於中國具影響力地位的知名跨國企業。收購事項成功後，本集團的收益基礎已大幅擴大，而其客戶集中風險已因與目標集團的多元化客戶群融合而減低。本公司相信，目標集團收購事項可令本集團及目標集團處於更佳的位置，以把握5G技術快速發展帶來不斷發展的機遇，以及在全球經濟不穩定因素中於戰略方面改善本集團的防守位置。完成收購事項後的經擴大業務規模為本集團提供更廣闊及更多元化的收益流，並增強其溢利來源。

此外，目標集團的全資附屬公司華迅工業（蘇州）有限公司（「華迅工業（蘇州）」）於二零二零年七月取得ISO14064環境監控認證，成為亞洲第一家獲得UL（全球領先的安全科學公司之一）溫室氣體認證的電線電纜公司。隨著全球環境問題愈來愈多，社會對環境保護的要求亦提高。具體而言，中國政府近年頒佈多項環保政策，大力推動企業降低生產的環境污染。作為一間知名的定制電線組件供應商，本集團一直十分重視自然資源及環境保護，積極落實一系列環保措施以實現可持續發展，包括低能耗、回收、太陽能、減少用電等。華迅工業（蘇州）此次委託UL根據ISO14064-3:2019溫室氣體規格驗證華迅工業（蘇州）的溫室氣體聲明，並確認華迅工業（蘇州）的溫室氣體排放達到所需的標準，全面反映華迅工業（蘇州）為加強環保所作的不懈努力。

於二零二一年三月十六日，中國江蘇省蘇州市昆山市花橋鎮政府書記李暉女士（彼亦為中共昆山市委常委、花橋經濟開發區黨工委副書記、管委會主任）到訪華迅工業（蘇州）。作為全球公認的優質電線電纜供應商，目標集團紮根電纜行業多年，是亞洲最大規模生產並出口數字通訊電纜的專業化生產企業之一。多年來，目標集團推動智慧製造轉型升級，為中國 5G+智慧城市建設作出貢獻。在花橋經濟發展促進局的協助下，目標集團致力於5G+智慧工廠建設，力爭成為全區「製造業綠色集約」、數字賦能的發展標杆。是次到訪獲蘇州昆山市電視台獨家報導。

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Looking back on last year, due to the outbreak of COVID-19, the Group’s production capacity had dropped temporarily as the PRC government announced the temporary lockdown in various provinces since January 2020 to avoid the spreading of the COVID-19 pandemic. Following the end of the extended Chinese New Year holiday on 10 February 2020, the Group’s production facilities begun resuming in phases. The Group experienced a slower-than-usual return to normal conditions, as many workers around the country had delayed returning to work, which led to a loss of 60% of production capacities of February 2020. The Group’s production facilities had resumed full operations since mid-March 2020. Fortunately, the demand from customers remained relatively stable and there was no significant decrease or cancellation of sales orders from customers. The Group had proactively liaised with its customers to adjust the delivery schedule in order to minimise the impact, and the delayed delivery schedule for those sales orders resumed normal in April 2020. As compared to the Chinese New Year holiday in February 2021, in response to the call of the PRC government, the Group recommended its workers to stay in the factory. Except the four days of statutory holidays, the Group’s workers have worked as usual in the rest of holidays, making this year’s output and shipment volume higher than those of last year.

回顧去年，由於2019冠狀病毒病的爆發，自二零二零年一月起中國政府宣佈多省暫時封城，以防止2019冠狀病毒病疫情蔓延，本集團的產能暫時有所下降。農曆新年假期延長至二零二零年二月十日，此後，本集團的生產設施開始分階段復工。由於全國各地的許多工人延期復工，本集團恢復正常狀態的速度慢於以往，以致二零二零年二月損失60%的產能。本集團的生產設施自二零二零年三月中開始已全面恢復營運。有幸客戶需求維持相對穩定，客戶並無大幅減少或取消銷售訂單。本集團積極與其客戶聯絡，調整交付時間表以減少影響，該等銷售訂單的延期交付時間表已於二零二零年四月恢復正常。對比二零二一年二月農曆新年假期期間，為響應中國政府的號召，本集團建議其工人留在廠房。除四天法定假期外，本集團的工人在假期其餘期間均照常工作，故本年的產出量及出貨量均高於往年。

In spite of the challenges in the macro-economy environment, the Group still reported solid operating results. During FY2021, the Group recorded revenue amounting to HK$3,008.0 million, representing an increase of HK$227.8 million or 8.2% as compared with HK$2,780.2 million (restated) for FY2020. Operating profit of FY2021 was HK$320.6 million, representing an increase of HK$42.4 million or 15.2%, as compared with HK$278.2 million (restated) for the previous financial year, with the operating profit margin improved 0.7% to 10.7% for FY2021. The increase of operating profit was mainly attributable to the improvement of profit margin of new 5G products in the telecommunication sector and the increase in revenue from the data centre sector, the medical equipment sector and the industrial equipment sector. Net profit of FY2021 was HK$226.6 million, representing an increase of HK$72.1 million or 46.7%, as compared with HK$154.5 million (restated) for the previous financial year, with the net profit margin improved 1.9% from 5.6% (restated) to 7.5% for FY2021. As compared to the net profit amounting to HK$128.1 million for the year ended 31 March 2020 as disclosed in the 2020 annual report of the Company, the net profit of FY2021 reported a significant increase of HK$98.5 million or 76.9%.

儘管面對宏觀經濟環境的挑戰，本集團仍錄得穩健的經營業績。於二零二一財政年度，本集團錄得的收益為3,008.0百萬港元，較二零二零財政年度的2,780.2百萬港元（經重列）增加 227.8百萬港元或8.2% 。二零二一財政年度的經營溢利為320.6百萬港元，較上一財政年度的278.2百萬港元（經重列）增加42.4百萬港元或15.2% ，而二零二一財政年度的經營利潤率改善0.7%至10.7% 。經營溢利增加乃主要歸因於電訊分部新5G產品的利潤率改善及數據中心分部、醫療設備分部及工業設備分部的收益增加。二零二一財政年度的淨利潤為226.6百萬港元，較上一財政年度的154.5百萬港元（經重列）增加72.1百萬港元或46.7% ，而二零二一財政年度的淨利潤率由5.6%（經重列）改善 1.9%至7.5% 。對比本公司二零二零年的年報所披露截至二零二零年三月三十一日止年度的淨利潤128.1百萬港元，二零二一財政年度的淨利潤錄得大幅增加98.5百萬港元或76.9% 。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

RESULTS OF OPERATIONS

Financial Overview

經營業績

財務回顧

Financial Overview	財務回顧
For the year ended 31 March 截至三月三十一日止年度	2021 2020 Change變動 (restated) （經重列） HK$’million HK$’million HK$’million 百萬港元百萬港元百萬港元
Revenue 收益 Gross profit 毛利 Gross profit margin 毛利率 Other income and other gains and losses 其他收入及其他收益及虧損 Total operating expenses 經營開支總額 Total operating expenses as a percentage of revenue 經營開支總額佔收益百分比 Operating profit 經營溢利 Operating profit margin 經營利潤率 Loss on revaluation of building 樓宇重估虧損 Extreme transaction expenses 極端交易開支 Finance costs 融資成本 Profit before taxation 除稅前溢利 Taxation 稅項 Effective tax rate 實際稅率 Profit for the year 年內溢利 Net profit margin 淨利潤率 Profit for the year (excluding Extreme transaction expenses) 年內溢利（扣除極端交易開支） Net profit margin 淨利潤率	3,008.0 2,780.2 227.8
	580.2 499.6 80.6 19.3% 18.0% 3.0 20.8 (17.8) (262.6) (242.2) (20.4) 8.7% 8.7%
	320.6 278.2 42.4 10.7% 10.0% (5.8) – (5.8) (4.2) (19.1) 14.9 (42.5) (70.2) 27.7
	268.1 188.9 79.2 (41.5) (34.4) (7.1) 15.5% 18.2%
	226.6 154.5 72.1 7.5% 5.6%
	230.8 173.6 57.2 7.7% 6.2%

Revenue

The Group’s revenue in FY2021 increased by HK$227.8 million to HK$3,008.0 million from $2,780.2 million (restated) in the previous financial year, which represented an increase of 8.2% as compared to previous financial year. The increase in revenue was mainly driven by the substantially increased sales in data centre, medical equipment and industrial equipment sector.

收益

本集團於二零二一財政年度的收益由上一財政年度2,780.2百萬港元（經重列）增加227.8百萬港元至3,008.0百萬港元，較上一財政年度增加8.2% 。收益增加乃主要由於數據中心、醫療設備及工業設備分部的銷售大幅增加所致。

For the year ended 31 March 截至三月三十一日止年度 Market Sector 市場分部	2021 2020 Change變動 (restated)（經重列） HK$’million % HK$’million % HK$’million % 百萬港元 % 百萬港元 % 百萬港元 %
Cable assembly 電線組件 Data centre 數據中心 Telecommunication 電訊 Medical equipment 醫療設備 Industrial equipment 工業設備 Networking cables 網絡電線 Cat 5/5e cables Cat 5/5e電線 Cat 6/6A cables Cat 6/6A電線 Cat 7/7A cables Cat 7/7A電線 Others 其他 Total 總計	811.6 27.0% 698.8 25.1% 112.8 16.1% 568.1 18.9% 565.8 20.4% 2.3 0.4% 181.7 6.0% 126.3 4.5% 55.4 43.9% 94.1 3.1% 47.8 1.7% 46.3 96.9%
	1,655.5 55.0% 1,438.7 51.7% 216.8 15.1%
	226.3 7.5% 221.0 7.9% 5.3 2.4% 1,001.2 33.3% 934.6 33.6% 66.6 7.1% 44.7 1.5% 100.1 3.6% (55.4) -55.3% 80.3 2.7% 85.8 3.1% (5.5) -6.4%
	1,352.5 45.0% 1,341.5 48.3% 11.0 0.8%
	3,008.0 100.0% 2,780.2 100.0% 227.8 8.2%

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Data centre sector: The Group had resolved the additional tariffs issue by procuring the “Country of origin and Marking Ruling” from the U.S. Customs and Border Protection for data centre sector’s products last year. The shipments of the data centre sector resumed to the normal level prior to the Sino-U.S. trade war since May 2019. The revenue of data centre sector has significantly increased by HK$112.8 million or 16.1% to HK$811.6 million for FY2021 as compared to HK$698.8 million for the previous financial year, the orders of this sector still maintained at a high shipment level during the year, and it is remaining the highest revenue sector in the cable assembly business.

數據中心分部：去年，通過就數據中心分部產品取得美國海關及邊境保衛局的「原產國及標記裁定」，本集團已解決額外關稅問題。由二零一九年五月起，數據中心分部的出貨量恢復至中美貿易戰之前的正常水平。數據中心分部收益較上一財政年度的698.8百萬港元大幅增加112.8百萬港元或16.1%至二零二一財政年度的811.6百萬港元，該分部的訂單於年內仍維持於較高的出貨水平，為電線組件業務下收益維持最高的分部。

Telecommunication sector : It recorded a slight increase of revenue from HK$565.8 million in the previous financial year to HK$568.1 million for FY2021, representing an increase of HK$2.3 million or 0.4%. Although the revenue increase was not much, orders of new 5G products have increased gradually and the profit margin has improved as these new 5G products carry a better margin.

電訊分部：該分部的收益由上一財政年度的 565.8 百萬港元輕微增加至二零二一財政年度的 568.1 百萬港元，增加 2.3 百萬港元或 0.4% 。儘管收益增長不多，新5G產品的訂單逐漸增加及利潤率有所改善，原因為該等新5G 產品帶有更高的利潤率。

Medical equipment sector: The outbreak of COVID-19 has stimulated an increase in medical equipment cables orders. In the early stage of the epidemic, the order level has increased by two to three times than normal from some of the customers. The revenue of medical equipment sector for FY2021 was HK$181.7 million, representing a substantial increase of HK$55.4 million or 43.9% as compared to HK$126.3 million for the previous financial year.

醫療設備分部：2019冠狀病毒病爆發刺激醫療設備電線訂單增加。疫情初期，部分客戶的訂單水平較正常時增加兩至三倍。醫療設備分部於二零二一財政年度的收益為181.7百萬港元，相較上一財政年度的126.3百萬港元大幅增加55.4百萬港元或43.9% 。

Industrial equipment sector: In order to minimise the risks and uncertainties in the unstable economic environment, the Group has striven to grasp different business opportunities. For example, in March 2020, the Group successfully gained trial orders from a new prestigious customer, which has become one of the Group’s major revenue contributors in this sector. The revenue generated from the industrial equipment sector substantially increased by HK$46.3 million or 96.9% from HK$47.8 million (restated) for the previous financial year to HK$94.1 million for FY2021.

工業設備分部：為盡力減少動蕩經濟環境下的風險及不明朗因素，本集團致力於把握不同業務機會。舉例而言，於二零二零年三月，本集團順利取得一名享負盛名的新客戶的試產訂單，其隨即成為本集團該分部主要收益來源之一。來自工業設備分部的收益由上一財政年度的47.8百萬港元（經重列）大幅增加46.3百萬港元或96.9%至二零二一財政年度的94.1百萬港元。

Networking cables: As the impact of the COVID-19 pandemic has been lasting for a longer time than originally expected, the revenue of networking cables sector for FY2021 was HK$1,352.5 million, representing only a slight increase of HK$11.0 million or 0.8% as compared with HK$1,341.5 million (restated) for the previous financial year. The COVID-19 pandemic seriously affected the global economic activities as the major oversea markets being lockdown, and many companies have to adopt work from home policies or no-pay leave arrangements. The flow of people and logistics have been restricted. As a result, some new projects were on hold and customer demand was reduced. Fortunately, PRC is one of the fastest market to reopen, where the recovery from the sharp contraction in the first quarter is underway. The demand from PRC customers remained relatively stable and there was no significant decrease or cancellation of sales orders from customers. On the other hand, after acquisition of the Target Group, the Group increased its cable assembly product mix by increasing the intragroup purchase from the Target Group and speed up the development of certain new products, such as high-speed cables and hybrid cables, for cable assembly customers. The Group believes that this strategy will be effective given that individual customer of either the Group or the Target Group should require both groups’ products, which will absolutely benefit to both groups’ business.

網絡電線：由於2019冠狀病毒病疫情的影響比原先預期長，二零二一財政年度的網絡電線分部收益為1,352.5百萬港元，較上一財政年度的1,341.5百萬港元（經重列）輕微增加11.0百萬港元或0.8% 。2019冠狀病毒病疫情嚴重打擊全球經濟活動，主要海外市場封鎖，眾多公司須實施居家工作政策或安排無薪假。出行及物流均受限制，導致部分新項目暫停，客戶需求減少。幸而中國為重啟速度最快的市場之一，已從第一季度的急挫復甦。來自中國客戶的需求維持相對穩定，客戶並無大幅減少或取消銷售訂單。另一方面，收購目標集團後，本集團通過增加向目標集團進行集團內採購以擴大其電線組件產品組合，並加快若干新產品的開發（如高速電線及混合電線）供電線組件客戶使用。本集團相信，鑒於本集團或目標集團的個別客戶需要使用兩個集團的產品，該策略定將有效對兩個集團的業務帶來裨益。

12 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Segment Information

Segmental information is presented for the Group as disclosed on Note 5 to the consolidated financial statements.

Gross Profit/Margin

Gross profit for FY2021 was HK$580.2 million, representing an increase of HK$80.6 million or 16.1% as compared with HK$499.6 million (restated) for the previous financial year. Gross profit margin increased from 18.0% (restated) to 19.3%. Although the direct labour costs increased due to the labour shortage and the depreciation increased due to the amortisation of fair value gain of the PRC properties, the Group’s gross profit margin has made improvement mainly due to the increase in revenue from the sale of new 5G products of the telecommunication sector, and the increase in revenue from the data centre sector and the medical equipment sector, which carrying a higher profit margin.

Operating Profit/Margin

Operating profit (excluding the loss on revaluation of building, extreme transaction expenses and finance costs) for FY2021 was HK$320.6 million, representing an increase of HK$42.4 million or 15.2% as compared with HK$278.2 million (restated) recorded in the previous financial year. Operating profit margin was 10.7% for FY2021 compared to 10.0% (restated) in the previous financial year. The ratio of EBITDA (excluding the extreme transaction expenses) to revenue increased to 12.9% from 12.4% (restated) for the previous financial year.

分部資料

本集團呈列之分部資料如綜合財務報表附註5 所披露。

毛利╱毛利率

二零二一財政年度的毛利為580.2百萬港元，較上一財政年度的499.6百萬港元（經重列）增加80.6百萬港元或16.1% 。毛利率由18.0%（經重列）增加至19.3% 。雖然直接勞工成本因勞工短缺而增加，以及折舊因中國物業公平值收益攤銷而增加，惟本集團的毛利率有所改善，主要是由於來自電訊分部銷售新5G產品的收益增加，以及來自數據中心分部及醫療設備分部的收益增加，該等分部帶有較高的利潤率。

經營溢利╱經營利潤率

二零二一財政年度的經營溢利（扣除樓宇重估虧損、極端交易開支及融資成本）為320.6百萬港元，較上一財政年度錄得的278.2百萬港元（經重列）增加42.4百萬港元或15.2% 。二零二一財政年度的經營利潤率為10.7% ，而上一財政年度則為10.0%（經重列）。EBITDA（扣除極端交易開支）佔收益比率由上一財政年度的 12.4%（經重列）上升至12.9% 。

Other income, which comprise of primarily bank interest income, government grants, handling income was in aggregate HK$14.0 million for FY2021, representing a decrease of 7.3% as compared with HK$15.1 million (restated) for the previous financial year. Such decrease was mainly attributable to the decrease of government grants of HK$0.5 million and a decrease of bank interest income HK$0.5 million.

二零二一財政年度的其他收入主要由銀行利息收入、政府補助及手續費收入構成，合共為 14.0百萬港元，較上一財政年度的15.1百萬港元（經重列）減少7.3% 。該減少乃主要歸因於政府補貼減少0.5百萬港元及銀行利息收入減少 0.5百萬港元。

Other gains and losses were recorded a loss of HK$11.0 million for FY2021 compared to a gain of HK$5.7 million (restated) for the previous financial year. Such loss was mainly due to the exchange loss from RMB appreciation of HK$9.2 million, which was attributable to the Group’s operations in the ordinary course of business, as compared to an exchange gain of HK$5.6 million (restated) in the previous financial year.

其他收益及虧損於二零二一財政年度錄得虧損 11.0百萬港元，而上一財政年度則錄得收益 5.7百萬港元（經重列）。該虧損乃主要由於人民幣升值所致的匯兌虧損9.2百萬港元，而該等匯兌虧損乃產生自本集團日常業務過程中的經營，而上一財政年度則錄得匯兌收益5.6百萬港元（經重列）。

The total operating expenses for FY2021 were HK$262.6 million, an increase of HK$20.4 million or 8.4% compared to HK$242.2 million (restated) recorded in the previous financial year. Total operating expenses as a percentage of Group’s revenue remained stable at 8.7%, same as previous financial year.

二零二一財政年度的經營開支總額為262.6百萬港元，較上一財政年度錄得的242.2百萬港元（經重列）增加20.4百萬港元或8.4% 。經營開支總額佔本集團收益百分比維持穩定，為 8.7% ，與上一財政年度相同。

Distribution and selling expenses increased from HK$50.2 million (restated) to HK$51.7 million during FY2021, representing an increase of HK$1.5 million or 3.0% as compared with the previous financial year. It was mainly attributable to the increase of staff cost HK$2.3 million, and a decrease of travel and entertainment HK$0.9 million due to the lockdown and social distancing. As a percentage of Group’s revenue, distribution and selling expenses slightly decreased from 1.8% (restated) to 1.7% as compared to the previous financial year.

於二零二一財政年度，分銷及銷售開支由50.2 百萬港元（經重列）增加至51.7百萬港元，較上一財政年度增加1.5百萬港元或3.0% ，主要歸因於員工成本增加2.3百萬港元，以及實施封城及社交距離措施導致差旅及應酬減少0.9百萬港元。分銷及銷售開支佔本集團收益百分比由上一財政年度的1.8%（經重列）輕微減少至 1.7% 。

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Administrative expenses decreased from HK$123.6 million (restated) to HK$122.6 million over the previous financial year. The decline was mainly due to the drop of share option expenses of HK$1.2 million. Administrative expenses as a percentage of revenue decreased from 4.4% (restated) to 4.1%.

行政開支由上一財政年度的123.6百萬港元（經重列）減少至122.6百萬港元。該減幅乃主要由於購股權開支減少1.2百萬港元所致。行政開支佔收益百分比由4.4%（經重列）減少至4.1% 。

During FY2021, the research and development expenses were HK$88.4 million, which represented an increase of HK$20.0 million or 29.2% as compared with the previous financial year. It was mainly attributable to the increase of staff cost of HK$11.7 million, materials cost of HK$6.0 million and depreciation of HK$1.4 million. Research and development expenses as a percentage of Group’s revenue increased from 2.5% (restated) to 2.9%. The Company continuously put great efforts to enhance its R&D capabilities by expanding the R&D team, so as to launch more new products and technologies.

Extreme Transaction Expenses

As at 30 June 2020, the Company completed the acquisition of the business of manufacturing and sales of networking cables engaged by the Target Group, at a final consideration of HK$781.0 million. The expenses incurred in connection with this acquisition was approximately HK$4.2 million for FY2021.

於二零二一財政年度，研發開支為88.4百萬港元，較上一財政年度增加20.0百萬港元或 29.2% ，主要歸因於員工成本增加11.7百萬港元、材料成本增加6.0百萬港元及折舊增加1.4 百萬港元。研發開支佔本集團收益百分比由 2.5%（經重列）增加至2.9% 。通過擴充研發團隊，本公司繼續致力加強其研發能力，旨在推出更多新產品及技術。

極端交易開支

於二零二零年六月三十日，本公司完成收購目標集團從事的製造及銷售網絡電線業務，最終代價為781.0百萬港元。而於二零二一財政年度，就該項收購產生的開支約為4.2百萬港元。

Finance Costs

For FY2021, the finance costs were recorded at HK$42.5 million against HK$70.2 million (restated) for the previous financial year. The finance costs included (i) bank loan interest of HK$27.8 million for short-term bank borrowings mostly for networking cables business; (ii) interest expenses of HK$12.0 million for the Company’s club loan financing its acquisition of the networking cables business; and (iii) interest expenses of HK$2.7 million on the lease liabilities under adoption of HKFRS 16 “Leases” effective from 1 April 2019.

融資成本

於二零二一財政年度，融資成本為42.5百萬港元，而上一財政年度則為70.2百萬港元（經重列）。融資成本包括(i)主要用於網絡電線業務的短期銀行借款的銀行貸款利息27.8百萬港元； (ii)本公司用於撥付網絡電線業務收購事項的聯合貸款的利息開支12.0百萬港元；及(iii)自二零一九年四月一日起採納香港財務報告準則第16 號「租賃」後就租賃負債的利息開支2.7百萬港元。

Total Profit for the year and Earnings per Share

Total profit for the year of the Group for FY2021 was HK$226.6 million, representing an increase of HK$72.1 million or 46.7% as compared with HK$154.5 million (restated) for the previous financial year. By excluding the extreme transaction expenses, total profit was HK$230.8 million and net profit margin was recorded at 7.7% as compared with 6.2% (restated) for the previous financial year. As compared with HK$128.1 million for the net profit of the Group for the year ended 31 March 2020 as disclosed in the 2020 annual report, it represented a significant increase of HK$98.5 million or 76.9%.

年內溢利總額及每股盈利

本集團二零二一財政年度的年內溢利總額為 226.6百萬港元，較上一財政年度的154.5百萬港元（經重列）增加72.1百萬港元或46.7% 。扣除極端交易開支後，溢利總額為230.8百萬港元及淨利潤率為7.7% ，而上一財政年度則為6.2%（經重列），對比二零二零年年報所披露截至二零二零年三月三十一日止年度的本集團純利128.1百萬港元大幅增加98.5百萬港元或 76.9% 。

Taxation represents the tax expenses arising from the assessable profit generated by the Group in Hong Kong and the PRC. Taxation was provided at the respective tax rate of 16.5% and 25% based on the profit from operating activities. The major manufacturing subsidiaries, TIME Interconnect Technology (Huizhou) Limited (“ Huizhou TIME ”) and Linkz Ind (Suzhou), were awarded the Advanced-Technology Enterprise Certificate and are eligible for tax concessionary rate of 15%. Taxation charges increased from HK$34.4 million (restated) in the previous financial year to HK$41.5 million in FY2021. The effective tax rate decreased from 18.2% (restated) to 15.5%.

稅項指自本集團於香港及中國的應課稅溢利產生的稅項開支。稅項根據經營活動所得溢利分別按16.5%及25%的稅率作出撥備。主要製造附屬公司匯聚科技（惠州）有限公司（「惠州匯聚」）及華迅工業（蘇州）均獲得高新技術企業證書，符合資格享有15%的優惠稅率。稅項開支由上一財政年度的34.4百萬港元（經重列）增加至二零二一財政年度的41.5百萬港元。實際稅率由18.2%（經重列）下降至15.5% 。

Basic earnings per share for FY2021 was HK12.3 cents as compared to the basic earnings per share of HK8.4 cents (restated) in the previous financial year.

於二零二一財政年度，每股基本盈利為12.3港仙，而上一財政年度每股基本盈利則為8.4港仙（經重列）。

14 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Dividends

The Directors recommend to the Shareholders the payment of a final dividend in respect of FY2021 of HK1.5 cents (2020: HK1.5 cents) per share, amounting to a total of approximately HK$27.6 million.

股息

董事建議向股東派付二零二一財政年度的末期股息每股1.5港仙（二零二零年：1.5港仙），總額約為27.6百萬港元。

Dividend per share 每股股息	2021 2020 HK cents HK cents 港仙港仙
Interim 中期 Final 末期 Total 總計	1.5 1.0 1.5 1.5
	3.0 2.5

Final dividend proposed after the end of the reporting period
末期股息於報告期結束後提呈

OUTLOOK

Looking ahead, the cable assembly industry is expected to sustain growth in the coming years. To meet the market demand, the Group is striving to enhance its production capacity by acquiring a parcel of industrial land with two industrial buildings for its production. The management remains confident that the Group’s enlarged production capacity and wellestablished business fundamentals would enable it to capture the market opportunities upon the arrival of this generation 5G network. In the meantime, with the successful acquisition of networking cables business (engaged by Linkz Cables Limited and its subsidiaries), the Group’s revenue base has been significantly enlarged and its risk of customer concentration has been mitigated by merging with the diverse customer base of the Target Group. Moreover, the Company believes that the acquisition of the Target Group can better position the Group and the Target Group to capture the evolving opportunities brought by the rapid development of 5G technology, and strategically improves the Group’s defence position amid the global economic uncertainties. The expanded business scale after the completion of the acquisition provides the Group a broader and more diversified revenue stream and enhances its profit source.

展望

展望未來，電線組件行業有望在未來數年維持增長。為滿足市場需求，本集團已通過收購一幅建有兩幢工業大廈的工業用地用於生產，努力提升其產能。管理層依然深信本集團經擴大產能及完善的業務基礎，將令其在今世代5G 網絡到來時把握市場機遇。與此同時，成功收購網絡電線業務（經華迅電纜有限公司及其附屬公司擴充）後，本集團的收益基礎已大幅擴大，而其客戶集中風險已因與目標集團的多元化客戶群融合而減低。此外，本公司相信，收購目標集團可令本集團及目標集團處於更佳的位置，以把握5G技術快速發展而帶來的不斷發展的機遇，以及在全球經濟不穩定因素中於戰略方面改善本集團的防守位置。完成收購事項後的經擴大業務規模為本集團提供更廣闊及更多元化的收益流，並增強其溢利來源。

In April 2021, the Ministry of Industry and Information Technology of the PRC stated that the country has initially built the world’s largest 5G mobile network. With the rapid development of the 5G cellular network technology in the PRC and the 5G network deployment announced by various mobile operators in the second half of 2019, the Group noted that there will be gradual and large scale replacement of 5G devices and equipment in the coming years, which is expected to drive the demand of cable assembly products. The PRC has continuously made great efforts to accelerate the research and development of 5G technology, it is expected the sales order from Customer A will continue to increase and benefit the telecommunication sector. In addition, the COVID-19 pandemic has changed many economic activities. For example, companies are forced to work from home and increase online meetings during the lockdown period and persistent social distancing, which will directly increase the application and demand of network communication.

於二零二一年四月，中國工業和信息化部表示，中國已初步建成全球最大的 5G 移動網絡。隨著中國5G蜂巢式網路技術快速發展及二零一九年下半年各移動營運商紛紛宣佈5G網絡部署，本集團注意到未來數年將逐步及大規模更換5G裝置及設備，預計將推動電線組件產品的需求。中國持續致力加快5G技術研發，預期客戶A的銷售訂單將會持續增加，並使電訊分部受益。另外，2019冠狀病毒病疫情改變了多類經濟活動。舉例而言，公司於封城及持續社交隔離期間被迫居家工作及增加網絡會議，其將直接增加網絡通訊的應用及需求。

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Huawei recently predicted that, the utilisation rate of cloud technology in the companies around the world will reach 85% by 2025. In cloud computing, the computing storage network must be placed in the data centre, therefore, the growing cloud technology is expected to drive the development of data centre. At the same time, as the development of 5G will boost the application of big data, IoT, internet gaming and video streaming through cloud platform. So for data centre sector, as the additional tariffs issue had been resolved, the fibre cable assembly products will not be subjected to any additional tariffs when importing into the United States anymore. The shipments of the data centre sector were back to the normal level prior to the Sino-U.S. trade war. The Group remains very positive on the continuous growth of the business of data centre sector.

華為最近預測，到二零二五年，全球企業的雲技術使用率將達到85% 。在雲計算方面，由於計算存儲網絡必須置於數據中心，因此雲技術的持續增長有望推動數據中心的發展。與此同時，5G發展將推動大數據、物聯網、網絡遊戲及雲平台視頻流的應用。就數據中心分部而言，由於額外關稅問題已解決，光纖電線組件產品進口至美國時將不再需要繳交任何額外關稅。數據中心分部的出貨量恢復至中美貿易戰之前的正常水平。本集團對數據中心分部業務的持續增長仍然非常樂觀。

Although the COVID-19 vaccines have been available, and countries vigorously urged people to get vaccinated, the epidemic is still severe or has rebounded due to the mutation of the virus, and the number of confirmed cases and deaths is still on the rise in the near future. As for the medical equipment sector, the Group expects the demand for medical cables will last for a while and it will continue to bring positive impact to the Group’s medical cables orders in this year. Moving ahead, the Group believes that this sector will maintain its dynamic pace of growth, considering the arising demand from the medical equipment market. To catch up with the trend, the Group will continue to enhance its medical equipment customers base, as well as to strengthen its R&D capabilities.

儘管2019冠狀病毒病疫苗已經推出，各國積極呼籲人民接種疫苗，但隨着病毒變種，疫情仍然嚴重或已經反彈，近期確診病例和死亡人數仍在上升。就醫療設備分部而言，本集團預計醫療電纜的需求將持續一段時間，並將繼續為本集團本年度的醫療電纜訂單帶來正面影響。展望未來，考慮到醫療設備市場的需求不斷增長，本集團相信該分部將保持其動態增長速度。為跟上此趨勢，本集團將繼續擴大其醫療設備客戶群，並加強其研發能力。

On the other hand, with the introduction of vaccines, and the economic recovery measures successively launched by the countries, it is expected that the market will rebound significantly. The Group noticed that the orders in industrial equipment sector has been increased in recent months. For the industrial equipment sector, the Group has striven to grasp different business opportunities in order to minimise the risks and uncertainties involved in the unstable economies. Moving ahead, the Group expects the demand for sales order in this sector will increase gradually for the coming year.

另一方面，隨著引入疫苗，加上各國陸續推出經濟復甦措施，預期市場將大幅反彈。本集團留意到，近月工業設備分部的訂單有所增加。就工業設備分部而言，本集團竭力把握不同業務機遇，藉此盡量減少不穩定經濟環境中的風險及不確定性。展望未來，本集團預期該分部的銷售訂單需求將於未來數年逐步增加。

In addition to the cable assembly and networking cables business units, the Group set up a new business unit - Robotics Business Unit. Whilst it is challenging, robotics business is a new endeavour of the Group. In order to better develop this new business, the Group has set up a new wholly-owned subsidiary “TIME Robotics Technology (Shanghai) Limited” (“ Shanghai TIME ”) in Shanghai. It carries a flexible manufacturing setup, provides digitised supply chain management and high-level product traceability. The Group is also building a new team for robotic product assembly and developing related manufacturing capabilities in vertical integration. Even this new business is still in a developing stage, but the Group believes that this new business can create many possibilities and lead the Group to another new stage.

除電線組件及網絡電線業務分部外，本集團更設立新的業務分部 - 機器人業務分部。雖然充滿挑戰，但機器人業務為本集團的新嘗試。為了更好地發展該項新業務，本集團已於上海成立新全資附屬公司「輝炬機器人科技（上海）有限公司」（「上海輝炬」）。其具備靈活的生產設施，提供數碼化供應鏈管理及高水平產品追蹤能力。本集團亦正組建新團隊，負責機器人產品組裝及開發垂直整合的相關生產技術。儘管該項新業務仍處於發展階段，但本集團相信，該項新業務能夠創造許多可能性，並帶領本集團踏入另一個新階段。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

The COVID-19 pandemic is impacting the business operations of various enterprises in different manner and disrupting the way we live, work and learn. As a reputable customised interconnect solutions supplier, the Group remain committed to fighting against COVID-19 and protecting and supporting its people, as well as its valued customers, partners and communities. Over the past several months, the Group have mobilized across the Hong Kong office and China factories to respond to the COVID-19 pandemic, by focusing on the safety of its staff, manufacturing continuity and providing solutions to support the customers’ response. Its factories are in full operation to receive the incoming deliveries from suppliers and making outgoing shipments to customers. The Group is closely monitoring the potential adverse impact on supply chain continuity to support its global customers who depend on its products. Moving ahead, the Group will continue to stay alert to the changes in economic environment and take prompt and decisive actions to maintain the Group’s competitiveness and sustainability. Meanwhile, the Group will keep enhancing its business operations, so that it is fully capable to capitalise on an eventual market turnaround.

2019冠狀病毒病疫情從不同方面影響大小企業的業務營運，更擾亂我們的生活、工作及學習方式。作為一家信譽卓著的定制電線互連方案供應商，本集團繼續致力對抗2019冠狀病毒病，保護及支援其員工，以及其尊貴的客戶、合作夥伴和社區。過去數月，本集團已動員香港辦事處及中國廠房應對2019冠狀病毒病疫情，集中於員工安全、生產持續性及提供解決方案以支援客戶需要。其廠房全面運作，接收供應商的來貨並向客戶發貨。本集團正密切監控供應鏈持續性的潛在不利影響，以支援依賴其產品的全球客戶。展望未來，本集團將繼續對經濟環境的變動保持警覺，並採取迅速及果斷行動，以維持本集團的競爭力及可持續性。同時，本集團將繼續加強其業務運作，以於市場最終好轉時充分把握機會。

LIQUIDITY AND FINANCIAL RESOURCES

Shareholders’ funds as at 31 March 2021 were approximately HK$852.5 million, which represented a decrease of HK$305.5 million or 26.4% from HK$1,158.0 million (restated) as at 31 March 2020. The decrease was mainly due to the acquisition of networking cables business during FY2021. To conform with applicable accounting standards in relation to the acquisition of Target Group, the comparative consolidated financial information of the Group for the year ended 31 March 2020 has been restated as if the acquisition had been completed at the beginning of the comparative period. Such decrease was partly offset by (i) the revaluation surplus of PRC properties HK$242.1 million under adoption of revaluation model HKAS 16 effective from 1 July 2020; (ii) the profit attributable to owners of the Company for FY2021 of HK$226.4 million; and (iii) the appreciation of RMB at the reporting date, an increase of HK$93.7 million in the translation reserve from converting RMB into Hong Kong dollars as recorded in the financial statements of the PRC subsidiary. As a result, shareholders’ funds per share decreased by 27.0% from HK$0.63 (restated) to HK$0.46.

流動資金及財務資源

於二零二一年三月三十一日，股東資金約為 852.5百萬港元，較二零二零年三月三十一日的1,158.0百萬港元（經重列）減少305.5百萬港元或26.4% 。該減少乃主要由於在二零二一財政年度收購網絡電線業務所致。為符合有關收購目標集團的適用會計準則，本集團截至二零二零年三月三十一日止年度的比較綜合財務資料已重列，猶如收購於比較期間開始時已完成。該減少部分被以下各項抵銷：(i)採用自二零二零年七月一日起生效的香港會計準則第16 號重估模式下的中國物業重估盈餘242.1百萬港元；(ii)本公司擁有人應佔二零二一財政年度溢利226.4百萬港元；及(iii)於報告日期人民幣升值，中國附屬公司的財務報表中錄得因將人民幣兌換為港元而產生的匯兌儲備增加93.7百萬港元。因此，每股股東資金由0.63港元（經重列）減少27.0%至0.46港元。

As at 31 March 2021, the Group had bank balances and cash of HK$156.6 million, representing a decrease of 57.3% as compared to HK$366.9 million (restated) as of 31 March 2020. Such decrease was mainly due to the balance payment of the acquisition of networking cables business of HK$151.0 million and distribution of the Company’s final dividend for the year ended 31 March 2020 of HK$27.6 million and the interim dividend for the six months ended 30 September 2020 of HK$27.6 million during FY2021. As at 31 March 2021, the Group’s bank loan was HK$1,012.2 million, representing a decrease of HK$167.1 million or 14.2% from HK$1,179.3 million (restated) as at 31 March 2020. The Group believes it has sufficient committed and unutilised banking facilities as at 31 March 2021 to meet its current business operation and capital expenditure requirements.

於二零二一年三月三十一日，本集團銀行結餘及現金為156.6百萬港元，較二零二零年三月三十一日的 366.9 百萬港元（經重列）減少 57.3% 。該減少主要由於在二零二一財政年度，支付收購網絡電線業務餘額151.0百萬港元、派發本公司截至二零二零年三月三十一日止年度的末期股息27.6百萬港元，以及派發截至二零二零年九月三十日止六個月的中期股息 27.6百萬港元所致。於二零二一年三月三十一日，本集團銀行貸款為1,012.2百萬港元，較二零二零年三月三十一日的1,179.3百萬港元（經重列）減少167.1百萬港元或14.2% 。本集團相信其於二零二一年三月三十一日有足夠已承諾及未動用的銀行融資額度，以滿足其目前的業務營運及資本開支需求。

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Analysis of Cash Flow from Operations

經營所得現金流量分析

For the year ended 31 March 截至三月三十一日止年度	2021	2020 Change變動 (restated) （經重列） HK$’million HK$’million 百萬港元百萬港元


	HK$’million
	百萬港元
Operating profit 經營溢利 Extreme transaction expenses 極端交易開支 Loss on revaluation of property, plant and equipment 物業、廠房及設備重估虧損 Depreciation and amortisation 折舊及攤銷 EBITDA EBITDA Interest income 利息收入 Gain on change in fair value of financial assets 金融資產公平值變動收益 Loss on disposal of tangible assets 出售無形資產之虧損 Write off of inventories 存貨撇銷 Share based payments 以股份為基礎的付款 Loss on revaluation of property, plant and equipment 物業、廠房及設備重估虧損 Working capital change 營運資金變動 Cash generated from operations 經營產生的現金	320.6	278.2 42.4 (19.1) 14.9 – (5.8) 65.7 6.2
	(4.2)
	(5.8)
	71.9
	382.5	324.8 57.7
	(0.6)	(1.1) 0.5 (0.2) (0.1) – 2.0 2.3 2.4 6.3 (1.3) – 5.8 269.8 (479.1)
	(0.3)
	2.0
	4.7
	5.0
	5.8
	(209.3)
	189.8	601.9 (412.1)

The Group’s cash generated from operations for FY2021 was HK$189.8 million, a decrease of 68.5% as compared to HK$601.9 million in the previous financial year. The decrease was mainly attributable to the change of working capital as compared with the previous financial year.

Working Capital Change

本集團經營產生的現金於二零二一財政年度為 189.8百萬港元，較上一財政年度的601.9百萬港元減少68.5% 。有關減少主要歸因於營運資金與上一財政年度相比的變化。

營運資金變動

Working Capital Change	營運資金變動
As at 31 March 於三月三十一日	2020 Change變動 2021 (restated) （經重列） HK$’million HK$’million HK$’million 百萬港元百萬港元百萬港元
Stocks 存貨 Trade debtors 應收賬項 Other debtors, deposits and prepayments 其他應收款、按金及預付款項 Trade creditors 應付賬項 Other creditors and accruals 其他應付款及應計費用 Total working capital 營運資金總額	401.2 73.7 474.9 511.4 241.2 752.6 65.1 (9.0) 56.1 (494.5) (12.9) (507.4) (59.1) (5.4) (64.5)
	424.1 287.6 711.7

Stock as of 31 March 2021 increased to HK$474.9 million from HK$401.2 million (restated) as of 31 March 2020. The turnover days was 66 days, remain unchanged from previous financial year.

於二零二一年三月三十一日的存貨為474.9百萬港元，較二零二零年三月三十一日的401.2 百萬港元（經重列）有所增加。周轉日數為66 日，與上一財政年度維持不變。

As at 31 March 於三月三十一日	2021 2020 (restated) （經重列） HK$’million HK$’million 百萬港元百萬港元
Stock 存貨 Average stocks as a percentage of cost of goods sold 平均存貨佔售出貨品成本百分比 Turnover days 周轉日數	474.9 401.2 18.0% 18.2% 66 66

18 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Trade debtors as of 31 March 2021 increased to HK$752.6 million from HK$511.4 million (restated) as of 31 March 2020. The higher trade debtor balance as at 31 March 2021 was mainly due to the increase in revenue in the last quarter of FY2021 as compared with the previous financial year. Debtors’ turnover days remain unchanged as 77 days. Last year, due to the outbreak of COVID-19, the Group’s production capacity had dropped temporarily as the PRC government announced the temporary lockdown in various provinces since January 2020 to avoid the spreading of the COVID-19 pandemic. Following the end of the extended Chinese New Year holiday on 10 February 2020, the Group’s production facilities begun resuming in phases. The Group experienced a slower-than-usual return to normal conditions, as many workers around the country had delayed returning to work resulting in a loss of 60% of production capacities of February 2020. The Group’s production facilities had resumed full operations since mid-March 2020. As compared to this year, in response to the call of the PRC government, the Group recommended that workers stay in the factory during the Chinese New Year holiday. Except the 4 days of statutory holidays, the rest of holidays has worked as usual. Therefore, this year’s output and shipment volume are higher than last year.

於二零二一年三月三十一日的應收賬項為 752.6百萬港元，較二零二零年三月三十一日的511.4百萬港元（經重列）有所增加。於二零二一年三月三十一日的應收賬項結餘增加主要由於與上一財政年度相比，二零二一財政年度最後一個季度的收益增加。應收款的周轉日數維持不變為77日。去年，由於2019冠狀病毒病的爆發，自二零二零年一月起中國政府宣佈多省暫時封城，以防止2019冠狀病毒病疫情蔓延，本集團的產能暫時有所下降。農曆新年假期延長至二零二零年二月十日，此後，本集團的生產設施開始分階段恢復。由於全國各地的許多工人延期復工，本集團恢復正常狀態的速度較以往慢，以致二零二零年二月損失60%的產能。本集團的生產設施自二零二零年三月中開始已全面恢復營運。對比本年度農曆新年假期期間，為響應中國政府的號召，本集團建議工人留在廠房。除4天法定假期外，在假期其餘期間均照常工作。因此，本年的產出量及出貨量均高於往年。

The Group has tight management on credit exposure, and has delegated a Credit Team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group has reviewed the recoverable amount of each individual trade debt at the end of each reporting period to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the Directors consider that the Group’s credit risk is significantly reduced. The overdue balances greater than 90 days accounted for 0.05% of the gross trade debtors as of 31 March 2021.

本集團對信貸風險實行嚴格管理，並指派信貸團隊負責信貸限額之釐定、信貸額之批核，並設有其他監管程序，確保能採取跟進措施收回逾期債務。此外，本集團已於各報告期末檢討每筆應收債項的可收回金額，以確保就不可收回金額提撥充足減值虧損。就此而言，董事認為，本集團的信貸風險顯著降低。於二零二一年三月三十一日，逾期超過90日的逾期結餘佔應收賬項總額的0.05% 。

As at 31 March 於三月三十一日	2021 2020 (restated) （經重列） HK$’million HK$’million 百萬港元百萬港元
Trade debtors and bills receivables 應收賬項及應收票據 Average trade debtors as a percentage of revenue 平均應收賬項佔收益百分比 Turnover days 周轉日數	752.6 511.4 21.0% 21.2% 77 77

Other debtors, deposits and prepayments as of 31 March 2021 were HK$56.1 million, decreased from HK$65.1 million (restated) as of 31 March 2020. It was mainly attributable to the decrease of other receivables.

於二零二一年三月三十一日的其他應收款、按金及預付款項為56.1百萬港元，較二零二零年三月三十一日的65.1百萬港元（經重列）有所減少，主要由於其他應收款項減少所致。

Trade creditors as of 31 March 2021 were HK$507.4 million, as compared to HK$494.5 million (restated) as of 31 March 2020. Creditors’ turnover days slightly decreased from 78 days to 75 days.

於二零二一年三月三十一日的應付賬項為 507.4百萬港元，而二零二零年三月三十一日則為494.5百萬港元（經重列）。應付款的周轉日數由78日輕微減少至75日。

As at 31 March 於三月三十一日	2021 2020 (restated) （經重列） HK$’million HK$’million 百萬港元百萬港元
Trade creditors and bills payables 應付賬項及應付票據 Average trade creditors as a percentage of cost of goods sold 平均應付賬項佔售出貨品成本百分比 Turnover days 周轉日數	507.4 494.5 20.6% 21.5% 75 78

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Other creditors and accruals as of 31 March 2021 increased to HK$64.5 million from HK$59.1 million (restated) as of 31 March 2020, which was mainly due to the increase in payable of domestic sales VAT.

於二零二一年三月三十一日的其他應付款及應計費用為64.5百萬港元，較二零二零年三月三十一日的59.1百萬港元（經重列）有所增加，主要由於國內銷售增值稅的應付款項增加所致。

Capital Expenditure

For FY2021, the Group invested HK$46.8 million in the purchase of tangible assets including machinery and equipment, leasehold improvements and office equipment. All of these capital expenditures were financed from internal resources and funded by the proceeds from the listing of the Company.

Charge on Group Assets

Save for the bank deposits that were pledged in order to secure the bills payables issued by the bank under the general banking facilities granted to the Group, as at 31 March 2021 and 2020, banking facilities extended to the Group were not secured with the Group’s assets. Pledged bank deposits amounted to HK$7.1 million and HK$13.5 million (restated) as at 31 March 2021 and 2020 respectively.

資本開支

於二零二一財政年度，本集團投資46.8百萬港元購置有形資產（包括機器及設備、租賃物業裝修及辦公室設備）。所有此等資本開支均由內部資源提供資金及由本公司上市所得款項撥付。

集團資產抵押

除為獲取銀行根據授予本集團的一般銀行融資所發行的應付票據而抵押的銀行存款外，於二零二一年及二零二零年三月三十一日，本集團獲授的銀行融資並無以本集團資產作抵押。於二零二一年及二零二零年三月三十一日，已抵押銀行存款分別為7.1百萬港元及13.5百萬港元（經重列）。

Gearing Ratio

Gearing ratio is calculated as total debt divided by total equity and multiplied by 100%. As at 31 March 2021, the Group’s gearing ratio was 117.1% as compared to the previous financial year 101.1% (restated).

負債比率

負債比率根據債務總額除以總權益再乘以 100%計算。於二零二一年三月三十一日，本集團的負債比率為117.1% ，而上一財政年度負債比率為101.1%（經重列）。

CAPITAL STRUCTURE

The shares of the Company were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”). There has been no change in the capital structure of the Group since then. The share capital of the Group only comprises of ordinary shares.

股本架構

本公司股份在香港聯合交易所有限公司（「聯交所」）主板上市。自此，本集團股本架構概無任何變動。本集團的股本僅包括普通股。

As at 31 March 2021, the Company’s issued share capital was HK$18.4 million and the number of its issued ordinary shares were 1,840,432,000 of HK$0.01 each.

於二零二一年三月三十一日，本公司的已發行股本為18.4百萬港元，而其已發行普通股數目為1,840,432,000股，每股面值0.01港元。

FOREIGN EXCHANGE EXPOSURE

Most of the Group’s receipts and payments are denominated in US dollars, Hong Kong dollars, RMB and Euro. The Group’s management monitors the risk of related foreign exchange exposure by entering into forward foreign exchange contracts. Foreign currency exchange rates are volatile and may have an impact on the Group’s results. The Group’s management evaluates the Group’s foreign currency exposure on a continuing basis and takes actions to minimise the Group’s exposure whenever necessary.

外匯風險

本集團大部分收付款以美元、港元、人民幣及歐元計值。本集團管理層透過訂立遠期外匯合約監察其相關外匯風險。匯率波動可能對本集團業績產生影響。本集團管理層持續評估本集團的外幣風險並於必要時採取措施盡量降低本集團的風險。

TREASURY POLICIES

As an internal treasury policy, the Group continues to implement a prudent policy on financial management policy and does not participate in any high risk speculative activities. However, the Group’s management monitors exchange exposure and will consider hedging significant foreign currency exposure should the need arise. Save for the net proceeds from the listing, the Group will also monitor and maintain a Hong Kong dollar cash balance in order to minimise the need for unnecessary foreign exchange conversion which may result in exchange loss.

庫務政策

作為內部庫務政策，本集團繼續就財務管理政策審慎實施政策，並無參與任何高風險投機活動。然而，本集團管理層會監察外匯風險，並將於需要時考慮對沖重大外幣風險。除上市所得款項淨額外，本集團亦將監察及維持港元現金結餘，以盡量減少對可能引致外匯虧損的不必要外匯兌換的需求。

20 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

The reporting currency of the Group is presented in Hong Kong dollars, as the Directors consider that it is more relevant to the users of the consolidated financial statements as the Company listed its shares on the Stock Exchange.

本集團的呈報貨幣為港元，乃由於董事認為，此舉對綜合財務報表的使用者更為貼合，原因為本公司股份於聯交所上市。

CAPITAL COMMITMENTS AND CONTINGENT

資本承擔及或然負債

LIABILITIES

As at 31 March 2021, the capital commitment of the Group is as follows:

於二零二一年三月三十一日，本集團的資本承擔如下：

		2021	2020 (restated) （經重列） HK$’million 百萬港元


		HK$’million
		百萬港元
Capital expenditure in respect of the acquisition of property, plant and equipment contracted but not provided for in the consolidated financial statements	有關收購已訂約但尚未於綜合財務報表作出撥備之物業、廠房及設備的資本開支	3.6	2.9

Capital expenditure in respect of the acquisition	有關收購已訂約但尚未於綜合財務報表
of property, plant and equipment contracted	作出撥備之物業、廠房及設備的
but not provided for in the consolidated	資本開支
financial statements

As of 31 March 2021, the Group had not provided any form of guarantee for any company outside the Group and had not been involved in any material legal proceedings for which provision for contingent liabilities was required.

於二零二一年三月三十一日，本集團並無向本集團以外任何公司以任何形式作擔保，亦無牽涉任何重大法律訴訟而須就或然負債作出撥備。

SIGNIFICANT INVESTMENTS HELD, MATERIAL ACQUISITION AND DISPOSALS OF SUBSIDIARIES AND AFFILIATED COMPANIES AND PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS

The Company completed the acquisition of the business of manufacturing and sales of networking cables engaged by the Target Group on 30 June 2020. As one or more of the applicable percentage ratios in respect of the acquisition exceeds 100%, the acquisition constituted a very substantial acquisition of the Company under the Rules Governing the Listing of Securities on the Stock Exchange (the “ Listing Rules ”). In addition, as the acquisition may have the effect of achieving a listing of the Target Group, the Listing Committee has resolved that the acquisition was an extreme transaction under Rule 14.06C of the Listing Rules.

As at the date of completion, Linkz Industries Limited (“ Linkz Industries ”), which was ultimately and beneficially owned by Mr. Lo Chung Wai Paul (“ Mr. Paul Lo ”) as to 59.82% of its effective interest, was a Controlling Shareholder of the Company interested in 63.86% of the Company through Time Interconnect Holdings Limited. (“ Time Holdings ”). As such, Linkz Industries was a connected person of the Company under Chapter 14A of the Listing Rules.

持有重大投資、重大收購及出售附屬公司及聯屬公司以及重大投資或資本資產計劃

本公司已於二零二零年六月三十日完成收購目標集團從事的製造及銷售網絡電線業務。由於收購事項所涉及一項或多項適用百分比率超過 100% ，故根據聯交所證券上市規則（「上市規則」），收購事項構成本公司的一項非常重大收購事項。此外，由於收購事項可能令目標集團取得上市資格，上市委員會已根據上市規則第 14.06C條議決收購事項為一項極端交易。

截至完成日期，領先工業有限公司（「領先工業」）（由羅仲煒先生（「羅仲煒先生」）最終實益擁有其59.82%的實際權益）為本公司的控股股東，通過Time Interconnect Holdings Limited (「 Time Holdings 」)擁有本公司63.86%的權益。因此，根據上市規則第14A章，領先工業為本公司的關連人士。

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

The acquisition of the Target Group was approved by the independent shareholders at the extraordinary general meeting of the Company held on 29 April 2020. Completion of the acquisition of the Target Group took place on 30 June 2020 (the “ Completion Date ”) upon which the initial sum of the Consideration of HK$802.7 million was satisfied by the Company through (i) the payment of HK$630.0 million financed by club loan which coordinated with four leading banks in Hong Kong and (ii) the remaining HK$172.7 million in cash financed by internal resources. An adjustment cash payment for this acquisition of HK$21.7 million was refunded on 11 September 2020 with reference to the finalisation of the Completion NAV from the Post Completion Accounts of the Target Group. The final consideration for this acquisition is thus HK$781.0 million.

於二零二零年四月二十九日舉行的本公司股東特別大會上，獨立股東已批准收購目標集團。收購目標集團於二零二零年六月三十日（「完成日期」）完成，而本公司於完成時透過(i)與香港四家主要銀行協調的聯合貸款支付630.0百萬港元，及(ii)由內部資源以現金支付餘下的 172.7百萬港元，結付初步代價金額802.7百萬港元。此次收購的調整現金款項21.7百萬港元已於二零二零年九月十一日參照目標集團完成後賬目中的最終完成資產淨值而退還。因此，此次收購的最終代價為781.0百萬港元。

In addition, Time Interconnect Investment Limited, a direct wholly-owned subsidiary of the Company, entered into a S&P Agreement with GP Industries Limited (“ GP Industries ”), being the controlling shareholder of the Company, on 31 May 2021, for the acquisition of the business of manufacturing and sales of automotive wire harness business engaged by the relevant subsidiaries of GP Industries at an initial consideration of HK$69.0 million (the “ Proposed Acquisition ”). As the highest of the applicable percentage ratios is greater than 5% but less than 25%, the Proposed Acquisition constitutes a discloseable transaction for the Company and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules. In addition, as at the date of this report, Linkz Industries, which in turn holds 63.85% equity interests of the Company through Time Holdings, is owned as to 38.13% by GP Industries (which is owned as to 85.47% by Gold Peak Industries (Holdings) Limited (“ Gold Peak ”)). As such, GP Industries is a connected person of the Company under Chapter 14A of the Listing Rules.

此外，本公司的直接全資附屬公司 Time Interconnect Investment Limited於二零二一年五月三十一日與本公司的控股股東GP工業有限公司（「 GP 工業」）訂立買賣協議，以收購GP工業的相關附屬公司所從事的汽車配線產品製造及銷售業務，初步代價為69.0百萬港元（「建議收購事項」）。由於最高適用百分比率高於5% 但低於25% ，建議收購事項構成本公司的須予披露交易，並須遵守上市規則第14章項下的申報及公告規定。此外，截至本報告日期，領先工業（透過Time Holdings持有本公司63.85%的股權）由GP工業（由金山工業（集團）有限公司（「金山」）擁有85.47%之權益）擁有38.13% 。因此，GP工業為上市規則第14A章項下的本公司關連人士。

Save as disclosed above, the Group did not have any significant investments held, material acquisition or disposal of subsidiaries and associations for FY2021. There was no other plan for material investments or capital assets as at 31 March 2021.

除上文所披露者外，於二零二一財政年度，本集團並無持有任何重大投資、重大收購或出售附屬公司及聯營公司。截至二零二一年三月三十一日，概無其他重大投資或資本資產的計劃。

MATERIAL EVENT SINCE THE END OF THE FINANCIAL PERIOD

Apart from the acquisitions as set out in above section, there has been no other important event affecting the Group since 31 March 2021 and up to the date of this report.

財務期末以來的重大事件

除上節所載的收購事項外，自二零二一年三月三十一日起直至本報告日期並無其他影響本集團的重要事件。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors believe that there are certain risks and uncertainties involved in the operations of the Group, some of which are beyond the Group’s control. The Directors believe the more significant risks relating to the business are as follows:

the Group may experience labour shortage or unrest or may incur high labour costs;
the Group is exposed to credit risk of its customers;
fluctuations in the prices of the Group’s major raw materials or commodity prices could materially and adversely affect its business, financial conditions and results of operations;
if the Group fails to attract or retain its key managerial and technical personnel, the Group may compromise its ability to maintain strong relationships with its customers and suppliers, develop new products and effectively carry on the R&D and other efforts;
any occurrence of natural disasters, widespread health epidemics or other events could have a material adverse effect on the business, financial condition and results of operations of the Group.

A detailed discussion of the risk factors is set forth in the section headed “Risk Factors” in the Prospectus.

EMPLOYEE

As of 31 March 2021, the total headcount for the Company was approximately 2,519, compared to 2,748 (restated) in the previous financial year. Fair and competitive remuneration package and benefits are offered to employees as well as discretionary bonus and share option. Various types of trainings were provided to the employees. Total employee benefit expenses including Directors’ remuneration for FY2021 were approximately HK$388.9 million, as compared to approximately HK$340.4 million (restated) in the previous financial year. Remuneration is determined with reference to performance, skills, qualifications and experience of the staff concerned and in accordance with the prevailing industry practice.

主要風險及不確定因素

董事相信，本集團經營業務涉及若干風險及不確定因素，其中部分超出本集團的控制範圍。董事相信以下為與我們業務相關的較重大風險：

本集團或會遭遇勞動力短缺或勞資糾紛或可能承擔高昂勞動成本；
本集團面對客戶的信貸風險；
本集團的主要原材料價格或商品價格波動可對其業務、財務狀況及經營業績造成嚴重不利影響；
倘本集團未能吸引或挽留其主要管理及技術人員，本集團在與其客戶及供應商維繫穩固關係、開發新產品及有效進行研發及其他方面的能力可能受損；
發生任何自然災害、危害健康的傳染病迅速擴散或其他事件或會對本集團的業務、財務狀況及經營業績構成重大不利影響。

有關風險因素的詳細論述載於招股章程「風險因素」一節。

僱員

於二零二一年三月三十一日，本公司共有約 2,519名僱員，而上一財政年度則為2,748名（經重列）。僱員獲提供合理及具競爭力的薪酬福利待遇、酌情花紅及購股權。僱員亦獲提供各類型的培訓。於二零二一財政年度的僱員福利開支總額（包括董事酬金）約為388.9百萬港元，而上一財政年度則約為340.4百萬港元（經重列）。酬金乃參考相關員工的表現、技能、資歷及經驗並根據現行行業慣例釐定。

年度報告 2021 ANNUAL REPORT

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

RELATIONSHIP WITH SUPPLIERS, CUSTOMERS AND OTHER STAKEHOLDERS

The Group has a strong, long-established relationship with its key customers, which include leading telecommunication equipment and network solutions provider in the PRC, global internet-related service provider and multinational medical equipment manufacturer that have extensive international coverage. The Group has developed multi-products strategy and also strengthened its scope of services to its global customers. The Group will continue to diversify its customer base and the Directors believe that the extent of customer concentration is likely to decrease in the future.

The Group maintains long-term relationships with suppliers and subcontractors. The Group has no concentration or a high level of dependency on a small group of suppliers. The Group carefully selects its suppliers based on certain assessment criteria, such as overall track record, scale and expertise, cost, product quality and quality control effectiveness, reliability, price, delivery punctuality, historical relationship with the Group, financial condition, reputation and aftersales services. During the selection process, the Group generally carries regular on-site examination of its potential suppliers to ensure that they meet its selection criteria. The Group carries out evaluation of the performance of its existing suppliers and identifies better third party suppliers from time to time to replace the suppliers who fail to perform to its satisfaction.

The Group recognises and supports the culture of attracting, motivating and retaining talents. The Group provides competitive compensation and benefits for its employees. Remuneration packages are generally structured by reference to market and individual merits. Salaries are normally reviewed on an annual basis based on individual performance and financial performance of the Group. Those employees with outstanding performance are also awarded discretionary bonuses. The Group promotes open communications, encourages continuous learning and supports different kinds of training on leadership development programme.

ENVIRONMENTAL AND SOCIAL POLICIES

The Group is committed to creating a sustainable and greener environment and continues to explore ways to reduce carbon emissions, conserve energy and reduce wastage. The Group has implemented various environmental and sustainability initiatives in its factories and offices, such as using LED lightings in the Huizhou factory; adopting heat recovery system to recover the residual heat from the air compressor to heat up water supply in dormitory; encouraging video and phone conference to minimise carbon footprint created by business-related travel. Being a responsible social citizen, the Group has been actively involved in charitable activities in the communities and cities where its factories are operating, and encourages the employees to participate in in-house or external community activities. During FY2021, the Group has been participating in various environmental and social related scheme and awarded a lot of certificates, such as Certificate of Good Employer Charter; Good MPF Employer; Happy Company; Industry Cares; 10 Years[+] Caring Company; and Social Capital Builder Logo Award. The Company’s Environmental, Social and Governance Report (collectively the “ ESG Report ”), which discusses in detail its initiatives on environmental and social aspects and their performance, is set out in the ESG section of this annual report.

COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS

The Company upholds high standards and meets relevant requirements under applicable laws or ordinances when conducting its business. The Company did not identify non-compliance or breach of relevant standards, rules and regulations during the year.

與供應商、客戶及其他持份者的關係

本集團與其主要客戶建立了穩健且長期的關係，客戶包括於中國領先的電訊設備及網絡解決方案供應商、全球互聯網相關服務供應商及擁有廣泛國際網絡的跨國醫療設備生產商。本集團已制定產品多元化策略，同時加強對其全球客戶的服務範疇。本集團將繼續擴大其客戶群，且董事認為，客戶集中程度於未來可能下降。

本集團與供應商及分包商維持長期關係。本集團並無集中或高度依賴少數供應商。本集團根據整體往績記錄、規模及專業知識、成本、產品質量及質量控制成效、可靠性、價格、交貨準時程度、與本集團的過往關係、財務狀況、聲譽及售後服務等若干評估標準，小心選擇供應商。在選擇過程中，本集團一般定期對其潛在供應商進行現場考察，以確保符合其選擇標準。本集團對其現有供應商的績效進行評估，並不時識別更好的第三方供應商，以取代並不符合要求的供應商。

本集團肯定並全力支持吸引、激勵並挽留人才之文化。本集團向其僱員提供具競爭力的薪酬待遇及福利。薪酬組合一般參照市場及個人能力制定。薪酬一般每年按照個人表現及本集團之財務表現而檢討。表現出色之僱員更會獲發酌情花紅。本集團鼓勵開誠溝通，鼓勵持續學習，並支持各種領袖發展培訓課程。

環境及社會政策

本集團致力締造可持續發展及更綠化之環境，並不斷尋求方法以減少碳排放、節能及減廢。本集團已於其廠房及辦公室實施各類環保及可持續發展措施，如在惠州廠房使用LED燈具照明；以熱回收系統回收空氣壓縮機的剩餘熱力，為宿舍供水加熱；鼓勵使用視像及電話會議，以盡量降低業務相關差旅產生的碳足跡。身為負責任之社會公民，本集團一直積極參與其廠房營運所在社區及城市的慈善活動，並鼓勵僱員參與內部或外界社區活動。於二零二一財政年度，本集團不斷參與各類環境及社會相關計劃並獲授多項證書，如好僱主約章；積金好僱主；開心企業；工業獻愛心；10年[+] 商界展關懷標誌；及社會資本動力標誌獎。本公司的環境、社會及管治報告（統稱「環境、社會及管治報告」）載於本年報環境、社會及管治一節，當中詳細論述有關環境及社會方面的措施及其表現。

遵守相關法律及法規

本公司恪守於營運業務過程中維持高水平標準並符合適用法律或條例之相關規定。本公司於年內並無發現偏離或違反相關標準、規則及法規之情況。

24 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

BIOGRAPHICAL DETAILS OF THE DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層履歷詳情

Biographical details of the Directors of the Company and the senior management of the Group are set out as follows:

EXECUTIVE DIRECTORS

Mr. Cua Tin Yin Simon (“Mr. Cua”), aged 59, joined the Group in 1992 and has been appointed as the chief executive officer (the “ Chief Executive Officer ”) and an executive Director of the Company since 10 July 2017. Mr. Cua has gathered extensive experiences in the electronics and cable industry in the PRC since the 1980s. Mr. Cua was honoured with the Young Industrialist Awards of Hong Kong. He is one of the founding members of the China Overseas Chinese Entrepreneurs Association (“ COCEA ”) and has been a member of COCEA. He has also been elected as a council member of International Cablemakers Federation. He is currently a member of Hong Kong-Shanghai Economic Development Association, the director of Shanghai Chinese Overseas Friendship Association and the executive committee member of Hong Kong Electronic Industries Association and Hong Kong Electronics Industry Council. Mr. Cua obtained a Master of Business Administration degree and was further awarded honorary Doctorate of Laws (LL.D.) degree from The University of Western Ontario, Canada.

Mr. Wong Chi Kuen (“Mr. Wong”) , aged 56, joined the Group in 2010 and has been appointed as the chief financial officer (the “ Chief Financial Officer ”) and an executive Director of the Company since 10 July 2017. Mr. Wong has over 23 years of experience in management accounting and operation management. He first joined Linkz Industries (the controlling shareholder of the Company) in 1994 and was transferred to LTK International Limited, a subsidiary of Belden Inc., a company listed on the Stock Exchange of New York (stock code: BDC) following the disposal of Linkz’s electronic cables business in 2007. Mr. Wong re-joined Linkz Industries as financial controller in July 2010. Mr. Wong obtained a Bachelor of Business Administration degree from The Open University of Hong Kong. Mr. Wong is currently a fellow member of the Association of International Accountants and a certified public accountant of the Hong Kong Institute of Certified Public Accountants. He was also admitted as International Accountant (FAIA) jointly by Association of International Accountants and China Association of Chief Financial Officers.

NON-EXECUTIVE DIRECTOR

Mr. Lo Chung Wai Paul (“Mr. Paul Lo”) , aged 72, joined the Group in 1992 and has been the chairman (the “ Chairman ”) and non-executive Director of the Company since 10 July 2017. Mr. Paul Lo has over 43 years of experience in the electronics industry. He is the founder of Linkz Industries (the controlling shareholder of the Company). Mr. Paul Lo is currently the general councilor of the Seventh Council of Guangdong Association of Enterprises with Foreign Investment and the Vice President of the Eighth Council of Huizhou Association of Enterprises with Foreign Investment of China.

本公司董事及本集團高級管理層履歷詳情載列如下：

執行董事

柯天然先生（「柯先生」），59歲，於一九九二年加入本集團及自二零一七年七月十日起獲委任為本公司之行政總裁（「行政總裁」）兼執行董事。自一九八零年代起，柯先生於中國的電子及電線行業積累豐富經驗。柯先生榮獲香港青年工業家獎。彼為中國僑商投資企業協會（「中國僑商投資企業協會」）的其中一位創始成員並為中國僑商投資企業協會會員。彼亦獲選為國際線纜製造商聯盟的理事會成員。彼現為滬港經濟發展協會的會員、上海海外聯誼會的理事以及香港電子業商會及香港電子業總會的執行委員會成員。柯先生於加拿大韋仕敦大學取得工商管理碩士學位，並獲頒授榮譽法學博士學位。

黃志權先生（「黃先生」），56歲，於二零一零年加入本集團及自二零一七年七月十日起獲委任為本公司之首席財務官（「首席財務官」）兼執行董事。黃先生擁有逾23年管理會計及營運管理經驗。彼最初於一九九四年加入領先工業（本公司控股股東），於二零零七年出售領先電子線業務後轉職至樂庭國際有限公司（百通公司的附屬公司，百通公司為一家於紐約證券交易所上市公司，股份代號：BDC) 。黃先生於二零一零年七月重返領先工業擔任財務總監。黃先生於香港公開大學取得工商管理學士學位。黃先生現為國際會計師公會的資深會員及香港會計師公會的執業會計師。彼亦獲國際會計師公會及中國總會計師協會聯合授予國際會計師銜頭。

非執行董事

羅仲煒先生（「羅仲煒先生」），72歲，於一九九二年加入本集團及自二零一七年七月十日起擔任本公司之主席（「主席」）兼非執行董事。羅仲煒先生擁有逾43年電子行業經驗。彼為領先工業（本公司控股股東）的創始人。羅仲煒先生目前為廣東外商投資企業協會第七屆理事會常務理事及惠州市外商投資企業協會第八屆理事會副會長。

年度報告 2021 ANNUAL REPORT

BIOGRAPHICAL DETAILS OF THE DIRECTORS AND SENIOR MANAGEMENT (CONT‘D) 董事及高級管理層履歷詳情（續）

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Ho Hin Shun (“Mr. Ho”) , aged 56, has been appointed as the independent non-executive Director since 24 January 2018. Mr. Ho has over 23 years of experience in sales and marketing on electronics components and substantial management experience in multinational corporations. Mr. Ho obtained a Bachelor of Science degree in Engineering from the University of Hong Kong. He further obtained his Master of Business Administration degree from The Chinese University of Hong Kong.

Mr. Luk Wai Shing (“Mr. Luk”) , aged 52, has been appointed as the independent non-executive Director since 24 January 2018. Mr. Luk has over 26 years’ experience of business development, marketing, customers relationship and compliance in banking industry. Mr. Luk obtained a Bachelor of Business Administration degree from The Chinese University of Hong Kong and has been a certified financial planner accredited by the Institute of Financial Planners of Hong Kong.

Mr. Chan Chung Shun Eric (“Mr. Eric Chan”) , aged 55, has been appointed as the independent non-executive Director since 24 January 2018. Mr. Eric Chan has over 28 years’ experience in the senior positions of the finance and accounting field. He obtained a Master of Management Sciences degree from University of Hull. Mr. Eric Chan has been a certified public accountant of the Hong Kong Institute of Certified Public Accountants and a fellow of The Association of Chartered Certified Accountants.

SENIOR MANAGEMENT

Mr. Chaung Kwai Wing (“Mr. Chaung”) , aged 57, joined the Group in 2020 and is currently the Chief Operating Officer of the Group. He has been engaging in the electronics and cable industry for over 34 years, taking senior positions in sales and marketing and general management. He first joined Linkz Industries in 1996 and was transferred to LTK International Limited following the disposal of Linkz’s electronic cables business in 2007. He re-joined the Group in 2020. Mr Chaung holds a Master of Business Administration degree and a Bachelor of Science degree from The Chinese University of Hong Kong.

Mr. Chan Ting Hei (“Mr. Chan”) , aged 57, joined the Group in 1992 and is currently the Assistant General Manager of Supply Chain Management of the Group and a director of Huizhou TIME, Linkz Ind (Suzhou) and Linkz Industries (Shanghai) Limited (“ Linkz (Shanghai) ”). Mr. Chan has over 31 years’ working experience in the cable industry. He obtained a Master of Science degree in Management of Manufacture from Coventry Polytechnic (now known as Coventry University), a Master of Business Administration degree from the University of South Australia and a Master of Arts degree in International Business Management from the City University of Hong Kong.

Mr. Chu Yi Fu (“Mr. Chu”) , aged 55, joined the Group in April 2018 and is currently the General Manager of Huizhou TIME and a director of Huizhou Chuangxiang Technology Limited (“ Huizhou Chuangxiang ”) and Shanghai TIME. Mr. Chu has over 19 years’ working experience in the cable industry, taking senior positions in business development as well factory management. He obtained an EMBA from Fudan University, PRC.

獨立非執行董事

何顯信先生（「何先生」），56歲，自二零一八年一月二十四日起獲委任為獨立非執行董事。何先生擁有逾23年電子元件銷售及市場營銷經驗，亦擁有豐富的跨國公司管理經驗。何先生於香港大學取得工程理學士學位及於香港中文大學取得其工商管理碩士學位。

陸偉成先生（「陸先生」），52歲，自二零一八年一月二十四日起獲委任為獨立非執行董事。陸先生於銀行業擁有逾26年業務發展、營銷、客戶關係及合規事宜的經驗。陸先生於香港中文大學取得工商管理學士學位，並獲香港財務策劃師學會頒授認可財務策劃師資歷。

陳忠信先生（「陳忠信先生」），55歲，自二零一八年一月二十四日起獲委任為獨立非執行董事。陳忠信先生於財務及會計領域高級職位中擁有逾28年經驗。彼於赫爾大學取得管理科學碩士學位。陳忠信先生為香港會計師公會執業會計師以及特許公認會計師公會資深會員。

高級管理層

莊桂榮先生（「莊先生」），57歲，於二零二零年加入本集團，現時為本集團的首席運營官。彼從事電子及電線行業超過34年，於銷售及市場營銷及一般管理方面擔任高級職位。彼於一九九六年首次加入領先工業，並於二零零七年出售領先電子線業務後轉職至樂庭國際有限公司，並於二零二零年重新加入本集團。莊先生持有香港中文大學工商管理碩士學位及理學士學位。

陳庭禧先生（「陳先生」），57歲，於一九九二年加入本集團，現時為本集團供應鏈管理副總經理及惠州匯聚、華迅工業（蘇州）及領迅電線工業（上海）有限公司（「領迅電線（上海）」）的董事。陳先生在電線行業擁有逾31年工作經驗。彼於考文垂理工學院（現稱考文垂大學）取得生產管理學碩士學位、於南澳大學取得工商管理碩士學位及於香港城市大學取得國際企業管理學碩士學位。

朱一夫先生（「朱先生」），55歲，於二零一八年四月加入本集團，目前為惠州匯聚的總經理，以及惠州創享科技有限公司（「惠州創享」）及上海輝炬的董事。朱先生於電線行業擁有逾19年的工作經驗，在業務發展及工廠管理方面擔任高級職位。彼取得中國復旦大學高級管理人員工商管理碩士學位。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

BIOGRAPHICAL DETAILS OF THE DIRECTORS AND SENIOR MANAGEMENT (CONT‘D) 董事及高級管理層履歷詳情（續）

Mr. Zhan Yangwang (“Mr. Zhan”) , aged 48, joined the Group in 2012 and is currently the Financial Controller of the Cable Assembly Business. Mr. Zhan has over 25 years’ working experience in the accounting and finance field. He obtained an Associate degree of Industrial Management Engineering in Industrial Accounting from Nanchang University and a Master of Business Administration degree from the Hong Kong Baptist University.

占陽旺先生（「占先生」），48歲，於二零一二年加入本集團，現時擔任電線組件業務的財務總監。占先生於會計及財務領域擁有逾25年的工作經驗。彼於南昌大學取得工業管理工程系工業會計專科學位及於香港浸會大學取得工商管理碩士學位。

Mr. Zhong Xilin (“Mr. Zhong”) , aged 41, joined the Group in 2003 and is currently the Assistant General Manager of Sales of the Cable Assembly Business. Mr. Zhong has over 21 years’ experience of sales and marketing in the cable industry. He completed a professional training in Plants Protection from Hengyang City Agricultural School.

鍾喜林先生（「鍾先生」），41歲，於二零零三年加入本集團，現時擔任電線組件業務的營業副總經理。鍾先生於電線行業擁有逾21年的銷售及市場營銷經驗。彼於衡陽市農業學校完成植物保護的專業培訓。

Mr. Zhou Yinfa (“Mr. Zhou”) , aged 56, joined the Group in 2005 and is currently the Assistant General Manager of Manufacturing of Huizhou TIME and Huizhou Chuangxiang. Mr. Zhou has over 32 years’ working experience in the cable industry. He obtained a Bachelor of Engineering degree from South China University of Technology and has been qualified as an electrical and mechanical engineer.

周銀發先生（「周先生」），56歲，於二零零五年加入本集團，現時擔任惠州匯聚及惠州創享生產副總經理。周先生於電線行業擁有逾32年的工作經驗。彼於華南理工大學取得工程學學士學位，並已成為合資格機電工程師。

Mr. Tan Dehua (“Mr. Tan”) , aged 58, joined the Group in 2002 and is currently the Advisor of Operations Optimization Office of Huizhou TIME and Huizhou Chuangxiang. Mr. Tan has over 28 years’ working experience in the manufacturing sector. He obtained a Bachelor of Engineering degree from Central South University (formerly known as Central South University of Technology). Mr. Tan has been qualified as a geotechnical engineer.

譚德華先生（「譚先生」），58歲，於二零零二年加入本集團，現時擔任惠州匯聚及惠州創享營運優化辦公室顧問。譚先生於生產領域擁有逾 28年的工作經驗。彼於中南大學（前稱中南工業大學）取得工程學學士學位。譚先生已獲得地質工程師專業資格。

Mr. Li Yuezhong (“Mr. Li”) , aged 51, joined the Group in 2003 and is currently the Assistant General Manager of Sales of Huizhou TIME. Mr. Li has over 28 years’ working experience in various cable companies. He obtained an Associate degree in Secretarial Studies from Xiangtan University and a National Marketing Manager Qualification Certificate from the Marketing Professional Committee of China Business Manager Association.

李岳忠先生（「李先生」），51歲，於二零零三年加入本集團，現時為惠州匯聚營業副總經理。李先生於多家電線公司擁有逾28年的工作經驗。彼於湘潭大學取得秘書課程專業學位及獲得中國商業技師協會市場營銷專業委員會頒發的全國市場營銷經理資格證書。

Mr. Liu Zuhong (“Mr. Liu”) , aged 71, joined the Group in 2020 and is currently the Assistant to Chairman of the Networking Cables Business. Mr. Liu has over 30 years’ experience in the electronics and cable industry in PRC, taking senior positions in business development, domestic sales and factory management.

劉祖洪先生（「劉先生」），71歲，於二零二零年加入本集團，現時為網絡電線業務董事長助理。劉先生在中國電子及電線行業擁有逾30年的經驗，於業務發展、國內銷售及工廠管理方面擔任高級職位。

Mr. Li Put Tung (“Mr. Victor Li”) , aged 42, joined the Group in 2002 and is currently the General Sales Manager of the Networking Cables Business and a director of Linkz Ind (Suzhou) and Linkz (Shanghai). Mr. Victor Li has over 19 years’ working experience in the wires and cables industry with the latest 15 years committed to business development and sales and marketing. He holds a Master of Science degree in Communications, Computer and Human Centred Systems (Multimedia Computer Systems) and a Bachelor of Engineering degree in Electronic and Communication Engineering from the University of Birmingham.

李渤東先生（「李渤東先生」），42歲，於二零零二年加入本集團，現時為網絡電線業務營業總經理，以及華迅工業（蘇州）及領迅電線（上海）的董事。李渤東先生在電線電纜行業擁有逾19 年的工作經驗，最近15年致力於業務拓展、銷售及市場營銷工作。彼獲伯明翰大學頒授通訊、電腦及以人為中心系統（多媒體電腦系統）理學碩士學位及工程（電子及通訊工程）學士學位。

年度報告 2021 ANNUAL REPORT 27

BIOGRAPHICAL DETAILS OF THE DIRECTORS AND SENIOR MANAGEMENT (CONT‘D) 董事及高級管理層履歷詳情（續）

Mr. Liu Yaliang (“Mr. Liu Yaliang”) , aged 46, joined the Group in 2000 and is currently the Chief Engineer of the Networking Cables Business. Mr. Liu Yaliang has over 22 years’ experience of manufacturing engineering and product development in the wires and cables industry, with his efforts committed to R&D of networking cables in the latest 16 years. He obtained a Bachelor of Engineering degree in Mechanical Electrical Engineering from Nanjing University of Science & Technology. Mr. Liu Yaliang has also been qualified as a Senior Engineer in Professor Level (正高級工程師) and appointed as part-time tutor for master’s degree students in electrical engineering of Harbin University of Science and Technology. He received a number of technical awards from Shanghai local authorities and reputable institutions of the industry.

劉雅樑先生（「劉雅樑先生」），46歲，於二零零零年加入本集團，現時為網絡電線業務總工程師。劉雅樑先生在電線電纜行業擁有逾22年製造工程及產品開發的經驗，最近16年致力於網絡電纜的研發。彼取得南京理工大學機械電子工程工學學士學位。劉雅樑先生已獲得正高級工程師專業資格，並獲聘為哈爾濱理工大學電氣工程學科碩士研究生兼職導師。彼獲上海市地方政府及業內知名機構頒發多項技術獎。

Mr. Fu Kuanlin (“Mr. Fu”) , aged 50, joined the Group in 2019 and is currently the Director of Manufacturing – Specialty Cables of the Networking Cables Business. Mr. Fu has over 27 years’ working experience in the wires and cables industry. He holds a Master of Business Administration degree from Xi’an Jiaotong University and a Bachelor of Engineering degree in Mechanical Manufacturing Technology and Equipment from Hunan University.

傅寬林先生（「傅先生」），50歲，於二零一九年加入本集團，現時為網絡電線業務特種線製造總監。傅先生在電線電纜行業擁有逾27年的工作經驗。彼取得西安交通大學工商管理碩士學位，以及取得湖南大學機械製造工藝與設備工學學士學位。

Mr. Ling Zhen (“Mr. Ling”) , aged 46, joined the Group in 1995 and is currently the Assistant Financial Controller of the Networking Cables Business. He is also the Supervisor of Linkz Ind (Suzhou), Linkz (Shanghai), Hover (Kunshan) Electronic Material Co., Limited and Kunshan Deqin Machinery Limited. Mr. Ling has over 25 years’ working experience in the finance and accounting field. He holds an Associate degree in International Accounting from East China Normal University and an accountancy certificate issued and approved by the Ministry of Personnel and Ministry of Finance of the PRC.

凌真先生（「凌先生」），46歲，於一九九五年加入本集團，現時為網絡電線業務財務副總監。彼亦為華迅工業（蘇州）、領迅電線（上海）、豪和（昆山）電子材料有限公司及昆山市德勤機械有限公司的監督。凌先生於財務及會計領域擁有逾25年的工作經驗。彼取得華東師範大學國際會計專科學位，並取得由中國人事部及財政部頒發和認可的會計專業資格證書。

Mr. Li Yuebin (“Mr. Li Yuebin”) , aged 56, joined the Group in 2004 and is currently the Assistant General Manager of Administration of Linkz Ind (Suzhou). Mr. Li Yuebin has over 37 years of experience in finance, auditing and accounting as well as factory management. Mr. Li Yuebin obtained a Master of Business Administration degree from Macau University of Science and Technology. He completed a professional training in Economics and Management from Party School of Heilongjiang Provincial Committee of the Communist Party of China.

李岳斌先生（「李岳斌先生」），56歲，於二零零四年加入本集團，現時為華迅工業（蘇州）的行政副總經理。李岳斌先生在財務、審計、會計以及工廠管理方面擁有逾37年的經驗。李岳斌先生取得澳門科技大學工商管理碩士學位，並於中共黑龍江省委黨校完成經濟管理的專科培訓。

Mr. Yao Honglin (“Mr. Yao”) , aged 55, joined the Group in 1999 and is currently the Factory Manager of Linkz Ind (Suzhou). Mr. Yao has over 33 years of experience in technology development, quality control and production management. He obtained an Associate degree in Mechanical Engineering – Mechanical Manufacturing Technology and Equipment from Nantong University (formerly Known as Nantong Textile Engineering College) and a Quality Professional certificate issued by the State General Administration of the People’s Republic of China for Quality Supervision and Inspection and Quarantine.

姚宏林先生（「姚先生」），55歲，於一九九九年加入本集團，現時為華迅工業（蘇州）的廠長。姚先生在技術開發、質量控制及生產管理方面擁有逾33年的經驗。姚先生取得南通大學（前稱南通紡織工學院）機械製造工藝及設備專科學位，並獲得由中華人民共和國國家質量監督檢驗檢疫總局頒發的質量專業證書。

Mr. Qin Jianjun (“Mr. Qin”) , aged 48, joined the Group in 2000 and is currently the Factory Manager of Linkz (Shanghai). Mr. Qin has over 27 years of experience in the wires and cables industry, among which over 20 years in management positions. He obtained an Associate degree in Economics and Management from Xi’an Politics Institute of the People’s Liberation Army.

秦建軍先生（「秦先生」），48歲，於二零零零年加入本集團，現時為領迅電線（上海）的廠長。秦先生在電線電纜行業擁有逾27年的經驗，其中在管理職級累積逾20年的經驗。彼取得中國人民解放軍西安政治學院經濟管理專科學位。

28 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

BIOGRAPHICAL DETAILS OF THE DIRECTORS AND SENIOR MANAGEMENT (CONT‘D) 董事及高級管理層履歷詳情（續）

COMPANY SECRETARY

Ms. Ng Hoi Ying (“Ms. Ng”) , aged 34, has been appointed as the company secretary of the Company (the “ Company Secretary ”) since 1 March 2019. Ms. Ng has over 12 years of experience in auditing, accounting and financial reporting. Ms. Ng is currently a company secretarial manager at Blooming (HK) Business Limited, a company primarily engaged in corporate advisory and company secretarial services. Ms. Ng is also the company secretary of seven companies listed on the Stock Exchange. Ms. Ng obtained a degree of Bachelor of Business Administration (Honours) in Accountancy from The Hong Kong Polytechnic University. Ms. Ng is a member of the Hong Kong Institute of Certified Public Accountants.

公司秘書

吳愷盈女士（「吳女士」），34歲，自二零一九年三月一日起獲委任為本公司之公司秘書（「公司秘書」）。吳女士於審計、會計及財務報告方面擁有逾12年的經驗。吳女士現時為Blooming (HK) Business Limited（一間主要從事企業顧問及公司秘書服務之公司）之公司秘書經理。吳女士亦為七間聯交所上市公司的公司秘書。吳女士於香港理工大學取得會計學（榮譽）工商管理學士學位。吳女士為香港會計師公會的會員。

年度報告 2021 ANNUAL REPORT

DIRECTOR’S REPORT 董事會報告

The Board is pleased to present the annual report together with the audited consolidated financial statements of the Group for the year ended 31 March 2021.

PRINCIPAL ACTIVITIES

The Company is an investment holding company, and its subsidiaries are principally engaged in manufacture and sales of cable assembly and networking cables products (the “ Core Business ”). Details of the principal activities of its subsidiaries are set out in Note 36 to the consolidated financial statements. There were no significant changes in the nature of the Group’s principal activities during the year.

BUSINESS REVIEW

The business review of the Group for the year is set out in the “Chairman’s Statement” and “Management Discussion and Analysis” of this annual report.

DIVIDEND POLICY

The Board has adopted a dividend policy (the “ Dividend Policy ”) on 28 December 2018. Details of the Dividend Policy is disclosed as below.

The Company adopts a general dividend policy that aims to provide shareholders of the Company out of the Group’s profit attributable to shareholders in any financial year, subject to the criteria set out below.

Such declaration and payment of dividends shall remain to be determined at the discretion of the Board and subject to all applicable requirements (including without limitation restrictions on dividend declaration and payment) under the Companies Ordinance (Cap. 622 of the Laws of Hong Kong) and the memorandum and articles of association of the Company.

In proposing any dividend payout, the Board shall also take into account, inter alia:–

the Group actual and expected financial performance;
shareholders’ interests;
retained earnings and distributable reserves of the Company and each of the other members of the Group;
the level of the Group’s debts to equity ratio, return on equity and financial covenants to which the Group is subject;
possible effects on the Group’s creditworthiness;
any restrictions on payment of dividends that may be imposed by the Group’s lenders;
the Group’s expected working capital requirements and future expansion plans;
liquidity position and future commitments at the time of declaration of dividend;
taxation considerations;
statutory and regulatory restrictions;
general business conditions and strategies;
general economic conditions, business cycle of the Group’s business and other internal or external factors that may have an impact on the business or financial performance and position of the Company; and
other factors that the Board deems appropriate.

董事會欣然提呈截至二零二一年三月三十一日止年度的年報連同本集團的經審核綜合財務報表。

主要業務

本公司為一間投資控股公司，而其附屬公司主要從事製造及銷售電線組件及網絡電線產品（「核心業務」）。其附屬公司的主要業務的詳情載於綜合財務報表附註36。本集團於年內的主要業務性質概無重大變動。

業務回顧

本集團於年內的業務回顧載於本年報的「主席報告」及「管理層討論及分析」內。

股息政策

董事會已於二零一八年十二月二十八日採納一項股息政策（「股息政策」）。股息政策詳情如下文所披露。

本公司採納一般股息政策，旨在於任何財政年度向本公司股東提供本集團之股東應佔溢利，惟須遵守下列標準。

有關宣派及派付股息仍由董事會酌情決定，並須遵守香港法例第622章《公司條例》及本公司組織章程大綱及細則的所有適用規定（包括但不限於股息宣派及派付限制）。

建議派付任何股息時，董事會亦應考慮（其中包括）：－

本集團的實際及預期財務業績；
股東權益；
本公司及本集團其他各成員公司的保留盈利及可分配儲備；
本集團之負債股權比率、股本回報率，以及施加於本集團的財務限制所處之水平；
對本集團信用可靠程度之潛在影響；
由本集團的貸款人可能施加的任何股息派付限制；
本集團之預期營運資金需求以及未來擴張計劃；
於宣派股息時之流動資金狀況及未來之承諾情況；
稅務考慮；
法定和監管限制；
整體商業條件及策略；
整體經濟狀況、本集團業務的商業週期，以及可能影響本公司業務或財務表現和狀況的其他內部或外部因素；及
董事會認為適當的其他因素。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

The Board may propose the payment of dividends, if any, with respect to the Company’s shares on a per share basis.

In addition to cash, dividends may be distributed in the form of shares subject to and in accordance with the procedures set out in the Company’s memorandum and articles of association.

Except for interim dividend, any dividends declared by the Company must be approved by an ordinary resolution of shareholders at the general meeting and must not exceed the amount recommended by the Board. The Board may from time to time pay to the shareholders such interim dividends as appear to the directors to be justified by the profits of the Company available for distribution.

The Company will continually review the Dividend Policy and reserves the right in its sole and absolute discretion to update, amend and/or modify the Dividend Policy at any time, and the Dividend Policy shall in no way constitute a legally binding commitment by the Company that dividends will be paid in any particular amount and/or in no way obligate the Company to declare a dividend at any time or from time to time.

Pursuant to the Code Provision E.1.5 under Appendix 14 Corporate Governance Code and Corporate Governance Report, the Company should disclose the policy on payment of dividend in the annual report.

RESULTS AND DIVIDEND

The results of the Group for the year ended 31 March 2021 are set out in the consolidated statement of profit or loss and other comprehensive income of this annual report. The state of affairs of the Group and the Company as at 31 March 2021 are set out in the consolidated statement of financial position and Note 14 to the consolidated financial statements respectively. The Directors do recommend the payment of a final dividend of HK$1.5 (2020: HK 1.5 cents) per share, amounting to a total of approximately HK$27.6 million (2020: HK$27.6 million).

CLOSURE OF REGISTER OF MEMBER

The forthcoming annual general meeting is scheduled to be held on Monday, 23 August 2021 (the “ 2021 AGM ”). For determining the entitlement to attend and vote at the AGM, the register of members of the Company will be closed from Wednesday, 18 August 2021 to Monday, 23 August 2021, both days inclusive, during which period no transfer of shares of the Company will be registered. In order to attend and vote at the AGM, all share transfer documents accompanied by the relevant share certificates must be lodged with the share registrar of the company in Hong Kong, Tricor Investor Services Limited, Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong, for registration not later than 4:30 p.m. on Tuesday, 17 August 2021.

In order to qualify for the entitlement to the proposed final dividend, the register of members of the Company will also be closed from Friday, 27 August 2021 to Wednesday, 1 September 2021, both days inclusive, during which period no transfer of shares in the Company will be registered. All transfer of shares, accompanied by the relevant share certificates, must be lodged with the branch share registrar of the Company in Hong Kong, Tricor Investor Services Limited at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Thursday, 26 August 2021. If the resolution of the proposed final dividend is passed at the 2021 AGM, the proposed final dividend will be payable to shareholders whose names appear on the register of members of the Company on Wednesday, 1 September 2021. The proposed final dividend is expected to be paid on or before Tuesday, 21 September 2021.

FINANCIAL SUMMARY

A summary of the results, assets and liabilities of the Group for the five financial years is set out on page 160 in this annual report. This summary does not form part of the audited consolidated financial statements of the Group.

董事會可就本公司股份以每股股份為基準建議派付股息（如有）。

除現金外，股息可以股份形式分派，惟須遵守及按照本公司組織章程大綱及細則規定的程序進行。

除中期股息外，本公司宣派的任何股息必須於股東大會上經股東的普通決議案予以批准，且不得超過董事會所建議的數額。倘董事認為本公司的可供分派溢利足以作出有關分派，董事會可不時向股東派付中期股息。

本公司將會持續審閱股息政策以及保留其唯一及絕對酌情權於任何時間更新、修訂及╱或修改股息政策，並且股息政策並不構成具法律約束力的承諾使本公司將以任何具體金額派付股息，及╱或並不使本公司有義務於任何時間或不時宣派股息。

根據附錄十四企業管治守則及企業管治報告守則條文第E.1.5條，本公司應於年報中披露有關派付股息的政策。

業績及股息

本集團截至二零二一年三月三十一日止年度的業績載於本年報的綜合損益及其他全面收益表。本集團與本公司於二零二一年三月三十一日的業務狀況分別載於綜合財務狀況表及綜合財務報表附註14。董事建議派付末期股息每股1.5港仙（二零二零年：1.5 港仙），總金額約為27.6百萬港元（二零二零年：27.6 百萬港元）。

暫停辦理股份過戶登記手續

應屆股東週年大會預定將於二零二一年八月二十三日（星期一）舉行（「二零二一年股東週年大會」）。為釐定出席股東週年大會並於會上投票的權利，本公司將由二零二一年八月十八日（星期三）至二零二一年八月二十三日（星期一）（包括首尾兩日）期間暫停辦理股東登記手續，期間不會進行本公司的股份過戶登記。為出席股東週年大會並於會上投票，所有股份過戶文件連同相關股票最遲須於二零二一年八月十七日（星期二）下午四時三十分前交回本公司的香港股份過戶登記分處卓佳證券登記有限公司（地址為香港皇后大道東183號合和中心54樓）。

為符合資格享有建議末期股息，本公司將由二零二一年八月二十七日（星期五）至二零二一年九月一日（星期三）（包括首尾兩日）期間暫停辦理股東登記手續，期間不會進行本公司的股份過戶登記。所有股份過戶文件連同相關股票最遲須於二零二一年八月二十六日（星期四）下午四時三十分前交回本公司的香港股份過戶登記分處卓佳證券登記有限公司（地址為香港皇后大道東183號合和中心54樓）。倘建議末期股息的決議案於二零二一年股東週年大會上獲通過，建議末期股息將派付予於二零二一年九月一日（星期三）名列本公司股東名冊的股東。建議末期股息預期將於二零二一年九月二十一日（星期二）或之前派付。

財務概要

本集團五個財政年度的業績、資產及負債概要載於本年報第160頁。本概要並不構成本集團經審核綜合財務報表的一部分。

年度報告 2021 ANNUAL REPORT

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

PROPERTY, PLANT AND EQUIPMENT

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

SHARE CAPITAL

Details of movements in the Company’s share capital during the year, together with the reasons thereof, are set out in Note 28 to the consolidated financial statements.

RESERVES

Details of movements in the reserves of the Group and the Company during the year are set out in consolidated statement of changes in equity and Note 35 to the consolidated financial statements respectively.

DISTRIBUTABLE RESERVES

At 31 March 2021, the Company’s reserves available for distribution to owners comprising share premium account and accumulated profits, amounted to approximately HK$290.9 million.

SHARE OPTION SCHEMES

The Company conditionally adopted a share option scheme on 24 January 2018 (the “ Scheme ”). The terms of the Scheme are in accordance with the provisions of Chapter 17 of the Listing Rules and other relevant rules and regulations. Further details of the Share Option Scheme are set out in Note 29 to the consolidated financial statements.

PRE-EMPTIVE RIGHTS

There are no provision for pre-emptive rights under the memorandum and articles of association of the Company or the laws of the Cayman Islands, being the jurisdiction of which the Company is incorporate, which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.

DONATION

Charitable donations made by the Group during FY2021 amounted to HK$86,600 (2020: HK$1,200).

RELATED PARTY TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS

During FY2021, a non-exempt continuing connected transaction has been renewed and will continue to be carried out between the Company and Linkz Industries.

Linkz Industries, through Time Holdings, hold 1,175,070,000 shares (representing 63.85% of the Group’s enlarged total share capital) and remains as the controlling shareholder. Mr. Paul Lo, considered himself and his shareholdings in Nickson Holdings Limited (“ Nickson Holdings ”), hold the controlling stake in Linkz Industries representing indirectly control 38.2% of the Group’s enlarged total share capital. Therefore, Linkz Industries is connected person of the Company under the Listing Rules.

Linkz Industries, with its subsidiaries conducted business including the manufacture and sales of LED video display screens and leasing of LED video display screens.

The related party transactions of the Group as set out in Note 34 to the consolidated financial statements.

物業、廠房及設備

有關本集團於年內的物業、廠房及設備變動的詳情載於綜合財務報表附註15。

股本

有關本公司於年內的股本變動的詳情及其原因載於綜合財務報表附註28。

儲備

有關本集團及本公司於年內的儲備變動的詳情分別載於綜合權益變動表及綜合財務報表附註35。

可供分派儲備

於二零二一年三月三十一日，本公司可供分派予擁有人的儲備（包括股份溢價賬和累計溢利）金額約為 290.9百萬港元。

購股權計劃

本公司已於二零一八年一月二十四日有條件地採納購股權計劃（「計劃」）。計劃的條款符合上市規則第 17章的條文及其他相關規則及規例。購股權計劃的進一步詳情載於綜合財務報表附註29。

優先購買權

本公司組織章程大綱及細則或開曼群島（即本公司註冊成立的司法權區）法例並無載列優先購買權條文，以規定本公司須按比例向現有股東發售新股份。

捐款

本集團於二零二一財政年度作出的慈善捐款為 86,600港元（二零二零年：1,200港元）。

關聯方交易及持續關連交易

於二零二一財政年度，本公司與領先工業已重續非豁免持續關連交易並將持續進行。

領先工業透過 Time Holdings持有 1,175,070,000 股股份（佔本集團經擴大股本總額63.85%）及繼續擔任控股股東。羅仲煒先生考慮到自身及其於力生控股有限公司（「力生控股」）的股權，持有領先工業的控股權（相當於間接控制本集團經擴大股本總額的 38.2%）。因此，根據上市規則，領先工業為本公司關連人士。

領先工業及其附屬公司進行的業務包括LED視頻顯示屏的製造及銷售，以及LED視頻顯示屏租賃。

本集團關聯方交易載於綜合財務報表附註34。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

Property Sharing Agreement

On 24 March 2020, Linkz Cables Limited (a subsidiary of the Company after the completion of the acquisition i.e. 30 June 2020) and Linkz Industries entered into the agreement for a term commencing from the date of completion of the acquisition (i.e. 30 June 2020) to 31 March 2023, pursuant to which Linkz Cables Limited and its subsidiaries shares a portion of the Linkz Industries’ Hong Kong office and continues to pay annual sharing costs to the Linkz Industries (the “ Property Sharing Agreement ”).

On 31 March 2020, the Company renewed the agreement between the Company and Linkz Industries for a term of three years from 1 April 2020 to 31 March 2023, pursuant to which the Group shares a portion of the Linkz Industries’ Hong Kong office and continues to pay annual sharing costs to the Linkz Industries (the “ Existing Property Sharing Agreement ”).

Pursuant to Rule 14A.81 of the Listing Rules, the transactions contemplated under the Property Sharing Agreement are required to be aggregated with the transactions under the existing property sharing arrangements between the Group and the Linkz Industries contemplated under the Existing Property Sharing Agreements (which are also continuing connected transactions for the Company).

The Group had been sharing a portion of the Hong Kong office of Linkz Industries for use as the headquarters since 1994 and does not have any plan to relocate its present headquarter shared with Linkz Industries.

The Directors, including the independent non-executive Directors, consider that all of the continuing connected transactions above and their respective annual caps are fair and reasonable, and that such transactions have been and will be entered into the ordinary and usual course of the business of the Group, on normal commercial terms, are fair and reasonable, and in the interests of the Group and Shareholders as a whole.

The Company’s auditor was engaged to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants. The auditor has issued an unqualified letter containing its findings and conclusions in respect of the continuing connected transactions disclosed by the Group in this annual report in accordance with Rule 14A.56 of the Listing Rules. A copy of the auditor’s letter has been provided by the Company to the Stock Exchange.

Save disclosed above, details of all the fully exempted and non-exempted continuing connected transactions set out in Note 34 to the consolidated financial statements that falls under the definition of “connected transaction” or “continuing connected transaction” in Chapter 14A of the Listing Rules. The Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.

DISCLOSURE REQUIREMENTS UNDER RULE 13.21 OF THE LISTING RULES

On 30 June 2020, the Company entered into a four years term loan facility agreement for an aggregate amount of HK$630.0 million with four leading banks in Hong Kong for the exclusive purpose of acquisition of the networking cables business. Pursuant to the terms of the facility agreement, it shall be an event of default if (i) Mr. Paul Lo ceases to be the single largest beneficial shareholder of the Company or beneficially own more than 51% of the issued share capital of Linkz Industries; (ii) Mr. Paul Lo ceases to be the chairman of the board of directors of the Company or have control over the management and business of the Group; or (iii) Linkz Industries ceases to beneficially own more than 50% of the issued share capital of the Company. Upon the occurrence of an event of default, the entire outstanding amount of the facility shall be prepaid together with accrued interest.

As at 31 March 2021 and up to the date of this report, there is no breach of the covenants.

物業共享協議

於二零二零年三月二十四日，華迅電纜有限公司（本公司於二零二零年六月三十日完成收購後之附屬公司）與領先工業訂立協議，自收購完成日期（即二零二零年六月三十日）起計至二零二三年三月三十一日止，據此，華迅電纜有限公司及其附屬公司共享領先工業位於香港的辦公室一部分，並持續向領先工業支付年度共享成本（「物業共享協議」）。

於二零二零年三月三十一日，本公司重續本公司與領先工業之間的協議，自二零二零年四月一日至二零二三年三月三十一日止為期三年，據此，本集團共享領先工業位於香港的辦公室一部分，並持續向領先工業支付年度共享成本（「現有物業共享協議」）。

根據上市規則第14A.81條，物業共享協議項下擬進行之交易須經現有物業共享協議項下擬進行有關本集團與領先工業訂立現有物業共享安排項下之交易（亦為本公司持續關連交易）合併計算。

本集團自一九九四年起一直共享領先工業位於香港的辦公室一部分，作為總部用途，並無任何計劃遷出其目前與領先工業共享的總部。

董事（包括獨立非執行董事）認為，上述所有持續關連交易及其各自的年度上限屬公平合理，且該等交易已由及將由本集團根據一般商業條款在一般及日常業務中訂立，屬公平合理並符合本集團及股東的整體利益。

本公司核數師獲委聘根據香港會計師公會頒佈的香港核證委聘準則第3000號（經修訂）「審核或審閱過往財務資料以外的核證委聘」並參照實務說明第740號「關於香港上市規則所述持續關連交易的核數師函件」就本集團的持續關連交易作出報告。核數師已根據上市規則第14A.56條發出載有其對本集團於本年報所披露持續關連交易的事實及結論的無保留意見函件。本公司已將核數師函件副本呈交聯交所。

除上文所披露者外，符合上市規則第14A章「關連交易」或「持續關連交易」定義的所有全面豁免及非豁免持續關連交易之詳情載於綜合財務報表附註34。本公司已根據上市規則第14A章遵守披露規定。

上市規則第 13.21 條的披露規定

於二零二零年六月三十日，本公司與香港四間主要銀行就以收購網絡電線業務事項為唯一目的訂立總額為630.0百萬港元的四年定期貸款協議。根據貸款協議的條款，倘出現以下情況，則構成違約事件： (i)羅仲煒先生不再為本公司的單一最大實益股東或實益擁有領先工業超過51%的已發行股本；(ii)羅仲煒先生不再為本公司董事會主席或控制本集團的管理及業務；或(iii)領先工業不再實益擁有本公司超過 50%的已發行股本。一旦發生違約事件，貸款的全部未償還金額連同應計利息需一併預付。

於二零二一年三月三十一日及直至本報告日期，概無違反契諾的情況。

年度報告 2021 ANNUAL REPORT

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

MAJOR CUSTOMERS AND SUPPLIERS

During the year ended 31 March 2021, the percentage of the Group’s aggregate turnover attributable to the Group’s largest customer was approximately HK$807.1 million (26.8%), while the percentage of the Group’s total turnover attributable to the five largest customers in aggregate was approximately HK$2,214.1 million (73.6%).

During the year ended 31 March 2021, the percentage of the Group’s purchase amount attributable to the Group’s largest supplier was approximately HK$399.0 million (16.4%) of the total direct costs for the period, while the percentage of the Group’s total purchase amount attributable to the five largest suppliers in aggregate was approximately HK$905.1 million (37.3%) of the total direct costs.

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

DIRECTORS

The directors of the Company during the year and up to the date of this annual report were as follow:

Executive Directors

Mr. Cua Tin Yin Simon (Chief Executive Officer) Mr. Wong Chi Kuen

Non-executive Director

Mr. Lo Chung Wai Paul (Chairman)

Independent non-executive Directors

Mr. Ho Hin Shun Mr. Luk Wai Shing Mr. Chan Chung Shun Eric

In accordance with the memorandum and articles of association of the Company, at each annual general meeting one third of the Directors for the time being shall retire from office by rotation that every Director shall be subject to retirement by rotation at least once every three years. Such retiring Directors may, being eligible, offer themselves for re-election at the annual general meeting. All Directors appointed by the Board to fill a causal vacancy shall hold office until the first general meeting of Shareholders after their appointment and be subject to re-election at such meeting and all Directors appointed by the Board as an addition to the existing Board shall hold office only until the next following annual general meeting and shall then be eligible for re-election.

Any Director who has not been subject to retirement by rotation in the three years preceding the annual general meeting shall retire by rotation at such annual general meeting.

PERMITTED INDEMNITY PROVISION

Pursuant to the memorandum and articles of association of the Company, the applicable laws and regulations, every Director shall be indemnified and secured harmless out the assets and profits of the Company against all actions, costs, charges, losses, damages and expenses which they or any of them may incur or sustain in the execution of their duties in their offices.

Such provision was in force during FY2021 and remained force as of the date of this annual report. The Company has taken out and maintained Directors’ and officers’ liabilities insurance throughout the year, which provides appropriate cover for the Directors.

主要客戶及供應商

於截至二零二一年三月三十一日止年度，本集團最大客戶應佔總營業額約為807.1百萬港元（ 26.8%），而本集團五大客戶總計應佔總營業額約為2,214.1百萬港元（73.6%）。

於截至二零二一年三月三十一日止年度，本集團向本集團最大供應商的採購金額佔期內直接總成本約 399.0百萬港元（ 16.4%），而本集團向五大供應商的採購總金額合共佔直接總成本約905.1百萬港元（37.3%）。

本公司董事或彼等的任何緊密聯繫人或股東（據董事所深知擁有本公司5%以上的已發行股本）概無於本集團五大客戶或供應商中擁有任何實益擁益。

董事

於年內及直至本年報日期，本公司董事如下：

執行董事

柯天然先生（行政總裁）黃志權先生

非執行董事羅仲煒先生（主席）

獨立非執行董事何顯信先生陸偉成先生陳忠信先生

根據本公司組織章程大綱及細則，於每屆股東週年大會上，當時在任的三分之一董事須輪席退任，而所有董事須最少每三年輪席退任一次。該等退任董事如符合資格，可於股東週年大會上膺選連任。所有由董事會委任以填補臨時空缺的董事，其任期僅至獲委任後首個股東大會為止，並可於該大會上膺選連任，而所有獲董事會委任作為現有董事會新增成員的董事，其任期僅至下屆股東週年大會舉行為止，並將符合資格膺選連任。

於股東週年大會前三年並無輪值退任的任何董事須於該股東週年大會上輪值退任。

獲准彌償條文

根據本公司組織章程大綱及細則、適用法律及法規，各董事獲准以本公司資產及溢利作為彌償保證，以確保其不會因彼等或彼等任何一位於執行彼等於有關職位的職責時可能招致或遭受的一切訴訟、成本、收費、損失、損害及開支而受損。

有關條文於二零二一財政年度有效，並於本年報日期維持有效。本公司已於全年投購及維持董事及高級職員責任保險，為董事提供合適保障。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

DIRECTORS’ SERVICE CONTRACTS

None of the Directors has a service contract with the Company or any of its subsidiaries which is not terminable by the Group within one year without payment of compensation, other than statutory compensation.

DIRECTORS’ INTEREST IN SIGNIFICANT CONTRACTS

None of the Directors had a material interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company, its holding company or any of its subsidiaries was a party during the year ended 31 March 2021.

CONTROLLING SHAREHOLDERS’ INTEREST IN CONTRACTS

Save as disclosed in the section “Director’s Report – Related Party Transaction and Continuing Connected Transaction” above and in the sections headed “Relationship with Controlling Shareholders” and “Continuing Connected Transactions” in the Prospectus, neither the Company nor any of its subsidiaries had entered into any contract of significance with the Company’s controlling shareholders or their subsidiaries, or any contract of significance for the provision of services to the Company or any of its subsidiaries by the Company’s controlling shareholders or their subsidiaries, during the year.

DIRECTORS’ RIGHT TO ACQUIRE SHARES OR DEBENTURES

Apart from as disclosed under the paragraph headed “Directors’ and Chief Executives’ Interests and Short Positions in Shares, Underlying Shares and Debentures” below and the Scheme disclosures in Note 29 to the consolidated financial statements, at no time during the year were rights to acquire benefits by means of the acquisition of shares in the Company granted to any Director or their respective spouse or children under 18 years of age, or were any such Company’s holding company a party to any arrangement to enable the Directors to acquire such rights in any other body corporate.

COMPETITION AND CONFLICT OF INTERESTS

None of the Directors or the controlling shareholders (as defined in the Listing Rules) of the Company (the “ Controlling Shareholders ”) or their respective close associates has engaged in any business that competes or may compete, either directly or indirectly, with the businesses of the Group or has or may have any other conflict of interests with the Group during the year ended 31 March 2021.

Non-Competition Undertakings

In order to avoid any possible future competition between the Group and the Controlling Shareholders, namely (i) Mr. Paul Lo, (ii) Nickson Holdings, (iii) Gold Peak, (iv) GP Industries, (v) Linkz Industries, (vi) Time Holdings, (vii) Time Management (i.e. consists of two senior management of the Group, namely Mr. Cua Tin Yin Simon and Mr. Chan Ting Hei), and (viii) Mr. Sy Yuk Tsan, (ix) Mr. Wong Wai Hung, (x) Mr. Li Ping Kuen and (xi) Ms. Lo Ching Yee (each a “ Covenantor ” and collectively the “ Covenantors ”), have entered into the deed of non-competition (the “ Deed of Non-competition ”) with the Company (for itself and as trustee for its subsidiaries) on 24 January 2018. Pursuant to the Deed of Non-competition, each of the Covenantors has irrevocably and unconditionally undertaken to the Company (for itself and as trustee for its subsidiaries) that, during the period that the Deed of Noncompetition remains effective, he/she/it shall not, and shall procure that his/her/its associates (other than any member of the Group) not to develop, acquire, invest in, participate in, carry on or be engaged, concerned or interested or otherwise be involved, whether directly or indirectly, in the Core Business that is in competition with or likely to be in competition with the existing business activity of any member of the Group.

董事服務合約

董事與本公司或其任何附屬公司概無訂立不作出賠償（法定賠償除外）則不能於一年內由本集團終止的服務合約。

董事於重大合約的權益

概無董事於本公司、其控股公司或其任何附屬公司於截至二零二一年三月三十一日止年度內訂立並對本集團業務而言屬重大的任何合約中直接或間接擁有重大權益。

控股股東於合約的權益

除上文「董事會報告－關聯方交易及持續關連交易」一節及招股章程內「與控股股東的關係」及「持續關連交易」兩節所披露者外，本公司或其任何附屬公司於年內概無與本公司控股股東或其附屬公司訂立任何重大合約或有關本公司控股股東或其附屬公司向本公司或其任何附屬公司提供服務之任何重大合約。

董事購買股份或債權證的權利

除下文「董事及最高行政人員於股份、相關股份及債權證的權益及淡倉」一段所披露者及綜合財務報表附註29所載的計劃披露事項外，於年內任何時間，概無任何董事或彼等各自的配偶或未滿18歲的子女獲授權可藉收購本公司股份而獲益、或行使任何該等權利，而本公司控股公司亦無作出任何安排致使董事可於任何其他法人團體獲取該等權利。

競爭及利益衝突

於截至二零二一年三月三十一日止年度，董事或本公司控股股東（定義見上市規則）（「控股股東」）或彼等各自的緊密聯繫人概無從事與本集團業務直接或間接構成競爭或可能構成競爭的任何業務或與本集團產生或可能產生任何其他利益衝突。

不競爭承諾

為避免本集團與控股股東（即(i)羅仲煒先生、(ii)力生控股、(iii)金山、(iv)GP工業、(v)領先工業、(vi) Time Holdings 、(vii)匯聚管理層（指本集團的兩位高級管理人員，包括柯天然先生和陳庭禧先生）、及(viii)施毓燦先生、(ix)黃偉雄先生、(x)李炳權先生及(xi)盧靜儀女士（各自為「契諾人」，及統稱「契諾人」）之間日後可能出現的任何競爭，控股股東已於二零一八年一月二十四日與本公司（為其本身及作為其附屬公司的受託人）訂立不競爭契據（「不競爭契據」）。根據不競爭契據，各契諾人已向本公司（為其本身及作為其附屬公司的受託人）不可撤回及無條件地承諾，於不競爭契據仍屬有效期間，其將不會並將促使其聯繫人（本集團任何成員公司除外）不會（無論直接或間接）發展、收購、投資、參與、進行、從事、涉及或有意參與或以其他方式參與與或可能與本集團任何成員公司現有業務活動構成競爭的核心業務。

年度報告 2021 ANNUAL REPORT

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

Each of the Covenantors further undertakes that if any of he/she/it or his/her/ its associates other than any member of the Group is offered or becomes aware of any business opportunity which may compete directly or indirectly with the Core Business of the Group, he/she/it shall (and he/she/it shall procure his/her/its associates to) notify the Group in writing and the Group shall have a right of first refusal of take up such business opportunity. The Group shall, within six months after receipt of the written notice (or such longer period if the Group is required to complete any approval procedures as set out under the Listing Rules from time to time), notify the Covenantor(s) whether the Group will exercise the right of first refusal or not.

各契諾人進一步承諾，倘其本身或其任何聯繫人（本集團任何成員公司除外）獲得或獲悉任何可能與本集團核心業務構成直接或間接競爭的商機，其會自行及促使其聯繫人以書面方式知會本集團，而本集團將擁有獲取此類商機的優先承購權。本集團將於收到書面通知後六個月內（或上市規則不時規定本集團完成任何審批程序所需的更長時間）通知契諾人本集團是否會行使優先承購權。

The Group shall only exercise the right of first refusal upon the approval of all the independent non-executive Directors (who do not have any interest in such opportunity) and approval by the Board/or Shareholders as required under relevant laws and regulations and in accordance with the articles of association of the Company in effect at the relevant time. The relevant Covenantor(s) and the other conflicting Directors (if any) shall abstain from participating in and voting at and shall not be counted as quorum at all meetings of the Board where there is a conflict of interest or potential conflict of interest including but not limited to the relevant meeting of the independent non-executive Directors for considering whether or not to exercise the right of first refusal.

During the year, the Company had not received any information in writing from any of the Controlling Shareholders in respect of any new business opportunity which competed or might compete with the existing and future business of the Group which were offered to or came to the knowledge of the Controlling Shareholders or their associates (other than any member of the Group), and the Company has received an annual written confirmation from each Controlling Shareholder of the Company in respect of him/her/it or his/her/its associates in compliance with the Deed of Non-competition. The independent non-executive Directors have also reviewed and were satisfied that each of the Controlling Shareholders of the Company had complied with the Deed of Non-competition.

EMOLUMENTS OF DIRECTORS AND SENIOR MANAGEMENT AND FIVE HIGHEST PAID INDIVIDUALS

Details of the emoluments of the Directors and five individuals with highest emoluments are set out in Note 11 to the consolidated financial statements. The emolument of the number of the highest paid individuals who are not the Directors of the Company for the year ended 31 March 2021 are set out in Note 11(b) to the consolidated financial statements.

本集團僅在獲得全體獨立非執行董事（彼等於有關商機當中並無擁有任何權益）批准以及根據相關法律及法規和根據本公司於有關時間生效的組織章程細則的規定獲董事會及╱或股東批准後，方可行使優先承購權。倘存在利益衝突或潛在利益衝突，則有關契諾人及其他有利益衝突的董事（如有）不得參與所有董事會會議（包括但不限於我們的獨立非執行董事為考慮是否行使優先承購權的相關會議）及在會上投票，且不得計入法定人數。

於本年度內，本公司並無自任何控股股東以書面形式收取任何有關與本集團現有及未來業務競爭或可能競爭的任何新業務機遇的任何資料，而該等資料乃控股股東或其聯繫人（本集團任何成員公司除外）已獲提供或已知悉，以及本公司已收到本公司各控股股東有關其及其聯繫人遵守不競爭契據的年度確認書。獨立非執行董事亦已審閱並信納本公司各控股股東已遵守不競爭契據。

董事及高級管理層及五名最高薪酬人士的酬金

有關董事及五名最高薪酬人士酬金的詳情載於綜合財務報表附註11。截至二零二一年三月三十一日止年度並非本公司董事的最高薪酬人士的酬金載於綜合財務報表附註11(b) 。

The emoluments of the senior management of the Group for the year ended 31 March 2021 falls within the following band:

本集團高級管理層於截至二零二一年三月三十一日止年度的酬金屬於以下範圍：

		Number of Senior
		Management
Emolument Band	酬金範圍	高級管理層人數
HK$0 to HK$1,000,000	0港元至1,000,000港元	8
HK$1,000,001 to HK$1,500,000	1,000,001港元至1,500,000港元	5
HK$1,500,001 to HK$2,000,000	1,500,001港元至2,000,000港元	2
HK$2,000,001 to HK$2,500,000	2,000,001港元至2,500,000港元	1

EMOLUMENT POLICY

A Remuneration Committee is set up for reviewing the Group’s emolument policy and structure for all remuneration of the Directors and senior management of the Group, having regard to the Group’s operating results, individual performance and comparable market practices.

The Remuneration Committee will meet at least once for each year to discuss remuneration related matters (including the remuneration of Directors and senior management) and review the remuneration policy of the Group. It has been decided that Remuneration Committee would determine, with delegated responsibility, the remuneration packages of individual executive Directors and senior management.

薪酬政策

薪酬委員會之成立目的為參考本集團經營業績、個人表現及可比市場慣例後，檢討有關本集團的薪酬政策以及制定董事及本集團高級管理層的薪酬架構。

薪酬委員會每年至少舉行一次會議，討論薪酬相關事宜（包括董事及高級管理層的薪酬）及檢討本集團的薪酬政策。薪酬委員會獲委任負責釐定個別執行董事及高級管理層的薪酬待遇。

36 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

RETIREMENT BENEFITS PLANS

Details of the Group’s retirement benefit plans are set out in Note 31 to the consolidated financial statements.

退休福利計劃

本集團的退休福利計劃詳情載於綜合財務報表附註 31。

MANAGEMENT CONTRACTS

Save for service contracts, no other contracts concerning the management and/or administration of the whole or any substantial part of the business of the Company were entered into or subsisting during the year ended 31 March 2021.

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES

As at 31 March 2021, the interests or short positions of each of the Directors and the chief executive in the shares of the Company, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO) which will have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which he is taken or deemed to have taken under such provisions of the SFO) or which will be required, pursuant to Section 352 of the SFO, to be recorded in the register referred to therein or which will be required pursuant to the Model Code for Securities Transactions by Directors of Listed companies (the “ Model Code ”) set out in Appendix 10 of the Listing Rules, to be notified to the Company and the Stock Exchange are set out as follows:

(i) Long Positions in shares of the Company

管理合約

除服務合約外，於截至二零二一年三月三十一日止年度，概無訂立或存在其他有關本公司全體或任何主要部分業務的管理及╱或行政合約。

董事及最高行政人員於股份、相關股份及債權證的權益及淡倉

於二零二一年三月三十一日，董事及本公司最高行政人員於本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份及債權證中，擁有根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的權益及淡倉（包括根據證券及期貨條例該等條文彼等被當作或被視為擁有的權益及淡倉），或須根據證券及期貨條例第352條登記於該條所述登記冊內的權益及淡倉，或根據上市規則附錄十所載上市公司的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的權益及淡倉如下：

(i) 於本公司股份的好倉

Long Positions in shares o	f the Company (i)於	本公司股份的好倉
		Number of	Approximate
		shares held/	percentage of
Name of Director	Capacity/Nature	interested	interest
		所持╱擁有權益	概約權益
董事姓名	身份╱性質	的股份數目	百分比
Mr. Paul Lo (Note)	Interest of a controlled corporation/others	1,175,070,000	63.85%
羅仲煒先生（附註）	受控法團權益╱其他

Note:

附註：

Mr. Paul Lo beneficially owns the entire issued share capital of Nickson Holdings. Nickson Holdings and Mr. Paul Lo hold 20.14% and 39.68% of the issued ordinary share capital of Linkz Industries, respectively, and Time Holdings is wholly-owned by Linkz Industries. Accordingly, Mr. Paul Lo, is deemed, or taken to be, interested in all the shares held by Time Holdings for the purpose of the SFO.

(ii) Long Positions in shares of associated corporation of the Company

羅仲煒先生實益擁有力生控股的全部已發行股本。力生控股及羅仲煒先生分別持有領先工業20.14%及39.68% 已發行普通股股本，而Time Holdings由領先工業全資擁有。因此，根據證券及期貨條例，羅仲煒先生被視為或當作於Time Holdings持有的所有股份中擁有權益。

(ii) 於本公司相聯法團股份的好倉

Long Positions in shares	of associated corporation of	the Company (ii)於本	公司相聯法團股份的好倉
			Number of	Approximate
Name of associated			shares held/	percentage of
corporation	Name of Director	Nature of interest	interested	interest
			所持╱擁有權益	概約權益
相聯法團名稱	董事姓名	權益性質	的股份數目	百分比
Linkz Industries	Mr. Cua (Note)	Others	12,838,618	0.70%
領先工業	柯先生（附註）	其他

Note:

附註：

Mr. Cua is one of the senior management members of the Group, holding 1.09% of the issued ordinary share capital of Linkz Industries. Mr. Cua is also holding 0.011% of the issued share capital of Gold Peak.

柯先生為本集團高級管理層成員之一，持有領先工業已發行普通股股本之1.09% 。柯先生亦持有金山已發行股本之0.011% 。

年度報告 2021 ANNUAL REPORT

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

(iii) Long Positions in the underlying shares of the share options granted under the Share Option Scheme

(iii) 根據購股權計劃授出的購股權的相關股份的好倉

Long Positions in the underlying shares o under the Share Option Scheme	f the share options granted	(iii) 根據購股權計劃授出的購股	權的相關股份的好倉
		Number of the
		underlying	Approximate
		shares interested	percentage of
		and nature of	the total issued
		interests	shares (%)*
		擁有權益的相關	佔已發行股份
		股份的數目及	總數的概約
Name of the Directors	董事姓名	權益性質	百分比(%)*
Executive Directors	執行董事
Mr. Cua	柯先生	10,488,000	0.570
Mr. Wong Chi Kuen	黃志權先生	9,528,000	0.518
Non-executive Director	非執行董事
Mr. Paul Lo	羅仲煒先生	1,824,000	0.099
Independent Non-executive Directors	獨立非執行董事
Mr. Ho Hin Shun	何顯信先生	1,824,000	0.099
Mr. Luk Wai Shing	陸偉成先生	1,824,000	0.099
Mr. Chan Chung Shun, Eric	陳忠信先生	1,824,000	0.099

The percentage was calculated based on 1,840,432,000 shares in issue as at 31 March 2021.

Save as disclosed above, as at 31 March 2021, none of the Directors and chief executives of the Company had any interests or short positions in any shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO), or which were recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or which were required, pursuant to the Model Code to be notified to the Company and the Stock Exchange.

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES

As at 31 March 2021, the following persons/entities (other than the Directors and chief executives of the Company) had or were deemed to have an interest or a short position in the Shares or the underlying Shares of the Company which would be required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register of the Company required to be kept under Section 336 of the SFO, or who were directly or indirectly, to be interested in 10% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of the Company or any other member of the Group:

百分比乃根據二零二一年三月三十一日已發行的 1,840,432,000股股份計算。

除上文所披露者外，於二零二一年三月三十一日，概無董事及本公司最高行政人員於本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的任何股份、相關股份及債權證中，擁有根據證券及期貨條例第XV部第7及8分部須知會本公司及聯交所的任何權益或淡倉（包括根據證券及期貨條例該等條文彼等被當作或被視為擁有的權益或淡倉），或已登記於本公司根據證券及期貨條例第352條須存置的登記冊的權益或淡倉，或根據標準守則須知會本公司及聯交所的權益或淡倉。

主要股東及其他人士於股份、相關股份及債權證的權益及淡倉

於二零二一年三月三十一日，以下人士╱實體（董事及本公司最高行政人員除外）於本公司的股份或相關股份中擁有或被視為擁有根據證券及期貨條例第 XV部第2及3分部的條文須向本公司披露的權益或淡倉，或已登記於本公司根據證券及期貨條例第336條須備存的登記冊內的權益或淡倉，或直接或間接持有附有權利可於任何情況下在本公司或本集團任何其他成員公司股東大會上投票的任何類別股本面值 10%或以上的權益：

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

Long positions in the shares

於股份的好倉

Long positions in the shares	於股份的	好倉
		Number of	Approximate
		shares held/	percentage of
Name	Capacity/Nature	interested	interest
		所持╱擁有權益	概約權益
名稱	身份╱性質	的股份數目	百分比
Time Holdings	Beneficial Owner	1,175,070,000	63.85%
	實益擁有人
Linkz Industries (Note 1)	Interest of controlled corporation	1,175,070,000	63.85%
領先工業（附註1）	受控法團權益
Ms. Ho Hsiu Lan (Note 2)	Interest of spouse	1,175,070,000	63.85%
何秀蘭女士（附註2）	配偶權益
Nickson Holdings (Note 3)	Interest of controlled corporation	1,175,070,000	63.85%
力生控股（附註3）	受控法團權益
GP Industries (Note 4)	Interest of controlled corporation	1,175,070,000	63.85%
GP工業（附註4）	受控法團權益
Gold Peak (Note 5)	Interest of controlled corporation	1,175,070,000	63.85%
金山（附註5）	受控法團權益
Datatech Investment	Beneficial Owner	204,930,000	11.13%
	實益擁有人
Mr. Kwong Ping Man (Note 6)	Interest of controlled corporation	204,930,000	11.13%
鄺炳文先生（附註6）	受控法團權益
Ms. Chan Kit Sum (Note 7)	Interest of spouse	204,930,000	11.13%
陳潔心女士（附註7）	配偶權益

Notes:

附註：

1) Time Holdings is wholly-owned by Linkz Industries. Therefore, Linkz Industries is deemed, or taken to be, interested in all the shares held by Time Holdings for the purpose of the SFO.
1) Time Holdings由領先工業全資擁有。因此，根據證券及期貨條例，領先工業被視為或當作於Time Holdings持有的所有股份中擁有權益。
2) Ms. Ho Hsiu Lan is the spouse of Mr. Paul Lo. Accordingly, Ms. Ho Hsiu Lan is deemed, or taken to be, interested in all the shares in which Mr. Paul Lo is interested for the purpose of the SFO.
2) 何秀蘭女士為羅仲煒先生的配偶。因此，根據證券及期貨條例，何秀蘭女士被視為或被當作於羅仲煒先生擁有權益的所有股份中擁有權益。
3) Nickson Holdings holds 20.14% of the issued ordinary share capital of Linkz Industries, and Time Holdings is wholly-owned by Linkz Industries. Therefore, Nickson Holdings is deemed to, or taken to be, interested in all the Shares held by Time Holdings for the purpose of the SFO.
3) 力生控股持有領先工業20.14%已發行普通股股本，而 Time Holdings由領先工業全資擁有。因此，根據證券及期貨條例，力生控股被視為或當作於Time Holdings持有的所有股份中擁有權益。
4) GP Industries holds 38.13% of the issued ordinary share capital of Linkz Industries, and Time Holdings is wholly-owned by Linkz Industries. Therefore, GP Industries is deemed, or taken to be, interested in all the shares held by Time Holdings for the purpose of the SFO.
4) GP工業持有領先工業38.13%已發行普通股股本，而 Time Holdings由領先工業全資擁有。因此，根據證券及期貨條例，GP工業被視為或當作於Time Holdings持有的所有股份中擁有權益。
5) Gold Peak holds 85.47% issued share capital of GP Industries. GP Industries holds 38.13% of the issued ordinary share capital of Linkz Industries, and Time Holdings is wholly-owned by Linkz Industries. Therefore, Gold Peak is deemed, or taken to be, interested in all the shares held by Time Holdings for the purpose of the SFO.
5) 金山持有GP工業85.47%已發行股本。GP工業持有領先工業38.13%已發行普通股股本，而Time Holdings由領先工業全資擁有。因此，根據證券及期貨條例，金山被視為或當作於Time Holdings持有的所有股份中擁有權益。
6) Mr. Kwong Ping Man beneficially owns the entire issued share capital of Datatech Investment Inc.. Therefore, Mr. Kwong Ping Man is deemed, or taken to be, interested in all the shares held by Datatech Investment Inc. for the purpose of the SFO. Mr. Kwong Ping Man is the sole director of Datatech Investment Inc..
6) 鄺炳文先生實益擁有Datatech Investment Inc.的全部已發行股本。因此，根據證券及期貨條例，鄺炳文先生被視為或當作於Datatech Investment Inc.持有的所有股份中擁有權益。鄺炳文先生為Datatech Investment Inc. 的唯一董事。
7) Ms. Chan Kit Sum is the spouse of Mr. Kwong Ping Man. Accordingly, Ms. Chan Kit Sum is deemed, or taken to be, interested in all the shares in which Mr. Kwong Ping Man is interested for the purpose of the SFO.
7) 陳潔心女士為鄺炳文先生的配偶。因此，根據證券及期貨條例，陳潔心女士被視為或被當作於鄺炳文先生擁有權益的所有股份中擁有權益。

年度報告 2021 ANNUAL REPORT

DIRECTOR’S REPORT (CONT‘D) 董事會報告（續）

Save as disclosed above, as at 31 March 2021, none of the substantial or significant shareholders or other persons, other than the Directors and chief executives of the Company whose interests are set out in the section “Directors’ Report – Directors’ and Chief Executives’ Interests and Short Positions in Shares, Underlying Shares and Debentures” above, had or were deemed to have an interest or a short position in the shares or the underlying shares of the Company which would be required to be disclosed to the Company and the Stock Exchange under the provisions of Division 2 and 3 of Part XV of the SFO, or which were recorded in the register of the Company remained to be kept under Section 366 of the SFO, or who were directly or indirectly, interested in 10% or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of the Company or any other members of the Group.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the year ended 31 March 2021.

CORPORATE GOVERNANCE

Details of the Company’s corporate governance practices are set out in the Corporate Governance Report on pages 41 to 51 of this annual report.

EQUITY-LINKED AGREEMENTS

Save as disclosed in this annual report, there was no equity-linked agreement entered into by the Company during the year ended 31 March 2021.

SUFFICIENCY OF PUBLIC FLOAT

To the best knowledge of the Directors and based on information available in the public domain concerning the Company, at least 25% of the Company’s issued share capital were held by the public as at the date of this annual report.

INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has received from each of the independent non-executive Directors annual written confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all the independent non-executive Directors to be independent.

INDEPENDENT AUDITOR

The consolidated financial statements of the Group for the year ended 31 March 2021 were audited by Deloitte Touche Tohmatsu. A resolution will be proposed at the forthcoming annual general meeting of the Company to reappoint Deloitte Touche Tohmatsu as auditor of the Company.

ON BEHALF OF THE BOARD

Time Interconnect Technology Limited Cua Tin Yin Simon Executive Director and Chief Executive Officer

Hong Kong, 28 June 2021

除上文所披露者外，於二零二一年三月三十一日，概無主要股東或高持股量股東或其他人士（於上文「董事會報告－董事及最高行政人員於股份、相關股份及債權證的權益及淡倉」一節所載擁有權益的董事及本公司最高行政人員除外）於本公司的股份或相關股份中，擁有或被視為擁有根據證券及期貨條例第XV 部第2及3分部的條文須向本公司及聯交所披露的權益或淡倉，或已登記於本公司根據證券及期貨條例第366條須備存的登記冊內的權益或淡倉，或直接或間接持有附有權利可於任何情況下在本公司或本集團任何其他成員公司股東大會上投票的任何類別股本面值10%或以上的權益。

購買、出售或贖回本公司上市證券

於截至二零二一年三月三十一日止年度，本公司或其任何附屬公司概無購買、出售或贖回任何本公司上市證券。

企業管治

有關本公司企業管治常規的詳情載於本年報第41至 51頁的企業管治報告。

股票掛鈎協議

除本年報所披露者外，於截至二零二一年三月三十一日止年度，本公司並無訂立股票掛鈎協議。

足夠公眾持股量

據董事所知及依照於公眾領域可得有關本公司的資料，於本年報日期，本公司已發行股本中最少25% 由公眾人士持有。

獨立非執行董事的獨立性

本公司已接獲各獨立非執行董事根據上市規則第3.13 條就其獨立性所發出的年度確認書。本公司認為所有獨立非執行董事均為獨立人士。

獨立核數師

本集團截至二零二一年三月三十一日止年度的綜合財務報表已經由德勤 • 關黃陳方會計師行審核。本公司將於應屆股東週年大會上提呈決議案續聘德勤 • 關黃陳方會計師行為本公司核數師。

承董事會命匯聚科技有限公司執行董事兼行政總裁柯天然

香港，二零二一年六月二十八日

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT 企業管治報告

INTRODUCTION

The Board and the management of the Company are committed to the maintenance of good corporate governance practices and procedures. The Company believes that good corporate governance provides a framework that is essential for effective management, a healthy corporate culture, successful business growth and enhancing shareholders’ value. The corporate governance principles of the Company emphasise a quality Board, sound internal controls, and transparency and accountability to all shareholders.

CORPORATE GOVERNANCE PRACTICE

The Company acknowledges the need and importance of corporate governance as one of the key elements in creating shareholders’ value. The Company is also committed to achieving high standard of corporate governance that can protect and promote the interests of all Shareholders and to enhance corporate value and accountability of the Company. For corporate governance purpose, the Company has adopted the Corporate Governance Code (the “ CG Code ”) set out in Appendix 14 of the Listing Rules. During the year ended 31 March 2021, to the best knowledge of the Board, the Company had complied with all the applicable code provisions set out in the CG Code.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as the code of conduct regarding securities transactions by directors. Having made specific enquiry, all Directors have fully complied with the required standards set out in the Model Code and there was no event of non-compliance throughout the period.

DIRECTORS’ RESPONSIBILITIES AND DELEGATION

The Board is responsible for leading and controlling the business operations of the Group. It formulates strategic directions, oversees the operations and monitors the financial performance of the Group. The management is delegated power and authority given by the Board for the day-to-day management and operations of the Group. The management is accountable to the Board for the Company’s overall operation. Under the terms of reference, the duties of the Board in respect of corporate governance are as follows:

1) To develop and review the policies and practices on corporate governance of the Group and make recommendations;
2) To review and monitor the training and continuous professional development of the Directors and the senior management;
3) To review and monitor the Group’s policies and practices on compliance with legal and regulatory requirements;
4) To develop, review and monitor the code of conduct applicable to the Directors and the employees of the Group; and
5) To review the Company’s compliance with the CG Code as set out in Appendix 14 of the Listing Rules and disclosure in the corporate governance report of the Company.

緒言

董事會及本公司管理層致力於維持良好的企業管治常規及程序。本公司相信，良好的企業管治為有效管理、健康的企業文化、成功的業務增長及提升股東價值提供必要的框架。本公司企業管治原則強調優質的董事會、完善的內部控制、具透明度及對全體股東負責。

企業管治常規

本公司確信企業管治是為股東創造價值之必要及重要元素之一，本公司亦致力於達致高水平的企業管治，以保障及提升全體股東的利益，提高企業價值與本公司之問責性。就企業管治目的而言，本公司已採納上市規則附錄十四所載的企業管治守則（「企業管治守則」）。截至二零二一年三月三十一日止年度，就董事會所深知，本公司一直遵守企業管治守則所載的所有適用守則條文。

董事進行證券交易之標準守則

本公司已採納標準守則作為有關董事進行證券交易之操守準則。經作出具體查詢後，全體董事已於整個期間全面遵守標準守則所載所須標準且並無出現不合規事件。

董事職責及授權

董事會負責領導及控制本集團的業務經營。其制定策略方向、監督營運及監控本集團的財務表現。管理層獲董事會指派權力及授權進行本集團的日常管理及經營。管理層就本公司的整體營運對董事會負責。根據職權範圍，董事會須履行之企業管治職能如下：

1) 制定及檢討本集團之企業管治政策及常規，並提出建議；
2) 檢討及監察董事及高級管理人員之培訓及持續專業發展；
3) 檢討及監察本集團在遵守法律及監管規定方面之政策及常規；
4) 制定、檢討及監察適用於董事及本集團僱員之操守準則；及
5) 檢討本公司遵守上市規則附錄十四所載企業管治守則之情況及在本公司企業管治報告內之披露。

年度報告 2021 ANNUAL REPORT

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

BOARD COMPOSITION

The Board currently comprises two executive Directors, one non-executive Director and three independent non-executive Directors and the Board is accountable to shareholders. The management and control of the business of the Company is vested in its Board. It is the duty of the Board to create value to the shareholders of the Company.

Executive Directors

Mr. Cua Tin Yin Simon Mr. Wong Chi Kuen

Non-executive Director

Mr. Lo Chung Wai Paul

Independent non-executive Directors

Mr. Ho Hin Shun Mr. Luk Wai Shing Mr. Chan Chung Shun Eric

Biographical details of the Directors are set out in “Biographical Details of the Directors and Senior Management” on pages 25 to 29 of this annual report.

The proportion of which is higher than what is required by Rule 3.10A, 3.10 (1) and (2) of the Listing Rules whereby independent non-executive Directors of a listed issuer represent at least one-third of the Board. The three independent nonexecutive Directors represent more than one-third of the Board and at least one of whom has appropriate professional qualifications, or accounting or related financial management expertise. With the various experience of both the executive Directors, the non-executive Director and the independent non-executive Directors and the nature of the Group’s business, the Board considered that the Directors have a balance of skills and experience for the business of the Board.

BOARD DIVERSITY POLICY

The Board has adopted a board diversity policy (the “ Board Diversity Policy ”) on 28 December 2018 which sets out the basis to achieve diversity on the Board. Details of the Board Diversity Policy is disclosed as below.

1. Purpose

The Board Diversity Policy aims to set out the approach to achieve diversity on the Board.

2. Vision

The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance.

3. Policy

When determining the composition of the Board, the Company will consider board diversity in terms of, among other things, gender, age, experience, cultural and educational background, expertise, skills and know-how. All Board appointments will be based on merits, and candidates will be considered against objective criteria, having due regard for the benefits of diversity on the Board.

4. Measurable Objectives

Selection of candidates for Board membership will be based on a range of diversity perspectives, including but not limited to gender, age, experience, cultural and educational background, expertise, skills and know-how.

5. Monitoring and Reporting

The nomination committee of the Company (the “ Nomination Committee ”) will disclose the composition of the Board annually in the corporate governance report and monitor the implementation of the Board Diversity Policy.

董事會組成

董事會現時由兩名執行董事、一名非執行董事及三名獨立非執行董事組成，且董事會對股東負責。本公司業務之管理及控制歸屬於董事會。董事會的職責乃為本公司股東創造價值。

執行董事柯天然先生黃志權先生

非執行董事羅仲煒先生

獨立非執行董事何顯信先生陸偉成先生陳忠信先生

董事之履歷詳情載於本年報25至29頁之「董事及高級管理層履歷詳情」一節。

比例高於上市規則第3.10A 、3.10(1)及(2)條所規定之上市發行人之獨立非執行董事須佔董事會至少三分之一成員人數。三名獨立非執行董事佔董事會多於三分之一成員人數，且當中至少有一名具有合適的專業資格，或會計或相關財務管理專長。鑑於執行董事、非執行董事及獨立非執行董事的各種經驗及本集團之業務性質，董事會認為董事具備平衡之技術與經驗，有助本集團業務。

董事會多樣性政策

董事會已於二零一八年十二月二十八日採納董事會多樣性政策（「董事會多樣性政策」），當中載有達致董事會多樣性的基準。董事會多樣性政策詳情披露如下。

1. 目的董事會多樣性政策旨在載列董事會成員為達致多樣性而採取的方針。

2. 願景

本公司明白並深信董事會多樣性對提升本公司的表現質素裨益良多。

3. 政策

本公司在設定董事會組成時會從多個方面考慮董事會的多樣性，其中包括性別、年齡、經驗、文化及教育背景、專業經驗、技能及知識。董事會所有委任均以用人唯才為原則，並在考慮人選時以客觀條件充分顧及董事會多樣性的裨益。

4. 可計量目標

甄選董事會人選將按一系列多樣化範疇為基準，包括但不限於性別、年齡、經驗、文化及教育背景、專業經驗、技能及知識。

5. 監察及呈報

本公司提名委員會（「提名委員會」）將每年在企業管治報告中披露董事會組成，並監察董事會多樣性政策的執行。

42 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

6. Review of the Board Diversity Policy

The Nomination Committee will review the Board Diversity Policy, as appropriate, to ensure the effectiveness of the Board Diversity Policy. The Nomination Committee will discuss any revisions that may be required, and recommend any such revisions to the Board for consideration and approval.

7. Disclosure of the Board Diversity Policy

A summary of the Board Diversity Policy together with the measurable objectives set for implementing the Board Diversity Policy, and the progress made towards achieving those objectives will be disclosed in the annual corporate governance report.

NOMINATION POLICY

The Board has adopted a nomination policy (the “ Nomination Policy ”) on 28 December 2018 which sets out the approach to guide the Nomination Committee in relation to the selection, appointment and re-appointment of the Directors. Details of the Nomination Policy is disclosed as below.

1 Purpose
1.1 the Nomination Policy aims to set out the approach to guide the Nomination Committee in relation to the selection, appointment and re-appointment of the Directors.
1.2 the Nomination Policy aims to ensure that the Board has a balance of skills, experience, knowledge and diversity of perspectives appropriate to the requirements of the Company’s business.

2 Criteria

The Nomination Committee will evaluate, select and recommend candidate(s) for directorships to the Board by giving due consideration to criteria including but not limited to (collectively, the “ Criteria ”):

(a) diversity in aspects including but not limited to gender, age, experience, cultural and educational background, expertise, skills and know-how;
(b) sufficient time to effectively carry out their duties; their services on other listed and non-listed companies should be limited to reasonable numbers;
(c) qualifications, including accomplishment and experience in the relevant industries the Company’s business is involved in;
(d) independence;
(e) reputation for integrity;
(f) potential contributions that the individual(s) can bring to the Board; and
(g) commitment to enhance and maximize shareholders’ value.
3 Re-Election of Director at General Meeting
3.1 The Nomination Committee will evaluate and recommend retiring Director(s) to the Board for re-appointment by giving due consideration to the Criteria including but not limited to:
- (a) the overall contribution and service to the Company of the retiring director including his attendance of Board meetings and, where applicable, general meetings, and the level of participation and performance on the Board; and
- (b) whether the retiring Director(s) continue(s) to satisfy the Criteria in section 2.
3.2 The Nomination Committee and/or the Board shall then make recommendation to shareholders in respect of the proposed re-election of director at the general meeting.

6. 檢討董事會多樣性政策

提名委員會將在適當時候檢討董事會多樣性政策，以確保董事會多樣性政策行之有效。提名委員會將會討論任何或須作出的修訂，再向董事會提出修訂建議，由董事會審批。

7. 董事會多樣性政策的披露

董事會多樣性政策概要連同為執行董事會多樣性政策而制定的可計量目標及達致該等目標的進度將於每年的企業管治報告內披露。

提名政策

董事會已於二零一八年十二月二十八日採納提名政策（「提名政策」），其中載列提名委員會甄選、委任及重新委任董事的指引方法。提名政策的詳情披露如下。

1 目的
1.1 提名政策旨在載列提名委員會甄選、委任及重新委任董事的指引方法。
1.2 提名政策旨在確保董事會具備適當的技能、經驗、知識及多樣性觀點以切合本公司業務的需求。
2 標準
提名委員會將適當考慮下列標準（統稱為「標準」）以評估、甄選及向董事會推薦候選人擔任董事，標準包括但不限於：
(a) 包括性別、年齡、經驗、文化及教育背景、專長、技能及知識等方面的多樣性；
(b) 有充足時間以有效履行其職責，彼等於其他上市及非上市公司的服務應限於合理數目內；
(c) 資格，包括在本公司的業務所涉及的有關行業之中的成就及經驗；
(d) 獨立性；
(e) 誠信方面的聲譽；
(f) 該（等）人士可以為董事會帶來的潛在貢獻；及
(g) 對提高及使股東價值最大化的承諾。
3 於股東大會上重選董事
3.1 提名委員會將會妥為考慮以下標準以評核及向董事會建議一名或多名退任的董事接受再度委任，標準包括但不限於：
- (a) 該退任董事對本公司的整體貢獻及服務，包括出席董事會會議及（如適用）股東大會，以及在董事會的參與程度及表現；及
- (b) 該（等）退任董事是否繼續符合第2節的標準。
3.2 提名委員會及╱或董事會屆時應就於股東大會上建議重選董事向股東作出推薦意見。

年度報告 2021 ANNUAL REPORT

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

4 Nomination Process
The Nomination Committee will recommend to the Board for the appointment of a Director in accordance with the following procedures and process:
(a) the Nomination Committee will, giving due consideration to the current composition and size of the Board, develop a list of desirable skills, perspectives and experience at the outset to focus the search effort;
(b) the Nomination Committee may consult any source it deems appropriate in identifying or selecting suitable candidates, such as referrals from existing Directors, advertising, recommendations from an independent agency firm and proposals from shareholders of the Company with due consideration given to the Criteria;
(c) the Nomination Committee may adopt any process it deems appropriate in evaluating the suitability of the candidates, such as interviews, background checks, presentations and third-party reference checks;
(d) upon considering a candidate suitable for the directorship, the Nomination Committee will hold a meeting and/or by way of written resolutions to, if thought fit, approve the recommendation to the Board for appointment;
(e) the Nomination Committee will thereafter make the recommendation to the Board in relation to the proposed appointment and the proposed remuneration package; and
(f) the Board will have the final authority on determining the selection of nominees and all appointment of Directors will be confirmed by the filing of the consent to act as Director of the relevant Director (or any other similar filings requiring the relevant Director to acknowledge or accept the appointment as Director, as the case may be) to be filed with the Companies Registry of Hong Kong.
5 Responsibility

The Board will be ultimately responsible for the selection, appointment and reappointment of Directors.

6 Monitoring and Reporting

The Nomination Committee will assess and report annually, in the corporate governance report, on the composition of the Board, and launch a formal process to monitor the implementation of the Nomination Policy as appropriate.

7 Review of the Nomination Policy

The Nomination Committee will launch a formal process to review the Nomination Policy periodically to ensure that it is transparent and fair, remains relevant to the Company’s needs and reflects the current regulatory requirements and good corporate governance practice. The Nomination Committee will discuss any revisions that may be required and recommend any such revisions to the Board for consideration and approval.

4 提名流程提名委員會將根據下列程序及流程就委任董事一事向董事會作出建議：
(a) 提名委員會在妥為考慮董事會的現有成員組成及規模下，將擬備一份理想的技能、觀點及經驗清單，以便從一開始能夠專注於物色工作；
(b) 在妥為考慮標準下，提名委員會在物色或甄選合適候選人時可向其認為合適的任何來源查詢，例如：由現任董事轉介、刊登廣告、由第三方代理人公司推薦以及由本公司的股東建議；
(c) 提名委員會在評核候選人的適合程度時可採納其認為合適的任何流程，例如：面試、背景查核、簡介申述及對於第三方轉介作出查核；
(d) 在考慮某名候選人是否適合擔任董事一職之後，提名委員會將舉行會議及╱或以書面決議案的方式（如其認為合適）批准向董事會建議作出委任；
(e) 提名委員會其後將就建議委任及建議薪酬待遇向董事會作出推薦建議；及
(f) 董事會對甄選獲提名人士將有最終決定權，全部董事委任工作將通過向香港公司註冊處提交相關董事的出任董事職位同意書（或任何其他類似需要有關董事承認或接受出任董事職位的備案，視情況而定）確認。
5 責任董事會對於甄選、委任及重新委任董事一事負上最終責任。
6 監察及匯報提名委員會將在企業管治報告內每年評核及匯報董事會的組成，並推行正式流程以適當地監察提名政策的落實情況。
7 檢討提名政策
提名委員會將推行正式流程以定期檢討提名政策，以確保提名政策透明公正，一直切合本公司的需要，並且反映現有監管規定及企業管治常規良好。提名委員會將討論可能需要進行的任何修改，並將任何該等修改向董事會作出推薦建議，以供其考慮及批准。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

8 Disclosure of the Nomination Policy
8.1 A summary of the Nomination Policy including the nomination procedures and the process and Criteria adopted by the Nomination Committee to select and recommend candidates for directorship during the year will be disclosed in the annual corporate governance report.
8.2 In the circular to shareholders for proposing a candidate as an independent non-executive director, it should also set out:
- the process used for identifying the candidate and why the Board believes the candidate should be elected and the reason why it considers the candidate to be independent;
- if the proposed independent non-executive director will be holding their seventh (or more) listed company directorship, the reason the board believes the candidate would still be able to devote sufficient time to the Board;
- the perspectives, skills and experience that the candidate can bring to the Board; and
- how the candidate can contribute to the diversity of the Board.

INDEPENDENT NON-EXECUTIVE DIRECTORS

The independent non-executive Directors play a significant role in the Board as they bring an impartial view on the Company’s strategies, performance and control, as well as ensure that the interests of all shareholders are taken into account. All independent non-executive Directors possess appropriate academic, professional qualifications or related financial management experience. None of the independent non-executive Directors held any other offices in the Company or any of its subsidiaries or is interested in any shares of the Company. The Company has received from each independent non-executive Director an annual confirmation of his independence, and the Company considers such Directors to be independent in accordance with the criteria set out in Rule 3.13 of the Listing Rules.

APPOINTMENT AND RE-ELECTION OF DIRECTORS

Each of the executive Directors and non-executive Director has renewed the service contract with the Company on 27 November 2020 and signed letters of appointment with each of the independent non-executive Directors. The service contracts with the executive Directors and the letter of appointment with each of independent non-executive Directors are for an initial fixed term of three years commencing from 13 February 2021. The service contracts and letters of appointment are subject to termination in accordance with their respective terms. The service contracts may be renewed in accordance with the memorandum and articles of association of the Company and the applicable Listing Rules.

According to the Article 108 of the memorandum and articles of association of the Company, one-third of the Directors for the time being shall retire from office by rotation at every annual general meeting of the Company, provided that every Director shall retire from office by rotation and are subject to re-election at annual general meeting at least once every three years. Article 112 of the memorandum and articles of association of the Company provides that any Directors who are appointed to fill casual vacancies shall hold office only until the next following general meeting after their appointment, and are subject to re-election by shareholders of the Company.

Mr. Cua Tin Yin Simon and Mr. Wong Chi Kuen will retire from office at the forthcoming annual general meeting of the Company to be held on 23 August 2021. Mr. Cua Tin Yin Simon and Mr. Wong Chi Kuen, being eligible, will offer themselves for re-election.

At the forthcoming annual general meeting of the Company, separate ordinary resolutions will be put forward to the shareholders of the Company in relation to the proposed re-election of Mr. Cua Tin Yin Simon and Mr. Wong Chi Kuen as the executive Directors.

8 提名政策的披露
8.1 提名政策概要（包括提名程序及流程以及提名委員會年內就甄選及推薦候選人擔任董事一職而採納的標準）將於每年的企業管治報告內披露。
8.2 於就建議候選人擔任獨立非執行董事而致股東之通函內，亦應載列：
- 用於物色候選人的流程及董事會認為候選人應當獲選的原因以及認為候選人具備獨立性的原因；
- 倘建議獨立非執行董事人選將擔任七間
- （或以上）上市公司的董事職位，董事會認為候選人仍將能夠向董事會投入充足時間的原因；
- 候選人能向董事會帶來的觀點、技能及經驗；及
- 候選人如何能向董事會的多樣性作出貢獻。

獨立非執行董事

獨立非執行董事於董事會扮演重大角色，原因為彼等為本公司的策略、業績及監控問題提供公正意見，並顧及全體股東的利益。全體獨立非執行董事均具備合適學歷、專業資格或相關財務管理經驗。獨立非執行董事概無於本公司或其任何附屬公司擔任任何其他職位，亦無於本公司任何股份中擁有權益。本公司已接獲各獨立非執行董事之年度確認書，確認其獨立性，本公司根據上市規則第3.13條所載準則，認為該等董事均為獨立人士。

委任及重選董事

各執行董事及非執行董事已於二零二零年十一月二十七日與本公司重續服務合約，並與各獨立非執行董事簽訂委任函。執行董事的服務合約及各獨立非執行董事的委任函的期限初步固定為自二零二一年二月十三日起計為期三年。服務合約及委任函可按照其各自之條款予以終止。服務合約可根據本公司的組織章程大綱及細則及適用上市規則予以續期。

根據本公司組織章程大綱及細則第108條，當時在任的三分之一董事須在本公司每屆股東週年大會上輪值退任，惟每位董事須最少每三年一次在股東週年大會上輪值退任並膺選連任。本公司組織章程大綱及細則第112條規定，任何獲委任以填補臨時空缺的董事，任期僅至其獲委任後的下屆股東大會止，並須經本公司股東重選後方可連任。

柯天然先生及黃志權先生將於本公司謹定於二零二一年八月二十三日舉行之應屆股東週年大會上退任。符合資格的柯天然先生及黃志權先生將膺選連任。

於本公司應屆股東週年大會上，將向本公司股東提呈有關建議重選柯天然先生及黃志權先生為執行董事的獨立普通決議案。

年度報告 2021 ANNUAL REPORT

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

TERM OF OFFICE OF NON-EXECUTIVE DIRECTORS

The initial term of office of each of the non-executive Directors (including independent non-executive Directors) is three years, subject to re-election.

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Pursuant to the code provision A.2.1 of the CG Code, the roles of chairman and chief executive officer should be separate and should not be performed by the same individual.

The role of chairman remains separate from that of the chief executive officer to enhance their respective independence, accountability and responsibility. Mr. Paul Lo was the Chairman and Mr. Cua was the Chief Executive Officer.

DIRECTORS’ TRAINING AND PROFESSIONAL DEVELOPMENT

The Group acknowledges the importance of adequate and ample continuing professional development for the Directors for a sound and effective internal control system and corporate governance. In this regard, the Group has always encouraged the Directors to attend relevant training courses to receive the latest new and knowledge regarding corporate governance.

The Company updates Directors on the latest developments and changes to the Listing Rules and the applicable legal and regulatory requirements concerning good governance practices. Reading materials on regulatory updates were also provided to the Directors for updating their knowledge on the relevant issues. The Company will, if necessary, provide timely and regular trainings to the Directors to ensure that they keep abreast of the current requirements under the Listing rules. The Group has also adopted a policy to reimburse the Directors for any relevant training costs and expenses incurred concerning corporate governance and internal control.

BOARD COMMITTEES

The Board has established three Board committees, namely, the audit committee of the Company (the “ Audit Committee ”), the Remuneration Committee and the Nomination Committee, for overseeing particular aspects of the Company’s affairs. All Board committees have been established with defined written terms of reference, which are posted on the website of the Stock Exchange at www.hkexnews.hk and the Company’s website at www.time-interconnect.com. All the Board committees responsibly report to the Board on their decisions or recommendations made.

The practices, procedures and arrangements in conducting meetings of Board committees follow in line with, so far as practicable, those of the Board meetings set out above.

All Board committees are provided with sufficient resources to perform their duties and, upon reasonable request, are able to seek independent professional advice in appropriate circumstance, at the Company’s expense.

The Board is responsible for performing the corporate governance duties set out in the CG Code which included developing and reviewing the Company’s policies and practices on corporate governance, training and continuous professional development of Directors, and reviewing the Company’s compliance with the code provision in the CG Code and disclosures in this annual report.

非執行董事的任期

各非執行董事（包括獨立非執行董事）的初步任期為三年，須重選。

主席與行政總裁

根據企業管治守則的守則條文A.2.1 ，主席與行政總裁的角色應有所區分，及不應由同一人士兼任。

主席與行政總裁的角色維持分立，以分別提高各自的獨立性、問責性及責任。羅仲煒先生擔任主席，而柯先生為行政總裁。

董事的培訓及專業發展

本集團認同董事獲得足夠及充份的持續專業發展，對健全而及有效的內部監控系統與企業管治的重要性。為此，本集團一直鼓勵董事出席相關培訓課程，以獲取有關企業管治的最新消息及知識。

本公司向董事更新涉及良好企業管治常規之上市規則最新發展及修訂以及適用之法律及監管規定。最新監管資料之閱讀材料亦會提供予董事，以更新彼等對相關事宜之知識。本公司將按需要為董事提供適時及定期之培訓，以確保彼等緊貼上市規則之現行規定。本集團亦已採納一項政策，以實報實銷方式，付還董事就參與任何有關企業管治及內部監控之培訓所產生之相關費用及開支。

董事委員會

董事會已成立三個董事委員會，分別為本公司審核委員會（「審核委員會」）、薪酬委員會及提名委員會，以監察本公司特定範疇的事務。所有董事委員會於成立當時均具有明確的書面職權範圍，該等範圍刊載於聯交所網站 www.hkexnews.hk 及本公司網站 www.time-interconnect.com 。所有董事委員會盡責地向董事會匯報其所作出的決定或推薦意見。

在實際可行情況下，董事委員會舉行會議的常規、程序及安排均與上文所載董事會會議的常規、程序及安排一致。

所有董事委員會均獲提供充足資源以履行其職務，並可應合理要求於適當情況下徵詢獨立專業意見，費用由本公司支付。

董事會負責履行企業管治守則所載之企業管治職務，當中包括制定及檢討本公司之企業管治政策及常規、董事的培訓及持續專業發展，以及檢討本公司有否遵守企業管治守則的守則條文及本年報所作的披露。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

AUDIT COMMITTEE

The Audit Committee was established on 24 January 2018. The chairman of the Audit Committee is Mr. Chan Chung Shun Eric, the independent non-executive Director, and other members included Mr. Ho Hin Shun and Mr. Luk Wai Shing, the independent non-executive Directors. The written terms of reference of the Audit Committee are posted on the website of the Stock Exchange and on the Company’s website.

The Company has complied with Rule 3.21 of the Listing Rules in that at least one of the members of the Audit Committee (which must comprise a minimum of three members and must be chaired by an independent non-executive Director) is an independent non-executive Director who possesses appropriate professional qualifications or accounting related financial management expertise.

The primary duties of the Audit Committee are to review the financial information and reporting process, internal control procedures and risk management system, audit plan and relationship with external auditors and arrangements to enable employees of the Company to raise, in confidence, concerns about possible improprieties in financial reporting, internal control or other matters of the Company.

During the year, the Audit Committee held two meetings to review and comment on the Company’s 2020 annual results and 2020/2021 interim results as well as the Company’s internal control procedures and risk management system.

The Group’s consolidated financial statements for the year ended 31 March 2021 have been reviewed by the Audit Committee. The Audit Committee is of the opinion that the consolidated financial statements of the Group for the year ended 31 March 2021 comply with applicable accounting standards, Listing Rules and that adequate disclosures have been made.

REMUNERATION COMMITTEE

The Remuneration Committee was established on 24 January 2018. The chairman of the Remuneration Committee is Mr. Ho Hin Shun, the independent non-executive Director, and other members includes Mr. Luk Wai Shing and Mr. Chan Chung Shun Eric, the independent non-executive Directors and Mr. Wong Chi Kuen, the executive Director. The written terms of reference of the Remuneration Committee are posted on the website of the Stock Exchange and the Company’s website.

The Remuneration Committee has been charged with the responsibility of making recommendations to the Board on the appropriated policy and structures for all aspects of Directors’ and senior management’s remuneration. The Remuneration Committee considers factors such as salaries paid by comparable companies, time commitment and responsibilities of the Directors, employment conditions elsewhere in the Group and desirability of performance-based remuneration. The Remuneration Committee has reviewed the remuneration packages and emoluments of Directors and senior management and considered that they are fair and reasonable during the year ended 31 March 2021. No Director or any of his associates is involved in deciding his own remuneration.

審核委員會

審核委員會於二零一八年一月二十四日成立。審核委員會主席為獨立非執行董事陳忠信先生，其他成員包括獨立非執行董事何顯信先生及陸偉成先生。審核委員會的書面職權範圍刊載於聯交所網站及本公司網站。

本公司已遵守上市規則第3.21條，即審核委員會（須由最少三名成員組成，且主席須為獨立非執行董事）成員至少須有一名具備適當專業資格或會計相關財務管理專長的獨立非執行董事。

審核委員會的基本職務為檢討財務資料及申報程序、內部監控程序及風險管理制度、審計計劃及與外部核數師的關係，以及檢討相關安排，令本公司僱員可以保密形式提出本公司財務匯報、內部監控或其他方面可能發生之不正當行為。

於本年度內，審核委員會舉行兩次會議，就本公司二零二零年年度業績及二零二零年╱二零二一年中期業績以及本公司之內部監控程序及風險管理系統進行檢討並反映意見。

本集團截至二零二一年三月三十一日止年度的綜合財務報表已經由審核委員會審閱。審核委員會認為，本集團截至二零二一年三月三十一日止年度的綜合財務報表符合適用會計準則及上市規則，並已作出充足的披露。

薪酬委員會

薪酬委員會於二零一八年一月二十四日成立。薪酬委員會主席為獨立非執行董事何顯信先生，其他成員包括獨立非執行董事陸偉成先生及陳忠信先生及執行董事黃志權先生。薪酬委員會的書面職權範圍刊載於聯交所網站及本公司網站。

薪酬委員會的職責為就董事及高級管理層薪酬各個方面的適當政策及架構向董事會提出建議。薪酬委員會考慮的因素包括可資比較公司支付之薪金、董事的付出時間及職責、本集團內其他職位之僱用條件及按表現發放薪酬的可取性。於截至二零二一年三月三十一日止年度，薪酬委員會已審閱董事及高級管理層的薪酬待遇及酬金，並認為屬公平合理。概無董事或其任何聯繫人參與釐訂其自身的薪酬。

年度報告 2021 ANNUAL REPORT

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

NOMINATION COMMITTEE

The Nomination Committee was established on 24 January 2018. The chairman of the Nomination Committee is Mr. Luk Wai Shing, the independent non-executive Director, and other members included Mr. Ho Hin Shun and Mr. Chan Chung Shun Eric, the independent non-executive Directors and Mr. Wong Chi Kuen, the executive Director. The written terms of reference of the Nomination Committee are posted on the website of the Stock Exchange and on the Company’s website.

The primary duties of the Nomination Committee are to review and assess the composition of the Board and independence of the independent non-executive Directors and makes recommendations to the Board on appointment of new Directors of the Company. In recommending candidates for appointment to the Board, the Nomination Committee considers candidates on merit against objective criteria and with due regards to the benefits of diversity on the Board.

In designing the Board’s composition, Board diversity has been considered from a number of perspectives, including but not limited to gender, age, cultural and educational background, industry experience, technical and professional skills and/ or qualifications, knowledge, length of services and time to be devoted as a director. The Company will also take into account factors relating to its own business model and specific needs from time to time. The ultimate decision is based on merit and contribution that the selected candidates will bring to the Board.

BOARD AND GENERAL MEETINGS

The Board meet regularly for considering, reviewing and/or approving matters relating to, among others, the financial and operating performance, as well as, the overall strategies and policies of the Company. Additional meetings are held when significant events or important issues are required to be discussed and resolved.

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

Details of all Directors’ attendance at the Board meeting and Board Committees’ meeting held during the year ended 31 March 2021 are as follows:

提名委員會

提名委員會於二零一八年一月二十四日成立。提名委員會主席為獨立非執行董事陸偉成先生，其他成員包括獨立非執行董事何顯信先生及陳忠信先生以及執行董事黃志權先生。提名委員會的書面職權範圍刊載於聯交所網站及本公司網站。

提名委員會的主要職責為審查及評估董事會的組成及獨立非執行董事的獨立性，並就有關本公司新董事的委任向董事會提供推薦建議。向董事會推薦委任候選人時，提名委員會根據客觀標準考慮候選人的長處，並顧及董事會多樣性的裨益。

董事會作出成員甄選時，已從多方面觀點考慮董事會的多樣性，包括但不限於性別、年齡、文化和教育背景、行業經驗、技術及專業技能及╱或資格、知識及服務年資及作為董事之可服務時間。本公司亦會考慮有關自身業務模式及不時的特殊需求之因素。最終決定乃基於候選人將帶給董事會的裨益及貢獻。

董事會會議及股東大會

董事會定期召開會議，以考慮、審閱及╱或批准有關（其中包括）本公司財務及營運表現，以及整體策略及政策。當需要討論及解決重大事項或重要事件時，本公司將另行舉行會議。

於本年度，主席在執行董事避席的情況下與獨立非執行董事舉行一次會議。

截至二零二一年三月三十一日止年度，全體董事出席董事會會議及董事委員會會議的詳情如下：

			Audit	Remuneration	Nomination	Nomination
			Committee	Committee	Committee
		Board Meeting	Meeting	Meeting		Meeting	General Meeting
		董事會會議	審核委員會會議	薪酬委員會會議	提名委員會會議		股東大會
			Number of Meetings Attended/Held
				出席╱舉行大會的次數
Executive Directors	執行董事
Mr. Cua Tin Yin Simon	柯天然先生	11/14	–	–		–	2/2
Mr. Wong Chi Kuen	黃志權先生	14/14	–	4/4		1/1	2/2
Non-executive Director	非執行董事
Mr. Lo Chung Wai Paul	羅仲煒先生	11/14	–	–		–	2/2
Independent non-executive Directors	獨立非執行董事
Mr. Ho Hin Shun	何顯信先生	5/14	2/2	4/4		1/1	2/2
Mr. Luk Wai Shing	陸偉成先生	5/14	2/2	4/4		1/1	2/2
Mr. Chan Chung Shun Eric	陳忠信先生	4/14	2/2	3/4		1/1	2/2

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

COMPANY SECRETARY

The Company Secretary assists the Board by ensuring the Board policy and procedures are followed. The Company Secretary is also responsible for advising that Board on corporate governance matters.

The Company engages an external service provider, Ms. Ng Hoi Ying (“ Ms. Ng ”) as its Company Secretary. Ms. Ng possesses the necessary qualification and experience, and is capable of performing the functions of the Company Secretary. Mr. Wong Chi Kuen, executive Director of the Company is the primary contact person who Ms. Ng contacts.

For FY2021, Ms. Ng undertook no less than 15 hours of relevant professional training to update her skill and knowledge. The biographical details of Ms. Ng are set out in the section headed “Biographical Details of the Directors and Senior Management” of this annual report.

INDEPENDENT AUDITORS’ REMUNERATION

During the year, the remuneration paid or payable to the external auditor of the Company, Deloitte Touche Tohmatsu, in respect of the audit and non-audit services were as follows:

公司秘書

公司秘書協助董事會確保董事會的政策及程序得到奉行。公司秘書亦負責向董事會提出有關企業管治事宜的建議。

本公司委聘一名外聘服務供應商吳愷盈女士（「吳女士」）出任其公司秘書。吳女士具備所需資格及經驗，有能力履行公司秘書的職能。本公司執行董事黃志權先生為吳女士主要聯絡的人士。

於二零二一財政年度，吳女士已進行不少於15小時的相關專業培訓以更新她的技能及知識。吳女士之履歷詳情載於本年報「董事及高級管理層履歷詳情」一節。

獨立核數師酬金

於本年度，就審核及非審核服務已付或應付予本公司外聘核數師德勤 • 關黃陳方會計師行之酬金如下：

Services rendered 所提供的服務	Remuneration paid/payable 已付╱應付酬金 HK$’000 千港元
Audit services 審核服務 – Statutory audit services –法定審核服務 Non-audit services 非審核服務 – Review interim report –審閱中期報告 – Acting as reporting accountants in connection with an Extreme Very Substantial Acquisition of the Company –擔任本公司極端非常重大收購事項的申報會計師	2,120 380 660
	3,160

SHAREHOLDERS’ RIGHT

As one of the measures to safeguard Shareholders’ interest and rights, separate resolutions are proposed at Shareholders’ meetings on each substantial issue, including the election of individual directors, for Shareholders’ consideration and voting. All resolutions put forward at Shareholders’ meeting will be voted by poll pursuant to the Listing Rules and the poll voting results will be posted on the website of the Stock Exchange and the Company’s website after the relevant Shareholders’ meeting.

Extraordinary general meeting may be convened by the Board on requisition of Shareholders holding not less than one-tenth of the paid up capital of the Company or by such Shareholders who made the requisition (the “ Requisitionists ”) (as the case may be) pursuant to Article 64 of the memorandum and articles of association of the Company. Such requisition must state the object of business to be transacted at the meeting and must be signed by the Requisitionists and deposited at the registered office of the Company or the Company’s principal place of business in Hong Kong. Shareholders should follow the requirements and procedures as set out in such article for convening an extraordinary general meeting. Shareholders may put forward proposals with general meeting of the Company by sending the same to the Company at the principal office of the Company in Hong Kong.

For putting forward any enquiries to the Board, Shareholders may send written enquiries to the Company. Shareholders may send their enquiries or requests in respect of their rights to the Company’s principal place of business in Hong Kong.

股東權利

於股東大會上就各項重大議題（包括推選個別董事）提呈個別決議案以供股東考慮及表決，乃保障股東利益及權利的措施之一。根據上市規則，於股東大會上提呈的所有決議案將按投票方式表決，而投票表決結果將於相關股東大會結束後刊載於聯交所網站及本公司網站。

根據本公司組織章程大綱及細則第64條，股東特別大會可由董事會按持有不少於本公司繳足股本十分之一的股東所提出的呈請，或由提出呈請的股東（「呈請人」）（視情況而定）召開。有關呈請須列明大會上須予處理的事務，由呈請人簽署，並交回本公司註冊辦事處或本公司於香港的主要營業地點。股東須遵守有關細則所載召開股東特別大會的規定及程序。股東可於本公司股東大會上提呈動議，有關動議須送交本公司之香港主要辦事處。

股東可將彼等向董事會提出的任何查詢以書面形式郵寄至本公司。股東可將有關其權利的查詢或要求郵寄至本公司於香港的主要營業地點。

年度報告 2021 ANNUAL REPORT

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

RISK MANAGEMENT AND INTERNAL CONTROL

The Directors acknowledge that they have overall responsibility for overseeing the Company’s internal control, financial control and risk management system and shall monitor its effectiveness on an ongoing basis. A review of the effectiveness of the risk management and internal control systems has been conducted by the Board at least annually.

Aimed at providing reasonable assurance against material errors, losses or fraud, the Company has established a risk management procedures which comprised the following steps:

Identify risks: Identify major and significant risks that could affect the achievement of goals of the Group;
Risk assessment: Assess and evaluate the identified risk according to its likely impact and the likelihood of occurrence;
Risk mitigation: Develop effective control activities to mitigate the risks.

Risk identification and assessment is performed or updated annually, and the results of risk assessment, evaluation and mitigation of each functions or operation are documented in the Risk Registry to communicate to the Board and Management for reviews.

The Group’s risk management and internal control systems are, however, designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss.

A review on the internal control systems of the Company, including financial, operational and compliance controls and risk management functions has been carried out by an independent consultancy company with staff in possession of relevant expertise to conduct an independent review.

The Audit Committee reviewed the internal control review report issued by the independent consultancy company and the Company’s risk management and internal control systems in respect of the year ended 31 March 2021 and considered that they are effective and adequate. The Board assessed the effectiveness of internal control systems by considering the internal control review report and reviews performed by the Audit Committee and concurred the same.

Under Code Provision C.2.5, the Group should have an internal audit function. The Company has no internal audit function because the Company has maintained an internal control system and its implementation has been considered effective by the Audit Committee and the Board. In addition, the Audit Committee has communicated with external auditors of the Company to understand if there is any material control deficiency. Nevertheless, the Company will review the need for one on an annual basis.

風險管理及內部監控

董事明白彼等有全盤責任監督本公司內部監控、財務監控及風險管理系統，並須持續監察其有效性。董事會至少每年對風險管理及內部監控系統的有效性進行審閱。

本公司著力提供合理保證，避免出現重大錯誤、損失或造假，為此已成立風險管理程序，包括以下步驟：

識別風險：識別可能影響達成本集團目標之主要及重大風險；
風險評估：根據已識別風險的預料影響及出現之可能性作出評估及評核；
紓緩風險：策劃有效的監管活動，務求紓緩風險。

每年進行或更新風險識別及評估，風險評估、評核的結果及各功能或營運之紓緩措施會詳細記錄在風險資料冊內，以供董事會及管理層審閱。

然而，本集團之風險管理及內部監控系統之設計旨在管理而非消除未能達成業務目標之風險，僅可就重大失實聲明或損失提供合理而非絕對保證。

獨立顧問公司內具有相關專業知識進行獨立審閱的員工，對本公司的內部監控系統（包括財務、營運及合規監控及風險管理職能）進行審閱。

審核委員會已審閱由獨立顧問公司發佈的內部監控審閱報告，以及本公司截至二零二一年三月三十一日止年度的風險管理和內部監控系統，並認為其屬有效及充份。董事會透過考慮內部監控審閱報告及審核委員會所進行的審閱（並同意有關審閱），評估內部監控系統的有效性。

根據企業管治守則條文C.2.5 ，本集團須設有內部審核職能。本公司並無內部審核職能，因為本公司設有內部監控系統，而其推行經審核委員會及董事會審閱後認為行之有效。此外，審核委員會已與本公司外部核數師溝通，以了解有否出現任何重大監控缺陷。儘管如此，本公司仍會每年檢討是否需要成立內部審核職能。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CORPORATE GOVERNANCE REPORT (CONT‘D) 企業管治報告（續）

DISCLOSURE OF INSIDE INFORMATION

The Group has in place a policy on disclosure of inside information which sets out the procedures and internal controls for handling and dissemination of inside information.

The policy provides guidelines to the Directors, officers and all relevant employees of the Group to ensure proper safeguards exist to prevent the Company from breaching the statutory disclosure requirements. It also includes appropriate internal control and reporting systems to identify and assess potential inside information.

Key procedures in place include:

define the requirements of periodic financial and operational reporting to the Board and Company Secretary to enable them to assess inside information and make timely disclosures, if necessary;
controls the access to inside information by employees on a need-to-know basis, and safeguarding the confidentiality of the inside information before it is properly disclosed to public;
procedures of communicating with the Group’s stakeholders, including shareholders, investors, analysts, etc. in ways which are in compliance with the Listing Rules.

The Group has also established and implemented procedures to handle enquiries from external parties related to the market rumours and other Group’s affairs.

To avoid uneven dissemination of inside information, the dissemination of inside information of the Company shall be conducted by publishing the relevant information on the Stock Exchange’s website and the Company’s website.

COMMUNICATION WITH SHAREHOLDERS AND INVESTOR RELATIONS

The Company has adopted shareholders communication policy with objective of ensuring that the Shareholders and potential investors are provided with ready, equal and timely access to balanced and understandable information about the Company.

The Company has established several channels to communicate with the Shareholders as follows:

(i) Corporate communications such as annual reports, interim reports and circulars are issued in printed form and are available on the website of the Stock Exchange at www.hkexnews.hk and the Company’s website at www.time-interconnect.com;
(ii) Periodic announcements are made through the Stock Exchange and published on the respective websites of the Stock Exchange and the Company;
(iii) Corporate information is made available on the Company’s website;
(iv) Annual and extraordinary general meetings provide a forum for the Shareholders to make comments and exchange views with the Directors and senior management; and
(v) The Hong Kong share registrar of the Company serves the Shareholders in respect of share registration, dividend payment and related matters.

The Company keeps on promoting investor relations and enhancing communication with the existing Shareholders and potential investors. It welcomes suggestions from investors, stakeholders and the public. Enquires to the Board or the Company may be sent by post to the Company’s principal place of business in Hong Kong.

During the year ended 31 March 2021, there is no significant change in the memorandum and articles of association of the Company.

披露內幕消息

本集團備有內幕消息披露政策，列載處理及發放內幕消息的程序及內部監控。

政策為向董事、職員及本集團所有有關僱員提供指引，確保具恰當的保護措施，以免本公司違反法定披露要求。政策亦包括適當的內部監控及申報系統，以辨別及評估潛在的內幕消息。

已設有的主要步驟包括：

向董事會及公司秘書界定定期財務及經營申報的規定，致使彼等可評估內幕消息及（如有需要）作適時披露；
按須知基準控制僱員獲悉內幕消息的途徑，向公眾恰當披露時前確保內幕消息絕對保密；
與本集團持份者（包括股東、投資者、分析師等）溝通步驟，方式均遵從上市規則。

涉及市場傳言及其他本集團事務，本集團已設立及實行步驟，處理外部人士的查詢。

為免出現不公平發放內幕消息，本公司發放內幕消息時，會於聯交所網站及本公司網站刊載有關資料。

與股東的溝通及投資者關係

本公司已採納股東溝通政策，目標乃確保股東及有意投資者可便利、平等及及時地獲得均衡及可理解的本公司資料。

本公司已設立以下多個途徑與股東溝通：

(i) 企業通訊如年報、中期報告及通函均以印刷形式刊發，同時於聯交所網站www.hkexnews.hk及本公司網站www.time-interconnect.com可供瀏覽；
(ii) 定期透過聯交所作出公告，並將公告分別刊載於聯交所及本公司的網站；
(iii) 於本公司網站提供企業資料；
(iv) 股東週年大會及股東特別大會為股東提供平台，向董事及高級管理層反映意見及交流觀點；及
(v) 本公司的香港股份過戶登記處可為股東提供股份過戶登記、股息派付及相關事宜的服務。

本公司不斷促進與投資者的關係，並加強與現有股東及有意投資者的溝通。本公司歡迎投資者、持份者及公眾人士提供意見。向董事會或本公司作出的查詢可郵寄至本公司之香港主要營業地點。

截至二零二一年三月三十一日止年度，本公司的組織章程大綱及細則概無任何重大變動。

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告

INTRODUCTION

The Group is committed to maintaining high standards of business practices in relation to environmental protection, social responsibility and related governance. In order to uphold stakeholders’ confidence and understanding of the Group’s efforts in achieving corporate sustainability, the Group annually releases ESG Report in a transparent and open manner for public review. All information in this ESG Report reflects the performance of the Group in the Review Year.

Reporting Scope

During the Review Year, the Group completed the acquisition of the networking cables business which is already incorporated into this ESG Report. The ESG Report covers environmental, social and governance performance (the “ ESG performance ”) of the headquarters in Hong Kong and the production facilities in Huizhou, Shanghai and Kunshan City. After establishing a comprehensive data collection system and deepening environmental, social and governance (“ ESG ”) work, the Group is able to disclose various environmental and social Key Performance Indicators (“ KPIs ”) for the Group during the Review Year.

Reporting Standards

The ESG Report is prepared in accordance with the “Environmental, Social and Governance Reporting Guide” (“ ESG Guide ”) of the Stock Exchange set out in the Appendix 27 of the Listing Rules. The ESG Report provides a simplified overview on the ESG performance of the Group. The information in the ESG Report is derived from the Group’s official documents and statistics, as well as the integration and summary of monitoring, management and operational information provided by the Group.

ESG Governance

The Group has established sustainability strategies and related policies with aims to create sustainable values to its stakeholders, thereby to large extent minimising the Group’s adverse impact on the environment and strengthening the contribution to the community. In order to fully implement the Group’s sustainability strategies, the Board has ultimate responsibilities for ensuring the effectiveness of the Group’s ESG policies. The Group has established dedicated teams to manage ESG issues within each business division of the Group, keep monitoring and overseeing the progress against corporate goals and targets for addressing climate change, and identify opportunity for further acceleration so as to sustain its long-term development. The dedicated teams have been assigned to enforce and implement the relevant ESG tactics and policies cascading through the Group. With the forward-looking guidance and well-designed plans of action to address underlying ESG matters, the management and responsible teams keep reviewing and enhancing the Group’s sustainability policies to satisfy the ever-changing needs of its stakeholders on a regular basis. The Group is committed to achieving an excellent performance in ESG management while also maintains competitive advantages in the industry. Details of the Group’s management approaches in both the environmental and social aspects are elaborated in different sections of this ESG report.

引言

本集團致力於環境保護、社會責任及相關管治方面維持高水準的業務常規。為加強持份者對本集團在達成企業可持續發展所作努力的信心及瞭解，本集團每年以透明及公開的方式發佈《環境、社會及管治報告》，以供各界查閱。本環境、社會及管治報告中的所有資料均反映本集團於回顧年度的績效。

報告範圍

於回顧年度，本集團完成收購網絡電線業務，並已納入本環境、社會及管治報告中。環境、社會及管治報告涵蓋香港總部及惠州、上海及昆山市生產設施的環境、社會及管治表現（「環境、社會及管治表現」）。於建立一個全面的資料收集系統，以及深化環境、社會及管治（「環境、社會及管治」）的工作後，本集團能夠於回顧年度披露本集團各種環境及社會關鍵績效指標（「關鍵續效指標」）。

報告準則

環境、社會及管治報告是依循上市規則附錄二十七所載的聯交所《環境、社會及管治報告指引》（「環境、社會及管治指引」）而編製。環境、社會及管治報告以精簡的形式概述本集團的環境、社會及管治表現。環境、社會及管治報告中的資料來自本集團的正式文件和統計數據，以及根據本集團提供的監測、管理和營運資料整合匯報。

環境、社會及管治之監督

本集團已制定可持續發展策略及相關政策，旨在為持份者創造可持續價值，從而在很大程度上盡量減少本集團對環境造成的不利影響，增強對社區作出貢獻。為全面貫徹實行本集團的可持續發展策略，董事會負有確保本集團環境、社會及管治政策有效性的最終責任。本集團已成立專責團隊，管理本集團各業務部門內的相關環境、社會及管治事宜，持續監察及監督公司應對氣候變化目標及指標的進展情況，並識別持續改進的機會以維持長期發展。專責團隊已被指派強化及實施本集團各項相關環境、社會及管治策略及政策。透過前瞻性指引及精心設計的行動計劃處理相關環境、社會及管治事宜，管理層及專責團隊定期檢討及提升本集團的可持續發展政策，以滿足持份者不斷變化的需求。本集團致力於在環境、社會及管治管理方面取得卓越表現，同時保持在業內的競爭優勢。本環境、社會及管治報告不同章節已闡述了本集團在環境及社會方面的管理方針。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Materiality Analysis

The Group conducts a materiality analysis to illustrate the topics of the greatest interest to its stakeholders and its business every year. The Group uses the outcomes of this analysis to identify material issues that enables the Group to determine the strategies, goals and actions.

The Group integrated a series of material issues based on global standards and initiatives, business conditions and media reports in which 18 issues were selected as the material issues of the Review Year. These issues were prioritised according to their influence on stakeholders and the business.

After the acquisition of the networking cables business, the business and market of the Group have been expanded and diversified. The operation and production processes of the networking cables business are quite different from the cable assembly business which are more automatic and machine-oriented. As a result, the 18 material issues are re-positioned based on the current macro and micro environment in which aspects related to products, intellectual property, supply chain and manufacturing management are increasingly crucial to both stakeholders and the Group.

重要性分析

本集團每年進行重要性分析，闡明對持份者及業務具重大利益關係的議題。本集團使用該分析結果識別重要性議題，以助本集團釐定策略、目標及行動方案。

本集團根據全球標準及倡議、業務情況及媒體報導綜合多項重要性議題，並為回顧年度訂立了18項的重要性議題。根據該等議題對持份者及業務的影響進行重要性排序。

收購網絡電線業務後，本集團的業務及市場得以擴展及多元化。網絡電線業務及電線組件業務兩者的營運及生產流程大相逕庭，前者更趨自動化，更倚重機器。因此18項重要性議題已按目前宏觀及微觀環境重新定位，當中有關產品、知識產權、供應鏈及生產管理方面的議題對持份者及本集團而言愈發重要。

Figure 1: Materiality analysis outcomes 圖 1 ：重要性分析結果

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Materiality analysis outcomes
重要性分析結果
1
10 14 3
15 4, 5 11 7
2
13
6 12
9 8
16
18
17
Significance of economic, environmental & social impacts to the Group
對本集團經濟、環境及社會影響的重大性
響
影
者
份
持
對
Influence on stakeholder
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年度報告 2021 ANNUAL REPORT

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Categories Interests and concerns
類別利益及關注
Economy 1. Product safety and quality
經濟產品安全及質量
2. Business model and innovation
業務模式及創新
3. Intellectual property protection
知識產權保護
Society 4. Labour practices
社會勞工常規
5. Occupational health and safety
職業健康及安全
6. Human rights
人權
7. Supply chain sustainability
可持續供應鏈
8. Human capital
人力資本
9. Data security
數據安全
10. Ethical business practices
營商操守
11. Responsible sourcing and manufacturing
責任採購及生產
12. Community development and corporate citizenship
社區發展及企業公民責任
Environment 13. Circular economy
環境循環經濟
14. Product stewardship
產品監管
15. Climate stewardship
氣候管理
16. Waste and hazardous materials in supply chain
供應鏈中的廢棄物及有害物料
17. Water and sewage management
用水及污水管理
18. Energy management
能源管理
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Stakeholder Engagement

The Stock Exchange has set forth four reporting principles for preparing the ESG Report in the ESG Guide: materiality, quantitative, balance and consistency. As the Stock Exchange emphasises, stakeholder engagement is important to identify material ESG issues. Through stakeholder engagement, companies can understand wide-ranging views from the stakeholder aspect, be aware of the impact of the Group’s business on the material environmental and social issues in order to formulate effective policies to sustain the Group’s development and growth.

Stakeholders refer to groups and individuals materially influenced or affected by the Group’s business. The Group’s internal stakeholders include employees, management and Directors; whereas external stakeholders include customers, suppliers, investors, regulatory authorities and various types of community groups. In the Previous Year, the Group communicated with the key stakeholders through a variety of methods. While preparing the ESG Report, the Group commissioned a professional consultancy firm to conduct the materiality analysis in the form of management interview. With expert advice, the Group identified the material ESG aspects for the ESG Report and will be used to guide the formulation of the Group’s sustainability roadmap.

持份者參與

聯交所已於環境、社會及管治指引載列四項匯報原則作為編製環境、社會及管治報告的基礎：重要性、量化、平衡及一致性。誠如聯交所強調，持份者參與為識別重大環境、社會及管治議題的重要工具。透過持份者參與，公司可從持份者的角度知悉眾多不同意見並瞭解本集團業務對重大環境及社會議題的影響，以制定有效政策維持本集團的發展及增長。

持份者指對本集團業務產生重大影響或受本集團業務重大影響的團體及個人。本集團的內部持份者包括僱員、管理層及董事，而外界持份者則包括客戶、供應商、投資者、監管機構及各類社區團體。上年度，本集團透過各種方式與主要持份者溝通。於編製環境、社會及管治報告時，本集團委託一家專業顧問公司，透過與管理層面談的方式進行重要性分析。根據專家意見，本集團識別對環境、社會及管治報告而言屬重要的環境、社會及管治議題，並用於本集團制定可持續發展路線圖的指引。

54 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

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Figure 2: Stakeholders and engagement methods 圖 2 ：持份者及參與方式

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Stakeholders Interests and concerns Engagement channels
持份者利益及關注參與渠道
Customers • Protection of intellectual property • Emails, direct dialogues, phone calls or
客戶知識產權保護 meetings as required in daily operations
• Environmentally responsible behaviour and 日常營運中所需的電郵、直接對話、
ethical business operation 電話溝通或會議
對環境負責的舉措及合乎道德的業務 • Customer visits or meetings
營運客戶拜訪或會議
• Financial performance • Customer service hotline
財務表現客戶服務熱線
• Design capability • On-site visits at the Group’s production
設計能力 facilities
• Cost competitiveness 本集團生產設施實地視察
成本競爭 • On-site visits at customer offices and
• Product quality and product safety factories
產品質量及產品安全客戶辦公室及工廠實地視察
• On-time delivery • Annual business review
準時交貨年度業務回顧
• Customer support • Customer audits
客戶支持客戶審核
• Technical capability • Trade fairs and forums
技術能力行業展覽及論壇
• Production control • Annual and interim reports
生產控制年度及中期報告
• Supply chain management • “Purchase Order Portal” platform
供應鏈管理「採購訂單門戶」平台
• Inspection capability
檢驗能力
• Document and record control
文件及記錄控制
• Compliance and risk control
合規及風險控制
Suppliers • Mutual growth • Emails, direct dialogues, phone calls or
供應商共同增長 meetings as required in daily operations
• Financial position 日常營運中所需的電郵、直接對話、
財務狀況電話溝通或會議
• Payment and related contractual terms • “Supplier Portal” platform
付款及相關合約條款「供應商門戶」平台
• Payment method • Supplier service hotline
付款方式供應商服務熱線
• Explicit product specifications • On-site visits at the Group’s production
明確產品規格 facilities
• Order volume 本集團生產設施實地視察
訂單量 • On-site visits at supplier offices and
• Order seasonality factories
訂單季節性供應商辦公室及工廠實地視察
• Order profitability • Annual supplier assessment
訂單盈利性供應商年度評估
• Trade fairs and forums
行業展覽及論壇
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年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

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Stakeholders Interests and concerns Engagement channels
持份者利益及關注參與渠道
Employees • Compliance with applicable laws and • Emails, direct dialogues, phone calls,
(including senior regulations communication application, notice
management and 遵守適用法律及法規 board and meetings as required in daily
Board) • Respect for human rights operations
僱員尊重人權日常營運中所需的電郵、直接對話、
（包括高級管理層及 • Fair treatment and equal opportunities 電話溝通、通訊應用程式、告示板及會議
董事會）公平待遇及平等機會 • Weekly e-Newsletter
• Work condition and welfare 每週電子通訊
工作條件及福利 • Social events with employees
• Career growth and personal development 與僱員參與社交活動
職業成長及個人發展 • Occupational health and safety training
• Occupational health and safety 職業健康及安全培訓
職業健康及安全 • Other in-house and external development
• Work-life balance training
工作與生活平衡其他內部及外部發展培訓
• Remuneration and benefits • New employees orientation
薪酬及福利新僱員入職培訓
• Job satisfaction • Performance appraisal
工作滿意度績效考評
• Team building activities
團隊建設活動
• Whistleblowing policy
舉報政策
• Town hall meetings
員工大會
• Human resources policies and practices
人力資源政策及措施
• Staff handbook
員工手冊
Shareholders and • Operation in compliance with applicable • Annual General Meetings
Investors laws and regulations 股東週年大會
股東及投資者符合適用法律及法規的營運 • Annual and interim reports
• Return on investment and dividends 年度及中期報告
投資回報及股息 • Announcements and circulars
• Business performance and financial results 公告及通函
業務表現及財務業績 • Investors enquiries channel via the Group’s
• Strategic plans and corporate sustainable website and investors relationship company
development 透過本集團網站及投資者關係公司的
策略規劃及企業可持續發展投資者查詢渠道
• Annual newsletters
年度通訊
Bank • Operation in compliance with applicable • Emails, direct dialogues, phone calls and
銀行 laws and regulations meetings as required in daily operations
符合適用法律及法規的營運日常營運中所需的電郵、直接對話、
• Business growth 電話溝通及會議
業務增長 • Bank service hotline
• Strategic plans and corporate sustainable 銀行服務熱線
development • On-site visits at the production facilities in
策略規劃及企業可持續發展 Huizhou, Shanghai and Kunshan City and/
• Strong security structure or the headquarters in Hong Kong
強效的安全架構惠州、上海及昆山市生產設施及╱或
• Stable ownership structure 香港總部實地視察
所有權架構的穩定 • Annual business reviews
• Timely information on financial 年度業務回顧
performance • Annual and interim reports
財務表現的及時資訊年度及中期報告
• Due diligence interview and research
盡職審查及研究
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Stakeholders Interests and concerns Engagement channels
持份者利益及關注參與渠道
Community • Operation in compliance with applicable • Emails, direct dialogues, phone calls and
社區 laws and regulations meetings
符合適用法律及法規的營運電郵、直接對話、電話溝通及會議
• Support to civil society • Updated news and correspondences from
支持社會團體 media
• Environmental protection 來自媒體的最新新聞及通訊
環境保護 • Donation and sponsorship
• Local community activities involvement 捐贈及贊助
當地社區活動的參與 • Participation in local community activities
• Business ethics and volunteering work
商業道德參與當地社區活動及志願者工作
• ESG reports
環境、社會及管治報告
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The business of the Group affects different stakeholders, and stakeholders have different expectations on the Group. The Group will maintain communication with stakeholders continuously, collect opinions from stakeholders through different forms more extensively and make substantive analysis more comprehensively. At the same time, the Group will enhance the reporting principles of materiality, quantitative, balance and consistency in order to determine contents of the ESG Report and presentation of the information that are more in line with the expectations of stakeholders.

ENVIRONMENTAL PROTECTION

Emissions

Emissions fr om vehicle usage and air travel

During the Group’s operation, the usage of private cars, light goods vehicle and forklift generate the emissions of nitrogen oxides (“ NOx ”), sulphur oxides (“ SOx ”), and Particulate Matter (“ PM ”). Also, the use of electricity and the business air travel by employees generate greenhouse gas (“ GHG ”). The approximate amount of NOx, SOx and PM produced from its operation in Hong Kong and the PRC are shown in the table below:

本集團的業務影響不同持份者，而持份者對本集團也有不同期望。本集團將與持份者持續溝通，並透過不同形式更廣泛地收集持份者的意見，令此實質性分析更為全面。同時，本集團會加強重要性、量化、平衡及一致性的匯報原則，以更符合持份者期望的方式制定環境、社會及管治報告的內容及資訊的呈列。

環境保護

排放物

車輛使用及航空旅程產生的排放物

於本集團的營運過程中，使用私家車、輕型貨車及叉車均會產生氮氧化物（「氮氧化物」）、硫氧化物（「硫氧化物」）及顆粒物（「顆粒物」）排放。此外，使用電力及僱員乘坐飛機公幹亦會產生溫室氣體（「溫室氣體」）。下表所示為本集團於香港及中國由營運產生的氮氧化物、硫氧化物及顆粒物概約量：

Figure 3: Emissions from vehicle usage 圖 3 ：使用車輛所產生的排放物

Figure 3: Emissions from vehicle usage 圖3：使用車輛所產生的排放物
Types of air emissions 空氣排放物類型	2021 2020
NOxemissions (tonnes) 氮氧化物排放（噸） SOxemissions (tonnes) 硫氧化物排放（噸） PM emissions (tonnes) 顆粒物排放（噸）	0.0355 0.0191 0.0012 0.0005 0.0028 0.0014

Compared to the Previous Year, the air emissions (NOx, SOx and PM) have increased, mainly due to the total number of vehicles owned by the Group increased through the acquisition of networking cables business in the Review Year. In fact, the air emissions per vehicle have slightly decreased in the Review Year.

In respect of reducing the NOx, SOx, and PM emissions, the Group is committed to reducing and ensuring the efficient usage of private cars by implementing the following environmental friendly measures: (i) encourage the use of public transport; (ii) utilise the vehicle usage by carpooling with different staff; (iii) avoid peak hour traffic; and (iv) encourage the use of bicycle.

During the Review Year, the Group was not aware of any material noncompliance with the environmental laws and regulations in respect of emissions in the course of operation and vehicle usage.

與上年度相比，空氣排放物（氮氧化物、硫氧化物及顆粒物）有所增加，主要由於本集團於回顧年度收購網絡電線業務後，其擁有的汽車總數有所增加。實際上，回顧年度每輛汽車的空氣排放物均輕微下跌。

就減少氮氧化物、硫氧化物及顆粒物排放而言，本集團致力於減少及確保有效使用私家車，並實施了以下環保措施：(i)鼓勵使用公共交通工具；(ii)安排不同僱員拼車以善用車輛；(iii) 避免於交通高峰時段用車；及(iv)鼓勵使用自行車。

於回顧年度，本集團在營運過程中及使用車輛方面，並無發現任何重大違反有關排放物的環境法律及法規的情況。

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

GHG Emissions

During the course of operation, there are GHG emissions principally resulting from the combustion of fuels in stationary sources (i.e. electric generators), combustion of fuels in mobile source (i.e. private cars, light goods vehicle and forklift), electricity consumed in the production facilities in the PRC and aircraft navigation.

Scope 1 – Direct emissions

Due to the usage of private cars, light goods vehicle, forklift and generators, a certain amount of GHG is emitted.

The Group strictly controls the emissions of GHG through the establishment of a comprehensive data collection system and green approach guideline. This system and guideline facilitate the Group to monitor the monthly usage of all vehicles and maintain the efficiency at a prominent level.

Scope 2 – “Energy indirect” emissions

Apart from the direct emissions of PM and fumes, the Group has also incurred indirect GHG emissions (Scope 2), principally generated from electricity used in the production facilities in the PRC.

Scope 3 – Other indirect emissions

Other indirect GHG emissions of the Group are principally generated from aircraft navigation during employees’ business trip.

溫室氣體排放

於營運過程中的溫室氣體排放主要為靜態污染源（即發電機）的燃料燃燒、動態污染源（即私家車、輕型貨車及叉車）的燃料燃燒、中國生產設施的耗電及航空旅程。

範疇1 – 直接排放

由於使用私家車、輕型貨車、叉車及發電機所產生若干溫室氣體排放。

本集團透過設立綜合數據收集系統及環保措施指引，嚴格監控溫室氣體排放。該系統及指引可幫助本集團監控每月所有汽車的使用情況，並維持優異水平的效率。

範疇2 – 「能源間接」排放

除了顆粒物及燃氣直接排放外，本集團亦產生間接溫室氣體排放物（範疇2），主要源於中國生產設施所使用的電力。

範疇3 – 其他間接排放

本集團的其他間接溫室氣體排放主要源於僱員公幹時的航空旅程所產生。

Figure 4: Summary of GHG emissions

圖 4 ：溫室氣體排放概要

Types of GHG 溫室氣體類型	2021 2020 CO2 equivalent emission CO2 equivalent emission 二氧化碳當量排放二氧化碳當量排放
Scope 1 – Direct emissions (tonnes) 範圍1 –直接排放（噸） Scope 2 – “Energy indirect” emissions (tonnes) 範圍2 –「能源間接」排放（噸） Scope 3 – Other indirect emissions (tonnes) 範圍3 –其他間接排放（噸） Total 總計	214 86 33,264 4,206 56 71
	33,534 4,363

Compared to the Previous Year, the GHG emissions have increased significantly, mainly attributed by the production processes of the acquired networking cables business which require intensive use of machinery and therefore more electricity is consumed.

Noise Pollution

The Group engaged licensed third party to perform regular inspection at the noise level to check whether the Group has complied with Measurement of Physical Agents in Workplace Part 8: Noise (GBZ/T 189.8-2007). Various checking points have been set at different parts in the production facilities in the PRC. No material non-compliance has been found.

Even though the production facilities in the PRC recorded no significant impact on noise pollution to the surrounding community, the Group always commits to maintaining communication with the community nearby about the potential noise issue. The Group provides appropriate protective gears (such as earplug and etc.) to its workers in order to protect their hearing.

與上年度相比，溫室氣體排放量顯著增加，主要歸因於所收購網絡電線業務的生產過程需大量使用機械，故耗電量較多。

噪音污染

本集團委聘持牌的第三方對噪音水平進行定期檢測，以檢查本集團是否遵守《工作場所物理因素測量第8部分：噪聲》(GBZ/T 189.82007）。本集團於中國生產設施內設立多個檢測點，並無發現任何重大違規事宜。

即使中國生產設施並未對鄰近社區造成重大噪音污染影響，本集團也一直努力就有可能的噪音問題與附近社區保持溝通。本集團向工人提供合適的防護裝備（例如耳塞等），以保護工人的聽力。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Hazardous Waste and Non-Hazardous Waste Produced

The Group’s production processes involved the following hazardous waste produced:

所產生的有害廢棄物及無害廢棄物本集團的生產過程涉及以下所產生的有害廢棄物：

Figure 5: Hazardous waste

圖 5 ：有害廢棄物

Figure 5: Hazardous waste 圖5：有害廢棄物
Hazardous waste 有害廢棄物	2021 2020
Mineral oil contaminated waste rags (tonnes) 礦物油污染廢棄布料（噸） Organic solvents contaminated waste rags and used containers for chemical materials (tonnes) 有機溶劑污染廢棄布料及已使用化學材料容器（噸） Wire-drawing lubricants (tonnes) 拉絲潤滑劑（噸） Waste batteries (tonnes) 廢棄電池（噸）	1.0200 0.6800 8.4977 1.6886 3.1745 – 0.0208 0.0097

With the impact from the acquisition of the networking cables business, the production of mineral oil contaminated waste rags, organic solvents contaminated waste rags and used containers for chemical materials, waste batteries in the Review Year have increased as compared to the Previous Year.

隨著收購網絡電線業務帶來的影響，於回顧年度產生的礦物油污染廢棄布料、有機溶劑污染廢棄布料及已使用化學材料容器、廢棄電池等整體較上年度增加。

The Group is dedicated to proper management of the hazardous waste. Specific area is assigned for the temporary storage of hazardous waste for safety purpose. Licensed third party is engaged for the collection of hazardous waste for proper handling.

Apart from that, the Group has also produced non-hazardous waste during the course of production as follows:

本集團致力於適當管理有害廢棄物，為確保安全，已在指定區域劃作臨時存儲危險廢料。由持牌的第三方負責收集有害廢棄物以進行適當處理。

除此之外，本集團於生產過程中亦會產生無害廢棄物，詳情如下：

Figure 6: Non-hazardous waste

圖 6 ：無害廢棄物

Figure 6: Non-hazardous waste 圖6：無害廢棄物
Non-hazardous waste 無害廢棄物	2021 2020 Quantity Intensity per total floor area Quantity Intensity per total floor area 數量根據總建築面積計算的密度數量根據總建築面積計算的密度
Industrial wastes 工業廢棄物 Metal, iron, plastic, waste wires, etc. (tonnes) 金屬、鋼鐵、塑膠、廢線等（噸） Waste woven bags and pallets (pieces) 廢編織袋及卡板（件） Cardboards (tonnes) 紙板箱（噸） Used A3 and A4 papers (reams) 已使用的A3及A4紙（令） Used toner cartridges (pieces) 已使用的碳粉盒（件） Used paper towels (boxes/rolls) 已使用的紙巾（盒╱卷）	1,916.67 0.0133 81.34 0.0011 16,761.00 0.1165 N/A不適用1 N/A不適用1 129.62 0.0009 32.56 0.0004 3,941 0.0274 2,118 0.0293 835 0.0058 333 0.0046 56,619 0.3936 37,534 0.5185

Figure 6: Non-hazardous waste
圖6：無害廢棄物

Non-hazardous waste
無害廢棄物

2021
2020
Quantity
Intensity per
total floor area
Quantity
Intensity per
total floor area
數量
根據總建築面積
計算的密度
數量
根據總建築面積
計算的密度

Industrial wastes
工業廢棄物
Metal, iron, plastic, waste wires, etc. (tonnes)
金屬、鋼鐵、塑膠、廢線等（噸）
Waste woven bags and pallets (pieces)
廢編織袋及卡板（件）
Cardboards (tonnes)
紙板箱（噸）
Used A3 and A4 papers (reams)
已使用的A3及A4紙（令）
Used toner cartridges (pieces)
已使用的碳粉盒（件）
Used paper towels (boxes/rolls)
已使用的紙巾（盒╱卷）

1,916.67
0.0133
81.34
0.0011
16,761.00
0.1165
N/A不適用1
N/A不適用1
129.62
0.0009
32.56
0.0004
3,941
0.0274
2,118
0.0293
835
0.0058
333
0.0046
56,619
0.3936
37,534
0.5185

Note 1: The figures of 2020 are not available.

Compared to the Previous Year, both the total amount and intensity of industrial wastes produced in the Review Year has increased significantly. One of the main factors is that the acquired networking cables business generates more metal scrap in the production processes.

In addition to reducing the hazardous waste, the Group also strives to eliminate the non-hazardous waste, such as the usage of papers, printing toners as well as paper towels. Compared to the Previous Year, the intensity per total floor area of the above items remains relatively stable which, the Group believes, is the contribution from the implementation of the waste monitoring procedures.

附註1：並無二零二零年的數據。

與上年度相比，回顧年度產生的工業廢棄物總量及密度均顯著增加，主要原因之一為所收購網絡電線業務於生產過程中產生金屬廢料較多。

除減少有害廢棄物外，本集團亦致力於減少無害廢棄物，如紙張、印刷墨粉及紙巾的使用。與上年度相比，根據總建築面積計算上述項目的密度相對維持穩定，本集團認為有賴實施廢棄物監控程序。

年度報告 2021 ANNUAL REPORT 59

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Use of Resources

The Group adheres to the concept of energy conservation and emissions reduction for green production. The major resources consumed by the Group are principally attributed to electricity and water used in the PRC production facilities. The Group commits to achieving low-carbon practices and emissions reduction throughout its production and operations, and striving to save the resources.

The Group records and analyses the monthly consumption rate of water regularly. After identifying the causes of high rates of water consumption, the Group will take remedial action to minimise water use. Figure 7 shows the monthly water consumption:

資源使用

本集團秉持節能減排的理念，實踐綠色生產。本集團主要耗用的資源為中國的生產設施所用的電力和水。本集團致力在生產和經營中實踐低碳工序和減排，並節省資源。

本集團定期記錄及分析每月耗水量。於識別高耗水量的原因後，本集團將採取補救行動，以減少用水。圖7顯示每月耗水量：

Figure 7: Water consumption by month 圖 7 ：每月耗水量

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

Water consumption (cubic metres)
耗水量（立方米）
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
Apl May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
四月五月六月七月八月九月十月十一月十二月一月二月三月
2021 Water consumption 2020 Water consumption
二零二一年耗水量二零二零年耗水量
----- End of picture text -----

The total water consumption in cubic metres by region during the Review Year is shown in the table below:

於回顧年度，按地區劃分的總耗水量（立方米）載於下表：

Figure 8: Water consumption by region 圖 8 ：按地區劃分的耗水量

Figure 8: Water consumption by region 圖8：按地區劃分的耗水量
Water consumption 耗水量	2021 2020
PRC 中國 Water consumption (cubic metres) 耗水量（立方米） Intensity per total floor area (cubic metres) 根據總建築面積計算的密度（立方米）	333,516 170,762 2.32 2.36

Compared to the Previous Year, the intensity of water consumption per total floor area remains relatively stable. The Group will keep using the current monitoring mechanism to ensure sustainable water consumption.

與上年度相比，根據總建築面積計算的耗水量密度相對維持穩定。本集團將繼續採用現行的監察機制，以確保用水的可持續性。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

To identify energy saving opportunities, the Group measures and records the energy consumption level regularly. The total energy consumption by type and region is shown in the table below:

為識別節能契機，本集團定期計量及記錄能源消耗水平。按類型及地區劃分的總能源消耗載於下表：

Figure 9: Direct and/or indirect energy consumption by type and region 圖 9 ：按類型及地區劃分的直接及╱或間接能源消耗

Energy consumption 能源消耗	2021 2020 Energy consumption Intensity per total floor area Energy consumption Intensity per total floor area 能源消耗量根據總建築面積計算的密度能源消耗量根據總建築面積計算的密度
PRC 中國 Non-renewable fuel (kWh) 不可再生燃料（千瓦時） Renewable energy (kWh) 可再生能源（千瓦時） Purchase of energy (kWh) 購買能源（千瓦時） Total 總計	810,383 5.63 N/A不適用2 N/A不適用2 3,637,646 25.29 – – 41,082,714 285.58 5,027,006 69.44
	45,530,743 316.50 5,027,006 69.44

Note 2: The figures of 2020 are not available.

Compared to the Previous Year, the total consumption from purchase of energy has risen significantly and the intensity per total floor area has increased from 69.44kWh to 285.58kWh, primary due to the newly acquired networking cables business has automated production lines and intensively uses machinery during production processes.

The Group determines to maximise energy conservation throughout its production by promoting efficient use of energy and adopting green technologies including the following measures:

A water recycling system (see Figure 10) is installed in Linkz Ind (Suzhou) to cool down the heat water generated in the course of production by nature air. Less electricity is consumed as compared to using the traditional method, i.e. cooling tower, and large volume of water is saved by reusing the cooling water in the production process.
Sky windows (see Figure 11) are installed in Linkz Ind (Suzhou) to save electricity in lighting during day time.
High Volume Low Speed energy saving ceiling fans (see Figure 12) are installed in Linkz Ind (Suzhou) to increase airflow and reduce condensation as well as airborne pollutants.
Energy saving non-polluting water curtain is installed in Linkz Ind (Suzhou) and Linkz (Shanghai) to increase the air humidity as well as purify the dust and particles carried by the outside air.
Frequency conversion air compressors are installed to reduce electricity consumption.
Renewable energy is purchased from a solar energy company with solar photovoltaic system installed in Linkz Ind (Suzhou) (see Figure 13).
Upgrade machinery and equipment such as purchasing electrical appliances with high energy efficiency label and using LED lighting in order to accelerate energy efficiency.

附註2：並無二零二零年的數據。

與上年度相比，來自購買能源的總消耗量顯著上升，而根據總建築面積計算的密度由69.44 千瓦時上升至285.58千瓦時，主要由於新收購的網絡電線業務具自動化生產線，並於生產過程中廣泛使用機器。

本集團通過推廣有效用電及採納綠色科技使生產過程更有效節約能源，措施如下：

華迅工業（蘇州）已安裝水循環系統（見圖 10），以空氣冷卻在生產過程中產生的熱水，相對使用傳統方法（即冷卻塔）消耗較少電力，而透過重用生產過程中的冷卻水則可節省大量用水。
華迅工業（蘇州）已安裝天窗（見圖11），節省日間的照明用電。
華迅工業（蘇州）已安裝慢轉速大風量的節能吊扇（見圖12），以增加空氣流動，減少冷凝及空氣污染物。
華迅工業（蘇州）及領迅電線（上海）已安裝節能的無污染水簾，以增加空氣濕度及淨化由外部空氣帶來的灰塵及粒子。
安裝變頻空氣壓縮機以減少耗電量。
與太陽能公司合作，於華迅工業（蘇州）安裝太陽能光伏系統，並向其購買可再生能源（見圖13）。
升級機械及設備，如購買具有較高能源效益標籤的電器及使用LED照明，以提高能源效益。

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Figure 10: Water recycling system 圖 10 ：水循環系統

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Figure 12: High Volume Low Speed ceiling fans 圖 12 ：慢轉速大風量吊扇

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The Group has also used various packaging materials for its operation. During the Review Year, the Group recorded the following packaging materials usage:

Figure 11: Sky windows at Linkz Ind (Suzhou) 圖 11 ：華迅工業（蘇州）的天窗

==> picture [190 x 142] intentionally omitted <==

Figure 13: Solar photovoltaic system 圖 13 ：太陽能光伏系統

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本集團亦於營運過程中使用各種包裝材料。於回顧年度，本集團記錄以下包裝材料用量：

Figure 14: Packaging materials usage 圖 14 ：包裝材料用量

	2021 2020
	3,067,507 938,444 25,631,218 21,932,607 1,395,855 193,378
	30,094,580 23,064,429

Figure 14: Packaging materials usage 圖14：包裝材料用量
Packaging materials 包裝材料	2021 2020
Paper cartons (pieces) 紙箱（件） Plastic bags (pieces) 塑料袋（件） Cable reels (pieces) 線軸（件） Total 總計	3,067,507 938,444 25,631,218 21,932,607 1,395,855 193,378
	30,094,580 23,064,429

本集團致力於盡量降低包裝材料使用量。本集團的慣例是適時實施生產計劃，並於大量生產之前評估所需包裝材料的概算數量。

The Group is dedicated to minimise the usage of packaging materials. It is the Group’s practice to implement production planning in a timely basis to assess the approximate amount of packaging materials needed before mass production.

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

The Environment and Natural Resources

To develop a green approach, minimise environmental impact and natural resources consumption, the Group has adopted a heat recovery system to recover the residual heat from the air compressor to heat up the water supply in dormitory. Besides, the Group has also developed and implemented a management software to move forward to paperless operation in the production line. Video and phone conferences are encouraged to minimise carbon footprint created by business-related travel.

As a socially responsible enterprise, protecting the environment has become an integral part of the Group’s corporate culture and important value. The Group constantly looks for ways to maximise benefits with minimal resource consumption and environmental impact, and continue to strive for sustainable development.

During the Review Year, the Linkz Ind (Suzhou) has achieved ISO14064 accreditation on environmental control, being the first wire and cable company in Asia to receive the Greenhouse Gas verification from UL. This fully reflects the Group’s unremitting efforts in strengthening environmental protection.

The Group has set up an environmental system management task force as part of its effort to develop an environmental management system that supports sustainable development, and has obtained the certification of ISO14001 Environmental Management Systems.

In order to promote reduction of waste generation, the Group has launched internal “DIY Upcycling Design Contest”.

Climate Change

Climate change is one of the most critical and complicated challenges faced globally in the new century. Global warming leads to more frequent extreme weather conditions including changes in precipitation mode, droughts, floods and bushfires. Rise in sea level will make tens of thousands of people in densely populated coastal areas and island countries homeless. Faced with all sorts of natural disaster, individuals, corporations and governments must take immediate actions to tackle climate change.

Over-emission of greenhouse gases is the main factor in causing global climate change. To achieving a low carbon economy, the Group is committed to reducing its greenhouse gas emissions through the approaches of mitigation and adaptation. For example, the Group has strived to mitigate the risks brought by climate change through the adoption of various environmental policies and measures; and promoting energy saving practices. The Group has also considered potential physical risks of climate change to its daily operations such as storms, fires or heatwaves and implemented the relevant protection measures to minimise the risks.

Moving forward, the Group will continue to implement proactive measures that minimise any adverse impacts on the environment including reducing emissions in its operations, engaging suppliers to reduce emissions in supply chain, strengthening the resilience of its business and advocating for collective action.

環境和自然資源

為建構綠色作業、降低對環境的影響及自然資源消耗，本集團已採納熱回收系統，以回收空氣壓縮機的剩餘熱量，為宿舍供水加熱。此外，本集團亦已開發及安裝管理軟件，推動生產線無紙化營運，並鼓勵利用視像及電話會議，以降低業務相關差旅產生的碳足跡。

作為一家肩負社會責任的企業，保護環境已成為本集團的企業文化及重要價值不可或缺的一部分。為達致最大的效益，本集團不斷尋求降低資源消耗和環境影響的方法，並不斷努力實現可持續發展。

於回顧年度，華迅工業（蘇州）已取得ISO14064 環境監控認證，成為亞洲第一家獲得UL溫室氣體查證的電線電纜公司，全面反映本集團為加強環保所作的不懈努力。

本集團為貫徹可持續發展，致力於發展環境管理體系，因而成立環境體系管理小組，並取得了ISO14001環境管理體系專業認證。

為推廣減少產生廢棄物, 本集團於內部舉辦了「奇思妙想DIY」舊物改造比賽。

氣候變化

氣候變化是新世紀全球所面臨最嚴峻和複雜的挑戰之一。全球暖化導致出現更頻繁的極端天氣狀況，包括降雨模式變化、乾旱、水災和叢林大火。水位上升將引致人口稠密的沿海地區和島國成千上萬的人流離失所。面對各種自然災害，個人、企業和政府必須立即採取行動應對氣候變化。

溫室氣體的過度排放是造成全球氣候變化的主要因素。為實現低碳經濟，本集團致力於通過緩和及適應方針減少溫室氣體排放。舉例而言，本集團通過採取各種環境政策和措施，致力減輕氣候變化所帶來的風險；並推廣節能作業。本集團亦已考慮氣候變化對其日常營運帶來實際的潛在風險，如風暴、火災或熱浪，並實施相關保護措施將風險降至最低。

展望未來，本集團將繼續採取積極措施，以盡量減少對環境造成的任何不利影響，包括減少營運中產生的排放量、促使供應商減少供應鏈中的排放量、加強業務的復原能力以及倡導集體行動。

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

SOCIAL

Employment

Human capital is the most valuable asset of an enterprise and also the cornerstone for sustaining corporate development and enhancing competitive advantages. It is the Group’s initiative to attract, retain and develop quality talents through various human resources strategies and tactics, e.g. efficient recruitment and selection, fair and competitive remuneration and benefits, effective performance management, systematic staff development and training, holistic health and safety management, etc. The Group always reviews its human resources policies and practices in order to maintain its competition and attractiveness in the job market as well as ensure sufficient human capital for the Group’s sustainable growth.

Being a corporate citizen caring for the employees, the Group also takes care of its employees’ children and assist in fostering young talents for the community. The Group offers the Employee Children Scholarship Program to employees’ children who are taking full-time bachelor degree at reputable university. 16 staff of the Group were awarded this scholarship in the Review Year.

社會

僱傭

人力資本是企業最寶貴的資產，亦是維持企業發展及提升競爭優勢的基石。本集團透過各種人力資源戰略和策略吸引、挽留和發展優質人才，包括具效率的招聘和選拔、公平和具競爭力的薪酬福利待遇、有效的績效管理、有系統的員工發展和培訓、全面的健康及安全管理等。本集團經常檢討人力資源政策及措施，以保持其在人力市場上的競爭力和吸引力，並確保提供充足的人力資本予本集團的持續發展。

作為關愛僱員的企業公民，本集團亦會照顧僱員的子女，協助社區培養年輕人才。本集團為僱員於知名大學就讀全日制學士學位的子女提供「僱員子女獎學金」。於回顧年度，本集團有 16名僱員獲授此項獎學金。

The Group aims to refrain from any form of harassment and discrimination with respect to age, gender, race, nationality, religion, marital status or disability in the workplace. Hence, the ratio of male to female employees show that gender inequality does not exist.

The Group always strictly observes the relevant legislations in the PRC and Hong Kong regarding the equal employment opportunities, child labour and forced labour. The Group abides by the employment regulations, relevant policies and guidance of the jurisdictions where it operates, including the “Employment Ordinance”, and the “Employees’ Compensation Ordinance” in Hong Kong; the “Labour Law of the People’s Republic of China” and the “Labour Contract Law of the People’s Republic of China” in the PRC.

本集團旨在避免工作場所出現任何年齡、性別、種族、國籍、宗教、婚姻狀況或殘疾等的相關騷擾及歧視。因此，男女僱員比例顯示不存在性別不平等。

本集團一直嚴格遵守中國和香港有關平等就業機會、童工及強迫勞動的相關法律。本集團遵守營運所在司法管轄區的僱傭規例、相關政策及指引，包括香港的《僱傭條例》及《僱員補償條例》；中國的《中華人民共和國勞動法》和《中華人民共和國勞動合同法》。

The Group has also developed rigorous and systematic measures for recruitment and selection to prevent itself from illegally hiring child labour and ensure that the employment is in compliance with relevant laws and regulations. Furthermore, The Group has its human resources information system to record employees’ information in order to review employment practices systematically and regularly.

Huizhou TIME offers shuttle service that takes employees between the public transit hubs and their workplaces. The shuttle service helps attracting more new hires, and encourages friendship building with other colleagues and creates a sense of belongings. Moreover, the Group organises regular birthday parties and recreation activities.

The Group also strives to establish harmonious labour relationships, create a happy working environment, promote a positive and healthy lifestyle, and strengthen the sense of belongings. As such, the headquarters in Hong Kong has participated the Good Employer Charter program of the Labour Department, and has been awarded the certificate of “Good Employer Charter” (See Figure 15). In the past years, the Group has been recognised as “Happy Company” (See Figure 16) by the Hong Kong Productivity Council and the Promoting Happiness Index Foundation. Moreover, the Group has been granted the “Good MPF Employer” award (See Figure 17) by the Mandatory Provident Fund Schemes Authority.

本集團並已制定一套嚴謹及有系統的招聘及篩選措施，以防止非法聘用童工，並確保聘用僱員時遵循相關法律法規。此外，本集團具有一套人力資源資訊系統記錄僱員的資料，以便更有系統地定期檢討僱傭措拖。

惠州匯聚提供接送服務，在公交站與其工作場所之間往返接送僱員。接送服務有助吸引更多新僱員，鼓勵同事聯誼及凝聚歸屬感。此外，本集團定期舉辦生日會及康樂活動。

本集團亦致力於建立和諧的勞資關係、創建一個愉快的工作環境，促進積極及健康的生活方式及提升歸屬感。因此，香港總部已參與勞工處的好僱主約章計劃，並獲得「好僱主約章」證書（見圖15）。於過往數年，本集團獲香港生產力促進局與香港提升快樂指數基金頒發「開心企業」證書（見圖16）。此外，本集團亦獲強制性公積金計劃管理局頒發「積金好僱主」證書（見圖17）。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Figure 15: Certificate of Good Employer Charter 圖 15 ：「好僱主約章」證書

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Figure 16: Certificate of Happy Company 圖 16 ：「開心企業」證書

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During the Review Year, the Group was not aware of any material non-compliance with the labour requirements set out in relevant laws, regulations and standards.

Figure 17: Certificate of Good MPF Employer 圖 17 ：「積金好僱主」證書

==> picture [191 x 260] intentionally omitted <==

於回顧年度，本集團並無發現任何重大違反相關勞工法例法規及準則的規定。

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Figure 18: Employment 圖 18 ：僱傭

Total number of employees and workforce structure as at 31 March 2021 於二零二一年三月三十一日的僱員總人數及整體勞動力結構

Gender 性別	Age < 30 Age 30-50 Age > 50 Number of employees by gender Total number of employees 2021 Ratio of male to female employees 2020 Ratio of male to female employees < 30歲 30-50歲 > 50歲按性別劃分的僱員人數僱員總人數二零二一年男女僱員比例二零二零年男女僱員比例
PRC 中國 Male 男性 Female 女性 Hong Kong 香港 Male 男性 Female 女性 Total 總計 Male 男性 Female 女性	440 718 46 1,204 2,466 0.95:1 0.73:1 352 908 2 1,262 1 15 16 32 53 1.52:1 1.75:1 – 10 11 21 441 733 62 1,236 2,519 0.96:1 0.74:1 352 918 13 1,283 793 1,651 75 2,519

Number of employees left in the Review Year 於回顧年度僱員流失人數

Gender 性別	Age < 30 Age 30-50 Age > 50 Employee turnover by gender Total employee turnover 2021 Employee turnover rate 2020 Employee turnover rate < 30歲 30-50歲 > 50歲按性別劃分的僱員流失人數僱員總流失人數二零二一年僱員流失率二零二零年僱員流失率
PRC 中國 Male 男性 Female 女性 Hong Kong 香港 Male 男性 Female 女性 Total 總計 Male 男性 Female 女性	652 366 17 1,035 1,980 80% 80% 456 459 30 945 2 – 1 3 5 9% 9% – 2 – 2 654 366 18 1,038 1,985 79% 79% 456 461 30 947 1,110 827 48 1,985

Health and Safety

The headquarters in Hong Kong is equipped with fire-fighting facilities, e.g. fire extinguishers, smoke detectors and etc., and participated in the fire drill organised by the Hong Kong Science Park regularly.

The Group strongly believes that ensuring a stable and safe production environment is the most important social responsibility to its stakeholders and also one of the major priorities in its corporate management. The health and safety measures listed below are some examples already taken in place within the Group:

Sophisticated occupational health and safety management systems have been established in the production facilities in the PRC;

健康與安全

香港總部已配備消防設施（例如滅火器、煙霧警報器等），並參與香港科學園定期舉辦的火警演習。

本集團堅信，維持一個穩定與安全的生產環境是本集團對持份者最重要的企業社會責任，亦是企業管理的優先重任之一。下列為本集團內部已實施的部分健康及安全措施例子：

在中國的生產設施建立了精密的職業健康及安全管理體系；

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Canopies and other protection devices have been installed to ensure the safe operation of machinery and equipment in the production facilities;
Exhaust air treatment system (see Figure 19) has been installed in Linkz Ind (Suzhou) to eliminate volatile organic compounds emissions generated during production processes;
Trainings on fire safety and fire drills are organised at both of the headquarters in Hong Kong and the production facilities in the PRC.
已安裝保護罩及其他防護設施以確保生產設施的機器及設備安全運作；
華迅工業（蘇州）已安裝工業廢氣處理系統
（見圖19）以消除生產過程中所產生的揮發性有機化合物排放；
於香港總部及中國的生產設施組織有關消防安全及火警演習的培訓。

Figure 19: Exhaust air treatment system 圖 19 ：工業廢氣處理系統

==> picture [239 x 267] intentionally omitted <==

Also, the Group assigned relevant department to inspect daily operations by the established risk assessment program which consists of a series of steps such as risk identification, analysis, evaluation, treatment, monitoring and reviewing and thus non-compliance will be identified and rectified timely.

To deal with the outbreak of COVID-19, the Group has set up an emergency response team at the headquarters in Hong Kong to arrange more frequent and intensive cleaning and disinfection in the office starting from the early 2020. Also, the Group has implemented several measures including but not limited to request colleagues to wear masks in workplace and offer sanitiser to staff for daily use in order to minimise the risk of spreading the virus. In addition, the Group has frequently provided health education material and tips to staff to enhance their awareness of preventing COVID-19. During the outbreak of COVID-19, colleagues of the headquarters in Hong Kong were arranged to take turns on working from home and adopt flexible lunch hour until early 2021 when the confirmed cases has declined steadily in Hong Kong.

For the production facilities in the PRC, several procedures and practices have been implemented, such as requesting employees to wear masks in workplace, dine in batches in the canteen, take body temperature checking before entering the production facilities (see Figure 20), conduct COVID-19 nucleic acid test when employees returned from other city.

此外，本集團已指定相關部門透過已建立的風險評估計劃進行日常營運檢查，包括一系列的步驟，如風險識別、分析、評估、處理、監督及檢討等，因此可及時識別和糾正任何不合規情況。

為應對2019冠狀病毒病的爆發，本集團自二零二零年初起已於香港總部成立一支緊急應變團隊，以安排於辦公室進行更頻繁及密集的清潔和消毒。本集團亦推行若干措施，包括但不限於要求同事於工作場所佩戴口罩，並向僱員提供消毒液供日常使用以減低散播病毒的風險。此外，本集團經常向僱員提供健康教育材料及建議，以提高僱員對2019冠狀病毒病的防疫意識。於2019冠狀病毒病爆發期間，香港總部曾安排同事交替在家工作及可靈活安排午膳時間直至二零二一年初香港的確診個案已穩步下跌為止。

中國的生產設施已實行若干程序及措施，包括要求僱員於工作場所佩戴口罩、分批於食堂用膳、於進入生產設施前進行體溫檢測（見圖 20）、從其他城市返回的僱員須進行2019冠狀病毒病核酸檢測。

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Figure 20: Body temperature taking before entering the production facilities 圖 20 ：於進入生產設施前進行體溫檢測

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The PRC Government advocated people staying locally in the Lunar New Year to minimise the risk of pandemic reoccurrence in the country. In response to the Government instructions, the production facilities in the PRC strongly encouraged employees to stay in the factory by offering incentive and organising various recreation activities, e.g. lucky draw, leisure classes, ball games and etc., during the Lunar New Year. All activities are conducted in small groups so as to maintain social distance and prevent the spreading of virus. As a result, the measures have successfully attracted majority of staff to stay in the factory in the last Lunar New Year.

During the Review Year, the Group has encouraged staff in Hong Kong to participate webinars held by the Occupational Safety & Health Council to enhance health awareness. The Group also organised a Workplace Safety & Health Slogan Design Competition, encouraging staff members to create catchy slogans, as to strengthen the promotion of awareness of health and safety at work.

The Group makes every effort to create a healthy, safe, stable and harmonised working environment effectively. Every case of injury (if any) is required to be reported to the Human Resources Department immediately and be assessed under internal guidelines. The Group is pleased to report that the rate of accidents and injuries during the Review Year was extremely low with zero fatal accident.

中國政府鼓勵人民於春節期間就地過年，以減低疫情於國內再度爆發的風險。為響應政府指引，中國的生產設施大力鼓勵僱員留廠過年，並於春節期間提供獎勵及組織抽獎、興趣班、球類活動等各種娛樂活動。所有活動均以小組形式進行，以維持社交距離及防止病毒傳播。該等措施最終成功吸引大部分僱員於剛過去的春節留在工廠。

於回顧年度，本集團鼓勵香港僱員參與職業安全健康局舉辦的線上研討會以提升健康意識。本集團亦舉辦工作場所健康與安全標語設計比賽，鼓勵僱員創作有趣易記的標語，以加強推廣工作健康與安全意識。

本集團竭盡所能有效建立一個健康、安全、穩定及和諧的工作環境。每宗受傷個案（如有）均須立即向人力資源部匯報，並根據內部指引程序作出評估。回顧年度內本集團的意外及受傷比率極低，且無發生致命意外。

During the Review Year, the Group was not aware of any material noncompliance with the health and safety laws and regulations.

於回顧年度，本集團並無發現任何重大違反健康及安全法律法規的情況。

Figure 21: Health and safety 圖 21 ：健康及安全

Figure 21: Health and safety 圖21：健康及安全
	2021 2020
Number of work injuries 工傷數字 Rate of work injury (per thousand employees) 工傷率（每千名僱員）	11 5 4.4 2.4

68 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Development and Training

The Group recognises the importance of skilled and professionally trained employees to its business growth and future success. Therefore, the Group encourages employees to participate in personal development and jobrelated training courses. During the Review Year, the Group formulated quality management and environment management training programs to update the staff with the latest standard of ISO9001, ISO14001 and etc, in order to maintain the highest standard of professionalism by the employees. Trainings organised in the Review Year include quality assurance training in production processes, inspection assurance of materials received from supplier, health and safety precautions in using production equipment and machinery as well as customer relationship management.

In daily operations, the Group provides induction training for new employees and experienced employees act as mentors to guide new recruits. The Group believes such arrangement can facilitate communication and team spirit, improve technical skills and managerial capability, encourage the learning and further development of employees at all levels.

The Group also provides relevant training to develop and enhance the employees in all management aspects, e.g. communication skills, team building and motivation, meeting skills and etc., to train them as the potential leaders and successors for the management team.

The Group will continue to intensify its efforts to promote and develop staff training programs. It believes that by means of offering comprehensive training opportunities, it could help to provide sufficient talent capital for corporate development. The Group annually evaluates the training needs to ensure that employees are provided with suitable and appropriate training according to their job nature, position, required and potential competences for further development.

發展及培訓

本集團認為，具備熟練技能及經專業培訓之僱員為帶領業務增長及未來成功的關鍵。因此，本集團鼓勵僱員參與個人發展及工作相關的培訓課程。於回顧年度，本集團制定了質量管理及環境管理培訓計劃，讓僱員瞭解最新的 ISO9001 、ISO14001等標準，以維持僱員的最高專業水平。於回顧年度內舉辦的培訓包括生產過程的質量保證培訓、自供應商取得的原材料的檢測保證、使用生產設備及機器時的健康安全預防措施，以及客戶關係管理。

於日常營運中，本集團向新僱員提供入職培訓及讓有經驗的僱員擔任導師，為新僱員提供指導。本集團相信，此舉能促進溝通及團隊精神，可提高技術及管理能力，以及鼓勵所有職級的僱員不斷學習及發展。

本集團亦為僱員提供有關全面發展及提升管理技巧的培訓，如溝通技巧、團隊建設與激勵、會議技巧等，以培養僱員成為將來的領導人及管理團隊接班人。

本集團將繼續加大力度推廣及設計僱員培訓計劃。本集團相信，通過提供全面的培訓機會，有助於為企業發展提供充足的人才資本。本集團每年評估培訓需求，以確保根據僱員的工作性質、職位、進一步發展的所需及潛在能力提供適當的培訓。

Figure 22: Development and training 圖 22 ：發展及培訓

Percentage of employees trained in the Review Year 於回顧年度已受訓僱員人數所佔百分比

						2021	2020
					Percentage	Overall	Overall
					of	percentage	percentage
			Supervisors		employees	of	of
		Managers	and general		trained by	employees	employees
		or above3	staff3	Workers3	gender3	trained4	trained4
					按性別劃分	二零二一年	二零二零年
					的受訓僱員	受訓僱員	受訓僱員
			主管及一般		所佔	所佔	所佔
Gender	性別	經理或以上3	僱員3	工人3	百分比3	整體百分比4	整體百分比4
Male Female	男性女性	2 1	7 4	41 45	50 50	85	73

Note 3: Percentage of employees trained in the specified category = Number of employees in the specified category who took part in training/Total number of employees who took part in training during the Review Year x 100

附註3：特定類別的受訓僱員所佔百分比 = 於回顧年度，特定類別的受訓僱員人數╱受訓僱員總人數 x 100

Note 4: Overall percentage of employees trained = Total number of employees who took part in training/Total number of employees during the year x 100

附註4：受訓僱員所佔整體百分比 = 於該年度，受訓僱員總人數╱僱員總人數 x 100

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Average training hours completed per employee in the Review Year 於回顧年度每名僱員完成受訓的平均時數

Gender 性別	Managers or above5 Supervisors and general staff5 Workers5 Average training hours by gender5 2021 Overall average training hours6 2020 Overall average training hours6 經理或以上5 主管及一般僱員5 工人5 按性別劃分的平均培訓時數5 二零二一年整體平均培訓時數6 二零二零年整體平均培訓時數6
Male 男性 Female 女性 Overall 整體	10 20 25 23 24 207 11 16 25 24 10 18 25

Gender
性別

Managers
or above5
Supervisors
and general
staff5
Workers5
Average
training
hours by
gender5
2021
Overall
average
training
hours6
2020
Overall
average
training
hours6
經理或以上5
主管及
一般僱員5
工人5
按性別劃分
的平均培訓
時數5
二零二一年
整體平均
培訓時數6
二零二零年
整體平均
培訓時數6

Male
男性
Female
女性
Overall
整體

10
20
25
23
24
207
11
16
25
24
10
18
25

Note 5: Overall average training hours in the specified category = Number of training hours of 附註5：特定類別的整體平均培訓時數 = 於回顧年度，該 the specified category/Total number of employees under the specified category during 特定類別的培訓時數╱該特定類別的僱員總人數 the Review Year. Note 6: Average training hours per employee = Total number of training hours/Total number 附註6：每名僱員的平均培訓時數 = 於該年度，總培訓時 of employees during the year. 數╱僱員總人數 Note 7: The Group has adopted a different calculation method during the Review Year. 附註7：7：：於回顧年度，本集團採用不同計算方法，因此對 Therefore, the figure of 2020 has been adjusted in order to be comparable. 二零二零年數字作出修訂，以便比較。

附註7：7：：於回顧年度，本集團採用不同計算方法，因此對二零二零年數字作出修訂，以便比較。

Figure 23: Leadership Skill Training 圖 23 ：領導技巧培訓

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Supply Chain Management

Optical fibres, copper wires and connectors; copper and plastic are major materials used by the production facilities in the cable assembly and networking cables manufacturing respectively.

The Group implements supplier management in accordance with internal guidance which governs the engagement of suppliers. Suppliers are chosen subjecting to comprehensive screening and evaluation procedures, not only based on the quality and price, but also field visits and investigations to ensure suppliers’ capability in quality assurance, safety and environmental responsibility. The investigation reviews all the measures related to production capacity, technology level, quality assurance capabilities, supply capacity, safety and environmental management qualifications, and social responsibility. Only highly qualified suppliers complied with regulatory requirements are eligible for the selection of supplier by the Group. The Group also conducts regular assessment on suppliers’ overall capabilities, assets position, nature of business, reputation in the industry, quality of products, goods delivery and compliance with laws and regulations.

The Group has obtained Quality Management System Certification (ISO9001) and Automotive Quality Management System (IATF16949) that are formulated by the International Organisation for Standardisation (ISO) and International Automotive Task Force (IATF) respectively. The Group emphasises defect prevention and reduction of variation and waste in the supply chain and strictly requires employees to comply with the quality management policies to provide continual improvement.

供應鏈管理

光纖、銅線及連接器；銅及塑料分別為生產設施用作生產電線組件及網絡電線的主要材料。

本集團根據內部指引實施供應商管理以規管供應商的委聘。選擇供應商除了根據品質及價格進行綜合篩選及評估程序外，為確保供應商在品質保證、安全及環境責任等方面的能力符合集團的要求，本集團更會進行實地探訪及調查。有關調查將審核所有有關供應商的生產能力、技術水平、品質保證能力、供應能力、安全和環境管理資格及社會責任的措施。只有符合監管要求的高質量供應商才符合資格供本集團篩選。本集團亦對供應商的整體能力、擁有的資產、業務性質、行業聲譽、產品品質、貨物交付及遵守法律和法規情況進行定期評估。

本集團亦取得國際標準化組織(ISO)及國際汽車工作組(IATF)的質量管理體系認證(ISO9001)及全球汽車品質管理系統標準(IATF16949) 。本集團著重於次品的防範、減少在供應鏈中的差異和浪費，並嚴格要求僱員遵守質量管理政策，持續改進。

70 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

As customers are becoming more concerned about environmental issues and the importance of using environmentally friendly materials. As a corporate citizen, the Group will continue to communicate and stress the importance of environmental issues to its suppliers. The Group aims at strengthening the cooperation with suppliers, collaborating with them in product trials and producing socially responsible products.

Each supplier and subcontractor would be reviewed after completion of their contracts. In case of major non-performance of approved supplier or subcontractor, the Group will review their suitability to remain on the approved supplier list.

The number of critical suppliers of major direct materials by region during the Review Year is as follows:

隨著客戶越來越關注環境問題及使用環保材料的重要性。作為良好企業公民，本集團將持續與供應商溝通，並強調環境問題的重要性。本集團旨在加強與供應商的合作，共同進行產品測試及生產具社會責任的產品。

各供應商及分包商於完成合約後均會進行檢討。倘認可供應商或分包商的表現嚴重不符要求，本集團將檢討其是否適合保留在認可供應商名單上。

於回顧年度，按地區劃分的主要直接材料重要供應商數目如下：

Figure 24: Number of critical suppliers 圖 24 ：重要供應商數目

2021	2020
14	N/A不適用8
7	N/A不適用8
1	N/A不適用8
1	N/A不適用8

Figure 24: Number of critical suppliers 圖24：重要供應商數目
Region 地區	2021	2020
PRC 中國 Hong Kong 香港 Taiwan 台灣 United States 美國	14	N/A不適用8 N/A不適用8 N/A不適用8 N/A不適用8
	7
	1
	1

Note 8: The figures in 2020 are not available.

Product Responsibility

The Group is committed to pursuing product and service of high quality by implementing stringent and comprehensive quality control procedures. The Group has formulated quality control manual throughout the production processes from purchase of raw materials to product packaging. Raw materials are inspected to ensure the quality and in a good condition before proceeding to production to minimise possible disruptions during the operation.

Huizhou TIME has obtained the ISO13485 Quality Management System – Medical Devices that consistently meets customer requirements and regulatory requirements applicable to medical devices and related services. Annual testing has been performed by the licensed third party to ensure Huizhou TIME has complied with the relevant requirements.

There were no substantiated complaints received relating to the provision and use of products and services that have a significant impact on the Group’s operations. The number of defective products produced by the Group was minimal and complaints by customers in respect of defective products were insignificant.

Protection of Intellectual Property Right And Consumer Privacy

The Group recognises the importance of the protection over intellectual property right and consumer privacy. Proper licences for software and information are obtained by the Group before used in its business operation.

Meanwhile, the Group handles all information provided by clients, business partners and employees in accordance with non-disclosure agreement, Personal Data (Privacy) Ordinance and related laws and regulations to ensure those information is under proper protection.

附註8：並無二零二零年的數據。

產品責任

本集團致力於通過實施嚴格及全面的質量控制程序以追求高質量的產品及服務。本集團已制定從採購原材料到產品包裝整個生產流程的質量控制手冊。本集團會檢測原材料以確保質量及保證投產前的良好狀況，以降低營運期間的可能中斷。

惠州匯聚已取得ISO13485醫療器材質量管理體系，持續符合客戶要求及適用於醫療器材及相關服務的監管規定。持牌的第三方已進行年度檢測，確保惠州匯聚已遵守相關規定。

本集團並無收到任何有關提供及使用並對本集團營運有重大影響的產品及服務的屬實投訴。本集團生產之次品數量極低，客戶對次品之投訴亦並不顯著。

保護知識產權及客戶私隱

本集團深明保護知識產權及客戶私隱的重要性。本集團已取得適當的軟件及資訊許可證，以供其業務營運使用。

同時，本集團根據保密協議、個人資料（私隱）條例及相關法律及法規處理客戶、業務夥伴及僱員提供的所有資料，以確保該等資料受到適當保護。

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Anti-corruption

The Group is committed to maintaining the integrity of its corporate culture. Employees are not allowed to solicit or accept any advantages. The Group sets out the relevant policies in the staff handbook and guides the employees to abide by the code of conduct which provides a clear definition on the provision and acceptance of interests, such as gifts and souvenirs, and ways to deal with conflicts of interest.

Directors and employees are required to make a declaration to the management through the reporting channels when actual or potential conflicts of interest arise. Employees cannot receive any gifts from any external parties (e.g. customers, suppliers, contractors, etc.) unless prior approval is obtained from the management. A training program, collaborated with the Hong Kong ICAC, to enhance vigilance of senior management and frontline staff to the problem of corruption originally planned in the Review Year has been postponed due to the outbreak of COVID-19. The Group plans to organise the training once the COVID-19 is under control.

反貪污

本集團致力於維護廉正的企業文化。僱員不得索取或收受任何利益。本集團於員工手冊中載列相關政策並指引僱員遵守操守準則，明確界定了禮物及紀念品等利益的提供及接受，以及如何處理利益衝突。

董事及僱員必須在發生實際或潛在利益衝突時通過報告途徑向管理層作出聲明。除非取得管理層事前批准，否則僱員不得收取外界（例如客戶、供應商、承包商等）任何禮物。由於爆發2019冠狀病毒病疫情，原定於回顧年度與香港廉政公署合作舉辦以提升高級管理層及前線僱員對貪污問題意識的培訓計劃已經押後。本集團計劃在2019冠狀病毒病疫情受控後舉辦該培訓。

To show the unwavering commitment to anti-corruption, the Group has adopted an “Integrity and Honesty Management System”. Suppliers are required to sign an Undertaking of Integrity before entering contractual relationship. The Group also regularly delivers the message to all its suppliers to reiterate the integrity and honesty business philosophy and secure the alignment with the Group for fair procurement.

The Group has whistle-blowing procedures in effect, encouraging employees and all other stakeholders to report directly to the chairman of the Audit Committee about any misconduct and dishonest behaviour, such as bribery, fraud and other offences. Furthermore, it is specified in the staff handbook that the Group is entitled to terminate the employment contract with any employee who is bribed with money, gifts or commission, etc., and reserves the right to take further legal actions.

During the Review Year, the Group has complied with the relevant laws and regulations regarding anti-corruption and money-laundering and has no legal case regarding corrupted practices brought against the issuer or its employees.

Community Investment

The Group is committed to creating sustainable prosperity that brings long-term social and economic benefits to all stakeholders, particularly to maintain the relationship with interest groups which are relevant to business operation.

The Group has been actively promoting strategic partnerships among business and social service partners, encouraging employees to participate in in-house and external community activities and fostering corporate social responsibility through caring for the community, employees and the environment.

為堅決履行反貪污承諾，本集團採用「廉潔誠信管理制度」。供應商須簽署廉潔誠信承諾書後才建立合約關係。本集團亦定期向全體供應商傳達訊息重申本集團廉潔誠信的業務理念，確保他們與本集團理念保持一致，實現公平採購。

本集團建立了舉報程序，鼓勵僱員及所有其他持份者直接向審核委員會主席報告任何不當行為及不誠實活動，例如貪污、舞弊，以及其他犯罪行為。另外，本集團於員工手冊中明確指出，倘僱員收受金錢、禮品或佣金等賄賂，本集團有權終止與該僱員的僱傭合約並保留法律追究的權利。

於回顧年度，本集團已遵守反貪污及反洗黑錢相關法例及法規，且並無任何對發行人或其僱員所提出的貪污訴訟案件。

社區投資

本集團致力創造可持續繁榮，為所有持份者帶來長期社會及經濟利益，尤其是維持與業務營運相關的利益團體的關係。

本集團向來積極推動商業及社會服務夥伴的戰略性合作，鼓勵僱員參加內部及外界社區活動，並通過關懷社區、僱員及環境，促進企業社會責任。

During the Review Year, the Group supported Junior Chamber International Hong Kong, a leadership development organisation in Hong Kong, as its one of the corporate sponsors. In addition, the Group has also participated in various charity activities, including the “Skip Lunch Day 2021” of the Community Chest and “World Sight Day 2020” of ORBIS Hong Kong (see Figure 25), in order to create shared value for the community.

於回顧年度，本集團為國際青年商會香港總會（香港領導才能培訓機構）的企業贊助之一。此外，本集團亦參與了香港公益金「公益行善折食日2021」及奧比斯香港「世界視覺日2020」（見圖25）等慈善活動，以為社區創造共享價值。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Figure 25: “World Sight Day 2020” 圖 25 ：「世界視覺日 2020 」

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本集團榮獲下列由各方頒發的獎項，以表揚其對履行社會責任所作出的努力：

The Group has been granted the following awards from various parties as the recognition of its efforts in fulfilling social responsibility:

香港社會服務聯會頒發的「 10年[+] 商界展關懷」標誌（見圖26）；
The “10 Years[+] Caring Company” logo by The Hong Kong Council of Social Service (See Figure 26);
勞工及福利局社區投資共享基金頒發的「社會資本動力標誌獎」（見圖27）；及
The “Social Capital Builder Logo Award” by Community Investment & Inclusion Fund, Labour and Welfare Bureau (See Figure 27); and
香港工業總會頒發的「工業獻愛心」獎（見圖 28）。
The “Industry Cares” Award presented by the Federation of Hong Kong Industries (See Figure 28).

Figure 26: 10 Years[+] Caring Figure 27: Social Capital Builder Company Logo Award 圖 26 ： 10 年 [+] 商界展關懷圖 27 ：社會資本動力標誌獎

Figure 28: The Industry Cares

圖 28 ：工業獻愛心

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年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS

The Group has integrated its sustainability strategies into the initiative of United Nations Sustainable Development Goals (“ SDG ”) and identified 6 key SDGs that are highly relevant to its business operations. Substantial efforts are put to resolve the related issues.

聯合國可持續發展目標

本集團已將其可持續發展策略與聯合國可持續發展目標（「可持續發展目標」）倡議結合, 辨識當中與其業務營運最為適切的6項主要可持續發展目標, 並致力解決相關議題。

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Goal Potential impact The Group’s status Future direction 目標潛在影響本集團狀況未來方向 • Provide and In order to promote occupational health and Strengthen internal maintain a safe safety, the Group has launched internal “Workplace promotion on high and healthy work Health & Safety slogan design competition” standards of workplace environment 為推廣職業健康及安全，本集團內部舉辦了「工作 health & safety 提供並維持一個安場所健康及安全標語設計比賽」加強對高標準工作場所健全健康的工作環境康與安全的內部推廣

Due to the outbreak of COVID-19, instead of • Establish an organising health workshop at noon like the Good Health and effective workplace Previous Year, the headquarters in Hong Kong has safety culture encouraged employees to attend related webinars Well-being 建設有效的工作場 in the office 良好的健康及福祉所安全文化因應2019冠狀病毒病疫情，香港總部鼓勵僱員在辦公室參與相關網上研討會，而非如上年度一樣 • Promote healthy 舉行午間健康工作坊 lifestyles 倡導健康的生活方 During the Review Year, in supporting Junior 式 Chamber International local chapters to response the negative social impact of pandemic, the Group has sponsored the following programs: 於回顧年度，為支持國際青年商會分會應對疫情帶來的負面社會影響，本集團贊助了以下項目：

“Together We Care 2020” of JCI Kowloon 九龍青年商會：「港心 • 廣愛2020」
“O! Love Sen Phone” of JCI Island 港島青年商會：「跨代共融，傳遞關愛」
“Be Healthy, Act Healthy” of JCI Peninsula 半島青年商會：「健康紅人心 - SEE • 解密」
“Love In Time” of JCI Lion Rock 獅子山青年商會：「珍惜 • 眼前人」
“Circle Care 2020: Me Time” of JCI Bauhinia 紫荊青年商會：「同心圓系列2020：愛 • 我的時光」
“Family Harmony 2020: Fun to Cook, Safe to Eat” of JCI East Kowloon 東九龍青年商會：「2020年度家庭和諧：親子菜式設計比賽」
“Love of The Earth 2020” of JCI Shatin 沙田青年商會：大地恩情2020「呼吸愛的空氣」
“Lovemoji” of JCI Queensway 經緯青年商會：「愛『家』多點」

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Goal	Potential impact	The Group’s status	Future direction
目標	潛在影響	本集團狀況	未來方向
	Offer training	The Group advocates the culture of lifelong	Encourage and support
	programs and/or other	learning, and provides tuition fee subsidy for	employees to improve
	tuition fee subsidy	employees and scholarship program for all	their technical and
	to all employees and	applicable employees’ children	vocational skills and
	encourage life-long	本集團提倡終身學習的文化，並為僱員提供進修	professional knowledge
	learning	課程津貼及為所有合適僱員的子女提供獎學金計	鼓勵及支持僱員提升技術
	向全體僱員提供培訓課	劃	與職業技能及專業知識
Quality Education 優質教育	程及╱或其他進修課程津貼，並鼓勵終身學習	During the Review Year, the Group has sponsored the following programs:
		於回顧年度，本集團贊助了以下活動：
		• “Youth Can Code: SDG Asia Innotech
		Challenge 2020” of JCI Dragon
		騰龍青年商會：「24小時程式設計馬拉松」
		• “29th Hong Kong Silver Tongue Contest” of
		JCI North District
		北區青年商會：「第二十九屆香港金口獎比賽」
		• “Children Play Rights 2020” of JCI Tsuen Wan
		荃灣青年商會：「兒童遊戲權利2020」
	Offer career	The Group has formulated an equality policy	Provide employment and
	opportunities and	to avoid discrimination based on gender, age,	business opportunities
	assist in the economic	disability, family, nationality and religion; and	to a wide range of
	development of local	prohibits all forced labour, such as child labour,	stakeholders and indirect
	communities	modern slavery, and human trafficking in order to	build wealth in local
	提供就業機會，並協	protect labour rights and promote safe and secure	community
	助當地社區的經濟發展	working environments for all employees	為廣大持份者提供就業及
Decent Work and Economic Growth 體面工作和經濟增長		本集團已制定平等政策，以避免基於性別、年齡、殘障、家庭、國籍及宗教的歧視，以及禁止所有強制勞工，例如童工、現代奴隸及販賣人口，以保障勞工權益及向所有僱員提供安全的工作環境	商業機會，並在當地社區間接積累財富
		During the Review Year, the Group has sponsored
		the following programs:
		於回顧年度，本集團贊助了以下活動：
		• “Care & Dare 2020: Period Love” of JCI Hong
		Kong Jayceettes
		香港女青年商會：「2020：月來月愛」
		• “The 14th Young Leaders Series” of JCI
		Harbour
		海港青年商會：「第十四屆青年領袖系列」
		• “Flipping Dream” of JCI Tai Ping Shan
		太平山青年商會：「理想•你想
		『夢想月』夢想小故事」
		• “Corporate Clinic I.C.E.” of JCI Apex
		晉峰青年商會：「企業杏林•創3」

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Goal	Potential impact	The Group’s status	Future direction
目標	潛在影響	本集團狀況	未來方向
	Ensure the sustainable	The Group has already developed the Sustainability	Facilitate employee
	use and management	Policy which supports green manufacturing and	participation in the
	of resources	applies innovative production technology	promotion of sustainable
	確保資源的可持續使用	本集團已制定可持續發展政策，以支持綠色生產	development through
	及有效管理	及應用創新生產技術	various means
			透過不同渠道，鼓勵僱員
		In order to promote reduction of waste generation,	參與，以推動可持續發展
Responsible Consumption and Production 負責任消費和生產		the Group has launched internal “DIY Upcycling Design Contest” 為促進減少產生廢棄物，本集團於內部舉辦了「奇思妙想DIY」舊物改造比賽
		During the Review Year, a colleague from the
		headquarters in Hong Kong was invited by JCI
		Apex to conduct two webinars, for VNSAA St.
		Hilary’s School, as to let participating students
		understand how individuals can contribute to the
		achievement of the UNSDG
		於回顧年度，晉峰青年商會邀請了香港總部的一
		位同事為漢師德萃學校舉辦了兩場線上研討會，
		讓參與的學生了解個人如何為實踐聯合國可持續
		發展目標作出貢獻
		The Group has also sponsored the “Eat All, Can
		You?” program of JCI City
		本集團亦贊助了城市青年商會：「食物不倒翁」計
		劃
	Monitor and reduce	The Group has established an internal monitoring	Explore other means to
	the CO2emissions and	program to closely monitor the emissions of	contribute more to the
	waste water discharge	hazardous waste	environment and strive to
	generated from the	本集團已制定內部監督計劃，密切監督有害廢棄	facilitate the building of
	use of resources and	物的排放	a healthy and sustainable
	product manufacturing		society in the future
	監督及減少在使用資源	During the Review Year, the Group’s wholly	尋求其他途徑以加強對環
Climate Action 氣候行動	及產品生產過程中產生的二氧化碳及污水排放	owned subsidiary Linkz Ind (Suzhou) has achieved ISO14064 Greenhouse Gas verification from UL. 於回顧年度，本集團全資附屬公司華迅工業（蘇州）	境的貢獻並致力促進健康及可持續社會的未來發展
		已獲得UL的ISO14064溫室氣體查證。
		The headquarters in Hong Kong has arranged a
		visit to Secure Information Disposal Services Limited
		and Mil Mill.
		香港總部已安排參觀資訊機密處理有限公司及喵
		坊。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Goal	Potential impact	The Group’s status	Future direction
目標	潛在影響	本集團狀況	未來方向
	Partner with non-	The Group has established strategic partnership	Strengthen cooperation
	profit organisations to	with non-profit organisations to create shared	with non-profit
	contribute to the local	value for the betterment of community	organisations and
	community	本集團已與非營利機構建立戰略夥伴關係，為改	explore more community
	與非營利機構合作為當	善社區創造共享價值	investment projects that
	地社區作出貢獻		can help creating shared
		During the Review Year, the Group has participated	value
Partnerships for the goals 促進目標實現的夥伴關係		in/sponsored the following programs: 於回顧年度，本集團參與╱贊助了以下活動： • “World Sight Day 2020” of the Orbis 奧比斯：「世界視覺日2020」	加強與非營利機構的合作，並發掘更多可創造共享價值的社區投資項目
		• “SDG Share Love. Love Sharing – SDG
		Enterprise Awards 2020” of JCI Victoria
		維多利亞青年商會：「分享愛•愛分享－SDG
		企業大獎2020」
		• “2020 Hong Kong Professional Elite Ladies
		Selection” of JCI City Lady
		城市女青年商會：「全港時尚專業女性選舉
		2020」
		• “Long March” of JCI Ocean
		浩洋青年商會：「小企業大長征」
		• “Skip Lunch Day 2021” of the Community
		Chest
		公益金：「公益行善『折』食日2021」
		• “Earth Hour 2021” of WWF Hong Kong
		世界自然基金會香港分會：「地球一小時2021」

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Environmental Performance Indicators

環境績效指標

Environmental Performance Indicators	環境績效指標
Aspect A1: Emissions		Stock Exchange
層面A1：排放物		ESG Guide KPI
		聯交所環境、
		社會及管治指引
Performance indicator	績效指標 2021 2020	關鍵績效指標
Emissions	排放物
NOxemissions (tonnes)	氮氧化物排放（噸） 0.0355 0.0191	A1.1
SOxemissions (tonnes)	硫氧化物排放（噸） 0.0012 0.0005	A1.1
PM emissions (tonnes)	顆粒物排放（噸） 0.0028 0.0014	A1.1
GHG emissions	溫室氣體排放
Scope 1 – Direct emissions (tonnes)	範圍1－直接排放（噸） 214 86	A1.2
Scope 2 – “Energy indirect” emissions (tonnes)	範圍2－「能源間接」排放（噸） 33,264 4,206	A1.2
Scope 3 – Other indirect emissions (tonnes)	範圍3－其他間接排放（噸） 56 71	A1.2
Hazardous waste	有害廢棄物
Mineral oil contaminated waste rags, organic	礦物油污染廢棄布料、有
solvents contaminated waste rags, used	機溶劑污染廢棄布料、
containers for chemical materials, wire-	已使用化學材料容器、
drawing lubricants and waste batteries	拉絲潤滑劑及廢棄電池
(tonnes)	（噸） 12.713 2.378	A1.3
Non-hazardous waste	無害廢棄物
Industrial wastes	工業廢棄物
Metal, iron, plastic, waste wires, etc (tonnes)	金屬、鋼鐵、塑膠及廢線等（噸） 1,916.67 81.34	A1.4
Waste woven bags and pallets (pieces)	廢編織袋及卡板（件） 16,761.00 N/A不適用	A1.4
Cardboards (tonnes)	紙板箱（噸） 129.62 32.56	A1.4
Used A3 and A4 papers (reams)	已使用的A3及A4紙（令） 3,941 2,118	A1.4
Used toner cartridges (pieces)	已使用的碳粉盒（件） 835 333	A1.4
Used paper towels (boxes/rolls)	已使用的紙巾（盒╱卷） 56,619 37,534	A1.4

Aspect A2: Use of resources		Stock Exchange
層面A2：資源使用		ESG Guide KPI
		聯交所環境、
		社會及管治指引
Performance indicator	績效指標 2021 2020	關鍵績效指標
Energy consumption	能源消耗
Non-renewable fuel (kWh)	不可再生燃料（千瓦時） 810,383 N/A不適用	A2.1
Renewable energy (kWh)	可再生能源（千瓦時） 3,637,646 –	A2.1
Purchase of energy (kWh)	購買能源（千瓦時） 41,082,714 5,027,006	A2.1
Water	水
Water consumption (cubic metres)	耗水量（立方米） 333,516 170,762	A2.2
Packaging materials	包裝材料
Packaging materials (pieces)	包裝材料（件） 30,094,580 23,064,429	A2.5

78 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Social Performance Indicators

社會績效指標

Social Performance Indicators		社會績效指標
Aspect B1: Employment			Stock Exchange
層面B1：僱傭			ESG Guide KPI
			聯交所環境、
			社會及管治指引
Performance indicator	績效指標	2021 2020	關鍵績效指標
Number of employees as at	於三月三十一日的
31 March	僱員人數
Gender	性別		B1.1
Male	男性	1,236 871
Female	女性	1,283 1,176
Age	年齡		B1.1
< 30	< 30	793 803
30 – 50	30 – 50	1,651 1,187
> 50	> 50	75 57
Region	地區		B1.1
PRC	中國	2,466 2,014
Hong Kong	香港	53 33
Employee turnover	僱員流失率
Gender	性別		B1.2
Male	男性	1,038 770
Female	女性	947 844
Age	年齡		B1.2
< 30	< 30	1,110 1,035
30 – 50	30 – 50	827 551
> 50	> 50	48 28

年度報告 2021 ANNUAL REPORT

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (CONT‘D) 環境、社會及管治報告（續）

Aspect B2: Health and safety 層面B2：健康與安全 Performance indicator 績效指標 2021	Stock Exchange ESG Guide KPI 2020 聯交所環境、社會及管治指引關鍵績效指標
Number of work injuries 工傷數字 11 Rate of work injury (per thousand employees) 工傷率（每千名僱員） 4.4	5 B2.1 2.4 B2.1
Aspect B3: Development and training 層面B3：發展及培訓 Performance indicator 績效指標 2021	Stock Exchange ESG Guide KPI 2020 聯交所環境、社會及管治指引關鍵績效指標
Percentage of employees trained 受訓僱員百分比 Gender 性別 Male 男性 50 Female 女性 50 Employee category 僱員類別 Workers 工人 86 Supervisors and general staff 主管及一般僱員 11 Managers or above 經理或以上 3	B3.1 45 55 B3.1 89 9 2
Average training hours completed per employee 每名僱員完成受訓的平均時數 Gender 性別 Male 男性 23 Female 女性 24 Employee category 僱員類別 Workers 工人 25 Supervisors and general staff 主管及一般僱員 18 Managers or above 經理或以上 10	B3.2 22 18 B3.2 20 17 13

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

==> picture [128 x 24] intentionally omitted <==

TO THE MEMBERS OF TIME INTERCONNECT TECHNOLOGY LIMITED

(incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Time Interconnect Technology Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 85 to 159, which comprise the consolidated statement of financial position as at 31 March 2021, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 March 2021, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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致匯聚科技有限公司股東

（於開曼群島註冊成立之有限公司）

意見

本核數師（以下簡稱「我們」）已審計列載於85至159 頁的匯聚科技有限公司（以下簡稱「貴公司」）及其附屬公司（以下統稱「貴集團」）的綜合財務報表，此財務報表包括於二零二一年三月三十一日的綜合財務狀況表與截至該日止年度的綜合損益及其他全面收益表、綜合權益變動表和綜合現金流量表，以及綜合財務報表附註，包括主要會計政策概要。

我們認為，該等綜合財務報表已根據香港會計師公會（「香港會計師公會」）頒佈的《香港財務報告準則》（「《香港財務報告準則》」）真實而中肯地反映了貴集團於二零二一年三月三十一日的綜合財務狀況及截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》的披露要求妥為擬備。

意見的基礎

我們已根據香港會計師公會頒佈的《香港審計準則》（「《香港審計準則》」）進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審計綜合財務報表承擔的責任」部分中作進一步闡述。根據香港會計師公會頒佈的《專業會計師道德守則》（以下簡稱「守則」），我們獨立於貴集團，並已履行守則中的其他專業道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。

關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理的。我們不會對這些事項提供單獨的意見。

年度報告 2021 ANNUAL REPORT

INDEPENDENT AUDITOR’S REPORT (CONT‘D) 獨立核數師報告（續）

KEY AUDIT MATTERS (continued)

關鍵審計事項（續）

Key audit matter 關鍵審計事項

How our audit addressed the key audit matter 我們的審計如何對關鍵審計事項進行處理

Valuation of right-of-use assets and property, plant and equipment at revaluation model 按重估模式估值使用權資產及物業、廠房及設備

We identified the valuation of right-of-use assets and property, plant and equipment at revaluation model as a key audit matter due to the inherent level of subjective judgements and complex estimates required in determining the revalued values.

The Group’s leasehold land (included under right-of-use assets) and buildings (included under property, plant and equipment) located in the People’s Republic of China (the “Land and Buildings”) are accounted for using revaluation model with effect from 30 June 2020. As at 31 March 2021, the carrying amount of the Group’s Land and Buildings at revaluation model are HK$358,051,000 and HK$224,019,000 respectively, which represented 14% and 9% of the Group’s total assets, respectively. The revaluation surplus of HK$257,855,000 arising from right-of-use assets and HK$65,080,000 arising from property, plant and equipment, respectively, have been credited to other comprehensive income for the year ended 31 March 2021.

As further disclosed in notes 4, 15 and 16 to the consolidated financial statements, in estimating the fair value of these Land and Buildings, the Group engaged an independent qualified valuer (the “Valuer”), to carry out the valuation. The management of the Group provided information to the Valuer and the Valuer established and determined the appropriate technique and inputs to the valuation model. The significant unobservable input of the approach is the price per square metre of comparable properties. Changes in the comparable properties adopted may result in a significant increase or decrease in fair value.

由於在釐定重估價值時涉及固有的主觀判斷及複雜估計，我們將按重估模式估值使用權資產及物業、廠房及設備識別為關鍵審計事項。

貴集團位於中華人民共和國的租賃土地（計入使用權資產）及樓宇（計入物業、廠房及設備）（「土地及樓宇」）乃採用重估模式入賬，自二零二零年六月三十日起生效。於二零二一年三月三十一日，貴集團按重估模式估值的土地及樓宇的賬面值分別為 358,051,000港元及224,019,000港元，分別佔貴集團資產總值的14%及9% 。來自使用權資產及物業、廠房及設備的重估盈餘分別為257,855,000港元及65,080,000港元，已計入截至二零二一年三月三十一日止年度的其他全面收入。

誠如綜合財務報表附註4 、15及16進一步披露，於估計該等土地及樓宇之公平值時，貴集團已委聘合資格獨立估值師（「估值師」）進行估值。貴集團管理層向估值師提供資料，而估值師確立及釐定適用於估值模式的技術及輸入數據。模式的重大不可觀察輸入數據為可資比較物業的每平方米價格。所採用的可資比較物業變動可能導致公平值大幅上升或下降。

Our procedures in relation to the management’s valuation of the Land and Buildings at revaluation model included:

Evaluating the competence, capability, and objectivity of the Valuer;
Obtaining an understanding from the Valuer about the valuation methodology, significant unobservable inputs and critical judgement on key inputs and data used in the valuations;
Assessing reasonableness of key inputs used by the Valuers and management of the Group by comparing with relevant market information with similar properties and assessing the appropriateness of specific assumption of the properties by reference to character, location and other individual factors which affect the valuation of properties; and
Evaluating the reasonableness of adjusting factors on the locations and conditions of the properties made by the Valuer by comparing them with historical adjusting factors applied, comparability and other market factors for similar properties.

我們就管理層按重估模式對土地及樓宇估值進行的程序包括：

評估估值師的資格、能力及客觀程度；
向估值師了解估值方法、重大不可觀察輸入數據及估值時所採用的主要輸入數據及資料的重大判斷；
評估估值師及貴集團管理層所採用的主要輸入數據的合理性，方法為與類似物業的有關市場資料進行比較及參考影響物業估值的特徵、位置及其他個別因素評估物業的特定假設的適當性；及
評估估值師就物業位置及條件作出的調整因素的合理性，方法為將該等因素與類似物業所應用的歷史調整因素、可比較性及其他市場因素進行比較。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

INDEPENDENT AUDITOR’S REPORT (CONT‘D) 獨立核數師報告（續）

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial

其他資料

貴公司董事需對其他資料負責。其他資料包括刊載於年報內的資料，但不包括綜合財務報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他資料，我們亦不對該等其他資料發表任何形式的鑒證結論。

結合我們對綜合財務報表的審計，我們的責任是閱讀其他資料，在此過程中，考慮其他資料是否與財務報表或我們在審計過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。基於我們已執行的工作，如果我們認為其他資料存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。

董事及治理層就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會頒佈的《香港財務報告準則》及香港《公司條例》的披露要求擬備真實而中肯的綜合財務報表，並對其認為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。

在擬備綜合財務報表時，董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基礎，除非董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。

治理層須負責監督貴集團的財務報告過程。

reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED

核數師就審計綜合財務報表承擔的責任

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement

and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並按照我們商定的業務約定條款僅向全體股東出具包括我們意見的核數師報告。除此以外，我們的報告不可用作其他用途。本行不會就本報告的任何內容對任何其他人士承擔或接受任何責任。合理保證是高水準的保證，但不能保證按照《香港審計準則》進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或匯總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

在根據《香港審計準則》進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險，設計及執行審計程式以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。
了解與審計相關的內部控制，以設計適當的審計程式，但目的並非對貴集團內部控制的有效性發表意見。
評價董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

年度報告 2021 ANNUAL REPORT

INDEPENDENT AUDITOR’S REPORT (CONT‘D) 獨立核數師報告（續）

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in the independent auditor’s report is Tsang Chi Wai.

Deloitte Touche Tohmatsu

Certified Public Accountants Hong Kong 28 June 2021

核數師就審計綜合財務報表承擔的責任（續）

對董事採用持續經營會計基礎的恰當性作出結論。根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露。假若有關的披露不足，則我們應當發表非無保留意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。
評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表是否中肯反映交易和事項。
就貴集團內實體或業務活動的財務信息獲取充足、適當的審計憑證，以對綜合財務報表發表意見。我們負責貴集團審計的方向、監督和執行。我們為審計意見承擔全部責任。

除其他事項外，我們與治理層溝通了計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。

我們還向治理層提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，為消除威脅而採取的行動或應用的防範措施。

從與治理層溝通的事項中，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中溝通該事項。

出具本獨立核數師報告的審計專案合夥人是曾志偉。

德勤 • 關黃陳方會計師行執業會計師香港二零二一年六月二十八日

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 綜合損益及其他全面收益表

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

NOTES 附註	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Revenue 收益 6 Cost of goods sold 售出貨品成本 Gross profit 毛利 Other income 其他收入 7 Other gains and losses 其他收益及虧損 8 Loss on revaluation of property, plant and equipment 物業、廠房及設備重估虧損 15 Distribution and selling expenses 分銷及銷售開支 Administrative expenses 行政開支 Professional fees and costs relating to acquisition of business 有關收購業務的專業費用及成本 Research and development expenses 研發開支 Finance costs 融資成本 9 Profit before taxation 除稅前溢利 10 Taxation 稅項 12 Profit for the year 年內溢利 Other comprehensive income (expense) 其他全面收益（開支） Items that will not be reclassified to profit or loss: 不予重新分類至損益的項目： Gain on revaluation of right-of-use assets and property, plant and equipment 使用權資產及物業、廠房及設備重估收益 Deferred tax arising from revaluation of right-of- use assets and property, plant and equipment 使用權資產及物業、廠房及設備重估產生的遞延稅項 Item that may be reclassified subsequently to profit or loss: 其後可能重新分類至損益的項目： Exchange differences arising on translating foreign operations 海外業務匯率換算時出現的匯兌差額 Other comprehensive income (expense) for the year 年內其他全面收益（開支） Total comprehensive income for the year 年內全面收益總額 Profit for the year attributable to: 下列人士應佔年內溢利： Owners of the Company 本公司擁有人 Non-controlling interest 非控股權益 Total comprehensive income (expense) for the year attributable to: 下列人士應佔年內全面收益（開支）總額： Owners of the Company 本公司擁有人 Non-controlling interest 非控股權益 Earnings per share 每股盈利 13 – Basic (HK cents) –基本（港仙） – Diluted (HK cents) –攤薄（港仙）	3,008,019 2,780,150 (2,427,802) (2,280,536)
	580,217 499,614 13,955 15,066 (10,970) 5,740 (5,755) – (51,678) (50,224) (122,607) (123,634) (4,168) (19,079) (88,358) (68,386) (42,525) (70,245)
	268,111 188,852 (41,480) (34,368)
	226,631 154,484
	322,935 – (77,980) – 94,636 (65,522)
	339,591 (65,522)
	566,222 88,962
	226,361 154,080 270 404
	226,631 154,484
	562,148 89,172 4,074 (210)
	566,222 88,962
	12.30 8.37 12.30 8.30

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

上述綜合損益及其他全面收益表應與隨附的附註一併閱讀。

年度報告 2021 ANNUAL REPORT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表

AT 31 MARCH 2021 於二零二一年三月三十一日

NOTES 附註	31.3.2021 31.3.2020 1.4.2019 HK$'000 HK$'000 HK$'000 千港元千港元千港元 (restated) (restated) （經重列）（經重列）
Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 15 Right-of-use assets 使用權資產 16 Deposits paid for acquisition of property, plant and equipment 就收購物業、廠房及設備已付按金 Financial assets at fair value through profit or loss 按公平值計入損益的金融資產 17 Rental deposits 租賃按金 Current assets 流動資產 Inventories 存貨 18 Trade and other receivables 貿易及其他應收款項 19 Amount due from ultimate holding company 應收最終控股公司款項 25 Contract assets 合約資產 20 Taxation recoverable 可收回稅項 Pledged bank deposits 已抵押銀行存款 21 Bank balances and cash 銀行結餘及現金 21 Current liabilities 流動負債 Trade and other payables 貿易及其他應付款項 22 Contract liabilities 合約負債 23 Lease liabilities 租賃負債 24 Amount due to ultimate holding company 應付最終控股公司款項 25 Amount due to a fellow subsidiary 應付一間同系附屬公司款項 Taxation payable 應付稅項 Unsecured bank borrowings – amount due within one year 無抵押銀行借款–金額於一年內到期 26 Net current assets 流動資產淨值 Total assets less current liabilities 總資產減流動負債 Non-current liabilities 非流動負債 Unsecured bank borrowing – amount due after one year 無抵押銀行借款–金額於一年後到期 26 Lease liabilities 租賃負債 24 Deferred tax liabilities 遞延稅項負債 27 Net assets 資產淨值 Capital and reserves 資本及儲備 Share capital 股本 28 Reserves 儲備 Equity attributable to owners of the Company 本公司擁有人應佔權益 Non-controlling interest 非控股權益 Total equity 總權益	733,666 640,862 686,093 400,171 134,716 143,290 6,726 1,179 69,695 6,035 5,760 5,633 700 920 867
	1,147,298 783,437 905,578
	474,894 401,171 427,941 808,755 576,512 853,997 – 1,024,630 535,364 2,860 20,917 1,644 1,516 320 1,026 7,091 13,511 26,505 156,550 366,933 390,678
	1,451,666 2,403,994 2,237,155
	571,869 553,604 542,947 5,093 714 363 7,785 6,653 4,654 – 217,947 272,673 – – 22 9,605 12,508 5,907 606,583 1,179,289 1,093,460
	1,200,935 1,970,715 1,920,026
	250,731 433,279 317,129
	1,398,029 1,216,716 1,222,707
	405,625 – 75,000 36,471 40,402 41,393 91,532 10,419 9,272
	533,628 50,821 125,665
	864,401 1,165,895 1,097,042
	18,404 28,790 28,790 834,070 1,129,252 1,060,189
	852,474 1,158,042 1,088,979 11,927 7,853 8,063
	864,401 1,165,895 1,097,042

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

The consolidated financial statements on pages 85 to 159 were approved and authorised for issue by the Board of Directors on 28 June 2021 and are signed on its behalf by:

上述綜合財務狀況表應與隨附的附註一併閱讀。

第85至159頁的綜合財務報表已獲董事會於二零二一年六月二十八日批准及授權刊發，並由下列人士代為簽署：

Cua Tin Yin Simon 柯天然 Executive Director 執行董事

Wong Chi Kuen 黃志權 Executive Director 執行董事

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

	Attributable to owners of the Company 本公司擁有人應佔 PRC Property Share Non- Share Share statutory Special Capital revaluation options Translation Accumulated controlling Total capital premium reserves reserves reserve reserve reserve reserve profits Total interest equity 股本股份溢價中國法定儲備特別儲備資本儲備物業重估儲備購股權儲備匯兌儲備累計溢利總計非控股權益總權益 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 (Note a) (Note b) (Note c) （附註a）（附註b）（附註c）
At 31 March 2020 (audited and originally stated) 於二零二零年三月三十一日（經審核及原列） 18,400 271,921 13,460 (104,180) 9,107 – 10,066 (16,610) 401,241 603,405 – 603,405 Merger accounting restatement (note 1) 合併會計處理重列（附註1） 10,390 – 21,241 112,000 28,832 – – 8,754 373,420 554,637 7,853 562,490 At 1 April 2020 (restated) 於二零二零年四月一日（經重列） 28,790 271,921 34,701 7,820 37,939 – 10,066 (7,856) 774,661 1,158,042 7,853 1,165,895 Profit for the year 年內溢利 – – – – – – – – 226,361 226,361 270 226,631 Gain on revaluation of right-of- use assets and property, plant and equipment 使用權資產及物業、廠房及設備重估收益 – – – – – 319,073 – – – 319,073 3,862 322,935 Deferred tax arising from revaluation of right-of-use assets and property, plant and equipment 使用權資產及物業、廠房及設備重估產生的遞延稅項 – – – – – (77,014) – – – (77,014) (966) (77,980) Exchange differences arising on translating foreign operations 海外業務匯率換算時出現的匯兌差額 – – – – – – – 93,728 – 93,728 908 94,636 Total comprehensive income for the year 年內全面收益總額 – – – – – 242,059 – 93,728 226,361 562,148 4,074 566,222 Transfer 轉撥 – – 915 – – – – – (915) – – – Dividends declared (note 14) 已宣派股息（附註14） – – – – – – – – (55,200) (55,200) – (55,200) Effect of Linkz Cable Reorganisation, as defined in note 1 (note 32) 華迅電纜重組（定義見附註1）的影響（附註32） (2,000) – – – – – – – (156,898) (158,898) – (158,898) Acquisition of entities under common control (note 1) 收購受共同控制實體（附註1） (8,390) – – (650,366) – – – – – (658,756) – (658,756) Recognition of equity-settled share-based payment 按權益結算以股份為基礎的款項之確認 – – – – – – 4,987 – – 4,987 – 4,987 Exercise of share options 行使購股權 4 216 – – – – (69) – – 151 – 151 Share options forfeited and transferred to accumulated profits 購股權失效並轉至累計溢利 – – – – – – (340) – 340 – – – At 31 March 2021 於二零二一年三月三十一日 18,404 272,137 35,616 (642,546) 37,939 242,059 14,644 85,872 788,349 852,474 11,927 864,401 At 31 March 2019 (audited and originally stated) 於二零一九年三月三十一日（經審核及原列） 18,400 271,921 2,872 (104,180) 9,107 – 3,807 8,236 338,915 549,078 – 549,078 Merger accounting restatement (note 1) 合併會計處理重列（附註1） 10,390 – 21,241 112,000 – – – 48,816 347,454 539,901 8,063 547,964 At 1 April 2019 (restated) 於二零一九年四月一日（經重列） 28,790 271,921 24,113 7,820 9,107 – 3,807 57,052 686,369 1,088,979 8,063 1,097,042 Profit for the year 年內溢利 – – – – – – – – 154,080 154,080 404 154,484 Exchange differences arising on translating foreign operations 海外業務匯率換算時出現的匯兌差額 – – – – – – – (64,908) – (64,908) (614) (65,522) Total comprehensive (expense) income for the year 年內全面（開支）收益總額 – – – – – – – (64,908) 154,080 89,172 (210) 88,962 Waiver of current account by ultimate holding company 最終控股公司豁免的往來賬目 – – – – 28,832 – – – – 28,832 – 28,832 Transfer 轉撥 – – 10,588 – – – – – (10,588) – – – Dividends declared (note 14) 已宣派股息（附註14） – – – – – – – – (55,200) (55,200) – (55,200) Recognition of equity-settled share-based payment 按權益結算以股份為基礎的款項之確認 – – – – – – 6,259 – – 6,259 – 6,259 At 31 March 2020 (restated) 於二零二零年三月三十一日（經重列） 28,790 271,921 34,701 7,820 37,939 – 10,066 (7,856) 774,661 1,158,042 7,853 1,165,895

Attributable to owners of the Company
本公司擁有人應佔
PRC
Property
Share
Non-
Share
Share
statutory
Special
Capital revaluation
options Translation Accumulated
controlling
Total
capital
premium
reserves
reserves
reserve
reserve
reserve
reserve
profits
Total
interest
equity
股本
股份溢價
中國
法定儲備
特別儲備
資本儲備
物業
重估儲備
購股權
儲備
匯兌儲備
累計溢利
總計
非控股
權益
總權益
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
(Note a)
(Note b)
(Note c)
（附註a）
（附註b）
（附註c）

At 31 March 2020 (audited and
originally stated)
於二零二零年三月三十一日
（經審核及原列）
18,400
271,921
13,460
(104,180)
9,107
–
10,066
(16,610)
401,241
603,405
–
603,405
Merger accounting restatement
(note 1)
合併會計處理重列（附註1）
10,390
–
21,241
112,000
28,832
–
–
8,754
373,420
554,637
7,853
562,490
At 1 April 2020 (restated)
於二零二零年四月一日
（經重列）
28,790
271,921
34,701
7,820
37,939
–
10,066
(7,856)
774,661
1,158,042
7,853
1,165,895
Profit for the year
年內溢利
–
–
–
–
–
–
–
–
226,361
226,361
270
226,631
Gain on revaluation of right-of-
use assets and property, plant
and equipment
使用權資產及物業、廠房及
設備重估收益
–
–
–
–
–
319,073
–
–
–
319,073
3,862
322,935
Deferred tax arising from
revaluation of right-of-use
assets and property, plant and
equipment
使用權資產及物業、廠房及
設備重估產生的遞延稅項
–
–
–
–
–
(77,014)
–
–
–
(77,014)
(966)
(77,980)
Exchange differences arising on
translating foreign operations
海外業務匯率換算時出現的
匯兌差額
–
–
–
–
–
–
–
93,728
–
93,728
908
94,636
Total comprehensive income for
the year
年內全面收益總額
–
–
–
–
–
242,059
–
93,728
226,361
562,148
4,074
566,222
Transfer
轉撥
–
–
915
–
–
–
–
–
(915)
–
–
–
Dividends declared (note 14)
已宣派股息（附註14）
–
–
–
–
–
–
–
–
(55,200)
(55,200)
–
(55,200)
Effect of Linkz Cable
Reorganisation, as defined in
note 1 (note 32)
華迅電纜重組（定義見
附註1）的影響（附註32）
(2,000)
–
–
–
–
–
–
–
(156,898)
(158,898)
–
(158,898)
Acquisition of entities under
common control (note 1)
收購受共同控制實體
（附註1）
(8,390)
–
–
(650,366)
–
–
–
–
–
(658,756)
–
(658,756)
Recognition of equity-settled
share-based payment
按權益結算以股份為基礎的
款項之確認
–
–
–
–
–
–
4,987
–
–
4,987
–
4,987
Exercise of share options
行使購股權
4
216
–
–
–
–
(69)
–
–
151
–
151
Share options forfeited and
transferred to accumulated
profits
購股權失效並轉至累計溢利
–
–
–
–
–
–
(340)
–
340
–
–
–
At 31 March 2021
於二零二一年三月三十一日
18,404
272,137
35,616
(642,546)
37,939
242,059
14,644
85,872
788,349
852,474
11,927
864,401
At 31 March 2019 (audited and
originally stated)
於二零一九年三月三十一日
（經審核及原列）
18,400
271,921
2,872
(104,180)
9,107
–
3,807
8,236
338,915
549,078
–
549,078
Merger accounting restatement
(note 1)
合併會計處理重列（附註1）
10,390
–
21,241
112,000
–
–
–
48,816
347,454
539,901
8,063
547,964
At 1 April 2019 (restated)
於二零一九年四月一日
（經重列）
28,790
271,921
24,113
7,820
9,107
–
3,807
57,052
686,369
1,088,979
8,063
1,097,042
Profit for the year
年內溢利
–
–
–
–
–
–
–
–
154,080
154,080
404
154,484
Exchange differences arising on
translating foreign operations
海外業務匯率換算時出現的
匯兌差額
–
–
–
–
–
–
–
(64,908)
–
(64,908)
(614)
(65,522)
Total comprehensive (expense)
income for the year
年內全面（開支）收益總額
–
–
–
–
–
–
–
(64,908)
154,080
89,172
(210)
88,962
Waiver of current account by
ultimate holding company
最終控股公司豁免的往來
賬目
–
–
–
–
28,832
–
–
–
–
28,832
–
28,832
Transfer
轉撥
–
–
10,588
–
–
–
–
–
(10,588)
–
–
–
Dividends declared (note 14)
已宣派股息（附註14）
–
–
–
–
–
–
–
–
(55,200)
(55,200)
–
(55,200)
Recognition of equity-settled
share-based payment
按權益結算以股份為基礎的
款項之確認
–
–
–
–
–
–
6,259
–
–
6,259
–
6,259
At 31 March 2020 (restated)
於二零二零年三月三十一日
（經重列）
28,790
271,921
34,701
7,820
37,939
–
10,066
(7,856)
774,661
1,158,042
7,853
1,165,895

年度報告 2021 ANNUAL REPORT

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT‘D) 綜合權益變動表（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

Notes:

附註：

(a) The People’s Republic of China (the “PRC”) statutory reserves are non-distributable and the transfer to these reserves are determined according to the relevant laws in the PRC and by the board of directors of the PRC subsidiaries in accordance with the articles of association of these subsidiaries. They can be used to make up for previous years’ losses or convert into additional capital of the PRC subsidiaries of the Company.
(a) 中華人民共和國（「中國」）法定儲備不可用作分派，而轉撥至該等儲備的款項須按照中國相關法律及由中國附屬公司董事會根據該等附屬公司的組織章程細則釐定。中國法定儲備可用於彌補上年度的虧損或轉撥為本公司中國附屬公司的額外資本。
(b) The special reserves represent (i) the difference between the net asset value of Time Interconnect Limited (“Time Interconnect HK”) at the date of which it was acquired by Time Interconnect Investment Limited and the share capital of Time Interconnect HK pursuant to the group reorganisation in 2017, (ii) the difference between the net asset value of Hover Manufacturing Company Limited (“Hover Manufacturing”) and the nominal share capital of Hover Manufacturing pursuant to the Linkz Cables Reorganisation, as defined in note 1, completed on 30 June 2020, and (iii) the difference between the consideration of HK$658,756,000 paid for acquisition of interest in Linkz Cables Limited and the share capital of Linkz Cables Limited of HK$8,390,000 as at 30 June 2020. The acquisition is accounted for by using merger accounting in accordance with Hong Kong Accounting Guideline 5 “Merger Accounting for Common Control Combinations” issued by the Hong Kong Institute of Certified Public Accountants.
(b) 特別儲備為 (i) 根據二零一七年集團重組，匯聚工業有限公司（「匯聚工業香港」）於被 Time Interconnect Investment Limited收購日期的資產淨值與匯聚工業香港的股本的差額；(ii)豪和製造有限公司（「豪和製造」）的資產淨值與根據於二零二零年六月三十日完成的華迅電纜重組（定義見附註1）的豪和製造名義股本的差額；及(iii) 就收購華迅電纜有限公司權益的已付代價658,756,000 港元與華迅電纜有限公司於二零二零年六月三十日的股本8,390,000港元的差額。收購乃根據香港會計師公會頒佈的香港會計指引第5號「共同控制合併的合併會計法」以合併會計法處理。
(c) The amounts represent (i) deemed capital contribution arising from waiver of current accounts by ultimate holding company and a fellow subsidiary, (ii) deemed capital contribution arising from the cash reimbursed for partial listing expenses by the ultimate holding company upon public offer and placing.

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

上述綜合權益變動表應與隨附的附註一併閱讀。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Cash flows from operating activities 經營活動產生的現金流量 Profit before taxation 除稅前溢利 Adjustments for: 下列各項作調整： Gain on change in fair value of financial assets at fair value through profit or loss 按公平值計入損益的金融資產的公平值變動收益 Interest income 利息收入 Interest expense 利息開支 Loss on revaluation of property, plant and equipment 物業、廠房及設備重估虧損 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal of property, plant and equipment 出售物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Equity-settled share-based payments 按權益結算以股份為基礎的款項 Operating cash flows before movements in working capital 營運資金變動前的經營現金流量 Increase in inventories 存貨增加 (Increase) decrease in trade and other receivables and rental deposits 貿易及其他應收款項以及租賃按金（增加）減少 Decrease (increase) in contract assets 合約資產減少（增加） Increase in trade and other payables 貿易及其他應付款項增加 Increase in contract liabilities 合約負債增加 Cash generated from operations 經營產生的現金 Hong Kong Profits Tax paid 已付香港利得稅 PRC Enterprise Income Tax 中國企業所得稅 Withholding tax in the PRC paid 已付中國預扣稅 Net cash generated from operating activities 經營活動產生的現金淨額 Cash flows from investing activities 投資活動產生的現金流量 Advance to ultimate holding company 墊付予最終控股公司 Purchase of property, plant and equipment 購買物業、廠房及設備 Placement of pledged bank deposits 存放已抵押銀行存款 Deposits paid for acquisition of property, plant and equipment 就收購物業、廠房及設備已付按金 Repayment from ultimate holding company 最終控股公司還款 Release of pledged bank deposits 解除已抵押銀行存款 Interest received from bank deposits 已收銀行存款利息 Proceeds from disposal of property, plant and equipment 來自出售物業、廠房及設備的所得款項 Net cash used in investing activities 投資活動所耗的現金淨額	268,111 188,852 (258) (198) (627) (1,113) 42,525 70,245 5,755 – 57,713 55,876 14,203 9,837 2,038 59 4,646 2,356 4,987 6,259
	399,093 332,173 (44,613) (1,135) (197,027) 251,887 18,057 (19,273) 9,986 37,902 4,257 385
	189,753 601,939 (26,360) (10,212) (17,211) (11,921) (1,603) (3,599)
	144,579 576,207
	(97,802) (1,006,640) (40,112) (47,833) (25,742) (33,146) (6,643) (2,446) 57,492 554,724 33,028 44,763 587 1,076 278 390
	(78,914) (489,112)

年度報告 2021 ANNUAL REPORT 89

CONSOLIDATED STATEMENT OF CASH FLOWS (CONT‘D) 綜合現金流量表（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

NOTES 附註	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Cash flows from financing activities 融資活動產生的現金流量 Bank borrowings raised 已籌集銀行借款 Repayment of bank borrowings 償還銀行借款 Acquisition of business under common control 收購受共同控制業務 1 Dividends paid 已付股息 Interest paid 已付利息 Payment of lease liabilities 支付租賃負債 Net cash inflow arising from the transfer of the Excluded Assets and Liabilities, as defined in note 32 轉讓除外資產及負債產生的現金流入淨額（定義見附註32） 32 Advance from ultimate holding company 來自最終控股公司墊付款項 Proceeds from exercise of share options 行使購股權所得款項 Repayment to ultimate holding company 償還予最終控股公司的款項 Repayment to a fellow subsidiary 償還予一間同系附屬公司的款項 Net cash used in financing activities 融資活動所耗的現金淨額 Net decrease in cash and cash equivalents 現金及現金等價物的淨減少 Cash and cash equivalents at beginning of the year 年初現金及現金等價物 Effect of foreign exchange rate changes 匯率變動的影響 Cash and cash equivalents at end of the year, represented by bank balances and cash 年末現金及現金等價物，指銀行結餘及現金 Analysis of balances of cash and cash equivalents: 現金及現金等價物結餘分析： Bank balances and cash 銀行結餘及現金 Bank overdrafts 銀行透支	1,937,651 3,311,386 (1,339,236) (3,284,026) (780,993) – (55,200) (55,200) (42,525) (70,245) (7,339) (6,375) 467 – 6,848 258 151 – (5,975) (80) – (22)
	(286,151) (104,304)
	(220,486) (17,209) 360,242 390,662 16,727 (13,211)
	156,483 360,242
	156,550 366,933 (67) (6,691)
	156,483 360,242

The above consolidated statement of cash flows should be read in conjunction with 上述綜合現金流量表應與隨附的附註一併閱讀。 the accompanying notes.

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION

1.1 General information

Time Interconnect Technology Limited (the ”Company“) is a limited company incorporated in the Cayman Islands and its shares are listed on Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The addresses of the registered office and the principal place of business of the Company are disclosed in the “Corporate Information” section of the annual report.

The immediate holding company of the Company is Time Interconnect Holdings Limited (“Time Holdings”) which was incorporated in the British Virgin Islands (“BVI”). The ultimate holding company is Linkz Industries Limited (“Linkz Industries”), which was incorporated in Hong Kong. Its ultimate controlling shareholder is Mr. Lo Chung Wai Paul (“Mr. Paul Lo”), who is also the non-executive director of the Company.

The Company acts as an investment holding company. The principal activities of its principal subsidiaries are set out in note 36.

The consolidated financial statements are presented in Hong Kong dollars (“HK$”) while the functional currency of the Company is United States dollars (“US$”). The reason for selecting HK$ as the Company’s presentation currency is that the directors of the Company consider that it is more relevant to the users of the consolidated financial statements as the Company listed its shares on the Stock Exchange.

1.2 Merger accounting for business combination involving entities under common control

Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders' loan of Linkz Cables Limited (the “Acquisition”)

On 24 March 2020, the Company entered into a sale and purchase agreement (“Sale and Purchase Agreement”) with Linkz Industries, the ultimate holding company of the Company, pursuant to which the Company has conditionally agreed to acquire, and Linkz Industries has conditionally agreed to sell entire issued share capital of Linkz Cables Limited (the “Target Company”, together with its subsidiaries upon completion of a group reorganisation (the “Linkz Cables Reorganisation”, as detailed in note 32), collectively referred to as the “Target Group”), and the shareholder’s loan owed by the Target Group to Linkz Industries at completion date. The consideration of the Acquisition is 95% of the completion net asset value, being defined as the sum of (i) consolidated net asset value of the Target Group at the date of completion; (ii) the fair value gain of land and buildings of the Target Group, being the difference between the book value and the fair value of the land and buildings at the date of completion; and (iii) the monetary value of all obligations and liabilities incurred or owing by the Target Group to Linkz Industries at the date of completion (the “Shareholders’ Loan”). The Listing Committee of the Stock Exchange has resolved that the Acquisition constitutes an extreme transaction under Rule 14.06C of the Listing Rules and the reverse takeover rules do not apply. Linkz Industries, which is ultimately and beneficially owned by Mr. Paul Lo as to 59.82% of its effective interest, is a controlling shareholder of the Company interested in 63.86% of the Company through Time Holdings. As such, Linkz Industries is a connected person of the Company under Chapter 14A of the Listing Rules. Therefore, the Acquisition constituted an extreme and connected transaction under the Listing Rules. The principal activities of the Target Group are manufacturing and sales of networking cables products. Details of the Acquisition are set out in the Company’s circular dated 30 March 2020.

1. 一般資料

1.1 一般資料
- 匯聚科技有限公司（「本公司」）為於開曼群島註冊成立之有限公司，其股份於香港聯合交易所有限公司（「聯交所」）主板上市。本公司註冊辦事處及主要營業地點的地址在年報「公司資料」一節中披露。

本公司的直接控股公司為Time Interconnect Holdings Limited（「Time Holdings」），該公司於英屬處女群島（「英屬處女群島」）註冊成立。最終控股公司為領先工業有限公司（「領先工業」），該公司於香港註冊成立。最終控股股東為羅仲煒先生（「羅仲煒先生」），其亦為本公司之非執行董事。

本公司為一間投資控股公司。其主要附屬公司之主要業務載於附註36。

綜合財務報表以港元（「港元」）呈列，而本公司的功能貨幣為美元（「美元」）。選擇港元作為本公司呈列貨幣乃由於本公司董事認為對綜合財務報表的使用者更為貼合，原因為本公司將其股份於聯交所上市。

1.2 涉及受共同控制實體的業務合併的合併會計法有關收購華迅電纜有限公司全部已發行股本及股東貸款之極端及關連交易（「收購事項」）

於二零二零年三月二十四日，本公司與本公司最終控股公司領先工業訂立買賣協議（「買賣協議」），據此本公司有條件同意收購及領先工業有條件同意出售華迅電纜有限公司（「目標公司」，連同其於完成集團重組（「華迅電纜重組」，詳情見附註32）後的附屬公司統稱為「目標集團」）全部已發行股本及於完成日期目標集團結欠領先工業的股東貸款。收購事項的代價為完成資產淨值的95% ，界定為(i)目標集團於完成日期的綜合資產淨值； (ii)目標集團的土地及樓宇公平值收益，即於完成日期的土地及樓宇賬面值與公平值之差額；及(iii)目標集團於完成日期所產生或結欠領先工業的所有責任及負債的貨幣價值（「股東貸款」）之總和。聯交所上市委員會已議決，收購事項構成上市規則第14.06C條項下之極端交易，而反收購規則並不適用。領先工業（由羅仲煒先生最終實益擁有其實際權益的59.82%）為透過Time Holdings擁有本公司63.86%權益的本公司控股股東。因此，領先工業為上市規則第14A章項下的本公司關連人士。故此，收購事項構成上市規則項下之極端及關連交易。目標集團的主要業務為網絡電線產品生產及銷售。收購事項的詳情載於本公司日期為二零二零年三月三十日的通函內。

年度報告 2021 ANNUAL REPORT 91

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION (continued)

1.2 Merger accounting for business combination involving entities under common control (continued)
Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders’ loan of Linkz Cables Limited (the “Acquisition”) (continued)

The Linkz Cables Reorganisation and the Acquisition were completed on 30 June 2020 (“Completion Date”). The consideration was amounted to HK$780,993,000 including payment for the equity interests of HK$658,756,000 and settlement of the Shareholders’ Loan of HK$122,237,000. The consideration was satisfied by the Company through the payment in cash.

Upon completion of the Acquisition, the difference between the consideration of HK$658,756,000 paid for acquisition of equity interests and the share capital of the Target Company HK$8,390,000 amounting to HK$650,366,000 was recognised in the special reserve.

The Acquisition was considered as a business combination under common control as the Company and its subsidiaries and the Target Group are both ultimately controlled by Linkz Industries. The acquisition of the Target Group was accounted for using merger accounting in accordance with Hong Kong Accounting Guideline 5 “Merger Accounting for Common Control Combinations” (“AG 5”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The Group and the Target Group are regarded as continuing entities.

Under merger accounting, based on the guidance set out in AG 5, the financial information incorporate the financial statement items of the combining businesses in which the common control combination occurs as if they had been combined from the date when the combining businesses first came under the control of the controlling party.

The net assets of the combining businesses are consolidated using the existing book values from the controlling party’s perspective. No amount is recognised in respect of goodwill or excess of acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the continuation of the controlling party’s interest. The adjustments to eliminate share/registered capital of the combining businesses against the related investment costs have been made to special reserve in the consolidated statement of changes in equity.

The consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the prior years have been restated to include the results of the Target Group as if these acquisitions had been completed since the date the respective business first came under the common control of the Company. The consolidated statement of financial position as at 1 April 2019 and 31 March 2020 have been restated to adjust the carrying amounts of the assets and liabilities of the Target Group which had been in existence as at 1 April 2019 and 31 March 2020 as if those businesses were combined from the date when they first came under the common control of the Company (see below for the financial impacts).

1. 一般資料（續）

1.2 涉及受共同控制實體的業務合併的合併會計法（續）有關收購華迅電纜有限公司全部已發行股本及股東貸款之極端及關連交易（「收購事項」）（續）

華迅電纜重組及收購事項於二零二零年六月三十日（「完成日期」）完成。代價為數 780,993,000 港元包括股本權益付款 658,756,000 港元及償還股東貸款 122,237,000港元。代價由本公司透過現金付款結付。

收購事項完成後，收購股權所支付的代價 658,756,000港元與目標公司股本8,390,000 港元之間的差額為650,366,000港元，已於特別儲備中確認。

由於本公司及其附屬公司以及目標集團均由領先工業最終控制，故收購事項被視為受共同控制的業務合併。收購目標集團乃根據香港會計師公會（「香港會計師公會」）頒佈之香港會計指引第5號「共同控制合併的合併會計法」（「會計指引第5號」）以合併會計法處理。本集團及目標集團被視為持續經營實體。

在合併會計法下，根據會計指引第5號所載的指引，財務資料會綜合計入發生共同控制合併的合併業務的財務報表項目，猶如其自合併業務首次受控制方控制之日起已被合併。

合併業務的資產淨值以控制方的現有賬面值合併計算。就商譽或收購方於共同控制合併時被收購方可識別資產、負債及或然負債的公平淨值超出成本的權益而言，在控制方權益持續的情況下，並無確認任何金額。對銷合併業務的股份╱註冊資本與相關投資成本的調整已於綜合權益變動表的特別儲備中作出。

過往年度的綜合損益及其他全面收益表、綜合權益變動表及綜合現金流量表已予重列，以包括目標集團的業績，猶如該等收購事項已於各業務首次受本公司共同控制之日起完成。於二零一九年四月一日及二零二零年三月三十一日的綜合財務狀況表已予重列，以調整目標集團於二零一九年四月一日及二零二零年三月三十一日存在的資產及負債賬面值，猶如該等業務自其首次受本公司共同控制之日起合併（財務影響見下文）。

92 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION (continued)

1.2 Merger accounting for business combination involving entities under common control (continued)

Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders’ loan of Linkz Cables Limited (the “Acquisition”) (continued)

(i) Effect on the consolidated statement of profit or loss and other comprehensive income for the year ended 31 March 2020:

1. 一般資料（續）

1.2 涉及受共同控制實體的業務合併的合併會計法（續）
- 有關收購華迅電纜有限公司全部已發行股本及股東貸款之極端及關連交易（「收購事項」）
- （續）
- (i) 對截至二零二零年三月三十一日止年度的綜合損益及其他全面收益表的影響：

	The Group (before business combination under common control) Business combination of entities under common control Adjustments Consolidated 本集團（受共同控制業務合併之前）受共同控制實體的業務合併調整綜合 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元 (audited and originally stated) (note) (restated) （經審核及原列）（附註）（經重列）
Revenue 收益 1,438,776 1,361,661 (20,287) 2,780,150 Cost of goods sold 售出貨品成本 (1,133,628) (1,167,195) 20,287 (2,280,536) Gross profit 毛利 305,148 194,466 – 499,614 Other income 其他收入 11,787 3,279 – 15,066 Other gains and losses 其他收益及虧損 (6,280) 12,020 – 5,740 Distribution and selling expenses 分銷及銷售開支 (21,095) (29,129) – (50,224) Administrative expenses 行政開支 (65,641) (57,993) – (123,634) Professional fees and costs relating to acquisition of business 有關收購業務的專業費用及成本 (19,079) – – (19,079) Research and development expenses 研發開支 (43,931) (24,455) – (68,386) Finance costs 融資成本 (5,015) (65,230) – (70,245) Profit before taxation 除稅前溢利 155,894 32,958 – 188,852 Taxation 稅項 (27,780) (6,588) – (34,368) Profit for the year 年內溢利 128,114 26,370 – 154,484 Other comprehensive expense 其他全面開支 Item that may be reclassified subsequently to profit or loss: 其後可能重新分類至損益的項目： Exchange differences arising on translating foreign operations 海外業務匯率換算時產生的匯兌差額 (24,846) (40,676) – (65,522) Total comprehensive income (expense) for the year 年內全面收益（開支）總額 103,268 (14,306) – 88,962 Profit for the year attributable to: 下列人士應佔年內溢利： Owners of the Company 本公司擁有人 128,114 25,966 – 154,080 Non-controlling interest 非控股權益 – 404 – 404 128,114 26,370 – 154,484 Total comprehensive income (expense) for the year attributable to: 下列人士應佔年內全面收益（開支）總額： Owners of the Company 本公司擁有人 103,268 (14,096) – 89,172 Non-controlling interest 非控股權益 – (210) – (210) 103,268 (14,306) – 88,962	1,438,776 1,361,661 (20,287) 2,780,150 (1,133,628) (1,167,195) 20,287 (2,280,536)
	305,148 194,466 – 499,614 11,787 3,279 – 15,066 (6,280) 12,020 – 5,740 (21,095) (29,129) – (50,224) (65,641) (57,993) – (123,634) (19,079) – – (19,079) (43,931) (24,455) – (68,386) (5,015) (65,230) – (70,245)
	155,894 32,958 – 188,852 (27,780) (6,588) – (34,368)
	128,114 26,370 – 154,484 (24,846) (40,676) – (65,522)
	103,268 (14,306) – 88,962
	128,114 26,370 – 154,484
	103,268 (14,096) – 89,172 – (210) – (210)
	103,268 (14,306) – 88,962

Note: The adjustments represent the elimination of intercompany sales amounted to HK$20,287,000 between the Group and the Target Group.

附註：調整指本集團與目標集團之間抵銷公司間銷售金額20,287,000港元。

年度報告 2021 ANNUAL REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION (continued)

1.2 Merger accounting for business combination involving entities under common control (continued)

Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders’ loan of Linkz Cables Limited (the “Acquisition”) (continued)

(ii) Effect on the consolidated statement of financial position as at 1 April 2019:

1. 一般資料（續）

1.2 涉及受共同控制實體的業務合併的合併會計法（續）有關收購華迅電纜有限公司全部已發行股本及股東貸款之極端及關連交易（「收購事項」）（續） (ii) 對於二零一九年四月一日的綜合財務狀況表的影響：

	The Group (before business combination under common control) Business combination of entities under common control Adjustments Consolidated 本集團（受共同控制業務合併之前）受共同控制實體的業務合併調整綜合 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元 (audited and originally stated) (note) (restated) （經審核及原列）（附註）（經重列）
Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 175,152 510,941 – 686,093 Right-of-use assets 使用權資產 130,016 13,274 – 143,290 Deposits paid for acquisition of property, plant and equipment 就收購物業、廠房及設備已付按金 2,315 67,380 – 69,695 Financial assets at fair value through profit or loss (“FVTPL”) 按公平值計入損益（「按公平值計入損益」）的金融資產 – 5,633 – 5,633 Rental deposits 租賃按金 747 120 – 867 308,230 597,348 – 905,578 Current assets 流動資產 Inventories 存貨 186,623 241,318 – 427,941 Trade and other receivables 貿易及其他應收款項 197,755 656,481 (239) 853,997 Amount due from ultimate holding company 應收最終控股公司款項 – 535,364 – 535,364 Contract assets 合約資產 1,644 – – 1,644 Taxation recoverable 可收回稅項 583 443 – 1,026 Pledged bank deposits 已抵押銀行存款 16,260 10,245 – 26,505 Bank balances and cash 銀行結餘及現金 223,808 166,870 – 390,678 626,673 1,610,721 (239) 2,237,155 Current liabilities 流動負債 Trade and other payables 貿易及其他應付款項 286,084 257,102 (239) 542,947 Contract liabilities 合約負債 80 283 – 363 Lease liabilities 租賃負債 4,081 573 – 4,654 Amount due to ultimate holding company 應付最終控股公司款項 – 272,673 – 272,673 Amount due to a fellow subsidiary 應付一間同系附屬公司款項 – 22 – 22 Taxation payable 應付稅項 5,284 623 – 5,907 Unsecured bank borrowings – amount due within one year 無抵押銀行借款－款項於一年內到期 49,233 1,044,227 – 1,093,460 344,762 1,575,503 (239) 1,920,026 Net current assets 流動資產淨值 281,911 35,218 – 317,129 Total assets less current liabilities 總資產減流動負債 590,141 632,566 – 1,222,707 Non-current liabilities 非流動負債 Unsecured bank borrowings – amount due after one year 無抵押銀行借款－款項於一年後到期 – 75,000 – 75,000 Lease liabilities 租賃負債 40,246 1,147 – 41,393 Deferred tax liabilities 遞延稅項負債 817 8,455 – 9,272 41,063 84,602 – 125,665 Net assets 資產淨值 549,078 547,964 – 1,097,042 Capital and reserves 資本及儲備 Share capital 股本 18,400 10,390 – 28,790 Reserves 儲備 530,678 529,511 – 1,060,189 Equity attributable to owners of the Company 本公司擁有人應佔權益 549,078 539,901 – 1,088,979 Non-controlling interest 非控股權益 – 8,063 – 8,063 Total equity 總權益 549,078 547,964 – 1,097,042	175,152 510,941 – 686,093 130,016 13,274 – 143,290 2,315 67,380 – 69,695 – 5,633 – 5,633 747 120 – 867
	308,230 597,348 – 905,578
	186,623 241,318 – 427,941 197,755 656,481 (239) 853,997 – 535,364 – 535,364 1,644 – – 1,644 583 443 – 1,026 16,260 10,245 – 26,505 223,808 166,870 – 390,678
	626,673 1,610,721 (239) 2,237,155
	344,762 1,575,503 (239) 1,920,026
	281,911 35,218 – 317,129
	590,141 632,566 – 1,222,707
	– 75,000 – 75,000 40,246 1,147 – 41,393 817 8,455 – 9,272
	41,063 84,602 – 125,665
	549,078 547,964 – 1,097,042
	18,400 10,390 – 28,790 530,678 529,511 – 1,060,189
	549,078 539,901 – 1,088,979 – 8,063 – 8,063
	549,078 547,964 – 1,097,042

Note: The adjustments represent the elimination of trade and other receivables and trade and other payables of the Group owed by the Target Group.

附註：調整指目標集團結欠本集團的貿易及其他應收款項以及貿易及其他應付款項已對銷。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION (continued)

1.2 Merger accounting for business combination involving entities under common control (continued)

Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders’ loan of Linkz Cables Limited (the “Acquisition”) (continued)

(iii) Effect on the consolidated statement of financial position as at 31 March 2020:

1. 一般資料（續）

1.2 涉及受共同控制實體的業務合併的合併會計法（續）

有關收購華迅電纜有限公司全部已發行股本及股東貸款之極端及關連交易（「收購事項」）（續） (iii) 對於二零二零年三月三十一日的綜合財務狀況表的影響：

	The Group (before business combination under common control) Business combination of entities under common control Adjustments Consolidated 本集團（受共同控制業務合併之前）受共同控制實體的業務合併調整綜合 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元 (audited and originally stated) (note) (restated) （經審核及原列）（附註）（經重列）
Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 Right-of-use assets 使用權資產 Deposits paid for acquisition of property, plant and equipment 就收購物業、廠房及設備已付按金 Financial assets at FVTPL 按公平值計入損益的金融資產 Rental deposits 租賃按金 Current assets 流動資產 Inventories 存貨 Trade and other receivables 貿易及其他應收款項 Amount due from ultimate holding company 應收最終控股公司款項 Contract assets 合約資產 Taxation recoverable 可收回稅項 Pledged bank deposits 已抵押銀行存款 Bank balances and cash 銀行結餘及現金 Current liabilities 流動負債 Trade and other payables 貿易及其他應付款項 Contract liabilities 合約負債 Lease liabilities 租賃負債 Amount due to ultimate holding company 應付最終控股公司款項 Taxation payable 應付稅項 Unsecured bank borrowings – amount due within one year 無抵押銀行借款－款項於一年內到期 Net current assets 流動資產淨值 Total assets less current liabilities 總資產減流動負債 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 Deferred tax liabilities 遞延稅項負債 Net assets 資產淨值 Capital and reserves 資本及儲備 Share capital 股本 Reserves 儲備 Equity attributable to owners of the Company 本公司擁有人應佔權益 Non-controlling interest 非控股權益 Total equity 總權益	155,069 485,793 – 640,862 120,590 14,126 – 134,716 840 339 – 1,179 – 5,760 – 5,760 805 115 – 920
	277,304 506,133 – 783,437
	200,990 200,181 – 401,171 247,449 332,338 (3,275) 576,512 – 1,024,630 – 1,024,630 20,917 – – 20,917 265 55 – 320 13,273 238 – 13,511 281,558 85,375 – 366,933
	764,452 1,642,817 (3,275) 2,403,994
	341,908 214,971 (3,275) 553,604 425 289 – 714 5,089 1,564 – 6,653 – 217,947 – 217,947 11,170 1,338 – 12,508 40,000 1,139,289 – 1,179,289
	398,592 1,575,398 (3,275) 1,970,715
	365,860 67,419 – 433,279
	643,164 573,552 – 1,216,716
	38,907 1,495 – 40,402 852 9,567 – 10,419
	39,759 11,062 – 50,821
	603,405 562,490 – 1,165,895
	18,400 10,390 – 28,790 585,005 544,247 – 1,129,252
	603,405 554,637 – 1,158,042 – 7,853 – 7,853
	603,405 562,490 – 1,165,895

Note: The adjustments represent the elimination of trade and other receivables and trade and other payables of the Group owed by the Target Group.

附註：調整指目標集團結欠本集團的貿易及其他應收款項以及貿易及其他應付款項已對銷。

年度報告 2021 ANNUAL REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION (continued)

1.2 Merger accounting for business combination involving entities under common control (continued)

Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders’ loan of Linkz Cables Limited (the “Acquisition”) (continued)

(iv) The effect of the restatement on the Group’s equity on 1 April 2019 is summarised as follows:

1. 一般資料（續）

1.2 涉及受共同控制實體的業務合併的合併會計法（續）有關收購華迅電纜有限公司全部已發行股本及股東貸款之極端及關連交易（「收購事項」）（續）

(iv) 對本集團於二零一九年四月一日的權益的重列影響概述如下：

	1.4.2019 Business combination of entities under common control Adjustments 1.4.2019 受共同控制實體的業務合併調整 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元 (audited and originally stated) (note) (restated) （經審核及原列）（附註）（經重列）
Share capital 股本 Share premium 股份溢價 PRC statutory reserves 中國法定儲備 Special reserves 特別儲備 Capital reserve 資本儲備 Share options reserve 購股權儲備 Translation reserve 匯兌儲備 Accumulated profits 累計溢利 General reserve 一般儲備 Enterprise expansion reserve 企業擴充儲備 Capital revaluation reserve 資本重估儲備 Total 總計 Non-controlling interest 非控股權益 Total equity 總權益	18,400 10,390 – 28,790 271,921 – – 271,921 2,872 – 21,241 24,113 (104,180) – 112,000 7,820 9,107 – – 9,107 3,807 – – 3,807 8,236 48,816 – 57,052 338,915 347,454 – 686,369 – 12,482 (12,482) – – 8,759 (8,759) – – 112,000 (112,000) –
	549,078 539,901 – 1,088,979 – 8,063 – 8,063
	549,078 547,964 – 1,097,042

Note: The adjustments represent the reclassification of reserves to conform 附註：調整指重新分類儲備以符合本集團綜 with the presentation of the Group’s consolidated financial statements. 合財務報表的呈列。

(v) The effect of the restatement on the Group’s equity on 31 March 2020 is summarised as follows:
(v) 對本集團於二零二零年三月三十一日的權益的重列影響概述如下：

	31.3.2020 Business combination of entities under common control Adjustments 31.3.2020 受共同控制實體的業務合併調整 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元 (audited and originally stated) (note) (restated) （經審核及原列）（附註）（經重列）
Share capital 股本 Share premium 股份溢價 PRC statutory reserves 中國法定儲備 Special reserves 特別儲備 Capital reserve 資本儲備 Share options reserve 購股權儲備 Translation reserve 匯兌儲備 Accumulated profits 累計溢利 General reserve 一般儲備 Enterprise expansion reserve 企業擴充儲備 Capital revaluation reserve 資本重估儲備 Total 總計 Non-controlling interest 非控股權益 Total equity 總權益	18,400 10,390 – 28,790 271,921 – – 271,921 13,460 – 21,241 34,701 (104,180) – 112,000 7,820 9,107 28,832 – 37,939 10,066 – – 10,066 (16,610) 8,754 – (7,856) 401,241 373,420 – 774,661 – 12,482 (12,482) – – 8,759 (8,759) – – 112,000 (112,000) –
	603,405 554,637 – 1,158,042 – 7,853 – 7,853
	603,405 562,490 – 1,165,895

Note: The adjustments represent the reclassification of reserves to conform with the presentation of the Group’s consolidated financial statements.

附註：調整指重新分類儲備以符合本集團綜合財務報表的呈列。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

1. GENERAL INFORMATION (continued)

1. 一般資料（續）

1.2 Merger accounting for business combination involving entities 1.2 涉及受共同控制實體的業務合併的合併會計 under common control (continued) 法（續） Extreme and connected transaction in relation to the acquisition of 有關收購華迅電纜有限公司全部已發行股本 the entire issued share capital and the shareholders’ loan of Linkz 及股東貸款之極端及關連交易（「收購事項」） Cables Limited (the “Acquisition”) (continued) （續） (vi) The effect of the restatement on the Group’s basic and diluted earnings (vi) 對本集團截至二零二零年三月三十一日 per share for the year ended 31 March 2020 is as follows: 止年度的每股基本及攤薄盈利的重列影響如下： HK cents 港仙 Basic earnings per share 每股基本盈利 As audited and originally stated 經審核及原列 6.96 Adjustments arising from business combination under common 因受共同控制業務合併所產生調整 control 1.41 Restated 經重列 8.37 Diluted earnings per share 每股攤薄盈利 As audited and originally stated 經審核及原列 6.90 Adjustments arising from business combination under common 因受共同控制業務合併所產生調整 control 1.40 Restated 經重列 8.30

1.2 Merger accounting for business combination involving entities under common control (continued) Extreme and connected transaction in relation to the acquisition of the entire issued share capital and the shareholders’ loan of Linkz Cables Limited (the “Acquisition”) (continued) (vi) The effect of the restatement on the Group’s basic and diluted earnings per share for the year ended 31 March 2020 is as follows:

(vii)	The effect of the restatement on the Group’s cash flow for the year ended 31 March 2020 is summarised as follows: HK$'000 千港元 (vii)對本集團截至二零二零年三月三十一日止年度的現金流量的重列影響概述如下：
	Increase in net cash from operating activities 經營活動產生的現金淨額增加 428,934 Increase in net cash used in investing activities 投資活動所耗的現金淨額增加 (480,202) Increase in net cash used in financing activities 融資活動所耗的現金淨額增加 (30,092) Increase in cash and cash equivalents at the end of year 年末現金及現金等價物增加 78,684

年度報告 2021 ANNUAL REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

Amendments to HKFRSs that are mandatorily effective for the current

2. 應用香港財務報告準則（「香港財務報告準則」）修訂本

本年度強制生效的香港財務報告準則修訂本

year

In the current year, the Group has applied the “Amendments to References to the Conceptual Framework in HKFRS Standards” and the following amendments to HKFRSs issued by the HKICPA for the first time, which are mandatorily effective for the annual period beginning on or after 1 April 2020 for the preparation of the consolidated financial statements:

Amendments to HKAS 1 and HKAS 8 Definition of Material

Amendments to HKFRS 3 Definition of a Business Amendments to HKFRS 9, HKAS 39 Interest Rate Benchmark Reform and HKFRS 7

Except as described below, the application of the “Amendments to References to the Conceptual Framework in HKFRS Standards” and the amendments to HKFRSs in the current year had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

2.1 Impacts on application of Amendments to HKAS 1 and HKAS 8

“Definition of Material”

The Group has applied the Amendments to HKAS 1 and HKAS 8 for the first time in the current year. The amendments provide a new definition of material that states “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments also clarify that materiality depends on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements taken as a whole.

The application of the amendments in the current year had no impact on the consolidated financial statements.

2.2 Impacts on application of Amendments to HKFRS 3 “Definition of a

Business”

The Group has applied the amendments for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.

The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired.

In addition, the amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. The election on whether to apply the optional concentration test is available on transaction-by-transaction basis.

為編製綜合財務報表，於本年度，本集團首次應用由香港會計師公會頒佈並於二零二零年四月一日或之後開始的年度期間內強制生效的「對香港財務報告準則中概念框架之引用的修訂本」及以下香港財務報告準則修訂本：

香港會計準則第1號及香港會計重大的定義準則第8號修訂本香港財務報告準則第3號修訂本業務的定義香港財務報告準則第9號、香港利率指標改革會計準則第39號及香港財務報告準則第7號修訂本

除下文所述者外，於本年度應用「對香港財務報告準則中概念框架之引用的修訂本」及香港財務報告準則修訂本對本集團於本年度及過往年度的財務狀況及表現及╱或該等綜合財務報表所載的披露並無重大影響。

2.1 應用香港會計準則第 1 號及香港會計準則第 8 號修訂本「重大的定義」的影響本集團已於本年度首次應用香港會計準則第 1號及香港會計準則第8號修訂本。該等修訂對重大提供新定義，當中載明「倘遺漏、誤報或掩蓋的資料可合理預期會影響通用財務報表的主要使用者基於該等財務報表（提供有關特定呈報實體的財務資料）所作出的決定，則有關資料屬重大」。該等修訂亦釐清重大與否視乎資料的性質或份量（單獨而言或與其他資料合計）對於財務報表整體而言是否屬重要而定。

於本年度應用該等修訂對綜合財務報表並無影響。

2.2 應用香港財務報告準則第 3 號修訂本「重大的定義」的影響
本集團已於本年度首次應用修訂本。該等修訂釐清，儘管業務通常具有產出，但就一套綜合活動及資產組合而言，產出非屬符合業務定義之必要條件。為符合業務定義，所收購的一組活動及資產必須最少包括共同對創造產出能力有莫大貢獻的投入及實質性流程。

該等修訂移除評估市場參與者是否有能力取代失去的投入或過程並繼續提供產出。該等修訂亦加入額外指引，有助釐定是否已獲得實質性過程。

此外，該等修訂加入選擇性集中度測試，允許對所收購的一組活動和資產是否屬於業務作簡化評估。在該選擇性集中度測試下，倘所收購總資產的公平值幾乎全部集中在單一可識別資產或一組類似資產中，則所收購之一組活動及資產並非業務。評估之總資產不包括現金及現金等價物、遞延稅項資產及由遞延稅項負債影響產生之商譽。可按個別交易基準選擇是否應用選擇性集中度測試。

98 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

Amendments to HKFRSs that are mandatorily effective for the current year (continued)

2.2 Impacts on application of Amendments to HKFRS 3 “Definition of a Business” (continued) The amendments had no impact on the consolidated financial statements of the Group but may impact future periods should the Group make any acquisition.

New and amendments to HKFRSs in issue but not yet effective

The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective:

HKFRS 17 Insurance Contracts and the related Amendments[5] Amendments to HKFRS 3 Reference to the Conceptual Framework[4] Amendments to HKFRS 9, Interest Rate Benchmark Reform – Phase 2[2] HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16 Amendments to HKFRS 10 Sale or Contribution of Assets between and HKAS 28 an Investor and its Associate or Joint Venture[6] Amendment to HKFRS 16 Covid-19-Related Rent Concessions[1] Amendment to HKFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021[3] Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020)[5] Amendments to HKAS 1 and Disclosure of Accounting Policies[5] HKFRS Practice Statement 2 Amendments to HKAS 8 Definition of Accounting Estimates[5] Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction[5] Amendments to HKAS 16 Property, Plant and Equipment – Proceeds before Intended Use[4] Amendments to HKAS 37 Onerous Contracts – Cost of Fulfilling a Contract[4] Amendments to HKFRSs Annual Improvements to HKFRSs 2018 – 2020[4]

1 Effective for annual periods beginning on or after 1 June 2020 2 Effective for annual periods beginning on or after 1 January 2021 3 Effective for annual periods beginning on or after 1 April 2021 4 Effective for annual periods beginning on or after 1 January 2022 5 Effective for annual periods beginning on or after 1 January 2023
6 Effective for annual periods beginning on or after a date to be determined

2. 應用香港財務報告準則（「香港財務報告準則」）修訂本（續）本年度強制生效的香港財務報告準則修訂本（續）

2.2 應用香港財務報告準則第 3 號修訂本「重大的定義」的影響（續）該等修訂對本集團的綜合財務報表並無影響，但可能對本集團於往後期間作出的收購造成影響。

已頒佈但尚未生效的新訂及經修訂香港財務報告準則

本集團並無提早採用以下已頒佈但尚未生效的新訂及經修訂香港財務報告準則：

香港財務報告準則第17號保險合約及相關修訂[5] 香港財務報告準則第3號修訂本概念框架之引用[4] 香港財務報告準則第9號、香港會計準利率指標改革－第二階段[2] 則第39號、香港財務報告準則第7 號、香港財務報告準則第4號及香港財務報告準則第16號修訂本香港財務報告準則第10號及香港會計準投資者與其聯營公司或合營則第28號修訂本企業之間的資產出售或注資[6] 香港財務報告準則第16號修訂本有關 2019 冠狀病毒病的租金寬減[1] 香港財務報告準則第16號修訂本二零二一年六月三十日之後有關 2019 冠狀病毒病的租金寬減[3] 香港會計準則第1號修訂本將負債分類為流動或非流動以及香港詮釋第 5 號（二零二零年）之相關修訂[5] 香港會計準則第 1 號及香港財務報告會計政策披露[5] 準則實務聲明第2號修訂本香港會計準則第8號修訂本會計估計之定義[5] 香港會計準則第12號修訂本與單一交易所產生的資產及負債有關的遞延稅項[5] 香港會計準則第16號修訂本物業、廠房及設備－擬定用途前的所得款項[4] 香港會計準則第37號修訂本有償合約－履行合約的成本[4] 香港財務報告準則修訂本二零一八年至二零二零年香港財務報告準則之年度改進[4]

1 於二零二零年六月一日或之後開始之年度期間生效
2 於二零二一年一月一日或之後開始之年度期間生效
3 於二零二一年四月一日或之後開始之年度期間生效
4 於二零二二年一月一日或之後開始之年度期間生效
5 於二零二三年一月一日或之後開始之年度期間生效
6 於待定日期或之後開始的年度期間生效

年度報告 2021 ANNUAL REPORT 99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

New and amendments to HKFRSs in issue but not yet effective (continued)

Except for the amendments to HKFRSs mentioned below, the Directors anticipate that the application of all other new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16

“Interest Rate Benchmark Reform – Phase 2“

Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16 “Interest Rate Benchmark Reform – Phase 2” relate to the modification of financial assets, financial liabilities and lease liabilities, specific hedge accounting requirements and disclosure requirements applying HKFRS 7 “Financial Instruments: Disclosures” to accompany the amendments regarding modifications and hedge accounting.

Modification of financial assets, financial liabilities and lease liabilities. A practical expedient is introduced for modifications required by the reform (modifications required as a direct consequence of the interest rate benchmark reform and made on an economically equivalent basis). These modifications are accounted for by updating the effective interest rate. All other modifications are accounted for using the current HKFRSs requirements. A similar practical expedient is proposed for lessee accounting applying HKFRS 16;
Hedge accounting requirements. Under the amendments, hedge accounting is not discontinued solely because of the interest rate benchmark reform. Hedging relationships (and related documentation) are required to be amended to reflect modifications to the hedged item, hedging instrument and hedged risk. Amended hedging relationships should meet all qualifying criteria to apply hedge accounting, including effectiveness requirements; and
Disclosures. The amendments require disclosures in order to allow users to understand the nature and extent of risks arising from the interest rate benchmark reform to which the Group is exposed to and how the entity manages those risks as well as the entity’s progress in transitioning from interbank offered rates to alternative benchmark rates, and how the entity is managing this transition.

As at 31 March 2021, the Group has several Hong Kong Interbank Offered Rate (“HIBOR”) bank loans which may be subject to interest rate benchmark reform. The Group expects no significant gains or losses should the interest rate benchmark for these loans change resulting from the reform on application of the amendments.

2. 應用香港財務報告準則（「香港財務報告準則」）修訂本（續）

已頒佈但尚未生效的新訂及經修訂香港財務報告準則（續）除下文所述香港財務報告準則修訂本外，董事預期應用所有其他新訂及經修訂香港財務報告準則於可預見將來將不會對綜合財務報表產生重大影響。

香港財務報告準則第 9 號、香港會計準則第 39 號、香港財務報告準則第 7 號、香港財務報告準則第 4 號及香港財務報告準則第 16 號修訂本「利率指標改革 – 第二階段」

香港財務報告準則第9號、香港會計準則第39 號、香港財務報告準則第7號、香港財務報告準則第4號及香港財務報告準則第16號修訂本「利率指標改革–第二階段」涉及對金融資產、金融負債及租賃負債之修訂、具體對沖會計規定及伴隨有關修訂及對沖會計修訂下應用香港財務報告準則第7號「金融工具：披露」的披露規定。
對金融資產、金融負債及租賃負債之修訂。就改革所需的作出的修訂（因利率指標改革直接導致並按經濟上相當基準作出之所需修訂）引入可行權宜方法。該等修訂透過更新實際利率入賬。所有其他修訂乃使用現行香港財務報告準則規定入賬，並就應用香港財務報告準則第16號之承租人會計建議類似的可行權宜方法；
對沖會計規定。根據該等修訂本，對沖會計不僅是因利率指標改革而終止。對沖關係（及相關文件）須予以修訂以反映就對沖項目、對沖工具及對沖風險作出之修訂。經修訂對沖關係須符合應用對沖會計之所有資格標準，包括有效性規定；及
披露。該等修訂本要求作出披露，以允許使用者了解本集團所面臨因利率指標改革產生之風險性質及程度，及實體如何管理該等風險以及實體由銀行同業拆息利率過渡至替代指標利率的進展，以及實體如何管理該過渡。
於二零二一年三月三十一日，本集團有若干香港銀行同業拆息（「香港銀行同業拆息」）銀行貸款，或會受利率指標改革影響。本集團預期倘該等貸款之利率指標因應用該等修訂本改革而有所變動，將不會產生任何重大收益或虧損。

100 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

New and amendments to HKFRSs in issue but not yet effective (continued)

Amendments to HKAS 1 “Classification of Liabilities as Current or Noncurrent” and related amendments to Hong Kong Interpretation 5 (2020)

The amendments provide clarification and additional guidance on the assessment of right to defer settlement for at least twelve months from reporting date for classification of liabilities as current or non-current, which:

specify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. Specifically, the amendments clarify that:
(i) the classification should not be affected by management intentions or expectations to settle the liability within 12 months; and
(ii) if the right is conditional on the compliance with covenants, the right exists if the conditions are met at the end of the reporting period, even if the lender does not test compliance until a later date.
clarify that if a liability has terms that could, at the option of the counterparty, result in its settlement by the transfer of the entity’s own equity instruments, these terms do not affect its classification as current or non-current only if the entity recognises the option separately as an equity instrument applying HKAS 32 “Financial Instruments: Presentation”.

In addition, Hong Kong Interpretation 5 was revised as a consequence of the Amendments to HKAS 1 to align the corresponding wordings with no change in conclusion.

Based on the Group’s outstanding liabilities as at 31 March 2021, the application of the amendments will not result in reclassification of the Group’s liabilities.

Amendments to HKAS 1 and HKFRS Practice Statement 2 “Disclosure of Accounting Policies”

HKAS 1 is amended to replace all instances of the term “significant accounting policies” with “material accounting policy information”. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

The amendments also clarify that accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. If an entity chooses to disclose immaterial accounting policy information, such information must not obscure material accounting policy information.

2. 應用香港財務報告準則（「香港財務報告準則」）修訂本（續）已頒佈但尚未生效的新訂及經修訂香港財務報告準則（續）

香港會計準則第 1 號修訂本「將負債分類為流動或非流動」以及香港詮釋第 5 號（二零二零年）之有關修訂

該等修訂本為延期結算權利評估提供澄清及補充指導，從報告日期起計至少十二個月內將負債分類為流動或非流動，其中：

訂明負債應根據報告期末存在之權利分類為流動或非流動。具體而言，該等修訂本澄清：
(i) 分類不應受管理層意圖或期望於12個月內清償負債所影響；及
(ii) 倘該權利以遵守契諾為條件，則即使貸款人在較後日期方測試是否符合條件，該權利在報告期末符合條件之情況下仍然存在。
闡明倘負債具有可由對手方選擇透過轉讓實體本身的權益工具進行結清之條款，則僅當實體應用香港會計準則第32號「金融工具：呈列」將選擇權單獨確認為權益工具時，該等條款才不會影響其分類為流動或非流動。

此外，香港詮釋第5號因香港會計準則第1號修訂本而予以修改，以使相應措辭一致，惟結論不變。

根據本集團於二零二一年三月三十一日之未償還負債，應用該等修訂本將不會導致本集團之負債需重新分類。

香港會計準則第 1 號及香港財務報告準則實務聲明第 2 號修訂本「會計政策披露」

香港會計準則第1號經修訂，以「重大會計政策資料」取代所有「主要會計政策」一詞。倘會計政策資料與一個實體之財務報表所載的其他資料一併考慮時，可合理預期會影響一般用途財務報表主要使用者根據該等財務報表作出的決定，則會計政策資料為重大。

該等修訂本亦澄清，會計政策資料可因相關交易的性質、其他事件或條件而屬重大，即使金額並不重大。然而，並非所有與重大交易、其他事件或條件有關的會計政策資料本身均屬重大。倘實體選擇披露非重大會計政策資料，則該等資料不得掩蓋重大會計政策資料。

HKFRS Practice Statement 2 “Making Materiality Judgements” (the “Practice Statement”) is also amended to illustrate how an entity applies the “four-step materiality process” to accounting policy disclosures and to judge whether information about an accounting policy is material to its financial statements. Guidance and examples are added to the Practice Statement to help entities.

The application of the amendments is not expected to have significant impact on the financial position or performance of the Group but may affect the disclosures of the Group’s significant accounting policies.

香港財務報告準則實務聲明第2號「作出重大判斷」（「實務聲明」）亦經修訂，以說明實體如何將「四步重大性程序」應用於會計政策披露，並判斷有關會計政策的資料對其財務報表是否重大。實務聲明中已加入指引及例子以幫助實體。

應用該等修訂本預期不會對本集團的財務狀況或表現造成重大影響，惟可能影響本集團主要會計政策的披露。

年度報告 2021 ANNUAL REPORT

101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

New and amendments to HKFRSs in issue but not yet effective (continued)

Amendments to HKAS 8 “Definition of Accounting Estimates”

The amendments define accounting estimates as “monetary amounts in financial statements that are subject to measurement uncertainty”. An accounting policy may require items in financial statements to be measured in a way that involves measurement uncertainty — that is, the accounting policy may require such items to be measured at monetary amounts that cannot be observed directly and must instead be estimated. In such a case, an entity develops an accounting estimate to achieve the objective set out by the accounting policy. Developing accounting estimates involves the use of judgements or assumptions based on the latest available, reliable information.

In addition, the concept of changes in accounting estimates in HKAS 8 is retained with additional clarifications.

The application of the amendments is not expected to have significant impact on the Group’s consolidated financial statements.

Amendments to HKAS 37 “Onerous Contracts – Cost of Fulfilling a Contract“

The amendments specify that, when an entity assesses whether a contract is onerous in accordance with HKAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, the unavoidable costs under the contract should reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. Costs of fulfilling the contract include incremental costs and an allocation of other costs that relate directly to fulfilling contracts (for example, an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

The amendments are applicable to contracts for which the Group has not yet fulfilled all its obligations as at the date of initial application. The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

Amendments to HKFRSs “Annual Improvements to HKFRSs 2018 – 2020”

The annual improvements make amendments to the following standards.

HKFRS 9 “Financial Instruments” (“HKFRS 9”)

The amendment clarifies that for the purpose of assessing whether modification of terms of original financial liability constitutes substantial modification under the “10 per cent” test, a borrower includes only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or the lender on the other’s behalf.

HKFRS 16

The amendment to Illustrative Example 13 accompanying HKFRS 16 removes from the example the illustration of reimbursement relating to leasehold improvements by the lessor in order to remove any potential confusion.

The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

2. 應用香港財務報告準則（「香港財務報告準則」）修訂本（續）

已頒佈但尚未生效的新訂及經修訂香港財務報告準則（續）

香港會計準則第 8 號修訂本「會計估計之定義」該等修訂本將會計估計定義為「財務報表中存在計量不確定性的貨幣金額」。會計政策可能要求財務報表中的項目以涉及計量不確定性的方式計量，即會計政策可能要求該等項目以不可直接觀察的貨幣金額計量，而必須予以估計。在這種情況下，實體制定會計估計以實現會計政策所載的目標。制定會計估計涉及根據最新可得可靠資料作出判斷或假設。

此外，香港會計準則第8號保留了會計估計變動的概念，並作出額外澄清。

應用該等修訂本預期並不會對本集團綜合財務報表造成重大影響。

香港會計準則第 37 號修訂本「有償合約－履行合約的成本」

該等修訂本訂明，當實體根據香港會計準則第 37號「撥備、或然負債及或然資產」評估合約是否有償時，合約項下不可避免的成本應反映退出合約的最低淨成本，即履行合約的成本與因未能履行合約而產生的任何補償或處罰中的較低者。履行合約的成本包括增量成本及與履行合約直接相關的其他成本分配（如用於履行合約的物業、廠房及設備項目的折舊開支分配）。

該等修訂本適用於本集團於首次應用日期尚未履行其全部責任的合約。預期應用該等修訂本並不會對本集團的財務狀況及表現造成重大影響。

香港財務報告準則修訂本「二零一八年至二零二零年香港財務報告準則之年度改進」年度改進就下列準則作出修訂。

香港財務報告準則第9號「金融工具」（「香港財務報告準則第9號」）

該修訂本澄清，就於「百分之十」測試下評估原金融負債條款的修改是否構成實質性修改而言，借款人僅計及借款人與貸款人之間已支付或收取的費用，包括由借款人或貸款人代表對方支付或收取的費用。

香港財務報告準則第16號

隨附香港財務報告準則第16號示例13的修訂本從示例中刪除出租人就租賃物業裝修而作出補償的示例說明，以消除任何潛在之混淆。

預期應用該等修訂本並不會對本集團的財務狀況及表現造成重大影響。

102 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of preparation of consolidated financial statements Statement of compliance

The consolidated financial statements have been prepared in accordance with HKFRSs and the principles of merger accounting under AG 5 issued by the HKICPA. For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decisions made by primary users. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange (“Listing Rules”) and by the Hong Kong Companies Ordinance.

Basis of preparation

The consolidated financial statements have been prepared under the historical cost basis except for certain financial instruments and leasehold land and buildings, which are measured at fair values and revalued amounts, at the end of the reporting period, as explained in the accounting policies set out below.

3. 綜合財務報表編製基準及主要會計政策

3.1 綜合財務報表編製基準合規聲明

綜合財務報表乃按照香港會計師公會頒佈之香港財務報告準則及會計指引第5號之合併會計原則編製。就編製綜合財務報表而言，倘有資料合理預期將影響主要使用者所作出的決定，則該資料可被視作重大。此外，綜合財務報表包括聯交所證券上市規則（「上市規則」）及香港公司條例規定之適用披露。

編製基準

除若干金融工具以及租賃土地及樓宇按下文所闡釋會計政策以報告期末的公平值及重估金額計量外，綜合財務報表按歷史成本基礎編製。

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if the market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in the consolidated financial statements is determined on such basis, except for share-based payment transactions that are within the scope of HKFRS 2 “Share-based Payment”, leasing transactions that are within the scope of HKFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 “Inventories” or value in use in HKAS 36 “Impairment of Assets”.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

歷史成本一般根據為交換貨品及服務而付出代價之公平值計算。

公平值是於計量日期市場參與者於有秩序交易中出售資產可收取或轉讓負債須支付之價格，而不論該價格是否可直接觀察或使用其他估值方法估計。於估計資產或負債之公平值時，本集團會考慮市場參與者於計量日期對資產或負債定價時所考慮的資產或負債特點。綜合財務報表中作計量及╱或披露用途之公平值乃按此基準釐定，惟於香港財務報告準則第2號「以股份為基礎付款」範圍內之以股份為基礎之付款交易、於香港財務報告準則第16號範圍內之租賃交易及與公平值類似但並非公平值之計量（如香港會計準則第2 號「存貨」之可變現淨值或香港會計準則第36 號「資產減值」所用之使用價值）除外。

非金融資產的公平值計量考慮了市場參與者以其最高及最佳用途使用該資產或將該資產出售予將以其最高及最佳用途使用該資產的另一市場參與者而產生經濟效益的能力。

年度報告 2021 ANNUAL REPORT 103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

3. 綜合財務報表編製基準及主要會計政策（續）

AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.1 Basis of preparation of consolidated financial statements (continued) Basis of preparation (continued)

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:
3.1 綜合財務報表編製基準（續）編製基準（續）
- 此外，就財務報告而言，公平值計量根據公平值計量的輸入數據可觀察程度及公平值計量之輸入數據對其整體重要性分類為第一、第二或第三級，詳情如下：
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.

3.2 Significant accounting policies Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company:

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

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

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

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

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members the Group are eliminated in full on consolidation.

Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.

第一級輸入數據為為實體於計量日期可以取得的相同資產或負債在活躍市場之報價（未經調整）；
第二級輸入數據為就資產或負債直接或間接可觀察之輸入數據（第一級內包括的報價除外）；及
第三級輸入數據為資產或負債的不可觀察輸入數據。
3.2 主要會計政策綜合基準
綜合財務報表包括本公司及其所控制的實體
（其附屬公司）之財務報表。倘屬以下情況，則本公司獲得控制權：
對被投資方擁有權力；
通過對被投資方之參與面臨可變回報之風險或取得可變回報之權利；及
有能力行使其權力以影響其回報。

倘有事實及情況顯示上列三項控制權條件之其中一項或多項有變，本集團會重新評估其是否控制被投資方。

當本集團取得附屬公司之控制權，便將該附屬公司綜合入賬；當本集團失去附屬公司之控制權，便停止將該附屬公司綜合入賬。具體而言，年內收購或出售之附屬公司之收入及開支會自本集團取得控制權當日起計入綜合損益及其他全面收益表，直至本集團對該附屬公司之控制權終止當日為止。

損益及其他全面收入的各項目歸屬於本公司擁有人及非控股權益。附屬公司的全面收入總額歸屬於本公司擁有人及非控股權益，即使此舉會導致非控股權益出現虧絀結餘。

如有需要，附屬公司之財務報表會作出調整，以使其會計政策符合本集團的會計政策。

所有有關本集團各成員公司間之交易的集團內部公司間資產及負債、權益、收入、開支及現金流量會於綜合賬目時全數抵銷。

附屬公司的非控股權益與本集團於其中的權益分開呈列，指賦予其持有人權利於附屬公司清盤時按比例分佔相關附屬公司資產淨值之現時所有權權益。

104 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Merger accounting for business combination involving businesses under common control

The consolidated financial statements incorporate the financial statements items of the combining businesses in which the common control combination occurs as if they had been combined from the date when the combining businesses first came under the control of the controlling party.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）涉及受共同控制業務的業務合併的合併會計法

綜合財務報表會綜合計入發生共同控制合併的合併業務的財務報表項目，猶如其自合併業務首次受控制方控制之日起已被合併。

合併業務的資產淨值以控制方的現有賬面值綜合入賬。在共同控制合併時，並無就商譽或議價購買收益確認任何金額。

The consolidated statement of profit or loss and other comprehensive income includes the results of each of the combining businesses from the earliest date presented or since the date when the combining businesses first came under the common control, where this is a shorter period.

The comparative amounts in the consolidated financial statements are presented as if the businesses had been combined at the beginning of the previous reporting period or when they first came under common control, whichever is shorter.

綜合損益及其他全面收益表包括各合併業務自最早呈列日期起或自合併業務首次受共同控制日期起（以較短期間為準）的業績。

綜合財務報表的比較金額按猶如業務已於前一報告期初或於其首次受共同控制之時（以較短期間為準）已合併入賬呈列。

Revenue from contracts with customers

The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer.

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs;
the Group’s performance creates or enhances an asset that the customer controls as the Group performs; or
the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.

A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with HKFRS 9. In contrast, a receivable represents the Group’s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.

A contract liability represents the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

A contract asset and a contract liability relating to the same contract are accounted for and presented on a net basis.

來自客戶合約的收益

本集團於完成履約責任之時（或就此）確認收益，即於特定履約責任相關貨品或服務的「控制權」移交客戶時。

履約責任指特定的貨品或服務（或一組貨品或服務）或一系列大致相同的特定貨品或服務。

如符合以下其中一項標準，則控制權隨時間轉移，而收益則參照完全履行相關履約責任的進展情況而隨時間確認：

本集團履約時，客戶同時取得並耗用本集團履約所提供的利益；
本集團的履約產生或提升一項資產，而該項資產於本集團履約時由客戶控制；或
本集團的履約並未產生令本集團有替代用途的資產，且本集團對迄今已完成履約具有可強制執行的收取款項權利。

否則，收益於客戶取得特定貨品或服務之控制權時確認。

合約資產指本集團就向客戶換取本集團已轉讓的貨品或服務收取代價的權利（尚未成為無條件）。其根據香港財務報告準則第9號評估減值。相反，應收款項指本集團收取代價的無條件權利，即只需待時間過去代價即須到期支付。

合約負債指本集團就已向客戶收取的代價（或代價到期的金額）而承擔向該客戶轉讓貨品或服務的責任。

有關同一合約之合約資產及合約負債按淨額基準入賬及呈列。

年度報告 2021 ANNUAL REPORT

105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Revenue from contracts with customers (continued) A point in time revenue recognition

The revenue of the Group is recognised at a point in time except for revenue from certain sales, which are recognised over time. Under the transfer-ofcontrol approach in HKFRS 15 “Revenue from Contracts with Customers” (“HKFRS 15”), revenue from certain sales of goods to the Group’s customers in connection with the production of cable assembly products are recognised when the goods are physically passed to the customers, which is the point in time when the customer has the ability to direct the use of the goods and obtain substantially all of the remaining benefits of the goods upon customer acceptance.

Over time revenue recognition

For certain sales of goods of the Group’s customers in connection with the production of cable assembly products, revenue is recognised overtime when the performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date based on contract terms.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）來自客戶合約的收益（續）收益確認之時間點

本集團之收益於某一時間點確認，惟自若干銷售產生的收益（隨時間確認）除外。根據香港財務報告準則第15號「來自客戶合約的收益」（「香港財務報告準則第15號」）下的控制權轉移方法，來自向涉及生產電線組件產品的本集團客戶作出的若干貨品銷售所帶來的收益於貨品實際轉讓予客戶時（當客戶驗收後有能力管理貨品的使用並獲得該貨品的絕大部分剩餘利益的某個時間點）確認。

隨時間確認收益

就涉及生產電線組件產品的本集團客戶的若干貨品銷售而言，根據合約條款當在履約過程中沒有設置對本集團而言有另類用途的資產，而本集團可強制執行其權利收回累計至今已完成履約部分之款項，收益隨時間確認。

Input method

The progress towards complete satisfaction of a performance obligation is measured based on input method, which is to recognise revenue on the basis of the Group’s effects or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation, that best depict the Group’s performance in transferring control of goods or services.

Property, plant and equipment

Property, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, or for administrative purposes. Property, plant and equipment (other than buildings which are accounted for using revaluation model since 30 June 2020) are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

When the Group makes payments for ownership interests of properties which includes both leasehold land and building elements, the entire consideration is allocated between the leasehold land and the building elements in proportion to the relative fair values at initial recognition. To the extent the allocation of the relevant payments can be made reliably, interest in leasehold land is presented as “right-of-use assets” in the consolidated statement of financial position. When the consideration cannot be allocated reliably between non-lease building element and undivided interest in the underlying leasehold land, the entire properties are classified as property, plant and equipment.

Upon completion of the Acquisition as set out in note 1, the Group changed its policy to account for buildings from cost model to revaluation model with effect from 30 June 2020.

Buildings held for use in the production or supply of goods or services, or for administrative purpose, are stated in the consolidated statement of financial position at fair value at the date of the revaluation less subsequent accumulated depreciation and accumulated impairment losses, if any. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period.

投入法

完全履行履約責任的進度乃根據投入法計量，即根據本集團為履行履約責任的付出或投入相比履行有關履約責任的總預期投入而計算得出的已確認收益，有關方法最能說明本集團於轉讓貨品或服務控制權的履約情況。

物業、廠房及設備

物業、廠房及設備為持作生產或供應貨品或服務或作行政用途的有形資產。物業、廠房及設備（自二零二零年六月三十日起採用重估模式入賬的樓宇除外）按成本減其後累計折舊及其後累計減值虧損（如有）於綜合財務狀況表列賬。

本集團就於物業的擁有權權益（包括租賃土地及樓宇部分）付款時，全部代價於租賃土地及樓宇部分之間按初始確認時的相對公平值的比例分配。當相關付款能夠可靠分配時，租賃土地權益將於綜合財務狀況表中呈列為「使用權資產」。當代價不能在相關租賃土地的非租賃樓宇部分及未分割權益之間可靠分配時，整項物業將分類為物業、廠房及設備。

於完成附註1載列的收購事項後，本集團已更改其政策，將樓宇由成本模式轉為重估模式入賬，自二零二零年六月三十日起生效。

持作生產或供應貨品或服務或作行政用途的樓宇，按重估日期的公平值減其後累計折舊及累計減值虧損（如有）於綜合財務狀況表列賬。重估以足夠的定期性進行，致使賬面金額與報告期末使用公平值釐定的金額概無重大差異。

106 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Property, plant and equipment (continued)

Any revaluation increase arising from revaluation of property, plant and equipment is recognised in other comprehensive income and accumulated in property revaluation reserve, except to the extent that it reverses a revaluation decrease of the same asset previously recognise in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously charged. A decrease in net carrying amount arising on revaluation of property, plant and equipment is recognised in profit or loss to the extent that it exceeds the balance, if any, on the property revaluation reserve relating to a previous revaluation of that asset. On the subsequent sale or retirement of a revalued asset, the attributable revaluation surplus is transferred to accumulated profits.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives, using the straightline method or reducing balance method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

Leases

Definition of a lease

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

For contracts entered into or modified on or after the date of initial application or arising from business combinations, the Group assesses whether a contract is or contains a lease based on the definition under HKFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

The Group as a lessee

Allocation of consideration to components of a contract

For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. Non-lease components are separated from lease component and are accounted for by applying other applicable standards.

Short-term leases

The Group applies the short-term lease recognition exemption to leases of staff quarters and office premises that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.

Right-of-use assets

The cost of right-of-use asset includes:

the amount of the initial measurement of the lease liability;
any lease payments made at or before the commencement date, less any lease incentives received; and
any initial direct costs incurred by the Group.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）物業、廠房及設備（續）

重估物業、廠房及設備產生之任何重估增值，均於其他全面收入中確認，並於物業重估儲備累計，惟撥回先前於損益中確認的同一資產的重估減值除外，在此情況下，增幅計入損益，惟以先前扣除的減幅為限。重估物業、廠房及設備產生的賬面淨值減少於損益確認，惟以超出過往重估該資產的物業重估儲備結餘（如有）為限。當重估資產其後出售或報廢，則將應佔重估盈餘轉入累計溢利。

折舊乃按直線法或餘額遞減法於其估計可使用年期內確認，以撇銷該資產成本或估值減其剩餘價值。於各報告期末檢討估計可使用年期、剩餘價值及折舊方法，而任何估計變動的影響按預期基準入賬。

物業、廠房及設備項目會在出售或預期繼續使用資產不會帶來未來經濟利益時解除確認。物業、廠房及設備項目在出售或報廢時產生的任何收益或虧損，乃釐定為出售所得款項與有關資產賬面值的差額，並於損益中確認。

租賃

租賃的定義倘合約賦予在一段時期內控制一項已識別資產的使用權以換取代價，則該合約屬一項租賃或包含一項租賃。

對於首次應用日期或之後訂立或修訂或業務合併產生的合約，本集團根據香港財務報告準則第16號項下的定義，於開始日、修訂日或收購日（如適用）評估合約是否屬一項租賃或包含一項租賃。除非合約條款及條件在後續發生變更，否則不會對此類合約進行重新評估。

本集團作為承租人

對合約各組成部分的代價分配

對於包含租賃組成部分以及一個或多個額外租賃或非租賃組成部分的合約而言，本集團按租賃組成部分的相對獨立價格以及非租賃組成部分的獨立價格合計，將合約的代價分配至各租賃組成部分。非租賃組成部分與租賃組成部分分開，並採用其他適用準則入賬。

短期租賃

本集團對從租賃開始日租賃期為12個月或以下的租賃及不包含購買選擇權的員工宿舍租賃及辦公物業應用短期租賃確認豁免。短期租賃的租賃付款在租賃期內採用直線法確認為開支。

使用權資產使用權資產的成本包括：

租賃負債的初步計量金額；
於開始日期或之前作出的任何租賃付款，減任何已收租賃優惠；及
本集團產生的任何初始直接成本。

年度報告 2021 ANNUAL REPORT

107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

3. 綜合財務報表編製基準及主要會計政策（續）

AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued)

Leases (continued)

The Group as a lessee (continued) Right-of-use assets (continued)

Except for leasehold land which is measured under revaluation model since 30 June 2020 as described below, right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.

Upon completion of the Acquisition as set out in note 1, the Group changed its policy to account for leasehold land included under right-of-use assets from cost model to revaluation model with effect from 30 June 2020.

Any revaluation increase arising from revaluation of right-of-use asset is recognised in other comprehensive income and accumulated in property revaluation reserve, except to the extent that it reverses a revaluation decrease of the same asset previously recognise in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously charged. A decrease in net carrying amount arising on revaluation of right-of-use asset is recognised in profit or loss to the extent that it exceeds the balance, if any, on the property revaluation reserve relating to a previous revaluation of that asset. On the subsequent sale or retirement of a revalued asset, the attributable revaluation surplus is transferred to accumulated profits.

Right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.

The Group presents right-of-use assets as a separate line item on the consolidated statement of financial position.

Refundable rental deposits

Refundable rental deposits paid are accounted under HKFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of rightof-use assets.

Lease liabilities

At the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date.

The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable.

After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.

The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever the lease term has changed.

The Group presents lease liabilities as a separate line item on the consolidated statement of financial position.

Lease modifications

The Group accounts for a lease modification as a separate lease if:

the modification increases the scope of the lease by adding the right to use one or more underlying assets; and
the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

3.2 主要會計政策（續）租賃（續）

本集團作為承租人（續）使用權資產（續）

除如下述自二零二零年六月三十日起按重估模式計量的租賃土地外，使用權資產按成本減任何累計折舊及減值虧損計量，並就租賃負債的任何重新計量進行調整。

於完成附註1載列的收購事項後，本集團已更改其政策，將使用權資產項下的租賃土地由成本模式轉為重估模式入賬，自二零二零年六月三十日起生效。

重估使用權資產產生之任何重估增值，均於其他全面收入中確認，並於物業重估儲備累計，惟撥回先前於損益中確認的同一資產的重估減值除外，在此情況下，增幅計入損益，惟以先前扣除的減幅為限。重估使用權資產產生的賬面淨值減少於損益確認，惟以超出過往重估該資產的物業重估儲備結餘（如有）為限。當重估資產其後出售或報廢，則將應佔重估盈餘轉入累計溢利。

使用權資產於其估計可使用年期與租賃期之間的較短者按直線法計提折舊。

本集團將使用權資產作為單獨項目於綜合財務狀況表中呈列。

可退回租賃按金

已支付的可退回租賃按金根據香港財務報告準則第9號入賬，並且按公平值進行初始計量。初始確認時的公平值調整視為額外租賃付款並計入使用權資產的成本。

租賃負債

在租賃期開始日，本集團按該日尚未支付的租賃付款額現值確認及計量租賃負債。在計算租賃付款額的現值時，本集團使用租賃期開始日的增量借款利率。

租賃付款包括固定付款（包括實質上的固定付款），減去任何應收租賃優惠。

於開始日期後，租賃負債透過增加利息及租賃付款作出調整。

當租期作出修改時，本集團將重新計量租賃負債（及相應調整相關使用權資產）。

本集團在綜合財務狀況表中將租賃負債作為單獨項目呈列。

租賃修訂

倘出現以下情況，本集團會將租賃修訂列賬為個別租賃：

該項修訂透過增加使用一項或多項相關資產的權利擴大租賃的範圍；及
租賃代價增加，而增加的金額相當於範圍擴大對應的單獨價格，加上為反映特定合約的情況而對單獨價格進行的任何適當調整。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued)

Leases (continued)

The Group as a lessee (continued) Lease modifications (continued)

For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability, less any lease incentives receivable, based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When the modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

Government grants

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

Government grants related to income that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Such grants are presented under “other income”.

Research and development expenditure

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）租賃（續）本集團作為承租人（續）租賃修訂（續）

就並非入賬列作一項單獨租賃的租賃修訂而言，本集團透過使用修訂生效日期的經修訂折現率折現經修訂租賃付款的經修改租賃的租期，重新計量租賃負債，減去任何應收租賃優惠。

本集團透過對有關使用權資產作出相應調整，將租賃負債的重新計量入賬。倘經修訂合約包含租賃組成部分以及一個或多個額外租賃或非租賃組成部分，本集團按租賃組成部分的相對獨立價格以及非租賃組成部分的獨立價格合計，將經修訂合約的代價分配至各租賃組成部分。

政府補助

與收入有關的政府補助直至可合理確保本集團將遵守補助所附帶的條件及收取補助時方予以確認。

與收入有關的政府補助乃作為已發生的開支或虧損補償的應收款項、或是以給予本集團即時財務援助為目的而發放，無未來相關成本，並在應收期間內於損益中確認。該等補助乃於「其他收入」下呈列。

研發開支

研究活動開支於其產生期間確認為開支。

An internally-generated intangible asset arising from development activities (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:

the technical feasibility of completing the intangible asset so that it will be available for use or sale;
the intention to complete the intangible asset and use or sell it;
the ability to use or sell the intangible asset;
how the intangible asset will generate probable future economic benefits;
the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for internally-generated intangible asset is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internallygenerated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses (if any), on the same basis as intangible assets that are acquired separately.

開發活動（或內部項目開發階段）所產生之內部產生無形資產於及僅於展示以下各項後確認：

完成無形資產的技術可行性，使其將可供使用或出售；
完成並使用或出售無形資產之意向；
使用或出售無形資產之能力；
無形資產將產生可能之未來經濟利益之方式；
取得足夠技術、財務及其他資源以完成開發及使用或出售無形資產之可能性；及
可靠計量於無形資產開發期間其所應佔開支之能力。

內部產生無形資產初始確認之金額為自無形資產首次符合上述確認標準當日起所產生開支之總和。倘無內部產生無形資產可予確認，則開發開支於其產生期間於損益內確認。

於初始確認後，內部產生無形資產按與分開收購之無形資產所採用之相同基準，以成本減累計攤銷及累計減值虧損（如有）呈報。

年度報告 2021 ANNUAL REPORT

109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

Financial instruments

Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with HKFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Financial assets

Classification and subsequent measurement of financial assets Financial assets that meet the following conditions are subsequently measured at amortised cost:

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）存貨

存貨乃按成本與可變現淨值兩者中的較低者列賬。成本乃採用先進先出法計算。可變現淨值指存貨的估計售價減所有估計完工成本及成功出售所需的成本。

金融工具

倘集團實體成為工具合約條文的訂約方，則金融資產及金融負債予以確認。

金融資產及金融負債最初按公平值計量，惟初步根據香港財務報告準則第15號計量之來自客戶合約所產生之貿易應收款項除外。因收購或發行金融資產及金融負債而直接產生的交易成本於初始確認時於該項金融資產或金融負債的公平值中計入或扣除（如適用）。

實際利率法乃計算金融資產或金融負債的攤銷成本以及相關期間利息收入及利息開支分配的方法。實際利率乃於初始確認時按金融資產或金融負債的預計年期或適用的較短期間準確折現估計未來現金收入及付款（包括構成實際利率不可或缺部分的全部已付或已收費用、交易成本及其他溢價或折讓）至賬面淨值的利率。

金融資產

金融資產的分類及其後計量符合下列條件的金融資產其後按攤銷成本計量：

the financial asset is held within a business model whose objective is to collect contractual cash flows; and
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are subsequently measured at FVTPL.

(i) Amortised cost and interest income Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the creditimpaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit-impaired.
於目標為收取合約現金流量的業務模式持有的金融資產；及
合約條款於指定日期產生現金流量，而純粹作為本金及尚未清償本金的利息的付款。

所有其他金融資產於其後按公平值計入損益計量。

(i) 攤銷成本及利息收入其後按攤銷成本計量的金融資產的利息收入運用實際利率法確認。利息收入透過應用實際利率於金融資產的總賬面值計算，其後已信貸減值的金融資產除外。就其後已信貸減值的金融資產而言，利息收入自下一報告期間起透過應用實際利率於金融資產的攤銷成本確認。倘已信貸減值的金融工具的信貸風險有所改善，繼而令金融資產不再信貸減值，利息收入則自釐定該資產並無信貸減值後的報告期間初起透過應用實際利率於金融資產的總賬面值確認。

110 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Financial instruments (continued) Financial assets (continued)

(ii) Financial assets at FVTPL Financial assets that do not meet the criteria for being measured at amortised cost are measured at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The net gain or loss recognised in profit or loss includes any interest earned on the financial asset and is included in the “other gains and losses” line item.

Impairment of financial assets and other items subject to impairment assessment under HKFRS 9

The Group performs impairment assessment under expected credit loss (“ECL”) model on financial assets which are subject to impairment under HKFRS 9 (including trade and other receivables, amount due from ultimate holding company, pledged bank deposits and bank balances) and other items (contract assets and financial guarantee contracts) which are subject to impairment assessment under HKFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessments are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

The Group always recognises lifetime ECL for trade receivables, trade receivable from a fellow subsidiary and contract assets. The ECL on these assets is assessed individually.

For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, in which case the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

(i) Significant increase in credit risk In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）金融工具（續）

金融資產（續）
(ii) 按公平值計入損益之金融資產不符合按攤銷成本計量條件的金融資產乃按公平值計入損益。

按公平值計入損益的金融資產於各報告期末按公平值計量，任何公平值收益或虧損於損益中確認。於損益確認的淨收益或虧損包括金融資產所賺取的任何利息，並計入「其他收益及虧損」項目。

金融資產減值及須根據香港財務報告準則第 9號進行減值評估的其他項目本集團根據香港財務報告準則第9號就發生減值之金融資產（包括貿易及其他應收款項、應收最終控股公司款項、已抵押銀行存款及銀行結餘）及須根據香港財務報告準則第9號予以減值評估的其他項目（合約資產及財務擔保合約）按預期信貸虧損（「預期信貸虧損」）模式根據撥備矩陣進行減值評估。預期信貸虧損的金額於各報告日期更新，以反映自初始確認後信貸風險的變化。

存續期預期信貸虧損指將相關工具的預期使用期內所有可能的違約事件產生之預期信貸虧損。相反，12個月預期信貸虧損（「 12個月預期信貸虧損」）指預期於報告日期後12 個月內可能發生的違約事件導致之存續期預期信貸虧損部分。評估乃根據本集團的歷史信貸虧損經驗進行，並根據債務人特有的因素、一般經濟狀況以及對報告日期當前狀況及對未來狀況預測的評估作出調整。

本集團始終就貿易應收款項、來自一間同系附屬公司的貿易應收款項及合約資產確認存續期預期信貸虧損。該等資產的預期信貸虧損進行獨立評估。

對於所有其他工具，本集團計量的虧損撥備等於12個月預期信貸虧損，除非自初始確認後信貸風險顯著增加，則本集團確認存續期預期信貸虧損。是否應確認存續期預期信貸虧損的評估乃基於自初始確認以來發生違約之可能性或風險的顯著增加程度。

(i) 信貸風險大幅增加於評估信貸風險自初始確認以來有否大幅增加時，本集團比較金融工具於報告日期出現違約的風險與該金融工具於初始確認日期出現違約的風險。作此評估時，本集團會考慮合理並有理據支持的定量及定性資料，包括過往經驗及毋須花費不必要成本或努力即可獲得的前瞻性資料。

年度報告 2021 ANNUAL REPORT

111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Financial instruments (continued)

Financial assets (continued)
Impairment of financial assets and other items subject to impairment assessment under HKFRS 9 (continued)
(i) Significant increase in credit risk (continued) In particular, the following information is taken into account when assessing whether credit risk has increased significantly:
an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;
significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;
an actual or expected significant deterioration in the operating results of the debtor; and
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

For financial guarantee contracts, the date that the Group becomes a party to the irrevocable commitment is considered to be the date of initial recognition for the purposes of assessing impairment. In assessing whether there has been a significant increase in the credit risk since initial recognition of financial guarantee contracts, the Group considers the changes in the risk that the specified debtor will default on the contract.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）金融工具（續）金融資產（續）
- 金融資產減值及須根據香港財務報告準則第 9號進行減值評估的其他項目（續）
- (i) 信貸風險大幅增加（續）尤其是，評估信貸風險有否大幅增加時會考慮下列資料：
  - 金融工具外界（如有）或內部信貸評級的實際或預期重大惡化；
  - 信貸風險的外界市場指標的重大惡化，例如信貸息差大幅增加，債務人的信貸違約掉期價大幅上升；
  - 業務、財務或經濟狀況的現有或預測不利變動，預期將導致債務人履行其債務責任的能力大幅下降；
  - 債務人經營業績的實際或預期重大惡化；及
  - 債務人監管、經濟或技術環境的實際或預期重大不利變動，導致債務人履行其債務責任的能力大幅下降。

不論上述評估結果，本集團假定，如合約付款逾期未付超過30天，則信貸風險自初始確認以來已大幅增加，惟本集團擁有合理並有理據支持的資料顯示情況並非如此，則作別論。

就財務擔保合約而言，為評估減值，本集團成為不可撤銷承諾一方的日期被視為初始確認日期。於評估自財務擔保合約初始確認以來信貸風險是否顯著增加時，本集團考慮特定債務人違約風險的變化。

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

(ii) Definition of default

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full.

Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

本集團定期監察用以確定信貸風險曾否顯著增加的標準的成效，並於適當時候作出修訂，從而確保有關標準能夠於款項逾期前確定信貸風險顯著增加。

(ii) 違約定義

就內部信貸風險管理而言，本集團認為，倘內部生成或自外部來源獲得的資料顯示債務人不太可能向其債權人（包括本集團）悉數付款，則發生違約事件。

儘管以上所述，本集團認為，倘金融資產逾期超過90天時則發生違約，除非本集團有合理可靠的資料證明較寬鬆的違約標準屬更合適則當別論。

112 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Financial instruments (continued)

Financial assets (continued)

Impairment of financial assets and other items subject to impairment assessment under HKFRS 9 (continued)

(iii) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
(a) significant financial difficulty of the issuer or the borrower;
(b) a breach of contract, such as a default or past due event;
(c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; or
(d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation.
(iv) Write-off policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over one year past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss.

(v) Measurement and recognition of ECL The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data and forward-looking information. Estimation of ECL reflects an unbiased and probabilityweighted amount that is determined with the respective risks of default occurring as the weights.

Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.

For a financial guarantee contract, the Group is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed. Accordingly, the ECL is the present value of the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the Group expects to receive from the holder, the debtor or any other party.

For ECL on financial guarantee contracts for which the effective interest rate cannot be determined, the Group will apply a discount rate that reflects the current market assessment of the time value of money and the risks that are specific to the cash flows but only if, and to the extent that, the risks are taken into account by adjusting the discount rate instead of adjusting the cash shortfalls being discounted.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）金融工具（續）

金融資產（續）
金融資產減值及須根據香港財務報告準則第 9號進行減值評估的其他項目（續）
(iii) 信貸減值的金融資產當發生一項或多項對金融資產估計未來現金流量有不利影響的違約事件時，金融資產出現信貸減值。金融資產信貸減值的證據包括以下可觀察事件：
(a) 發行人或借款人出現重大財政困難；
(b) 違約，例如拖賬或逾期事項；
(c) 借款人的放款人因與借款人出現財務困難有關之經濟或合約理由而給予借款人在其他情況下放款人不予考慮之優惠條件；或
(d) 借款人有可能破產或進行其他財務重組。
(iv) 撇銷政策
倘有資料顯示交易對手方陷入嚴重財務困難且無實際可收回之期望（如交易對手方已進行清盤或進入破產程序，或如屬貿易應收款項，該款項已逾期超過一年）
（以較早發生者為準），本集團則撇銷金融資產。經考慮法律意見（如適用）後，已撇銷之金融資產仍可能受制於本集團收回程序下之執法活動。撇銷構成取消確認事件。其後的任何收回均在損益確認。
(v) 預期信貸虧損的計量及確認預期信貸虧損的計量依據為違約概率、違約損失率（即違約時的損失程度）及違約風險的函數。評估違約概率及違約損失率的依據是過往數據及前瞻性資料。預期信貸虧損的估計反映不偏不倚及概率加權金額，以各自發生違約的風險為權重釐定。

一般而言，預期信貸虧損為根據合約應付本集團的所有訂約現金流量與本集團預計收取的現金流量（按於初始確認時釐定的實際利率折現）之間的差額。

就財務擔保合約而言，本集團僅在根據被擔保工具的條款，債務人發生違約的情況下方須付款。因此，預期信貸虧損為本集團預期就持有人發生的信貸虧損向其作出賠付的金額，減去本集團預期自持有人、債務人或任何其他方收取的任何金額之間的差額的現值。

對於無法釐定實際利率的財務擔保合約的預期信貸虧損，本集團將採用反映當前市場對貨幣時間價值及現金流量特定風險的評估的折現率，惟僅限於透過調整折現率而非調整將予折現的現金差額來考慮風險。

年度報告 2021 ANNUAL REPORT

113

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

3. 綜合財務報表編製基準及主要會計政策（續）

AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Financial instruments (continued)

Financial assets (continued)

Impairment of financial assets and other items subject to impairment assessment under HKFRS 9 (continued)

(v) Measurement and recognition of ECL (continued) Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortised cost of the financial asset.

The Group recognises an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables, trade receivable from a fellow subsidiary and contract assets where the corresponding adjustment is recognised through a loss allowance account.

Financial liabilities and equity instruments

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial liabilities at amortised cost

Financial liabilities including trade and other payables, amount due to ultimate holding company and unsecured bank borrowings are subsequently measured at amortised cost, using the effective interest method.

Interest expense is recognised on an effective interest basis.

Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.

Financial guarantee contract liabilities are measured initially at their fair values and are subsequently measured at the higher of:

(i) the amount of the loss allowance determined in accordance with HKFRS 9; and
(ii) the amount initially recognised less, where appropriate, cumulative amortisation recognised over the guarantee period.

Derecognition

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

On derecognition of a financial asset at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

3.2 主要會計政策（續）金融工具（續）金融資產（續）

金融資產減值及須根據香港財務報告準則第

9號進行減值評估的其他項目（續）
(v) 預期信貸虧損的計量及確認（續）利息收入根據金融資產的總賬面值計算，惟金融資產為信貸減值的情況除外，於此情況下，利息收入根據金融資產的攤銷成本計算。

本集團透過調整所有金融工具的賬面值於損益確認其減值收益或虧損，惟貿易應收款項、來自一間同系附屬公司的貿易應收款項及合約資產除外，其相應調整乃透過虧損撥備賬確認。

金融負債及權益工具分類為債務或權益

債務及權益工具乃根據合約安排的實際性質及金融負債與權益工具的定義而被分類為金融負債或權益。

權益工具

權益工具乃證明實體的資產於扣除所有負債後的剩餘權益的任何合約。本公司發行的權益工具於收到所得款項時予以確認（扣除直接發行成本）。

按攤銷成本計量的金融負債包括貿易及其他應付款項、應付最終控股公司款項及無抵押銀行借款在內的金融負債其後使用實際利率法按攤銷成本計量。

利息開支按實際利率法確認。

財務擔保合約

財務擔保合約是一項要求發行人須對持有人就個別債務人未能履行債務工具的條款在付款到期前作出付款的情況下補償持有人作出特定付款的合約。

財務擔保合約負債按公平值初步計量，其後按以下兩者中之較高者計量：

(i) 根據香港財務報告準則第9號釐定的虧損撥備金額；及
(ii) 初步確認金額減（如適用）於擔保期間確認的累計攤銷。

取消確認

本集團僅於資產收取現金流量的合約權利屆滿或轉移金融資產及其所有權的絕大部分風險及回報予其他實體時取消確認金融資產。

於取消確認按攤銷成本計量的金融資產時，資產賬面值與已收及應收代價的總和間的差額，會於損益確認。

本集團只有在其責任獲免除、取消或屆滿時，方會取消確認金融負債。獲取消確認的金融負債的賬面值與已付及應付代價間的差額於損益確認。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued)

Impairment on property, plant and equipment and right-of-use assets

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment and right-of-use assets to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the extent of the impairment loss (if any).

The recoverable amount of property, plant and equipment and right-ofuse assets are estimated individually. When it is not possible to estimate the recoverable amount individually, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

In testing a cash-generating unit for impairment, corporate assets are allocated to the relevant cash-generating unit when a reasonable and consistent basis of allocation can be established, or otherwise they are allocated to the smallest group of cash generating units for which a reasonable and consistent allocation basis can be established. The recoverable amount is determined for the cash-generating unit or group of cash-generating units to which the corporate asset belongs, and is compared with the carrying amount of the relevant cash-generating unit or group of cash-generating units.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. For corporate assets or portion of corporate assets which cannot be allocated on a reasonable and consistent basis to a cash-generating unit, the Group compares the carrying amount of a group of cash-generating units, including the carrying amounts of the corporate assets or portion of corporate assets allocated to that group of cash-generating units, with the recoverable amount of the group of cash-generating units. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit or the group of cashgenerating units. The carrying amount of an asset is not reduced below the highest of its fair value less costs of disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit or the group of cash-generating units. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount under another standard, in which case the impairment loss is treated as a revaluation decrease under that standard.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit or a group of cash-generating units) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or a cash-generating unit or a group of cash-generating units) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount under another standard, in which case the reversal of the impairment loss is treated as a revaluation increase under that standard.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）物業、廠房及設備及使用權資產減值

於報告期末，本集團審閱物業、廠房及設備及使用權資產的賬面值，以釐定該等資產是否有存在任何減值虧損跡象。倘存在任何有關跡象，則估計相關資產的可收回金額，以釐定減值虧損的範圍（如有）。

單獨估計物業、廠房及設備及使用權資產的可收回金額。倘無法單獨估計可收回金額，本集團則估計該資產所屬現金產生單位的可收回金額。

在測試現金產生單位的減值時，倘能夠建立一個合理及一致的分配基礎，企業資產將分配予相關現金產生單位，否則將分配予能夠建立一個合理及一致分配基礎的最小現金產生單位組別。可收回金額乃就企業資產所屬的現金產生單位或現金產生單位組別而釐定，並與相關現金產生單位或現金產生單位組別的賬面值作比較。

可收回金額為公平值減出售成本與使用價值的較高者。評估使用價值時，估計未來現金流量按稅前折現率折現至其現值。該折現率反映現時市場對貨幣時間值及未調整未來現金流量估計的資產（或現金產生單位）特定風險的評估。

倘估計資產（或現金產生單位）的可收回金額低於其賬面值，則資產（或現金產生單位）賬面值扣減至其可收回金額。未能按合理一致基準分配至現金產生單位的企業資產或一部分企業資產而言，本集團會將現金產生單位組別的賬面值（包括分配至該現金產生單位組別的企業資產或一部分企業資產的賬面值）與該組現金產生單位的可收回金額作比較。於分配減值虧損時，首先分配減值虧損以減少任何商譽的賬面值（如適用），然後按比例根據該單位或現金產生單位組別各資產的賬面值分配至其他資產。資產賬面值不得減少至低於其公平值減出售成本（如可計量）、其使用價值（如可釐定）及零之中的最高值。應另行分配至資產的減值虧損數額按比例分配至該單位或現金產生單位組別其他資產。減值虧損即時於損益確認，除非有關資產根據另一標準以重估金額入賬，在此情況下，減值虧損按該標準視為重估減值。

倘若減值虧損於其後撥回，資產（或現金產生單位或現金產生單位組別）之賬面值將調升至其經修訂之估計可收回金額，但增加後之賬面值不得超過倘若該資產（或現金產生單位或現金產生單位組別）在過往年度並無確認減值虧損時原應釐定之賬面值。減值虧損之撥回即時於損益內確認，除非有關資產根據另一標準以重估金額入賬，在此情況下，減值虧損撥回按該標準視為重估增值。

年度報告 2021 ANNUAL REPORT

115

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Share-based payment arrangements Equity-settled share-based payment transactions Share options granted to employees

Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the date of grant. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 29.

The fair value of the equity-settled share-based payments determined at the date of grant without taking into consideration all non-market vesting conditions is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase in equity (share options reserve). At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest based on assessment of all relevant non-market vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the share options reserve.

When share options are exercised, the amount previously recognised in share options reserve will be transferred to share premium. When the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognised in share options reserve will be transferred to accumulated profits.

Foreign currencies

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise.

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s operations are translated into the presentation currency of the Group (i.e. HK$) using exchange rates prevailing at the end of each reporting period. Income and expenses items are translated at the average exchange rates for the year. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of translation reserve (attributed to non-controlling interests as appropriate).

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）以股份為基礎的付款安排

按權益結算以股份為基礎的付款交易授予僱員的購股權

向僱員及其他提供類似服務的人士作出的按權益結算以股份為基礎的付款乃於授出日期按權益工具的公平值計量。有關釐定按權益結算以股份為基礎的付款交易的公平值之詳情載列於附註29。

於授出日期釐定的按權益結算以股份為基礎的付款之公平值（不考慮所有非市場歸屬條件）乃根據本集團對最終歸屬權益工具的估計，於歸屬期內按直線法支銷，並在權益（購股權儲備）內計入相應增額。於各報告期末，本集團會根據所有相關非市場歸屬條件的評估修訂預期歸屬權益工具的估計數目。修訂原有估計的影響（如有）將於損益內確認，令累計開支反應經修訂的估計，並相應調整購股權儲備。

於行使購股權之時，之前於購股權儲備確認之金額將轉撥至股份溢價。當購股權於歸屬日後失效或於屆滿日期仍未獲行使，之前在購股權儲備確認之金額將被轉撥至累計溢利。

外幣

於編製各個別集團實體的財務報表時，以該實體功能貨幣以外的貨幣（外幣）進行的交易按交易日期現行的匯率以相關功能貨幣（即該實體經營所在主要經濟環境的貨幣）列賬。於報告期末，以外幣計值的貨幣項目，採用該日現行的匯率重新換算。以外幣按歷史成本計量的非貨幣項目則毋須重新換算。

於結算及重新換算貨幣項目所產生的匯兌差額，於其產生期間在損益確認。

為呈列綜合財務報表，本集團營運的資產及負債均以各報告期末的現行匯率換算為本集團的呈列貨幣（即港元），而收入及開支項目則以年度平均匯率進行換算。所產生的匯兌差額（如有）於其他全面收入確認並累計計入匯兌儲備項下的權益（按適用情況歸屬於非控股權益）。

借貸成本

收購、建造或生產合資格資產（指需要一段頗長時期籌備方能達致其擬定用途或出售）直接應佔的借貸成本計入該等資產的成本，直至該等資產已大致上可作其擬定用途或出售。

所有其他借貸成本於產生期間於損益確認。

116 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Retirement benefits costs

Payments to government-managed retirement benefits schemes and the Mandatory Provident Fund Scheme are recognised as an expense when employees have rendered service entitling them to the contributions.

Short-term employee benefits

Short-term employee benefits are recognised at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognised as an expense unless another HKFRS requires or permits the inclusion of the benefit in the cost of an asset.

A liability is recognised for benefits accruing to employees (such as wages and salaries) after deducting any amount already paid.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before taxation because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）退休福利成本

政府管理的退休福利計劃及強制性公積金計劃的付款乃於僱員已提供服務而有權享有該供款時確認為開支。

短期僱員福利

短期僱員福利於僱員提供服務時就預計將支付福利的未折現金額確認。所有短期僱員福利確認為開支，除非另一項香港財務報告準則要求或允許將有關福利納入資產成本，則作別論。

在扣除已經支付的任何金額後，對僱員應得的福利（例如工資及薪金）確認負債。

稅項

所得稅開支指當期應付稅項及遞延稅項之總和。

當期應付稅項乃根據年內的應課稅溢利計量。應課稅溢利與除稅前溢利不同，乃由於不包括其他年度的應課稅收入或可扣稅開支項目，且不包括毋須課稅或不可扣稅的項目。本集團當期稅項負債以報告期末前已實施或實質上已實施之稅率計算。

遞延稅項根據綜合財務報表中資產及負債的賬面值與其用於計量應課稅溢利的相應稅基之間的暫時差額而確認。遞延稅項負債通常會就所有應課稅暫時差額確認。倘於可能有應課稅溢利可動用抵銷該等可扣稅的暫時差額時，則一般就所有可扣稅的暫時差額確認遞延稅項資產。如暫時差額源自對應課稅溢利及會計溢利皆無影響交易中其他資產及負債的初始確認，該等資產及負債將不予確認。

遞延稅項負債乃按於附屬公司之投資相關之應課稅暫時差額而確認，惟當本集團可控制暫時差額之撥回及暫時差額可能不會在可預見將來撥回則除外。與該等投資有關可扣稅暫時差額產生之遞延稅項資產僅於可能將有足夠應課稅溢利可動用暫時差額之利益，且彼等預期於可預見將來撥回之情況方予以確認。

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

遞延稅項資產的賬面值於各報告期末進行審閱，並調減至不再可能具備足夠的應課稅溢利以收回該項資產的全部或任何部分為止。

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

遞延稅項資產及負債乃以報告期末前已實施或實質上已實施的稅率（及稅法）為基礎，根據於償還負債或變現資產期間預期適用的稅率計量。

年度報告 2021 ANNUAL REPORT

117

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (continued)

3.2 Significant accounting policies (continued) Taxation (continued)

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）稅項（續）

遞延稅項負債及資產的計量反映倘按本集團預期於報告期末收回或結算其資產及負債賬面值計算的稅項後果。

For the purposes of measuring deferred tax for leasing transactions in which the Group recognises the right-of-use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.

For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies HKAS 12 “Income Taxes” requirements to the leasing transaction as a whole. Temporary differences relating to right-of-use assets and lease liabilities are assessed on a net basis. Excess of depreciation on right-of-use assets over the lease payments for the principal portion of lease liabilities results in net deductible temporary differences.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied to the same taxable entity by the same taxation authority.

Current and deferred tax is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.

4. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENT

In the application of the Group’s accounting policies, which are described in note 3, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgement in applying accounting policies

The following is the critical judgement, apart from those involving estimations (see below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

Deferred tax in respect of temporary differences attributable to the undistributed profits of subsidiaries in the People’s Republic of China (the “PRC”)

During the years ended 31 March 2021 and 2020, no deferred tax has been provided for the undistributed profits in the PRC subsidiaries amounting to HK$427,957,000 (2020: HK$270,758,000) as the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future.

就計量本集團確認使用權資產及相關租賃負債的租賃交易的遞延稅項而言，本集團首先釐定稅項扣減是否歸因於使用權資產或租賃負債。

就稅務扣減歸屬予租賃負債的租賃交易，本集團對租賃交易整體應用香港會計準則第12 號「所得稅」的規定。與使用權資產及租賃負債有關的暫時差額按淨值基準評估。使用權資產折舊超出租賃負債本金部分的租賃款項導致可扣減暫時差額淨額。

倘有法定可強制執行權利將當期稅項資產與當期稅項負債互相抵銷且其與由同一稅務機關向同一課稅實體徵收之所得稅相關，則遞延稅項資產與負債互相抵銷。

當期及遞延稅項於損益確認，惟在其與於其他全面收入或直接於權益內確認的項目有關的情況下，當期及遞延稅項亦會分別於其他全面收入或直接於權益內確認。

4. 估計不明朗因素之主要來源及關鍵會計判斷

於應用本集團之會計政策（於附註3陳述）時，本公司董事需對未能透過其他來源直接確定的資產及負債之賬面值作出判斷、估計及假設。該等估計及相關假設乃基於過往經驗及其他被視為相關之因素。實際結果可能有別於該等估計。

估計及相關假設乃按持續基準被審閱。如對會計估計之修訂僅影響進行修訂之期間，則於修訂估計的期間確認修訂，或如修訂同時影響目前及未來期間，則於修訂及未來期間確認。

應用會計政策的關鍵判斷

以下為董事於應用本集團會計政策過程中作出的關鍵判斷（涉及估計者（見下文）除外），該等判斷對綜合財務報表內確認的金額造成非常重大影響。

就中華人民共和國（「中國」）附屬公司未分派溢利應佔暫時差額的遞延稅項

截至二零二一年及二零二零年三月三十一日止年度內，並無就中國附屬公司為數427,957,000港元（二零二零年：270,758,000港元）的未分派溢利計提遞延稅項撥備，乃由於本集團可控制暫時差額的撥回時間，且該等差額可能無法於可預見將來撥回。

118 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

4. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGEMENT (continued)

Key sources of estimation uncertainty

The key assumption concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is described below.

Valuation of right-of-use assets and property, plant and equipment at revaluation model

The Group’s leasehold land included under right-of-use assets and buildings included under property, plant and equipment (the “Land and Buildings”) are accounted for using revaluation model at the end of the reporting period.

The management of the Group works closely with the independent firm of qualified professional property valuer to establish and determine the appropriate valuation techniques and key inputs for fair value measurements. Where there is a material change in the fair value of the assets, the causes of the fluctuations will be reported to the management of the Group. Information about the valuation techniques and key inputs used in determining the fair value of the Group’s Land and Buildings is disclosed in notes 15 and 16, respectively.

Impairment assessment of trade receivables

The management of the Group estimates the amount of lifetime ECL of trade receivables based on individual assessment, after considering the financial background and the historical settlement records, including the past due dates and default rates of each trade receivable. Estimated loss rates are based on historical observed default rates over the expected life of the debtors and are adjusted for forward-looking information. At every reporting date, the default rates are reassessed and changes in the forward-looking information are considered.

4. 估計不明朗因素之主要來源及關鍵會計判斷（續）

估計不明朗因素之主要來源

以下為有關未來之主要假設及於報告期末之估計不明朗因素之其他主要來源，而該等來源會造成在下一個財政年度內對資產及負債的賬面值作出重大調整的重大風險。

使用重估模式之使用權資產以及物業、廠房及設備的估值

本集團計入使用權資產項下的租賃土地及計入物業、廠房及設備項下的樓宇（「土地及樓宇」）於報告期末採用重估模式入賬。

本集團管理層與獨立合資格專業物業估值師行緊密合作，制訂及釐定公平值計量的合適估值技術及主要輸入數據。當資產的公平值出現重大變動時，造成變動的原因將會匯報予本集團管理層。有關釐定本集團土地及樓宇公平值所使用估值技術及主要輸入數據的資料分別於附註15及 16內披露。

貿易應收款項的減值評估

本集團管理層經考慮財務背景及過往結算記錄（包括各項貿易應收款項的逾期日期及違約率）後，根據個別評估估計貿易應收款項的存續期預期信貸虧損金額。估計虧損率乃根據債務人於預期年期的過往可觀察違約率估計，並按前瞻性資料調整。於各報告日期，已重新評估違約率及考慮前瞻性資料的變動。

The provision of ECL is sensitive to changes in estimates. The information about the ECL and the Group’s trade receivables is disclosed in note 38.

As at 31 March 2021, the carrying amount of trade receivables is HK$745,151,000 (2020: HK$501,672,000). Details of trade receivables are set out in note 19. No loss allowance was recognised for both years.

Assessment of the net realisable value of inventories

Inventories are stated at the lower of cost and net realisable values. The management of the Group is required to exercise judgement in estimating the net realisable value with reference to the ageing analysis of inventories and recent or subsequent usages or sales of inventories. Where the expectation on net realisable value is lower than the cost for certain items, a write down of inventories may arise.

The carrying amount of inventories is HK$474,894,000 (2020: HK$401,171,000) as at 31 March 2021. During the year ended 31 March 2021, obsolete inventories of HK$4,646,000 (2020: HK$2,356,000) are written off.

Estimated useful lives of property, plant and equipment

The management of the Group determines the estimated useful lives and related depreciation charges for its property, plant and equipment as disclosed in note 15. These estimates are based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions.

The management of the Group will increase the depreciation charge where useful lives are expected to be shorter than estimated, or it will write-off or write-down obsolete assets that have been abandoned or sold. Change in these estimations may have a material impact on the results of the Group.

預期信貸虧損撥備對估計的變動敏感。有關預期信貸虧損及本集團貿易應收款項的資料於附註38 披露。

於二零二一年三月三十一日，貿易應收款項的賬面值為 745,151,000 港元（二零二零年： 501,672,000港元）。貿易應收款項的詳情載於附註19。於兩個年度概無確認虧損撥備。

存貨可變現淨值的評估

存貨以成本及可變現淨值的較低者列賬。經參考存貨賬齡分析及存貨近期或其後的使用或銷售，本集團管理層估計可變現淨值時須行使判斷。倘若預計可變現淨值低於若干項目的成本，可能出現存貨撇減。

於二零二一年三月三十一日，存貨的賬面值為 474,894,000港元（二零二零年：401,171,000港元）。於截至二零二一年三月三十一日止年度，陳舊存貨撇銷為4,646,000港元（二零二零年： 2,356,000港元）。

物業、廠房及設備估計可使用年期

本集團管理層釐定其物業、廠房及設備之估計可使用年期及相關折舊開支（於附註15披露）。此等估計乃根據性質及功能相近之物業、廠房及設備之實際可使用年期之過往經驗為基礎。

倘預期可使用年期少於先前估計之年期，本集團管理層將增加折舊開支；本集團管理層亦將已棄置或出售之陳舊資產予以撇銷或撇減。此等估計之變動可能對本集團之業績產生重大影響。

年度報告 2021 ANNUAL REPORT

119

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

5. SEGMENT INFORMATION

HKFRS 8 “Operating Segments” (“HKFRS 8”) requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by Chief Operating Decision Maker (“CODM”) in order to allocate resources to segments and to assess their performance. Specifically, the Group’s reportable segments under HKFRS 8 are organised into two main operating divisions – (i) cable assembly and (ii) networking cables.

The accounting policies the Group used for segment reporting under HKFRS 8 are the same as those used in its HKFRS consolidated financial statements. Information reported to the Group’s chief executive officer, being the CODM, for the purposes of resources allocation and assessment of segment performance focuses on types of goods delivered.

The basis of measurement of segment results has been changed due to the completion of the Acquisition by presenting the segment results of cable assembly and networking cables. The corresponding segment revenue and results for the year ended 31 March 2020 and segment assets and liabilities as at 31 March 2020 have been restated.

Principal activities of the Group’s reportable segments are as follows:

manufacturing and trading of cable assembly products

Cable assembly

–

– Networking cables manufacturing and trading of networking cables products

These divisions are the basis on which the Group reports its operating segment information.

Segment results represent the profit earned or loss incurred by each segment without allocation of results attributable to professional fees and costs relating to acquisition of business, finance costs, unallocated income and unallocated expenses. This is the measure reported to the CODM for the purposes of resource allocation and performance assessment.

5. 分部資料

香港財務報告準則第8號「經營分部」（「香港財務報告準則第8號」）規定經營分部須按照主要營運決策人（「主要營運決策人」）為向分部分配資源及評估其表現而定期審閱有關本集團組成部分的內部報告識別。具體而言，本集團根據香港財務報告準則第8號的可呈報分部分為兩大經營分部 – (i)電線組件及(ii)網絡電線。

本集團根據香港財務報告準則第8號就分部呈報所使用的會計政策與其香港財務報告準則綜合財務報表所採用者相同。向本集團行政總裁（即主要營運決策人）呈報用作分配資源及評估分部表現的資料著重於所交付的商品的類別。

由於收購事項完成，分部業績的計量基準已透過呈列電線組件及網絡電線的分部業績而有所變動。截至二零二零年三月三十一日止年度的相應分部收益及業績以及於二零二零年三月三十一日的分部資產及負債已重列。

本集團可呈報分部的主要業務如下：

電線組件 – 電線組件產品的製造和貿易

網絡電線 – 網絡電線產品的製造和貿易

本集團乃以該等別類為基準呈報其經營分部資料。

分部業績指各分部所賺取的溢利或產生的虧損，惟不包括與收購業務有關的專業費用及成本、財務成本、未分配收入及未分配開支應佔的業績分配。此乃向主要營運決策人報告的計量方式，以供其作出資源分配及評估分類表現。

120 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

5. SEGMENT INFORMATION (continued)

The following is an analysis of the Group’s revenue and results by operating and reportable segments for the year:

(a) Segment revenue and results

For the year ended 31 March 2021

5. 分部資料（續）

以下為本集團於年內按經營及可呈報分部劃分的收益及業績分析：

(a) 分部收益及業績截至二零二一年三月三十一日止年度

	Cable assembly Networking cables Total reportable segments Eliminations 電線組件網絡電線可呈報分部總計撇除 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元	Total 總計 HK$'000 千港元
Segment revenue 分部收益 External sales 外部銷售 Inter-segment sales 分部間銷售 Segment results 分部業績 Professional fees and costs relating to acquisition of business 有關收購業務的專業費用及成本 Finance costs 融資成本 Unallocated income 未分配收入 Unallocated expenses 未分配開支 Profit before taxation 除稅前溢利	1,655,508 1,352,511 3,008,019 – 122 22,220 22,342 (22,342)	3,008,019 –
	1,655,630 1,374,731 3,030,361 (22,342)	3,008,019
	253,818 71,650 325,468 –	325,468 (4,168) (42,525) 628 (11,292)
		268,111

For the year ended 31 March 2020 (restated)

截至二零二零年三月三十一日止年度（經重列）

	Cable assembly Networking cables Total reportable segments Eliminations 電線組件網絡電線可呈報分部總計撇除 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元	Total 總計 HK$'000 千港元
Segment revenue 分部收益 External sales 外部銷售 Inter-segment sales 分部間銷售 Segment results 分部業績 Professional fees and costs relating to acquisition of business 有關收購業務的專業費用及成本 Finance costs 融資成本 Unallocated income 未分配收入 Unallocated expenses 未分配開支 Profit before taxation 除稅前溢利	1,438,630 1,341,520 2,780,150 – 146 20,141 20,287 (20,287)	2,780,150 –
	1,438,776 1,361,661 2,800,437 (20,287)	2,780,150
	190,173 97,858 288,031 –	288,031 (19,079) (70,245) 1,110 (10,965)
		188,852

年度報告 2021 ANNUAL REPORT 121

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

5. SEGMENT INFORMATION (continued)

(b) Segment assets and liabilities

An analysis of the Group’s segment assets and segment liabilities by reportable and operating segments is as follows:

5. 分部資料（續）

(b) 分部資產及負債本集團按可呈報及經營分部劃分的分部資產及分部負債分析如下：

At 31 March 2021 Cable assembly Networking cables 於二零二一年三月三十一日電線組件網絡電線 HK$'000 HK$'000 千港元千港元	Consolidated 綜合 HK$'000 千港元
Assets 資產 Reportable segment assets 可呈報分部資產 985,734 1,610,509 Unallocated assets 未分配資產 Consolidated total assets 綜合總資產 Liabilities 負債 Reportable segment liabilities 可呈報分部負債 415,036 306,374 Unallocated liabilities 未分配負債 Consolidated total liabilities 綜合負債總額 At 31 March 2020 (restated) Cable assembly Networking cables 於二零二零年三月三十一日（經重列）電線組件網絡電線 HK$'000 HK$'000 千港元千港元	2,596,243 2,721
	2,598,964
	721,410 1,013,153
	1,734,563
	Consolidated 綜合 HK$'000 千港元
Assets 資產 Reportable segment assets 可呈報分部資產 1,032,941 2,145,675 Unallocated assets 未分配資產 Consolidated total assets 綜合總資產 Liabilities 負債 Reportable segment liabilities 可呈報分部負債 385,721 447,171 Unallocated liabilities 未分配負債 Consolidated total liabilities 綜合負債總額	3,178,616 8,815
	3,187,431
	832,892 1,188,644
	2,021,536

For the purposes of monitoring segment performances and allocating resources between segments:

all assets are allocated to operating segments other than certain other receivables, bank balances and cash and other unallocated assets; and
all liabilities are allocated to operating segments other than certain bank borrowings, other payables and other unallocated liabilities.

為監控分部表現並在分部之間分配資源：

除若干其他應收款項、銀行結餘及現金以及其他未分配資產外，所有資產均分配至經營分部；及
除若干銀行借款、其他應付款項及其他未分配負債外，所有負債均分配至經營分部。

122 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

SEGMENT INFORMATION(continued) (c) Other information For the year ended 31 March 2021 Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 For the year ended 31 March 2020 (restated) Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Information about the Group’s revenue from external customers presented based on the geographical location of the customers is as follows: 5.	SEGMENT INFORMATION(continued) (c) Other information For the year ended 31 March 2021 Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 For the year ended 31 March 2020 (restated) Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Information about the Group’s revenue from external customers presented based on the geographical location of the customers is as follows: 5.	Cable assembly Networking cables Consolidated 電線組件網絡電線綜合 HK$'000 HK$'000 HK$'000 千港元千港元千港元分部資料（續） (c)其他資料截至二零二一年三月三十一日止年度計入分部溢利或虧損或分部資產計量的金額。
	Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 For the year ended 31 March 2020 (restated) Amounts included in the measure of segment profit or loss or segment assets.	38,886 8,714 47,600 24,567 33,146 57,713 8,916 5,287 14,203 1,991 47 2,038 4,646 – 4,646
		Cable assembly Networking cables Consolidated 電線組件網絡電線綜合 HK$'000 HK$'000 HK$'000 千港元千港元千港元截至二零二零年三月三十一日止年度（經重列）計入分部溢利或虧損或分部資產計量的金額。
	Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Information about the Group’s revenue from external customers presented based on the geographical location of the customers is as follows:	13,132 41,299 54,431 22,430 33,446 55,876 8,486 1,351 9,837 26 33 59 2,356 – 2,356
		有關本集團按照客戶的地理位置呈列來自外部客戶的收益資料如下：

5. SEGMENT INFORMATION (continued)

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
PRC 中國 The United States of America 美國 Netherlands 荷蘭 Singapore 新加坡 Hong Kong 香港 United Kingdom 英國 Others 其他	1,582,132 1,347,544 752,591 700,977 184,299 139,275 176,095 171,507 117,691 157,340 36,557 68,619 158,654 194,888
	3,008,019 2,780,150

年度報告 2021 ANNUAL REPORT 123

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

5. SEGMENT INFORMATION (continued)

Information about the Group’s non-current assets (excluding financial assets at FVTPL and rental deposits) is presented based on the geographical location of the assets:

5. 分部資料（續）

有關本集團的非流動資產（不包括按公平值計入損益的金融資產及租賃按金）的資料按資產的地理位置呈列：

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
PRC 中國 Hong Kong 香港	1,128,657 766,826 11,906 9,931
	1,140,563 776,757

Information about major customers

Revenues from customers of the corresponding years contributing over 10% of the total revenue of the Group are as follows:

有關主要客戶的資料

於相應年度之收益貢獻佔本集團總收益10%以上的客戶如下：

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Customer A	客戶A	478,094	485,105
Customer B	客戶B	807,135	677,183
Customer C	客戶C	476,338	456,472
Customer D	客戶D	N/A不適用*	350,146

The corresponding revenue did not contribute over 10% of the total revenue of the Group.

6. REVENUE

Revenue represents the fair value of amounts received and receivable by the Group in respect of the manufacturing and sales of cable assembly products and networking cables products, during the years ended 31 March 2021 and 2020.

The revenue of the Group derives from manufacturing and sales of cable assembly products and networking cables products. The Group’s revenue is fixed price and short-term contracts. The normal credit term is 30 to 120 days upon delivery.

The revenue of the Group is recognised at a point in time except for revenue from certain sales, which are recognised over time. Under the transfer-of-control approach in HKFRS 15, revenue from certain sales of goods to the Group’s customers in connection with the production of cable assembly products and networking cables products are recognised when the goods are physically passed to the customers, which is the point in time when the goods have been delivered or shipped to the customers’ specific location (delivery) and the customer has the ability to direct the use of the goods and obtain substantially all of the remaining benefits of the goods upon customer acceptance. For certain sales of cable assembly, revenue is recognised over time when the performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

All sales contracts are for periods of one year or less. As permitted under HKFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.

相應收益貢獻並無佔本集團總收益10%以上。

6. 收益

收益指本集團於截至二零二一年及二零二零年三月三十一日止年度內就電線組件產品及網絡電線產品的製造及銷售已收及應收款項的公平值。

本集團收益來自電線組件產品及網絡電線產品的製造及銷售。本集團收益為固定價格及短期合約。一般信貸期為交付後30至120日。

本集團收益於某一時間點確認，惟自若干銷售產生的收益（隨時間確認）除外。根據香港財務報告準則第15號下的控制權轉移方法，來自向涉及生產電線組件產品及網絡電線產品的本集團客戶作出的若干貨品銷售所帶來的收益於貨品實際轉讓予客戶時（當貨品已交付或運送至客戶指定地點（送貨）時及客戶驗收後有能力管理貨品的使用並獲得該貨品的絕大部分剩餘利益的某一時間點）確認。就若干電線組件銷售而言，當在履約過程中沒有設置對本集團而言有另類用途的資產，而本集團可強制執行其權利收回累計至今已完成履約部分之款項，收益隨時間確認。

所有銷售合約乃於一年或以下的期間進行。按照香港財務報告準則第15號所允許，並無披露分配至該等未達成合約的交易價格。

124 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

6. 收益（續）

6. REVENUE (continued)

主要產品所得收益本集團自其主要產品所得收益的分析如下：

Revenue from its major products

The following is an analysis of the Group’s revenue from its major products:

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Cable assembly 電線組件 – Optical fibres –光纖 – Copper –銅 Networking cables 網絡電線 – Cat 6/6A cables – Cat 6/6A電線 – Cat 5/5e cables – Cat 5/5e電線 – Cat 7/7A cables – Cat 7/7A電線 – Others –其他	970,582 827,792 684,927 610,838 1,001,233 934,610 226,309 220,986 44,683 100,127 80,285 85,797
	3,008,019 2,780,150
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Over time 隨時間 Point in time 於某一時間點 OTHER INCOME 7.其他收入	807,135 677,183 2,200,884 2,102,967
	3,008,019 2,780,150
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Government grants (note) 政府補助（附註） Interest income 利息收入 Others 其他	11,585 12,060 627 1,113 1,743 1,893
	13,955 15,066

7. OTHER INCOME

Note: During the year ended 31 March 2021, the Group recognised government grants of HK$1,674,000 (2020: nil) relating to Employment Support Scheme provided by the Hong Kong Government. The remaining government grants for both years are related to export and other incentive payments received by the Group from relevant government departments. There are no unfulfilled conditions attached to these grants.

附註：於截至二零二一年三月三十一日止年度，本集團確認香港政府所發放有關保就業計劃的政府補助1,674,000港元（二零二零年：無）。兩個年度餘下政府補助均與本集團從相關政府部門收取的出口及其他獎勵款項有關。該等補助並無附帶未達致條件。

年度報告 2021 ANNUAL REPORT 125

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

8. 其他收益及虧損

8. OTHER GAINS AND LOSSES

OTHER GAINS AND LOSSES 8.其他收益及虧損	OTHER GAINS AND LOSSES 8.其他收益及虧損
2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Net foreign exchange loss (gain) 外匯虧損（收益）淨額 9,190 (5,601) Loss on disposal of property, plant and equipment 出售物業、廠房及設備的虧損 2,038 59 Gain on change in fair value of financial assets at FVTPL 按公平值計入損益的金融資產的公平值變動收益 (258) (198) 10,970 (5,740) FINANCE COSTS 2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列） 9.融資成本
	10,970 (5,740)
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Interest on unsecured bank borrowings 無抵押銀行借款利息 Interest on lease liabilities 租賃負債利息 PROFIT BEFORE TAXATION 10.除稅前溢利	39,803 67,377 2,722 2,868
	42,525 70,245
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Profit before taxation has been arrived at after charging: 除稅前溢利經扣除以下達致： Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Less: capitalised in inventories 減：存貨資本化 Less: included in research and development expenses 減：包含於研發開支內 Directors’ emoluments (note 11) 董事酬金（附註11） Other staff costs 其他員工成本 Retirement benefits schemes contributions for other staff 其他員工的退休福利計劃供款 Equity-settled share-based payment for other staff 其他員工按權益結算以股份為基礎的款項 Total staff costs 員工成本總額 Less: capitalised in inventories 減：存貨資本化 Less: included in research and development expenses 減：包含於研發開支內 Auditor’s remuneration 核數師酬金 Cost of inventories recognised as expense (note) 確認為開支的存貨成本（附註） Expense relating to short-term leases 有關短期租賃的開支	57,713 55,876 14,203 9,837 (58,293) (54,690) (3,615) (2,225)
	10,008 8,798
	14,569 12,228 336,929 286,754 33,348 37,126 4,009 4,316
	388,855 340,424 (261,899) (226,641) (43,140) (31,432)
	83,816 82,351
	2,680 2,311 2,427,802 2,280,536 3,627 3,823

9. FINANCE COSTS

10. PROFIT BEFORE TAXATION

Note: Write off of inventories amounting to HK$4,646,000 (2020: HK$2,356,000) was recognised as an expense during the year ended 31 March 2021.

附註：截至二零二一年三月三十一日止年度，撇銷存貨 4,646,000 港元（二零二零年： 2,356,000港元）確認為開支。

126 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

11. 董事、行政總裁及僱員酬金

11. DIRECTORS’, CHIEF EXECUTIVE OFFICER’S AND EMPLOYEES’ EMOLUMENTS

(a) 董事酬金

(a) Directors’ emoluments

已付或應付本公司董事之酬金載列如下：

The emoluments paid or payable to directors of the Company are as follows:

	Fees Salaries and allowances Performance related incentive payment Equity- settled share-based payments Retirement benefits schemes contributions Total 袍金薪金及津貼表現相關獎金按權益結算以股份為基礎的款項退休福利計劃供款總計 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
For the year ended 31 March 2021 截至二零二一年三月三十一日止年度 *Executive directors:* 執行董事： Mr. Cua Tin Yin Simon (note) 柯天然先生（附註） – 3,120 3,382 376 144 7,022 Mr. Wong Chi Kuen 黃志權先生 – 2,470 3,191 342 114 6,117 *Non-executive director:* 非執行董事： Mr. Paul Lo 羅仲煒先生 390 – – 65 – 455 *Independent non-executive directors:* 獨立非執行董事： Mr. Ho Hin Shun 何顯信先生 260 – – 65 – 325 Mr. Luk Wai Shing 陸偉成先生 260 – – 65 – 325 Mr. Chan Chung Shun Eric 陳忠信先生 260 – – 65 – 325 1,170 5,590 6,573 978 258 14,569 For the year ended 31 March 2020 截至二零二零年三月三十一日止年度 *Executive directors:* 執行董事： Mr. Cua Tin Yin Simon (note) 柯天然先生（附註） – 3,120 2,238 746 144 6,248 Mr. Wong Chi Kuen 黃志權先生 – 2,470 1,119 677 114 4,380 *Non-executive director:* 非執行董事： Mr. Paul Lo 羅仲煒先生 360 – – 130 – 490 *Independent non-executive directors:* 獨立非執行董事： Mr. Ho Hin Shun 何顯信先生 240 – – 130 – 370 Mr. Luk Wai Shing 陸偉成先生 240 – – 130 – 370 Mr. Chan Chung Shun Eric 陳忠信先生 240 – – 130 – 370 1,080 5,590 3,357 1,943 258 12,228 Note: Mr. Cua Tin Yin Simon is the chief executive officer of the Company and his emoluments disclosed above include those for services rendered by him as the chief executive officer. 附註：柯天然先生為本公司的行政總裁，上文所披露其酬金包括彼擔任行政總裁提供服務的酬金。	– 3,120 3,382 376 144 7,022 – 2,470 3,191 342 114 6,117 390 – – 65 – 455 260 – – 65 – 325 260 – – 65 – 325 260 – – 65 – 325
	1,170 5,590 6,573 978 258 14,569
	– 3,120 2,238 746 144 6,248 – 2,470 1,119 677 114 4,380 360 – – 130 – 490 240 – – 130 – 370 240 – – 130 – 370 240 – – 130 – 370
	1,080 5,590 3,357 1,943 258 12,228

Note: Mr. Cua Tin Yin Simon is the chief executive officer of the Company and his emoluments disclosed above include those for services rendered by him as the chief executive officer.

上述所列執行董事酬金乃為其管理本集團事務有關之服務薪酬。上文所示非執行董事及獨立非執行董事的薪酬為彼等擔任本公司董事的服務酬金。

The executive directors’ emoluments shown above were for their services in connection with the management of affairs of the Group. The emoluments of non-executive director and independent non-executive directors shown above were for their services as directors of the Company.

表現相關獎金參考經營業績及個人表現而釐定。

The performance related incentive payment is determined with reference to the operating results and individual performance.

年度報告 2021 ANNUAL REPORT 127

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

11. DIRECTORS’, CHIEF EXECUTIVE OFFICER’S AND EMPLOYEES’ EMOLUMENTS

11. 董事、行政總裁及僱員酬金（續）

(continued)

(b) Employees’ emoluments

Of the five individuals with the highest emoluments in the Group, 2 (2020: 2) were directors and the chief executive officer of the Company whose emoluments are included in the disclosures above. The emoluments of the remaining 3 (2020: 3) individuals were as follows:

(b) 僱員酬金

本集團五名最高薪酬人士中，兩名（二零二零年：兩名）為本公司董事及行政總裁（彼等之酬金載於上述披露中）。其餘三名（二零二零年：三名）人士的酬金如下：

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Salaries and other benefits 薪金及其他福利 Performance related incentive payment 表現相關獎金 Equity-settled share-based payments 按權益結算以股份為基礎的款項 Retirement benefits schemes contributions 退休福利計劃供款	4,777 4,870 1,472 1,345 470 722 110 108
	6,829 7,045

The performance related incentive payment is determined with reference to the operating results and individual performance.

The number of the five highest paid employees who are not the directors nor the chief executive officer of the Company whose emoluments fell within the following bands are as follows:

表現相關獎金參考經營業績及個人表現而釐定。非本公司董事或行政總裁的五名最高薪酬僱員，其酬金介乎下列範疇內：

	Number of individuals 人數 2021 2020 (restated) （經重列）
HK$1,500,001 to HK$2,000,000 1,500,001港元至2,000,000港元 HK$2,000,001 to HK$2,500,000 2,000,001港元至2,500,000港元 HK$2,500,001 to HK$3,000,000 2,500,001港元至3,000,000港元	1 1 1 1 1 1
	3 3

No emoluments were paid by the Group to the directors of the Company and the chief executive officer of the Group or the five highest paid individuals (including directors, chief executives and employees) as an inducement to join or upon joining the Group or as compensation for loss of office. None of the directors of the Company nor the chief executive officer of the Group waived any emoluments during both years.

12. TAXATION

本集團並無向本公司董事及本集團行政總裁或五名最高薪人士（包括董事、最高行政人員及僱員）支付任何酬金作為加入本集團或在加入本集團時的獎勵或離職補償。於兩個年度，概無本公司董事或本集團行政總裁放棄任何薪酬。

12. 稅項

TAXATION 12.稅項
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Hong Kong Profits Tax 香港利得稅 Current tax 即期稅項 Underprovision in respect of prior years 於過往年度撥備不足 PRC Enterprise Income Tax (“EIT”) 中國企業所得稅（「企業所得稅」） Current tax 即期稅項 Overprovision in respect of prior years 過往年度超額撥備 Withholding tax in the PRC 中國預扣稅 Deferred tax (note 27) 遞延稅項（附註27）	21,953 21,098 1 228
	21,954 21,326
	17,798 10,254 – (1,950) 1,603 3,599
	19,401 11,903
	125 1,139
	41,480 34,368

(i) Hong Kong Profits Tax

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both years.

(i) 香港利得稅

於兩個年度，香港利得稅按估計應課稅溢利的16.5%計算。

匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

128

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

12. TAXATION (continued)

(ii) PRC EIT

Under the Law of the PRC on EIT (the “EIT Law”) and Implementation Regulation of the EIT Law, the tax rate of the PRC subsidiaries is 25%. Pursuant to the relevant laws and regulations in the PRC, certain entities of the Group operating in the PRC were awarded the Advanced-Technology Enterprise Certificate and are eligible for tax concessionary rate of 15% for the years ended 31 March 2021 and 2020.

Certain entities operating in the PRC that have taxable income of not more than RMB 3 million are qualified as small and micro enterprises for the years ended 31 March 2021 and 2020. For the first RMB1 million taxable income, 25% of its first RMB1 million taxable income would be taxed at a reduced rate of 20%. With effect from 1 January 2021, these entities were entitled to a further reduced EIT rate of 10% on 25% of its first RMB1 million taxable income. For the portion over first RMB1 million and up to RMB3 million, only 50% of the taxable income would be taxed at a reduced EIT rate of 20%.

The withholding tax mainly represented taxation recognised in respect of dividend income from PRC subsidiaries and is recognised at tax rates of 10% (2020: 5%) in accordance with the Implementation Regulation of the EIT Law of the PRC.

12. 稅項（續）

(ii) 中國企業所得稅

根據中國企業所得稅法（「企業所得稅法」）及企業所得稅法實施細則，中國附屬公司的稅率為25% 。根據中國相關法律及法規，本集團於中國營運的若干實體獲頒高新技術企業證書，並於截至二零二一年及二零二零年三月三十一日止年度符合資格享有15%的優惠稅率。

於中國營運且應課稅收入不超過人民幣3百萬元的若干實體於截至二零二一年及二零二零年三月三十一日止年度符合小微企業的資格。對於首筆人民幣1百萬元的應課稅收入，其首筆人民幣1百萬元應課稅收入的 25%將按20%的減緩稅率繳稅。自二零二一年一月一日起，該等實體有權就其首筆人民幣1百萬元應課稅收入的25%進一步降低 10%企業所得稅稅率。對於首筆人民幣1百萬元以上至3百萬元以下的部分，僅50%的應課稅收入將按20%的減緩企業所得稅稅率繳稅。

預扣稅主要指就來自中國附屬公司的股息收入確認的稅項，並根據中國企業所得稅法實施細則按10%（二零二零年：5%）的稅率確認。

According to relevant laws and regulations promulgated by the State Tax Bureau of the PRC that was effective from 2008 onwards, enterprises engaging in research and development activities are entitled to claim an additional 75% of their research and development expense so incurred as tax deductible expenses when determining their assessable profits for the period up to 31 December 2020. With effect from 1 January 2021, these entities are entitled to claim an additional 100% of their research and development expenses (“Super Deduction”). The Group has made its best estimate for the Super Deduction to be claimed for the Group’s entities in ascertaining their assessable profits for the year ended 31 March 2021.

Taxation for the year can be reconciled to the profit before taxation as follows:

根據中國國家稅務局頒佈的自二零零八年起生效的相關法律及法規，從事研發活動的企業於釐定直至二零二零年十二月三十一日應課稅溢利時，有權要求將其產生的研發開支的額外75%列作可扣稅開支。自二零二一年一月一日起，該等實體有權額外要求其研發開支的100%（「超額抵扣」）。本集團已就本集團實體可要求的超額抵扣作出最佳估計，以確定截至二零二一年三月三十一日止年度的應課稅溢利。

年度稅項可與除稅前溢利對賬如下：

2021
2020
HK$'000
HK$'000
千港元
千港元
(restated)
（經重列）

Profit before taxation
除稅前溢利
268,111
188,852
Tax charge of Hong Kong Profits Tax at 16.5% (2020: 16.5%) 按16.5%稅率計算的香港利得稅支出
（二零二零年：16.5%）
44,238
31,161
Tax effect of expenses not deductible for tax purposes
就稅務目的不可扣稅開支的稅務影響
4,404
5,456
Tax effect of income not taxable for tax purposes
就稅務目的毋須課稅收入的稅務影響
(469)
(137)
Tax effect of tax losses not recognised
未確認稅項虧損的稅務影響
523
–
Tax effect of utilisation of tax losses not recognised
動用未確認稅項虧損的稅務影響
(84)
(61)
Effect of income tax on concessionary rates for PRC subsidiaries所得稅對中國附屬公司優惠稅率的影響
(3,862)
(1,421)
Effect of different tax rates of subsidiaries in jurisdictions other
than Hong Kong
香港以外司法權區的附屬公司之不同
稅率的稅務影響
1,178
1,190
Under(over)provision in respect of prior years
於過往年度撥備不足（超額撥備）
1
(1,722)
Super Deduction for research and development expenses
研發開支的超額抵扣
(5,925)
(4,345)
Effect of withholding tax on dividend income from PRC
subsidiaries
預扣稅對來自中國附屬公司的股息收入
的影響
1,603
3,599
Others
其他
(127)
648
Taxation for the year
年度稅項
41,480
34,368

268,111
188,852

41,480
34,368

年度報告 2021 ANNUAL REPORT 129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

13. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data:

13. 每股盈利

本公司擁有人應佔每股基本及攤薄盈利乃按下列數據計算：

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Earnings for the purposes of calculating basic and diluted earnings per share (profit for the year attributable to owners of the Company) 用以計算每股基本及攤薄盈利的盈利（本公司擁有人應佔年內溢利）	226,361 154,080
	Number of shares 股數 2021 2020 '000 '000 千股千股
Weighted average number of ordinary shares for the purpose of calculating basic earnings per share 用以計算每股基本盈利的普通股加權平均股份數目 Effect of dilutive potential ordinary shares: 潛在攤薄普通股的影響： – Share options –購股權 Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 用以計算每股攤薄盈利的普通股加權平均股份數目	1,840,057 1,840,000 – 17,419
	1,840,057 1,857,419

The computation of diluted earnings per share for the year ended 31 March 計算截至二零二一年三月三十一日止年度每股攤 2021 did not assume the exercise of the Company’s share options because the 薄盈利時並無假設行使本公司購股權，因購股權 adjusted exercise price of the share options (after the adjustment of the fair 的經調整行使價（調整未歸屬購股權公平值後）高 value of the unvested share options) was higher than the average market prices 於截至二零二一年三月三十一日止年度的本公司 of shares of the Company during the year ended 31 March 2021. 股份平均市價。

14. DIVIDENDS

14. 股息

DIVIDENDS 14.股息
	2021 2020 HK$'000 HK$'000 千港元千港元
Dividends recognised as distribution during the year: 於年內確認為分派的股息： 2020 final dividend – HK1.5 cents (2020: 2019 final dividend – HK2 cents) per ordinary share 二零二零年末期股息–每股普通股 1.5港仙（二零二零年：二零一九年末期股息－每股普通股2港仙） 2021 interim dividend – HK1.5 cents (2020: 2020 interim dividend – HK1 cent) per ordinary share 二零二一年中期股息–每股普通股 1.5港仙（二零二零年：二零二零年中期股息－每股普通股1港仙）	27,600 36,800 27,600 18,400
	55,200 55,200

On 28 June 2021, a final dividend of HK 1.5 cents per ordinary share in respect of the year ended 31 March 2021, totalling HK$27,606,000 has been proposed by the board of directors of the Company. The final dividend is subject to approval by the shareholders of the Company in the forthcoming annual general meeting.

於二零二一年六月二十八日，本公司董事會建議就截至二零二一年三月三十一日止年度派發末期股息每股普通股1.5港仙，總額為27,606,000港元。末期股息須待本公司股東於應屆股東週年大會上批准。

130 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT

15. 物業、廠房及設備

PROPERTY, PLANT AND E	QUIPMENT			15.	物業、廠房	及設備
						Furniture,
			Leasehold	Plant and	Tools and	fixtures and	Motor
		Buildings	improvements	machinery	moulds	equipment	vehicles	Total
						傢俬、裝置
		樓宇	租賃物業裝修	廠房及機器	工具及模具	及設備	汽車	總計
		HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
		千港元	千港元	千港元	千港元	千港元	千港元	千港元
COST OR VALUATION	成本或估值
At 31 March 2019 (audited and	於二零一九年三月三十一日
originally stated)	（經審核及原列）	75,698	83,068	43,633	14,877	31,968	3,769	253,013
Merger accounting restatement	合併會計處理重列（附註1）
(note 1)		151,385	31,922	681,893	21,034	30,736	7,177	924,147
At 1 April 2019 (restated)	於二零一九年四月一日
	（經重列）	227,083	114,990	725,526	35,911	62,704	10,946	1,177,160
Currency realignment	貨幣調整	(13,458)	(7,281)	(45,573)	(2,423)	(4,200)	(577)	(73,512)
Additions	添置	–	1,883	38,401	4,545	7,376	514	52,719
Disposals/written off	出售╱撇銷	–	–	(495)	–	(434)	–	(929)
At 31 March 2020 (restated)	於二零二零年三月三十一日
	（經重列）	213,625	109,592	717,859	38,033	65,446	10,883	1,155,438
Currency realignment	貨幣調整	18,259	9,377	58,551	3,317	5,987	723	96,214
Additions	添置	–	3,316	21,842	2,828	13,214	125	41,325
Disposals/written off	出售╱撇銷	–	–	(3,651)	–	(897)	(498)	(5,046)
Loss on revaluation to profit or loss	計入損益的重估虧損	(5,755)	–	–	–	–	–	(5,755)
Reclassification on revaluation to	計入重估儲備的重估
revaluation reserve	重新分類	(2,110)	–	–	–	–	–	(2,110)
At 31 March 2021	於二零二一年三月三十一日	224,019	122,285	794,601	44,178	83,750	11,233	1,280,066
ACCUMULATED DEPRECIATION	累計折舊
At 31 March 2019 (audited and	於二零一九年三月三十一日
originally stated)	（經審核及原列）	445	38,714	14,027	8,108	15,046	1,521	77,861
Merger accounting restatement	合併會計處理重列（附註1）
(note 1)		55,513	15,356	299,082	13,121	25,119	5,015	413,206
At 1 April 2019 (restated)	於二零一九年四月一日
	（經重列）	55,958	54,070	313,109	21,229	40,165	6,536	491,067
Currency realignment	貨幣調整	(3,552)	(3,735)	(20,065)	(1,425)	(2,699)	(411)	(31,887)
Provided for the year	年度撥備	4,640	14,617	28,028	2,488	5,081	1,022	55,876
Disposals/written off	出售╱撇銷	–	–	(127)	–	(353)	–	(480)
At 31 March 2020 (restated)	於二零二零年三月三十一日
	（經重列）	57,046	64,952	320,945	22,292	42,194	7,147	514,576
Currency realignment	貨幣調整	4,648	6,053	27,050	1,975	3,765	540	44,031
Provided for the year	年度撥備	5,496	15,105	27,521	2,459	6,172	960	57,713
Disposals/written off	出售╱撇銷	–	–	(1,485)	–	(796)	(449)	(2,730)
Eliminated on revaluation	於重估時抵銷	(67,190)	–	–	–	–	–	(67,190)
At 31 March 2021	於二零二一年三月三十一日	–	86,110	374,031	26,726	51,335	8,198	546,400
CARRYING VALUES REPRESENTING	賬面值即
At 31 March 2021	於二零二一年三月三十一日
– Cost	－成本	–	36,175	420,570	17,452	32,415	3,035	509,647
– Valuation	－估值	224,019	–	–	–	–	–	224,019
		224,019	36,175	420,570	17,452	32,415	3,035	733,666
At 31 March 2020 (restated)	於二零二零年三月三十一日
	（經重列）
– Cost	－成本	156,579	44,640	396,914	15,741	23,252	3,736	640,862
At 1 April 2019 (restated)	於二零一九年四月一日
	（經重列）
– Cost	－成本	171,125	60,920	412,417	14,682	22,539	4,410	686,093

年度報告 2021 ANNUAL REPORT 131

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT (continued)

Depreciation is provided to write off the cost of items of property, plant and equipment, using straight-line method or reducing balance method over the following useful lives:

Straight-line method:
Buildings	Over the shorter of the remaining term
	of the related land lease or estimated
	useful lives
Leasehold improvements	Over the shorter of the term of the lease or
	10 years
Tools and moulds	5 – 10 years
Furniture, fixtures and	5 – 10 years
equipment
Motor vehicles	5 years
Reducing balance method:
Plant and machinery	10 – 15 years

15. 物業、廠房及設備（續）

就物業、廠房及設備項目按照以下可使用年期以直線法或餘額遞減法撇銷其成本計提折舊：

直線法：

樓宇相關土地租賃剩下租期或估計可使用年期（以較短者為準）租賃物業裝修租期或10年（以較短者為準）工具及模具 5至10年傢俬、裝置及設備 5至10年汽車 5年餘額遞減法：廠房及機器 10至15年

Fair value measurement of the Land and Buildings

The Group has accounted for the Land and Buildings using the cost model in previous years. In order to more accurately reflect the value of the Land and Buildings held by the Group and provide more relevant information to the users of the financial statements of the Group, the directors of the Company have approved changes in the accounting policies of the Group for the Land and Buildings from cost model to revaluation model with effect from 30 June 2020. The Group has adopted the change in accounting policy of the Land and Buildings prospectively.

Upon the change to revaluation model on 30 June 2020, these Land and Buildings were revalued with gain on revaluation of approximately HK$231,518,000 arising from right-of-use assets and approximately HK$64,037,000 arising from property, plant and equipment, respectively, net of the corresponding deferred tax liability of approximately HK$69,687,000, have been credited to property revaluation reserve through other comprehensive income. A loss on revaluation on a building of approximately HK$5,282,000 from property, plant and equipment is recognised in profit or loss.

The Group’s Land and Buildings were revalued on 31 March 2021 by RHL Appraisal Limited, an independent qualified valuer not related to the Group. The resulting revaluation surplus of approximately HK$26,337,000 arising from right-of-use assets and approximately HK$1,043,000 arising from property, plant and equipment, respectively, net of the corresponding total deferred tax liability of approximately HK$8,293,000, have been credited to the property revaluation reserve for the year ended 31 March 2021. A further loss on revaluation on a building of approximately HK$473,000 from property, plant and equipment is recognised in profit or loss. The valuations by the independent qualified valuer are arrived by direct comparison approach assuming sale of the Land and Buildings in their existing states with their highest and best use and by making reference to comparable sales transactions as available in the relevant market. The direct comparison approach is based on market observable recent transactions of similar properties in similar locations.

土地及樓宇之公平值計量本集團於過往年度採用成本模式將土地及樓宇入賬。為能更準確反映本集團持有的土地及樓宇的價值，並為本集團財務報表的使用者提供更多有關資料，本公司董事已批准將本集團土地及樓宇的會計政策由成本模式更改為重估模式，自二零二零年六月三十日起生效。本集團已追溯採納土地及樓宇會計政策的變動。

自二零二零年六月三十日更改為重估模式後，該等土地及樓宇經重估後，由使用權資產以及物業、廠房及設備產生的重估收益分別約 231,518,000港元及約64,037,000港元，扣除相應遞延稅項負債約69,687,000港元後，已透過其他全面收入計入物業重估儲備。由物業、廠房及設備產生的樓宇重估虧損約5,282,000港元於損益中確認。

本集團的土地及樓宇由與本集團並無關連的獨立合資格估值師永利行評值顧問有限公司在二零二一年三月三十一日重估。由使用權資產以及物業、廠房及設備產生的重估盈餘分別約 26,337,000港元及約1,043,000港元，扣除相應遞延稅項負債總額約8,293,000港元後，已計入截至二零二一年三月三十一日止年度的物業重估儲備。由物業、廠房及設備進一步產生的樓宇重估虧損約473,000港元於損益中確認。獨立合資格估值師所得出的估值乃使用直接比較法而達致，當中假設土地及樓宇以其最高及最佳用途的現況出售，並參考相關市場上可得的可比較銷售交易資料。直接比較法乃基於類似地點、類似物業的市場可觀察近期交易資料。

132 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT (continued)

Fair value measurement of the Land and Buildings (continued)

For the year ended 31 March 2021, a total revaluation surplus of approximately HK$257,855,000 arising from right-of-use assets and approximately HK$65,080,000 arising from property, plant and equipment, respectively, and corresponding deferred tax liability of approximately HK$77,980,000 were recognised.

If the Land and Buildings of the Group had not been revalued, they would have been included in these consolidated financial statements at historical cost less accumulated depreciation and their carrying amounts would have been approximately HK$163,666,000 as property, plant and equipment and approximately HK$93,253,000 as right-of-use assets as at 31 March 2021. No comparative amounts at 31 March 2020 have been disclosed since the Group changed to revaluation model for these assets since 30 June 2020.

The following table gives information about how the fair values of these Land and Buildings are determined (in particular, the valuation technique and inputs used), as well as the fair value hierarchy into which the fair value measurements are categorised (Level 1 to 3) based on the degree to which the inputs to the fair value measurements is observable.

15. 物業、廠房及設備（續）

土地及樓宇之公平值計量（續）

截至二零二一年三月三十一日止年度，已確認來自使用權資產以及物業、廠房及設備產生的重估盈餘總額分別約 257,855,000 港元及約 65,080,000 港元，以及相應遞延稅項負債約 77,980,000港元。

如本集團土地及樓宇並無重估，其將按歷史成本減累計折舊計入該等綜合財務報表內，而其於二零二一年三月三十一日列作物業、廠房及設備以及使用權資產的賬面值將分別為約163,666,000 港元及約93,253,000港元。由於本集團自二零二零年六月三十日起就該等資產更改至重估模式，故並無披露於二零二零年三月三十一日的比較金額。

下表列示如何釐定該等土地及樓宇的公平值的資料（尤其是所使用的估值技術及輸入數據），以及基於公平值計量輸入數據的可觀察程度所釐定公平值計量所屬的公平值層級（第一級至第三級）。

			Fair value	Valuation techniques and key	Significant unobservable
Description	Fair value at		hierarchy	inputs	inputs	Sensitivity
描述	於以下日期的公平值		公平值層級估值技術及主要輸入數據		重大不可觀察輸入數據	敏感度
	31.3.2021	31.3.2020
	HK$'000	HK$'000
	千港元	千港元
Buildings in the PRC	224,019	N/A	Level 3	Direct comparison method	Price per square metre, using	A significant increase in
				based on market observable	market direct comparable	the price per square meter
				transactions of similar	properties and taking into	used would result in a
				properties adjusted timing of	account location and other	significant increase in the fair
				reference transactions and	individual factors such as road	value measurement of the
				property-specific adjustments	frontage, size of property	buildings, and vice versa.
				including nature, location and	etc., which is ranged from
				conditions of the property.	RMB1,474 to RMB2,088
					(2020: N/A) per square meter.
位於中國的樓宇	224,019	不適用	第三級	直接比較法，乃基於類似物	每平方米價格，乃採用市場	所使用每平方米價格大幅上
				業的市場可觀察交易，就參	直接可比較物業並經考慮位	升將導致樓宇公平值計量大
				考交易的時間進行調整，並	置以及臨街道路、物業大小	幅上升，反之亦然。
				作出物業特定調整，包括物	等其他個別因素，每平方米
				業的性質、位置及狀況。	介乎人民幣1,474元至人民幣
					2,088元（二零二零年：不
					適用）。
Leasehold land in the PRC	358,051	N/A	Level 3	Direct comparison method	Price per square metre, using	A significant increase in
				based on market observable	market direct comparable	the price per square meter
				transactions of similar	properties and taking into	used would result in a
				properties adjusted timing of	account location and other	significant increase in the
				reference transactions and	individual factors such as road	fair value measurement of
				property-specific adjustments	frontage, size of property	the leasehold land and vice
				including nature, location and	etc., which is ranged from	versa.
				conditions of the property.	RMB1,618 to RMB2,463
					(2020: N/A) per square meter.
位於中國的租賃土地	358,051	不適用	第三級	直接比較法，乃基於類似物	每平方米價格，乃採用市場	所使用每平方米價格大幅上
				業的市場可觀察交易，就參	直接可比較物業並經考慮位	升將導致租賃土地公平值計
				考交易的時間進行調整，並	置以及臨街道路、物業大小	量大幅上升，反之亦然。
				作出物業特定調整，包括物	等其他個別因素，每平方米
				業的性質、位置及狀況。	介乎人民幣1,618元至人民幣
					2,463元（二零二零年：不
					適用）。

There were no transfers into or out of Level 3 during the year ended 31 March 2021.

於截至二零二一年三月三十一日止年度並無轉入或轉出第三級。

年度報告 2021 ANNUAL REPORT

133

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

RIGHT-OF-USE ASSETS 16.	Leasehold land Leasehold properties Total 租賃土地租賃物業總計 HK$'000 HK$'000 HK$'000 千港元千港元千港元 (note a) （附註a）使用權資產
As at 31 March 2021 於二零二一年三月三十一日 Carrying amounts 賬面值 – Cost –成本 – Valuation –估值 As at 31 March 2020 (restated) 於二零二零年三月三十一日（經重列） Carrying amounts 賬面值 – Cost –成本 For the year ended 31 March 2021 截至二零二一年三月三十一日止年度 Gain on revaluation for the year (note a) 年度重估收益（附註a） Depreciation for the year 年度折舊 For the year ended 31 March 2020 (restated) 截至二零二零年三月三十一日止年度（經重列） Depreciation for the year 年度折舊	– 42,120 42,120 358,051 – 358,051
	358,051 42,120 400,171
	88,356 46,360 134,716
	257,855 – 257,855 5,533 8,670 14,203
	2,429 7,408 9,837
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Expense relating to short-term leases (note b) 有關短期租賃的開支（附註b） 3,627 3,823 Total cash outflow for leases 租賃現金流出總額 13,688 13,066 Additions to right-of-use assets 使用權資產添置 845 4,152

16. RIGHT-OF-USE ASSETS

Notes:

附註：

(a) The leasehold land held by the Group was accounted for as revaluation model with effect from 30 June 2020. Please refer to note 15 for details.
(a) 本集團所持有的租賃土地乃入賬列作重估模式，自二零二零年六月三十日起生效。詳情請參閱附註 15。
(b) The Group regularly entered into short-term leases for office and staff quarters, of which the Group applies the short-term lease recognition exemption to leases of office and staff quarters. As at 31 March 2021 and 31 March 2020, the portfolio of shortterm leases in which practical expedient was applied is similar to the portfolio of shortterm leases to which the short-term leases expense disclosed above.

During the year ended 31 March 2021, the Group recognised additions of rightof-use assets amounting to HK$845,000 (2020: HK$4,152,000) and additions of lease liabilities amounting to HK$845,000 (2020: HK$4,147,000).

For both years, the Group leases leasehold properties for its manufacturing operations. Lease contracts for leasehold properties are entered into for fixed term of 1 to 15 years (2020: 1 to 15 years) respectively, but may have termination options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In determining the lease term and assessing the length of the non-cancellable period, the Group applies the definition of a contract and determines the period for which the contract is enforceable.

(b) 本集團定期就辦公室及員工宿舍訂立短期租賃，而本集團就辦公室及員工宿舍租賃應用短期租賃確認豁免。於二零二一年三月三十一日及二零二零年三月三十一日，已應用可行權宜方法的短期租賃組合與短期租賃開支於上文披露的短期租賃組合類似。

於截至二零二一年三月三十一日止年度，本集團確認使用權資產添置845,000港元（二零二零年： 4,152,000港元）及租賃負債添置845,000港元（二零二零年：4,147,000港元）。

於該兩個年度，本集團為其生產營運租用租賃物業。有關租賃物業的租賃合約分別訂立1至15年
（二零二零年：1至15年）的固定年期，但可行使下述終止權。租期乃按個別基準磋商，並包含各種不同的條款及條件。釐定租期及評估不可撤銷期的長度時，本集團應用合約定義，以及釐定可強制執行合約的期限。

134 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

16. RIGHT-OF-USE ASSETS (continued)

The Group has a termination option in a lease for a production plant in the PRC. This is used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The termination option held is exercisable only by the Group and not by the lessor. No extension options are included in any of the lease agreements entered by the Group.

The Group reassesses whether it is reasonably certain not to exercise a termination option, upon the occurrence of either a significant event or a significant change in circumstances that is within the control of the lessee. During the years ended 31 March 2021 and 2020, there is no such triggering event.

In addition, the Group owns several industrial buildings where its manufacturing facilities are primarily located and office buildings. The Group is the registered owner of these property interests, including the underlying leasehold land. Lump sum payments were made upfront to acquire these property interests. The land and building components of these owned properties are presented separately since the payments made can be allocated reliably. The land component of the Group is classified as right-of-use assets and the building component is classified as property, plant and equipment.

17. FINANCIAL ASSETS AT FVTPL

Upon the completion of the Acquisition as set out in note 1, a financial asset of life insurance policy was acquired. A wholly owned subsidiary of the Company entered into a policy with an insurance company to insure a director of the Group (the “Policy”). Under the Policy, the beneficiary and policy holder is a subsidiary of the Group and the total insured sum is US$2,000,000 (equivalent to HK$15,500,000). At the inception of the policy, the Group paid an upfront payment of US$610,000 (equivalent to HK$4,742,000) and a single premium charge of US$37,000 (equivalent to HK$283,000). The Group will receive cash back based on the account value of the Policy at the date of withdrawal. The Group receives interests at interest rates guaranteed by the insurer.

The directors of the Company expected that the Policy will be terminated at the 16th policy year in 2026 and there will be no surrender charge in accordance with the Policy. The expected life of the policy remained unchanged from the initial recognition and the management of the Group considered that the financial impact of the option to terminate the Policy was not significant.

Life insurance policy is classified as financial assets at FVTPL as these financial assets have contractual right to cash flows that do not represent contractual cash flows that are solely payments of principal and interest on the principal outstanding. The fair value gain of HK$258,000 relating to fair value of the financial asset as at 31 March 2021 (2020: HK$198,000) was recognised.

18. INVENTORIES

16. 使用權資產（續）

本集團就中國一間生產廠房的租賃持有終止權。目的是在管理本集團營運所用資產時用作擴大營運靈活性。所持有的終止權只可由本集團而非出租人行使。本集團訂立的所有租賃協議並無載列任何續期選擇權。

在發生重大事件或情況發生重大變化而承租人可控制的情況下，本集團會重新評估是否合理肯定不會行使終止權。於截至二零二一年及二零二零年三月三十一日止年度，並無發生該觸發事件。

此外，本集團擁有幾座工業樓宇及辦公大樓，而其製造設施主要位於該等樓宇。本集團為該等物業權益的註冊擁有人，包括相關租賃土地。本集團一筆過付款以收購該等物業權益。由於付款能可靠地分攤，該等自有物業的土地及樓宇部分分開呈列。本集團的土地部分分類為使用權資產，而樓宇部分則分類為物業、廠房及設備。

17. 按公平值計入損益之金融資產

於完成附註1載列的收購事項後，購得一份人壽保險保單金融資產。本公司一間全資附屬公司與保險公司訂立保單，受保人為本集團一名董事（「保單」）。根據保單，受益人及投保人為本集團一間附屬公司，投保總額為2,000,000美元（相等於15,500,000港元）。於保單開始時，本集團支付前期款項610,000美元（相等於4,742,000港元）及單筆保費37,000美元（相等於283,000港元）。本集團於提款日期將按保單賬戶價值收取現金。本集團按保險公司保證的利率收取利息。

本公司董事預期將於第16個保單年度在二零二六年終止保單，根據保單將毋須支付退保費用。保單的預期年期自初始確認以來維持不變，而本集團管理層認為保單終止權的財務影響並不重大。

人壽保單分類為按公平值計入損益的金融資產，乃因該等金融資產附帶可收取現金流量的合約權利，而有關現金流量並非純粹作為本金及尚未清償本金的利息的付款的合約現金流量。於二零二一年三月三十一日，本公司已確認與金融資產公平值有關的公平值收益258,000港元（二零二零年：198,000港元）。

18. 存貨

INVENTORIES 18.存貨
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Raw materials 原材料 Work in progress 在製品 Finished goods 製成品	179,526 190,484 66,982 59,583 228,386 151,104
	474,894 401,171

年度報告 2021 ANNUAL REPORT

135

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

19. TRADE AND OTHER RECEIVABLES

19. 貿易及其他應收款項

TRADE AND OTHER RECEIVABLES	19.貿易及其他應收款	項
		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Trade receivables	貿易應收款項	744,725	501,118
Trade receivable from a fellow subsidiary	來自一間同系附屬公司的貿易應收款項	426	554
Bills receivables	應收票據	7,468	9,699
Trade and bills receivables	貿易應收款項及應收票據	752,619	511,371
Value added tax receivables	應收增值稅	33,418	26,741
Other receivables	其他應收款項	5,086	6,186
Deposits and prepayments	按金及預付款項	17,632	32,214
Deposits, prepayments and other receivables	按金、預付款項及其他應收款項	56,136	65,141
Trade and other receivables	貿易及其他應收款項	808,755	576,512

As at 1 April 2019, trade and bills receivables amounted to HK$664,765,000 (restated).

The Group allows credit period ranging from 30 days to 120 days to its trade customers. Before accepting any new customers, the Group will internally assess the credit quality of the potential customers and determine appropriate credit limits. The ageing analysis of trade and bills receivables, based on invoice date which approximates revenue recognition date, at the end of the reporting period is as follows:

於二零一九年四月一日，貿易應收款項及應收票據為664,765,000港元（經重列）。

本集團給予其貿易客戶之信貸期介乎30日至120 日。在接納任何新客戶之前，本集團將對潛在客戶之信貸質素作內部評估，並釐訂合適信貸限額。貿易應收款項及應收票據於報告期末按發票日期（與收益確認日期相若）進行之賬齡分析如下：

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
0 – 30 days 0至30日 31 – 60 days 31至60日 61 – 90 days 61至90日 91 – 180 days 91至180日 Over 180 days 超過180日	336,684 260,980 166,088 94,136 165,580 121,895 83,863 32,949 404 1,411
	752,619 511,371

At 31 March 2021, included in the Group’s trade receivable balances are trade receivables of HK$41,593,000 (2020: HK$30,348,000) which are past due at the end of the reporting period. An amount of HK$404,000 (2020: HK$1,539,000) has been past due 90 days or more and is not considered as in default based on financial information available in the market, creditability and good repayment records of those customers. The Group does not hold any collateral over these balances.

Details of impairment assessment of trade and other receivables for the year ended 31 March 2021 are set out in note 38.

於二零二一年三月三十一日，包含於本集團之貿易應收款項結餘的41,593,000港元（二零二零年： 30,348,000港元）貿易應收款項於報告期末已逾期。為數404,000港元（二零二零年：1,539,000 港元）的款項已逾期90天或以上，根據於市場上可得的財務資料、信譽及該等客戶的良好還款記錄，該款項不視為違約。本集團概無就該等結餘持有任何抵押品。

截至二零二一年三月三十一日止年度，貿易及其他應收款項的減值評估詳情載於附註38。

136 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

19. TRADE AND OTHER RECEIVABLES (continued)

Included in trade and other receivables are the following amounts denominated in currency other than functional currencies of the respective group entities:

19. 貿易及其他應收款項（續）

除有關集團實體之功能貨幣外，貿易及其他應收款項包括以下貨幣列值之金額：

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Euro	歐元	1,669	1,148
US$	美元	186,157	165,135

20. CONTRACT ASSETS

The contract assets from sales of cable assembly to a customer primarily relate to the Group’s right to consideration for work completed and not billed because the rights are conditioned on the Group’s future performance. The contract assets are transferred to trade receivables when the production of cable assembly products are completed, being when the rights become unconditional.

As at 1 April 2019, contract assets amounted to HK$1,644,000.

The significant decrease as at 31 March 2021 is the result of the decrease in purchase order from the customer at the end of the year. For the prior year ended 31 March 2020, the significant increase was the result of the increase in purchase order from the customer as at 31 March 2020.

21. PLEDGED BANK DEPOSITS/BANK BALANCES AND CASH

At 31 March 2021, pledged bank deposits represent deposits placed in a bank to secure general banking facilities granted to the Group and carry fixed interest rate of 0.3% (2020: 0.3%) per annum.

At 31 March 2021, bank balances carry interest at prevailing market rates ranging from 0.01% to 0.22% (2020: 0.01% to 2.10%) per annum.

Included in bank balances and cash are the following amounts denominated in currencies other than functional currencies of the respective group entities:

20. 合約資產

向客戶銷售電線組件的合約資產主要指本集團收取已竣工而尚未收款的工程代價的權利，原因是該等權利乃以本集團未來表現為條件。合約資產於電線組件產品生產完成時（即於該等權利成為無條件時）轉撥至貿易應收款項。

於二零一九年四月一日，合約資產金額為 1,644,000港元。

於二零二一年三月三十一日之大幅減少乃因於本年度末客戶採購訂單減少所致。於截至二零二零年三月三十一日止上一年度，該大幅增加乃由於截至二零二零年三月三十一日客戶採購訂單增加所致。

21. 已抵押銀行存款╱銀行結餘及現金

於二零二一年三月三十一日，已抵押銀行存款指存放於銀行以獲取授予本集團之一般銀行信貸之存款，並按年息0.3%（二零二零年：0.3%）之固定利率計息。

於二零二一年三月三十一日，銀行結餘按年息介乎0.01%至0.22%（二零二零年：0.01%至2.10%）之現行市場利率計息。

除有關集團實體之功能貨幣外，銀行結餘及現金包括以下貨幣列值之金額：

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Renminbi (“RMB”)	人民幣（「人民幣」）	609	643
HK$	港元	15,057	28,572
Euro	歐元	1,466	2,638
US$	美元	22,411	10,752

年度報告 2021 ANNUAL REPORT 137

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

22. TRADE AND OTHER PAYABLES

22. 貿易及其他應付款項

TRADE AND OTHER PAYABLES 22.貿易及其他應付	款項
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Trade payables 貿易應付款項 Trade payables to related companies (notes a and b) 應付關聯公司的貿易款項（附註a及b） Bills payables 應付票據 Trade and bills payables 貿易應付款項及應付票據 Other payables 其他應付款項 Salaries and staff related costs payables 薪金及員工相關成本應付款項 Accrued charges 應計費用 Other tax payables 其他應付稅項 Accruals and other payables 應計款項及其他應付款項 Trade and other payables 貿易及其他應付款項	482,363 417,262 252 223 24,754 77,028
	507,369 494,513
	6,279 6,200 34,364 28,362 14,809 22,634 9,048 1,895
	64,500 59,091
	571,869 553,604

Notes:

附註：

(a) Mr. Paul Lo, a non-executive director of the Company is the controlling shareholder of the related companies.
(a) 本公司非執行董事羅仲煒先生為該等關聯公司的控股股東。
(b) The immediate holding company of the related company has significant influence over Linkz Industries, the ultimate holding company of the Group.

The average credit period of trade payables ranges from 30 days to 120 days.

The ageing analysis of trade and bills payables based on invoice date at the end of the reporting period is as follows:

(b) 該關聯公司的直接控股公司對本集團最終控股公司領先工業有重大影響。

貿易應付款項的平均信貸期介乎30日至120日。

貿易應付款項及應付票據於各報告期末按發票日期進行之賬齡分析如下：

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
0 – 30 days 0至30日 31 – 60 days 31至60日 61 – 90 days 61至90日 91 – 180 days 91至180日 Over 180 days 超過180日	283,373 275,233 60,778 43,135 81,089 52,069 81,759 123,730 370 346
	507,369 494,513

Included in trade and other payables are the following amounts denominated in currencies other than functional currencies of the respective group entities:

除有關集團實體之功能貨幣外，貿易及其他應付款項包括以下貨幣列值之金額：

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
HK$	港元	642	111
Euro	歐元	369	644
US$	美元	26,232	40,878

138 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

23. CONTRACT LIABILITIES

The amounts represent deposits received from customers in relation to their purchase orders placed with the Group. At 31 March 2021, the deposits received from customers are contract liabilities and the Group does not expect to refund any of the deposits.

As at 1 April 2019, contract liabilities amounted to HK$363,000 (restated).

The contract liabilities at 1 April 2020 and 1 April 2019 were fully recognised as revenue for the years ended 31 March 2021 and 2020, respectively. When the Group receives a deposit before commencement of the production activity, this will give rise to contract liabilities at the inception of a contract.

24. LEASE LIABILITIES

23. 合約負債

該金額指就客戶向本集團作出的採購訂單而言向客戶收取的按金。於二零二一年三月三十一日，已收客戶按金為合約負債且本集團預期不會退還任何該等按金。

於二零一九年四月一日，合約負債為363,000港元（經重列）。

於二零二零年四月一日及二零一九年四月一日之合約負債已分別於截至二零二一年及二零二零年三月三十一日止各年度悉數確認為收益。倘本集團於生產活動開始前收到按金，將導致合約開始時產生合約負債。

24. 租賃負債

LEASE LIABILITIES 24.租賃負債
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Lease liabilities payable: 應付租賃負債： – within one year –一年內 – more than one year but not exceeding two years –一年以上但不超過兩年 – more than two years but not exceeding five years –兩年以上但不超過五年 – within a period of more than five years –超過五年 Less: Amount due for settlement within 12 months shown under current liabilities 減：流動負債下所示於12個月內到期的金額 Amount due for settlement after 12 months shown under non-current liabilities 非流動負債下所示於12個月後到期的金額	7,785 6,653 5,570 6,786 23,725 20,045 7,176 13,571
	44,256 47,055 (7,785) (6,653)
	36,471 40,402

The weighted average incremental borrowing rates applied by the relevant group entities range from 2.75% to 5.64% (2020: 2.75% to 5.64%). These lease liabilities were measured at the present value of the lease payments that are not yet paid.

Lease obligations are denominated in currencies which are same as the functional currencies of the relevant group entities.

25. AMOUNTS DUE FROM (TO) ULTIMATE HOLDING COMPANY

The amounts are unsecured, non-trade nature, interest-free and repayable on demand.

Details of amount due from ultimate holding company is as follows:

有關集團實體所應用的加權平均遞增借貸利率介乎 2.75% 至 5.64%（二零二零年：2.75% 至 5.64%）。該等租賃負債按尚未支付租賃付款的現值計量。

租賃承擔以與有關集團實體功能貨幣相同的貨幣列值。

25. 應收（應付）最終控股公司款項

該等款項為無抵押、非貿易性質、不計息及應要求償還。

有關應收最終控股公司款項的詳情如下：

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Maximum amount outstanding during the year	年內尚未償還的最高金額	1,064,940	1,024,630

年度報告 2021 ANNUAL REPORT 139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

26. UNSECURED BANK BORROWINGS

26. 無抵押銀行借款

UNSECURED BANK BORROWINGS 26.無抵押銀行借款
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Bank overdrafts 銀行透支 Bank loans 銀行貸款 Import/export trade borrowings 進╱出口貿易借款 The carrying amounts of the above borrowing are repayable: 上述借款的賬面值須於下列期間償還： Within one year 一年內 Within a period of more than one year but not exceeding two years 一年以上但不超過兩年期間 Within a period of more than two years but not exceeding five years 兩年以上但不超過五年期間 The carrying amounts of borrowing that contain a repayment on demand clause (shown under current liabilities) but repayable: 載有按要求償還條款並在流動負債下列示的借款賬面值須於下列期間償還： Within one year 一年內 Within a period of more than one year but not exceeding two years 一年以上但不超過兩年期間 Within a period of more than two years but not exceeding five years 兩年以上但不超過五年期間 Total borrowing 借款總額 Less: A mounts due within one year shown under current liabilities 減：流動負債下所示於一年內到期的金額 Amount shown under non-current liabilities 非流動負債下所示金額	67 6,691 783,089 815,946 229,052 356,652
	1,012,208 1,179,289
	259,280 553,111 171,528 – 234,097 –
	664,905 553,111 331,303 594,178 16,000 16,000 – 16,000
	347,303 626,178
	1,012,208 1,179,289
	(606,583) (1,179,289)
	405,625 –

The amounts due are based on scheduled repayment dates set out in loan agreements.

The bank loans and import/export trade borrowings carry variable interest rates, which are ranged from 2% – 2.5% over Hong Kong Interbank Offer Rate (“HIBOR”) (2020: 1.75% – 3% over HIBOR) per annum and at the PRC loan prime rate plus a fixed margin.

The range of effective interest rates (which are also equal to contracted interest rates) on the Group’s borrowings as at the end of the reporting period is as follows:

到期金額乃基於貸款協議所載的預定還款日期列示。

銀行貸款及進╱出口貿易借款的浮動年利率介乎於香港銀行同業拆息（「香港銀行同業拆息」）加 2%至2.5%（二零二零年：香港銀行同業拆息加 1.75%至3%）以及中國貸款最優惠利率加固定點子。

於報告期末，本集團的借款之實際利率（亦相當於合約利率）範圍如下：

	2021 2020 (restated) （經重列）
Effective interest rate: 實際利率： Variable-rate borrowings 浮動利率借款 Included in unsecured bank borrowings are the following amounts denominated in currency other than functional currency of the respective group entity:	2.34% to至4.80% 2.24% to至6.09%
	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）除有關集團實體之功能貨幣外，無抵押銀行借款包括以下貨幣列值之金額：
HK$ 港元 US$ 美元	601,903 40,000 81,402 156,554

140 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

27. DEFERRED TAX LIABILITIES

The followings are the major deferred tax liabilities (assets) recognised and movements thereon during the year:

27. 遞延稅項負債

以下為於年內所確認的主要遞延稅項負債（資產）及其變動：

	Revaluation surplus on Land and Buildings Accelerated tax depreciation Other timing difference Total 土地及樓宇重估盈餘加速稅項折舊其他時間性差異總計 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元 (note) （附註）
At 31 March 2019 (audited and originally stated) 於二零一九年三月三十一日（經審核及原列） Merger accounting restatement (note 1) 合併會計處理重列（附註1） At 1 April 2019 (restated) 於二零一九年四月一日（經重列） Charge to profit or loss (note 12) 自損益扣除（附註12） Exchange realignment 匯兌調整 At 31 March 2020 (restated) 於二零二零年三月三十一日（經重列） Charge (credit) to profit or loss (note 12) 自損益扣除（計入）（附註12） Charge to other comprehensive income 自其他全面收入扣除 Exchange realignment 匯兌調整 At 31 March 2021 於二零二一年三月三十一日	– 657 160 817 – 8,714 (259) 8,455
	– 9,371 (99) 9,272 – 855 284 1,139 – – 8 8
	– 10,226 193 10,419 – 935 (810) 125 77,980 – – 77,980 3,088 (48) (32) 3,008
	81,068 11,113 (649) 91,532

Note: The amount represents the tax effect of timing difference of revenue recognition and timing difference of right-of-use assets and lease liabilities.

At the year ended 31 March 2021, the Group has unused tax losses of HK$2,616,000 (2020: HK$1,032,000 (restated)) available for offset against future profits. No deferred tax asset has been recognised in respect of such losses due to the unpredictability of future profit streams. Included in unused tax losses are losses of HK$2,091,000 (2020: nil) that will expire in five years. The remaining unused tax losses may be carried forward indefinitely.

Under the EIT Law of the PRC, withholding tax is imposed on dividends declared in respect of profits earned by the PRC subsidiary from 1 January 2008 onwards. Deferred taxation has not been provided for in the consolidated financial statements in respect of temporary differences attributable to accumulated profits of the PRC subsidiary amounting to HK$427,957,000 (2020: HK$270,758,000 (restated)) for the year ended 31 March 2021, as the Group is able to control the timing of reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

附註：該金額指收益確認時間性差異與使用權資產及租賃負債時間性差異的稅務影響。

於截至二零二一年三月三十一日止年度，本集團可用作抵銷未來溢利之尚未動用稅項虧損為 2,616,000港元（二零二零年：1,032,000港元（經重列））。由於未來溢利來源的不可預計性，並無就該等虧損確認遞延稅項資產。計入未動用稅項虧損的虧損為2,091,000港元（二零二零年：無），將於五年後屆滿。餘下未動用稅項虧損可無限期結轉。

根據中國企業所得稅法，就中國附屬公司於二零零八年一月一日之後所得溢利派發的股息須繳納預扣稅。就中國附屬公司於截至二零二一年三月三十一日止年度為427,957,000港元（二零二零年：270,758,000港元（經重列））之累計溢利應佔暫時差額，並無於綜合財務報表作出遞延稅項撥備，原因是本集團能夠控制暫時差額撥回的時間且該暫時差額可能於可預見將來不會撥回。

年度報告 2021 ANNUAL REPORT 141

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

28. SHARE CAPITAL

The share capital as at 1 April 2019, 31 March 2020 and 1 April 2020 amounting to HK$28,790,000 represented the combined share capital of the Company of HK$18,400,000, the Target Company of HK$390,000, Hover Manufacturing Company Limited (“Hover Manufacturing”) of HK$8,000,000 and Linkz Industries Technology Limited (formerly known as “Linkz International Limited”, “Linkz Industries Technology”) of HK$2,000,000. Prior to the Acquisition, the Target Company, Hover Manufacturing and Linkz Industries Technology were directly wholly owned subsidiaries of Linkz Industries. As part of the Linkz Cables Reorganisation, the entire equity interest in Hover Manufacturing held by Linkz Industries, is transferred to the Target Company and the operating business of Linkz Industries Technology is transferred to Linkz International Limited (formerly known as “Linkz Technology Limited”), a wholly owned subsidiary of the Target Company. The Linkz Cables Reorganisation was implemented before the completion of the Acquisition and completed on 30 June 2020. Since then, the Target Company became the holding company of Hover Manufacturing and Linkz Industries Technology.

The share capital as at 31 March 2021 represents the share capital of the Company. The followings are the details of the share capital of the Company:

28. 股本

於二零一九年四月一日、二零二零年三月三十一日及二零二零年四月一日的股本金額28,790,000 港元即本公司金額為18,400,000港元、目標公司金額為390,000港元、豪和製造有限公司（「豪和製造」）金額為8,000,000港元及華迅工業科技有限公司（前稱「領先工業國際有限公司」，「華迅工業科技」）金額為2,000,000港元的合併股本。於收購事項前，目標公司、豪和製造及華迅工業科技為領先工業的直接全資附屬公司。作為華迅電纜重組的一部分，領先工業所持豪和製造的全部股權已轉讓予目標公司，而華迅工業科技的經營業務已轉讓予目標公司的全資附屬公司領先工業國際有限公司（前稱「領先工業科技有限公司」）。華迅電纜重組於收購事項完成前實施，並於二零二零年六月三十日完成。自此，目標公司成為豪和製造及華迅工業科技的控股公司。

於二零二一年三月三十一日之股本指本公司的股本。以下為本公司之股本詳情：

	Number of shares Amount 股數金額 HK$ HK$'000 港元千港元
Ordinary shares of HK$0.01 each 每股面值0.01港元普通股 Authorised: 法定： At 1 April 2019, 31 March 2020, 1 April 2020 and 31 March 2021 於二零一九年四月一日、二零二零年三月三十一日、二零二零年四月一日及二零二一年三月三十一日 Issued and fully paid: 已發行及繳足股本： At 1 April 2019, 31 March 2020, 1 April 2020 於二零一九年四月一日、二零二零年三月三十一日、二零二零年四月一日 Exercise of share options 行使購股權 At 31 March 2021 於二零二一年三月三十一日	3,000,000,000 30,000,000 30,000
	1,840,000,000 18,400,000 18,400 432,000 4,320 4
	1,840,432,000 18,404,320 18,404

29. SHARE-BASED PAYMENT TRANSACTION

The Company’s share option scheme was adopted pursuant to a resolution passed on 24 January 2018 (the “Share Option Scheme”).

The purpose of the Share Option Scheme is to attract and retain the best available personnel, to provide additional incentive to eligible participant(s) including employees (full-time and part-time), directors, consultants, advisers, distributors, contractors, suppliers, agents, customers, business partners or service providers of the Group and to promote the success of the business of the Group.

The exercise price should be the higher of (i) the closing price of the shares of the Company as quoted in the Stock Exchange on date of grant, which must be a business day; (ii) the average closing price of the shares of the Company as quoted on the Stock Exchange for the 5 business days immediately preceding the date of grant; and (iii) the nominal value of the shares of the Company on the date of grant.

On 24 August 2018, the directors of the Company announced that 88,992,000 share options (the “Old Options”) to subscribe for ordinary shares of the Company of HK$0.01 each were offered to be granted to 37 eligible persons, subject to acceptance of the eligible persons, pursuant to the Company’s Share Option Scheme.

On 7 August 2020, the directors of the Company announced that 65,328,000 share options (the “New Options”) to subscribe for ordinary shares of the Company of HK$0.01 each were offered to be granted to 50 eligible persons, subject to acceptance of the eligible persons, pursuant to the Company’s Share Option Scheme.

29. 以股份付款的交易

本公司的購股權計劃（「購股權計劃」）已根據二零一八年一月二十四日通過的決議案獲採用。

購股權計劃旨在吸引及挽留最稱職人員、向合資格參與者，包括本集團僱員（全職及兼職）、董事、顧問、諮詢人、分銷商、承包商、供應商、代理、客戶、商業夥伴或服務供應商提供額外獎勵以及推動本集團業務創出佳績。

行使價應為下列最高者：(i)授出日期（須為營業日）聯交所所報本公司股份的收市價；(ii)緊接授出日期前五個營業日聯交所所報本公司股份的平均收市價；及(iii)授出日期本公司股份的面值。

於二零一八年八月二十四日，本公司董事宣佈，根據本公司的購股權計劃，向37名合資格人士提呈授予88,992,000份可認購每股面值0.01 港元的本公司普通股的購股權（「舊購股權」），惟須待合資格人士接受方可作實。

於二零二零年八月七日，本公司董事宣佈，根據本公司的購股權計劃，向50名合資格人士提呈授予65,328,000份可認購每股面值0.01港元的本公司普通股的購股權（「新購股權」），惟須待合資格人士接受方可作實。

142 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

29. SHARE-BASED PAYMENT TRANSACTION (continued)

Details of Share Option Scheme were as follows.

(a) New Options

The New Options were granted on 7 August 2020 with an aggregate estimated fair value of HK$7,187,000.

1/3 of the New Options can be exercised after 18 months of the date of grant (i.e. 7 February 2022), further 1/3 of the New Options can be exercised after 30 months of the date of grant (i.e. 7 February 2023), and the remaining of the New Options can be exercised after 42 months of the date of grant (i.e. 7 February 2024) and all of these New Options will be exercisable until 6 August 2030.

The closing price of the Company’s shares immediately before 7 August 2020, the date of grant was HK$0.320.

These fair values of New Options were calculated using the Binomial model. The inputs into the model were as follows:

Date of grant	7 August 2020
Share price at date of grant	HK$0.320
Exercise price	HK$0.320
Expected volatility	48.95%
Expected life	10 years
Risk-free rate	0.30%
Expected dividend yield	5.81%

(b) Old Options

The Old Options were granted on 24 August 2018 with an aggregate estimated fair value of HK$14,496,000.

1/3 of the options can be exercised after 18 months of the date of grant (i.e. 24 February 2020), further 1/3 of the options can be exercised after 30 months of the date of grant (i.e. 24 February 2021), and the remaining of the options can be exercised after 42 months of the date of grant (i.e. 24 February 2022) and all of these options will be exercisable until 23 August 2028.

The closing price of the Company’s shares immediately before 24 August 2018, the date of grant was HK$0.349.

These fair values of Old Options were calculated using the Binomial model. The inputs into the model were as follows:

Date of grant 24 August 2018 Share price at date of grant HK$0.340 Exercise price HK$0.349 Expected volatility 53.86% Expected life 10 years Risk-free rate 2.2% Expected dividend yield 2.94%

The variables and assumptions used in the computing the fair value of the New Options and Old Options are based on the directors’ best estimate. The value of an option varies with different variables of certain subjective assumptions.

Expected volatility was determined by using the annualised standard deviation of historical share price daily movements of selected comparable companies in same industry. The expected life used in the model was based on directors’ best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.

29. 以股份付款的交易（續）

購股權計劃之詳情如下。

(a) 新購股權

新購股權已於二零二零年八月七日授出，估計公平值總額為7,187,000港元。

三分之一新購股權可於授出日期起計18個月（即二零二二年二月七日）後獲行使，另外三分之一新購股權可於授出日期起計30個月（即二零二三年二月七日）後獲行使，而餘下新購股權可於授出日期起計42個月（即二零二四年二月七日）後獲行使，而所有該等新購股權將可予行使至二零三零年八月六日。

緊接二零二零年八月七日（授出日期）前，本公司股份的收市價為0.320港元。

該等新購股權的公平值根據二項式模式計算。模式的輸入數據如下：

授出日期	二零二零年八月七日
授出日期的股價	0.320港元
行使價	0.320港元
預期波幅	48.95%
預期年期	10年
無風險比率	0.30%
預期孳息率	5.81%

(b) 舊購股權

舊購股權於二零一八年八月二十四日獲授出，其估計公平值總額為14,496,000港元。

三分之一的購股權可於授出日期起計18個月（即二零二零年二月二十四日）後獲行使，另外三分之一的購股權可於授出日期起計30個月（即二零二一年二月二十四日）後獲行使，而餘下的購股權可於授出日期起計42個月（即二零二二年二月二十四日）後獲行使，而所有該等購股權可予行使至二零二八年八月二十三日。

緊接二零一八年八月二十四日（授出日期）前，本公司股份的收市價為0.349港元。

該等舊購股權的公平值根據二項式模式計算。模式的輸入數據如下：

授出日期	二零一八年八月二十四日
授出日期的股價	0.340港元
行使價	0.349港元
預期波幅	53.86%
預期年期	10年
無風險比率	2.2%
預期孳息率	2.94%

用於計算新購股權及舊購股權公平值的變量及假設是按董事的最佳估計為基準。購股權的價值隨若干主觀假設的變數不同而變化。

預期波幅乃採用業內經選擇可資比較公司過往股價每日波動的年度化標準偏差釐定。該模式使用的預期年期乃基於董事就不可轉讓性、行使限制及行為考慮因素的影響作出的最佳估計。

年度報告 2021 ANNUAL REPORT

143

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

29. SHARE-BASED PAYMENT TRANSACTION (continued)

The Group recognised the share-based payments of HK$4,987,000 (2020: HK$6,259,000) for the year ended 31 March 2021.

At 31 March 2021, the number of shares in respect of which options had been granted and remained outstanding under the Share Option Scheme was, in aggregate, 150,816,000 (2020: 88,992,000), representing 8.19% of the shares of the Company in issue at that date (2020: 4.84%). At 31 March 2021, 57,088,000 (2020: 29,664,000) share options are vested and exercisable.

During the year ended 31 March 2021, 432,000 options in the Company at an exercise price of HK$0.349 per share were exercised. The weighted average closing price of the Company’s share granted on the Stock Exchange at the date of exercise was HK$0.570. An amount of HK$69,000 was reclassified from share options reserve to share premium.

The following table discloses movements of the Company’s share options held by directors of the Company and employees of the Group during the year:

29. 以股份付款的交易（續）

本集團於截至二零二一年三月三十一日止年度確認以股份為基礎的付款4,987,000港元（二零二零年：6,259,000港元）。

於二零二一年三月三十一日，根據購股權計劃已授出惟仍未行使的購股權涉及的股份數目合共為 150,816,000 股（二零二零年：88,992,000 股），佔該日本公司已發行股份的8.19%（二零二零年：4.84%）。於二零二一年三月三十一日， 57,088,000股（二零二零年：29,664,000股）購股權獲歸屬及行使。

截至二零二一年三月三十一日止年度，本公司行使價為每股0.349港元的432,000份購股權已獲行使。本公司於行使日期於聯交所授出的股份的加權平均收市價為0.570港元。金額69,000港元已由購股權儲備重新分類至股份溢價。

下表披露本公司董事及本集團僱員持有本公司購股權於年內的變動：

Date of grant Exercise price per share Exercisable period 授出日期每股行使價行使期	Number of share option 購股權數目
	Balance at 1.4.2019, 31.3.2020 and 1.4.2020 Granted during the year Forfeited during the year Exercise during the year Balance at 31.3.2021 於二零一九年四月一日、二零二零年三月三十一日及二零二零年四月一日的結餘年內授出年內失效年內行使於二零二一年三月三十一日的結餘
*Executive directors* 執行董事 24.8.2018 HK$0.349港元 24.2.2020 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2021 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2022 – 23.8.2028 *Non-executive directors* 非執行董事 24.8.2018 HK$0.349港元 24.2.2020 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2021 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2022 – 23.8.2028 *Independent non-executive directors* 獨立非執行董事 24.8.2018 HK$0.349港元 24.2.2020 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2021 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2022 – 23.8.2028 *Employees* 僱員 24.8.2018 HK$0.349港元 24.2.2020 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2021 – 23.8.2028 24.8.2018 HK$0.349港元 24.2.2022 – 23.8.2028 7.8.2020 HK$0.320港元 7.2.2022 – 6.8.2030 7.8.2020 HK$0.320港元 7.2.2023 – 6.8.2030 7.8.2020 HK$0.320港元 7.2.2024 – 6.8.2030	6,672,000 – – – 6,672,000 6,672,000 – – – 6,672,000 6,672,000 – – – 6,672,000 608,000 – – – 608,000 608,000 – – – 608,000 608,000 – – – 608,000 1,824,000 – – – 1,824,000 1,824,000 – – – 1,824,000 1,824,000 – – – 1,824,000 20,560,000 – (904,000) (432,000) 19,224,000 20,560,000 – (904,000) – 19,656,000 20,560,000 – (904,000) – 19,656,000 – 21,776,000 (120,000) – 21,656,000 – 21,776,000 (120,000) – 21,656,000 – 21,776,000 (120,000) – 21,656,000
	88,992,000 65,328,000 (3,072,000) (432,000) 150,816,000

144 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

30. CAPITAL COMMITMENTS

30. 資本承擔

CAPITAL COMMITMENTS	30.資本承擔
		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Capital expenditure in respect of the acquisition of property,	有關收購已訂約但尚未於綜合財務報表
plant and equipment contracted but not provided for in the	作出撥備之物業、廠房及設備的
consolidated financial statements	資本開支	3,580	2,927

31. RETIREMENT BENEFITS SCHEMES

The Group operates a Mandatory Provident Fund Scheme for all qualifying employees in Hong Kong. The assets of the scheme are held separately from those of the Group, in funds under the control of trustees. The Group contributes 5% of the relevant payroll costs to the scheme, subject to a cap of monthly relevant income of HK$30,000 of employees, which contribution is matched by the employees. The Group also makes voluntary contribution in addition to the mandatory contribution.

The employees of the Group’s subsidiaries in the PRC are members of a statemanaged retirement benefits scheme operated by the government of the PRC. The subsidiary is required to contribute a specified percentage of payroll costs to the retirement benefits scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefits scheme is to make the specified contributions.

The total expenses recognised in profit or loss of HK$33,606,000 (2020: HK$37,384,000) for the year ended 31 March 2021 represent contributions paid and payable to these plans by the Group at rates specified in the rules of the plans.

32. MAJOR NON-CASH TRANSACTION

Pursuant to the Sale and Purchases Agreement, the Target Group had undertaken the Linkz Cables Reorganisation. As part of the Linkz Cables Reorganisation, Linkz Industries Technology transferred certain assets and liabilities (the “Transferred Assets”), rather than the entity as a whole, to Linkz International Limited, a wholly-owned subsidiary of the Target Company, which was completed on 30 June 2020. The consideration of the Transferred Assets amounted to HK$96,583,000 was settled through the current account with ultimate holding company.

The carrying amounts of the Transferred Assets, which are included in the opening balances of the Group as at 1 April 2019 as Linkz Industries Technology is under common control of Linkz Industries before and after the Linkz Cables Reorganisation as detailed in note 1, as at 30 June 2020 are as follows:

31. 退休福利計劃

本集團為香港的所有合資格僱員參與強制性公積金計劃。有關計劃的資產乃與本集團的資產分開持有，並存置於受託人所控制的基金。本集團向該計劃支付相關入息的5%作為供款，而上限為僱員每月有關入息之30,000港元，有關供款乃與僱員的供款一致。除強制性供款外，本集團亦作出自願供款。

本集團於中國附屬公司的僱員均為中國政府所營辦的國家管理退休福利計劃的成員。附屬公司須按工資成本的指定百分比向退休福利計劃供款以為有關福利撥資。本集團在退休福利計劃下的唯一責任為作出指定供款。

於截至二零二一年三月三十一日止年度，本集團按該等計劃的規定列明的比率向此等計劃作出已付及應付的供款於損益確認的開支總額為 33,606,000港元（二零二零年：37,384,000港元）。

32. 主要非現金交易

根據買賣協議，目標集團已進行華迅電纜重組。作為華迅電纜重組的一部分，華迅工業科技將若干資產及負債（「已轉讓資產」）而非整個整體轉讓予目標公司的全資附屬公司領先工業國際有限公司，並於二零二零年六月三十日完成。已轉讓資產的代價96,583,000港元透過與最終控股公司的流動賬目償付。

於二零一九年四月一日計入本集團期初結餘的已轉讓資產（原因如附註1所詳述，華迅工業科技於華迅電纜重組前後受領先工業共同控制）於二零二零年六月三十日的賬面值如下：

	30.6.2020 HK$'000 千港元
Property, plant and equipment 物業、廠房及設備 Inventories 存貨 Trade and other receivables 貿易及其他應收款項 Trade and other payables 貿易及其他應付款項 Amounts due to fellow subsidiaries 應付同系附屬公司款項	6,293 25,563 183,527 (14,899) (297,067)
	(96,583)

年度報告 2021 ANNUAL REPORT 145

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

32. MAJOR NON-CASH TRANSACTION (continued)

The remaining assets and liabilities (the “Excluded Assets and Liabilities”) would remain in Linkz Industries Technology and would be excluded from the Target Group. Upon completion of the Linkz Cables Reorganisation on 30 June 2020, the Excluded Assets and Liabilities are assumed to be disposed of by the Group and the consideration would be settled through the current account with ultimate holding company. The carrying amounts of the Excluded Assets and Liabilities that are retained by Linkz Industries Technology as at 30 June 2020 are disclosed as below:

32. 主要非現金交易（續）

其餘資產及負債（「除外資產及負債」）將保留於華迅工業科技，且不包括於目標集團內。華迅電纜重組於二零二零年六月三十日完成後，已假設本集團將出售除外資產及負債，而代價將透過與最終控股公司的流動賬目償付。於二零二零年六月三十日保留於華迅工業科技的除外資產及負債賬面值披露如下：

	30.6.2020 HK$'000 千港元
Other receivables and prepayments 其他應收款項及預付款項 Taxation recoverable 可收回稅項 Amount due from ultimate holding company 應收最終控股公司款項 Bank balances and cash (note) 銀行結餘及現金（附註） Bills and other payables 應付票據及其他應付款項 Unsecured bank borrowings 無抵押銀行借款 Bank overdrafts (note) 銀行透支（附註） Less: Consideration of the Transferred Assets 減：已轉讓資產的代價	499 41 1,064,940 3,668 (23,456) (786,076) (4,135)
	255,481 (96,583)
	158,898

Note: Net cash inflow into the Group arising from the Excluded Assets and Liabilities is HK$467,000 as at 30 June 2020, being the sum of bank balances and cash of HK$3,668,000 and bank overdrafts of HK$4,135,000.

Upon the completion of the Linkz Cables Reorganisation, the net assets value of the Target Group would be reduced by HK$158,898,000 which was the difference between the Excluded Assets and Liabilities of HK$255,481,000 and the consideration for the Transferred Assets of HK$96,583,000.

33. FINANCIAL GUARANTEE CONTRACTS

At 31 March 2020, the Group had given cross guarantees of HK$387,000,000 to banks to secure certain general banking facilities granted to ultimate holding company and the Group. Out of the banking facilities granted, HK$127,337,000 had been designated for use by the ultimate holding company, and the remaining banking facilities of approximately HK$259,663,000 had been designated for use by the Group as agreed among the parties as at 31 March 2020.

At 31 March 2020, the Group had given cross guarantees of HK$154,000,000 to a bank to secure certain general banking facilities granted to ultimate holding company, a fellow subsidiary and the Group. Out of the banking facilities granted, HK$59,678,000 had been designated for use by the ultimate holding company and a fellow subsidiary, and the remaining banking facilities of approximately HK$94,322,000 had been designated for use by the Group as agreed among the parties as at 31 March 2020.

At 31 March 2020, the Group had also given another guarantee of HK$153,000,000 to a bank to secure another general banking facility granted to ultimate holding company. At 31 March 2020, the amounts utilised by the ultimate holding company amounted to HK$150,000,000 in respect of the banking facilities guaranteed by the Group.

附註：於二零二零年六月三十日，除外資產及負債產生的本集團現金流入淨額為467,000港元，即銀行結餘及現金3,668,000港元及銀行透支 4,135,000港元的總和。

於華迅電纜重組完成後，目標集團的資產淨值將減少 158,898,000 港元，即除外資產及負債 255,481,000港元與已轉讓資產代價96,583,000 港元的差額。

33. 財務擔保合約

於二零二零年三月三十一日，本集團已向銀行作出交叉擔保387,000,000港元，以抵押授予最終控股公司及本集團的若干一般銀行融資。誠如各方於二零二零年三月三十一日所協定，在已授出銀行融資中，127,337,000港元已指定由最終控股公司使用，而餘下銀行融資約259,663,000港元已指定由本集團使用。

於二零二零年三月三十一日，本集團已向銀行作出交叉擔保154,000,000港元，以抵押授予最終控股公司、一間同系附屬公司及本集團的若干一般銀行融資。誠如各方於二零二零年三月三十一日所協定，在已授出銀行融資中，59,678,000 港元已指定由最終控股公司及一間同系附屬公司使用，而餘下銀行融資約94,322,000港元已指定由本集團使用。

於二零二零年三月三十一日，本集團亦已向銀行作出另一項擔保153,000,000港元，以抵押授予最終控股公司的另一項一般銀行融資。於二零二零年三月三十一日，最終控股公司就本集團擔保的銀行融資動用150,000,000港元。

146 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

33. FINANCIAL GUARANTEE CONTRACTS (continued)

The management of the Group considers the fair values and expected credit loss of these guarantees were insignificant as at 31 March 2020. No provision of financial guarantee was recognised as at 31 March 2020 and 1 April 2019.

During the year ended 31 March 2021, these financial guarantees are all released. At 31 March 2021, the Group did not give any guarantee to bank to secure bank facilities granted to third party.

34. RELATED PARTY TRANSACTIONS

(a) In addition to the transactions and balances disclosed elsewhere in the consolidated financial statements, the Group entered into the following transactions with related parties as follows:

33. 財務擔保合約（續）

本集團管理層認為，於二零二零年三月三十一日該等擔保的公平值及預期信貸虧損並不重大。於二零二零年三月三十一日及二零一九年四月一日並無確認財務擔保撥備。

於截至二零二一年三月三十一日止年度，該等財務擔保已全部解除。於二零二一年三月三十一日，本集團並無向銀行作出任何擔保，以抵押授予第三方的銀行融資。

34. 關聯方交易

(a) 除於綜合財務報表其他部分披露的交易及結餘外，本集團與關聯方訂立的交易如下：

		2021	2020
Relationships	關係	HK$'000	HK$'000
Nature of transactions	交易性質	千港元	千港元
			(restated)
			（經重列）
A fellow subsidiary (note a)	一間同系附屬公司（附註a）
Sales	銷售	1,139	1,310
Purchase	採購	11	33
Ultimate holding company	最終控股公司
Service fee	服務費	10,543	9,789
Expenses relating to short-term lease	有關短期租賃的開支	3,036	2,736
A related company (note b)	一間關連公司（附註b）
Sales	銷售	–	66
Purchase	採購	–	17
Utility fee	水電費	979	106
Expenses relating to short-term lease	有關短期租賃的開支	457	225
Interest expenses on lease liabilities	租賃負債的利息開支	37	19
Sundry fee	雜項費用	23	–
Related companies (note c)	關連公司（附註c）
Sales	銷售	106	–
Purchase	採購	293	197
Sub-contracting fee	分包費用	–	177

Notes:

附註：

(a) Sales to and purchase from a fellow subsidiary, Lighthouse Technologies (Huizhou) Limited.
(a) 向同系附屬公司惠州市兆光光電科技有限公司作出的銷售及採購。
(b) Mr. Paul Lo, a non-executive director of the Company, is the controlling shareholder of the related company, Huizhou Light Engine Limited. The Group entered into new lease agreements for the use of leasehold properties with the related company for 1 to 3 years during the year ended 31 March 2021. The Group recognised an addition of right-of-use asset and lease liability of HK$36,000 and HK$36,000 respectively. Lease liability as at 31 March 2021 amounted to HK$260,000 (2020: HK$616,000).
(c) Sales to, purchase and sub-contracting fee from certain subsidiaries of GP Industries Limited. GP Industries Limited has significant influence over Linkz Industries, the ultimate holding company of the Group.
(b) 本公司非執行董事羅仲煒先生為關聯公司惠州元暉光電股份有限公司之控股股東。於截至二零二一年三月三十一日止年度，本集團就租賃物業的使用與關連公司訂立新租賃協議，為期一至三年。本集團分別確認使用權資產添置及租賃負債36,000港元及36,000港元。於二零二一年三月三十一日的租賃負債為260,000港元（二零二零年：616,000港元）。
(c) 向GP工業有限公司若干附屬公司作出的銷售、採購及分包費用。GP工業有限公司對本集團最終控股公司領先工業有重大影響。

年度報告 2021 ANNUAL REPORT

147

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

34. RELATED PARTY TRANSACTIONS (continued)

(b) Compensation of key management personnel

The remuneration of key management personnel was as follows:

34. 關聯方交易（續）

(b) 主要管理人員酬金主要管理人員的酬金如下：

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Short-term employee benefits 短期僱員福利 Equity-settled share-based payments 按權益結算以股份為基礎的款項 Retirement benefits schemes contributions 退休福利計劃供款	27,326 20,788 2,191 2,801 1,123 1,165
	30,640 24,754

The remuneration of key management personnel is determined by the remuneration committee and the executive directors, having regard to the performance of individuals and market trends.

(c) Guarantees given to banks by the following related parties:

主要管理人員的酬金乃由薪酬委員會及執行董事按個人表現及市場趨勢而釐定。

(c) 以下關聯方向銀行提供擔保：

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
Guarantees from ultimate holding company	來自最終控股公司的擔保	467,670	1,561,344
Personal guarantees from Mr. Paul Lo, a non-Executive	來自本公司非執行董事羅仲煒先生的
director of the Company	個人擔保	142,272	1,111,094
Cross guarantees from ultimate holding company	來自最終控股公司的交叉擔保	–	387,000
Cross guarantees from ultimate holding company and a	來自最終控股公司及一間同系附屬
fellow subsidiary	公司的交叉擔保	–	154,000

(d) Guarantees given by the Group to related parties: Details of the guarantees given by the Group are disclosed in note 33.

(d) 本集團向關聯方提供擔保：本集團提供擔保的詳情披露於附註33。

148 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

35. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

The statement of financial position of the Company is as follows:

35. 本公司財務狀況表

本公司的財務狀況表如下：

		2021 2020 HK$'000 HK$'000 千港元千港元
Non-current asset Investment in subsidiaries Current assets Other receivables Amounts due from subsidiaries Bank balances and cash Current liabilities Accruals Amount due to a subsidiary Unsecured bank borrowing – amount due within o Net current (liabilities) assets Total assets less current liabilities Non-current liability Unsecured bank borrowing – amount due after on Net assets Capital and reserves Share capital Reserves (note) Total equity Note:	附註：非流動資產於附屬公司的投資流動資產其他應收款項應收附屬公司款項銀行結餘及現金流動負債應計費用應付一間附屬公司款項 ne year 無抵押銀行借款－金額於一年內到期流動（負債）資產淨值總資產減流動負債非流動負債 e year 無抵押銀行借款－金額於一年後到期資產淨值資本及儲備股本儲備（附註）總權益 Share premium Capital reserve Share options reserve 股份溢價資本儲備購股權儲備 HK$'000 HK$'000 HK$'000 千港元千港元千港元 (note a) （附註a）	805,436 146,680
		1,221 1,301 124,055 201,592 1,499 7,514
		126,775 210,407
		945 9,355 70,070 – 124,278 –
		195,293 9,355
		(68,518) 201,052
		736,918 347,732
		405,625 –
		331,293 347,732
		18,404 18,400 312,889 329,332
		331,293 347,732
		Accumulated profits Total 累計溢利總計 HK$'000 HK$'000 千港元千港元
On 1 April 2019 於二零一九年四月一日 Profit and total comprehensive income for the year 年內溢利及全面收益總額 Dividends paid 已付股息 Recognition of equity-settled share- based payments 按權益結算以股份為基礎的款項之確認 At 31 March 2020 於二零二零年三月三十一日 Profit and total comprehensive income for the year 年內溢利及全面收益總額 Dividends paid 已付股息 Recognition of equity-settled share- based payments 按權益結算以股份為基礎的款項之確認 Exercise of share options 行使購股權 Share options forfeited and transferred to accumulated profits 購股權失效並轉至累計溢利 At 31 March 2021 於二零二一年三月三十一日	271,921 7,324 3,807 – – – – – – – – 6,259	424 283,476 94,797 94,797 (55,200) (55,200) – 6,259
	271,921 7,324 10,066 – – – – – – – – 4,987 216 – (69) – – (340)	40,021 329,332 33,623 33,623 (55,200) (55,200) – 4,987 – 147 340 –
	272,137 7,324 14,644	18,784 312,889

Note a: The amounts represent capital contribution from ultimate holding company.

附註a：金額指來自最終控股公司的注資。

年度報告 2021 ANNUAL REPORT

149

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

36. PARTICULARS OF SUBSIDIARIES

Particulars of the Company’s subsidiaries held by the Company as at 31 March 2021 and 2020 are as follows:

36. 附屬公司的詳情

本公司於二零二一年及二零二零年三月三十一日持有的附屬公司的詳情如下：

		Nominal
	Place of	value of issued	Proportion of nominal
	incorporation/	share capital/	value of issued share capital
Name of subsidiary	establishment	registered capital	held by the Company		Principal activities
	註冊成立╱	已發行股本╱	本公司持有已發行股本
附屬公司名稱	成立地點	註冊資本面值	面值之比例		主要業務
			2021	2020
Directly held
直接持有
Time Interconnect Investment Limited	BVI	US$10,000	100%	100%	Investment holding
(“Time Investment”)	英屬處女群島				投資控股
Linkz Cables Limited (Note g)	BVI	HK$8,390,000	100%	100%	Investment holding
華迅電纜有限公司（附註g）	英屬處女群島	(2020: HK$390,000)			投資控股
Indirectly held
間接持有
Time Interconnect HK	Hong Kong	HK$2,000,000	100%	100%	Trading of cable assembly products
匯聚工業香港	香港				買賣電線組件產品
TIME Interconnect Technology (Huizhou) Limited	PRC	US$28,600,000	100%	100%	Manufacturing and trading of cable
(Note a)	中國				assembly products
匯聚科技（惠州）有限公司（附註a）					生產及買賣電線組件產品
Hover (Kunshan) Electronic Material Company Limited	PRC	HK$30,000,000	100%	100%	Manufacturing of networking cables
(Notes a and g)	中國				生產網絡電線
豪和（昆山）電子材料有限公司（附註a及g）
Hover Manufacturing (Note g)	Hong Kong	HK$8,000,000	100%	100%	Investment holding
豪和製造（附註g）	香港				投資控股
Linkz (HK) Limited (Note g)	Hong Kong	HK$10,000,000	100%	100%	Investment holding
華迅香港有限公司（附註g）	香港				投資控股
Linkz Industries (Shanghai) Limited (Notes b, e and g)	PRC	US$15,000,000	95%	95%	Manufacturing and trading of
領迅電線工業（上海）有限公司（附註b、e及g）	中國				networking cables
					生產及買賣網絡電線
Linkz Industries (Suzhou) Limited (Notes a and g)	PRC	US$30,000,000	100%	100%	Manufacturing and trading of
華迅工業（蘇州）有限公司（附註a及g）	中國				networking cables
					生產及買賣網絡電線
Linkz International Limited (Notes c and g)	Hong Kong	HK$10,000	100%	100%	Trading of networking cables
領先工業國際有限公司（附註c及g）	香港				買賣網絡電線
昆山市德勤機械有限公司(Notes f and g)	PRC	RMB10,000,000	100%	100%	Manufacturing of networking cables
昆山市德勤機械有限公司（附註f及g）	中國				生產網絡電線
Huizhou Chuangxiang Technology Limited (Note f)	PRC	RMB145,250,100	100%	100%	Manufacturing and trading of cable
惠州創享科技有限公司（附註f）	中國				assembly products
					生產及買賣電線組件產品
Time Robotics Technology (Shanghai) Limited (Note a) 輝炬機器人科技（上海）有限公司（附註a）	PRC 中國	US$600,000 (2020:US$100,000)	100%	100%	Manufacturing and trading of robotic products
					生產及買賣機械產品
匯智軟件科技（惠州）有限公司(Notes a and d)	PRC	US$100,000	100%	–	Development and trading of
匯智軟件科技（惠州）有限公司（附註a及d）	中國				computer softwares
					開發及買賣電腦軟件

150 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

36. PARTICULARS OF SUBSIDIARIES (continued)

Notes:

36. 附屬公司的詳情（續）

附註：
(a) These companies were established in the PRC in the form of Wholly Foreign-owned Enterprises.
(a) 該等公司乃於中國以外商獨資企業的形式成立。
(b) The company was established as sino-foreign joint venture registered under the PRC law.
(b) 該公司根據中國法律註冊成立為中外合資合營企業。
(c) The subsidiary was formerly known as Linkz Technology Limited before 15 July 2020.
(c) 該附屬公司於二零二零年七月十五日前稱為領先工業科技有限公司。
(d) This subsidiary was incorporated on 30 July 2020.
(d) 該附屬公司於二零二零年七月三十日註冊成立。
(e) The non-wholly owned subsidiary has immaterial non-controlling interest and related financial information is not disclosed.
(e) 該非全資附屬公司擁有不重大非控股權益，且並無披露相關財務資料。
(f) These companies were established in the PRC in the form of Wholly Owned Enterprises.
(f) 該等公司乃於中國以獨資企業的形式成立。
(g) These subsidiaries are under common control and were acquired upon completion of the Acquisition during the year ended 31 March 2021 as detailed in note 1.2.
(g) 該等附屬公司於截至二零二一年三月三十一日止年度收購事項完成後受共同控制並獲收購，詳情見附註1.2。

None of the subsidiaries had issued any debt securities at the end of both years.

於兩個年度末，概無附屬公司發行任何債務證券。

37. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balances. The Group’s overall strategy remains unchanged throughout the year.

The capital structure of the Group consists of net debts, which includes unsecured bank borrowings and lease liabilities in notes 26 and 24 respectively, net of cash and cash equivalents and equity attributable to owners of the Company, comprising issued share capital and reserves.

The directors of the Company review the capital structure on a regular basis. As part of this review, the directors of the Company consider the cost of capital and the risks associated with the capital. Based on recommendations of the directors of the Company, the Group will balance its overall capital structure through the payment of dividends, new share issues and raising or repayment of bank borrowings.

38. FINANCIAL INSTRUMENTS

a. Categories of financial instruments

37. 資本風險管理

為確保本集團的實體將可持續經營，本集團對其資本進行管理，並透過使債務及權益達致最佳平衡為持份者締造最大回報。本集團的整體策略於整個年度內維持不變。

本集團的資本架構包括債務淨額（分別包括附註 26及24的無抵押銀行借款及租賃負債），扣除現金及現金等價物以及本公司擁有人應佔權益（包括已發行資本及儲備）。

本公司董事定期審閱資本架構。作為該審閱的一部分，本公司董事考慮資本成本及與資本相關的風險。根據本公司董事的建議，本集團將透過派付股息、發行新股份、籌措或償還銀行借款平衡其整體資本架構。

38. 金融工具

a. 金融工具的分類

	2021 2020 HK$'000 HK$'000 千港元千港元 (restated) （經重列）
Financial assets 金融資產 Financial assets at amortised cost 按攤銷成本計量的金融資產 Financial assets at FVTPL 按公平值計入損益之金融資產 Financial liabilities 金融負債 Amortised cost 攤銷成本	922,046 1,923,551 6,035 5,760
	928,081 1,929,311
	1,525,856 1,897,949

年度報告 2021 ANNUAL REPORT

151

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

b. Financial risk management objectives and policies

The Group’s major financial instruments include financial assets at FVTPL, trade and other receivables, amount due from/to ultimate holding company, pledged bank deposits, bank balances and cash, trade and other payables, unsecured bank borrowings and lease liabilities. Details of these financial instruments are disclosed in respective notes. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out below. The management of the Group manages and monitors these exposures to ensure that appropriate measures are implemented on a timely and effective manner.

Market risk

Interest rate risk

The Group is exposed to cash flow interest rate risk in relation to variable rate bank balances and variable rate unsecured bank borrowings (see notes 21 and 26 for details of these balances, respectively). Interest charged on the Group’s borrowings are mainly at variable rates and are mainly at the interest rate offered by the HIBOR. The Group currently does not have a policy on cash flow hedges of interest rate risk. However, the management of the Group monitors interest rate exposure and will consider hedging significant interest rate risk should the need arise.

The Group is also exposed to fair value interest rate risk in relation to the fixed rate pledged bank deposits and fixed rate lease liabilities. However, the management of the Group considers the fair value interest rate risk on the fixed deposits is insignificant as the fixed deposits are relatively shortterm.

Sensitivity analysis

The sensitivity analysis below has been determined based on the exposure to interest rates for variable-rate bank borrowings. The analysis is prepared assuming that variable rate bank borrowings outstanding at the end of the reporting period were outstanding for the whole year. 50 basis point increase or decrease represents the assessment management of the Group of the reasonably possible change in interest rates of bank borrowings. No sensitivity analysis is presented for bank balances as the directors of the Company considered the Group’s exposure to cash flow interest rate risk is not material.

38. 金融工具（續）

b. 財務風險管理目標及政策

本集團的主要金融工具包括按公平值計入損益之金融資產、貿易及其他應收款項、應收╱應付最終控股公司款項、已抵押銀行存款、銀行結餘及現金、貿易及其他應付款項、無抵押銀行借款及租賃負債。該等金融工具詳情披露於有關附註。該等金融工具相關之風險及有關如何降低該等風險之政策載於下文。本集團管理層管理及監控該等風險，確保及時和有效地採取適當措施。

市場風險利率風險

本集團承受與浮動利率銀行結餘及浮動利率無抵押銀行借款有關的現金流量利率風險（有關此等結餘詳情分別見附註21及26）。本集團的借款支付的利息主要按浮動利率計息並主要按由香港銀行同業拆息提供的利率計息。本集團目前並無有關利率風險的現金流量對沖政策。然而，本集團管理層會監察相關利率風險，並於有需要時考慮對沖重大利率風險。

本集團亦承受與固定利率已抵押銀行存款及固定利率租賃負債有關的公平值利率風險。然而，本集團管理層認為，由於定期存款年期相對較短，有關定期存款的公平值利率風險甚微。

敏感度分析

以下敏感度分析乃根據浮動利率銀行借款的利率風險釐定。編製分析時乃假設於報告期末未償還的銀行借款於整個年度未償還。上升或下降50個基點代表本集團管理層對銀行借款的利率的合理可能變動的評估。由於本公司董事認為本集團涉及的現金流量利率風險並不重大，故並無呈列銀行結餘的敏感度分析。

If interest rate had been 50 basis points higher or lower and all other variables were held constant, the Group’s post-tax profit for the year ended 31 March 2021 would decrease or increase by HK$4,227,000 (2020: HK$4,925,000).

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent interest rate risk as the exposure at the end of the reporting period does not reflect the exposure during the year.

倘利率上升或下降50個基點，而所有其他變數維持不變，本集團於截至二零二一年三月三十一日止年度的除稅後溢利將減少或增加 4,227,000港元（二零二零年：4,925,000港元）。

管理層認為，敏感度分析不能代表內在利率風險，因為報告期末的風險無法反映於年內的風險。

152 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

b. Financial risk management objectives and policies (continued)

Market risk (continued) Foreign currency risk The carrying amounts of the Group’s monetary assets (mainly including trade and other receivables, amount due from ultimate holding company, pledged bank deposits and bank balances and cash) and monetary liabilities (mainly including trade and other payables, amount due to ultimate holding company and unsecured bank borrowings) denominated in currencies other than the respective group entities’ functional currencies at the end of the reporting period are as follows:

38. 金融工具（續）

b. 財務風險管理目標及政策（續）市場風險（續）外幣風險

於各報告期末本集團的貨幣資產（主要包括貿易及其他應收款項、應收最終控股公司款項、已抵押銀行存款以及銀行結餘及現金）及貨幣負債（主要包括貿易及其他應付款項、應付最終控股公司款項及無抵押銀行借款）的賬面值以有關集團實體的功能貨幣以外的貨幣計值，如下文所示：

		Assets		Liabilities
		資產		負債
		2021	2020	2021	2020
		HK$'000	HK$'000	HK$'000	HK$'000
		千港元	千港元	千港元	千港元
			(restated)		(restated)
			（經重列）		（經重列）
HK$ against US$	港元兌美元	15,057	28,572	602,545	40,111
RMB against US$	人民幣兌美元	609	643	–	–
Euro against US$	歐元兌美元	3,135	3,786	369	644
US$ against RMB	美元兌人民幣	16,078	8,953	102,084	141,294
US$ against HK$	美元兌港元	192,490	167,114	5,550	56,138

Other than above, several subsidiaries of the Group have the following intra-group receivables (payables) denominated in HK$ and US$, which are foreign currencies of the relevant group entities.

除上述外，若干本集團附屬公司之以下集團內應收款項（應付款項）以港元及美元（為有關集團實體的外幣）計值。

		Amounts due	from (to)
		group entities
		應收（應付）集團實體款項
		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
HK$ against US$	港元兌美元	(38,609)	(13,204)
US$ against HK$	美元兌港元	(174,558)	(343,111)
US$ against RMB	美元兌人民幣	135,513	214,638

The Group currently does not have a foreign currency hedging policy in respect of foreign currency exposure. However, management monitors the related foreign currency exposure closely and will consider hedging significant currency exposure should the need arise.

Sensitivity analysis

The Group is mainly exposed to the foreign currency risk of US$, HK$, RMB and Euro. Under the pegged exchange rate system, the financial impact on exchange difference between HK$ and US$ will be immaterial as most HK$ denominated monetary assets and liabilities are held by group entities having US$ as their functional currency, and therefore no sensitivity analysis has been prepared.

本集團目前並無有關外幣風險的外幣對沖政策。然而，管理層會密切監察相關外幣風險，並於有需要時考慮對沖重大貨幣風險。

敏感度分析

本集團主要承受美元、港元、人民幣及歐元的外幣風險。在匯率掛鈎制度下，由於集團實體持有之大部分以港元計值的貨幣資產及負債以美元為其功能貨幣，港元兌美元匯率差別的財務影響將不重大，因此並無編製敏感度分析。

年度報告 2021 ANNUAL REPORT 153

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

b. Financial risk management objectives and policies (continued) Market risk (continued)

Sensitivity analysis (continued)

The sensitivity analysis below details the Group’s sensitivity to a 5% increase and decrease in US$ against RMB and Euro. 5% is the sensitivity rate used which represents management’s assessment of the reasonably possible change in foreign currency rate. The sensitivity analysis includes the Group’s monetary assets, monetary liabilities and amounts due from/to group entities denominated in RMB, Euro and US$. A positive (negative) number indicates a decrease (increase) in post-tax profit when US$ strengthens 5% against RMB and Euro. For a 5% weakening of US$ against RMB and Euro, there would be an equal but opposite impact on the post-tax profit for the year.

38. 金融工具（續）

b. 財務風險管理目標及政策（續）市場風險（續）

敏感度分析（續）

下文敏感度分析詳述本集團就美元兌人民幣及歐元上升及下降5%的敏感度。採用5% 為敏感度比率代表管理層對匯率的合理可能變動的評估。敏感度分析包括本集團以人民幣、歐元及美元列值的貨幣資產、貨幣負債及應收╱應付集團實體款項。正（負）數表示當美元兌人民幣及歐元升值5%時，除稅後溢利減少（增加）。美元兌人民幣及歐元貶值 5%時，則會對年度的除稅後溢利產生等額但相反影響。

		2021	2020
		HK$'000	HK$'000
		千港元	千港元
			(restated)
			（經重列）
RMB against US$	人民幣兌美元	25	27
Euro against US$	歐元兌美元	115	131
US$ against RMB	美元兌人民幣	(1,857)	(3,086)

In the opinion of the management of the Group, the sensitivity analysis is unrepresentative of the inherent foreign currency risk as the year end exposures do not reflect the exposure during the year.

Credit risk and impairment assessment

Credit risk refers to the risk that the Group’s counterparties default on their contractual obligations resulting in financial losses to the Group. The Group’s credit risk is primarily attributable to trade receivables, trade receivable from a fellow subsidiary, contract assets, bills receivables, pledged bank deposits and bank balances. The Group does not hold any collateral to cover its credit risks associated with its financial assets but maintains credit insurance policies to insure trade receivables with details mentioned below to insure counterparty risks with customers.

Trade balances (including trade receivables, trade receivable from a fellow subsidiary and contract assets)

In order to minimise the credit risk, the management of the Group has delegated a team responsible for determination of credit limits and credit approvals. Before accepting any new customer, the Group uses an internal credit scoring system to assess the potential customer’s credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed twice a year. Other monitoring procedures are in place to ensure that follow-up action is taken to recover overdue debts. In addition, the Group performs impairment assessment under ECL model on trade balances individually. In this regard, the directors of the Company consider that the Group’s credit risk is significantly reduced.

As part of the Group’s credit risk management, the Group applies internal credit rating for its customers. The following table provides information about the exposure to credit risk for trade balances which are assessed individually as at 31 March 2020 and 2021 within lifetime ECL (not creditimpaired).

本集團管理層認為，敏感度分析不能代表內在外幣風險，因為於年末的風險無法反映於年內的風險。

信貸風險及減值評估

信貸風險指本集團交易對手在履行合約責任方面出現違約，致使本集團蒙受財務虧損的風險。本集團的信貸風險主要來自貿易應收款項、來自一間同系附屬公司的貿易應收款項、合約資產、應收票據、已抵押銀行存款及銀行結餘。本集團並無持有任何抵押品，以涵蓋金融資產涉及的信貸風險，但維持信貸保險政策，為貿易應收款項投保。下文所述詳情為就客戶的對手方風險投保。

貿易結餘（包括貿易應收款項、來自一間同系附屬公司的貿易應收款項及合約資產）為盡量減低信貸風險，本集團管理層已指派團隊負責釐定信貸限額及信貸審批。於接納任何新客戶前，本集團使用內部信貸評分系統評估潛在客戶的信貸質素，並按客戶界定信貸限額。客戶的限額及評分每年審核兩次。已設立的其他監控程序用來確保採取跟進措施收回逾期債務。此外，本集團就貿易結餘根據預期信貸虧損模式進行個別減值評估。就此而言，本公司董事認為本集團的信貸風險已大幅降低。

作為本集團信貸風險管理的一部分，本集團對其客戶採用內部信貸評級。下表提供於二零二零年及二零二一年三月三十一日於全期預期信貸虧損（並無信貸減值）內個別評估的貿易結餘的信貸風險的資料。

154 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

b. Financial risk management objectives and policies (continued) Credit risk and impairment assessment (continued)

Trade balances (including trade receivables, trade receivable from a fellow subsidiary and contract assets) (continued)

At the end of the reporting period, the Group has concentration of credit risk as 28% (2020: 21%) and 69% (2020: 74%) of trade receivables were due from the Group’s largest customer and five largest customers, respectively. As at 31 March 2021, the Group has the concentration risk from customer A, customer B, customer C and customer D amounted for a total of 62% (2020: 66%) of trade balances. They are international wellknown companies engaging in telecommunications and global networking industries and with strong financial backgrounds. The expected loss rates of these customers are either 0.04% or 0.20% respectively and are assessed as low risk. The Group also maintains the credit insurance policies to insure against counter-party risk with all customers, of which 90% of the actual losses would be covered by the insurance policies. The Group’s concentration of credit risk by geographical location is mainly in the PRC which accounted for 66% (2020: 55%) of trade receivables as at 31 March 2021.

Gross carrying amount

38. 金融工具（續）

b. 財務風險管理目標及政策（續）信貸風險及減值評估（續）

貿易結餘（包括貿易應收款項、來自一間同系附屬公司的貿易應收款項及合約資產）（續）於報告期末，本集團承受集中信貸風險，因為貿易應收款項的28%（二零二零年：21%）及69%（二零二零年：74%），乃分別來自本集團最大客戶及五大客戶。於二零二一年三月三十一日，本集團面臨客戶A 、客戶B 、客戶C及客戶D的集中風險，其合共佔貿易結餘的 62%（二零二零年：66%）。該等客戶為從事電訊及全球網絡行業的國際知名公司，財務實力雄厚。該等客戶的預期虧損率分別為0.04%或0.20% ，並獲評為低風險。本集團亦維持信貸保險政策以就與所有客戶的對手方風險投保，其90%實際虧損獲保單涵蓋。於二零二一年三月三十一日，本集團按地理位置劃分的集中信貸風險主要為中國，佔貿易應收款項的66%（二零二零年： 55%）。

總賬面值

Credit rating 信貸評級 Average loss rate 平均虧損率 %	2021 Trade receivables Trade receivable from a fellow subsidiary Contract assets Average loss rate 貿易應收款項來自一間同系附屬公司的貿易應收款項合約資產平均虧損率 HK$'000 HK$'000 HK$'000 % 千港元千港元千港元	2020 Trade receivables Trade receivable from a fellow subsidiary Contract assets 貿易應收款項來自一間同系附屬公司的貿易應收款項合約資產 HK$'000 HK$'000 HK$'000 千港元千港元千港元 (restated) (restated) (restated) （經重列）（經重列）（經重列）
Strong 穩健 0.04 Good 良好 0.20 Satisfactory 滿意 3.00 Watch list 監察 10.00	516,873 426 2,860 0.04 200,114 – – 0.20 27,395 – – 3.00 343 – – 10.00 744,725 426 2,860	367,324 554 20,917 98,944 – – 34,579 – – 271 – –
		501,118 554 20,917

Quality classification definitions:

“Strong” : The counterparty has very low risk of default and a prompt payment pattern. They are international wellknown companies with strong financial background.
“Good” : The counterparty has low default risk and has strong financial background.
“Satisfactory” : The counterparty has moderate default risk and occasionally repays after due dates, but with fair financial background.
“Watch list” : The counterparty has moderate default risk and frequently repays after due dates, but with fair financial background. They require special attention from the management of the Group.

質素分類定義：

「穩健」：對手方違約風險非常低，並具迅速付款的習性。彼等為國際知名的公司，財務實力雄厚。
「良好」：對手方違約風險低，財務實力雄厚。
「滿意」：對手方違約風險輕微，偶爾在到期日後償付，但財務實力不俗。
「監察」：對手方違約風險輕微，經常在到期日後償付，但財務實力不俗。本集團管理層須多加留意。

年度報告 2021 ANNUAL REPORT

155

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

b. Financial risk management objectives and policies (continued) Credit risk and impairment assessment (continued) Trade balances (including trade receivables, trade receivable from a fellow subsidiary and contract assets) (continued)

During the years ended 31 March 2020 and 2021, trade receivables, trade receivable from a fellow subsidiary and contract assets were assessed individually with considering the financial background and the historical settlement records, including the past due dates and default rates of each trade balance and forward-looking information is reasonable, supportable and available without undue costs or effort. Estimated loss rates are based on historical observed default rates over the expected life of the debtors and are adjusted for forward-looking information. No impairment allowance was recognised as amounts involved are insignificant.

Other receivables and rental deposits

Other receivables and rental deposits amounted to HK$5,786,000 (2020: HK$7,106,000) were assessed individually for ECL. The Group has considered the consistently low historical default rate in connection with payments and concluded that credit risk inherent in the Group’s other receivables and rental deposits are insignificant and no loss allowance was recognised.

Amount due from ultimate holding company

In determining the ECL for amount due from ultimate holding company, the management of the Group considered the loss given default was negligible as the ultimate holding company had the financial capacity to meet its contractual cash flow obligations in the near term, and conduced that the credit risk is insignificant. Accordingly, no loss allowance was made in the financial statements.

38. 金融工具（續）

b. 財務風險管理目標及政策（續）信貸風險及減值評估（續）貿易結餘（包括貿易應收款項、來自一間同系附屬公司的貿易應收款項及合約資產）（續）截至二零二零年及二零二一年三月三十一日止年度，貿易應收款項、來自一間同系附屬公司的貿易應收款項及合約資產個別進行評估，並會考慮財務背景及過往還款紀錄，包括各項貿易應收款項的逾期日期及違約率以及毋須花費不必要成本或努力即可獲得的合理並有理據支持的前瞻性資料。估計虧損率乃根據債務人於預期年期的過往可觀察違約率估計，並按前瞻性資料調整。由於所涉金額並不重大，故並未確認減值撥備。

其他應收款項及租賃按金

其他應收款項及租賃按金5,786,000港元（二零二零年：7,106,000港元）乃就預期信貸虧損個別進行評估。本集團考慮到有關付款的歷史違約率一貫較低，故認為本集團其他應收款項及租賃按金的固有信貸風險並不重大，因而並未確認虧損撥備。

應收最終控股公司款項

釐定應收最終控股公司款項的預期信貸虧損時，由於最終控股公司有財政能力於短期內滿足其合約現金流量責任，故本集團管理層認為違約虧損甚微，且認為信貸風險並不重大。因此，財務報表並無作出減值撥備。

Pledged bank deposits, bank balances and bills receivables

For pledged bank deposits, bank balances and bills receivables, the directors of the Company considered the probability of default is negligible on the basis of high-credit-rating issuers as such amounts were receivable from or placed in banks with high external credit rating of A or above, no loss allowance was recognised as amounts involved were considered as insignificant.

Financial guarantee contracts

For financial guarantee contracts given to ultimate holding company, the Group and certain fellow subsidiaries as at 31 March 2020, the management of the Group continuously monitored the credit quality and financial conditions of the guaranteed parties that the Group issued financial guarantee contracts in favour of to ensure that the Group would not suffer significant credit losses as a result of the failure of the guaranteed parties on the repayment of the relevant loans. The management of the Group considered the probability of default was low and accordingly, the loss allowance was considered as insignificant. Details of the financial guarantee contracts are set out in note 33.

Liquidity risk

In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management of the Group to finance the Group’s operations. The management of the Group also monitors the utilisation of borrowings and ensures compliance with loan covenants.

已抵押銀行存款、銀行結餘及應收票據

就已抵押銀行存款、銀行結餘及應收票據而言，由於該等款項乃應收自或存置於外部信貸評級較高為A級或以上的銀行，故本公司董事認為基於發行人的高信貸評級，違約的可能性甚微。由於所涉金額並不重大，故並未確認虧損撥備。

財務擔保合約

就於二零二零年三月三十一日向最終控股公司、本集團及若干同系附屬公司作出的財務擔保合約而言，本集團管理層持續監察本集團以其為受益人授出財務擔保合約的被擔保方的信貸素質及財務狀況，以確保本集團將不會因被擔保方未能償還相關貸款而蒙受重大信貸虧損。本集團管理層認為違約的可能性較低，故虧損撥備並不重大。財務擔保合約的詳情載於附註33。

流動資金風險

為管理流動資金風險，本集團監察及維持本集團管理層視為適當的現金及現金等價物水平，為本集團營運撥資。本集團管理層亦監察借款的使用並確保遵守貸款契諾。

The following table details the Group’s remaining contractual maturity for their non-derivative financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity date for other non-derivative financial liabilities is based on the agreed repayment dates.

下表詳述本集團就非衍生金融負債的餘下合約到期日。該表根據本集團可能須付款之最早日期之金融負債未折現現金流量而編製。其他非衍生金融負債的到期日根據協定償還日期釐定。

156 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

b. Financial risk management objectives and policies (continued)

Liquidity risk (continued)

The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from current interest rate at the end of the reporting period.

38. 金融工具（續）

b. 財務風險管理目標及政策（續）流動資金風險（續）

該表包括利息及本金現金流量。倘利息流量為浮動利率，未折現金額乃源自報告期末的即期利率。

Liquidity risk tables Weighted average effective interest rate 加權平均實際利率 %	On demand or less than 3 months 3 months to 1 year 1 to 2 years 2 to 5 years Over 5 years Total undiscounted cash flows Carrying amounts 按要求或少於三個月三個月至一年一至兩年兩至五年超過五年未折現現金流量總額賬面值 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流動資金風險表
31 March 2021 二零二一年三月三十一日 Non-derivative financial liabilities 非衍生金融負債 Trade and other payables 貿易及其他應付款項 N/A不適用 Lease liabilities 租賃負債 5.58 Unsecured bank borrowings (note) 無抵押銀行借款（附註） 2.81 31 March 2020 (restated) 二零二零年三月三十一日（經重列） Non-derivative financial liabilities 非衍生金融負債 Trade and other payables 貿易及其他應付款項 N/A不適用 Lease liabilities 租賃負債 5.54 Amount due to ultimate holding Company 應付最終控股公司款項 N/A不適用 Unsecured bank borrowings (note) 無抵押銀行借款（附註） 4.34 Financial guarantee contracts 財務擔保合約 N/A不適用	486,499 27,149 – – – 513,648 513,648 2,214 8,019 7,624 28,224 7,673 53,754 44,256 472,809 147,385 180,480 238,624 – 1,039,298 1,012,208
	961,522 182,553 188,104 266,848 7,673 1,606,700 1,570,112
	460,801 39,912 – – – 500,713 500,713 2,115 7,544 9,437 25,338 14,794 59,228 47,055 217,947 – – – – 217,947 217,947 1,059,922 122,714 – – – 1,182,636 1,179,289 340,015 – – – – 340,015 –
	2,080,800 170,170 9,437 25,338 14,794 2,300,539 1,945,004

Note:

附註：

Bank borrowings with a repayment on demand clause are included in the “on demand or less than 3 months” time band in the above maturity analysis. As at 31 March 2021, the aggregate carrying amounts of these bank borrowings amounted to HK$347,303,000 (2020: HK$626,178,000). Taking into account the Group’s financial position, the directors of the Company do not believe that it is probable that the banks will exercise their discretionary rights to demand immediate repayment. The directors of the Company believe that such bank borrowings will be repaid within 2 years (2020: within 3 years) after the end of the reporting period in accordance with the scheduled repayment dates set out in the loan agreements and the aggregate principal and interest cash outflows according to the scheduled repayment dates are set out as follows:

附有按要求償還條款的銀行借款於上述到期日分析計入「按要求或少於三個月」的時間範圍。於二零二一年三月三十一日，該等銀行借款的賬面總額為347,303,000港元（二零二零年：626,178,000港元）。計及本集團的財務狀況，本公司董事相信，銀行不大可能行使其酌情權以要求立即還款。本公司董事相信，根據貸款協議所載既定還款日期，有關銀行借款將於報告期末後兩年內（二零二零年：三年內）償還，而根據既定還款日期作出的本金總額及利息現金流出如下：

Weighted
average
effective
interest rate
On demand
or less than
3 months
3 months
to 1 year
1 to 2 years
2 to 5 years
Total
undiscounted
cash flows
Carrying
amounts
加權平均
實際利率
按要求或
少於三個月
三個月至一年
一至兩年
兩至五年
未折現現金
流量總額
賬面值
%
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

Unsecured bank borrowings
無抵押銀行借款
At 31 March 2021
於二零二一年三月三十一日
At 31 March 2020 (restated)
於二零二零年三月三十一日
（經重列）

3.68
268,204
65,607
16,160
–
349,971
347,303

4.32
508,838
91,384
16,973
16,286
633,481
626,178

年度報告 2021 ANNUAL REPORT

157

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

38. FINANCIAL INSTRUMENTS (continued)

c. Fair value measured of financial instruments

Fair value of financial assets that are measured at fair value on a

38. 金融工具（續）

c. 按公平值計量金融工具按公平值經常性計量的金融資產的公平值

recurring basis

Some financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined (in particular, the valuation techniques and inputs used), as well as the level of the fair value hierarchy into which the fair value measurements are categorised (Levels 1 to 3) based on the degree to which the inputs to the fair value measurements is observable.

於各報告期末，部分金融資產乃按公平值計量。下表列示如何釐定該等金融資產的公平值的資料（尤其是所使用的估值技巧及輸入數據），以及公平值計量所屬的公平值等級架構級別（第一級至三級）（基於公平值計量輸入數據的可觀察程度分類）。

			Fair value	Valuation techniques
Financial assets	Fair value as at 31 March		hierarchy	and key inputs
金融資產	於三月三十一日的公平值		公平值層級	估值技術及主要輸入數據
	2021	2020
	HK$'000	HK$'000
	千港元	千港元
Financial assets at FVTPL – Life insurance policy	6,035	5,760	Level 3	Quoted asset value provided by
				financial institution (note)
按公平值計入損益之金融資產–人壽保險保單			第三級	金融機構提供的資產價值報價
				（附註）

Note: Quoted prices provided by bank represent the fair value based on the quoted prices on the underlying investments.

There were no transfers between Level 1, Level 2 and Level 3 during the years ended 31 March 2021 and 2020.

Fair value of financial assets and liabilities that are not measured at

fair value on a recurring basis

The directors of the Company consider that the carrying amounts of other financial assets and financial liabilities recorded at amortised cost approximate to their fair values.

附註：銀行提供的報價指基於相關投資報價的公平值。

於截至二零二一年及二零二零年三月三十一日止年度，第一級、第二級及第三級之間並無轉換。

並非按公平值經常性計量的金融資產及負債的公平值

本公司董事認為，按攤銷成本列賬的其他金融資產及金融負債之賬面值與其公平值相若。

158 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONT‘D) 綜合財務報表附註（續）

FOR THE YEAR ENDED 31 MARCH 2021 截至二零二一年三月三十一日止年度

39. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financial activities.

39. 融資活動所產生負債之對賬

下表詳列本集團融資活動（包括現金及非現金變動）所產生之負債。融資活動所產生負債指現金流量曾經或未來現金流量將在本集團綜合現金流量表內分類為融資活動現金流量之負債。

	Amount due to a fellow subsidiary Amount due to ultimate holding company Unsecured bank borrowings, other than bank overdrafts Dividend payable Lease liabilities Interest payable Total 應付一間同系附屬公司款項應付最終控股公司款項無抵押銀行借款（銀行透支除外）應付股息租賃負債應付利息總計 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元千港元千港元千港元
At 1 April 2019 (restated) 於二零一九年四月一日（經重列） Financing cash flows 融資現金流量 Finance costs recognised 確認融資成本 Waiver of current account by ultimate holding company 最終控股公司豁免的往來賬目 Intra-group transfer to amount from ultimate holding company 集團內公司間轉撥至來自最終控股公司款項 Dividends declared 已宣派的股息 New lease entered 已訂立的新租賃 Exchange realignment 匯兌調整 At 31 March 2020 (restated) 於二零二零年三月三十一日（經重列） Financing cash flows 融資現金流量 Finance costs recognised 確認融資成本 Dividends declared 已宣派的股息 Non-cash transaction (note 32) 非現金交易（附註32） New lease entered 已訂立的新租賃 Lease modification 租賃修訂 Exchange realignment 匯兌調整 At 31 March 2021 於二零二一年三月三十一日	22 272,673 1,168,444 – 46,047 – 1,487,186 (22) 178 27,360 (55,200) (9,243) (67,377) (104,304) – – – – 2,868 67,377 70,245 – (28,832) – – – – (28,832) – (26,072) – – – – (26,072) – – – 55,200 – – 55,200 – – – – 4,147 – 4,147 – – (23,206) – 3,236 – (19,970)
	– 217,947 1,172,598 – 47,055 – 1,437,600 – (121,364) 598,415 (55,200) (10,061) (39,803) 371,987 – – – – 2,722 39,803 42,525 – – – 55,200 – – 55,200 – (96,583) (786,076) – – – (882,659) – – – – 845 – 845 – – – – (32) – (32) – – 27,204 – 3,727 – 30,931
	– – 1,012,141 – 44,256 – 1,056,397

40. EVENT AFTER THE REPORTING PERIOD

On 31 May 2021, Time Investment, a directly wholly-owned subsidiary of the Company, entered into a sale and purchase agreement with GP Industries Limited (the “Vendor”), which owns 38.13% of Linkz Industries and is a related party of the Company.

Pursuant to the sales and purchase agreement, Time Investment conditionally agreed to acquire, and the Vendor conditionally agreed to sell, the entire issued share capital of GP Industries Marketing Limited (“GP Marketing”) at the initial consideration of HK$69,000,000 (subject to adjustment), subject to the terms and conditions of the sales and purchase agreement.

Details of the transaction are set out in the Company’s announcement dated 31 May 2021. GP Marketing and its subsidiary to be acquired, as a condition of the transaction, are engaged in marketing and production of the automotive wire harness products. The Group can leverage their knowledge and production facilities to immediately deliver reliable and high quality products to the customers.

40. 報告期後事項

於二零二一年五月三十一日，本公司的直接全資附屬公司Time Investment與GP工業有限公司（「賣方」，擁有領先工業38.13%權益，為本公司的關聯方）訂立買賣協議。

根據買賣協議，Time Investment有條件同意收購而賣方有條件同意出售金山工業貿易有限公司（「金山貿易」）全部已發行股本，初步代價為 69,000,000港元（可予調整），受買賣協議條款及條件規限。

交易的詳情載於本公司日期為二零二一年五月三十一日的公告內。作為交易的條件之一，金山貿易及其將予收購附屬公司從事營銷及生產汽車配線產品。本集團可運用其知識及生產設施，立即為客戶交付可靠及優質的產品。

As at the date of the authorisation of these consolidated financial statements, the transaction has not yet completed.

於此等綜合財務報表獲授權刊發日期，該交易尚未完成。

年度報告 2021 ANNUAL REPORT

159

FINANCIAL SUMMARY 財務概要

RESULTS	For the year ended 31 March 截至三月三十一日止年度 2017 2018 2019 2020 2021 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元千港元 (note) (note) (restated) (restated) （附註）（附註）（經重列）（經重列）業績
Revenue 收益 Profit before taxation 除稅前溢利 Taxation 稅項 Profit for the year 年內溢利 ASSETS AND LIABILITIES	864,571 1,238,374 2,971,501 2,780,150 3,008,019
	97,344 171,014 202,937 188,852 268,111 (15,660) (38,894) (36,050) (34,368) (41,480)
	81,684 132,120 166,887 154,484 226,631
	At 31 March 於三月三十一日 2017 2018 2019 2020 2021 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 千港元千港元千港元千港元千港元 (note) (note) (restated) (restated) （附註）（附註）（經重列）（經重列）資產及負債
Total assets 總資產 Total liabilities 總負債 Net assets 資產淨值	502,047 882,906 3,142,733 3,187,431 2,598,964 (380,785) (424,184) (2,045,691) (2,021,536) (1,734,563)
	121,262 458,722 1,097,042 1,165,895 864,401

Note: The assets and liabilities as at 31 March 2017 and 2018 and the results for each of the 附註：於二零一七年及二零一八年三月三十一日的資產及 two years then ended have not been restated to present the effect of the acquisitions 負債以及截至該等日期止兩個年度各年的業績並無 of the Target Group. 重列以呈列收購目標集團的影響。

160 匯聚科技有限公司 TIME INTERCONNECT TECHNOLOGY LIMITED

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SEGMENT INFORMATION(continued) (c) Other information For the year ended 31 March 2021 Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 For the year ended 31 March 2020 (restated) Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Information about the Group’s revenue from external customers presented based on the geographical location of the customers is as follows: 5.	SEGMENT INFORMATION(continued) (c) Other information For the year ended 31 March 2021 Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 For the year ended 31 March 2020 (restated) Amounts included in the measure of segment profit or loss or segment assets. Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Information about the Group’s revenue from external customers presented based on the geographical location of the customers is as follows: 5.	Cable assembly Networking cables Consolidated 電線組件網絡電線綜合 HK$'000 HK$'000 HK$'000 千港元千港元千港元分部資料（續） (c)其他資料截至二零二一年三月三十一日止年度計入分部溢利或虧損或分部資產計量的金額。
	Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 For the year ended 31 March 2020 (restated) Amounts included in the measure of segment profit or loss or segment assets.	38,886 8,714 47,600 24,567 33,146 57,713 8,916 5,287 14,203 1,991 47 2,038 4,646 – 4,646
		Cable assembly Networking cables Consolidated 電線組件網絡電線綜合 HK$'000 HK$'000 HK$'000 千港元千港元千港元截至二零二零年三月三十一日止年度（經重列）計入分部溢利或虧損或分部資產計量的金額。
	Capital additions 資本增加 Depreciation of property, plant and equipment 物業、廠房及設備折舊 Depreciation of right-of-use assets 使用權資產折舊 Loss on disposal and written off of property, plant and equipment 出售及撇銷物業、廠房及設備的虧損 Write off of inventories 存貨撇銷 Information about the Group’s revenue from external customers presented based on the geographical location of the customers is as follows:	13,132 41,299 54,431 22,430 33,446 55,876 8,486 1,351 9,837 26 33 59 2,356 – 2,356
		有關本集團按照客戶的地理位置呈列來自外部客戶的收益資料如下：

AI assistant

Time Interconnect Technology Limited — Annual Report 2021

50124_rns_2021-07-19_6d62028a-4ccf-4697-8fb0-d1d16c02ddb1.pdf

CONTENTS 目錄

VISION

願景

STRATEGY

策略

COMPETITIVE STRENGTHS

競爭優勢

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Non-Executive Director:

Independent Non-Executive Directors:

BOARD COMMITTEES

COMPANY SECRETARY

AUTHORISED REPRESENTATIVES

COMPLIANCE ADVISER

AUDITOR

LEGAL ADVISERS AS TO HONG KONG LAWS

REGISTERED OFFICE IN THE CAYMAN ISLANDS

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN CAYMAN ISLANDS

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

PRINCIPAL BANKS

COMPANY’S WEBSITE

STOCK CODE

董事會

董事委員會

核數師

開曼群島註冊辦事處

主要往來銀行

公司網站

股份代號

Dear Shareholders,

致各股東：

FINANCIAL REVIEW

OUTLOOK

財務回顧

展望

APPRECIATION

Lo Chung Wai Paul Chairman

致謝

主席 羅仲煒

BUSINESS OVERVIEW

業務回顧

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

RESULTS OF OPERATIONS

Financial Overview

經營業績

財務回顧

Revenue

收益

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Segment Information

Gross Profit/Margin

Operating Profit/Margin

分部資料

毛利╱毛利率

經營溢利╱經營利潤率

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Extreme Transaction Expenses

極端交易開支

Finance Costs

融資成本

Total Profit for the year and Earnings per Share

年內溢利總額及每股盈利

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

Dividends

股息

OUTLOOK

展望

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續）

LIQUIDITY AND FINANCIAL RESOURCES

流動資金及財務資源

Analysis of Cash Flow from Operations

經營所得現金流量分析

Working Capital Change

Time Interconnect Technology Limited Annual Report 2021

主席羅仲煒

持有重大投資、重大收購及出售附屬公司及聯屬公司以及重大投資或資本資產計劃