Vala Inc. — Annual Report 2020

Apr 28, 2021

Corporate Information	公司資料	2
Chairman's Statement	主席報告	5
Chief Executive Officer's Statement	行政總裁報告	7
Management Discussion and Analysis	管理層討論及分析	9
Biographical Details of Directors and Senior Management	董事及高級管理層履歷詳情	23
Report of the Directors	董事會報告	29
Corporate Governance Report	企業管治報告	72
Environmental, Social and Governance Report	環境、社會及管治報告	92
Independent Auditor's Report	獨立核數師報告	126
Consolidated Statement of Comprehensive Loss	綜合全面虧損表	139
Consolidated Statement of Financial Position	綜合財務狀況表	141
Consolidated Statement of Changes in Equity	綜合權益變動表	143
Consolidated Statement of Cash Flows	綜合現金流量表	145
Notes to the Consolidated Financial Statements	綜合財務報表附註	147
Five -Year Financial Summary	五年財務資料概要	312

Corporate Information 公司資料

BOARD OF DIRECTORS

EXECUTIVE DIRECTORS

Mr. Sun Haitao (Chairman) Mr. Zheng Haiguo (Chief Executive Officer) Mr. Zhao Ke (Chief Financial Officer)

NON-EXECUTIVE DIRECTORS

Ms. Zou Yunli Mr. Yu Jin

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Wong Ti Mr. Ye Xiang Mr. Xu Xuchu

COMPANY SECRETARY

Mr. Lam Yu Hon

AUTHORISED REPRESENTATIVES

Mr. Zhao Ke Mr. Lam Yu Hon

AUDIT COMMITTEE

Mr. Wong Ti (Chairman) Ms. Zou Yunli Mr. Ye Xiang

REMUNERATION COMMITTEE

Mr. Ye Xiang (Chairman) Mr. Sun Haitao Mr. Xu Xuchu

董事會

執行董事

孫海濤先生(主席) 鄭海國先生(行政總裁) 趙軻先生(首席財務官)

非執行董事

鄒雲麗女士 于進先生

獨立非執行董事

汪棣先生 葉翔先生 徐旭初先生

公司秘書

林銳康先生

授權代表

趙軻先生 林銳康先生

審核委員會

汪棣先生(主席) 鄒雲麗女士 葉翔先生

薪酬委員會

葉翔先生(主席) 孫海濤先生 徐旭初先生

Corporate Information 公司資料

NOMINATION COMMITTEE

Mr. Sun Haitao (Chairman) Mr. Ye Xiang Mr. Xu Xuchu

AUDITOR

PricewaterhouseCoopers Certified Public Accountants Registered Public Interest Entity Auditor

PRINCIPAL BANK

Bank of China Limited Hangzhou Wenyi Sub-branch No. 310, Wenyi Road, Xihu District Hangzhou, Zhejiang, PRC

REGISTERED OFFICE

Second Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KYI-1103 Cayman Islands

HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN THE PRC

Building B3, CECEP Xixi Center No. 588 Wenyi West Road Xihu District, Hangzhou Zhejiang, PRC

提名委員會

孫海濤先生(主席) 葉翔先生 徐旭初先生

核數師

羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師

主要往來銀行

中國銀行股份有限公司 杭州文一支行 中國浙江省杭州市 西湖區文一路310號

註冊辦事處

Second Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KYI-1103 Cayman Islands

總部及中國主要營業地點

中國 浙江省杭州市 西湖區文一西路588號 中節能西溪首座B3幢

Corporate Information 公司資料

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 1006, 10th Floor Tower One, Lippo Centre 89 Queensway Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Tricor Services (Cayman Islands) Limited Second Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KYI-1103 Cayman Islands

HONG KONG SHARE REGISTRAR

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

STOCK CODE

2051

WEBSITE

www.u51.com

香港主要營業地點

香港 金鐘道89號 力寶中心一座 10樓1006室

主要股份過戶登記處

Tricor Services (Cayman Islands) Limited Second Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KYI-1103 Cayman Islands

香港證券登記處

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

股份代號

2051

網址

www.u51.com

Chairman's Statement 主席報告

Dear Shareholders,

In 2020, the financial technology industry faced a complex and changing internal and external environment, and 51 Credit Card Inc. (the "Company", together with its subsidiaries, the "Group", "we" or "us") had also experienced an extremely extraordinary year. During the year, we have been actively cooperating with the supervision of the government of the People's Republic of China (the "PRC" or "China"), achieving the exiting of the P2P business (the "P2P Exiting") as well as our business transformation and upgrading. Meanwhile, we further enhanced our business strength, and continued to innovate and explore to endlessly provide technology services for financial institutions by relying on the technological strength that we have accumulated over the years.

A LARGE USER BASE

From the beginning of our foundation, we have gradually created a comprehensive ecosystem built upon the widely-used 51 Credit Card Manager App ("51 Credit Card Manager App"), covering personal credit management services, credit card technology services, and credit facilitation services, etc. For this reason, we have a large user base. As of 31 December 2020, the number of registered users increased to approximately 86.4 million, and the number of credit cards we had managed cumulatively also increased to approximately 145.0 million. Our professional and rigorous product attitude attracted users with high quality and high loyalty, whom have accompanied the Company for nine years.

致各位股東:

2020年,金融科技行業面臨了複雜多變的內外部環 境,51信用卡有限公司(「本公司」,連同其附屬公司 「本集團」或「我們」)也經歷了極其不平凡的一年。 年內,我們積極配合中華人民共和國(「中國」或「國 內」)政府監管,實現P2P業務清退(「P2P清退」)並進行 業務的轉型升級,同時,我們進一步增強自身的業務 實力,並依靠多年積累的科技技術實力持續創新探 索,繼續為廣大金融機構提供科技服務。

擁有龐大的用戶群體

從創立之初開始,我們逐步開發了一個基於廣泛使 用的51信用卡管家應用(「 51信用卡管家應用」)並形 成全面的生態系統,涵蓋了個人信用管理服務、信用 卡科技服務、信貸撮合服務等,因此,我們擁有龐大 的用戶群體。截至2020年12月31日止,我們的註冊用 戶量增至約86.4百萬人,累積管理的信用卡數量也增 長至約145.0百萬張。我們以專業、嚴謹的產品態度 吸引了這些優質且黏性極強的用戶,也是這些用戶 陪伴本公司走過了9年歷程。

Chairman's Statement 主席報告

BUSINESS TRANSFORMATION AND RELAUNCH

In the first half of 2020, we followed the guidances of the regulatory authorities to proceed with the P2P Exiting. We had completely withdrawn from the P2P industry. Thereby, we are able to win the confidence from the Company's shareholders (the "Shareholders") and users, and to implement a comprehensive restoration and transformation and upgrade of our principal business, so as to achieve long-term sustainable development.

In the second half of 2020, despite a steady recovery in the scale of our credit facilitation business and a significant decrease in delinquency rates, due to the factors such as the P2P Exiting and the pandemic of the coronavirus disease, our operating performance declined significantly as compared to 2019. However, we continuously adapted to changes in the industry environment and carried out a comprehensive reorganization and transformation of our business. Looking forward to the future, we will be committed to uphold our competitive position in the financial technology industry by relying on our advanced technical strength, compliant operation principles, large user base and strong innovation capabilities. Besides, we will continue to enhance our business capabilities and strive to create long-term value for Shareholders.

Last but not least, on behalf of the board (the "Board") of directors (the "Directors") of the Company, I would like to thank all the Shareholders for their support and express my sincere gratitude to all our staff for their dedication and contribution to the Group.

Sun Haitao

Chairman and Executive Director

30 March 2021

業務轉型 重新出發

2020年上半年,我們遵循監管機構的指導性意見開 展P2P清退,徹底退出了P2P行業。這也讓我們贏得了 本公司股東(「股東」)和用戶的信任,得以對主營業 務進行全面復盤和轉型升級,以達成更長遠的可持 續發展。

2020年下半年,儘管我們的信貸撮合業務規模穩步 回升,並且違約率顯著下降,但受P2P清退及新型冠 狀病毒疫情等因素影響,我們的經營業績較2019年 出現明顯下滑。然而,我們持續適應行業環境的變化 並對業務進行全面重整和轉型。展望未來,我們也將 更加專注於通過先進的技術實力、合規的經營理念、 龐大的用戶基礎、強大的創新能力等維持我們在金 融科技行業的競爭地位,並繼續提升我們的業務能 力,致力於為股東創造長遠價值。

最後,我謹代表本公司董事(「董事」)會(「董事會」), 感謝全體股東的鼎力支持,亦謹此向全體員工為本 集團付出的熱忱投入及貢獻致以誠摯謝意!

主席兼執行董事 孫海濤

2021年3月30日

Chief Executive Officer's Statement 行政總裁報告

2020 was truly a challenging year for 51 Credit Card.

During the year, we completed the P2P Exiting in accordance with the requirements of the PRC government.

During the year, we preserved our strengths under adverse conditions by controlling risks, ensuring compliance and giving priority to innovation. We quickly resumed our various operations and identified new directions and focus of our business development. The operation mechanism of the Company has improved gradually and a favorable condition for future development has been created after our efforts.

I'm very pleased to join the Company during a time when opportunities and challenges co-exist. Upon the establishment of a new operation team, we will return to the essence of financial technology services in strict compliance with the positioning and requirements imposed by the central government and regulatory authorities on financial technology companies. We will strengthen our technology and offer better services to transform and upgrade our financial technology services in line with the industry trend by making full use of our financial technology, billion-level customer base and internet operation capability accumulated through years of operations of the Company.

In this new year of 2021, we will focus on the following three aspects:

Firstly, we will make full use of our core advantages to construct a new development model. We will insist on compliance and with controllable risks, strengthen our cooperation with banks and other financial institutions at the business end to expand our channels for acquiring customers at the customer end, so as to promote the fast and fine development of credit card management services, credit facilitation services and value-added platform services, etc. Leveraging the rapid development of digital economy and with a focus on the opportunities arising from the digital transformation of the financial industry, we will offer platforms, technologies and operation services to financial enterprises including banks, etc., thus providing support to the digital transformation of the industry.

2020年,對於51信用卡而言是極具挑戰的一年。

這一年,我們按照中國政府的要求,實現了P2P清退。

這一年,我們逆境中重新蓄力,控風險、講合規、重 創新,快速恢復了各項業務,覓得了業務發展新熱 點和著力點。本公司各項運行機制逐步完善,本公司 「重蓄力,再出發」的良好態勢已形成。

我很高興,在這個機遇與挑戰並存的時間加入公司。 新經營團隊成立後,我們將堅定不移地按照中央政 府和監管機構對金融科技公司的定位要求,回歸金 融科技服務本質,強技術、做服務,充分發揮本公司 多年運營積累起來的金融科技技術、億級客戶基礎 及互聯網運營能力,實現行業大趨勢下金融科技服 務的轉型升級。

新的一年,我們將突出做好以下三個方面的工作:

一是充分發揮核心優勢,構建發展新模式。堅持以合 規為底線,在風險可控的前提下,加大與B端銀行等 金融機構合作,拓寬C端獲客渠道,促進信用卡管理 服務、信貸撮合服務、平台增值服務等快速、精細發 展。擁抱數字經濟熱潮,聚焦金融行業數字化轉型發 展契機,面向銀行等金融企業提供平台、技術和運營 服務,助力行業數字化轉型。

Chief Executive Officer's Statement 行政總裁報告

Secondly, we will tap into new potentials for technical innovation to create new competitiveness for Little Blue Book App ("Little Blue Book"). Based on the brand new position of Little Blue Book as a "smart sales intelligence platform", we will further strengthen the ability of artificial intelligence in processing big data and optimizing sales chain of enterprises, so as to provide solutions to the major obstacles faced by enterprises such as difficulties in acquiring and reaching customers and judging the timing of sales.

Thirdly, we will improve our organizational structure to effectively enhance our governance level. According to the existing operational positioning, we have adjusted our current organizational structure in an all-round way through establishing several major business development streams with clear functions such as the digital financial business, bank services, 51 Credit Card Manager App business and Little Blue Book business. We have also established supporting systems in research and development, risk and strategy, etc., and introduced an operation system with value creativity, market competitiveness and technical innovation capability as core goals, so as to provide strong support and development momentum for 51 Credit Card to transform into a first-class digital platform, technology and operation service provider in China.

Embracing a new start, new goal and a new journey, 51 Credit Card will adhere to its faith, continue to solidify the foundation of our financial technology services, strengthen our ability in building a digital platform and promote the development strategy which drives growth at the customer end from the business end and promote growth at the business end from the customer end in a comprehensive way.

Zheng Haiguo

Chief Executive Officer and Executive Director

30 March 2021

二 是 激 發 科 技 創 新 潛 能,打 造 小 藍 本 應 用(「小 藍 本」)新的競爭力。基於小藍本「智能銷售情報平台」 的全新定位,進一步強化人工智能技術在大數據處 理和優化企業銷售鏈路上的能力,為廣大企業在銷 售中面臨的獲客難、觸達難、判斷銷售時機難等痛點 問題提供應對方案。

三是健全完善組織結構,有效提升治理水平。根據既 定經營定位,我們已經全方位的調整了現有的組織 架構,構建數金業務、銀行服務、51信用卡管家應用 業務、小藍本業務等多個職能清晰的業務發展主線, 設立研發、風險及策略等多個支撐體系,推出了以價 值創造力、市場競爭力和技術創新力為核心目標的 運行體系,為51信用卡轉型發展成為國內一流的數 字平台、技術和運營服務商提供強大的支撐和發展 動力。

新起點、新目標、新征程,51信用卡將堅守初衷,不 斷夯實金融科技服務基礎,持續強化數字化平台能 力建設,全面推進「以B帶C,以C促B」的發展戰略。

行政總裁兼執行董事 鄭海國

2021年3月30日

BUSINESS REVIEW

The Group operates a widely-used credit card management platform, 51 Credit Card Manager App. As at 31 December 2020, the number of registered users of 51 Credit Card Manager App was approximately 86.4 million, and the number of credit cards we had managed cumulatively amounted to approximately 145.0 million. In September 2019, we launched a commercial information searching tool, Little Blue Book, with an aim to provide users with valuable commercial information. As at 31 December 2020, Little Blue Book had approximately 6.2 million registered users.

In the first half of 2020, we followed the guidances of the regulatory authorities to proceed with the P2P Exiting. The balance of our P2P business as at the end of 2019 was approximately RMB5.63 billion. After our efforts, including continuously improving debt collection efficiency, adopting multiple measures to urge borrowers to repay loans in advance, and enhancing debt recovery efforts to delinquent borrowers through lawsuits and by other means, etc., we had completed the P2P Exiting successfully in mid-2020. To concentrate resources to ensure that the P2P Exiting could be completed, we significantly reduced various expenses, including new user acquisition cost, etc., and kept the scale of various businesses, including the credit facilitation service, at a low level.

In the second half of 2020, following our successful withdrawal from the P2P industry, we have shifted the focus of our business fully to providing technology services to financial institutions, and the scale of credit facilitation business recovering steadily. We concentrated on providing services to more creditworthy users and adopted stringent risk controls to achieve long-term and stable growth. As a result of our continuous efforts, the recovered amount of overdue assets in respect of the historical credit facilitation business also increased significantly.

In the meantime, we continued to explore new business opportunities. We repositioned Little Blue Book as a "smart sales intelligence platform" to help enterprises quickly identify and accurately reach their customers through the reconstruction of network-wide data using big data, artificial intelligence technology and automation approaches, thereby shortening their sales cycle and improving sales efficiency. At the end of 2020, we launched the "Blue Intelligence* (藍色線索)" product targeting small and medium-sized enterprises ("SMEs").

業務回顧

本集團運營一款廣泛使用的信用卡管理平台51信用 卡管家應用。於2020年12月31日,51信用卡管家應用 的註冊用戶數為約86.4百萬名,累計管理信用卡數量 總計約145.0百萬張。於2019年9月,我們推出一款商 業資訊搜索工具小藍本,旨在為用戶提供有價值的 商業資訊。於2020年12月31日,小藍本的註冊用戶數 為約6.2百萬名。

2020年上半年,我們遵循監管機構的指引進行了P2P 清退。於2019年底,我們的P2P業務餘額為約人民幣 56.3億元。經過我們的努力,包括持續提升催收效 率、採取多種措施敦促借款人提前還款、通過法律 訴訟等措施加大對逾期借款人的追繳力度等,我們 於2020年年中成功完成了P2P清退。為集中資源確保 P2P清退的完成,我們大幅縮減了包括新用戶獲取費 用等各項開支,並將信貸撮合服務等各項業務的規 模維持在較低水平。

2020年下半年,在成功退出P2P行業後,我們的業務 重心全面轉向為金融機構提供科技服務,信貸撮合 業務規模穩步回升。我們聚焦於服務信用資質更優 良的用戶及採用嚴格的風險控制措施以達成長期穩 健的發展。在我們的不斷努力下,歷史信貸撮合業務 形成的逾期資產的回收金額也有明顯上升。

與此同時,我們持續拓展新的商業機會。我們將小藍 本重新定位為「智能銷售情報平台」,通過使用大數 據、人工智能技術和自動化手段重構全網數據,幫助 企業快速識別和精準觸達客戶,從而縮短企業的銷 售週期和提升銷售效率。於2020年底,我們定位於服 務中小型企業(「中小型企業」)的產品「藍色線索」已 經上線。

In summary, the Group completely withdrew from the P2P industry and underwent a full reconstruction and transformation of business in 2020. Despite a steady recovery in the scale of our credit facilitation business and a significant decrease in delinquency rates in the second half of 2020, our operating results declined significantly as compared to 2019 due to factors such as the P2P Exiting and the pandemic of the coronavirus disease ("COVID-19"). For the year ended 31 December 2020, our revenue was approximately RMB274.3 million, representing a decrease of 86.6% from approximately RMB2,045.4 million for the corresponding period in 2019; our adjusted operating loss was approximately RMB927.2 million, representing a decrease of 5.0% from approximately RMB976.3 million for the corresponding period in 2019; and our adjusted net loss was approximately RMB1,343.9 million, representing an increase of 58.7% from approximately RMB847.1 million for the corresponding period in 2019.

綜 上 所 述,於2020年本集團徹底退出了P2P行 業 並 進 行 了 業 務 的 全 面 重 整 和 轉 型。儘 管2020年 下 半 年 我 們 的 信 貸 撮 合 業 務 規 模 穩 步 回 升,並 且 違 約率顯著下降,但受P2P清退及新型冠狀病毒疫情 (「 COVID-19 」)等 因 素 影 響,我 們 的 經 營 業 績 較 2019年出現了明顯下滑。截至2020年12月31日止年 度,我們的收益為約人民幣274.3百萬元,較2019年同 期的約人民幣2,045.4百萬元下降了86.6%;我們的經 調整經營虧損為約人民幣927.2百萬元,較2019年同 期的約人民幣976.3百萬元下降了5.0%;及我們的經 調整淨虧損為約人民幣1,343.9百萬元,較2019年同期 的約人民幣847.1百萬元增加了58.7%。

						Year-on
			For the year ended 31 December			year change
			截至12月31日止年度			同比變動
		2020			2019
		Percentage			Percentage
		RMB'000	of revenue	RMB'000	of revenue	Percentage
			佔收益的		佔收益的
		人民幣千元	百分比	人民幣千元	百分比	百分比
		(approximate)	(approximate)	(approximate)	(approximate)	(approximate)
		(約)	(約)	(約)	(約)	(約)
Revenue	收益	274,309	100.0%	2,045,393	100.0%	-86.6%
Credit facilitation and service fee	信貸撮合及服務費	95,427	34.8%	1,173,082	57.4%	-91.9%
Credit card technology service fee	信用卡科技服務費	45,829	16.7%	152,261	7.4%	-69.9%
Referral service fee	介紹服務費	26,585	9.7%	289,146	14.1%	-90.8%
Other revenue	其他收益	106,468	38.8%	430,904	21.1%	-75.3%
Operating loss for the year	年度經營虧損	(1,438,437)		(1,325,296)		8.5%
Net loss for the year	年度淨虧損	(1,716,406)		(1,111,043)		54.5%
Adjusted operating loss for the year	年度經調整經營虧損	(927,235)		(976,329)		-5.0%
Adjusted net loss for the year	年度經調整淨虧損	(1,343,945)		(847,100)		58.7%

1. Credit Facilitation Service

In 2020, the total volume of the credit facilitation business was approximately RMB2,416.9 million, all being businesses under the cooperation with financial institutions. Affected by the P2P Exiting and the COVID-19 pandemic, our scale of credit facilitation business decreased significantly as compared to 2019 and we focused on providing services to more creditworthy users. The average tenure of loans increased from approximately 9.4 months in 2019 to approximately 10.4 months in 2020, and the average amount of loans increased from approximately RMB9,800 in 2019 to approximately RMB9,900 in 2020. At the same time, the delinquency rate of new credit facilitation business in 2020 also decreased significantly.

2. Credit Card Technology Service

Affected by the COVID-19 pandemic, the personal consumption credit market in 2020 experienced volatility as a whole, which led to a significant increase in the delinquency rate of the credit card business. The number of new credit card issued by our partner banks through our platform recorded a substantial decrease. Thus the revenue from credit card technology service decreased from approximately RMB152.3 million for the corresponding period in 2019 to approximately RMB45.8 million in 2020.

3. Referral Service

In 2020, in light of the regulations on the Internet finance industry by the government of the PRC, the scale of the industry downsized significantly. Accordingly, the revenue from referral service decreased from approximately RMB289.1 million for the corresponding period in 2019 to approximately RMB26.6 million in 2020.

4. Little Blue Book Business

Little Blue Book is a commercial information searching tool that we launched in September 2019. As at 31 December 2020, Little Blue Book had approximately 6.2 million registered users. In the second half of 2020, we repositioned Little Blue Book as a "smart sales intelligence platform". At the end of 2020, we launched the "Blue Intelligence" product targeting SMEs.

1. 信貸撮合服務

於2020年,信貸撮合業務的總量為約人民幣 2,416.9百萬元,全部為與金融機構合作的業 務。受P2P清退及COVID-19疫情的影響,我們的 信貨撮合業務規模較2019年大幅下降,並聚焦 於服務信用資質更為優良的客群。貸款平均期 限由2019年度的約9.4個月上升至2020年度的約 10.4個月,筆均貸款規模由2019年度的約人民 幣9,800元上升至2020年度的約人民幣9,900元。 同時,於2020年度新增的信貸撮合業務違約率 也顯著下降。

2. 信用卡科技服務

受COVID-19疫情影響,個人消費信貸市場整體 於2020年出現了波動,導致信用卡業務逾期率 的明顯上升。我們的合作銀行通過我們的平台 發行的新信用卡數量大幅下降。因此信用卡科 技服務收益由2019年同期的約人民幣152.3百 萬元下降至2020年的約人民幣45.8百萬元。

3. 介紹服務

於2020年,受中國政府對互聯網金融行業監管 的影響,行業規模大幅下降。相應地,介紹服 務收益也由2019年同期的約人民幣289.1百萬 元下降至2020年的約人民幣26.6百萬元。

4. 小藍本業務

小藍本為我們於2019年9月推出的一款商業資 訊搜索工具。於2020年12月31日,小藍本的註 冊用戶為約6.2百萬。2020年下半年,我們將小 藍本重新定位為「智能銷售情報平台」。於2020 年底,服務於中小型企業的產品「藍色線索」已 上線。

FINANCIAL REVIEW

Revenue

Our total revenue decreased by approximately 86.6% from approximately RMB2,045.4 million for the year ended 31 December 2019 to approximately RMB274.3 million for the year ended 31 December 2020.

Credit facilitation and service fee decreased by approximately 91.9% from approximately RMB1,173.1 million for the year ended 31 December 2019 to approximately RMB95.4 million for the year ended 31 December 2020. We generally collect credit facilitation and service fee from borrowers according to the pre-confirmed fee schedules, and recognize in our consolidated financial statements the upfront credit facilitation service fee at the inception of the loan and the post credit facilitation service fee over the loan during the year. In 2020, as affected by the P2P Exiting and the COVID-19 pandemic, the scale of the credit facilitation business decreased significantly compared with that in 2019, leading to a decrease in credit facilitation and service fee.

Credit card technology service fee decreased by approximately 69.9% from approximately RMB152.3 million for the year ended 31 December 2019 to approximately RMB45.8 million for the year ended 31 December 2020. In 2020, due to the COVID-19 pandemic, the personal consumption credit market experienced volatility as a whole. The number of new credit cards issued by our partner banks through our platform recorded a substantial decrease, resulting in a decrease in credit card technology service fees.

Referral service fee decreased by approximately 90.8% from approximately RMB289.1 million for the year ended 31 December 2019 to approximately RMB26.6 million for the year ended 31 December 2020. Affected by the PRC government's regulation of the Internet finance industry, the scale of the industry downsized significantly in 2020, and the referral service fee decreased accordingly.

財務回顧

收益

我們的收益總額由截至2019年12月31日止年度的約 人民幣2,045.4百萬元減少約86.6%至截至2020年12月 31日止年度的約人民幣274.3百萬元。

信貸撮合及服務費由截至2019年12月31日止年度的 約人民幣1,173.1百萬元減少約91.9%至截至2020年12 月31日止年度的約人民幣95.4百萬元。我們一般根據 預先確認的收費表向借款人收取信貸撮合服務費, 在貸款辦理時在合併財務報表中確認前期信貸撮合 服務費,並於貸款年內確認後期信貸撮合服務費。於 2020年,我們受P2P清退和COVID-19疫情的影響,信 貸撮合業務規模較2019年大幅下降,因而導致了信 貸撮合及服務費的下降。

信用卡科技服務費由截至2019年12月31日止年度的 約人民幣152.3百萬元減少約69.9%至截至2020年12 月31日止年度的約人民幣45.8百萬元。於2020年,受 COVID-19疫情影響,個人消費信貸市場整體出現了 波動。我們的合作銀行通過我們的平台發行的新信 用卡數量大幅下降,因而導致了信用卡科技服務費 的下降。

介紹服務費由截至2019年12月31日止年度的約人民 幣289.1百萬元減少約90.8%至截至2020年12月31日止 年度的約人民幣26.6百萬元。受中國政府對互聯網金 融行業監管的影響,2020年行業規模大幅下降,介紹 服務費也相應減少。

Other revenue decreased by approximately 75.3% from approximately RMB430.9 million for the year ended 31 December 2019 to approximately RMB106.5 million for the year ended 31 December 2020, among which (i) the payment service fee decreased by approximately 83.2% from approximately RMB267.3 million for the year ended 31 December 2019 to approximately RMB45.0 million for the year ended 31 December 2020, mainly due to the decrease in business volume of payment service; (ii) as the Group completed the disposal of Shenzhen Zhongrong Insurance Brokers Co., Ltd.*(深圳中融 保險經紀有限公司) in 2019, the insurance commission income decreased from approximately RMB47.7 million for the year ended 31 December 2019 to nil for the year ended 31 December 2020; and (iii) the interest income of loans to customers decreased by approximately 94.5% from approximately RMB27.5 million for the year ended 31 December 2019 to approximately RMB1.5 million for the year ended 31 December 2020, due to the lower balance of the nondelinquent loans.

Operating expenses

Total operating expenses decreased by approximately 49.2% from approximately RMB3,370.7 million for the year ended 31 December 2019 to approximately RMB1,712.7 million for the year ended 31 December 2020.

Origination and servicing expenses decreased by approximately 64.5% from approximately RMB870.5 million for the year ended 31 December 2019 to approximately RMB309.0 million for the year ended 31 December 2020, including (i) a decrease by approximately 81.1% to approximately RMB61.7 million in fund transfer charges for the year ended 31 December 2020 from approximately RMB327.2 million for the corresponding period in 2019 due to the decreased payment service business volume; (ii) a decrease by approximately 54.1% to approximately RMB108.1 million in external technical service fees for the year ended 31 December 2020 from approximately RMB235.4 million for the corresponding period in 2019 due to the downsize in the business scale and the decreased demand for third-party technical services such as loan collection services and credit assessment data usage, etc.; (iii) a decrease by approximately 54.6% to approximately RMB69.9 million in employee benefit expenses for the year ended 31 December 2020 from approximately RMB153.9 million for the corresponding period in 2019 due to the decrease in headcount as a result of business downsizing; and (iv) the loan referral service expenses decreased to nil for the year ended 31 December 2020 from approximately RMB40.6 million for the corresponding period in 2019, as we had no loan referred by third-party business partners in 2020.

其他收益由截至2019年12月31日止年度的約人民幣 430.9百萬元減少約75.3%至截至2020年12月31日止 年度的約人民幣106.5百萬元,其中(i)支付服務費由 截至2019年12月31日止年度的約人民幣267.3百萬元 減少約83.2%至截至2020年12月31止年度的約人民幣 45.0百萬元,主要由於支付服務業務量的減少;(ii)由 於本集團於2019年完成了深圳中融保險經紀有限公 司的出售,因此保險佣金收入由截至2019年12月31 日止年度的約人民幣47.7百萬元減少至截至2020年 12月31日的零;及(iii)由於未逾期貸款餘額降低,向 客戶貸款的利息收入由截至2019年12月31日止年度 的約人民幣27.5百萬元減少約94.5%至截至2020年12 月31日止年度的約人民幣1.5百萬元。

經營開支

經營開支總額由截至2019年12月31日止年度的約人 民幣3,370.7百萬元減少約49.2%至截至2020年12月31 日止年度的約人民幣1,712.7百萬元。

辦理及服務開支由截至2019年12月31日止年度的約 人民幣870.5百萬元減少約64.5%至截至2020年12月31 日止年度的約人民幣309.0百萬元,其中(i)支付服務 業務量的減少,令截至2020年12月31日止年度的資 金轉賬費用由2019年同期的約人民幣327.2百萬元減 少約81.1%至約人民幣61.7百萬元;(ii)由於業務規模 的下降,以及貸款回收服務及信用審核數據使用等 第三方技術服務需求減少,令截至2020年12月31日 止年度的外部技術服務費由2019年同期的約人民幣 235.4百萬元減少約54.1%至約人民幣108.1百萬元; (iii)業務縮減帶來的人員減少,令截至2020年12月31 日止年度的僱員福利開支由2019年同期的約人民幣 153.9百萬元減少約54.6%至約人民幣69.9百萬元;及 (iv)由於於2020年我們沒有通過第三方商業夥伴轉介 貸款,令截至2020年12月31日止年度的信貸介紹服 務費開支由2019年同期的約人民幣40.6百萬元減少 至無。

Sales and marketing expenses decreased by approximately 86.6% from approximately RMB454.2 million for the year ended 31 December 2019 to approximately RMB60.9 million for the year ended 31 December 2020. To concentrate resources to complete the P2P Exiting, we had significantly reduced sales and marketing expenses in 2020.

General and administrative expenses decreased by approximately 51.8% from approximately RMB291.7 million for the year ended 31 December 2019 to approximately RMB140.6 million for the year ended 31 December 2020, among which (i) employee benefit expenses decreased by approximately 59.4% to approximately RMB76.9 million for the year ended 31 December 2020 from approximately RMB189.4 million for the corresponding period in 2019 due to the decrease in headcount of administrative staff as a result of the downsizing of the business; and (ii) professional services fees decreased by approximately 35.3% to approximately RMB24.4 million for the year ended 31 December 2020 from approximately RMB37.7 million for the corresponding period in 2019 as a result of the reduction in our consulting services expenses in order to save cost.

Research and development expenses decreased by approximately 64.1% from approximately RMB194.8 million for the year ended 31 December 2019 to approximately RMB70.0 million for the year ended 31 December 2020, mainly due to a decrease by approximately 67.0% to approximately RMB51.5 million in employee benefit expenses for research and development department for the year ended 31 December 2020 from approximately RMB156.0 million for the corresponding period in 2019 resulting from the decrease in headcount of research and development staff as a result of downsizing of the business scale.

Expected credit loss ("ECL") decreased by approximately 47.4% to approximately RMB665.5 million for the year ended 31 December 2020 from approximately RMB1,265.5 million for the year ended 31 December 2019. ECL in 2020 mainly originated from the risk of overdue assets in respect of historical business due to the P2P Exiting and the COVID-19 pandemic. After the P2P Exiting, our new credit facilitation business mainly serves more creditworthy users, therefore the overall ECL in 2020 was significantly lower than the corresponding period in 2019.

Other losses, net increased by approximately 58.8% from approximately RMB294.0 million for the year ended 31 December 2019 to approximately RMB466.8 million for the year ended 31 December 2020, which was mainly due to the impairment loss on licenses and goodwill in intangible assets increased by approximately 135.0% to approximately RMB342.7 million from approximately RMB145.8 million for the corresponding period in 2019, mainly due to the decrease in expected net cash inflows from payment business and credit facilitation business as a result of our business transformation.

銷售及營銷開支由截至2019年12月31日止年度的約 人民幣454.2百萬元減少約86.6%至截至2020年12月31 日止年度的約人民幣60.9百萬元。於2020年,為集中 資源確保P2P清退的完成,我們大幅縮減了銷售及營 銷開支。

一般及行政開支由截至2019年12月31日止年度的約 人民幣291.7百萬元減少約51.8%至截至2020年12月31 日止年度的約人民幣140.6百萬元,其中(i)業務規模 縮減帶來的行政人員的減少,令截至2020年12月31 日止年度的僱員福利開支由2019年同期的約人民幣 189.4百萬元減少約59.4%至約人民幣76.9百萬元;及 (ii)為節約成本,我們縮減了諮詢服務開支,令截至 2020年12月31日止年度的專業服務費由2019年同期 的約人民幣37.7百萬元減少約35.3%至約人民幣24.4 百萬元。

研發開支由截至2019年12月31日止年度的約人民幣 194.8百萬元減少約64.1%至截至2020年12月31日止年 度的約人民幣70.0百萬元,主要由業務規模縮減帶來 的研發人員減少,令截至2020年12月31日止年度的 研發部門的僱員福利開支由2019年同期的約人民幣 156.0百萬元減少約67.0%至約人民幣51.5百萬元。

預期信用損失(「預期信用損失」)由截至2019年12月 31日止年度的約人民幣1,265.5百萬元減少約47.4% 至截至2020年12月31日止年度的約人民幣665.5百萬 元。2020年度的預期信用損失主要來自於P2P清退及 COVID-19疫情導致的歷史業務形成的逾期資產的風 險。於P2P清退後,我們的新增信貸撮合業務主要服 務於信用資質更加優良的用戶,因此2020年度的預 期信用損失整體較2019年同期大幅下降。

其他虧損淨額由截至2019年12月31日止年度的約人 民幣294.0百萬元增加約58.8%至截至2020年12月31 日止年度的約人民幣466.8百萬元,主要由於我們的 業務轉型導致支付業務和信貸撮合業務的預計現金 淨流入減少,令無形資產中的牌照及商譽的資產減 值損失由2019年同期的約人民幣145.8百萬元增加約 135.0%至約人民幣342.7百萬元。

Share of net loss of associates accounted for using equity method

Share of net loss of associates accounted for using equity method increased by approximately 75.8% from approximately RMB3.3 million for the year ended 31 December 2019 to approximately RMB5.8 million for the year ended 31 December 2020, mainly because of the greater amount of loss of several associates for the year ended 31 December 2020 than that in the corresponding period in 2019 as a result of the COVID-19 pandemic.

Fair value gain of financial liabilities at fair value through profit or loss ("FVPL")

Fair value gain of financial liabilities at FVPL decreased by approximately 63.2% from approximately RMB46.2 million for the year ended 31 December 2019 to approximately RMB17.0 million for the year ended 31 December 2020, mainly because the decrease in the amount in the market value of such financial liabilities in 2020 was less than that in the corresponding period in 2019.

Finance expenses, net

Finance expenses, net decreased by 32.0% from approximately RMB5.0 million for the year ended 31 December 2019 to approximately RMB3.4 million for the year ended 31 December 2020. Such decrease was mainly attributable to the decrease in interest expenses due to the decrease in interest rates.

Income tax (expense)/credit

Income tax (expense)/credit changed from an income tax credit of approximately RMB176.4 million for the year ended 31 December 2019 to an income tax expense of approximately RMB285.8 million for the year ended 31 December 2020. We completely withdrew from the P2P industry in 2020, thus it is not probable to make sufficient taxable profit for the use of the related deferred income tax assets in the future. The derecognition of the deferred income tax assets leads to an increase in income tax expense.

分佔使用權益法入賬的聯營公司虧損淨額

分佔使用權益法入賬的聯營公司虧損淨額由截至 2019年12月31日止年度的約人民幣3.3百萬元增加約 75.8%至截至2020年12月31日止年度的約人民幣5.8百 萬元,主要由於受COVID-19疫情影響,數間聯營公 司截至2020年12月31日止年度的虧損金額高於2019 年同期。

按公允價值計入損益(「按公允價值計入損益」)的金融 負債的公允價值收益

按公允價值計入損益的金融負債的公允價值收益由 截至2019年12月31日止年度的約人民幣46.2百萬元 減少約63.2%至截至2020年12月31日止年度約人民幣 17.0百萬元,主要由於2020年度此類金融負債的市場 價值的下降金額低於2019年同期。

財務開支淨額

財務開支淨額由截至2019年12月31日止年度的約人 民幣5.0百萬元減少32.0%至截至2020年12月31日止年 度的約人民幣3.4百萬元。該項減少主要反映利率下 降導致的利息開支減少。

所得稅(開支)╱抵免

所得稅(開支)╱抵免由截至2019年12月31止年度的 所得稅抵免約人民幣176.4百萬元轉變為截至2020 年12月31日止年度的所得稅開支約人民幣285.8百萬 元。我們於2020年徹底退出了P2P行業,因而不太可 能在未來實現足夠的稅務利潤以使用到相關的遞延 所得稅資產。對遞延所得稅資產的沖銷導致了所得 稅開支的增加。

Loss for the year

Our loss for the year increased by approximately 54.5% from approximately RMB1,111.0 million for the year ended 31 December 2019 to approximately RMB1,716.4 million for the year ended 31 December 2020, primarily due to (i) the decrease in revenue resulted from the decline in business scale in 2020; (ii) the decrease in operating expenses resulted from the decline in business scale and the cost-saving measures taken to concentrate resources in the P2P Exiting; and (iii) the increase in income tax expenses resulted from the derecognition of deferred income tax assets in relation to the P2P business as a result of the P2P Exiting.

年度虧損

我們的年度虧損由截至2019年12月31日止年度的約 人民幣1,111.0百萬元增加約54.5%至截至2020年12 月31日止年度的約人民幣1,716.4百萬元,主要由於 (i)2020年業務規模下降導致的收益減少;(ii)由於業 務規模下降及為集中資源於P2P清退而採取的節約 成本的措施,導致的經營開支的減少;及(iii)由於P2P 清退,對與P2P業務相關的遞延所得稅資產進行了沖 銷,導致了所得稅開支增加。

Non-International Financial Reporting Standards ("non-IFRS(s)") measures

We compensate for the limitations of the non-IFRS measures by reconciling the non-IFRS financial measures to the nearest International Financial Reporting Standards ("IFRS") performance measure, all of which should be considered when evaluating our performance.

The adjusted net loss increased by approximately 58.7% from approximately RMB847.1 million for the year ended 31 December 2019 to approximately RMB1,343.9 million for the year ended 31 December 2020. The adjusted operating loss decreased by approximately 5.0% from approximately RMB976.3 million for the year ended 31 December 2019 to approximately RMB927.2 million for the year ended 31 December 2020.

非國際財務報告準則(「非國際財務報告準則」)計量

我們透過非國際財務報告準則財務計量與最近期的 國際財務報告準則(「國際財務報告準則」)表現計量 之間的對賬消除非國際財務報告準則計量的該等限 制,所有計量均應於評估我們的表現時予以考慮。

經調整淨虧損由截至2019年12月31日止年度的約人 民幣847.1百萬元增加約58.7%至截至2020年12月31日 止年度的約人民幣1,343.9百萬元。經調整經營虧損 由截至2019年12月31日止年度的約人民幣976.3百萬 元減少約5.0%至截至2020年12月31日止年度的約人 民幣927.2百萬元。

The following tables reconcile the adjusted operating loss and the adjusted net loss for the years presented to the most directly comparable financial measures calculated and presented in accordance with IFRS, which is operating loss for the year and loss for the year:

下表載列經調整經營虧損及經調整淨虧損與根據國 際財務報告準則計算及呈列的最直接可資比較財務 計量(即年度經營虧損和年度虧損)的對賬:

			For the year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Adjusted operating loss	經調整經營虧損
Operating loss	經營虧損	(1,438,437)	(1,325,296)
Adjusted for:	就以下各項做出調整:
Share-based compensation expenses	以股份為基礎的薪酬開支	49,039	130,553
Fair value loss of financial assets at FVPL	按公允價值計入損益的金融資產
	公允價值虧損	37,580	33,762
Impairment loss of intangible assets	無形資產減值損失	344,722	145,788
Impairment loss of investments accounted	使用權益法入賬的投資的減值
for using equity method	損失	79,861	38,864
Adjusted operating loss	經調整經營虧損	(927,235)	(976,329)

		For the year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Adjusted net loss	經調整淨虧損
Net loss	淨虧損	(1,716,406)	(1,111,043)
Adjusted for:	就以下各項做出調整:
Share-based compensation expenses	以股份為基礎的薪酬開支	49,039	130,553
Fair value gain of financial liabilities at FVPL	按公允價值計入損益的金融負債
	公允價值收益	(17,000)	(46,160)
Fair value loss of financial assets at FVPL	按公允價值計入損益的金融資產
	公允價值虧損	37,580	33,762
Impairment loss of goodwill	商譽減值損失	302,842	145,788
Adjusted net loss	經調整淨虧損	(1,343,945)	(847,100)

Liquidity, Financial Resources and Gearing

流動性、財務資源及資本負債比率

The Group maintained a net cash position throughout the year under review. Our net cash positions as at 31 December 2020 and 2019 were as follows:

本集團於整個回顧年度保持淨現金狀況。我們截至 2020年及2019年12月31日的淨現金狀況如下:

		As at	As at
		31 December	31 December
		2020	2019
		於2020年	於2019年
		12月31日	12月31日
		RMB'million	RMB'million
		人民幣百萬元	人民幣百萬元
Cash and cash equivalents	現金及現金等價物	413	1,283
Borrowings	借款	(199)	(169)
Net cash	淨現金	214	1,114

Cash and cash equivalents include cash at banks and other short-term deposits with original maturities of three months or less. Our cash and cash equivalents and liquid investments are denominated in the United States dollars (the "US dollars"), Renminbi ("RMB") and Hong Kong dollars.

For the year ended 31 December 2020, the Group recorded net cash outflow of approximately RMB870.5 million, primarily as a result of net cash used in operating activities of approximately RMB1,128.5 million, offset by net cash flow generated from investing activities of approximately RMB117.1 million and net cash flow generated from financing activities of approximately RMB140.8 million.

The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The gearing ratio, calculated as total borrowings divided by total assets, was approximately 10.6% as at 31 December 2020 (31 December 2019: approximately 2.9%).

現金及現金等價物包括銀行現金及原屆滿期限為三 個月或以下的其他短期存款。我們的現金及現金等 價物和短期投資以美元(「美元」)、人民幣(「人民幣」) 及港元計值。

截至2020年12月31日止年度,本集團錄得淨現金流 出約人民幣870.5百萬元,主要是由於經營活動所用 現金淨額約人民幣1,128.5百萬元,被投資活動產生 的淨現金流量約人民幣117.1百萬元及融資活動產生 的淨現金流量約人民幣140.8百萬元抵銷。

本集團通過維持足夠現金儲備、銀行融資及儲備借 款融資,持續監察預測及實際現金流量及匹配金融 資產及負債的屆滿期限管理流動資金風險。

於2020年12月31日,資產負債比率(按借款總額除以 總資產計算)為約10.6%(2019年12月31日:約2.9%)。

下表載列於所示年度內我們的借款的到期狀況:

The following table sets forth the maturity profile of our borrowings within the year indicated:

		As at	As at
		31 December	31 December
		2020	2019
		於2020年	於2019年
		12月31日	12月31日
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Within 1 year	一年內	171,563	19,821
1 year to 2 years	一至兩年	6,942	121,563
2 years to 5 years	二至五年	20,541	22,056
Over 5 years	五年以上	–	5,427
Total borrowings	借款總額	199,046	168,867

The bank and other borrowings as at 31 December 2020 were denominated in RMB (31 December 2019: RMB). For the year ended 31 December 2020, the annual interest rates of borrowings ranged from 5.64% to 8.04% (the year ended 31 December 2019: 5.64% to 14.61%).

Exposure to Fluctuations in Exchange Rates

The Group's subsidiaries primarily operate in the PRC and are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to US dollars and Hong Kong dollars.

For the Group's PRC subsidiaries whose functional currency is RMB, if US dollars had strengthened/weakened by 5% against RMB with all other variables held constant, the loss before income tax for the year ended 31 December 2020 would have been approximately RMB1,934,000 higher/lower, and the loss before income tax for the year ended 31 December 2019 would have been approximately RMB2,068,000 higher/lower as a result of net foreign exchange gains/(losses) on translation of net monetary liabilities denominated in US dollars.

於2020年12月31日,銀行及其他借款以人民幣計值 ( 2019年12月31日:人民幣)。截至2020年12月31日 止年度,借款的年利率介乎5.64%至8.04%(截至2019 年12月31日止年度:5.64%至14.61%)。

匯率波動風險

本集團的附屬公司主要在中國境內經營,面臨著各 類貨幣帶來的外匯風險,主要與美元及港元有關。

就本集團旗下功能貨幣為人民幣的中國附屬公司而 言,如美元兌人民幣升值╱貶值5%,而所有其他變 量維持不變,由於換算以美元計值的貨幣負債淨值 產生的外匯收益╱(虧損)淨額,截至2020年12月31 日止年度的除所得稅前虧損將增加╱減少約人民幣 1,934,000元,截至2019年12月31日止年度的除所得稅 前虧損增加╱減少約人民幣2,068,000元。

For the Group's PRC subsidiaries whose functional currency is RMB, if Hong Kong dollars had strengthened/weakened by 5% against RMB with all other variables held constant, the loss before income tax for the year ended 31 December 2020 would have been approximately RMB300 lower/higher, and the loss before income tax for the year ended 31 December 2019 would have been approximately RMB17,000 lower/higher as a result of net foreign exchange gains/(losses) on translation of net monetary assets denominated in Hong Kong dollars.

The Group would enter into foreign exchange forward contracts depending on specific circumstance to cover specific foreign currency payments and receipts within the exposure generated from time to time.

Charge on Assets

During the year ended 31 December 2020, the Group had charged its properties located in Building B3, No. 588 Wenyi West Road, Hangzhou, PRC in favour of Wenchuang Branch of Bank of Hangzhou and Hangzhou Branch of Bank of Wenzhou for obtaining a mortgage loan of RMB53.0 million and RMB90.0 million, respectively.

Future Plans for Material Investment or Capital Asset Purchase

For the year ended 31 December 2020, the Group did not have any material investments (2019: nil). The Group had no other specific plan for material investment or acquisition of capital assets as at 31 December 2020.

Material Acquisition and Disposal

For the year ended 31 December 2020, the Group did not have any material acquisition or disposal except for the deemed disposal of a subsidiary as disclosed in the announcements dated 14 April, 27 April and 29 May 2020, and the circular dated 11 May 2020 of the Company, respectively (2019: nil).

就本集團旗下功能貨幣為人民幣的中國附屬公司而 言,如港元兌人民幣升值╱貶值5%,而所有其他變 量維持不變,由於換算以港元計值的貨幣資產淨值 產生的外匯收益╱(虧損)淨額,截至2020年12月31 日止年度的除所得稅前虧損將減少╱增加約人民幣 300元,截至2019年12月31日止年度的除所得稅前虧 損將減少╱增加約人民幣17,000元。

本集團視乎特定情況訂立外匯遠期合約,以涵蓋不 時涉及的特定外匯收支。

資產抵押

截至2020年12月31日止年度,本集團已將其坐落於 中國杭州文一西路588號首座B3號樓的房產抵押給杭 州銀行文創支行和温州銀行杭州分行,用於分別獲 取抵押貸款人民幣53.0百萬元和人民幣90.0百萬元。

重大投資或購入資本資産之未來計劃

截至2020年12月31日止年度,本集團並無任何重大 投資( 2019年:無)。於2020年12月31日,本集團並無 其他有關重大投資或購入資本資産之具體計劃。

重大收購及出售

除本公司分別日期為2020年4月14日、4月27日及5月 29日的公告和日期為2020年5月11日的通函所披露 之視作出售一間附屬公司外,截至2020年12月31日 止年度,本集團並無任何重大收購或出售( 2019年: 無)。

Contingent Liabilities

The Group did not have any material contingent liabilities as at 31 December 2020 (31 December 2019: nil, except for the contingent liabilities as disclosed in Note 39 to the section headed "Notes to the Consolidated Financial Statements" of the annual report of the Company for the year ended 31 December 2019).

Employees and Remuneration Policy

As at 31 December 2020, the Group had approximately 260 staff. For the year ended 31 December 2020, the total staff cost incurred by the Group was approximately RMB202.2 million.

The Company has established an effective compensation management system and talent incentive mechanism by following the principle of "competitive compensation to attract high-quality talent". The Company's compensation system is linked to the performance appraisal system and the Group's operating results to create a more fair and humane working environment for each employee to fully exert his/her own value, so as to provide human resources guarantee for the Group's sustainable and stable development. In addition, the Company focuses on employee training system construction, including new employee induction training and on-the-job training, covering professional training to improve vocational skills, management training to enhance leadership quality and general-purpose training to develop comprehensive quality.

The Company has also adopted the 51 Stock Scheme and 51 Award Scheme to reward the employees. For details, please refer to the section headed "Report of the Directors – Restricted Share Unit ("RSU") Schemes" in this report.

或然負債

於2020年12月31日,本集團並無其他重大或然負債 ( 2019年12月31日:無,除本公司截至2019年12月31 日止年度的年度報告「綜合財務報表附註」一節附註 39所披露之或然負債外)。

僱員及薪酬政策

於2020年12月31日,本集團約有260名僱員。本集團 截至2020年12月31日止年度產生的員工成本總額為 約人民幣202.2百萬元。

本公司遵循「有競爭力的薪酬吸引高素質人才」原 則,建立有效的薪酬管理體系及人才激勵機制。本 公司薪酬體系與績效考核體系和本集團經營業績掛 鈎,為每一位員工創造更加公平和人性化的工作環 境,讓每一位員工能夠充分發揮自身價值,為本集團 的持續穩定發展提供人力資源保障。此外,本公司注 重員工培訓體系建設,包括新員工入職培訓和在職 員工培訓,內容涵蓋提高職業技能的專業類培訓、提 升領導力素質的管理類培訓及培養綜合素質的通用 類培訓。

本公司亦已採納51股份計劃及51獎勵計劃獎勵僱 員。有關詳情請參見本報告「董事會報告-受限制股 份單位計劃」一節。

OUTLOOK

In the first half of 2020, we made great efforts and successfully completed the P2P Exiting, laying a solid foundation for the full transformation and development of our business. We will continuously adjust our business in response to changes in the industry environment. Apart from providing services to financial institutions in areas such as credit facilitation and credit card technology services, we will actively explore market opportunities in the digital transformation of banks in the PRC and leverage our years of experience in Internet technology, products and operations to provide them with comprehensive solutions, aiming to be the first-class provider of customer operation and management service for financial institutions in China.

In respect of Little Blue Book business, we will further strengthen the ability of artificial intelligence in processing big data and optimizing sales chain of enterprises, so as to provide solutions to major obstacles faced by enterprises such as difficulties in acquiring and reaching customers and determining closing opportunities. On top of the "Blue Intelligence" product line serving SMEs, we will also explore market opportunities to provide customized services for large enterprises in order to achieve steady revenue growth.

In 2020, amidst the complex and severe external environment, the operator of Little Blue Book, Shenzhen Xiaolanben Network Technology Ltd.*(深圳小藍本 網絡技術有限公司)(formerly known as Hangzhou Lanye Network Technology Ltd.*(杭州藍頁網絡技術有限公司)), completed the financing of RMB40.0 million, which was intended to be used as working capital for the technology development, promotion and operation of Little Blue Book. The Company also completed its equity fund raising of approximately HK\$100.0 million. These financings demonstrate the confidence and support of the Shareholders to us and will provide long-term support for the full transformation and development of our business.

展望

2020年上半年,我們付出巨大努力並成功完成P2P清 退,為業務的全面轉型發展奠定了堅實的基礎。我們 將適應行業環境的變化對業務進行持續的調整。除 了在信貸撮合及信用卡科技服務等領域繼續為金融 機構提供服務外,我們還將積極探索國內銀行在數 字化轉型方面的市場機會,利用我們在互聯網技術、 產品及運營等多年積累的經驗,為其提供全面解決 方案,力爭成為中國一流的金融機構客戶運營管理 服務商。

在小藍本業務方面,我們將進一步強化人工智能技 術在大數據處理和優化企業銷售鏈路上的能力,為 廣大企業在銷售中面臨的獲客難、觸達難、判斷銷售 時機難等痛點問題提供應對方案。在發展為中小型 企業服務的「藍色線索」產品線外,我們還將探索為 大型企業提供定制化服務的市場機會,以穩步實現 收入的增長。

於2020年,在複雜嚴峻的外部環境下,小藍本的運營 主體深圳小藍本網絡技術有限公司(曾用名為杭州藍 頁網絡技術有限公司)完成了人民幣40.0百萬元的融 資,其將作為營運資金用於小藍本的技術開發、營銷 和運營。本公司亦完成了約港幣100.0百萬的增資。 該等融資體現出股東對我們的信心及支持,也將為 我們的業務全面轉型發展提供長期支持。

* The English name(s) has/have been transliterated from its/their respective Chinese name(s) and is/are for identification only.

EXECUTIVE DIRECTORS

Mr. Sun Haitao(孫海濤), aged 40, was appointed as the chairman of the Board and an executive Director since September 2017. Currently, Mr. Sun serves as the chairman of the board of directors, chief executive officer and general manager of Hangzhou Enniu Network Technology Co., Ltd.*(杭州恩 牛網絡技術有限公司)("Enniu Network"), and also serves as a director of various subsidiaries of the Company. Mr. Sun also serves as the chairman of the board and an executive director of China Netcom Technology Holdings Limited ("China Netcom") (listed on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), stock code: 8071), a subsidiary of the Company.

Mr. Sun is an entrepreneur and obtained a bachelor's degree in business administration from Hangzhou Institute of Electronic Industry (now known as the Hangzhou Dianzi University) in the PRC in June 2002. He has been engaging in Internet businesses since 2004, and founded several Internet companies rom 2004 to 2012. In May 2012, Mr. Sun led the team to create the credit card management mobile application named 51 Credit Card Manager App.

Mr. Zheng Haiguo(鄭海國), aged 48, was appointed as the chief executive officer (the "Chief Executive Officer") of the Company and an executive Director since February 2021. Currently, Mr. Zheng also serves as a vicepresident of China Netcom. From August 1994 to January 2021, Mr. Zheng served in various positions at Agricultural Bank of China Limited ("ABC") (listed on the Shanghai Stock Exchange, stock code: 601288, and listed on the Stock Exchange, stock code: 1288). From August 1994, Mr. Zheng served as the deputy section chief, section chief and deputy general manager of the software section in the sales department and technology information department, the deputy general manager of the technology information department and electronic banking department, and the deputy general manager and general manager of the electronic banking department and information technologies management department of ABC Zhejiang Branch, etc. From March 2011, Mr. Zheng served as the chief branch secretary of the Party Committee and the president of ABC Hangzhou Baochu Branch. From June 2015 to January 2021, Mr. Zheng served as the deputy general manager and general manager of the electronic banking department and the general manager of the e-financing department of ABC Zhejiang Branch, etc.

執行董事

孫海濤先生,40歲,自2017年9月起獲委任為董事會 主席兼執行董事。孫先生現為杭州恩牛網絡技術有 限公司(「恩牛網絡」)之董事長、行政總裁兼總經理, 亦擔任本公司多間附屬公司之董事。孫先生亦擔任 本公司之附屬公司中彩網通控股有限公司(「中彩網 通」)(香港聯合交易所有限公司(「聯交所」)GEM上 市,股份代號:8071)的董事會主席兼執行董事。

孫先生為一名企業家,於2002年6月獲得中國杭州電 子工業學院(現稱杭州電子科技大學)工商管理學士 學位。彼自2004年起從事互聯網業務,於2004年至 2012年間曾創立多間互聯網公司。於2012年5月,孫 先生帶領團隊創辦名為51信用卡管家應用的信用卡 管理手機應用程式。

鄭海國先生,48歲,自2021年2月起獲委任為本公司 行政總裁(「行政總裁」)兼執行董事。鄭先生現時亦 擔任中彩網通之副總裁。自1994年8月至2021年1月 期間,鄭先生在中國農業銀行股份有限公司(「農行」) (上海證券交易所上市,股份代號:601288及聯交所 上市,股份代號:1288)擔任多個職務。自1994年8月 起,鄭先生擔任農行浙江省分行營業部科技信息部 軟件科副科長、科長、副總經理、科技信息部兼電子 銀行部副總經理、電子銀行部兼信息技術管理部副 總經理、總經理等;自2011年3月起,鄭先生擔任農行 杭州市保俶支行黨總支書記、行長;以及於2015年6 月起至2021年1月期間,鄭先生擔任農行浙江省分行 電子銀行部副總經理、總經理及網絡金融部總經理 等。

Mr. Zheng has extensive experience in information technology ("IT") and e-financing in the banking industry and has relatively long-term experience in serving as a president of bank. He has deep knowledge and rich practical experience in the integration of finance and Internet and other IT technologies.

Mr. Zheng obtained a bachelor's degree in applied electronic technology from Zhejiang University of Technology in the PRC in July 1994 and completed a postgraduate course in economics at Zhejiang University in the PRC in July 2001. He also holds a senior economist qualification.

Mr. Zhao Ke(趙軻), aged 37, was appointed as an executive Director since November 2017. He is also the chief financial officer of the Company. Currently, Mr. Zhao also serves as an executive director of China Netcom and a director of various subsidiaries of the Company including, among others, Enniu Network. From July 2006 to October 2015, Mr. Zhao served in a number of positions, including as a senior manager of the capital markets services group at the Hong Kong Firm of PricewaterhouseCoopers.

Mr. Zhao graduated from the Xi'an Jiaotong University in the PRC in July 2005 with a bachelor's degree in finance and obtained a master's degree in economics from the University of Ottawa in Canada in October 2006.

鄭先生長期從事銀行信息科技(「信息科技」)和互聯 網金融業務工作,且具有較長時間銀行行長經歷,對 金融和互聯網等信息科技技術的融合,具有很深的 理解和豐富的實踐經驗。

鄭先生於1994年7月獲得中國浙江工業大學應用電子 技術學士學位,並於2001年7月完成中國浙江大學之 經濟學研究生課程。彼亦持有高級經濟師資格。

趙軻先生,37歲,自2017年11月起獲委任為執行董 事。彼亦為本公司之首席財務官。趙先生現時亦擔 任中彩網通的執行董事及本公司多間附屬公司的董 事,其中包括恩牛網絡之董事。於2006年7月至2015 年10月期間,趙先生在羅兵咸永道會計師事務所香 港分所歷任多個職務,包括資本市場服務部高級經 理。

趙先生於2005年7月畢業於中國西安交通大學,獲得 金融學士學位,並於2006年10月獲得加拿大渥太華 大學(the University of Ottawa)經濟學碩士學位。

NON-EXECUTIVE DIRECTORS

Ms. Zou Yunli(鄒雲麗), aged 48, was appointed as a non-executive Director since November 2017. Currently, Ms. Zou also serves as a director of Enniu Network, a subsidiary of the Company. From October 1994 to June 2010, Ms. Zou served in a number of companies, including Shenzhen Tianjian Xinde Accounting Firm*(深圳天健信德會計師事務所有限責任公司), Shenzhen Jingjia Group Co., Ltd.(深圳勁嘉集團股份有限公司)(listed on the Shenzhen Stock Exchange, stock code: 002191) and Shenzhen Tiantu Venture Capital Co., Ltd.*(深圳市天圖創業投資有限公司). Ms. Zou joined Tian Tu Capital Co., Ltd.(深圳市天圖投資管理股份有限公司)(National Equities Exchange and Quotations System, stock code: 833979) in June 2010 and has held various positions, including as a director and the chief financial officer.

Ms. Zou obtained a bachelor's degree in auditing from the Zhongnan University of Finance and Economics in the PRC (now known as the Zhongnan University of Economics and Law) in July 1994, a master's degree in professional accountancy from The Chinese University of Hong Kong in December 2004 and an executive master's degree in business administration from The Hong Kong University of Science and Technology in June 2017.

Mr. Yu Jin(于進), aged 60, was appointed as a non-executive Director since February 2021. Mr. Yu served in a number of positions from April 2000 to September 2018, including the deputy general manager of the human resources department, the general manager of the electronic banking department and the head of the technology and product management bureau of ABC and the chairman of ABC-CA Fund Management Co., Ltd.*(農銀匯理基金管理有限 公司). He served as a director of Beijing Runbo Internet Digital Technology Co., Ltd.*(北京潤博互聯數字科技有限公司)since March 2019.

Mr. Yu obtained a bachelor's degree in engineering from Renmin University of China in July 1983 and a master's degree in finance from Nanjing Agricultural University in the PRC in July 1999. He also holds a senior economist qualification.

非執行董事

鄒雲麗女士,48歲,自2017年11月起獲委任為非執行 董事。鄒女士現時亦擔任於本公司附屬公司恩牛網 絡的董事。於1994年10月至2010年6月期間,鄒女士 先後任職於多間公司,包括深圳天健信德會計師事 務所有限責任公司、深圳勁嘉集團股份有限公司(深 圳證券交易所上市,股份代號:002191)及深圳市天 圖創業投資有限公司。鄒女士於2010年6月加盟深圳 市天圖投資管理股份有限公司(全國中小企業股份轉 讓系統,股份代號:833979)並任職多個職務,包括 董事及財務總監。

鄒女士於1994年7月獲得中國中南財經大學(現稱為 中南財經政法大學)審計學士學位,於2004年12月獲 得香港中文大學專業會計學碩士學位,並於2017年6月 獲得香港科技大學高級管理人員工商管理碩士學位。

于進先生,60歲,自2021年2月起獲委任為非執行董 事。于先生於2000年4月至2018年9月期間曾歷任多 個職務,包括農行人事部副總經理、電子銀行部總經 理、科技與產品管理局局長以及農銀匯理基金管理 有限公司董事長。彼自2019年3月起擔任北京潤博互 聯數字科技有限公司之董事。

于先生於1983年7月獲得中國人民大學工學學士學 位,並於1999年7月獲得中國南京農業大學金融學碩 士學位。彼亦持有高級經濟師資格。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Wong Ti(汪棣), aged 62, was appointed as an independent non-executive Director since February 2018. Mr. Wong joined PricewaterhouseCoopers Zhong Tian(普華永道中天會計師事務所)in December 1990 and has held various positions successively. Mr. Wong served as senior auditor, senior manager and partner in the PricewaterhouseCoopers Zhong Tian before retiring in June 2015. He has nearly 25 years of experience in serving financial service industry clients. Mr. Wong has also served as an independent non-executive director of China Merchants Securities Co., Ltd. (listed on the Shanghai Stock Exchange, stock code: 600999 and on the Stock Exchange, stock code: 6099) since January 2018.

Mr. Wong obtained a master's degree in business administration from the University of California, Los Angeles in the United States of America (the "United States") in March 1986. He was accredited as a certified public accountant by The Chinese Institute of Certified Public Accountants in October 2002 and a certified public accountant in the United States in May 1993.

Mr. Ye Xiang(葉翔), aged 57, was appointed as an independent non-executive Director since February 2018. From August 2001 to November 2007, Mr. Ye served in a number of positions, including as a director of China affairs of the Securities and Futures Commission of Hong Kong. Mr. Ye has served as the managing director of Vision Gain Capital Limited(匯信資本有限公司)since November 2007.

Mr. Ye has also served as an independent non-executive director of each of Wuling Motors Holdings Limited (listed on the Stock Exchange, stock code: 305) since October 2008, Datang Environment Industry Group Co., Ltd. (listed on the Stock Exchange, stock code: 1272) since June 2015 and Jinshang Bank Co., Ltd. (listed on the Stock Exchange, stock code: 2558) since December 2018.

Mr. Ye obtained a bachelor's degree in engineering from the Zhejiang University in the PRC in July 1983 and obtained a master's degree in economics from the Zhejiang University in the PRC in January 1991. Mr. Ye obtained his doctoral degree in Economics at the Financial Research Institute of the People's Bank of China(中國人民銀行總行金融研究所)in January 1995. He was accredited as a chartered financial analyst by the CFA Institute in September 2004.

獨立非執行董事

汪棣先生,62歲,自2018年2月起獲委任為獨立非執 行董事。汪先生於1990年12月加盟普華永道中天會 計師事務所,並歷任多個職務。於2015年6月退休前, 汪先生曾擔任普華永道中天會計師事務所之高級審 計師、高級經理及合夥人。彼在服務金融服務行業客 戶方面擁有近25年經驗。汪先生亦自2018年1月起擔 任招商證券股份有限公司(上海證券交易所上市,股 份代號:600999及聯交所上市,股份代號6099)的獨 立非執行董事。

汪先生於1986年3月獲得美利堅合眾國(「美國」)加利 福尼亞大學洛杉磯分校(the University of California, Los Angeles) 工商管理碩士學位。彼於2002年10月取得中 國註冊會計師認證的註冊會計師資格,並於1993年5 月在美國獲授予註冊會計師資格。

葉翔先生,57歲,自2018年2月起獲委任為獨立非執 行董事。於2001年8月至2007年11月期間,葉先生歷 任多個職務,包括香港證券及期貨事務監察委員會 中國事務總監。葉先生自2007年11月起擔任匯信資 本有限公司的董事總經理。

葉先生亦分別自2008年10月起擔任五菱汽車集團控 股有限公司(聯交所上市,股份代號:305),自2015 年6月起擔任大唐環境產業集團股份有限公司(聯交 所上市,股份代號:1272)及自2018年12月起擔任晉 商銀行股份有限公司(聯交所上市,股份代號:2558) 的獨立非執行董事。

葉先生於1983年7月獲得中國浙江大學工程學士學位, 並於1991年1月獲得中國浙江大學經濟學碩士學位。 葉先生於1995年1月獲得中國人民銀行總行金融研究 所經濟學博士學位。彼於2004年9月獲特許金融分析 師學會授予特許金融分析師資格。

Mr. Xu Xuchu(徐旭初), aged 59, was appointed as an independent nonexecutive Director since April 2020. Mr. Xu joined the Hangzhou Dianzi University in the PRC in June 1989 and is currently a professor at the law school of the said university. Currently, Mr. Xu is also an adjunct professor of the China Academy for Rural Development of the Zhejiang University in the PRC. He has thirty years of experience in economics, management and sociology.

Mr. Xu obtained a doctorate degree in management from the Zhejiang University of the PRC in June 2005.

SENIOR MANAGEMENT

Mr. Zhu Jianfei(朱劍飛), aged 38, was appointed as the vice-president of the Company since May 2015. He has considerable experience in management consultancy, human resources practices and business management, as well as ample experience in and insightful views on different aspects such as organizational planning and management, business innovation and operations, etc. in each development stage of Internet enterprises. From July 2006 to June 2010, Mr. Zhu served in a number of positions at Shanghai Pudong Human Resources Center(浦東新區人才市場). From June 2010 to April 2013, Mr. Zhu served in a number of positions at Cloudary Corporation(盛霆信息技術(上海)有 限公司, also known as 盛大文學); and from April 2013 to April 2015, Mr. Zhu served as managing director of DataYes Inc.(通聯數據股份公司).

Mr. Zhu obtained a bachelor's degree in human resources management from the Peking University in the PRC in July 2006 and obtained a master's degree in accounting from the Shanghai University of Finance and Economics in the PRC in June 2012.

徐旭初先生,59歲,自2020年4月起獲委任為獨立非 執行董事。徐先生於1989年6月加盟中國杭州電子科 技大學,現為該校法學院教授。目前,徐先生亦兼任 中國浙江大學中國農村發展研究院教授。彼在經濟 學、管理學及社會學方面擁有三十年經驗。

徐先生於2005年6月獲得中國浙江大學管理學博士學 位。

高級管理層

朱劍飛先生,38歲,自2015年5月起獲委任為本公司 副總裁,擁有豐富的管理諮詢、人力資源實務及業務 管理經驗,對於互聯網公司發展各階段的組織規劃 及管理、業務創新及運營等各方面有著豐富的經驗 和獨到的見解。朱先生於2006年7月至2010年6月在浦 東新區人才市場擔任多個職務,於2010年6月至2013 年4月擔任盛霆信息技術(上海)有限公司(亦名盛大 文學)的多個職務及於2013年4月至2015年4月擔任通 聯數據股份公司的董事總經理。

朱先生於2006年7月獲得中國北京大學的人力資源管 理學學士學位,並於2012年6月獲得中國上海財經大 學的會計學碩士學位。

Mr. Zhang Xi(章曦), aged 47, was appointed as the vice-president of the Company since June 2016. Currently, Mr. Zhang serves as the general manager of Fuzhou Enniu Network Micro Loan Co., Ltd.*(撫州市恩牛網絡小額貸款有 限公司), a subsidiary of the Company. He has served as the person in charge of the finance department of the Group since July 2015. From October 2015 to April 2017, he served as a director of Enniu Network, a subsidiary of the Company. From August 1992 to July 2015, he served in a number of positions including as a supervisor in the personal finance loans department of the Bank of China.

Mr. Zhang obtained a bachelor's degree in finance from the Zhejiang University in the PRC in June 2004 and obtained a master's degree in global economics from the Jilin University in the PRC in June 2013. He was accredited as an accountant by the Ministry of Finance of the PRC in May 1998, a senior certified credit analyst by the China Center for Financial Training(中國金融培訓中心)in April 2014 and a member of the national committee of experts on the Internet financial security technology(國家線上金融風險技術委員會)since August 2016.

COMPANY SECRETARY

Mr. Lam Yu Hon(林銳康)was appointed as the financial controller of the Group since July 2018 and the company secretary (the "Company Secretary") of the Company since June 2020, respectively. Mr. Lam has over 13 years of auditing and finance experiences from various international accounting firms and Hong Kong listed companies. He obtained a Master of Science degree in Professional Accounting and Corporate Governance and a Bachelor of Applied Science degree in Computer Engineering. He is a fellow member of the Hong Kong Institute of Certified Public Accountants, a member of the Chartered Professional Accountants of British Columbia Canada, a Certified Internal Auditor and a Certified Treasury Professional. Currently, Mr. Lam is also the company secretary of China Netcom.

章曦先生,47歲,自2016年6月起獲委任為本公司副 總裁。章先生現為本公司附屬公司撫州市恩牛網絡 小額貸款有限公司的總經理。彼自2015年7月擔任本 集團的金融部門負責人,於2015年10月至2017年4月 擔任本公司附屬公司恩牛網絡的董事。彼於1992年8 月至2015年7月於中國銀行個人貸款部擔任主管等多 個職務。

章先生於2004年6月獲得中國浙江大學金融專業學 士學位,並於2013年6月獲得中國吉林大學世界經濟 學碩士學位。彼於1998年5月被中國財政部評為會計 師,於2014年4月被中國金融培訓中心評為高級註冊 信貸分析師,自2016年8月起擔任國家線上金融風險 技術委員會委員。

公司秘書

林銳康先生分別自2018年7月起獲委任為本集團之財 務總監並自2020年6月起獲委任為本公司之公司秘書 (「公司秘書」)。林先生擁有超過13年於多家國際會 計師事務所及香港上市公司的核數及財務經驗。彼 獲得專業會計與企業管治理學碩士學位及電腦工程 應用科學學士學位。彼為香港會計師公會資深會員、 加拿大英屬哥倫比亞特許專業會計師協會會員、註 冊內部審計師及國際財資管理師。林先生現時亦擔 任中彩網通之公司秘書。

* The English name(s) has/have been transliterated from its/their respective Chinese name(s) and is/are for identification only.

The Directors hereby present the report of the Directors and the audited consolidated financial statements of the Group for the year ended 31 December 2020.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding whilst its major operating subsidiaries operate the online credit card management platform. Details of the principal activities of its principal subsidiaries are set out in Note 2.2 to the consolidated financial statements. An analysis of the Group's performance for the year ended 31 December 2020 by business segments is set out in Note 2.4 to the consolidated financial statements.

RESULTS AND APPROPRIATIONS

The Group's loss for the year ended 31 December 2020 and the state of affairs of the Group and of the Company as at that date are set out in the consolidated financial statements on pages 139 to 146.

In order to ensure the Board maintains an appropriate procedure on declaring and recommending the dividend payment of the Company, a dividend policy (the "Dividend Policy") is adopted by the Board which aims to allow the Shareholders to participate in the Company's profits whilst preserving the Company's liquidity to capture future growth opportunities.

The declaration of dividends is subject to the Company's ability to pay dividends, which will depend upon, including but not limited to, the financial performance and position of the Company, Shareholders' interests, business conditions and strategies, and any other factors that the Board may deem relevant. The Board may consider declaring special dividends from time to time, in addition to the interim and/or annual dividends. The Board reviews the Dividend Policy and its effectiveness on a regular basis or as required to ensure the benefit of the Shareholders as a whole is taken into consideration from time to time during recommendation and declaration of dividends.

The Board did not recommend the declaration of the final dividend for the year ended 31 December 2020 (2019: Nil).

董事謹此提呈截至2020年12月31日止年度之董事會報 告及本集團經審核綜合財務報表。

主要業務

本公司主要業務為投資控股,而其主要營運附屬公 司則運營著線上信用卡管理平台。其主要附屬公司 主要業務詳情載於綜合財務報表附註2.2。本集團截 至2020年12月31日止年度之業績按業務分類所作之 分析載於綜合財務報表附註2.4

業績及分配

本集團截至2020年12月31日止年度之虧損連同本集 團及本公司於該日之財務狀況載於綜合財務報表第 139至146頁。

為確保董事會在宣佈和建議分派本公司股息時保持 適當的程序,董事會已採納一項股息政策(「股息政 策」),其目的旨在既讓股東享有本公司的利潤,同時 保持本公司的資金流動性以捕捉未來的增長機會。

股息的宣佈取決於本公司支付股息的能力而決定, 並取決於(包括但不限於)本公司的財務表現及狀 況、股東利益、業務狀況及策略、以及董事會認為相 關的任何其他因素。除中期及╱或年度股息外,董事 會亦可不時宣派特別股息。董事會定期或按要求時 檢討股息政策及其有效性以確保股東整體利益於建 議及宣派股息時不時予以考慮。

董事會不建議就截至2020年12月31日止年度宣派末 期股息(2019年:無)。

BUSINESS REVIEW

A fair review of the Group's business, a description of the principal risks and uncertainties facing by the Group, and an indication of likely future development in the Group's business, are set out in the sections headed "Chairman's Statement", "Chief Executive Officer's Statement", "Management Discussion and Analysis" and "Environmental, Social and Governance Report" of this report. These discussions form part of this "Report of the Directors".

ENVIRONMENTAL POLICY

The Group's commitment to protecting the environment is well reflected by the continuous efforts in promoting green measures and awareness in its daily business operations. The Group encourages environmental protection and promotes awareness towards environmental protection to the employees. The Group also implements green office practices such as promoting the use of recycled papers and reducing energy consumption by switching off idle lighting and electrical appliances.

The Group reviews its environmental practices from time to time and will consider implementing further eco-friendly measures and practices in the operation of the Group's businesses and enhancing environmental sustainability.

COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS

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

業務回顧

公平審閱本集團業務、闡述本集團面臨之主要風險 及不確定性及本集團業務之可能未來發展跡象,載 於本報告「主席報告」、「行政總裁報告」、「管理層討 論及分析」及「環境、社會及管治報告」各節。此等討 論構成本「董事會報告」之一部份。

環境政策

本集團在日常業務營運中不斷推廣綠色措施和意識, 以達到其保護環境的承諾。本集團鼓勵環保並推動僱 員提升環保意識。本集團亦實施各項綠色辦公措施, 例如提倡使用環保紙並透過關閉閒置的電燈及電器以 減少能源消耗。

本集團不時審視其環保工作,並將考慮於本集團業務 之營運中實施更多環保措施及慣例,加強環境可持續 性。

遵守適用法律及法規

年內,就本公司所知,本集團並無重大違反或不遵守 適用法律及法規而對本集團之業務及營運造成重大 影響。

RELATIONSHIPS WITH STAKEHOLDERS

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

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

SHARE CAPITAL AND SHARES ISSUED IN THE YEAR

Details of the movements in the Company's share capital during the year, together with reasons therefor, are set out in Note 29 to the consolidated financial statements. During the year, the Company issued new shares (the "Shares") of the Company by way of subscription and increased the number of issued Shares. For further details, please refer to the section headed "USE OF PROCEEDS FROM THE SUBSCRIPTIONS" of this report.

RESERVES

Details of the movements in the reserves of the Company and the Group during the year are set out in Note 30 to the consolidated financial statements and the consolidated statement of changes in equity, respectively.

與持份者之關係

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

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

股本及本年度所發行股份

年內,本公司股本之變動詳情(連同其理由)載於綜 合財務報表附註29。年內,本公司以認購方式發行新 本公司股份(「股份」)並增加已發行股份數目。更多 詳情請見本報告「認購事項所得款項用途」一節。

儲備

年內,本公司及本集團儲備變動詳情分別載於綜合 財務報表附註30及綜合權益變動表。

DISTRIBUTABLE RESERVES

In accordance with the laws of the Cayman Islands, the share premium account is distributable to the Shareholders provided that immediately following the date on which the dividend is proposed to be distributed, the Company will be able to pay its debts as they fall due in the ordinary course of business. As at 31 December 2020, the Company had reserves available for distribution of approximately RMB6,231,229,000 (2019: approximately RMB6,051,938,000).

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in the property, plant and equipment of the Group during the year are set out in Note 17 to the consolidated financial statements.

PRE-EMPTIVE RIGHTS

Under the Company's articles of association (the "Articles") or the laws of the Cayman Islands, there is no provision for pre-emptive rights which would oblige the Company to offer new Shares to its existing Shareholders first on a pro-rata basis.

FIVE-YEAR FINANCIAL SUMMARY

A summary of the published results and the assets and liabilities of the Group for the last five financial years as extracted from the audited consolidated financial statements of the Group is set out on page 312 of this report.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

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

可供分派儲備

根據開曼群島法例,如緊隨派息建議當日後本公司 將有能力償還其日常業務過程中之到期債務,股份 溢價賬便可分派予股東。於2020年12月31日,本公司 可供分派儲備為約人民幣6,231,229,000元( 2019年: 約人民幣6,051,938,000元)。

物業、廠房及設備

年內,本集團物業、廠房及設備變動詳情載於綜合財 務報表附註17。

優先認購權

根據本公司章程細則(「細則」)或開曼群島法律並無 有關優先購股權的條款,規定本公司必須首先按比例 向其現有股東發行新股份。

五年財務資料概要

本集團過往五個財政年度已公佈之業績以及資產及 負債概要(摘錄自本集團之經審核綜合財務報表)載 於本報告第312頁。

購買、出售或贖回上市證券

本公司及其任何附屬公司於年內概無購買、出售或贖 回本公司任何上市證券。

CHARITABLE DONATIONS

During the year, the Group made charitable contributions of approximately RMB41,000 (2019: approximately RMB1,158,000).

PERMITTED INDEMNITY PROVISION

Pursuant to the Articles, every Director shall be entitled to be indemnified out of the assets of the Company against all losses or legal liabilities incurred or sustained by him/her as a Director in defending any proceedings, whether civil or criminal, in which judgment is given in his/her favour, or in which he/she is acquitted. During the year, there was appropriate directors' and senior officers' liability insurance coverage for the Directors and senior officers of the Group.

RETIREMENT SCHEMES

The Group's employees in the PRC participate in defined contribution schemes provided by the relevant provincial and municipal governments under which the Group (as the employer) and the employees in the PRC are required to make monthly contributions to these schemes in accordance with the relevant requirements. The Group's subsidiaries in the PRC contribute funds to the pension in accordance with the requirements of the relevant provincial and municipal governments.

The Group has also arranged its Hong Kong employees to join the Mandatory Provident Fund Scheme, a defined contribution scheme managed by an independent trustee whereby each of the Group (as the employer) and the Hong Kong employees make monthly contributions to the scheme in accordance with the relevant legislation.

Details of the Group's contributions to the retirement schemes are shown in Note 9 to the consolidated financial statements.

EQUITY-LINKED AGREEMENTS

Save as otherwise disclosed in this report, no equity-linked agreements were entered into by the Group, or subsisted during the year.

慈善捐款

年內,本集團作出之慈善捐款總額為約人民幣41,000 元(2019年:約人民幣1,158,000元)。

獲准許之彌償條文

根據細則,各董事有權從本公司的資產中獲得彌償, 以彌償其作為董事在勝訴或無罪的任何民事或刑事法 律訴訟中進行抗辯而招致或蒙受的一切損失或法律責 任。年內,董事及本集團高級職員已獲適當之董事及 高級職員責任保險保障。

退休金計劃

本集團的中國僱員均參與根據有關省、市政府規定 之定額供款計劃,本集團(作為僱主)及其中國僱員 均須按相關規定每月就該等計劃作出供款。本集團 於中國的附屬公司按照有關省、市政府規定繳納養 老保險。

本集團亦已安排其香港僱員參與強制性公積金計 劃,即由一獨立信託人管理之定額供款計劃。本集團 (作為僱主)及其香港僱員均須根據相關法例每月 向該計劃作出供款。

本集團就退休金計劃的供款詳情載於綜合財務報表 附註9。

股票掛鈎協議

除本報告所披露外,本集團於年內概無訂立或存在股 票掛鈎協議。

USE OF PROCEEDS FROM THE INITIAL PUBLIC OFFERING (THE "IPO")

The Shares were listed and commenced trading on the Main Board of the Stock Exchange on 13 July 2018. The gross proceeds and net proceeds raised by the Company from the IPO amounted to approximately HK\$1,009.0 million and approximately HK\$988.3 million, respectively, and an additional gross proceeds and net proceeds of approximately HK\$62.9 million and approximately HK\$61.3 million, respectively, were raised from the allotment and issue of the Shares as a result of the partial exercise of the over-allotment option.

In order to meet the current operation needs, increase the Group's competitiveness and provide more buffer to cope with the economic uncertainties in the future, on 31 August 2020, the Board resolved to change the use of approximately HK\$257.6 million (equivalent to approximately RMB228.7 million) out of the remaining unutilized net proceeds as at the date of the Announcement (as defined below), which were originally allocated for (i) user acquisition; (ii) enhancement of technology and risk management capabilities; and (iii) investment (the "Change"). The Board considered that the Change was in the best interests of the Group and the Shareholders as a whole. For details of the Change, please refer to the announcement (the "Announcement") of the Company dated 31 August 2020.

首次公開發售(「首次公開發售」)所得款項用 途

股份於2018年7月13日在聯交所主板上市及開始交 易。本公司自首次公開發售籌集所得款項總額及淨 額分別為約1,009.0百萬港元及約988.3百萬港元,並 自因部份行使超額配股權而配發及發行超額配發股 份收取額外所得款項總額及淨額分別為約62.9百萬 港元及約61.3百萬港元。

為滿足當前營運需求、增加本集團競爭性並為應對 未來經濟不確定性提供更多緩衝,於2020年8月31 日,董 事 會 已 議 決 變 更 於 該 公 告(定 義 見 下 文)日 期之剩餘未動用所得款項淨額用途約257.6百萬港元 (相當於約人民幣228.7百萬元),其原定分配用作 (i)獲取用戶;(ii)技術及風險管理能力提升;及(iii)投資 (「變更」)。董事認為變更符合本集團及股東整體的 最佳利益。有關變更的詳情,請參閱本公司日期為 2020年8月31日的公告(「該公告」)。

As at 31 December 2020, the amount of the net proceeds which remained unutilized was approximately HK\$180.0 million (equivalent to approximately RMB159.8 million). The remaining unutilized net proceeds are expected to be utilized on or before 31 December 2021.

於2020年12月31日,尚未動用的所得款項淨額為約 180.0百萬港元(相當於約人民幣159.8百萬元)。剩餘尚 未動用的所得款項淨額預期將於2021年12月31日前使 用。

Set out below are details of the use of proceeds up to 31 December 2020:

下文載列直至2020年12月31日的所得款項用途詳情:

Planned use of net proceeds		Net proceeds from the IPO		Amount unutilized up to the date of the Announcement	Revised approximate proportion of net proceeds		Reallocation of unutilized net proceeds		Amount utilized up to 31 December 2020		Unutilized net proceeds	Expected timeline for utilizing the remaining unutilized net proceeds (Note) 動用剩餘 未動用所得
所得款項淨額之計劃用途	HK\$ million	首次公開發售所得款項淨額 RMB' million	直至該公告日期之 未動用款項 HK\$ million	RMB' million	所得款項 淨額經修訂 概約佔比	重新分配之 未動用所得款項淨額 HK\$ million	RMB' million	直至2020年12月31日之 已動用款項 HK\$ million	RMB' million	未動用所得款項淨額 HK\$ million	RMB' million	款項淨額 之預期 時間表(附註)
	(approximate) (約)	百萬港元 人民幣百萬元 (approximate) (約)	(approximate) (約)	百萬港元 人民幣百萬元 (approximate) (約)		(approximate) (約)	百萬港元 人民幣百萬元 (approximate) (約)	(approximate) (約)	百萬港元 人民幣百萬元 (approximate) (約)	(approximate) (約)	百萬港元 人民幣百萬元 (approximate) (約)
User acquisition 獲取用戶	419.8	359.7	54.6	48.1	38.8%	41.9	37.0	9.1	8.0	32.8	29.0	by 31 December 2021 於2021年
Enhancement of technology and risk management capabilities 技術及風險管理能力提升	314.9	269.8	33.6	28.9	39.2%	130.4	115.7	34.3	30.5	96.1	85.2	12月31日前 by 31 December 2021 於2021年
Investment 投資	209.9	179.8	169.4	151.7	3.9%	–	–	–	–	–	–	12月31日前 –
Working capital and other general corporate purposes 營運資金及其他一般企業用途	105.0	89.9	–	–	18.1%	85.3	76.0	34.2	30.4	51.1	45.6	by 31 December 2021 於2021年 12月31日前
Total 合計	1,049.6	899.2	257.6	228.7	100.0%	257.6	228.7	77.6	68.9	180.0	159.8

Note: The expected timeline for utilizing the unutilized net proceeds is based on the best estimation of the future market conditions made by the Group as at the date of this report. It may be subject to change based on the current and future development of the market conditions.

附註: 動用未動用所得款項淨額之預期時間表乃基於本集 團於本報告日期對未來市場狀況所作出之最佳估 計。該時間表或會因應現行及未來市場狀況之發展而 出現變化。

USE OF PROCEEDS FROM THE SUBSCRIPTIONS

On 13 July 2020, the Company entered into subscription agreements with each of Guanrui Investment Limited ("Guanrui Investment"), Tiantu Investments Limited ("Tiantu Investments") and East Jump Management Limited ("East Jump"), pursuant to which the above subscribers agreed to subscribe, and the Company agreed to allot and issue, an aggregate of 166,666,666 subscription shares at the subscription price of HK\$0.6 per subscription share. The gross proceeds and net proceeds raised from the above subscriptions amounted to approximately HK\$100.0 million and HK\$99.4 million, respectively.

As at 31 December 2020, the above proceeds were utilized in consistent with the usage as disclosed in the supplemental announcement and circular of the Company dated 16 July 2020 and 3 August 2020, respectively, in the manner set out below:

認購事項所得款項用途

於2020年7月13日,本公司與Guanrui Investment Limited(「Guanrui Investment」)、Tiantu Investments Limited(「 Tiantu Investments 」)以及East Jump Management Limited(「East Jump」)各自訂立認購協 議,據此,上述認購人同意認購及本公司同意配發及 發行合計166,666,666股認購股份,認購價為每股認 購股份0.6港元。上述認購事項所得款項總額及淨額 分別為約100.0百萬港元及99.4百萬港元。

於2020年12月31日,上述所得款項已按照本公司分 別日期為2020年7月16日的補充公告及2020年8月3日 的通函所列的用途,作以下使用:

Planned use of net proceeds 所得款項淨額之計劃用途	Proportion 佔比	Net proceeds from the subscriptions 認購事項所得款項淨額		Amount utilized up to 31 December 2020 直至2020年12月31日之 已動用款項		Unutilized net proceeds 未動用所得款項淨額		Expected timeline for utilizing the remaining unutilized net proceeds (Note) 動用剩餘未動用所得 款項淨額之預期時間表(附註)
		HK\$ million 百萬港元 (approximate) (約)	RMB' million 人民幣百萬元 (approximate) (約)	HK\$ million 百萬港元 (approximate) (約)	RMB' million 人民幣百萬元 (approximate) (約)	HK\$ million 百萬港元 (approximate) (約)	RMB' million 人民幣百萬元 (approximate) (約)
Salary and welfare 薪金及福利	50%	49.7	44.2	11.5	10.2	38.2	34.0	by 31 December 2021 於2021年12月31日前
Expansion of customer base 擴充客戶群	30%	29.9	26.5	22.8	20.3	7.1	6.2	by 31 December 2021 於2021年12月31日前
Enhancement of collection capabilities 提升催收能力	10%	9.9	8.8	9.9	8.8	–	–	–
Working capital and other general corporate purpose 營運資金及其他一般企業用途	10%	9.9	8.8	3.2	2.9	6.7	5.9	by 31 December 2021 於2021年12月31日前
Total 合計	100%	99.4	88.3	47.4	42.2	52.0	46.1

Note: The expected timeline for utilizing the unutilized net proceeds is based on the best estimation of the future market conditions made by the Group as at the date of this report. It may be subject to change based on the current and future development of the market conditions.

附註: 動用未動用所得款項淨額之預期時間表乃基於本集 團於本報告日期對未來市場狀況所作出之最佳估 計。該時間表或會因應現行及未來市場狀況之發展而 出現變化。

MANAGEMENT CONTRACTS

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

MAJOR CUSTOMERS AND SUPPLIERS

During the year, the percentages of sales and purchases from the major customers and suppliers of the Group, respectively, are set out below:

管理合約

年內,除僱傭合約外,並無訂立或存在與本集團整體 或任何重要部份業務有關之管理及行政合約。

主要客戶及供應商

年內,本集團主要客戶及供應商分別佔銷售額及採購 額之百分比如下:

		Approximate
		percentage of
		total sales
		佔銷售總額
		之概約百分比
(1)	Sales
	銷售 – the largest customer	11.0%
	– 最大客戶
	– the five largest customers (combined)	16.8%
	– 五大客戶(合併)
		Approximate
		percentage of
		total purchases
		佔採購總額
		之概約百分比
(2)	Purchases
	採購
	– the largest supplier	3.0%
	– 最大供應商

– the five largest suppliers (combined) 7.8% – 五大供應商(合併)

As far as the Directors are aware, none of the Directors or any of their close associates (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules")), or any Shareholders (that, to the knowledge of the Directors, owns more than 5% of issued Shares) had any beneficial interest in the Group's five largest customers and suppliers during the year.

據董事所知,董事或彼等之任何緊密聯繫人士(定義 見聯交所證券上市規則(「上市規則」))或就董事所知 擁有已發行股份5%以上權益之任何股東,年內概無 於本集團五大客戶及供應商擁有任何實益權益。

DIRECTORS

The Directors during the year and up to the date of this report are:

EXECUTIVE DIRECTORS

Mr. Sun Haitao (Chairman) (ceased to be the Chief Executive Officer on 19 February 2021) Mr. Zheng Haiguo (Chief Executive Officer) (appointed on 19 February 2021) Mr. Zhao Ke (Chief Financial Officer) Mr. Yang Yuzhi (Vice-president) (resigned on 31 July 2020)

NON-EXECUTIVE DIRECTORS

Ms. Zou Yunli Mr. Yu Jin (appointed on 19 February 2021)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Wong Ti Mr. Ye Xiang Mr. Xu Xuchu (appointed on 9 April 2020) Mr. Yang Dong (resigned on 9 April 2020)

In accordance with article 16.18 of the Articles, Mr. Zhao Ke and Ms. Zou Yunli will retire and, being eligible, offer themselves for re-election as Directors at the forthcoming annual general meeting (the "AGM") of the Company.

In accordance with article 16.3 of the Articles, Mr. Zheng Haiguo and Mr. Yu Jin, who have both been appointed on 19 February 2021, shall hold office only until the next following general meeting of the Company and shall then be eligible for re-election. Therefore, both Mr. Zheng Haiguo and Mr. Yu Jin will, being eligible, offer themselves for re-election as Directors at the forthcoming AGM.

DIRECTORS' AND SENIOR MANAGEMENT'S BIOGRAPHIES

Biographical details of the Directors and the senior management of the Group are set out on pages 23 to 28 of this report.

董事

年內及直至本報告日期在任之董事如下:

執行董事

孫海濤先生(主席)(於2021年2月19日辭任行政總裁)

鄭海國先生(行政總裁)(於2021年2月19日獲委任) 趙軻先生(首席財務官) 楊宇智先生(副總裁)(於2020年7月31日辭任)

非執行董事

鄒雲麗女士 于進先生(於2021年2月19日獲委任)

獨立非執行董事

汪棣先生 葉翔先生 徐旭初先生(於2020年4月9日獲委任) 楊東先生(於2020年4月9日辭任)

根據細則第16.18條,趙軻先生及鄒雲麗女士將於本公 司應屆股東週年大會(「股東週年大會」)上退任,惟 合資格膺選連任董事職務。

根據細則第16.3條,鄭海國先生及于進先生(均於 2021年2月19日獲委任)的任期僅直至本公司下次股 東大會召開之時,但合資格膺選連任。因此,鄭海國 先生及于進先生均將於應屆股東週年大會上合資格 膺選連任董事職務。

董事及高級管理層履歷

董事及本集團高級管理層之履歷詳情載於本報告第 23至28頁。

DISCLOSURE OF CHANGES IN DIRECTORS' INFORMATION

Save as disclosed in the section headed "Biographical Details of Directors and Senior Management" of this report, pursuant to Rule 13.51B(1) of the Listing Rules, the changes in Directors' information are set out below:

• the director's fee of Mr. Sun Haitao will be adjusted from RMB547,483 per year to RMB597,600 which will take effect from 1 April 2021, all other benefits remaining unchanged; and
• the director's fee of Mr. Zhao Ke will be adjusted from RMB432,000 per year to RMB542,000 per year which will take effect from 1 April 2021, all other benefits remaining unchanged.

DIRECTORS' SERVICE CONTRACTS

None of the Directors proposed for re-election at the AGM has a service contract with the Company which is not determinable by the Company within one year without payment of compensation, other than statutory compensation.

DIRECTORS' AND SENIOR MANAGEMENT'S REMUNERATION

The remuneration committee considers and recommends to the Board the remuneration and other benefits paid by the Company to the Directors. The remuneration of all Directors is subject to regular monitoring by the remuneration committee to ensure that the levels of their remuneration and compensation are appropriate. References to the remuneration standards of the industry as well as the business development of the Company are made to ensure the level of remuneration should be sufficient to attract and retain the Directors, and the Company should avoid paying more than necessary for this purpose.

Details of the Directors' and senior management's remuneration of the Group are set out in Notes 9 and 10 to the consolidated financial statements.

DIRECTORS' INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

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

董事資料變動披露

除了本報告「董事及高級管理層履歷詳情」一節所披 露外,根據上市規則第13.51B(1)條規定,董事資料之 變動如下:

• 孫海濤先生之董事袍金將由2021年4月1日 起,由每年人民幣547,483元調整至每年人民 幣597,600元,所有其他福利維持不變;及
• 趙軻先生之董事袍金將由2021年4月1日起, 由每年人民幣432,000元調整至每年人民幣 542,000元,所有其他福利維持不變。

董事之服務合約

擬於股東週年大會上重選連任之董事概無與本公司 訂立本公司不可於一年內免付賠償(法定賠償除外) 而予以終止之服務合約。

董事及高級管理人員酬金

薪酬委員會考慮並向董事會建議本公司支付予董事 的薪酬及其他福利。所有董事的薪酬須經薪酬委員 會定期監察,確保其薪金及補償水平恰當。本公司會 參考行業的薪酬標準並配合本公司的業務發展,確 保薪酬的水平足以吸引及保留董事,且本公司應避 免為此目的支付過多酬金。

董事及本集團高級管理人員酬金的詳情載於綜合財 務報表附註9及10。

董事於交易、安排或合約之權益

除本報告所披露者外,年內任何時間不存在本公司 任何附屬公司及同系附屬公司為訂約一方及董事或 董事之關聯實體直接或間接於其中擁有重大權益並 對本集團業務而言屬重要之交易、安排或合約。

Long Position in the Shares

INTERESTS AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVE OF THE COMPANY IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION

As at 31 December 2020, the interests and short positions of the Directors and the chief executive of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO")) as recorded in the register required to be kept under section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules were as follows:

董事及本公司最高行政人員於本公司或任何 相聯法團的股份、相關股份及債券中擁有的 權益及淡倉

於2020年12月31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(香 港法例第571章(「證券及期貨條例」))第XV部)之股 份、相關股份及債券中,擁有根據證券及期貨條例第 352條須登記入所存置之登記冊之權益及淡倉,或根 據上市規則附錄十所載《上市發行人董事進行證券交 易的標準守則 》(「標準守則」)須知會本公司及聯交 所之權益及淡倉如下:

於股份之好倉

			Approximate percentage of
Name of Director(s)	Capacity and nature of interest	Number of Shares	issued Shares(1) 佔已發行股份
董事姓名	身份及權益性質	股份數目	之概約百分比(1)
Mr. Sun Haitao ("Mr. Sun") 孫海濤先生(「孫先生」)	Founder of a discretionary trust, who can affect the trustee how to exercise discretionary trust 可影響受託人如何行使其酌情權的酌情信託成立人	114,117,732 (2)	8.40%
	Others 其他	50,355,000 (3)	3.71%
	Others 其他	251,099,004 (4)	18.49%
		415,571,736	30.59%
Mr. Zhao Ke 趙軻先生	Beneficial owner 實益擁有人	3,100,000	0.23%
Ms. Zou Yunli 鄒雲麗女士	Interest of spouse 配偶權益	200,000 (5)	0.01%

Notes:

• (1) The calculation is based on the number of Shares as a percentage of the total number of issued Shares (i.e. 1,358,320,188 Shares) as at 31 December 2020.
• (2) Rising Sun Limited, which is the beneficial owner of the 114,117,732 Shares, is wholly owned by Wukong Ltd. Wukong Ltd. is beneficially wholly owned by Wukong Trust, which was established by Mr. Sun as the settlor. TMF (Cayman) Ltd. is the trustee of Wukong Trust. Mr. Sun, as the beneficiary of Wukong Trust, is taken to be interested in those Shares.
• (3) Rising Sun Limited entered into a limited partnership agreement with Tai Yong Holdings Ltd on 13 October 2017, as amended and restated on 17 November 2017 (the "Limited Partnership Agreement"), for the purpose of establishing 51 Xinhu L.P., a Cayman Islands exempted limited partnership and regulating the activities and operation of the partnership. Pursuant to the Limited Partnership Agreement, Rising Sun Limited serves as the general partner and Tai Yong Holdings Ltd serves as the limited partner. In addition, Rising Sun Limited has the power to exercise all voting rights on behalf of 51 Xinhu L.P. As 51 Xinhu L.P. is the beneficial owner of the 50,355,000 Shares, and by virtue of the SFO, Mr. Sun is deemed to be interested in the 50,355,000 Shares and the share capital of its associated corporation in which Rising Sun Limited is or is deemed to be interested.
• (4) The Company entered into a voting proxy agreement (the "Voting Proxy Agreement") with Rising Sun Limited, 51 Stock Limited, 51 Award Limited, Tiantu Investments, MSK XF Holding Ltd., LF Alpha Ltd. and Achieve Success Technology Development Limited (other than the Company, each, a "Party to the Voting Proxy Agreement", collectively, the "Parties to the Voting Proxy Agreement"). Pursuant to the Voting Proxy Agreement, Rising Sun Limited is entitled to exercise, in its sole discretion, all the voting powers associated with the 251,099,004 Shares on behalf of the Parties to the Voting Proxy Agreement on all matters submitted to a vote of Shareholders at any meeting of Shareholders. By virtue of the SFO, Mr. Sun is deemed to be interested in the 251,099,004 Shares and the share capital of its associated corporation in which Rising Sun Limited is or is deemed to be interested.
• (5) Mr. Li Anxin, the spouse of Ms. Zou Yunli, is the beneficial owner of the 200,000 Shares. By virtue of the SFO, Ms. Zou Yunli is deemed to be interested in the Shares held by her spouse.

Save as disclosed above, as at 31 December 2020, none of the Directors and the chief executive of the Company had or deemed to have any interests or short positions in any shares, underlying shares and debentures of the Company or any of its associated corporation (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

附註:

• (1) 按股份數目於2020年12月31日佔已發行股份總數(即 1,358,320,188股股份)的百分比計算。
• (2) 持有114,117,732股股份之實益擁有人Rising Sun Limited由 Wukong Ltd.全資擁有。Wukong Ltd.由Wukong Trust(由孫 先生作為財產授予人設立)實益全資擁有。TMF (Cayman) Ltd.為Wukong Trust的受託人。孫先生作為Wukong Trust的 受益人被視為擁有該等股份權益。
• (3) Rising Sun Limited與Tai Yong Holdings Ltd於2017年10月13 日訂立有限合夥協議(於2017年11月17日修訂及重列) (「有限合夥協議」)以成立一間於開曼群島的獲豁免 有限合夥企業51 Xinhu L.P.,及規管該合夥企業的活動 及營運。根據有限合夥協議,Rising Sun Limited為普通合 夥人,而Tai Yong Holdings Ltd為有限合夥人;此外,Rising Sun Limited有權代表51 Xinhu L.P. 行使所有投票權。由於 51 Xinhu L.P.為50,355,000股股份的實益擁有人,及根據 證券及期貨條例的規定,孫先生因Rising Sun Limited持 有或被視為擁有的權益中被視為於50,355,000股股份及 其相聯法團股本權益中擁有權益。
• (4) 本公司與Rising Sun Limited、51 Stock Limited、51 Award Limited、Tiantu Investments、MSK XF Holding Ltd.、LF Alpha Ltd.及Achieve Success Technology Development Limited(除 本公司外,各為(「投票委託協議訂約方」),及統稱(「投 票委託協議各訂約方」))訂立投票委託協議(「投票委託 協議」)。根據投票委託協議,Rising Sun Limited將有權代 表投票委託協議各訂約方就於任何股東大會上提呈予 股東投票的所有事宜全權酌情行使與251,099,004股股 份相關的所有投票權。根據證券及期貨條例的規定,孫 先生因Rising Sun Limited持有或被視為擁有的權益中被 視為於251,099,004股股份及其相聯法團股本權益中擁 有權益。
• (5) 李安新先生為鄒雲麗女士的配偶,其為200,000股股份的 實益擁有人。根據證券及期貨條例規定,鄒雲麗女士被 視為於其配偶持有的股份中擁有權益。

除上文所披露者外,於2020年12月31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)之任何股份、相關股份 及債券中,擁有或被視為擁有根據證券及期貨條例第 352條須登記入所存置之登記冊之任何權益或淡倉, 或根據標準守則須知會本公司及聯交所之任何權益或 淡倉。

Long Position in Shares of Associated Corporation

於相聯法團股份之好倉

						Approximate
		Name of associated	Capacity and nature			percentage of
	Name of Director	corporation	of interest		Number of shares	issued shares(1)
						佔已發行股份
	董事姓名	相聯法團名稱	身份及權益性質		股份數目	之概約百分比(1)
Mr. Sun		China Netcom(2)	Interest in controlled		1,834,963,213(3)	39.16%
孫先生			corporation
		中彩網通(2)	於受控制法團之權益
Notes:				附註:
(1)	December 2020.	The calculation is based on the number of shares as a percentage of the total number of issued shares of China Netcom (i.e. 4,686,048,381 shares) as at 31		(1)	按股份數目於2020年12月31日佔中彩網通已發行股份總 數(即4,686,048,381股股份)的百分比計算。
(2)	8071).	The shares of China Netcom are listed on GEM of the Stock Exchange (stock code:		(2)	中彩網通的股份於聯交所GEM上市(股份代號:8071)。
(3)		These shares are directly held by 51RENPIN.COM INC. 51RENPIN.COM INC. is wholly owned by Shanghai Wuniu Network Technology Co., Ltd.*(上海悟牛		(3)	該等股份由51RENPIN.COM INC.直接持有。51RENPIN. COM INC.由上海悟牛網絡科技有限公司(「上海悟牛」)

網絡科技有限公司), which is in turn wholly owned by Enniu Network. Mr. Sun is indirectly interested in approximately 26.94% of the equity interest in Enniu Network. Further, contractual arrangements (as defined below) are entered into between Hangzhou Zhenniu Information Technology Co., Ltd.*(杭州振牛信息 科技有限公司)("Hangzhou Zhenniu") (a company wholly owned by 51 Credit Card (China) Limited, which is in turn wholly owned by the Company and ultimately controlled by Mr. Sun) and Enniu Network so that Hangzhou Zhenniu can control Enniu Network. By virtue of the SFO, Mr. Sun is deemed to be interested in those shares held by 51RENPIN.COM INC.

全資擁有,上海悟牛則由恩牛網絡全資擁有。孫先生於 恩牛網絡約26.94%股權中擁有間接權益。此外,杭州振 牛信息科技有限公司(「杭州振牛」)(由51信用卡(中國) 有限公司全資擁有,而該公司由本公司全資擁有及由 孫先生最終控制)與恩牛網絡已訂立合約安排(定義見 下文),故杭州振牛能控制恩牛網絡。根據證券及期貨 條例,孫先生被視為擁有51RENPIN.COM INC.所持有該 等股份權益。

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY

As at 31 December 2020, so far as was known to the Directors, the persons or entities, other than a Director or chief executive of the Company, who had or deemed to have an interest or a short position in the shares, underlying shares and debentures of the Company which were recorded in the register required to be kept by the Company under section 336 of the SFO, or which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO were as follows:

主要股東於本公司的股份、相關股份及債券 中擁有的權益及淡倉

於2020年12月31日,就董事所知,以下人士或實體(董 事或本公司最高行政人員除外)於本公司股份、相關 股份及債券中擁有或被視為擁有根據證券及期貨條例 第336條規定須登記入本公司須存置之登記冊之權益 或淡倉,或根據證券及期貨條例第XV部第2及第3分部 之規定須向本公司披露之權益或淡倉:

		Number of
		Shares directly or	Approximate
	Capacity and nature	indirectly held	percentage
Name(s)	of interests	and category(9)	of issued Shares(1)
		直接或間接
		持有的股份	佔已發行股份
名稱	身份及權益性質	數目及類別(9)	之概約百分比(1)
Mr. Huang Wei(2)	Interest in controlled corporation	327,352,666 (L)	24.10%
黃偉先生(2)	於受控制法團之權益
Ms. Li Ping(3)	Interest of spouse	327,352,666 (L)	24.10%
李萍女士(3)	配偶權益
Zhejiang Xinhu Group Co., Ltd.*	Interest in controlled corporation	327,352,666 (L)	24.10%
("Zhejiang Xinhu")(4)
浙江新湖集團股份有限公司(「浙江新湖」)(4)	於受控制法團之權益
Xinhu Zhongbao Co., Ltd.* ("Xinhu Zhongbao")(4)	Interest in controlled corporation	327,352,666 (L)	24.10%
新湖中寶股份有限公司(「新湖中寶」)(4)	於受控制法團之權益
Hong Kong Xinhu Investment Co., Limited	Interest in controlled corporation	327,352,666 (L)	24.10%
("HK Xinhu")(4)
香港新湖投資有限公司(「香港新湖」)(4)	於受控制法團之權益
Taichang Investment Limited(4)	Beneficial owner	109,217,000 (L)	8.04%
	實益擁有人
Tai Shun Holdings Ltd.(4)	Beneficial owner	101,114,000 (L)	7.44%
	實益擁有人
EasternGate SPC(4)	Security interest	210,331,000 (L)	15.48%
	保證權益

		Number of
		Shares directly or	Approximate
	Capacity and nature	indirectly held	percentage
Name(s)	of interests	and category(9)	of issued Shares(1)
		直接或間接
		持有的股份	佔已發行股份
名稱	身份及權益性質	數目及類別(9)	之概約百分比(1)
TMF (Cayman) Ltd.(5)	Trustee	415,571,736 (L)	30.59%
	受託人
Wukong Ltd.(5)	Interest in controlled corporation	114,117,732 (L)	8.40%
	於受控制法團之權益
	Other	50,355,000 (L)	3.71%
	其他
	Other	251,099,004 (L)	18.49%
	其他
		415,571,736 (L)	30.59%
Rising Sun Limited(5)	Beneficial owner	114,117,732 (L)	8.40%
	實益擁有人
	Other	50,355,000 (L)	3.71%
	其他
	Other	251,099,004 (L)	18.49%
	其他
		415,571,736 (L)	30.59%
Mr. Wang Yonghua(6)	Interest in controlled corporation	183,874,334 (L)	13.54%
王永華先生(6)	於受控制法團之權益
Tian Tu Capital Co., Ltd.* ("Tian Tu Capital")(6)	Interest in controlled corporation	183,874,334 (L)	13.54%
深圳市天圖投資管理股份有限公司	於受控制法團之權益
(「天圖投資」)(6)
Tiantu Advisory Company Limited(6)	Interest in controlled corporation	128,661,334 (L)	9.47%
天圖諮詢有限公司(6)	於受控制法團之權益

		Number of
		Shares directly or	Approximate
	Capacity and nature	indirectly held	percentage
Name(s)	of interests	and category(9)	of issued Shares(1)
		直接或間接
		持有的股份	佔已發行股份
名稱	身份及權益性質	數目及類別(9)	之概約百分比(1)
Tiantu Investments(6)	Beneficial owner	128,661,334 (L)	9.47%
	實益擁有人
Mr. Shen Guojun(7)	Founder of a discretionary trust, who	112,880,123 (L)	8.31%
沈國軍先生(7)	can affect the trustee how to exercise
	discretionary trust
	可影響受託人如何行使其酌情
	權的酌情信託成立人
Cantrust (Far East) Limited(7)	Trustee	112,880,123 (L)	8.31%
	受託人
Weihan Evergreen Limited(7)	Interest in controlled corporation	112,880,123 (L)	8.31%
	於受控制法團之權益
East Jump(7)	Beneficial owner	112,880,123 (L)	8.31%
	實益擁有人
The Core Trust Company Limited(8)	Trustee	179,743,150 (L)	13.23%
匯聚信託有限公司(8)	受託人
TCT (BVI) Limited(8)	Other	179,743,150 (L)	13.23%
	其他
51 Stock Limited(8)	Beneficial owner	84,575,389 (L)	6.23%
	實益擁有人
51 Award Limited(8)	Beneficial owner	95,167,761 (L)	7.01%
	實益擁有人

Notes:

• (1) The calculation is based on the number of Shares which each party is interested in (whether directly or indirectly interested or deemed to be interested) as a percentage of the total number of issued Shares (i.e. 1,358,320,188 Shares) as at 31 December 2020.
• (2) Mr. Huang Wei directly holds approximately 53.06% shareholding interest in Zhejiang Xinhu and holds approximately 57.09% shareholding interest in Xinhu Zhongbao in total. By virtue of the SFO, Mr. Huang Wei is deemed to be interested in the Shares in which Zhejiang Xinhu or Xinhu Zhongbao is deemed to be interested. For details of the deemed interests of Zhejiang Xinhu or Xinhu Zhongbao, please refer to Note (4) below.
• (3) Ms. Li Ping is the spouse of Mr. Huang Wei, and thus is deemed to be interested in the Shares in which Mr. Huang Wei is deemed to be interested under the SFO.
• (4) 109,217,000 Shares and 101,114,000 Shares are directly held by Taichang Investment Limited and Tai Shun Holdings Ltd., respectively, and have been pledged in favour of EasternGate SPC; 50,355,000 Shares are directly held by 51 Xinhu L.P. (wholly owned by Tai Yong Holdings Ltd. and Tai Yong Holdings Ltd. is deemed to be interested in the Shares held by 51 Xinhu L.P.); and 66,666,666 Shares are directly held by Guanrui Investment. Each of Taichang Investment Limited, Tai Shun Holdings Ltd., Tai Yong Holdings Ltd. and Guanrui Investment (collectively, the "Xinhu Subsidiaries") is wholly owned by HK Xinhu, which is in turn wholly owned by Xinhu Zhongbao. Xinhu Zhongbao is deemed to be controlled by Zhejiang Xinhu under the SFO. Therefore, for the purpose of Part XV of the SFO, each of HK Xinhu, Xinhu Zhongbao, Zhejiang Xinhu and Mr. Huang Wei is deemed to be interested in the Shares or deemed interests held by the Xinhu Subsidiaries.
• (5) Same for the interests as disclosed in Notes (2) to (4) in the section headed "INTERESTS AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVE OF THE COMPANY IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION" of this report.
• (6) Such 183,874,334 Shares represent 128,661,334 Shares directly held by Tiantu Investments and 55,213,000 Shares directly held by Tiantu Xingbei Investments Limited Company ("Tiantu Xingbei"). Tiantu Investments is wholly owned by Tiantu Advisory Company Limited, which is in turn wholly owned by Tian Tu Capital. Tiantu Xingbei is indirectly owned by Tian Tu Capital. Mr. Wang Yonghua holds approximately 40.35% shareholding interest in Tian Tu Capital. Therefore, under the SFO, Tiantu Advisory Company Limited is deemed to be interested in the Shares held by Tiantu Investments, and each of Tian Tu Capital and Mr. Wang Yonghua is deemed to be interested in the Shares held by Tiantu Investments and Tiantu Xingbei.

附註:

• (1) 按各方於2020年12月31日持有權益(直接或間接擁有或 被視為擁有的權益)的股份數目佔已發行股份總數(即 1,358,320,188股股份)的百分比計算。
• (2) 黃偉先生直接持有浙江新湖約53.06%股權並持有新湖 中寶共約57.09%股權。根據證券及期貨條例,黃偉先生 因浙江新湖或新湖中寶被視為擁有的權益中被視為於 股份中擁有權益。有關浙江新湖或新湖中寶被視為擁 有權益的詳情,請參閱下文附註(4)。
• (3) 李萍女士為黃偉先生的配偶,故根據證券及期貨條例被 視為擁有黃偉先生被視為擁有權益的股份權益。
• (4) 109,217,000股股份及101,114,000股股份分別由Taichang Investment Limited及Tai Shun Holdings Ltd.直接持有,並 已質押給EasternGate SPC;50,355,000股股份由51 Xinhu L.P.(由Tai Yong Holdings Ltd.全資擁有及Tai Yong Holdings Ltd. 被視為於51 Xinhu L.P.持有的股份中擁有權益)直接 持有;及66,666,666股由Guanrui Investment直接持有。 Taichang Investment Limited, Tai Shun Holdings Ltd., Tai Yong Holdings Ltd.及Guanrui Investment(統稱「新湖附屬公司」) 各自由香港新湖全資擁有,而香港新湖由新湖中寶全 資擁有。根據證券及期貨條例,新湖中寶被視為受浙江 新湖控制。因此,就證券及期貨條例第XV部而言,香港 新湖、新湖中寶、浙江新湖及黃偉先生各自被視為於新 湖附屬公司持有的股份中或被視為擁有的權益中擁有 權益。
• (5) 與本報告中「董事及本公司最高行政人員於本公司或任 何相聯法團的股份、相關股份及債券中擁有的權益及淡 倉」一節內的附註(2)至(4)所披露之權益相同。

• (6) 該等183,874,334股股份指由Tiantu Investments直接持有 的128,661,334股股份及Tiantu Xingbei Investments Limited Company(「Tiantu Xingbei」)直接持有的55,213,000股股 份。Tiantu Investments由天圖諮詢有限公司全資擁有, 而天圖諮詢有限公司則由天圖投資全資擁有。Tiantu Xingbei由天圖投資間接持有。王永華先生持有天圖投 資約40.35%股權。因此,根據證券及期貨條例,天圖諮 詢有限公司被視為於Tiantu Investments持有的股份中擁 有權益,及天圖投資及王永華先生各自被視為於Tiantu Investments及Tiantu Xingbei持有的股份中擁有權益。

• (7) 112,880,123 Shares are directly held by East Jump. East Jump is wholly owned by Weihan Evergreen Limited, which is beneficially wholly owned by the Weihan Evergreen Trust. Weihan Evergreen Trust is a family trust established by Mr. Shen Guojun as the settlor, while the beneficiaries of Weihan Evergreen Trust are Mr. Shen Guojun and his family members. Cantrust (Far East) Limited is the trustee of Weihan Evergreen Trust. Hence, each of Weihan Evergreen Limited, Cantrust (Far East) Limited and Mr. Shen Guojun is deemed to be interested in the interests of East Jump for the purpose of Part XV of the SFO.

• (8) Both 51 Stock Limited and 51 Award Limited are wholly owned by TCT (BVI) Limited, which is in turn wholly owned by The Core Trust Company Limited. The Core Trust Company Limited is the trustee and each of 51 Stock Limited and 51 Award Limited is the nominee to administer the RSU Schemes (as defined below). Each of 51 Stock Limited and 51 Award Limited holds the Shares underlying the RSUs granted by the Company for the benefit of eligible participants pursuant to the RSU Schemes.
• (9) (L) Long position, (S) Short position

Save as disclosed above, to the best knowledge of the Directors, as at 31 December 2020, no person (other than the Directors or chief executive of the Company) had or was deemed to have interests or short positions in the Shares which were required to be recorded in the register of interests required to be kept by the Company under section 336 of the SFO, or were required to be disclosed to the Company under the provisions of Divisions 2 and 3 and Part XV of the SFO.

RESTRICTED SHARE UNIT ("RSU") SCHEMES

Summary

The Company has adopted the 51 Stock Scheme and the 51 Award Scheme (collectively, the "Schemes") by a resolution of the Board on 20 November 2017. The Schemes are not subject to the provisions of Chapter 17 of the Listing Rules as the RSU Schemes do not involve the grant of options by the Company to subscribe for new Shares.

Purpose

The purpose of the Schemes is to recognize and reward the participants (as detailed in the paragraph headed "Participants" below) of each of the Schemes for their contribution to the Group, to attract suitable personnel, and to provide incentives to them to remain with and further contribute to the Group.

• (7) 112,880,123股由East Jump直接持有。East Jump由 Weihan Evergreen Limited全資擁有,而Weihan Evergreen Limited由Weihan Evergreen Trust實益全資擁有。Weihan Evergreen Trust是由沈國軍先生作為財產授予人設立的 家族信託,而Weihan Evergreen Trust之受益人為沈國軍 先生及其家族成員。Cantrust (Far East) Limited為Weihan Evergreen Trust的受託人。因此,就證券及期貨條例第 XV部而言,Weihan Evergreen Limited、Cantrust (Far East) Limited及沈國軍先生各自被視為於East Jump的權益中 擁有權益。
• (8) 51 Stock Limited及51 Award Limited均由TCT (BVI) Limited 全資擁有,而TCT (BVI) Limited則由匯聚信託有限公司 全資擁有。匯聚信託有限公司為受託人,而51 Stock Limited及51 Award Limited則各自為管理受限制股份單 位計劃(定義見下文)的代名人。51 Stock Limited及51 Award Limited各自為合資格參與者的利益持有由本公 司根據受限制股份單位計劃授出的受限制股份單位涉 及的相關股份。
• (9) (L)-好倉,(S)-淡倉

除上文所披露者外,就董事所知,於2020年12月31 日,概無人士(董事或本公司最高行政人員除外)於股 份中擁有或被視為擁有根據證券及期貨條例第336條 規定須登記入本公司須存置之登記冊之權益或淡倉, 或根據證券及期貨條例第XV部第2及第3分部之規定 須向本公司披露之權益或淡倉。

受限制股份單位計劃

概要

本公司已根據董事會於2017年11月20日的決議案採納 51股份計劃及51獎勵計劃(統稱「該等計劃」)。該等 計劃並不受限於上市規則第十七章的條文,因為受限 制股份單位計劃並不涉及由本公司授出可認購新股份 的購股權。

目的

該等計劃的目的為確認及獎勵該等計劃各自的參與 者(詳情見下段「參與者」部份)對本集團所作出的貢 獻、吸引合適人才以及提供鼓勵讓他們對本集團保持 及作出更多貢獻。

Awards

Each of the awards of RSUs under the 51 Stock Scheme (together with the awards of RSUs under the 51 Award Scheme, referred to as the "Award(s)") gives a participant an option, and an Award of RSUs under the 51 Award Scheme gives a participant an entitlement, upon vesting of the Award(s) to obtain either Shares (in case of the 51 Stock Scheme only) or an equivalent value in cash with reference to the market value of the Shares less any tax, fees, levies, stamp duty and other applicable charges. An Award may include, if so specified by the 51 Stock RSU Administration Committee and the 51 Award RSU Administration Committee (each as the "RSU Committee") in their entire discretion, cash and non-cash income, dividends or distributions and/or the sale proceeds of non-cash and non-scrip distributions in respect of those Shares from the date that the Award is granted to the date that it vests.

Limit

Unless otherwise duly approved by the Shareholders, the total number of Shares underlying the 51 Stock Scheme shall not exceed 112,341,261 Shares and the total number of Shares underlying the 51 Award Scheme shall not exceed 102,060,261 Shares (excluding the Shares underlying RSUs that have lapsed or been cancelled in accordance with the Schemes).

Grants

As at 31 December 2020, 98,527,130 Shares and 54,528,770 Shares underlying RSUs were granted to participants under the 51 Stock Scheme and the 51 Award Scheme, representing approximately 7.25% and 4.01% of the issued Shares, respectively. As at 31 December 2020, 19,772,399 Shares and 47,531,491 Shares underlying RSUs remained outstanding under the 51 Stock Scheme and the 51 Award Scheme, respectively.

獎勵

51股份計劃下各受限制股份單位的獎勵(與51獎勵計 劃下受限制股份單位的獎勵,統稱「獎勵」)賦予參與 者一項選擇權,而51獎勵計劃下受限制股份單位的獎 勵則賦予參與者一項權益,令其在歸屬獎勵時可獲取 股份(只適用於51股份計劃)或參考股份的市場價值 的等值現金,扣除任何稅項、費用、徵費、印花稅及其 他適用收費。倘51 Stock RSU管理委員會及51 Award RSU管理委員會(各自為「 RSU委員會」)全權酌情指 明,則獎勵可包括自獎勵授出日期起至其歸屬日期就 該等股份的現金及非現金收入、股息或分派及╱或非 現金及非實物分派的銷售所得款項。

限制

除非股東另行妥為批准,51股份計劃項下股份總數不 得超過112,341,261股,而51獎勵計劃項下股份總數不 得超過102,060,261股(上述股數不包括根據該等計劃 已告失效或已被註銷的受限制股份單位相關股份)。

授出情況

於2020年12月31日,98,527,130股及54,528,770股受限 制股份單位相關股份根據51股份計劃及51獎勵計劃 授出予各自的參與者,分別各佔已發行股份約7.25% 及4.01%。於2020年12月31日,51股份計劃及51獎勵計 劃項下分別19,772,399股及47,531,491股受限制股份 單位相關股份尚未授出。

Participants

Participants of the 51 Stock Scheme include:

• (i) any member of senior management of the Group; or
• (ii) any person who, in the sole opinion of the RSU Committee, has contributed or will contribute to any member of the Group (including business partners of any member of the Group, such as suppliers, customers or any persons who provide technical support, consultancy, advisory or other services to any member of the Group), as may be specifically identified by the RSU Committee.

Participants of the 51 Award Scheme include:

• (i) any employee of the Group; or
• (ii) any person who, in the sole opinion of the RSU Committee, has contributed or will contribute to any member of the Group (including business partners of any member of the Group, such as suppliers, customers or any persons who provide technical support, consultancy, advisory or other services to any member of the Group), as may be specifically identified by the RSU Committee.

Transferability

According to the terms of the Schemes (as amended from time to time), the participant may transfer the granted Award(s) upon the approval of the Board or an authorized body or person appointed by the Board in accordance with the terms of the Schemes. The transferee should be bound by the terms of the Schemes, notices of grant and other relevant applicable documents and agreements.

Term

Subject to any early termination as may be determined by the Board pursuant to the termination clauses of the Schemes, the Schemes are valid and effective for a period of ten years commencing on the date of adoption (i.e., 20 November 2017), after which no Awards will be granted, but the provisions of the Schemes shall in all other respects remain in full force and effect and the Awards granted during the terms of the Schemes may continue to be valid and exercisable in accordance with their terms of grant.

參與者

51股份計劃的參與者包括:

• (i) 本集團的任何高級管理層成員;或
• (ii) 由RSU委員會全權酌情認為曾為或將為本集團 任何成員公司作出貢獻的任何人士(包括本集 團任何成員公司的業務夥伴,例如供應商、客戶 或向本集團任何成員公司提供技術支援、諮詢、 建議或其他服務的任何人士)(如RSU委員會得 以特定識別)。

51獎勵計劃的參與者包括:

• (i) 本集團的任何僱員;或
• (ii) 由RSU委員會全權酌情認為曾為或將為本集團 任何成員公司作出貢獻的任何人士(包括本集 團任何成員公司的業務夥伴,例如供應商、客戶 或向本集團任何成員公司提供技術支援、諮詢、 建議或其他服務的任何人士)(如RSU委員會得 以特定識別)。

可轉讓性

根據該等計劃條款(經不時修改),經董事會或董事 會根據該等計劃條款之規定委託的有權機構或人士的 批准,參與者可轉讓其被授予的獎勵,受讓方應受到 該等計劃條款、授予通知及其他相關的適用文件及協 議之約束。

期限

受限於董事會根據該等計劃的終止條款可能決定提 早終止,該等計劃自採納日期(即2017年11月20日)起 生效,為期十年,而於期滿後將不會授出獎勵,但該 等計劃的條文在所有其他方面仍具有完整效力及作 用,而於該等的期限內授出的獎勵可根據其授出條款 持續有效及可行使。

⁵¹信用卡有限公司 2020 年度報告 49

RSU Trustee

The Company has appointed The Core Trust Company Limited, a trustee service provider and an independent third party, to administer the granting and vesting of RSUs granted to the grantees pursuant to the Schemes.

Rights attached to Awards

The RSUs under the 51 Stock Scheme do not carry any right to vote at general meetings of the Company. No grantee shall enjoy any of the rights of a Shareholder by virtue of the grant of an Award pursuant to the 51 Stock Scheme, unless and until such Shares underlying the Award are actually transferred to the grantee upon the vesting of the RSUs provided that the grantee, his/her wholly owned entity or any such trust arrangement as directed by him/her shall enter into an agreement in writing with Mr. Sun delegating the voting rights attached to such Shares by proxy to Mr. Sun or his delegated entity(ies). Unless otherwise specified by the RSUs Committee in its entire discretion in the notice of grant, the grantees do not have any rights to any cash or non-cash income, dividends or distributions and/or the sale proceeds of noncash and non-scrip distributions from any Shares underlying an Award.

Similarly, the RSUs under the 51 Award Scheme do not carry any right to vote at general meetings of the Company. No grantee shall enjoy any of the rights of a Shareholder by virtue of the grant of an Award pursuant to the 51 Award Scheme. Unless otherwise specified by the RSU Committee in its entire discretion in the notice of grant, the grantees do not have any rights to any cash or non-cash income, dividends or distributions and/or the sale proceeds of noncash and non-scrip distributions from any Shares underlying an Award.

Rights attached to Shares (in case of the 51 Stock Scheme only)

Any Shares to be transferred to a grantee or his/her wholly owned entity upon the vesting of RSUs granted pursuant to the 51 Stock Scheme shall be subject to all the provisions of the Articles and shall rank pari passu in all respects with the existing fully paid Shares in issue on the date of transfer, or, if that date falls on a day when the register of members of the Company is closed, the first day of the re-opening of the register of members, and accordingly shall entitle the holder of such Shares to participate in all dividends or other distributions paid or made on or after the date of transfer.

受限制股份單位受託人

本公司已委任The Core Trust Company Limited(一間 信託服務供應商及獨立第三方)以管理根據該等計劃 授出及歸屬向承授人授出的受限制股份單位。

獎勵所附帶的權利

51股份計劃下受限制股份單位並無附帶任何可於本公 司股東大會上投票的權利。倘承授人、其全資擁有的 實體或其指示的任何該等信託安排須與孫先生訂立 協議,將透過委任代表於相關股份附帶的投票權授權 予孫先生或其獲授權實體,除非及直至該等與獎勵相 關的股份於受限制股份單位歸屬時實際轉讓予承授 人,否則並無承授人因根據51股份計劃授出獎勵而享 有股東的任何權利。另外,除非RSU委員會於授出通 知中全權酌情決定指明,否則承授人並無任何權利享 有來自與獎勵相關的任何股份的任何現金或非現金收 入、股息或分派及╱或非現金及非實物分派的出售所 得款項。

51獎勵計劃下受限制股份單位同樣並無附帶任何可於 本公司股東大會上投票的權利。並無承授人因根據51 獎勵計劃授出獎勵而享有股東的任何權利。另外,除 非RSU委員會於授出通知中全權酌情決定指明,否則 承授人並無任何權利享有來自與獎勵相關的任何股份 的任何現金或非現金收入、股息或分派及╱或非現金 及非實物分派的出售所得款項。

股份所附帶的權利(只適用於51股份計劃)

於根據51股份計劃授出的受限制股份單位獲歸屬後, 轉讓予承授人或其全資擁有實體的任何股份須受細則 的所有條文所規限,及在所有方面與於轉讓日期(或 倘本公司於該日暫停辦理股份過戶登記手續,則為再 開始辦理股份過戶登記手續的首日)的現有繳足已發 行股份享有同等地位,且有關股份的持有人就此應有 權參與於轉讓日期或該日之後派付或作出的所有股息 或其他分派。

ARRANGEMENT TO PURCHASE SHARES OR DEBENTURES

Save as disclosed under the sections headed "RELATED PARTY TRANSACTIONS" and "CONNECTED TRANSACTIONS" of this report, at no time during the year and at the end of the year was the Company or any of its holding companies, subsidiaries or fellow subsidiaries a party to any arrangements to enable the Directors to acquire benefits by means of acquisition of shares in, or debentures of, the Company or any other subsidiaries.

CONTRACT OF SIGNIFICANCE

None of the Company or any of its subsidiaries had entered into any contract of significance or contract of significance for provision of services with the controlling Shareholders or its subsidiaries during the year.

RELATED PARTY TRANSACTIONS

The Group entered into certain activities with parties regarded as "Related Parties" under applicable accounting principles. These mainly relate to the activities in the ordinary course of the Group's business and were negotiated on normal commercial terms and on an arm's length basis. The related party transactions that did not constitute connected transactions under the Listing Rules were disclosed in Note 35 to the consolidated financial statements. The disclosures required by Rule 14A.71 of the Listing Rules during the year are provided in the paragraph headed "CONNECTED TRANSACTIONS" as identified below.

購買股份或債券的安排

除本報告「關連方交易」及「關連交易」一節所披露者 外,於年內任何時間內及年底,本公司或其任何控股 公司、附屬公司或同系附屬公司概無參與訂立任何安 排,以使董事可藉購入本公司或任何其他附屬公司的 股份或債權證而取得利益。

重大合約

年內,本公司或其任何附屬公司並無與控股股東或 其附屬公司訂立任何重大合約或提供服務的重大合 約。

關聯方交易

本集團與根據適用會計原則被視為「關聯方」之人士 進行若干業務活動。該等業務主要與在本集團日常 業務過程中進行之活動有關,且按正常商業條款及 公平原則磋商。關聯方交易(於綜合財務報表附註35 中披露)並無構成上市規則所定義之關連交易的關聯 方交易。年內根據上市規則第14A.71條須作出之披露 已載於下文「關連交易」一段。

CONNECTED TRANSACTIONS

a) Contractual Arrangements with connected persons

In order to maintain and exercise control over the PRC Operating Entities (as defined below), the Company has entered into the contractual arrangements. The contractual arrangements allow the Company to obtain substantially all of the economic benefits of the PRC Operating Entities and consolidate their results of operations into the Group's. For the purposes of Chapter 14A of the Listing Rules, and in particular the definition of "connected person", the PRC Operating Entities 1 will be treated as the Company's wholly owned subsidiaries, and their directors, chief executives or substantial shareholders (as defined in the Listing Rules) and their respective associates will be treated as the Company's "connected persons".

Hence, the transactions carried out under the Contractual Arrangements 1 (as defined below) during the year constituted continuing connected transactions of the Company. As the Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a waiver from strict compliance with the announcement, circular and independent shareholders' approval requirements under Chapter 14A of the Listing Rules in respect of the transactions contemplated under the Contractual Arrangements 1 pursuant to Rule 14A.105 of the Listing Rules, the transactions are only subject to the reporting and annual review under Chapter 14A of the Listing Rules. Further details of the waiver are set out in the sections headed "Waivers from Strict Compliance with the Listing Rules" and "Connected Transactions – B. Non-exempt Continuing Connected Transactions" of the prospectus (the "Prospectus") of the Company dated 29 June 2018.

Further details of the contractual arrangements are set out in the section headed "CONTRACTUAL ARRANGEMENTS" of this report.

關連交易

a) 與關連人士的合約安排

為維持及行使對中國營運實體(定義見下文)的 控制權,本公司已訂立合約安排。合約安排讓本 公司可取得中國營運實體的絕大部份經濟利益 及將其經營業績合併入本集團。就上市規則第 十四A章而言,及尤其是「關連人士」的定義,中 國營運實體1將被視為本公司的全資附屬公司, 而彼等的董事、主要行政人員或主要股東(定義 見上市規則)及彼等各自的聯繫人將被視為本 公司的「關連人士」。

因此,年內之合約安排1(定義見下文)項下進 行的交易構成本公司的持續關連交易。由於本 公司已向聯交所申請且聯交所已批准本公司根 據上市規則第14A.105條規定就合約安排1的相 關交易豁免嚴格遵守上市規則第十四A章的公 告、通函及獨立股東批准規定,該等交易只須 遵守上市規則第十四A章下的申報及年度審核 規定。更多豁免詳情請參閱本公司日期為2018 年6月29日的招股章程(「招股章程」)「豁免嚴格 遵守上市規則」及「關連交易-B. 不獲豁免的持 續關連交易」一節。

合約安排進一步詳情請參閱本報告「合約安排」 一節。

b) Subscription of new Shares by connected persons

On 13 July 2020, the Company entered into the subscription agreements (the "Subscription Agreements") with each of Guanrui Investment, Tiantu Investments and East Jump, pursuant to which the above subscribers agreed to subscribe, and the Company agreed to allot and issue, an aggregate of 166,666,666 subscription Shares with an aggregate nominal value of approximately US\$1,666.67 at a subscription price of HK\$0.6 per subscription Share, representing a discount of approximately 24.05% to the closing price of HK\$0.79 per Share as quoted on the Stock Exchange on 13 July 2020, being the date of the Subscription Agreements (the "Subscriptions"). The Directors considered that the Subscriptions would provide opportunities to raise further capital for the Company and broaden the capital base of the Company.

In accordance with the terms and conditions of the Subscription Agreements, 66,666,666 Shares, 33,333,334 Shares and 66,666,666 Shares had been successfully allotted and issued to Guanrui Investment, Tiantu Investments and East Jump, respectively on 31 August 2020 under a specific mandate granted by independent Shareholders in the extraordinary general meeting of the Company held on 24 August 2020.

The gross proceeds and net proceeds raised from the Subscriptions amounted to approximately HK\$100.0 million and HK\$99.4 million, respectively. The net issue price per subscription Share was approximately HK\$0.6. As at 31 December 2020, the net proceeds had been applied as approximately HK\$11.5 million for salary and welfare, approximately HK\$22.8 million for the expansion of customer base, approximately HK\$9.9 million for the enhancement of collection capabilities and approximately HK\$3.2 million for working capital and other general corporate purposes. For details of the net proceeds utilized up to 31 December 2020, please refer to the section headed "USE OF PROCEEDS FROM THE SUBSCRIPTIONS" of this report.

b) 關連人士認購新股份

於2020年7月13日,本公司與Guanrui Investment、 Tiantu Investments以及East Jump各自訂立認購 協議(「認購協議」),據此,上述認購人同意認 購及本公司同意配發及發行合計166,666,666股 認購股份(總面值為約1,666.67美元),認購價為 每股認購股份0.6港元,較股份於2020年7月13日 (即認購協議日期)在聯交所所報收市價每股 股份0.79港元折讓約24.05%(「認購事項」)。董 事認為,認購事項將提供機會為本公司進一步 籌集資金及擴大本公司的資本基礎。

按照認購協議之條款及條件,本公司於2020年 8月31日根據於2020年8月24日舉行之股東特別 大會上獨立股東授予之特別授權成功分別配發 及發行66,666,666股股份、33,333,334股股份及 66,666,666股股份予Guanrui Investment、Tiantu Investments及East Jump。

認購事項所得款項總額及淨額分別為約100百 萬港元及99.4百萬港元。每股認購股份的淨發 行價約為0.6港元。於2020年12月31日,所得款 項淨額中,約11.5百萬港元用作薪金及福利、約 22.8百萬港元用於擴充客戶群、約9.9百萬港元 用於提升其催收能力及約3.2百萬港元用作營 運資金及其他一般企業用途。直至2020年12月 31日之已動用所得款項淨額詳情請參閱本報告 「認購事項所得款項用途」一節。

Guanrui Investment is a connected person of the Company as Mr. Huang Wei, the ultimate beneficial owner of Guanrui Investment, is a substantial Shareholder as at the date of the Subscription Agreements. Tiantu Investments is a connected person of the Company as Mr. Wang Yonghua, the ultimate beneficial owner of Tiantu Investments, is a substantial Shareholder as at the date of the Subscription Agreements. Ms. Zou Yunli, being the non-executive Director, is also one of the directors of Tian Tu Capital, being the indirect shareholder of Tiantu Investments. Accordingly, the Subscriptions by Guanrui Investment and Tiantu Investments constitute connected transactions for the Company under Chapter 14A of the Listing Rules and are subject to the announcement, reporting and independent shareholders' approval requirements under Chapter 14A of the Listing Rules. For details, please refer to the announcements dated 13 July, 16 July and 24 August 2020, and the circular dated 3 August 2020 of the Company, respectively.

CONTRACTUAL ARRANGEMENTS

The Board had reviewed the major issues arising from the implementation and performance of the contractual arrangements of the year ended 31 December 2020, and had discussed the matters relating to compliance and regulatory enquiries from governmental authorities.

Overview

The PRC Operating Entities (defined as below) of the Group are required to hold the Value-added Telecommunication Service Operating Permit (the "ICP License") to operate the mobile applications and the provision of online information services.

由於黃偉先生(Guanrui Investment的實益擁有 人)於認購協議日期是主要股東,故Guanrui Investment為本公司之關連人士。由於王永華 先生(Tiantu Investments的實益擁有人)於認購 協議日期是主要股東,故Tiantu Investments為 本公司之關連人士。非執行董事鄒雲麗女士亦 為天圖投資(Tiantu Investments的間接股東)的 董事之一。因此,根據上市規則第十四A章, Guanrui Investment及Tiantu Investments進行的 認購事項構成本公司之關連交易,以及須根據 上市規則第十四A章的公告、申報及獨立股東 批准規定。詳情請參閱本公司分別日期為2020 年7月13日、7月16日及8月24日的公告和日期為 2020年8月3日的通函。

合約安排

董事會已審閱2020年12月31日止年度合約安排的實 施及執行而產生的重大事宜,及已討論與合規及政 府機關監管問詢有關的事項。

總覽

本集團中國營運實體(定義見下文)須持有增值電信 業務經營許可證(「ICP許可證」)以運營手機應用及提 供網絡信息服務。

On 11 December 2001, the State Council of the PRC promulgated the Provisions on the Administration of Foreign-funded Telecommunications Enterprises(《外商投資電信企業管理規定》)(the "FITE Regulations"), which were amended on 10 September 2008 and 6 February 2016, respectively. According to the FITE Regulations, foreign investors are not allowed to hold more than 50% of the equity interests in a company providing value-added telecom services ("VATS"), including ICP services. In addition, a foreign investor who invests in a VATS business in the PRC must possess the qualification requirements. The Ministry of Industry and Information Technology of the PRC issued the guidance memorandum (the "Memorandum") on the application requirement for establishing foreign-invested VATS enterprises in the PRC on 1 March 2017, and updated the same on 6 March 2019 which took effect on the same day. According to the Memorandum, the foreign investor's proven track record of good performance of VATS business and satisfactory proof of prior experience in such business are required to be provided. For the year ended 31 December 2020, no applicable PRC laws, regulations or rules have provided any guidance or interpretation on the proof of the qualification requirement.

Structured Contract 1

Hangzhou Zhenniu is an indirect wholly owned PRC subsidiary of the Company.

Enniu Network was jointly held by domestic enterprises such as Pingxiang Jiniu Asset Management Partnership (Limited Partnership)*(萍鄉紀牛資產管 理合夥企業(有限合夥)), Xinhu Zhongbao and Shenzhen Tiantu Xingbang Investment Enterprise (Limited Partnership)*(深圳天圖興邦投資企業(有限 合夥)). Enniu Network has obtained the ICP License.

Hangzhou Zhenniu entered into: (1) the Exclusive Business Cooperation Agreement 1 with Enniu Network in November 2017, then amended and renewed the same in December 2017; and further entered into: (2) the Exclusive Option Agreement 1; (3) the Share Pledge Agreement 1; and (4) the Powers of Attorney 1 and supporting documents (collectively referred to as the "Structured Contract 1") with Enniu Network and domestic enterprises such as Pingxiang Jiniu Asset Management Partnership (Limited Partnership)*(萍 鄉紀牛資產管理合夥企業(有限合夥)), Xinhu Zhongbao and Shenzhen Tiantu Xingbang Investment Enterprise (Limited Partnership)*(深圳天圖興邦 投資企業(有限合夥))(the "Nominee Shareholders 1") to enable the Group to obtain the power and ability to control the business of Enniu Network and acquire economic benefits (the "Contractual Arrangements 1").

於2001年12月11日,中國國務院頒佈《外商投資電信 企業管理規定》(「外資電信企業規定」),該規定分別 於2008年9月10日及2016年2月6日經修訂。根據外資 電信企業規定,外國投資者不得於提供增值電信服 務(「增值電信服務」)(包括ICP服務)的公司持有超 過50%的股權。此外,在中國投資增值電信服務業務 的外國投資者必須具備資質要求。中國工業和信息 化部於2017年3月1日就在中國成立外商投資增值電 信服務企業的申請規定公佈辦事指南(「指南」),並 於2019年3月6日就該指南進行更新(於同日實施)。 根據指南,需要提供外商投資者具有經營增值電信 服務業務的良好業績和運營經驗的資質要求證明資 料。截至2020年12月31日止年度,概無適用的中國法 律、法規或規則就資質要求提供明確的指引或詮釋。

結構性合約1

杭州振牛為本公司的間接全資中國附屬公司。

恩牛網絡由萍鄉紀牛資產管理合夥企業(有限合夥)、 新湖中寶、深圳天圖興邦投資企業(有限合夥)等境內 主體共同持有。恩牛網絡已取得ICP許可證。

杭州振牛於2017年11月與恩牛網絡訂立並於2017年 12月修訂並重簽︰(1)獨家業務合作協議1;及與恩牛 網絡及萍鄉紀牛資產管理合夥企業(有限合夥)、新 湖中寶、深圳天圖興邦投資企業(有限合夥)等境內 主體(「代理人股東1 」)進一步訂立︰(2)獨家購買權 協議1;(3)股份質押協議1;及(4)股東表決權委託協 議1及配套文件(統稱「結構性合約1」)以讓本集團獲 得控制恩牛網絡業務的權力及能力及取得經濟利益 (「合約安排1」)。

(1) Exclusive Option Agreement 1

Enniu Network and the Nominee Shareholders 1, entered into the exclusive option agreement 1 (the "Exclusive Option Agreement 1") with Hangzhou Zhenniu in December 2017, pursuant to which the Nominee Shareholders 1 agreed to grant to Hangzhou Zhenniu (or the Company or any subsidiary of the Company (the "Designee"), an irrevocable and exclusive option to acquire or purchase from the Nominee Shareholders 1 and/or Enniu Network all or any part of their equity interests in and/or assets of Enniu Network at a nominal price, unless the relevant government authorities or the PRC laws request that another amount be used as the purchase price, in which case the purchase price shall be the lowest amount under such request. In compliance with the current regulations and requirements of the PRC laws, the Nominee Shareholders 1 and/or Enniu Network shall return any amount of purchase price they have received to Hangzhou Zhenniu. At Hangzhou Zhenniu's request, the Nominee Shareholders 1 and/or Enniu Network will promptly and unconditionally transfer their respective equity interests in and/or assets of Enniu Network to Hangzhou Zhenniu (or the Designee) after Hangzhou Zhenniu exercises its purchase right.

In order to prevent the flow of the assets and value of Enniu Network and its subsidiaries (the "PRC Operating Entities 1", together with the PRC Operating Entities 2 (defined as below), collectively, the "PRC Operating Entities") to the Nominee Shareholders 1, during the term of the Exclusive Option Agreement 1, Enniu Network shall not, and shall procure its subsidiaries not to, sell, transfer, mortgage or otherwise dispose of any of its assets without the prior written consent of Hangzhou Zhenniu. In addition, Enniu Network shall not, and shall procure its subsidiaries not to, make any distributions to its shareholder(s) without the prior written consent of Hangzhou Zhenniu. In the event that the Nominee Shareholders 1 receive any distribution from Enniu Network and/or its subsidiaries and subject to the PRC laws, the Nominee Shareholders 1 must immediately pay or transfer such distribution to Hangzhou Zhenniu (or the Designee). If Hangzhou Zhenniu exercises its purchase right, all or any part of the equity interests in and/or assets of Enniu Network acquired would be transferred to Hangzhou Zhenniu and the benefits of equity ownership and/or assets, as applicable, would flow to the Company and the Shareholders.

The Exclusive Option Agreement 1 is for an initial term of ten years and is automatically renewable upon expiry unless Hangzhou Zhenniu confirms a new renewal term in writing.

(1) 獨家購買權協議1

恩牛網絡、代理人股東1與杭州振牛於2017年 12月訂立獨家購買權協議1(「獨家購買權協議 1」),據此,代理人股東1同意向杭州振牛(或本 公司或本公司任何附屬公司(「指定人士」))授 出不可撤回及獨家選擇權,可按名義價從代理 人股東1及╱或恩牛網絡收購或購買其於恩牛網 絡的全部或任何部份股權及╱或資產,除非有 關政府機關或中國法律要求使用另一金額作為 購買價,則採用該要求下的最低金額作為購買 價。在符合當時中國法律的規定和要求的前提 下,代理人股東1及╱或恩牛網絡須將彼等已收 取的任何購買價款項退還予杭州振牛。應杭州 振牛的要求,於杭州振牛行使其購買權後,代理 人股東1及╱或恩牛網絡將立即且無條件轉讓彼 等各自於恩牛網絡的股權及╱或資產予杭州振 牛(或指定人士)。

為防止恩牛網絡及其附屬公司(「中國營運實體 1」,連同與中國營運實體2(定義見下文),統稱 「中國營運實體」)的資產及價值流向代理人股東 1,在獨家購買權協議1的期限內,倘未經杭州振 牛事先書面同意,恩牛網絡不得並須促使其附 屬公司不得出售、轉讓、抵押或以其他方式處置 其任何資產。此外,倘未經杭州振牛事先書面同 意,恩牛網絡不得並須促使其附屬公司不得向 其股東作出任何分派。倘代理人股東1接獲恩牛 網絡及╱或其附屬公司的任何分派,在中國法 律規限的情況下,代理人股東1則必須立即支付 或轉讓有關分派予杭州振牛(或指定人士)。倘 杭州振牛行使其購買權,所收購的恩牛網絡全 部或任何部份股權及╱或資產將轉讓予杭州振 牛,且股本所有權及╱或資產(視乎情況而定) 的利益應歸屬本公司及股東所有。

獨家購買權協議1的初始期限為十年,並於到期 時自動續期,除非杭州振牛以書面方式確認新 的續約期限。

(2) Exclusive Business Cooperation Agreement 1

Enniu Network and its subsidiaries entered into the exclusive business cooperation agreement 1 (the "Exclusive Business Cooperation Agreement 1") with Hangzhou Zhenniu in December 2017, pursuant to which Enniu Network agreed to engage Hangzhou Zhenniu and its designated persons as the exclusive provider to the PRC Operating Entities 1 of business support, technical and consulting services, including technical services, network support, business consultation, intellectual property licensing, equipment, leasing, marketing consultancy, system integration, product research and development and system maintenance, in exchange for service fees. Under these arrangements, the service fees, subject to Hangzhou Zhenniu's adjustment, are equal to all of the net profit of the PRC Operating Entities 1. Hangzhou Zhenniu may adjust the service fees at its sole discretion, after consideration of certain factors, including but not limited to the deduction of necessary costs, expenses, taxes and other statutory contribution in relation to the respective fiscal year, and may also include accumulated losses of the PRC Operating Entities 1 from previous financial periods, which will be wired to the designated account of Hangzhou Zhenniu upon issuance of payment notification by Hangzhou Zhenniu. Hangzhou Zhenniu enjoys all the economic benefits derived from every business of the PRC Operating Entities 1 and bears Enniu Network's business risks. If Enniu Network runs into financial deficit or suffers severe operation difficulties, Hangzhou Zhenniu will provide financial support to Enniu Network.

The Exclusive Business Cooperation Agreement 1 is for an initial term of ten years and is automatically renewable upon expiry unless Hangzhou Zhenniu confirms a new renewal term in writing.

(2) 獨家業務合作協議1

恩牛網絡及其附屬公司與杭州振牛於2017年12 月訂立獨家業務合作協議(「I 獨家業務合作協議 1」),據此,恩牛網絡同意聘請杭州振牛及其指 定人士為中國營運實體1的業務支援、技術及諮 詢服務(包括技術服務、網絡支援、業務諮詢、 知識產權許可、設備、租賃、營銷顧問、系統整 合、產品研發及系統維護)的獨家供應商,並支 付服務費以換取服務。根據該等安排,服務費 (可由杭州振牛調整)相等於中國營運實體1的 全部淨利潤。杭州振牛在考慮若干因素後可全 權調整服務費,包括但不限於經扣除與各財政 年度有關的所需成本、開支、稅項及其他法定供 款,亦可包括中國營運實體1於過往財政期間的 累計虧損,該等服務費將於杭州振牛發出付款 通知後電匯至杭州振牛的指定賬戶。杭州振牛 享有中國營運實體1各項業務所產生的全部經濟 利益,並承擔恩牛網絡的業務風險。倘恩牛網絡 出現財政赤字,或遭受嚴重的營運困難,杭州振 牛將向恩牛網絡提供財政支援。

獨家業務合作協議1初步為期十年,並於到期時 自動續期,除非杭州振牛以書面方式確認新的 續約期限。

(3) Share Pledge Agreement 1

Enniu Network and the Nominee Shareholders 1 and Hangzhou Zhenniu entered into the share pledge agreement 1 (the "Share Pledge Agreement 1") in December 2017. Under the Share Pledge Agreement 1, the Nominee Shareholders 1 pledged all of their respective equity interests in Enniu Network to Hangzhou Zhenniu as collateral security for any or all of their payments due to Hangzhou Zhenniu and to secure performance of their obligations under the Exclusive Business Cooperation Agreement 1, the Exclusive Option Agreement 1 and the Powers of Attorney 1 (as defined below). The Share Pledge Agreement 1 will not terminate until (i) all obligations of Enniu Network and the Nominee Shareholders 1 are satisfied in full; (ii) Hangzhou Zhenniu exercises its exclusive option to purchase the entire equity interests of the Nominee Shareholders 1 in Enniu Network and/or the entire assets of Enniu Network pursuant to the terms of the Exclusive Option Agreement 1 when it is permitted to do so under the applicable PRC laws and regulations; (iii) Hangzhou Zhenniu exercises its unilateral and unconditional right of termination; or (iv) the agreement is required to be terminated in accordance with applicable PRC laws and regulations. In addition, under the Exclusive Option Agreement 1, none of the Nominee Shareholders 1 may transfer or permit the encumbrance of any of their equity interests in and assets of Enniu Network (including any equity interests in and assets of the subsidiaries of Enniu Network) without Hangzhou Zhenniu's prior written consent. The Share Pledge Agreement 1 will be terminated when all the said obligations of the Nominee Shareholders 1 contemplated under the Contractual Arrangements 1 are fulfilled or terminated in accordance with the requirement of the relevant applicable laws and regulations of the PRC.

(4) Powers of Attorney 1

An irrevocable power of attorney 1 (the "Powers of Attorney 1") was entered into between the Nominee Shareholders 1, Hangzhou Zhenniu and Enniu Network in December 2017, whereby the Nominee Shareholders 1 appointed Hangzhou Zhenniu or, according to the instruction of Hangzhou Zhenniu, a director of its offshore holding company or a liquidator or a successor who are acting the function of those directors as their exclusive agent and attorney to act on their behalf on all matters concerning Enniu Network and to exercise all of its rights as a Nominee Shareholders 1 of Enniu Network.

(3) 股份質押協議1

恩牛網絡及代理人股東1與杭州振牛於2017年12 月訂立股份質押協議1(「股份質押協議1」)。根 據股份質押協議1,代理人股東1已向杭州振牛 質押彼等各自於恩牛網絡的全部股權,作為彼等 支付結欠杭州振牛的任何或所有款項及確保彼 等履行於獨家業務合作協議1、獨家購買權協議 1及股東表決權委託協議1(定義見下文)項下的 責任。股份質押協議1將不會終止,直至(i)恩牛 網絡及代理人股東1的所有責任均已全面履行; (ii)杭州振牛在適用中國法律及法規允許的情況 下根據獨家購買權協議1的條款行使其獨家購買 權以購買代理人股東1於恩牛網絡的全部股權及 ╱或恩牛網絡的全部資產;(iii)杭州振牛行使單 方面及無條件終止權;或(iv)該協議根據適用中 國法律及法規須予以終止。此外,根據獨家購買 權協議1,未經杭州振牛事先書面同意,代理人 股東1不得轉讓其於恩牛網絡的任何股權及資產 (包括於恩牛網絡附屬公司的任何股權及資產) 或准許就有關股權及資產設置產權負擔。股份 質押協議1將於前述合約安排1項下代理人股東1 所有責任達成後終止或依照有關適用的中國法 律和法規的要求終止時終止。

(4) 股東表決權委託協議1

代理人股東1、杭州振牛及恩牛網絡於2017年12 月訂立不可撤銷的股東表決權委託協議1(「股 東表決權委託協議1」),據此,代理人股東1委任 杭州振牛或根據杭州振牛的指示委任其離岸控 股公司的一名董事以及代行該等董事職責的清 盤人或其他繼任人為彼等的獨家代理及授權代 表,以代表彼等就與恩牛網絡相關的所有事項 行事及行使其作為恩牛網絡代理人股東1的所有 權利。

Save as disclosed above, there were no other new contractual arrangement entered into, renewed and/or reproduced between the Group and the PRC Operating Entities 1 and/or the Nominee Shareholders 1 for the year ended 31 December 2020. There was no material change in the Contractual Arrangements 1 and/or the circumstances under which they were adopted for the year ended 31 December 2020.

Save for the Exclusive Business Cooperation Agreement 1 which involves the payment of a service fee by Enniu Network to Hangzhou Zhenniu, and the nominal purchase consideration to be paid by Hangzhou Zhenniu to the Nominee Shareholders 1 under the Exclusive Option Agreement 1, the Contractual Arrangements 1 do not involve payment of any consideration.

The Structured Contract 1, taken as a whole, permit the results and financial operations of Enniu Network to be consolidated into the Group, as if it were the Company's subsidiary resulting in all economic benefits of its business flowing to the Company. Through the appointment of senior management of Enniu Network, the Company believes that Hangzhou Zhenniu is able to effectively supervise, manage and operate the business operations, expansion plans, financial policies and assets of Enniu Network, and at the same time, ensure due implementation of the Structured Contract 1.

除上文披露者外,本集團與中國營運實體1及╱或代 理人股東1截至2020年12月31日止年度並無訂立、重 續及╱或複製任何其他新合約安排。截至2020年12 月31日止年度,合約安排1及╱或據以採用合約安排 的情況並無發生重大變動。

除獨家業務合作協議1涉及恩牛網絡向杭州振牛支付 服務費,以及杭州振牛根據獨家購買權協議1需支付 予代理人股東1的名義購買價外,合約安排1不涉及支 付任何代價。

整體而言,結構性合約1讓恩牛網絡之業績及財務營 運綜合計入本集團,猶如其為本公司之附屬公司,以 致其業務所得所有經濟利益流入本公司。本公司認 為,透過指派恩牛網絡之高級管理層,杭州振牛有能 力有效監控、管理及經營恩牛網絡之業務營運、擴充 計劃、財務政策及資產,此舉同時亦確保結構性合約 1獲得妥善落實。

The Structured Contract 1 enables the Company to exercise control over and receives economic benefits generated from the business operation of Enniu Network. The validity and legality of the Structured Contract 1 has been confirmed by the PRC legal advisor. The Company is of the view that it is fair and reasonable for Hangzhou Zhenniu to be entitled to all the economic benefits generated from Enniu Network. The Structured Contract 1 also permits Hangzhou Zhenniu to exclusively acquire all or part of the equity interest in Enniu Network, to the extent permitted by the PRC laws and regulations. Notwithstanding the Group's lack of equity ownership in Enniu Network, the Group is able to control the business and financial position of Enniu Network in substance through the Structured Contract 1. As a result of the Contractual Arrangements 1, Enniu Network is accounted for as the Company's subsidiary, and its financial position and operating results being consolidated into the Group's consolidated financial statements.

The revenue and net loss for the year ended 31 December 2020 and net deficit of Enniu Network as at 31 December 2020, pursuant to the Contractual Arrangements 1, amounted to approximately RMB98.0 million, approximately RMB248.9 million and approximately RMB1,930.2 million respectively.

Structured Contract 2

Hangzhou Jiahao Technology Co., Ltd.*(杭州嘉好科技有限公司)("Hangzhou Jiahao") was jointly held by Mr. Zhu Jianfei and Mr. Guan Jun. Hangzhou Jiahao has obtained the ICP License.

Hangzhou Zhenniu entered into: (1) the Exclusive Business Cooperation Agreement 2 with Hangzhou Jiahao in August 2019, and further entered into: (2) the Exclusive Option Agreement 2; (3) the Share Pledge Agreement 2; and (4) the Powers of Attorney 2 and supporting documents (collectively referred to as the "Structured Contract 2") with Hangzhou Jiahao, Mr. Zhu Jianfei and Mr. Guan Jun (the "Nominee Shareholders 2") to enable the Group to obtain the power and ability to control the business of Hangzhou Jiahao and acquire economic benefits (the "Contractual Arrangements 2").

結構性合約1讓本公司可對恩牛網絡行使控制權並取 其業務營運所得經濟利益。結構性合約1已經中國法 律顧問確認為有效及合法。本公司認為,讓杭州振牛 享有恩牛網絡產生的所有經濟利益實屬公平合理。在 中國法律及法規允許的情況下,結構性合約1亦讓杭 州振牛可獨家收購恩牛網絡全部或部份股權。雖然本 集團未持有恩牛網絡之股本權益,惟本集團可透過結 構性合約1享有對恩牛網絡業務及財務狀況的實際控 制權。由於合約安排1,恩牛網絡作為本公司附屬公司 列賬,其財務狀況及經營業績綜合計入本集團綜合財 務報表。

根據合約安排1,恩牛網絡截至2020年12月31日止年 度的收入及虧損淨額及於2020年12月31日的虧絀淨 值分別為約人民幣98.0百萬元、約人民幣248.9百萬元 及約人民幣1,930.2百萬元。

結構性合約2

杭州嘉好科技有限公司(「杭州嘉好」)由朱劍飛先生 及管軍先生共同持有。杭州嘉好已取得ICP許可證。

杭州振牛於2019年8月與杭州嘉好訂立:(1)獨家業務 合作協議2;及與杭州嘉好及朱劍飛先生及管軍先生 (「代理人股東2 」)進一步訂立:(2)獨家購買權協議 2;(3)股份質押協議2;及(4)股東表決權委託協議2及 配套文件(統稱「結構性合約2」)以讓本集團獲得控制 杭州嘉好業務的權力及能力及取得經濟利益(「合約 安排2」)。

(1) Exclusive Option Agreement 2

Hangzhou Jiahao and the Nominee Shareholders 2, entered into the exclusive option agreement 2 (the "Exclusive Option Agreement 2") with Hangzhou Zhenniu in August 2019, pursuant to which the Nominee Shareholders 2 agreed to grant to Hangzhou Zhenniu (or the Designee), an irrevocable and exclusive option to acquire or purchase from the Nominee Shareholders 2 and/or Hangzhou Jiahao all or any part of their equity interests in and/or assets of Hangzhou Jiahao at a nominal price, unless the relevant government authorities or the PRC laws request that another amount be used as the purchase price, in which case the purchase price shall be the lowest amount under such request. In compliance with the current regulations and requirements of the PRC laws, the Nominee Shareholders 2 and/or Hangzhou Jiahao shall return any amount of purchase price they have received to Hangzhou Zhenniu. At Hangzhou Zhenniu's request, the Nominee Shareholders 2 and/or Hangzhou Jiahao will promptly and unconditionally transfer their respective equity interests in and/or assets of Hangzhou Jiahao to Hangzhou Zhenniu (or the Designee) after Hangzhou Zhenniu exercises its purchase right.

In order to prevent the flow of the assets and value of Hangzhou Jiahao and its subsidiaries (the "PRC Operating Entities 2") to the Nominee Shareholders 2, during the term of the Exclusive Option Agreement 2, Hangzhou Jiahao shall not, and shall procure its subsidiaries not to, sell, transfer, mortgage or otherwise dispose of any of its assets without the prior written consent of Hangzhou Zhenniu. In addition, Hangzhou Jiahao shall not, and shall procure its subsidiaries not to, make any distributions to its shareholder(s) without the prior written consent of Hangzhou Zhenniu. In the event that the Nominee Shareholders 2 receive any distribution from Hangzhou Jiahao and/or its subsidiaries and subject to the PRC laws, the Nominee Shareholders 2 must immediately pay or transfer such distribution to Hangzhou Zhenniu (or the Designee). If Hangzhou Zhenniu exercises its purchase right, all or any part of the equity interests in and/or assets of Hangzhou Jiahao acquired would be transferred to Hangzhou Zhenniu and the benefits of equity ownership and/or assets, as applicable, would flow to the Company and the Shareholders.

The Exclusive Option Agreement 2 is for an initial term of ten years and is automatically renewable upon expiry unless Hangzhou Zhenniu confirms a new renewal term in writing.

(1) 獨家購買權協議2

杭州嘉好、代理人股東2與杭州振牛於2019年8月 訂立獨家購買權協議2(「獨家購買權協議2」), 據此,代理人股東2同意向杭州振牛(或指定人 士)授出不可撤回及獨家選擇權,可按名義價從 代理人股東2及╱或杭州嘉好收購或購買其於 杭州嘉好的全部或任何部份股權及╱或資產, 除非有關政府機關或中國法律要求使用另一金 額作為購買價,則採用該要求下的最低金額作 為購買價。在符合當時中國法律的規定和要求 的前提下,代理人股東2及╱或杭州嘉好須將彼 等已收取的任何購買價款項退還予杭州振牛。 應杭州振牛的要求,於杭州振牛行使其購買權 後,代理人股東2及╱或杭州嘉好將立即且無條 件轉讓彼等各自於杭州嘉好的股權及╱或資產 予杭州振牛(或指定人士)。

為防止杭州嘉好及其附屬公司(「中國營運實體 2」)的資產及價值流向代理人股東2,在獨家購 買權協議2的期限內,倘未經杭州振牛事先書面 同意,杭州嘉好不得並須促使其附屬公司不得出 售、轉讓、抵押或以其他方式處置其任何資產。 此外,倘未經杭州振牛事先書面同意,杭州嘉好 不得並須促使其附屬公司不得向其股東作出任 何分派。倘代理人股東2接獲杭州嘉好及╱或其 附屬公司的任何分派,在中國法律規限的情況 下,代理人股東2則必須立即支付或轉讓有關分 派予杭州振牛(或指定人士)。倘杭州振牛行使 其購買權,所收購的杭州嘉好全部或任何部份 股權及╱或資產將轉讓予杭州振牛,且股本所 有權及╱或資產(視乎情況而定)的利益應歸屬 本公司及股東所有。

獨家購買權協議2的初始期限為十年,並於到期 時自動續期,除非杭州振牛以書面方式確認新 的續約期限。

(2) Exclusive Business Cooperation Agreement 2

Hangzhou Jiahao and its subsidiaries entered into the exclusive business cooperation agreement 2 (the "Exclusive Business Cooperation Agreement 2") with Hangzhou Zhenniu in August 2019, pursuant to which Hangzhou Jiahao agreed to engage Hangzhou Zhenniu and its designated persons as the exclusive provider to the PRC Operating Entities 2 of business support, technical and consulting services, including technical services, network support, business consultation, intellectual property licensing, equipment, leasing, marketing consultancy, system integration, product research and development and system maintenance, in exchange for service fees. Under these arrangements, the service fees, subject to Hangzhou Zhenniu's adjustment, are equal to all of the net profit of the PRC Operating Entities 2. Hangzhou Zhenniu may adjust the service fees at its sole discretion, after consideration of certain factors, including but not limited to the deduction of necessary costs, expenses, taxes and other statutory contribution in relation to the respective fiscal year, and may also include accumulated losses of the PRC Operating Entities 2 from previous financial periods, which will be wired to the designated account of Hangzhou Zhenniu upon issuance of payment notification by Hangzhou Zhenniu. Hangzhou Zhenniu enjoys all the economic benefits derived from every business of the PRC Operating Entities 2 and bears Hangzhou Jiahao's business risks. If Hangzhou Jiahao runs into financial deficit or suffers severe operation difficulties, Hangzhou Zhenniu will provide financial support to Hangzhou Jiahao.

The Exclusive Business Cooperation Agreement 2 is for an initial term of ten years and is automatically renewable upon expiry unless Hangzhou Zhenniu confirms a new renewal term in writing.

(2) 獨家業務合作協議2

杭州嘉好及其附屬公司與杭州振牛於2019年8月 訂立獨家業務合作協議2(「獨家業務合作協議 2」),據此,杭州嘉好同意聘請杭州振牛及其指 定人士為中國營運實體2的業務支援、技術及諮 詢服務(包括技術服務、網絡支援、業務諮詢、 知識產權許可、設備、租賃、營銷顧問、系統整 合、產品研發及系統維護)的獨家供應商,並支 付服務費以換取服務。根據該等安排,服務費 (可由杭州振牛調整)相等於中國營運實體2的 全部淨利潤。杭州振牛在考慮若干因素後可全 權調整服務費,包括但不限於經扣除與各財政 年度有關的所需成本、開支、稅項及其他法定供 款,亦可包括中國營運實體2於過往財政期間的 累計虧損,該等服務費將於杭州振牛發出付款 通知後電匯至杭州振牛的指定賬戶。杭州振牛 享有中國營運實體2各項業務所產生的全部經濟 利益,並承擔杭州嘉好的業務風險。倘杭州嘉好 出現財政赤字,或遭受嚴重的營運困難,杭州振 牛將向杭州嘉好提供財政支援。

獨家業務合作協議2初步為期十年,並於到期時 自動續期,除非杭州振牛以書面方式確認新的 續約期限。

(3) Share Pledge Agreement 2

Hangzhou Jiahao and the Nominee Shareholders 2 and Hangzhou Zhenniu entered into the share pledge agreement 2 (the "Share Pledge Agreement 2") in August 2019. Under the Share Pledge Agreement 2, the Nominee Shareholders 2 pledged all of their respective equity interests in Hangzhou Jiahao to Hangzhou Zhenniu as collateral security for any or all of their payments due to Hangzhou Zhenniu and to secure performance of their obligations under the Exclusive Business Cooperation Agreement 2, the Exclusive Option Agreement 2 and the Powers of Attorney 2 (as defined below). The Share Pledge Agreement 2 will not terminate until (i) all obligations of Hangzhou Jiahao and the Nominee Shareholders 2 are satisfied in full; (ii) Hangzhou Zhenniu exercises its exclusive option to purchase the entire equity interests of the Nominee Shareholders 2 in Hangzhou Jiahao and/or the entire assets of Hangzhou Jiahao pursuant to the terms of the Exclusive Option Agreement 2 when it is permitted to do so under the applicable PRC laws and regulations; (iii) Hangzhou Zhenniu exercises its unilateral and unconditional right of termination; or (iv) the agreement is required to be terminated in accordance with applicable PRC laws and regulations. In addition, under the Exclusive Option Agreement 2, none of the Nominee Shareholders 2 may transfer or permit the encumbrance of any of their equity interests in and assets of Hangzhou Jiahao (including any equity interests in and assets of the subsidiaries of Hangzhou Jiahao) without Hangzhou Zhenniu's prior written consent. The Share Pledge Agreement 2 will be terminated when all the said obligations of the Nominee Shareholders 2 contemplated under the Contractual Arrangements 2 are fulfilled or terminated in accordance with the requirement of the relevant applicable laws and regulations of the PRC.

(3) 股份質押協議2

杭州嘉好及代理人股東2與杭州振牛於2019年8 月訂立股份質押協議2(「股份質押協議2」)。根 據股份質押協議2,代理人股東2已向杭州振牛 質押彼等各自於杭州嘉好的全部股權,作為彼等 支付結欠杭州振牛的任何或所有款項及確保彼 等履行於獨家業務合作協議2、獨家購買權協議 2及股東表決權委託協議2(定義見下文)項下的 責任。股份質押協議2將不會終止,直至(i)杭州 嘉好及代理人股東2的所有責任均已全面履行; (ii)杭州振牛在適用中國法律及法規允許的情況 下根據獨家購買權協議2的條款行使其獨家購買 權以購買代理人股東2於杭州嘉好的全部股權及 ╱或杭州嘉好的全部資產;(iii)杭州振牛行使單 方面及無條件終止權;或(iv)該協議根據適用中 國法律及法規須予以終止。此外,根據獨家購買 權協議2,未經杭州振牛事先書面同意,代理人 股東2不得轉讓其於杭州嘉好的任何股權及資產 (包括於杭州嘉好附屬公司的任何股權及資產) 或准許就有關股權及資產設置產權負擔。股份 質押協議2將於前述合約安排2項下代理人股東2 所有責任達成後終止或依照有關適用的中國法 律和法規的要求終止時終止。

(4) Powers of Attorney 2

An irrevocable power of attorney 2 (the "Powers of Attorney 2") was entered into between the Nominee Shareholders 2, Hangzhou Zhenniu and Hangzhou Jiahao in August 2019, whereby the Nominee Shareholders 2 appointed Hangzhou Zhenniu or, according to the instruction of Hangzhou Zhenniu, a director of its offshore holding company or a liquidator or a successor who are acting the function of those directors as their exclusive agent and attorney to act on their behalf on all matters concerning Hangzhou Jiahao and to exercise all of its rights as a Nominee Shareholders 2 of Hangzhou Jiahao.

Save as disclosed above, there were no other new contractual arrangement entered into, renewed and/or reproduced between the Group and the PRC Operating Entities 2 and/or the Nominee Shareholders 2 for the year ended 31 December 2020. There was no material change in the Contractual Arrangements 2 and/or the circumstances under which they were adopted for the year ended 31 December 2020.

Save for the Exclusive Business Cooperation Agreement 2 which involves the payment of a service fee by Hangzhou Jiahao to Hangzhou Zhenniu, and the nominal purchase consideration to be paid by Hangzhou Zhenniu to the Nominee Shareholders 2 under the Exclusive Option Agreement 2, the Contractual Arrangements 2 do not involve payment of any consideration.

The Structured Contract 2, taken as a whole, permit the results and financial operations of Hangzhou Jiahao to be consolidated into the Group, as if it were the Company's subsidiary resulting in all economic benefits of its business flowing to the Company. Through the appointment of senior management of Hangzhou Jiahao, the Company believes that Hangzhou Zhenniu is able to effectively supervise, manage and operate the business operations, expansion plans, financial policies and assets of Hangzhou Jiahao, and at the same time, ensure due implementation of the Structured Contract 2.

(4) 股東表決權委託協議2

代理人股東2、杭州振牛及杭州嘉好於2019年8 月訂立不可撤銷的股東表決權委託協議2(「股 東表決權委託協議2」),據此,代理人股東2委任 杭州振牛或根據杭州振牛的指示委任其離岸控 股公司的一名董事以及代行該等董事職責的清 盤人或其他繼任人為彼等的獨家代理及授權代 表,以代表彼等就與杭州嘉好相關的所有事項 行事及行使其作為杭州嘉好代理人股東2的所有 權利。

除上文披露者外,本集團與中國營運實體2及╱或代 理人股東2截至2020年12月31日止年度並無訂立、重續 及╱或複製任何其他新合約安排。截至2020年12月31 日止年度,合約安排2及╱或據以採用合約安排的情 況並無發生重大變動。

除獨家業務合作協議2涉及杭州嘉好向杭州振牛支付 服務費,以及杭州振牛根據獨家購買權協議2需支付 予代理人股東2的名義購買價外,合約安排2不涉及支 付任何代價。

整體而言,結構性合約2讓杭州嘉好之業績及財務營 運綜合計入本集團,猶如其為本公司之附屬公司,以 致其業務所得所有經濟利益流入本公司。本公司認 為,透過指派杭州嘉好之高級管理層,杭州振牛有能 力有效監控、管理及經營杭州嘉好之業務營運、擴充 計劃、財務政策及資產,此舉同時亦確保結構性合約 2獲得妥善落實。

The Structured Contract 2 enables the Company to exercise control over and receives economic benefits generated from the business operation of Hangzhou Jiahao. The validity and legality of the Structured Contract 2 has been confirmed by the PRC legal advisor. The Company is of the view that it is fair and reasonable for Hangzhou Zhenniu to be entitled to all the economic benefits generated from Hangzhou Jiahao. The Structured Contract 2 also permits Hangzhou Zhenniu to exclusively acquire all or part of the equity interest in Hangzhou Jiahao, to the extent permitted by the PRC laws and regulations. Notwithstanding the Group's lack of equity ownership in Hangzhou Jiahao, the Group is able to control the business and financial position of Hangzhou Jiahao in substance through the Structured Contract 2. As a result of the Contractual Arrangements 2, Hangzhou Jiahao is accounted for as the Company's subsidiary, and its financial position and operating results being consolidated into the Group's consolidated financial statements.

The revenue and net loss for the year ended 31 December 2020 and net deficit of Hangzhou Jiahao as at 31 December 2020, pursuant to the Contractual Arrangements 2, amounted to RMB54,000, approximately RMB776,000 and approximately RMB583,000.

Reasons for adopting the Contractual Arrangements

As a company directly held by foreign shareholders is not allowed to engage in the Internet business in which Enniu Network, Hangzhou Jiahao and each of their subsidiaries, are engaged, the contractual arrangements are adopted by the Group. The 51 Credit Card Manager App which is developed and owned by Enniu Network acts as the major channel through which the Group approaches its users and conducts business. Enniu Network presents information to specific users by connecting the 51 Credit Card Manager App to its cooperating Internet platforms, thereby providing credit card management service and other related service to potential users. Hangzhou Jiahao, through its subsidiary, Shenzhen Xiaolanben Network Technology Ltd.*(深圳小藍本網絡技術有限公司) (formerly known as Hangzhou Lanye Network Technology Ltd.*(杭州藍頁網 絡技術有限公司)), developed and operated a mobile application named Little Blue Book, and provides commercial information searching services to users by Little Blue Book. Therefore, the Contractual Arrangements are crucial to the Group.

The Company will keep exploring various opportunities in building up its ICP services operations for the purposes of being qualified as early as possible, to acquire the entire equity interest of each of Enniu Network and Hangzhou Jiahao, respectively, if and when the foreign investment restrictions are lifted.

結構性合約2讓本公司可對杭州嘉好行使控制權並取 其業務營運所得經濟利益。結構性合約2已經中國法 律顧問確認為有效及合法。本公司認為,讓杭州振牛 享有杭州嘉好產生的所有經濟利益實屬公平合理。在 中國法律及法規允許的情況下,結構性合約2亦讓杭 州振牛可獨家收購杭州嘉好全部或部份股權。雖然本 集團未持有杭州嘉好之股本權益,惟本集團可透過結 構性合約2享有對杭州嘉好業務及財務狀況的實際控 制權。由於合約安排2,杭州嘉好作為本公司附屬公司 列賬,其財務狀況及經營業績綜合計入本集團綜合財 務報表。

根據合約安排2,杭州嘉好截至2020年12月31日止年 度的收入及虧損淨額及於2020年12月31日的虧絀淨 值分別為人民幣54,000元、約人民幣776,000元及約人 民幣583.000元。

採用合約安排的理由

由於外資股東直接持股的公司未獲准從事恩牛網 絡、杭州嘉好及彼等之附屬公司所從事的互聯網業 務,所以本集團採用合約安排。恩牛網絡開發並擁有 的51信用卡管家應用是本集團獲取用戶並開展業務 的重要途徑。恩牛網絡通過將51信用卡管家應用接 入合作的互聯網平台向特定互聯網用戶展示信息, 為有需求的用戶提供信用卡管理服務並提供相關其 他服務。杭州嘉好透過其附屬公司深圳小藍本網絡 技術有限公司(曾名為杭州藍頁網絡技術有限公司) 開發並運營一手機應用程式小藍本,及通過小藍本 向用戶提供商業信息搜索服務。因此,合約安排對本 集團尤其重要。

本公司將繼續探索不同機會拓展其ICP服務營運,力 求盡快取得資格,倘於外資投資限制解除後分別收購 恩牛網絡及杭州嘉好各自的全部股權。

Risk factors related to Contractual Arrangements and actions to be taken

Certain risks related to Contractual Arrangements, including:

• 1. if the PRC government deems that the Contractual Arrangements in relation to the PRC Operating Entities (including the PRC Operating Entities 1 and the PRC Operating Entities 2) do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations;
• 1. if the imposition of any of these penalties or requirement to restructure our corporate structure by the PRC government causes us to lose the rights to direct the activities of the PRC Operating Entities or our right to receive their economic benefits, we would no longer be able to consolidate the financial results of the PRC Operating Entities in our consolidated financial statements;
• 1. we could face material and adverse tax consequences if the PRC tax authorities determine that our Contractual Arrangements with the PRC Operating Entities were not made on an arm's length basis and adjust our income and expenses for PRC tax purposes by requiring a transfer pricing adjustment;
• 1. the nominee shareholders of the PRC Operating Entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial position; and
• 1. if any of the PRC Operating Entities become subject to winding up or liquidation proceedings, we may lose the ability to use and enjoy certain important assets held by the PRC Operating Entities.

與合約安排有關的風險及採取的行動

存在與合約安排有關的若干風險,包括:

• 1. 倘中國政府認為有關中國營運實體(包括中國 營運實體1及中國營運實體2)的合約安排不符合 中國有關外商投資相關行業的監管限制,或倘 該等法規或現有法規的解釋日後發生變動,則 我們可能面臨嚴重處罰或被迫撤出於該等業務 的權益;
• 1. 倘中國政府施加處罰或要求重組公司架構使得 我們失去主導中國營運實體活動的權利或收取 其經濟利益的權利,則我們將不再能夠將中國 營運實體的財務業績在我們的綜合財務報表中 綜合入賬;
• 1. 倘中國稅務機關確定我們與中國營運實體之 間的合約安排並非按公平基準訂立,並通過要 求轉讓定價調整就中國稅項目的調整我們的收 入及開支,則我們可能面臨重大不利的稅務結 果;
• 1. 中國營運實體的代理人股東可能與我們存在潛 在利益衝突,這可能會對我們的業務及財務狀 況產生重大不利影響;及
• 1. 倘任何中國營運實體須進行清盤或清算程序, 我們可能無法使用及享有由我們的中國營運實 體持有的若干重要資產。

The Group has adopted the following measures to ensure the effective operation of the Group with the implementation of the Contractual Arrangements and our compliance with the contractual arrangements, including:

• 1. major issues arising from the implementation and compliance with the Contractual Arrangements or any regulatory enquiries from government authorities will be submitted to the Board, if necessary, for review and discussion on an occurrence basis;
• 1. the Board will review the overall performance of and compliance with the contractual arrangements at least once a year; and
• 1. the Company will engage external legal advisors or other professional advisors, if necessary, to assist the Board to review the implementation of the contractual arrangements, review the legal compliance of Enniu Network, Hangzhou Jiahao and the PRC Operating Entities to deal with specific issues or matters arising from the contractual arrangements.

Listing Rules implications and waivers from the Stock Exchange

The transactions contemplated under the Contractual Arrangements 1 constitute continuing connected transactions of the Company under the Listing Rules as some of the Nominee Shareholders 1 of Enniu Network are connected persons of the Company. The highest applicable percentage ratios (other than the profits ratio) under the Listing Rules in respect of the transactions contemplated under the Contractual Arrangements 1 are expected to be more than 5%. As such, the transactions will be subject to the reporting, annual review, announcement and independent Shareholders' approval requirements under Chapter 14A of the Listing Rules.

The Directors (including the independent non-executive Directors) are of the view that the Contractual Arrangements 1 and the transactions contemplated thereunder are fundamental to the legal structure and business operations of the Group, that such transactions have been and will be entered into in ordinary and usual course of business, are on normal commercial terms or better and the terms are fair and reasonable and in the interests of the Group and the Shareholders as a whole.

本集團已採取以下措施,確保本集團於合約安排實施 後能有效運行及遵守合約安排,包括:

• 1. 實施及遵守合約安排過程中出現的重大問題或 政府機關的任何監管查詢將於發生時提交董事 會審視及討論(倘必要);
• 1. 董事會將至少每年審閱一次合約安排的整體履 行及合規情況;及
• 1. 本公司將聘請外部法律顧問或其他專業顧問(倘 必要),協助董事會審視合約安排的實施、審視 恩牛網絡、杭州嘉好及中國營運實體處理合約 安排產生的特別問題或事宜的法律合規情況。

上市規則涵義及聯交所豁免

恩牛網絡之部份代理人股東1為本公司關連人士,根 據上市規則,合約安排1項下擬進行的交易構成本公 司的持續關連交易。與合約安排1有關的交易根據上 市規則的最高適用百分比率(利潤率除外)預計超過 5%,因此,該等交易須遵守上市規則第十四A章下的 申報、年度審核、公告及獨立股東批准規定。

董事(包括獨立非執行董事)認為合約安排1及其相關 交易對本集團法律結構與業務的至關重要,該等交 易過去一直及今後也將繼續在本集團日常及一般業 務過程中按照正常或更好的商業條款訂立,屬公平 合理,且符合本集團及股東的整體利益。

The Directors also believe that our structure, whereby the financial results of Enniu Network are consolidated into our financial statements as if they were the Company's wholly owned subsidiaries, and all the economic benefits of their business flows to the Group, places the Group in a special position in relation to the connected transactions rules. Accordingly, notwithstanding that the transactions contemplated under the Contractual Arrangements 1 technically constitute continuing connected transactions under Chapter 14A of the Listing Rules, the Directors consider that it would be unduly burdensome and impracticable, and would add unnecessary administrative costs to the Company, for all the transactions contemplated under the Contractual Arrangements to be subject to strict compliance with the requirements set out under Chapter 14A of the Listing Rules, including, among other things, the announcement and approval of independent Shareholders.

In addition, given the Contractual Arrangements 1 were entered into prior to the listing and are disclosed in the Prospectus, and potential investors of the Company has participated in the IPO on the basis of such disclosure, the Directors consider that compliance with the announcement and the independent Shareholders' approval requirements in respect thereof immediately after listing would add unnecessary administrative costs to the Company.

In view of the abovementioned reasons, we have applied to the Stock Exchange for, and the Stock Exchange has granted, a waiver from strict compliance with (i) the announcement, circular and independent Shareholders' approval requirements under Chapter 14A of the Listing Rules in respect of the transactions contemplated under the Contractual Arrangements 1 pursuant to Rule 14A.105 of the Listing Rules, (ii) the requirement of setting an annual cap for the transactions under the Contractual Arrangements 1 under Rule 14A.53 of the Listing Rules, and (iii) the requirement of limiting the term of the Contractual Arrangements 1 to three years or less under Rule 14A.52 of the Listing Rules, for so long as Shares are listed on the Stock Exchange subject however to the following conditions:

• (a) no change to the Contractual Arrangements 1 without independent nonexecutive Directors' approval;
• (b) no change to the Structured Contract 1 without independent Shareholders' approval;

董事亦相信,我們的架構(其中恩牛網絡的財務業績 合併計入我們的財務報表,猶如該等實體為本公司的 全資附屬公司,且其業務的所有經濟利益均流向本 集團)使本集團就關連交易規則而言處於一個特殊位 置。因此,儘管合約安排1項下擬進行交易技術上而言 構成上市規則第十四A章下的持續關連交易,但董事 認為就合約安排項下所有擬進行交易嚴格遵守上市規 則第十四A章所載(其中包括)公告及獨立股東批准等 規定,將對本公司而言屬過度繁重及不切實際,並為 本公司增加不必要的行政成本。

此外,鑒於合約安排1乃於上市前訂立並於招股章程 內披露,且本公司的潛在投資者是在相關披露的基礎 上參與首次公開發售,董事認為,緊隨上市後就該等 合約安排遵守公告及獨立股東批准規定將為本公司增 加不必要的行政成本。

基於上述原因,我們已向聯交所申請且聯交所已批准 於股份在聯交所上市期間,(i)根據上市規則第14A.105 條規定就合約安排1的相關交易豁免嚴格遵守上市規 則第十四A章的公告、通函及獨立股東批准規定;(ii) 豁免嚴格遵守上市規則第14A.53條就合約安排1的相 關交易訂立年度上限的規定;及(iii)豁免嚴格遵守上市 規則第14A.52條有關合約安排1有效期限定為三年或 以內的規定,惟須受以下條件規限:

• (a) 未經獨立非執行董事批准不得變更合約安排1;

• (b) 未經獨立股東批准不得變更結構性合約1;

• (c) the Contractual Arrangements 1 shall continue to enable the Group to receive the economic benefits derived by the PRC Operating Entities 1;

• (d) on the basis that the Contractual Arrangements 1 provide an acceptable framework for the relationship between the Company and its subsidiaries in which the Company has direct shareholding, on the one hand, and the PRC Operating Entities 1, on the other hand, that framework may be renewed and/or reproduced upon the expiry of the existing arrangements or in relation to any existing or new wholly foreign-owned enterprise or operating company (including branch company) engaging in the same business as that of the Group which the Group might wish to establish when justified by business expediency, without obtaining the approval of the Shareholders, on substantially the same terms and conditions as the existing Contractual Arrangements 1; and
• (e) the Group will disclose details relating to the Contractual Arrangements 1 on an on-going basis.

Annual review by the independent non-executive Directors and the auditor

The independent non-executive Directors have reviewed the Contractual Arrangements and confirmed that:

• (a) the transactions carried out for the year ended 31 December 2020 had been entered into in accordance with the relevant provisions of the Contractual Arrangements;
• (b) no dividends or other distributions had been made by the PRC Operating Entities to the holders of its equity interests which were not otherwise subsequently assigned or transferred to the Group;
• (c) no new contracts had been entered into, renewed and/or reproduced between the Group and the PRC Operating Entities for the year ended 31 December 2020; and

• (d) the Contractual Arrangements had been entered into in the ordinary and usual course of business of the Group, are on normal commercial terms and are fair and reasonable and in the interest of the Group and the Shareholders as a whole.

• (c) 合約安排1將繼續讓本集團收取源於中國營運實 體1的經濟利益;

• (d) 在合約安排1就本公司及其直接控股附屬公司與 中國營運實體1之間的關係提供可接受框架的前 提下,可於現有安排到期後,或就本集團認為可 提供業務便利時可能有意成立的從事與本集團 相同業務的任何現有或新外商獨資企業或營運 公司(包括分公司),按照與現有合約安排1大致 相同的條款與條件,重續及╱或複製該框架,而 毋須取得股東批准;及
• (e) 本集團將持續披露有關合約安排1的詳情。

獨立非執行董事及核數師作出的年度審閱

獨立非執行董事已審閱合約安排並確認:

• (a) 截至2020年12月31日止年度進行的交易乃遵照 合約安排相關條文而訂立;
• (b) 中國營運實體並未向其股本權益持有人派發且 其後亦未另行轉撥或轉讓給本集團的任何股息 或其他分派;
• (c) 本集團與中國營運實體截至2020年12月31日止 年度並無訂立、重續及╱或複製任何新合約;及
• (d) 合約安排已於本集團的一般及日常業務過程中 按正常商業條款訂立,屬公平合理,且符合本集 團及股東的整體利益。

The auditor of the Company has confirmed in a letter to the Board that the transactions carried out pursuant to the Contractual Arrangements for the year ended 31 December 2020 had received the approval of the Board, had been entered into in accordance with the relevant provisions of the Contractual Arrangements, and that no dividends or other distributions had been declared by the PRC Operating Entities to the holders of its equity interests which were not otherwise subsequently assigned or transferred to the Group.

本 公 司 之 核 數 師 已 於 致 董 事 會 函 件 中 確 認,截 至 2020年12月31日止年度根據合約安排進行的交易已 獲董事會批准,並已遵照合約安排相關條文而訂立, 而中國營運實體並未向股本權益持有人派發且其後 亦未另行轉撥或轉讓給本集團的任何股息或其他分 派。

COMPETITION AND CONFLICT OF INTERESTS

Save and except for the interests of controlling Shareholders in the Company, its subsidiaries and the PRC Operating Entities, the controlling Shareholders and Directors confirmed that during the year, they did not have any interest in a business, apart from the business of the Group, which competes or is likely to compete, directly or indirectly, with the business of the Group, that would require disclosure under Rule 8.10 of the Listing Rules.

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the knowledge of the Directors, at least 25% of the total issued Shares was at all times held by the public during the year and up to the date of this report. The Company has maintained a sufficient public float in compliance with Rule 8.08 of the Listing Rules.

TAX RELIEF AND EXEMPTION FOR HOLDERS OF LISTED SECURITIES

The Directors are not aware of any tax relief and exemption available to the Shareholders by reason of their holdings of the Company's securities.

CORPORATE GOVERNANCE

A detailed report on corporate governance is set out on pages 72 to 91 of this report.

競爭及利益衝突

除控股股東於本公司、其附屬公司及中國營運實體 的權益外,控股股東及董事確認彼等於年內概無於 與本集團的業務存在或可能存在競爭的業務(本集團 的業務除外)中擁有任何可能須根據上市規則第8.10 條予以披露的權益。

充足公眾持股量

根據本公司從公開途徑所得之資料及就董事所知,公 眾人士年內及直至本報告日期一直持有已發行股份總 額不少於25%。本公司一直維持充足公眾持股量以符 合上市規則第8.08條之規定。

上市證券持有人的稅務寬減及減免

董事並不知悉任何因其持有本公司證券而使股東享有 稅務寬減或減免。

企業管治

詳述企業管治之報告載於本報告第72至91頁。

AUDITOR

The consolidated financial statements of the Group for the year ended 31 December 2020 have been audited by PricewaterhouseCoopers. A resolution for the re-appointment of PricewaterhouseCoopers as the auditor of the Company for the subsequent year is to be proposed at the AGM. Since the date of which the Shares were initially listed on the Stock Exchange, the Company has not changed its auditor.

By order of the Board

51 Credit Card Inc. Sun Haitao

Chairman and Executive Director

30 March 2021

核數師

本集團截至2020年12月31日止年度之綜合財務報表由 羅兵咸永道會計師事務所審核。一項續聘羅兵咸永道 會計師事務所為本公司下屆核數師之決議案將於股東 週年大會上提呈。自股份首次在聯交所上市之日起, 本公司未有更換其核數師。

承董事會命 51信用卡有限公司 主席兼執行董事 孫海濤

2021年3月30日

* The English name(s) has/have been transliterated from its/their respective Chinese name(s) and is/are for identification only.

CORPORATE GOVERNANCE PRACTICES

The Board strives to attain and maintain high standards of corporate governance in order to safeguard the interests of the Shareholders and to enhance corporate value and accountability. In addition, the Group is also committed to continuously improving its corporate governance practices.

For the year ended 31 December 2020, the Company had applied and complied with all the code provisions in the Corporate Governance Code (the "CG Code") as contained in Appendix 14 to the Listing Rules, with exceptions set out as follows:

Code Provision A.2.1 (Separation of the Roles of Chairman and Chief Executive Officer)

For the year ended 31 December 2020, Mr. Sun acted as the chairman of the Board, the Chief Executive Officer and an executive Director. While this constituted a deviation from code provision A.2.1 of the CG Code, the Board believes that this structure did not impair the balance of power and authority between the Board and the management of the Company, given that: (i) decisions made by the Board requires approval by at least a majority of the Directors and that the Board comprised three independent nonexecutive Directors out of six Directors, which was more than the Listing Rules requirement of one-third, and the Board believes there was sufficient check and balance in the Board; (ii) Mr. Sun and the other Directors were aware of and undertook to fulfill their fiduciary duties as Directors, which required, among other things, that he/she acts for the benefit and in the best interests of the Company and would make decisions for the Group accordingly; and (iii) the balance of power and authority was ensured by the operations of the Board which comprised experienced and high calibre individuals who met regularly to discuss issues relating to the operations of the Company. Moreover, the overall strategic and other key business, financial and operational policies of the Group were made collectively after thorough discussion at both the Board and senior management levels.

On 19 February 2021, Mr. Sun ceased to be the Chief Executive Officer, but he remains as the chairman of the Board and an executive Director. Mr. Zheng Haiguo was appointed as the Chief Executive Officer and an executive Director on the same day. The Board considers that the above arrangements will enable the Company to attract more professional talents and implement a delicate division of responsibilities and management, further laying a solid foundation of its business development in the long run. The Company has complied with code provision A.2.1 of the CG Code after the completion of the above arrangement.

企業管治常規

董事會致力達到及維持高標準的企業管治,以保護 股東的權益和提高企業價值和問責度。此外,本集團 亦承諾不斷改善其企業管治常規。

截至2020年12月31日止年度,本公司已應用及遵守 上市規則附錄十四所載的企業管治守則(「企業管治 守則」)內所有守則條文,惟以下所述者除外:

守則條文第A.2.1條(區分主席及行政總裁的角色)

截至2020年12月31日止年度,孫先生擔任董事會主 席、行政總裁兼執行董事。儘管這會偏離企業管治 守則的守則條文第A.2.1條,但董事會認為此結構不 會損害董事會與本公司管理層之間的權力和職權的 平衡,原因為:(i)董事會所作決定至少需要大多數董 事批准,且董事會中的六名董事有三名獨立非執行 董事,超過上市規則規定的三份之一,董事會認為董 事會內部有足夠的制衡作用;(ii)孫先生及其他董事 意識到並承諾履行董事的誠信責任,這要求(其中包 括)其為本公司利益及以本公司最佳利益行事,並將 相應為本集團作出決定;及(iii)權力和職權的平衡乃 以董事會運作加以保障,而董事會由經驗豐富的優 秀人員組成,該等成員定期開會討論與本公司經營 有關的事宜。此外,本集團整體戰略及其他關鍵業 務、財務及經營政策乃於董事會及高級管理層全面 討論後共同作出。

於2021年2月19日,孫先生辭任行政總裁一職,但仍 繼續留任為董事會主席兼執行董事。同日,鄭海國先 生獲委任為行政總裁兼執行董事。董事會認為,上述 安排可令本公司引入更多專業人才,並進行精細化 分工和管理,為長遠的業務發展奠下更穩固的基礎。 完成上述安排後,本公司已符合企業管治守則的守 則條文第A.2.1條之規定。

董事會主席孫先生因有未能預計之商業事務未能出

獨立核數師之代表亦已出席該大會以回應股東之提

企業管治報告

董事會

問。

董事會組成

於2020年12月31日,董事會由六名董事組成,包括兩 名執行董事孫海濤先生(董事會主席)及趙軻先生(本 公司首席財務官);一名非執行董事鄒雲麗女士;以 及三名獨立非執行董事汪棣先生、葉翔先生及徐旭 初先生。董事的履歷詳情載於本報告「董事及高級管 理層履歷詳情」一節。

截至2020年12月31日止年度,本公司有三名獨立非 執行董事,佔董事會成員人數多於三份之一,而其中 一名獨立非執行董事具有適當的專業會計或相關財 務管理專業知識,符合上市規則第3.10條規定。

於本報告日期,就董事會所知,除已於本報告披露外,董 事會各成員間或本公司主要行政人員間並無財政、業 務或家族關係。

本公司已收到各獨立非執行董事根據上市規則第3.13 條出具的年度獨立性確認函,並認為該等董事均具獨 立性。

守則條文第E.1.2條(主席出席股東週年大會)

Corporate Governance Report

Mr. Sun, the chairman of the Board, was unable to attend the AGM held in 2020 due to unexpected business engagements. Mr. Zhao Ke, an executive Director and the chief financial officer of the Company, took the chair of that AGM. Mr. Yang Yuzhi, a former executive Director and the former vice-president of the Company, and the representatives of the independent auditor of the Company were also present to answer questions from the Shareholders.

Code Provision E.1.2 (Chairman's Attendance at Annual General Meeting)

THE BOARD

Board Composition

As at 31 December 2020, the Board consisted of six Directors, including two executive Directors, Mr. Sun Haitao (chairman of the Board) and Mr. Zhao Ke (chief financial officer of the Company); one non-executive Director, Ms. Zou Yunli; and three independent non-executive Directors, Mr. Wong Ti, Mr. Ye Xiang and Mr. Xu Xuchu. The biographical details of the Directors are set out under the section headed "Biographical Details of Directors and Senior Management" of this report.

For the year ended 31 December 2020, the Company had three independent non-executive Directors representing more than one-third of the Board with one independent non-executive Director possessing the appropriate professional accounting or relevant financial management expertise as required under Rule 3.10 of the Listing Rules.

As at the date of this report, to the best knowledge of the Board, save as disclosed in this report, there was no financial, business or family relationship among members of the Board or the chief executives of the Company.

The Company had received from each of the independent non-executive Director an annual confirmation of independence pursuant to Rule 3.13 of the Listing Rules and considers that all of them are independent.

Directors' Training and Continuous Professional Development

Directors participate in appropriate continuous professional trainings to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains informed and relevant. The Company Secretary circulated timely updates and reading materials to all Directors relating to the Listing Rules, the SFO, and relevant statutory and regulatory guidelines on obligations and duties of a director of a listed company. During the year, the Company Secretary had also arranged an induction training for the newly appointed Director. According to the records provided by the Directors and maintained by the Company, the training received by the Directors for the year ended 31 December 2020 is summarised as follows:

董事培訓及持續專業發展

董事參與適當的持續專業培訓,以拓展並更新彼等 知識及技能,確保彼等在獲得全面資訊及切合所需 的情況下對董事會作出貢獻。公司秘書會及時向所 有董事發送最新資訊及閱讀資料,內容有關上市規 則、證券及期貨條例以及涉及上市公司董事義務及 責任之相關法定和監管準則。年內,公司秘書亦為新 委任之董事準備入職培訓。根據董事提供及本公司 置存的記錄,董事截至2020年12月31日止年度所接受 的培訓概述如下:

董事名稱	Name of Directors	Directors' duties 董事職責		Legal and regulatory updates 法律及監管更新	Business updates 業務更新	Corporate governance 企業管治
	Executive Directors
執行董事	Mr. Sun Haitao	Yes 有		Yes 有	Yes 有	Yes 有
	孫海濤先生 Mr. Zheng Haiguo(1)	N/A 不適用		N/A 不適用	N/A 不適用	N/A 不適用
趙軻先生	鄭海國先生(1) Mr. Zhao Ke	Yes 有		Yes 有	Yes 有	Yes 有
	Mr. Yang Yuzhi(2) 楊宇智先生(2)	Yes 有		Yes 有	Yes 有	Yes 有
	Non-executive Directors
	非執行董事 Ms. Zou Yunli	Yes 有		Yes 有	Yes 有	Yes 有
Mr. Yu Jin(3)	鄒雲麗女士 于進先生(3)	N/A 不適用		N/A 不適用	N/A 不適用	N/A 不適用
	Independent Non-executive Directors 獨立非執行董事
	Mr. Wong Ti	Yes 有		Yes 有	Yes 有	Yes 有
汪棣先生	Mr. Ye Xiang	Yes 有		Yes 有	Yes 有	Yes 有
葉翔先生	Mr. Xu Xuchu(4) 徐旭初先生(4)	Yes 有		Yes 有	Yes 有	Yes 有
	Mr. Yang Dong(5) 楊東先生(5)	Yes 有		Yes 有	Yes 有	Yes 有
Notes:			附註:
(1)	Appointed as the Chief Executive Officer and an executive Director on 19 February 2021.		(1)		於2021年2月19日獲委任為行政總裁兼執行董事。
(2)	Resigned as an executive Director on 31 July 2020.		(2)	於2020年7月31日辭任執行董事。
(3)	Appointed as a non-executive Director on 19 February 2021.		(3)		於2021年2月19日獲委任為非執行董事。
(4)	Appointed as an independent non-executive Director and a member of each of the nomination and remuneration committees on 9 April 2020.		(4)	薪酬委員會委員。	於2020年4月9日獲委任為獨立非執行董事以及提名及
(5)	Resigned as an independent non-executive Director and member of each of the nomination and remuneration committees on 9 April 2020.		(5)	委員會委員。	於2020年4月9日辭任獨立非執行董事以及提名及薪酬

Board and Committees Meetings

For the year ended 31 December 2020, the Company held six Board meetings in total. At least fourteen days' advance notice is given for all regular Board meetings to give all Directors an opportunity to attend and to include matters for discussion in the agenda. All Directors are provided with meeting agenda and board papers at least three days before the meetings. The Directors have access to the management for enquiries and to obtain further information, and when required, seek independent professional advice at the Company's expense. Minutes of meetings are kept by the Company Secretary. For the year ended 31 December 2020, all Directors had been provided with monthly updates by the Company to ensure they are informed of the Group's performance, financial position and significant business developments and to facilitate them to discharge their duties as Directors.

For the year ended 31 December 2020, the attendance records of Directors at Board and committees meetings are set out as follows:

董事會及委員會會議

截至2020年12月31日止年度,本公司已舉行共六次 董事會會議。董事會所有定期會議均提前最少十四 天通知,讓所有董事皆有機會騰空出席,並提出將予 商討的事項以供列入議程之內。所有董事於會議前 至少三天會獲發會議議程及董事會文件。董事可向 管理層查詢並獲取進一步資料,且可於有需要時諮 詢獨立專業意見,有關費用由本公司支付。會議記錄 由公司秘書備存。截至2020年12月31日止年度,本公 司向所有董事每月發送更新資料,以確保彼等知悉 本集團的表現、財務狀況及重大業務發展,並有助彼 等履行董事的職務。

截至2020年12月31日止年度,董事出席董事會及委 員會會議的記錄載列如下:

	Attendance/Number of meetings entitled to attend
			出席次數╱有權出席會議數目
		Audit	Nomination	Remuneration
		Committee	Committee	Committee	General
	Board Meeting	Meeting	Meeting	Meeting	Meeting
Name of Directors	董事會	審核委員會	提名委員會	薪酬委員會
董事名稱	會議	會議	會議	會議	股東大會
Executive Directors
執行董事
Mr. Sun Haitao	4/6	-	2/2	2/2	1/3 (1)
孫海濤先生
Mr. Zheng Haiguo(2)	N/A 不適用	N/A 不適用	N/A 不適用	N/A 不適用	N/A 不適用
鄭海國先生(2)
Mr. Zhao Ke	6/6	-	-	-	3/3
趙軻先生
Mr. Yang Yuzhi(3)	4/5	-	-	-	2/2
楊宇智先生(3)
Non-executive Directors
非執行董事
Ms. Zou Yunli	1/6	2/3	-	-	0/3
鄒雲麗女士
Mr. Yu Jin(4)	N/A 不適用	N/A 不適用	N/A 不適用	N/A 不適用	N/A 不適用
于進先生(4)

		Attendance/Number of meetings entitled to attend 出席次數╱有權出席會議數目
			Audit		Nomination	Remuneration
			Committee		Committee	Committee	General
		Board Meeting	Meeting		Meeting	Meeting	Meeting
	Name of Directors	董事會	審核委員會		提名委員會	薪酬委員會
	董事名稱	會議	會議		會議	會議	股東大會
	Independent Non-executive Directors
	獨立非執行董事
	Mr. Wong Ti	5/6	3/3		-	-	0/3
	汪棣先生
	Mr. Ye Xiang	6/6	3/3		2/2	2/2	0/3
	葉翔先生
	Mr. Xu Xuchu(5)	3/4	-		0/0	0/0	0/3
	徐旭初先生(5)
	Mr. Yang Dong(6) 楊東先生(6)	1/2	-		1/2	2/2	0/0
Notes:				附註:
(1)	Details of and the reason for Mr. Sun's absence from the AGM are set out under the section headed "Code Provision E.1.2 (Chairman's Attendance at Annual General Meeting)" of this report.			(1)		「守則條文第E.1.2條(主席出席股東週年大會)」一節。	孫先生缺席股東週年大會之詳情及原因載於本報告
(2)	Appointed as the Chief Executive Officer and an executive Director on 19 February 2021.			(2)		於2021年2月19日獲委任為行政總裁兼執行董事。
(3)	Resigned as an executive Director on 31 July 2020.			(3)		於2020年7月31日辭任執行董事。
(4)	Appointed as a non-executive Director on 19 February 2021.			(4)		於2021年2月19日獲委任為非執行董事。
(5)	Appointed as an independent non-executive Director and a member of each of the nomination and remuneration committees on 9 April 2020.			(5)	薪酬委員會委員。		於2020年4月9日獲委任為獨立非執行董事以及提名及
(6)	Resigned as an independent non-executive Director and a member of each of the nomination and remuneration committees on 9 April 2020.			(6)	委員會委員。		於2020年4月9日辭任獨立非執行董事以及提名及薪酬

Responsibility of the Board and Delegation of Management Function

The Board has the overall responsibility for the stewardship of the Group, including the responsibilities for the adoption of long-term strategies and appointment and supervision of senior management to ensure that the operation of the Group is conducted in accordance with the objectives of the Group. Execution of daily operational matters is delegated to the management.

Appointment and Election of Directors

All executive Directors and non-executive Directors have entered into service contracts with the Company for a term of three years. In addition, all independent non-executive Directors have entered into letters of appointment with the Company for a term of one year. In accordance with the Articles, all Directors are subject to retirement by rotation at least once every three years at the annual general meeting. Any new Directors appointed by the Board either to fill a casual vacancy or as an addition to the Board are subject to re-election by the Shareholders at the next general meeting of the Company. At each annual general meeting, at least one-third of the Directors shall retire from office. A retiring Director shall retain office until the close of the meeting at which he retires and shall be eligible for re-election thereat. The retiring Directors, being eligible, offer themselves for re-election. There is no cumulative voting in the Director elections. The election of each candidate is done through a separate resolution. Details with respect to the candidates standing for election as the Directors are set out in the AGM circular to the Shareholders.

The Board, with support of the nomination committee, is responsible for developing and formulating the relevant procedures for nomination and appointment of Directors, monitoring the appointment of Directors and assessing the independence of independent non-executive Directors.

董事會的責任及管理職能的授權

董事會負有管理本集團之整體責任,包括負責採納 長期策略以及委任及監督高級管理層,以確保本集 團之運作按本集團之目標而進行。日常營運事項之 執行授權予管理層處理。

董事委任及選舉

所有執行董事及非執行董事已與本公司訂立服務合 約,任期為三年。此外,所有獨立非執行董事均已與本公 司訂立任命書,任期為一年。根據細則,所有董事須至少 每三年於股東週年大會上輪值退任一次。任何由董事 會委任以填補臨時空缺或新增為董事會成員的新董 事,須於本公司下屆股東大會上經股東重選。於每屆股 東週年大會上,至少三份之一董事須輪值退任。將退任 的董事將任職至其退任的會議結束為止,並且有資格 膺選連任。退任董事皆符合資格,並願意膺選連任。董事 選舉概無累積投票。每名候選人的選舉均以一項獨立 決議案進行。參選董事之候選人的詳情載於致股東之 股東週年大會通函內。

在提名委員會的協助下,董事會負責訂立及制定提名 及委任董事的相關程序、監察董事的委任及評估獨立 非執行董事的獨立性。

Directors' Securities Transactions

The Company has adopted the Model Code as its code of conduct regarding securities transactions by the Directors. The Company has made specific enquiries with all Directors and all Directors confirmed that they had complied with the Model Code for the year ended 31 December 2020.

Directors' and Officers' Liabilities Insurance

The Company has arranged appropriate insurance coverage in respect of legal actions taken against its Directors and officers. The insurance coverage will be reviewed on an annual basis to ensure that the Directors and officers are adequately protected against potential legal liabilities.

BOARD COMMITTEES

Audit Committee

The main responsibilities of the audit committee include (but not limited to) supervising the annual auditing work, assessing the truthfulness, accuracy and completeness of the audited financial statements and submitting the assessment to the Board for consideration; proposing the engagement or change of external auditor and supervising their performance; reviewing and evaluating the financial supervising system and internal audit system of the Company; discussing the internal control system with management to ensure that management has performed its duty to have an effective internal control system; and reviewing the financial information of the Company and its disclosure. The audit committee consists of three members, of whom Mr. Wong Ti (independent non-executive Director) is the chairman, and other members are Ms. Zou Yunli (non-executive Director) and Mr. Ye Xiang (independent non-executive Director). Mr. Wong Ti (independent non-executive Director) has the professional qualification, and appropriate accounting or relevant financial management expertise.

董事的證券交易

本公司已採納標準守則作為董事進行證券交易的行 為守則。本公司已向全體董事作出特定查詢,全體董 事確認彼等截至2020年12月31日止年度已遵守標準 守則。

董事及高級人員的責任保險

本公司已投購適當保險,以保障針對董事及高級人員 提出的法律行動。保障範圍每年會接受審閱,確保對董 事及高級人員可能承擔的潛在法律責任提供足夠保 障。

董事委員會

審核委員會

審核委員會的主要責任包括(但不限於)監督年度審核 工作、評估經審核財務報表的真實性、準確性及完整性 以及將評估提交予董事會作考慮;建議委聘或更換外 部核數師以及監督彼等的表現;審閱及評估本公司的 財務監督制度及內部審核制度;與管理層討論內部監 控系統,以確保管理層履行其職務以達致一個有效的 內部監控系統;以及審閱本公司的財務資料及其披露 等。審核委員會由三名委員組成,其中汪棣先生(獨立非 執行董事)為主席,其他委員為鄒雲麗女士(非執行董事) 及葉翔先生(獨立非執行董事)。汪棣先生(獨立非執行董 事)具備專業資格及適當的會計或相關的財務管理專 長。

For the year ended 31 December 2020, the audit committee held three meetings. Detailed attendance records by members of the audit committee are set out in pages 75 to 76 of this report. Summaries of works completed by the audit committee during 2020 are as follows:

• reviewed the audited consolidated financial statements, annual results announcement and the annual report for the year ended 31 December 2019;
• reviewed the unaudited condensed consolidated financial statements, interim results announcement and the 2020 interim report for the six months ended 30 June 2020;
• reviewed the financial reporting system, the risk management and internal control systems, and the effectiveness of the internal audit function of the Group;
• made recommendation to the Board on the re-appointment of auditor of the Company; and
• discussed the audit plan of the year of 2020 with the auditor before the commencement of audit work.

Auditor's Remuneration

For the year ended 31 December 2020, the remuneration in respect of the audit and non-audit services rendered by the auditor of the Company are as follows:

截至2020年12月31日止年度,審核委員會已召開三次 會議。有關審核委員會委員的會議出席記錄詳列於 本報告第75至76頁。審核委員會於2020年已完成的工 作摘要如下:

• 審閱截至2019年12月31日止年度經審核綜合財 務報表、年度業績公告及年報;
• 審閱截至2020年6月30日止六個月未經審核簡 明綜合財務報表、中期業績公告及2020年中期 報告;
• 檢討本集團的財務申報制度、風險管理及內部 監控系統,及內部審核功能的成效;
• 就重新委任本公司核數師向董事會提出建議; 及
• 在審計工作開始前與核數師討論2020年度審計 計劃。

核數師酬金

截至2020年12月31日止年度,就本公司核數師提供之 審計及非審計服務之酬金如下:

Type of services	Amount
服務類型	(approximate)
	金額
	(約)
	RMB'000
	人民幣千元
Audit services	2,080
審計服務
Non-audit services	1,600
非審計服務

Directors' and auditor's responsibilities for the financial statements

The Directors acknowledge their responsibilities for the preparation of financial statements which give a true and fair view of the state of affairs of the Group. In preparing such financial statements, it is fundamental that appropriate accounting policies are selected and applied consistently. The statement of the auditor of the Company about its reporting responsibilities on the consolidated financial statements is set out under the section headed "Independent Auditor's Report" of this report.

Remuneration Committee

The main responsibilities of the remuneration committee include (but not limited to) reviewing and examining the remuneration policies and proposals of Directors and senior management; reviewing the performance of Directors and senior management in discharging their responsibilities and conducting annual performance evaluation; making recommendations to the Board on the remuneration packages of executive Directors, non-executive Director and senior management; and considering the remunerations paid by comparable companies, time commitment and responsibilities and employment conditions for other positions in the Group. The remuneration committee consists of three members, of whom Mr. Ye Xiang (independent non-executive Director) is the chairman, and other members are Mr. Sun Haitao (chairman of the Board and executive Director) and Mr. Xu Xuchu (independent non-executive Director).

For the year ended 31 December 2020, the remuneration committee held two meetings. Detailed attendance records by members of the remuneration committee are set out in pages 75 to 76 of this report. Summaries of works completed by the remuneration committee during 2020 are as follows:

• reviewed the remuneration of Directors and senior management;
• reviewed and made recommendations to the Board on the remuneration policy and structure of all Directors and senior management;
• reviewed and made recommendations to the Board on the remuneration package adjustments of individual executive Directors, non-executive Directors, and independent non-executive Directors; and
• considered and made recommendations to the Board on the remuneration package for Mr. Xu Xuchu upon his appointment as an independent non-executive Director.

董事及核數師對財務報表之責任

董事知悉彼等就編製真實與公平反映本集團狀況之 財務報表須承擔責任。在編製該等財務報表時,必須 選取和貫徹採用合適的會計政策。本公司核數師就 綜合財務報表之申報責任之聲明載於本報告「獨立核 數師報告」一節。

薪酬委員會

薪酬委員會的主要責任包括(但不限於)審閱及審查 董事及高級管理層的薪酬政策及建議;審閱董事及 高級管理層就履行其責任的表現以及進行年度表現 評估;向董事會提供有關執行董事、非執行董事及高 級管理層的薪酬待遇的建議;以及考慮可資比較公 司支付的薪酬、本集團其他職位的投入時間、責任及 受僱情況等。薪酬委員會由三名委員組成,其中葉翔 先生(獨立非執行董事)為主席,其他委員為孫海濤 先生(董事會主席兼執行董事)及徐旭初先生(獨立非 執行董事)。

截至2020年12月31日止年度,薪酬委員會已召開兩次 會議。有關薪酬委員會委員的會議出席記錄詳列於 本報告第75至76頁。薪酬委員會於2020年內已完成 的工作摘要如下:

• 審閱董事及高級管理層的薪酬;
• 審閱並就全體董事及高級管理層的薪酬政策及 架構向董事會提出建議;
• 審閱並就個別執行董事、非執行董事及獨立非 執行董事的薪酬待遇調整向董事會提出建議; 及
• 考慮徐旭初先生獲委任為獨立非執行董事後之 薪酬待遇並就此向董事會提出建議。

Nomination Committee

The main responsibilities of the nomination committee include (but not limited to) reviewing the structure, size and composition (including the skills, knowledge and experience of the members) of the Board at least once a year and making recommendations on proposed changes to the Board in accordance with the Company's corporate strategy; reviewing the requirements and procedures for the appointment of Directors and senior management and providing suggestions to the Board; identifying qualified candidates for Directors and senior management and reviewing and making suggestions on the qualification of the candidates for Directors and senior management; and evaluating the independence of independent non-executive Directors. The nomination committee consists of three members, of whom Mr. Sun Haitao (chairman of the Board and executive Director) is the chairman, and other members are Mr. Ye Xiang (independent non-executive Director) and Mr. Xu Xuchu (independent non-executive Director).

For the year ended 31 December 2020, the nomination committee held two meetings. Detailed attendance records by members of the nomination committee are set out in pages 75 to 76 of this report. Summaries of works completed by the nomination committee during 2020 are as follows:

• reviewed the structure, size and composition and diversity of the Board, and the board diversity policy;
• reviewed the nomination policy and procedures for directorship during the year;
• assessed the independence of the independent non-executive Directors;
• made recommendations to the Board on relevant matters relating to the re-election of Directors; and
• considered and made recommendations to the Board on the appointment of Mr. Xu Xuchu as an independent non-executive Director.

提名委員會

提名委員會的主要責任包括(但不限於)每年至少一 次審閱董事會的架構、規模及組成(包括成員的技 能、知識及經驗),以及根據本公司的公司策略就董 事會的建議變動作出建議;審閱有關委任董事及高 級管理層的規定及程序以及向董事會提供建議;識 別合資格的董事及高級管理層候選人,以及審閱董 事及高級管理層候選人的資格並對此提供建議;以 及評估獨立非執行董事的獨立性等。提名委員會由 三名委員組成,其中孫海濤先生(董事會主席兼執行 董事)為主席,其他委員為葉翔先生(獨立非執行董 事)及徐旭初先生(獨立非執行董事)。

截至2020年12月31日止年度,提名委員會已召開兩 次會議。有關提名委員會委員的會議出席記錄詳列 於本報告第75至76頁。提名委員會於2020年內已完 成的工作摘要如下:

• 檢討董事會之架構、人數及組成及董事會成員多 元化,及董事會成員多元化政策;
• 檢討年內董事提名政策及程序;
• 評核獨立非執行董事之獨立性;
• 就重選董事之相關事宜向董事會提出建議;及
• 考慮提名委任徐旭初先生為獨立非執行董事並 就此向董事會提出建議。

Nomination Policy

The Group has adopted a nomination policy (the "Nomination Policy").

Summary of the Nomination Policy

The Company embraced high transparency in the Board member selection process. The Nomination Policy is aimed to ensure the Board maintains a balance of skills, experience and diversity of perspectives appropriate to the requirements of the Company's business. The nomination committee has been delegated to identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of individuals nominated for directorships. The Board is ultimately responsible for selection and appointment of new Directors.

Board Diversity Policy

The Board has adopted a board diversity policy (the "Board Diversity Policy") to achieve diversity at Board level.

Summary of the Board Diversity Policy

Selection of candidates for members of the Board will be based on a number of measurable objectives, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service, and will take into full consideration of the Company's business scale and specific requirements from time to time. Currently, members of the Board have different business and professional backgrounds, and among all six members of the Board, one is female. The nomination committee is responsible for supervising the implementation of this policy and reviewing it, as appropriate, to ensure its effectiveness.

The nomination committee has reviewed the Board Diversity Policy this year and was satisfied that the diversity of the Board was optimal.

提名政策

本集團已採納提名政策(「提名政策」)。

提名政策概要

本公司重視董事會成員甄選過程具高透明度。提名政 策旨在確保董事會在技能、經驗和觀點多樣性上保持 平衡以適應本公司的業務需求。提名委員會已獲委派 以識別具備合適資格成為董事會成員的人士,並就已 被提名擔任董事職位的人士進行甄選或向董事會提出 建議。董事會最終負責甄選和任命新董事。

董事會成員多元化政策

董事會已採納董事會成員多元化政策(「董事會成員多 元化政策」),務求董事會層面實現多元化。

董事會成員多元化政策概要

甄選董事會成員之候選人會以多項可計量目標為基 準,包括但不限於性別、年齡、文化及教育背景、種 族、專業經驗、技能、知識及服務任期,並充分考慮 本公司的業務規模及不時的具體需要。目前董事會 成員來自不同業務及專業背景,在全體六位董事會 成員中一位為女性董事。提名委員會負責監督該政 策的執行情況,並在適當時候審查該政策,以確保該 政策行之有效。

提名委員會已於本年內檢討董事會成員多元化政策, 並對董事會成員的多元化已達致最佳狀態表示滿意。

CORPORATE GOVERNANCE FUNCTIONS

The Board recognises that the Directors are collectively responsible for the corporate governance duties. Such duties include but are not limited to:

• developing and reviewing the Company's policies and practices on corporate governance and making recommendations;
• reviewing and monitoring the training and continuous professional development of the Directors and senior management;
• reviewing and monitoring the Company's policies and practices on compliance with legal and regulatory requirements;
• developing, reviewing and monitoring the code of conduct and compliance manual (if any) applicable to the employees and the Directors; and
• reviewing the Company's compliance with the CG Code and the disclosure in the corporate governance report.

During the year, the Board had reviewed and performed the abovementioned corporate governance functions.

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

For the year ended 31 December 2020, the roles of the chairman of the Board and the Chief Executive Officer were not separated and exercised by different individuals. Mr. Sun was the chairman of the Board and the Chief Executive Officer. On 19 February 2021, Mr. Sun ceased to be the Chief Executive Officer, but he remains as the chairman of the Board and an executive Director. Mr. Zheng Haiguo was appointed as the Chief Executive Officer and an executive Director on the same day. By distinguishing the roles of the chairman of the Board and the Chief Executive Officer, the Company can comply with the requirements under the CG Code and also enhance the corporate governance standard of the Company effectively.

企業管治職能

• 董事會確認董事集體負責企業管治職責,該等職責包 括但不限於:
• 制定及檢討本公司的企業管治政策及常規,並提 出建議;
• 檢討及監察董事及高級管理人員的培訓及持續 專業發展;
• 檢討及監察本公司在遵守法律及監管規定方面 的政策及常規;
• 制定、檢討及監察適用於僱員及董事的操守準則 及合規手冊(如有);及
• 檢討本公司遵守企業管治守則的情況及在企業 管治報告內的披露。
• 年內,董事會已檢討及履行上述企業管治職能。

主席及行政總裁

截至2020年12月31日止年度,董事會主席及行政總 裁之職責並無區分或由不同人士擔任,孫先生為董 事會主席兼行政總裁。於2021年2月19日,孫先生辭 任行政總裁一職,但仍繼續留任為董事會主席兼執 行董事。同日,鄭海國先生獲委任為行政總裁兼執行 董事。通過區分董事會主席及行政總裁的角色,本公 司既符合企業管治守則的要求,亦有效提高本公司 的企業管治水平。

COMPANY SECRETARY

Ms. Li Hiu Ling ("Ms. Li") resigned and Mr. Lam Yu Hon ("Mr. Lam") was appointed as the Company Secretary in June 2020. Mr. Lam is an employee of the Group and is familiar with the affairs of the Group. All Directors have access to the advice and services of the Company Secretary to ensure that Board procedures and all applicable law, rules and regulations, are followed. For the year ended 31 December 2020, each of Mr. Lam and Ms. Li took no less than 15 hours of relevant professional training as required by the Listing Rules.

RISK MANAGEMENT AND INTERNAL CONTROL

Effective risk management and internal control systems are crucial for achieving the strategic goals of the Company. With the risk management and internal control systems, the Company can ensure its law-compliant operation, which keeps its operational risk within tolerable limits.

The Board is responsible for the comprehensive assessment of the key risks exposed to the Company, identifying the risk level that the Company expects and can absorb for achieving its strategic goals, determining risk strategies, ensuring the establishment of internal control system and its effective implementation, and monitoring the operational risk and performance indicators in a timely manner.

The senior management is responsible for the implementation of the risk management plans and risk strategies approved by the Board, organizing and coordinating the implementation and daily operation of internal control system. The senior management is also responsible for identifying and assessing the material business risk exposed to the Company and taking measures accordingly.

The audit committee is responsible for assisting the Board to check the overall risk profiles of the Company, conducting risk assessment and risk management, inspecting internal control, overseeing the effective implementation of internal control and the self-evaluation of internal control, and reviewing and monitoring the effectiveness of the Company's internal audit.

公司秘書

李曉玲女士(「李女士」)於2020年6月辭任及由林銳康先生 (「林先生」)接任公司秘書一職。林先生為本集團僱員,熟 悉本集團事務。全體董事均可尋求公司秘書的意見及 服務,以確保董事會程序及所有適用法律、規則及法規 均獲得遵守。截至2020年12月31日止年度,林先生及李 女士各自均已根據上市規則的規定參與不少於15小時 的相關專業培訓。

風險管理及內部監控

有效的風險管理及內部監控系統對實現本公司的戰略 目標至關重要。風險管理及內部監控系統可確保本公 司依法合規,將經營風險控制在可容忍的範圍內。

董事會負責全面評估本公司所面臨的關鍵風險,釐定 本公司為實現戰略目標所預期和能夠承擔的風險水 平,確定風險策略,確保內部監控系統的建立和有效實 施,並及時監控經營風險及績效指標。

高級管理層負責執行董事會批准的風險管理計劃和風 險策略,組織協調內部監控系統的實施及日常運作。高 級管理層亦負責識別及評估本公司面臨的重大業務風 險,並採取應對措施。

審核委員會負責協助董事會檢查本公司整體的風險狀 況,進行風險評估與風險管理事宜,審查內部監控,監督 內部監控的有效實施和內部監控自我評價情況,並檢 討及監察本公司內部審核之成效。

The internal control department of the Company is responsible for monitoring the risk management and internal control systems, independently auditing the effectiveness and completeness of the risk management and internal control systems and ensuring the compliance of internal control. Also, the internal control department is responsible for assessing risks independently, identifying material risks and making suggestion for improvement, carrying out subsequent audit on issues identified, and regularly reporting the auditing results and followups to the audit committee.

The Company has established a comprehensive risk management system to effectively identify, assess, mitigate and monitor various risks, which enables the Company to identify and manage its risks through continuous supervision and auditing in a proactive and structured way. The Company has adopted the following dynamic risk management procedures to cope with the ever-changing risk profiles:

• all business units and functions will, from the bottom up, analyze, confirm, manage and monitor the risks arising from the operation systematically;
• the senior management will be responsible for the overall organization, coordination and planning of the operational risk management of the Company, and conduct real-time monitoring on the risk management work and internal control of all business units and functional departments, for which the internal control department will collect and coordinate risks and confirm and audit risk control;
• the internal control department will conduct post-inspection, audit and monitoring on the risk management work, conduct inspection on the Company's internal control system for defects, audit the compliance, reasonableness and risk controllability of the principal business processes of the Company, audit the economic responsibility of the personnel in charge of operation, audit the effectiveness of enterprise information system, and report relevant results to the audit committee semi-annually; and
• the audit committee will, from the bottom up, promote the implementation of strategies for coping with material risks by the management.

本公司之內控部負責監控風險管理及內部監控系 統,獨立審計風險管理及內部監控系統的有效性與 完整性,確保內部監控合規。內控部亦負責進行獨立 的風險評估,識別重大風險並提出改進建議,就發現 的問題進行後續審計,定期向審核委員會匯報審計 結果及跟進情況。

本公司已建立全面風險管理體系來有效識別、評估、減 輕及監控各類風險,使本公司能夠以積極及結構化的 方式,透過持續監督及審計以識別及管理本公司風險。 本公司已採取以下動態風險管理程序以應對不斷變化 的風險狀況:

• 各業務部門和職能部門由下而上,對經營過程中 的風險事項進行系統化的分析、確認、管理和監 控;
• 由高級管理層對本公司經營風險管理工作進行 統籌、組織、協調與規劃,並對各業務部門與職能 部門的風險管理工作及內部監控進行實時監控; 內控部對此進行風險的收集及協調以及風險控 制的確認與審核;
• 內控部對風險管理工作進行事後稽核、審查和 監 察 等,對 本 公 司 內 部 監 控 制 度 進 行 查 漏 補 缺、對本公司主要業務流程的合規性、合理性 和風險可控性進行審核、對經營管理者進行經 濟責任審查、對企業信息系統的有效性進行審 核等,並會將相關結果每半年向審核委員會進 行匯報;及
• 審核委員會由下而上地推動管理層落實重大風 險的應對策略。

MAJOR RISKS AND UNCERTAINTIES

A summary of the major risks and uncertainties faced by the Company is set out below. With the changes of the business scale and external environment, the risk profile of the Company may subject to changes. The following risks and uncertainties are not exhaustive.

The major risks faced by the Company currently include:

1. Economic and market risks

Any significant or prolonged slowdown in the Chinese or global economy may have an adverse impact on the Company's business, financial position and operation results. Facing an ever-changing market and due to the limited operating history, the Company is subject to fierce competition in the industry. If the Company does not compete effectively, its operation results could be harmed. If the services provided by the Company are insufficiently attractive to customers or fail to satisfy the demands of users, applicants or cooperative institutions, the Company's business, financial position and operation results will be affected.

In order to reduce these risks, the Company always pays close attention to market and industry trends, actively promotes communication with industrial peers and regularly conducts analysis on competing products. At the same time, the Company places emphasis on the demands and experiences of users, constantly promotes the innovation and development of products and technologies, expands into new areas and makes the strategies of the Company more in line with the market and environment demand. In addition, the Company will continue to strengthen the cooperation with excellent business partners to achieve mutual benefits and joint development.

主要風險及不確定因素

下文列示本公司面臨的主要風險及不確定因素概要。 隨著業務規模及外部環境的不斷變化,本公司的風險 狀況可能會發生改變。以下風險及不確定因素並非詳 盡無遺。

本公司當前面臨的主要風險包括:

1. 經濟及市場風險

中國或全球經濟嚴重或持續低迷或會對本公司 的業務、財務狀況及經營業績造成不利影響。面對 不斷變化的市場及加上有限的經營史,本公司面 臨行業中的激烈競爭。若本公司無法有效競爭,本 公司的經營業績可能受損。若本公司所提供的服 務對客戶吸引力不足,或不符合用戶、申請人或合 作機構的需求,本公司的業務、財務狀況及經營業 績將受到影響。

為減低這方面的風險,本公司時刻密切關注市場 及行業動態,積極促進同行業交流,及定期進行競 品分析。同時,本公司重視用戶需求及體驗,不斷 推動產品與技術的創新發展,拓展新的領域,使本 公司戰略更加符合市場及環境的需求。另外,本公 司會不斷加強與優秀業務夥伴的合作,實現互利 共贏,共同發展。

2. Government policies and regulations risks

The PRC government has been improving laws and regulations on Internet finance industry and referral services. With the gradual implementation of regulatory policies and rules of self-regulation, if the Company is unable to ensure that its existing practices are in compliance with the laws, regulations and government policies relating to the industry, the Company's business will be adversely affected.

In order to reduce these risks, the Company has set up a professional and strong in-house team to ensure operation compliance in all aspects such as communication with regulatory authorities, law interpretation and internal system construction. The Company maintains close contact with regulators to update the regulatory trends in real time and pay close attention to the new laws and regulations in the industry, so as to conduct self-inspection immediately, comply with regulatory requirements comprehensively and actively responds to regulations, thus improving its compliance management.

3. Credit risk

The Company relies on the proprietary credit assessment model in assessing the creditworthiness of the borrowers and the risks associated with loans. If the proprietary credit assessment model of the Company is flawed, or if the Company otherwise fails or is perceived to fail to manage the default risks of loans facilitated through its platform, the reputation and market share of the Company would be adversely affected, which would impact the business and operation results of the Company. If the Company is unable to maintain relatively low delinquency rates for loans facilitated, or its ability to collect delinquent loans is impaired, the business, financial position and results of operation of the Company might be adversely affected.

2. 政府政策及法規風險

中國政府對互聯網金融行業及互聯網導流服務 的法律法規仍在不斷完善。隨著監管政策和自律 規則逐步落地,若本公司未能確保現行常規遵守 有關行業的法律法規及政府政策,則會對本公司 的業務產生不利影響。

為 減 低 這 方 面 的 風 險,本 公 司 已 設 立 專 業、 強大的內部團隊,從與監管部門對接、法律解 讀、內部制度建設等各方面確保合規經營。本 公 司 與 監 管 機 構 緊 密 聯 繫,實 時 了 解 監 管 動 態,密切關注行業內新頒佈的法律法規,第一 時間進行內部自查,全面遵守監管規定,積極 配合監管,加強自身合規管理。

3. 信用風險

本公司依賴專有信用評估模式評估借款人的信 用及與貸款有關的風險,若本公司的專有信用評 估模式有缺陷,或若本公司未能或被認為未能管 理透過其平台所撮合的貸款的違約風險,本公司 的聲譽及市場份額將受到不利影響,這可能影響 本公司的業務及經營業績。若本公司未能維持所 撮合貸款較低的違約率或其收取逾期貸款的能 力受損,本公司的業務、財務狀況及經營業績可能 會受到不利影響。

In order to reduce these risks, the Company has continued to improve its credit risk management system. Based on the strengths of the Company's mobile Internet platform, the Company has continued to develop and focus on the quality credit customers; based on big data and artificial intelligence technology, the Company has continued to expand its risk management data and explore and improve its variables of risk management; through accumulated experiences and outstanding practices of its peers, the Company has kept optimizing its risk management model and risk management policy; through enhancing its own aftercredit management team and applying artificial intelligence technology, the Company has continuously enhanced its asset recovery ability.

4. Information system and security risks

The business and internal systems of the Company rely on highly technical software and application. Undetected errors or significant disruption in the IT system of the Company could restrain us from offering our products and services, thereby reducing the attractiveness of our products and services and resulting in a loss of users. In addition, if the Company breached the requirements of national Internet security, or if our platform is subject to attacks that result in unauthorised intrusion into our users' personal information, the Company's services may be perceived as insecure and unreliable, users may curtail or stop using related services and the Company's business and operating results may be harmed.

In order to reduce these risks, the Company has set up an independent and professional team dedicated to technology operation and maintenance and information security construction. The Company has well-established systems and control measures for technology development, online management and information security management and the above systems and measures have been implemented strictly. Effective emergence plans have been made and emergence drill and data backup are carried out regularly. In addition, the Company has established a user management system to strengthen the access authority management of important business systems, and conducts internal audit and training and education on staff awareness regularly.

為減低這方面的風險,本公司不斷完善信貸風 險 管 理 體 系。依 託 本 公 司 移 動 互 聯 網 平 台 優 勢,本公司持續開發和聚焦優質信貸客群;以 大數據、人工智能技術為依託,本公司持續擴 充風控數據、深度挖掘並完善風控變量;通過 已積累經驗和借鑒同行優秀實踐,本公司持續 優化風控模型和風險政策;通過加強自有貸後 管理團隊,以及利用人工智能技術,本公司持 續提高資產回收能力。

4. 資訊系統及安全風險

本公司的業務及內部系統倚賴高度技術性的軟 件及程式。如本公司的信息技術系統中出現錯 誤或嚴重中斷,將可能阻止本公司提供產品及 服務,從而降低產品及服務的吸引力,並導致 用户流失。此外,若本公司違反了國家對網絡 安全的相關規定,或若本公司的平台被攻擊而 導致用戶的個人信息遭受未經授權入侵,本公 司的服務可能被視為不安全及不可靠,用戶可 能會減少或停止使用相關服務及可能有損本公 司的業務及經營業績。

為減低這方面的風險,本公司設立獨立的專業 團隊,專門負責技術運維及信息安全建設。本 公司已建立完善的技術研發、線上管理及信息 安全管理等相關制度和控制措施,並嚴格遵照 執行。本公司已制訂行之有效的應急預案,定 期進行應急演練與數據備份。另外,本公司建 立用戶管理制度,加強對重要業務系統的訪問 權限管理,並定期進行內部審核與員工意識培 訓和宣導。

EFFECTIVENESS OF RISK MANAGEMENT AND INTERNAL CONTROL

With the assistance of the audit committee, the Board continues to monitor the risk management and internal control systems of the Company. The relevant procedures involve reviewing the effectiveness of risk management and internal control and dealing with material internal control issues include (but not limited to) meeting and communication with the management team, internal control department, legal personnel and external auditor, and reviewing relevant work reports and key performance indicators.

The Board acknowledges that it is responsible for the risk management and internal control systems and reviewing the effectiveness of such systems. The risk management and internal control systems can provide reasonable but not absolute assurance against material misstatement or loss, and are designed to manage rather than eliminate the risk of failure in the process of attaining business objectives. During the year ended 31 December 2020, the internal audit team of the Group conducted internal audit on the principal businesses of the Group independently. The Board and audit committee reviewed and monitored the Group's internal audit function and considered it effective.

The Board had conducted annual review of the risk management and internal control systems for the year ended 31 December 2020 and was of the view that the financial reporting system and the risk management and internal control systems for the year ended 31 December 2020 were adequate and effective.

During the annual review for the year ended 31 December 2020, the Board also assessed the adequacy of the Group's resources, employee qualifications and experience, training programmes and budget of the accounting, internal audit and financial reporting functions, the result with which the Board is satisfied. The Board is not aware of any material internal control failings or weaknesses.

As for the procedure for handling and publication of inside information as well as its internal control, the Company was aware of its responsibility under the SFO and has adopted relevant internal policies covering the definition and scope of inside information, guidelines on all insiders including directors and accountability for breaches etc. to ensure that the handling and publication of inside information are in compliance with the SFO.

風險管理及內部控制有效性

董事會在審核委員會的協助下,持續監督本公司的風 險管理及內部監控系統。相關程序涉及檢討風險管理 及內部監控系統的有效性及解決嚴重的內部監控問 題,包括(但不限於)與管理團隊、內控部、法務人員以及 外部核數師進行會議溝通,以及審閱相關工作報告和 關鍵業績指標。

董事會確認,其對風險管理及內部監控系統負責,並 有責任檢討該等制度的有效性。風險管理及內部監 控系統可對重大錯誤陳述或損失提供合理但並非絕 對的保證,而其旨在管理並非消除在實現業務目標 過程中的風險。於截至2020年12月31日止年度,本集 團之內部審核團隊已為本集團的主要業務進行獨立 內部審核。董事會及審核委員會已審閱及監察本集 團的內部審核職能並認為它有效。

董事會已對截至2020年12月31日止年度的風險管理及 內部監控系統進行年度檢討,並認為截至2020年12月31 日止年度的財務申報制度以及風險管理及內部監控系 統充足及有效。

董事會於截至2020年12月31日止年度之年度檢討亦評 估了本集團之資源、員工資格及經驗、培訓計劃及會計 預算、內部審核及財務報告職能之充足性。就此,董事會 對結果表示滿意。董事會並不知悉內部監控存有任何 重大缺陷或弱點。

在處理和發佈內幕消息的程序及內部監控方面,本 公司知悉其根據證券及期貨條例所須履行的責任, 並且已採納相關內部政策,內容包括內幕消息的定 義和範圍、包含董事在內的全體內幕消息知情人的 行為指引及違反制度時的責任追究等,以確保內幕 消息的處理和發佈符合證券及期貨條例的要求。

PROCEDURES FOR THE SHAREHOLDERS TO CONVENE AN EXTRAORDINARY GENERAL MEETING

Pursuant to article 12.3 of the Articles, general meetings shall be convened on the written requisition of any two or more members deposited at the principal office of the Company in Hong Kong or, in the event the Company ceases to have such a principal office, the registered office specifying the objects of the meeting and signed by the requisitionists, provided that such requisitionists held as at the date of deposit of the requisition not less than one-tenth of the paid up capital of the Company which carries the right of voting at general meetings of the Company. General meetings may also be convened on the written requisition of any one member which is a recognized clearing house (or its nominee(s)) deposited at the principal office of the Company in Hong Kong or, in the event the Company ceases to have such a principal office, the registered office specifying the objects of the meeting and signed by the requisitionist, provided that such requisitionist held as at the date of deposit of the requisition not less than one-tenth of the paid up capital of the Company which carries the right of voting at general meetings of the Company. If the Board does not within twenty one days from the date of deposit of the requisition proceed duly to convene the meeting to be held within a further twenty one days, the requisitionist(s) themselves or any of them representing more than one-half of the total voting rights of all of them, may convene the general meeting in the same manner, as nearly as possible, as that in which meetings may be convened by the Board provided that any meeting so convened shall not be held after the expiration of three months from the date of deposit of the requisition, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to them by the Company.

股東召開股東特別大會之程序

根據細則第12.3條,股東大會可應兩名或以上股東的書 面要求而召開,有關要求須送達本公司位於香港的主 要辦事處(或倘本公司不再設置上述主要辦事處,則為 註冊辦事處),當中列明大會的主要商議事項並由請求 人簽署,惟該等請求人於送達要求之日須持有不少於 本公司十份之一的繳足股本,其中附帶可於本公司股 東大會上投票的權利。股東大會亦可應本公司任何一 名股東(為一間認可結算所(或其代名人))的書面要求 而召開,有關要求須送達本公司位於香港的主要辦事處 (或倘本公司不再設置上述主要辦事處,則為註冊辦事 處),當中列明大會的主要商議事項並由請求人簽署,惟 該請求人於送達要求之日須持不少於本公司十份之一 的繳足股本,其中附帶可於本公司股東大會上投票的 權利。倘董事會於送達要求之日起計二十一日內並無 按既定程序召開將予在其後二十一日內舉行的大會, 則請求人自身或持有彼等所有投票權50%以上的任何 請求人可按盡量接近董事會召開大會的相同方式召開 股東大會,惟按上述方式召開的任何大會不得於送達 有關要求之日起計三個月屆滿後召開,且本公司須向 請求人償付因董事會未有召開大會而致使彼等須召開 大會所合理產生的所有開支。

PROCEDURES FOR THE SHAREHOLDERS TO PUT THEIR ENQUIRIES TO THE BOARD

The Company is committed to a policy of open and regular communication and reasonable disclosure of information to its Shareholders. The Company delivers interim and annual reports and publication of the interim and annual results announcements and other required disclosure of information on the websites of the Stock Exchange and the Company to all the Shareholders.

The Company endeavours to maintain two way communications with the Shareholders through various channels. The Shareholders are encouraged to put their enquiries about the Group through the Company's email at ir@u51.com or by mail to the address of the Company's principal place of business in Hong Kong at Unit 1006, 10th Floor, Tower One, Lippo Centre, 89 Queensway, Hong Kong. All enquiries will be dealt with in a timely manner.

The Company has in place the shareholders communication policy which sets out the policies in relation to communication with the Shareholders. Such policy which is published on the website of the Company shall be reviewed by the Board on a regular basis to ensure its effectiveness.

PROCEDURES FOR PUTTING FORWARD PROPOSALS AT SHAREHOLDERS' MEETINGS

Shareholders who wish to make proposals or move a resolution are encouraged to convene an extraordinary general meeting in accordance with the section headed "PROCEDURES FOR THE SHAREHOLDERS TO CONVENE AN EXTRAORDINARY GENERAL MEETING" above.

CONSTITUTIONAL DOCUMENTS

There was no significant change in the Articles for the year ended 31 December 2020. The Articles are available on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.u51.com).

股東向董事會提出查詢之程序

本公司致力實施與其股東公開及定期交流,並向彼等 合理披露資料之政策。本公司向全體股東寄發中期及 年度報告,並於聯交所及本公司網站刊登中期及年度 業績公告及其他須予披露資料。

本公司致力透過多種渠道與股東維持雙向溝通。歡迎 股東向本集團提出查詢,方法為向本公司發出電郵 (ir@u51.com)或郵寄至本公司香港主要營業地點香港 金鐘道89號力寶中心一座10樓1006室。所有查詢會得 到及時處理。

本公司制訂股東通訊政策並登載於本公司網站,訂明 有關與股東溝通的政策,並由董事會定期檢討,以確保 其成效。

在股東大會提出建議的程序

本公司鼓勵有意提出建議或決議案的股東按照上文 「股東召開股東特別大會之程序」一節召開股東特 別大會。

憲章文件

截至2020年12月31日止年度,細則並無任何重大變 動。細則可於聯交所網站(www.hkexnews.hk)及本公司 網站(www.u51.com)上查閱。

1. REPORTING STANDARD, PERIOD AND SCOPE

This environmental, social and governance (the "ESG") report (the "ESG Report") is prepared by the Company in compliance with the Environmental, Social and Governance Reporting Guide (the "ESG Reporting Guide") as set out in Appendix 27 to the Listing Rules, which describes the ESG developments of the Company for the year ended 31 December 2020 (the "Reporting Period").

In order to centralize resources to monitor the performance more effectively, the ESG scope of the ESG Report only covers two principal offices located at Hangzhou and Beijing and does not cover other offices of the Group (2019 ESG scope: Hangzhou and Beijing).

2. BACKGROUND OF THE COMPANY

We were established in 2012 and have created a comprehensive ecosystem built upon a widely-used credit card management platform, 51 Credit Card Manager App, which is developed by us, allowing users to enjoy smart management service. Leveraging the highly-valuable user base and the personal credit data accumulated from the credit card management platform, we kept expanding the ecosystem boundary. In September 2019, we launched a commercial information searching tool, Little Blue Book, with an aim to provide users with valuable commercial information. In the second half of 2020, we repositioned Little Blue Book as a "smart sales intelligence platform" to help enterprises quickly identify and accurately reach their customers, thereby improving sales efficiency.

一、 報告標準、期限和範圍

本環境、社會和管治(「ESG」)報告(「ESG報告」) 是本公司根據上市規則附錄二十七所載之《環 境、社會及管治報告指引》(「ESG報告指引」)編 寫,其描述了本公司於截至2020年12月31日止 年度(「報告期」)取得的ESG進展。

為了集中資源更有效監測績效,ESG報告的ESG 涵蓋範圍只包括位於杭州及北京兩個主要辦公 場所,未有包含本集團其他辦公場所( 2019年 ESG涵蓋範圍:杭州及北京)。

二、 公司背景

我們成立於2012年,透過我們研發的一款被廣 泛使用的信用卡管理平台51信用卡管家應用幫 助用戶進行智能管理服務,並建立了全面的生 態系統。通過信用卡管理平台所累積的高價值 使用者基礎以及個人信用資料,我們持續不斷 的拓展生態系統的邊界。於2019年9月,我們推 出一款商業資訊搜索工具小藍本,旨在為用戶 提供有價值的商業資訊。2020年下半年,我們 將小藍本重新定位為「智慧銷售情報平台」,該 平台可以幫助企業對其客戶進行快速識別和精 准觸達,從而提高銷售效率。

Awards gained in 2020

• 1. Enniu Network was awarded the honorary qualification of Zhejiang Enterprise Research Institute at Provincial Level in 2020;
• 1. Hangzhou Zhenniu was awarded the honorary qualification of Hangzhou Enterprise High New Technology Research and Development Center in 2020; and
• 1. Hangzhou Zhenniu was awarded the honorary qualification of Zhejiang Provincial High New Technology Research and Development Center in 2020.

In the future, adhering to the vision of "Better Credit, Better Life", the Company will stay true to its faith and stride ahead.

3. OUR ESG PHILOSOPHY AND FRAMEWORK

The Group acknowledges the significance of effective ESG initiatives at the operational level. We endeavor to provide long-term benefits to all stakeholders by way of responsible operation, which take both the economic factors and the social and environmental factors into consideration during operation, so as to maintain a sustainable development of the Company.

The direction of our ESG practices is led by the Board, so as to assess and identify our ESG related risks and opportunities, formulate our ESG policies, strategies, priorities and manage significant ESG related issues, allocate resources and examine and approve ESG achievement from top to bottom, to ensure the proper and effective operation of relevant risk management and internal control systems, and reflect the core value of the Company.

2020年所獲的榮譽

• 1. 恩牛網絡榮獲2020年浙江省省級企業研 究院榮譽資質;
• 1. 杭州振牛榮獲2020年杭州市企業高新技 術研究開發中心榮譽資質;及
• 1. 杭州振牛榮獲2020年浙江省級高新技術 企業研究開發中心榮譽資質。

未來,本公司將始終秉承「讓有信用的人過得 更好」這一願景,保持初心,砥礪前行。

三、 我們對ESG的理念及架構

本集團深知有效的ESG舉措在經營層面的重要 性,我們竭力以負責任的運營方式來為所有持 份者提供長遠利益,在經營業務時不僅要考慮 經濟因素,還要考慮社會和環境因素,以保持 本公司的可持續發展。

我們ESG工作之方向由董事會領導,自上而下 的評估和識別與ESG事項有關的風險及機遇, 制定ESG方針、戰略、優次排列及管理重要的 ESG相關事宜,調配資源及審批ESG工作成果以 確保相關風險管理和內控制度得到適當和有效 的運行,及反映本公司的核心價值。

Our ESG management approach is designed with a focus on the key areas which are considered to be significant to the Group. Such key areas will be explained in the section headed "STAKEHOLDERS AND MATERIALITY ASSESSMENT" of the ESG Report.

Externally, while striving to provide quality services to users, we also wish to make use of our operation model under our ESG framework to create a harmonious and cooperative atmosphere for our diverse users, thus effectively contributing to the stability and healthy development of the businesses of the Group.

Internally, the Company has established written guidelines for the ESG framework and would provide training and strive to invest resources for improvements in the pursuit of sustainable development. With the Company's guidelines, effective policies and relevant training, we could integrate from top to bottom the ESG concept into all aspects of our operation and thus effectively enhance the ESG awareness of the employees, enabling each member of the Group to take part in our sustainable development. This ensures that our ESG framework could fully cover the key aspects of our business.

Driven by strong and effective ESG risk management, the Company is devoted to continuously improving the performance in these key areas through the ESG framework, so as to create sustainable values in the development in long run.

我們ESG的管理方針圍繞被視為對本集團有重 大 影 響 的 重 點 領 域 而 設 計。該 等 重 點 領 域 將 在ESG報告「持份者與重要性評估」一節中作介 紹。

在外部,我們致力於為用戶提供優質服務,同 時亦希望通過我們ESG框架下的運營模式為我 們不同類型的用戶營造和諧協作的氣氛,有效 地加強本集團業務的穩定及其健康發展。

在內部,本公司已建立ESG框架相關的書面指 導方針、提供培訓以及在可持續發展的探索過 程 中 盡 可 能 投 放 資 源 以 尋 求 改 進 方 法。通 過 本公司的指導方針、有效的政策和相關培訓, ESG概念能自上而下地融入我們經營的所有方 面,從而有效地提高員工對ESG的認識,使本集 團的每位成員都能成為可持續性發展的參與 者。這確保我們的ESG框架範圍能全面地覆蓋 我們業務的關鍵部份。

在強而有力的ESG風險管理推動下,本公司致 力於通過ESG框架持續改進該等重點領域的績 效,從而在長期發展中創造可持續的價值。

4. STAKEHOLDERS AND MATERIALITY ASSESSMENT

Stakeholders

We strive to make constructive communication with stakeholders (including Shareholders, customers, employees, suppliers, regulatory authorities and the public) to adopt their views and protect their interests, so as to set long-term development direction and maintain close engagement with them.

Set out below are the stakeholder groups, their expectations and the common communication channels with the Company:

四、 持份者與重要性評估

持份者

我們努力通過與持份者有建設性的溝通方式採 納彼等(包括股東、客戶、員工、供應商、監管 機構和社會公眾)的意見及保障彼等權益,以 確定本公司的長期發展方向及與彼等保持密切 的關係。

持份者組別、彼等期望及彼等與本公司的常用 溝通渠道如下所示:

Stakeholders 持份者	Expectations 期望	Communication channels 溝通渠道
Government and regulatory authorities 政府及監管機構	• Compliance in operation 合規開展業務 • Compliance with the laws and regulations 遵守法律法規 • Internal inspection 內部檢查 • Workplace occupational health and safety 工作場所職業衛生與安全	• Public information such as financial reports, announcements and circulars, etc. 財務報告、公告、通函等公開信 息 • Direct communication by email and phone 直接通過電子郵件和電話進行溝 通 • Interview with government officials 與政府官員會面
Users 用戶	Protection of users' interests • 用戶權益保障 • Capital and transaction safety of the platform 平台資金及交易安全 • User experience of the platform 平台的用戶體驗 • Fair transaction and reasonable charges 公平交易及合理徵費 Protection of users' information, the timeliness • and authenticity of information 用戶信息保護、信息及時性和真實性 • Preferential policies for marketing 營銷優惠政策 • Fair valuation standard 公平評估標準	• Risk warning documents 風險提示文件 • Collection of complaints and feedbacks 投訴和反饋的收集 • Public information such as financial reports, announcements and circulars, etc. 財務報告、公告、通函等公開信 息 • Maintaining good communication with customers 與客戶保持良好的溝通 • Satisfaction survey

Stakeholders 持份者	Expectations 期望	Communication channels 溝通渠道
Employees 員工	• Training and career development potential 培訓和職業發展空間 • Wages and benefits 工資福利 • Working environment 工作環境 • Health and safety 健康與安全 • Career development and opportunities 職業發展和機遇	• Employee activities 員工活動 • Employee bulletin board 員工佈告欄 • Periodic employee memorandum 員工定期備忘錄 Collecting employee's views through • direct communication 直接溝通收集員工意見 • Employee trainings, seminars and briefings 員工培訓、研討會和簡報 • Cultural activities such as team building 團隊建設等文化活動
Shareholders and investors 股東和投資者	• Return on investment 投資回報 • Information disclosure and transparency 信息披露和透明度 Protection of Shareholders' interests • 保護股東權益 • Timely and accurate disclosure of relevant information 及時及準確地披露相關信息 • Improving corporate governance 提高公司管治水平 • Compliance with the laws and regulations 遵守法律法規 • Anti-corruption 反腐倡廉	• Public information such as financial reports, announcements and circulars, etc. 財務報告、公告、通函等公開信 息 • Road show/teleconference/meeting with investors/Shareholders 與投資者╱股東進行路演╱電話 會議╱會議 • Inquiry by phone/email 電話╱電子郵件查詢 • On-site visit by investors 投資者現場訪問 • Information disclosure on the websites of the Stock Exchange and the Company 聯交所及本公司網站信息披露

Stakeholders 持份者	Expectations 期望	Communication channels 溝通渠道
Local communities, non-governmental organizations, potential customers and the public 當地社區、非政府組織、潛在客戶 和公眾	• Employment opportunities 就業機會 • Ecological environment 生態環境 • Community development 社區發展 • Devotion to public welfare 對公益事業的熱情 • Charitable donation 慈善捐贈 • Reduction of pollutant discharge 減少污染物排放 • Reduction of wastes 減少廢物	• Charitable activities 慈善活動 • Community investment and services 社區投資與服務 • Stakeholders' engagement 持份者參與 • Environmental protection activities 環保活動
Media 媒體	• Information transparency 信息透明度 • Good media relations 良好的媒體關係	• Information disclosure on the websites of the Stock Exchange and the Company 聯交所及本公司網站信息披露

• Public information such as financial reports, announcements and circulars, etc. 財務報告、公告和通函等公開

信息

Materiality assessment

The Company has collected many potential issues relating to ESG after the abovementioned communications with its stakeholders during the Reporting Period. We have grouped these issues into areas set out in the ESG Reporting Guide, and further collected more internal and external information about the Company in relation to these issues from the employees and external consultants to assess the impact of these issues on the Group and their materiality. Based on the materiality assessment results, the stakeholders and the Group regard issues relating to product responsibility (including compliance) and employees as the mostconcerned issues. The Group is committed to review these issues from time to time and strives to improve and achieve sustainable development.

The Company keeps on improving its ESG performance to meet stakeholders' expectations and deal with the risks faced by it. During the Reporting Period, details of the ESG practice and KPIs (as defined in the ESG Reporting Guide) which are considered to be relevant to the Group's operation and of great importance are described in the following four subject areas.

重要性評估

本公司在報告期內經過上述與其持份者的溝 通後,搜集到許多與ESG有關的潛在議題。我們 把這些議題歸類於ESG報告指引中的各範疇當 中,並且進一步就這些議題向員工及外聘顧問 搜集更多關於本公司的內外信息,以預計該等 ESG議題對本集團的影響及評估其重要性。根 據重要性評估所得結果,產品責任(包括合規) 及僱員相關議題被視為持份者及本集團最為關 注的議題。本集團致力不時審視有關議題,力 求取得持續改善及達致可持續發展。

本公司不斷改善其ESG表現,以切合持份者的 期望及應對本公司所面對的風險。報告期內, 我們認為與本集團的運作相關並且具有重大意 義的ESG工作和關鍵績效指標(定義見ESG報告 指引),在以下四個主題領域中作介紹。

5. OUR ENVIRONMENT

We are principally engaged in the operation of online credit card management platform. In view of our online nature, the operation has minimal direct impact on the environment. Nevertheless, we acknowledge the importance of environmental protection and have adopted certain measures which are regularly implemented in our business operations, to manage emissions and wastes.

Aspect A1: Emissions

Air and greenhouse gas ("GHG") emissions

Since the publication of ESG Report by the Group, the only source of air emissions and GHG emissions under scope 1 was the use of the corporate motor vehicles. The emission generated was maintained at a low level due to infrequent use of vehicles, and the KPI of which is of relatively less materiality. For cost-efficiency optimization, the Company no longer discloses data relating to this issue since the Reporting Period but will closely monitor the Company's air emissions and GHG emissions under scope 1 and its materiality to the Company so as to disclose in a timely manner.

五、 我們的環境

我們的主要業務活動是運營線上信用卡管理平 台。基於我們的線上業務性質,所從事的活動 對環境的直接影響非常少。儘管如此,我們認 識到環境保護的重要性,並採取了一些措施, 這些措施在我們的商業運作過程中定期執行, 以管理排放和廢物。

A1方面:排放物

空氣和溫室氣體排放物

自本集團刊發ESG報告以來,空氣排放物及範 圍1的溫室氣體排放只源自公司車輛的使用。 由於使用不頻繁,一直維持低排放量,對比其 他關鍵績效的重要性亦相對較低。為優化成本 效益,自報告期起對相關議題不作披露,但會 密切關注本公司空氣排放物及範圍1的溫室氣 體排放的排放情況及其對本公司的重要性以便 適時再作披露。

During the Reporting Period, the approximate carbon dioxide equivalent ("CO2e") (1) is set out as below:

於報告期內的二氧化碳當量(「CO2e」)( ¹)大致 如下:

		2020		2019
		2020年		2019年
GHG emissions	Source of emissions	Total emissions		Density(2) Total emissions	Density(2)
		(tonne CO2e)	(tonne CO2e)	(tonne CO2e)	(tonne CO2e)
		(approximately)	(approximately)	(approximately)	(approximately)
溫室氣體排放物	排放來源	總排放量	密度(2)	總排放量	密度(2)
		(噸CO2e)	(噸CO2e)	(噸CO2e)	(噸CO2e)
		(約)	(約)	(約)	(約)
Scope 2: Energy indirect(3) 範圍2:能源間接(3)	Electricity purchased 外購電力	689.09	344.55	1,538.18	769.09

Notes:

• (1) CO2e (tonne) is a measurement unit based on the greenhouse effect caused by one tonne of carbon dioxide, and used to measure and compare the greenhouse effect caused by emissions of different GHGs such as carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O).
• (2) Density is the average of the total emissions divided by the number of principal offices.
• (3) GHG emissions is calculated by making reference to "China regional power grid baseline emission factor" published by the Ministry of Ecology and Environment of China.

During the Reporting Period, electricity purchased represent the major source of the GHG emissions, which amounted to approximately 689.09 tonnes of CO2e (2019: approximately 1,538.18 tonnes of CO2e) in total. The electricity consumed is sourced from the national power grid in relevant regions. During the Reporting Period, the GHG emissions from the energy indirect reduced by approximately 55% as compared with the previous year because of the reduced electricity consumption resulting from the reducing of the Hangzhou office area and the relocation of the Beijing office, and a series of on going emission mitigation measures we have adopted were effective. For details, please refer to the section headed "Environmental protection policies and measures" of the ESG Report.

附註:

• (1) 二氧化碳當量(噸)是一個以每噸二氧化碳所 產生的溫室效應為基礎的量度單位,以量度及 比較不同溫室氣體包括二氧化碳(CO2)、甲烷 (CH4)、氧化亞氮(N2O)等排放所產生的溫 室效應。
• (2) 密度是以總排放量除以主要辦公場所的數量平 均值。
• (3) 溫室氣體排放量參考中國生態環境部發佈的《中 國區域電網基準線排放因子》的計算方法。

報告期內,外購電力是溫室氣體排放的主要來 源,總排放量為約689.09噸CO2e( 2019年:約 1,538.18噸CO2e),消耗的電力由各區域國家電 網提供。報告期內,能源間接的溫室氣體排放 量比上年度減少約55%,原因是杭州辦公室面 積縮減及北京辦公室搬遷以導致電力用量減 少,另亦歸因於我們持續採取之一系列減少排 放措施行之有效,詳情請見ESG報告「環境保護 政策及措施」一節。

Waste

The waste generated by us is non-hazardous in nature, minimal in quantity and mainly from day-to-day work activities, such as disposal of food packaging, beverage cans and bottles, waste paper and office stationery. Therefore, we did not collect the relevant data for the Reporting Period, considering that the analysis result of such data and its impact is insignificant as compared with other KPIs.

Nevertheless, we have implemented various waste-reduction measures to further reduce the waste generated from day-to-day work activities, which are detailed in the section headed "Environmental protection policies and measures" of the ESG Report.

Aspect A2: Use of Energy and Resources

During the Reporting Period, electricity was our major energy source, which was used for general lighting at office, IT rooms and office equipment such as air-conditioners, projectors, computers and printers. During the Reporting Period, the total energy consumption was approximately 832 MWh (2019: approximately 1,831 MWh), representing an average monthly consumption of approximately 69,363 kWh (2019: approximately 152,542 kWh). The reasons for a decrease of approximately 55% as compared with the previous year were explained above.

During the Reporting Period, general domestic water was our major use of resource, which was used for office facilities such as washrooms and tea rooms, and we have no issue in sourcing water. The sewage generated has been properly discharged through the designated pipe connected finally to the main pipe of the urban central sewage disposal network. During the Reporting Period, we consumed approximately 6,384 tonnes of water (2019: approximately 12,217 tonnes) in total, representing an average monthly consumption of approximately 532 tonnes (2019: approximately 1,018 tonnes), decreased by approximately 48% as compared with the previous year. The downsize of area in Hangzhou office resulted in less consumption; no water consumption data is collected in the Beijing office since September of this year as the water bill has been transferred to the property management company, the above-mentioned situations resulted in the decrease of relevant figures and we are committed to save energy and water.

廢物

我們產生的廢物性質無害,數量極少,主要由 日常工作活動產生,如棄置食品包裝、飲料瓶 罐、廢紙和辦公室文具。因此,我們在報告期 內並沒有收集相關數據,因為與其他關鍵績效 相 比,這 些 數 據 的 分 析 結 果 及 影 響 重 要 性 很 低。

儘管如此,我們實施了各種減少廢物的措施, 以進一步減少日常工作活動產生的廢物量,這 在ESG報告「環境保護政策及措施」一節中有詳 細介紹。

A2方面:能源和資源使用

報告期內,電力是我們使用的主要能源,用於 辦公室的一般照明、機房以及辦公室設備的供 電,如空調、投影機、電腦和打印機等。報告期 內,總能耗為約832兆瓦時( 2019年:約1,831 兆瓦時),平均每月消耗量為約69,363千瓦時 ( 2019年平均每月:約152,542千瓦時),與上 年度相比下降約55%,原因於上文已作解釋。

報告期內,一般生活用水是我們使用的主要資 源,用於洗手間及茶水間等辦公室設施,我們 在求取適用水源時並未發現任何問題。產生的 污水均透過指定管道得到妥善處理,該管道最 終連接至城市中央污水處理的主管道。報告期 內,我們共使用約6,384噸水(2019年:約12,217 噸),平均每月消耗量為約532噸( 2019年平均 每月:約1,018噸),與上年度相比下降約48%。 由於杭州辦公室面積縮減使消耗量減少,以及 由於北京辦公室的水費從本年度9月開始已轉 由物業公司承擔,故我們沒有收集水用量,以 上原因均令有關數字有所下調。此外我們也致 力節約能源及用水。

In addition, the business of the Company does not involve production and thus no packaging materials has been used.

For details of our energy and water use efficiency initiatives, please refer to the section headed "Environmental protection policies and measures" of the ESG Report.

Aspect A3: The Environment and Natural Resources

Given that the Group is principally engaged in the operation of online credit card management platform, apart from the use of resources described above, the Group's operation does not consume other natural resources, nor does it have any significant impact on the environment. As a result, the Group has very limited direct impact on the natural environment. However, the Group is committed to environment protection and has adopted a series of measures to mitigate the negative impact on the environment and resources.

Environmental protection policies and measures

As a highly competitive comprehensive financial service company, we are committed to do the best in fulfilling our environmental responsibility and ensure the Company's compliance with relevant laws as follows:

Law of the People's Republic of China on Environmental Protection Law of the People's Republic of China on the Prevention and Control of Air Pollution

Law of the People's Republic of China on the Prevention and Control of Water Pollution

Law of the People's Republic of China on the Prevention and Control of Environment Pollution Caused by Solid Wastes

Law of the People's Republic of China on the Prevention and Control of Pollution from Environmental Noise

Law of the People's Republic of China on Energy Conservation

此外,由於本公司業務不涉及生產,所以不會 使用包裝材料。

關於我們能源及用水的效益計劃在ESG報 告 「環境保護政策及措施」一節有詳細介紹。

A3方面:環境及天然資源

由於本集團的主要業務活動是運營線上信用卡 管理平台,除了上述的資源外,其運營模式不 會消耗來自環境的其他資源,也沒有對環境造 成任何重大影響。因此,本集團對自然環境的 直接影響非常有限。然而本集團致力於環境保 護,並採取了一系列的措施來減少對環境和資 源的負面影響。

環境保護政策及措施

作為一間富競爭力的綜合金融服務公司,我們 致力把環境保護責任做到最好,並確保本公司 符合相關的法規如下:

《中華人民共和國環境保護法》 《中華人民共和國大氣污染防治法》

《中華人民共和國水污染防治法》

《中華人民共和國固體廢物污染環境防治法》

《中華人民共和國環境噪聲污染防治法》

《中華人民共和國節約能源法》

To achieve our environmental protection strategy, we regularly implement the following measures in the course of our business operations:

• (i) reminder slogans are posted on the bulletin boards and public spaces in the Company to enhance the environmental awareness among the employees and visitors;
• (ii) contracts are entered into with green plants service firms to regularly maintain and replace the green plants placed at the designated office areas, for the purpose of raising greening awareness and beautify the environment; and
• (iii) regularly update the Company's policies and procedures, and incorporate the environmental protection rules and standards into daily work procedures. For the purpose of saving energy and resources and reducing GHG emissions, we encourage the employees to adopt the following practices at work:
• (1) turn off electronic equipment not in use or when they leave the office to save energy;
• (2) save water at washroom and tea room, and reduce the use of tissue paper;
• (3) advocate green travel and use of carpooling for business trips;
• (4) conduct regular check on electrical equipment to ensure safety and operational efficiency;

我們於業務營運過程中定期執行以下的措施以 實現我們的環保策略:

• (i) 在本公司公告欄及公共區域內張貼提示 性標語,以提高員工及訪客的環保意識;
• (ii) 與綠植服務公司簽訂協議,定期養護和 更換在辦公指定區域內放置的綠植,以 提高綠化及美化環境的意識;及
• (iii) 定期更新本公司的政策和程序,將環境 保護的規則和準則納入日常工作流程 中。我們鼓勵員工採納以下的工作方式 以達到節約能源、資源及減少溫室氣體 排放:
• (1) 在不使用或離開辦公室時關閉電子 設備以節約能源;
• (2) 在洗手間和茶水間節約用水及減少 使用抹手紙;
• (3) 倡導綠色出行及外出出差時選用拼 車;

• (4) 定期檢查電力設備,以確保安全和 運行效率;

• (5) make centralized purchase of office supplies for various departments and shorten the distance for delivery to reduce the indirect emissions from transportation and packing materials;

• (6) reuse or recycle packaging materials such as plastics, paper bags and cartons;
• (7) mitigate excessive printing by going paperless as much as possible and maximize the use of electronic equipment for internal meeting and internal communication; and
• (8) reuse printing paper where the requirements on personal data protection are met.

During the Reporting Period, the Company had not received any complaints from any person or the relevant authorities (2019: Nil), and had not paid or became liable to any penalties arising from any violation of relevant environmental laws or regulations (2019: Nil).

6. OUR EMPLOYEE

Aspect B1: Employment

Our workforce represents the most important asset to our operation, which is also the cornerstone on which we could build up our sustainable development. As such, it is of our top priority to ensure that all employees could have a fair, harmonious, comfortable and safe working environment.

• (5) 集中各部門辦公用品訂單,縮短交 貨距離,減少運輸間接排放及物品 包裝;
• (6) 重複使用或回收包裝物,如塑料、 紙袋及紙箱;
• (7) 通過盡可能無紙化來減少過度打 印,最大限度地利用電子設備進行 內部會議和內部通信;及
• (8) 在符合個人數據保密要求的情況 下,重複使用印刷紙。

報告期內,本公司沒有收到任何個人或相關部 門的投訴( 2019年:無),也沒有支付或承擔由 於違反有關環境法規而導致的任何處罰( 2019 年:無)。

六、 我們的員工

B1方面:僱傭

員工是我們運營中最重要的資產,也是推動我 們可持續發展的基石。因此,確保所有員工都 享有一個公平、和諧、舒適和安全的工作環境 是我們的首要任務。

We respect and protect the rights of employees. The employees of the Company enjoy the protection under laws and the rights under the regulations of the Company, which allows the employees to have equal opportunities in employment, redesignations, salary adjustment, promotion and training despite of their race, nationality and gender. The Company never tolerates any discriminatory acts in the working environment. We ensure the Company's compliance with relevant laws as follows:

Labor Law of the People's Republic of China Labor Contract Law of the People's Republic of China Employment Promotion Law of the People's Republic of China Social Insurance Law of the People's Republic of China Law of the People's Republic of China on the Protection of Disabled Persons

The Company has put in place a series of human resource policies (including but not limited to Employee Manual), which comprised the key systems and procedures relating to employee management such as code of conduct, remuneration management system, working hours, holiday management, disciplinary measures, attendance and promotion, recruitment and dismissal management, internal redesignations, information safety, equal opportunities and other employee benefits, etc., and rules and regulations relating to occupational health, and has explicitly communicated such guidelines to all employees. The Company is committed to protecting the legal interests of employees and keeps on improving employee benefits to enhance the employee loyalty.

Talent recruitment and promotion

We have the ability to attract, retain and motivate high-caliber talents. We attract and maintain a stable team of core employees through providing a comfortable working environment, competitive salary and provision of training and personal development opportunities according to the position and development potential of the employees.

我們尊重和保護員工的權利。本公司僱員享有 法律保障和本公司制度賦予的權利,以使不同 種 族、國 籍 及 性 別 的 員 工 均 能 享 受 平 等 的 就 業、調崗、調薪、晉升及培訓機會,本公司絕不 容忍在工作環境上發生任何歧視行為。我們確 保本公司符合相關的法規如下:

《中華人民共和國勞動法》 《中華人民共和國勞動合同法》 《中華人民共和國就業促進法》 《中華人民共和國社會保險法》 《中華人民共和國殘疾人保障法》

我們制定了一系列之人力資源政策(包括但不 限於《員工手冊 》),內容包括行為規範、薪酬 管理體系、工時、假期管理、懲戒措施、考勤晉 升、招聘離職管理、內部調動、信息安全、平等 機會及其他員工福利等關於員工管理的關鍵制 度和流程,以及與職業健康有關的規章制度, 並已向所有員工清楚傳達該等指引。本公司致 力保障員工合法權益,並不斷提升員工福利, 增強員工歸屬感。

人才招聘及晉升

我 們 擁 有 吸 引、留 住 和 激 勵 高 素 質 人 才 的 能 力。我們通過提供舒適的工作環境、有競爭力 的薪資水平以及就員工之崗位及發展潛力提供 培訓和個人發展機會以吸引和保持穩定的核心 員工團隊。

Through implementing the recruitment and promotion policies, we ensure that decisions on recruitment, remuneration and promotion are made based on the personal capacity of the employees, while taking his/ her working experience, qualifications attained and professional skills into consideration.

We strive to ensure that employees are reasonably remunerated and properly motivated. The remuneration management is conducted based on the position ranking system, which enables the position-based ranking and rank-based salary. Our remuneration system mainly comprises several aspects: determining remuneration at the time of hire, adjusting remuneration at the time of promotion/demotion and conducting performance-based remuneration adjustment, etc. In order to broaden the career development for the employees in the Company, the Company adopts a centralized mode of "double ladder" development route, namely professional rank route (route P) and managerial rank route (route M). Rank promotion is made after taking various factors such as work performance, professional skills, experience and behavior, etc. into consideration. According to the comprehensive assessment scheme, rank promotion assessment is made available to each employee annually. Such assessment activities aim to motivate employees to achieve their career objectives and reach their full potential, thus resulting a win-win situation.

Our service quality relies on the quality of employees which in turn needs on-going update of their professional knowledge and skills. The employee training and development is discussed in the section headed "Aspect B3: Development and Training" of the ESG Report.

Working hours

The Company adopts a flexi-time practice while staying in compliance with the standard 8-hour working system. Our employees may, in accordance with the relevant regulations, enjoy statutory holidays, annual leave, marriage leave, sick leave, bereavement leave, maternity and parental leave, and leave in lieu, thus strictly ensuring the rights of employees to take rest and holiday.

通過執行招聘及晉升政策,我們確保招聘、薪 酬和晉升決策基於僱員個人能力水平,同時將 其工作經驗、獲得的資格以及專業技能列入考 慮之列。

我們努力確保員工得到合理的薪酬和適當的激 勵。薪酬管理以崗位職級體系為基礎,做到以 崗定級,以級定薪。我們的薪酬體系主要包括 以下幾個方面:員工錄用時核薪、晉升及降職 調薪和業績調薪等。為拓寬員工在本公司的職 業發展空間,本公司統一實行「雙梯」發展序列 的模式-專業職級序列(P序列)與管理職級(M 序列)。職級晉升標準從工作業績、專業技能、 經驗及行為等多方面進行考慮。根據綜合評估 計劃,每年安排每位員工職級進行晉升評估。 這些評估活動旨在激勵員工實現其職業目標, 發揮自身的最大潛能,從而達到雙贏的局面。

我們的服務質量倚賴員工質素,而員工質素需 要員工持續更新其職業知識和技能。員工的培 訓和發展將在ESG報告「B3方面:發展與培訓」 一節中進行討論。

工作時數

本公司在執行標準8小時工作制度的基礎上, 實行彈性上班制。員工可根據規定享有法定節 日假、年假、婚假、病假、喪假、產育假及調休 假,嚴格確保員工的休息休假權利。

Our workforce

我們的勞動力

As at the end of the Reporting Period, Hangzhou and Beijing offices had a total of 258 employees (2019: 605), all of them are full-time staff. Set out below is the information of such employees by gender, age and rank:

截至報告期末,杭州及北京辦公室共有258名 員工( 2019年:605名),均為全職員工。這些員 工按性別、年齡群和級別分類如下:

During the Reporting Period, the decrease in the number of employees (419 employees left) was mainly due to the business transformation of the Company. The employees of the Company are mainly aged from 25 to 39. During the Reporting Period, there were 234 employees aged from 25 to 39, accounting for approximately 90% of the total number of the employees (number of employees aged from 25 to 39 in 2019: 547, accounting for approximately 90%).

Aspect B2: Health and Safety

We are committed to providing employees with a comfortable and safe working environment, maintaining and improving the employee welfare and ensuring that the Company's compliance with relevant laws as follows:

Labor Law of the People's Republic of China Law of the People's Republic of China on Prevention and Control of Occupational Diseases

Law of the People's Republic of China on Production Safety Fire Prevention Law of the People's Republic of China Law of the People's Republic of China on Response to Emergencies

Workplace safety

We have put in place the Circular on Relevant Regulations on Work Environment Management and the Safe Office Environment Management System in view of safety first and prevention of risk, and arranged a person to be in charge of safety management at each of workplaces to implement the system. The person who takes the main responsibility will be the person who is responsible for production safety, as well as set up an emergency response team.

We engaged third-party professional institution to test and measure the environmental pollutants, which confirmed that during the Reporting Period, the methanal, benzene and total volatile organic compounds (TOVC) in the samples tested at each of our workplaces comply with the requirements of GB50325-2010 regarding Class II civil building indicators.

報告期內,員工人數減少(共419名員工離職), 主要因為本公司的業務轉型導致。本公司員工 年齡主要集中於25至39歲。報告期內,年齡為 25至39歲的員工共有234名,佔全部員工的約 90%( 2019年年齡為25至39歲的員工人數:547 名,佔約90%)。

B2方面:健康與安全

我們致力為員工提供一個舒適及安全的工作環 境,持續維護和改善員工的福利,並確保公司 符合相關的法規如下:

《中華人民共和國勞動法》 《中華人民共和國職業病防治法》

《中華人民共和國安全生產法》 《中華人民共和國消防法》 《中華人民共和國突發事件應對法》

工作場所安全

我們已制定《關於辦公環境管理相關規定的通 知》及《安全辦公環境管理制度》,以安全第一, 預防為主為原則,並在各個辦公場所設立安全 管理負責人,落實主要負責人為安全生產責任 人的制度,並成立應急小組。

針對工作場所的安全,我們聘請第三方專業機 構進行環境污染物檢測,確認在報告期內各辦 場所所檢測樣品中的甲醛、苯和總揮發性有機 物(TVOC)均符合GB50325-2010中Ⅱ類民用建 築工程指標的要求。

Set out below are certain day-to-day measures taken by the Company relating to workplace safety:

• (i) each department head provides regular safety education to the department staff for the purpose of a satisfactory safety practice at offices;
• (ii) the exit to passageway is kept unobstructed, unoccupied or unblocked, parking or piling up of junk items on the fire escapes are forbidden and safety warnings are posted at various areas;
• (iii) security personnel patrol the workplaces every day to avoid any unauthorized entries;
• (iv) regular inspection and maintenance are arranged for the workplaces, building structures, fire control equipment and facilities to avoid any potential safety hazards therein;
• (v) the regulations on the safe use of electricity are observed, the electronic appliances are used without overloads and there is no unauthorized wiring and connection of electric wires, so as to ensure the personal safety of the person when using electronic appliances. Electronic facilities are to be inspected after work, and the electronic equipment, portable power banks and other flammable and explosive hazardous objects are required to be turned off at everyone's workplaces in a timely manner;
• (vi) strict control is exercised over smoking to prohibit smoking in the undesignated smoking areas at the workplaces;
• (vii) purchase ergonomic chairs for the employees, which could protect their spine and lumbar; and
• (viii) massage chairs and fitness equipment are placed in the recreational areas for the employees.

本公司與工作場所安全相關的一些具體日常措 施如下:

• (i) 各部門負責人向部門員工進行日常性的 安全教育,真正做好辦公室內的安全防 範工作;
• (ii) 保持通道出口暢通無阻,不佔用或封堵, 禁止在消防通道上停放車輛或堆放雜 物,各區域張貼安全標識;
• (iii) 保安人員每天於工作場所進行巡查杜絕 任何閒雜人等;
• (iv) 定期安排檢查及維護工作場所、樓宇結 構、消防設備及設施以避免安全隱患;
• (v) 遵守安全用電管理規定,不超負荷使用 電器及私拉亂接電線,以保證使用電器 時的人身安全。下班檢查用電設施,及時 關閉個人工位電器設備、充電寶等易燃 易爆危險物;
• (vi) 嚴格管制吸煙行為,嚴禁在工作場所非 吸煙區域內吸煙;
• (vii) 為員工採購人體工學座椅,保護員工的 脊椎及腰椎;及
• (viii) 在休閒區安置按摩椅、健身設備等供員 工使用。

Since the outbreak of COVID-19, the Company has been committed to supporting the health management measures of the Chinese Center for Disease Control and Prevention and strictly complied with the epidemic prevention measures of campus where the Group's offices are located. During the Reporting Period, the Company has complied with the Law of the People's Republic of China on Prevention and Treatment of Infections Diseases, and in response to the national call and with the aim to give full support to the collective prevention and control, the Company has taken a series of prevention measures:

• (i) a supervision and management team for epidemic prevention and control work was set up with clear division of responsibility and accountability;
• (ii) the body temperature of employees was checked and recorded twice a day;
• (iii) employees are scheduled a different time slot for meals;
• (iv) the workplace was ventilated at least twice a day in the morning and afternoon and was disinfected twice a day;
• (v) visitors in-and-out registration and temperature measurement were performed on a daily basis;
• (vi) the protective disinfection supplies were ensured sufficient and the list of lacked items were reported to the person in charge for a timely supplement, so as to ensure sufficient supplies;
• (vii) employees were required to wear masks. Disposable masks were centrally disposed of in the Company's designated trash bins, and repetitive protective supplies were centrally disinfected;
• (viii) group activities and meetings were temporarily cancelled and business trips and other events were reduced or cancelled as far as possible. Employees were not arranged to travel to severely affected epidemic areas. Voice, video and other conference call meeting were advocated to reduce the multiplayer on-site meetings; and
• (ix) health education on prevention and treatment of infectious diseases was carried out through Enterprise WeChat, video, announcements, intranet and other multiple ways and channels, epidemic prevention and hygiene was promoted, and the epidemic information was simultaneously disclosed with the government, allowing each employee to understand epidemic prevention clearly.

自COVID-19爆發以來,本公司致力配合中國疾 病預防控制中心之健康管理措施,並嚴格遵守 本集團辦公室所坐落的園區之防疫措施。報告 期內,本公司已符合《中華人民共和國傳染病 防治法 》,並為響應國家號召及發揮群防群控 作用,本公司已採取一系列的防疫措施:

• (i) 成立疫情防控工作監督管理組,明確責 任分工;
• (ii) 每天對員工進行兩次體溫檢測並作記錄;
• (iii) 員工實行分時段用餐;
• (iv) 辦公場所每天上下午至少通風兩次,每 天兩次消毒;
• (v) 日常對進出訪客必須做好出入登記及體 溫測量;
• (vi) 檢查防護消毒物資是否齊全,及時向分 管負責人上報缺少物資清單給予補充, 保障後勤物資充足;
• (vii) 員工必須佩戴口罩。一次性口罩集中丟 棄在本公司指定的垃圾桶內,重複性防 護用品本集中消毒處理;
• (viii) 暫時取消參加集體活動及大型會議,儘 量減少或停止因公出差等,不安排員工 到疫情嚴重地區出差,提倡採用語音、視 頻或其他電話會議等形式以減少多人現 場會議;及
• (ix) 通過企業微信、視頻、公告、內聯網等多 方式、多途徑向員工開展傳染病防治知 識健康教育,宣傳防疫衛生知識,對疫情 信息與政府同步公開宣傳,讓每位員工 直接了解對如何防範疫情。

Welfare

Apart from the employee welfare stipulated in laws, we also provide additional welfare to the employees for the purpose to improve employee protection and maintain their physical and mental health.

In respect of employee protection, we provide the group commercial supplementary medical, traffic accident and accident injury insurances for current employees, which could help to cover the salary loss and medical expenditure of the employees in case of illness or work injury. In addition, the Company also provides annual physical check-up for its employees.

As to employee's physical and mental health, the Company offers meal subsidy and travel subsidy for overtime work, arranges team travel activity every year and organizes various sports and recreational activities on a regular basis.

During the Reporting Period, we had no employee (2019: 2) suffering from work injury, no work day lost due to work-related injuries, (2019: 23 days), and no serious work-related injuries or fatalities (2019 and 2018: Nil).

Aspect B3: Development and Training

We believe that the on-going update of employee's vocational knowledge and skills is critical to the business development of the Company. To this end, the Company has provided the employees with systematic training and professional development to ensure that the employees could receive training appropriate to their respective circumstances, so as to meet the need for continuous professional training by their respective vocations.

The Company's regular training contents include corporate culture and professionalism, anti-corruption, business knowhow, new employee training, information security, and updates on the knowledge of laws and regulations, etc. In 2020, the number of employee's training decreased due to COVID-19.

The Company always sticks to diversified business layout to provide employees with the enriching and challenging work. We have built a comprehensive training system and a dual-track development mechanism for guiding the employees to discover more possibilities.

福利

除了法律規定的職工福利外,我們亦為員工提 供額外的福利項目以完善員工的保障及保持其 身心健康。

員工保障方面,本公司為在職員工統一投保團 體商業補充醫療、交通意外和意外傷害保險, 當不幸發生疾病或工傷事故時,為員工提供薪 資損失及醫療費用的支持。此外,本公司還為 員工提供年度體檢。

在身心健康方面,本公司提供餐補及延時工作 出行補助,每年組織員工團隊旅行及定期組織 各類康體及興趣活動。

報告期內,沒有員工工傷事件發生( 2019年: 2名),沒有因工傷損失的工作日( 2019年:23 天),也無發生有關工作的嚴重傷亡事故( 2019 及2018年:無)。

B3方面:發展及培訓

我們認為員工持續更新職業知識和技能對本公 司業務發展尤其重要。就此,本公司通過有系 統的培訓和專業發展,確保不同員工得到相應 的培訓,以滿足他們各自職業的持續專業培訓 要求。

本公司既定的培訓內容包括企業文化與職業 化、反貪污、業務知識、新員工培訓、信息安 全、及法律法規知識更新等。於2020年,因為 COVID-19的關係,員工培訓數量減少。

本公司一直堅持多元化業務佈局為員工提供豐 富且富有挑戰的工作內容。我們已建立完備的 培訓體系及雙軌道成長機制,引領員工發現更 多可能。

Aspect B4: Labor Standards

The Company places much importance on and strictly complies with all applicable national laws and local regulations in the places of operation, and prohibits any unethical business practices. The Company has put in place stringent recruitment procedures which require all candidates to give, prior to being hired, their identity documents such as identity card for screening by the administration and human resources departments, so as to avoid the recruitment of any child labor and other illegal labor. We prohibit any forms of forced labor to ensure the employees could work on a voluntary and lawful basis.

The work schedule of the employee represents the reasonable work arrangement in the context of the Labor Law of the People's Republic of China, which ensures they could have sufficient rest and a proper worklife balance and provide excellent service. The Company may arrange overtime work as the circumstance demands, and provide compensation in accordance with the Labor Law of the People's Republic of China and other relevant labor laws and regulations. During the Reporting Period, the Company had no material non-compliance incidents related to employment of child and forced labor (2019: Nil). The Company focuses on the implementation of preventive measures at source, and is confident that the above-mentioned illegal employment will not occur in the future. The Company will regularly review the situation regarding employment of child and forced labor and formulate relevant procedures as necessary to eliminate all possibilities of illegal acts.

B4方面:勞工準則

本公司高度重視並嚴格恪守業務運營地所有適 用的國家法律及地方法規,禁止不道德的商業 行為。本公司已設定嚴格的招聘程序在擬錄用 人員在入職前需提交身份證等身份證明文件供 行政及人力資源部門審核,以杜絕招用童工及 其他非法用工行為。我們禁止任何勞役強迫勞 工的行為,以確保員工在自願合法的基礎上參 與勞動。

員工的工作時間表是在《中華人民共和國勞動 法 》標準範圍內作出的合理工作安排,以確保 他們有足夠的休息和適當的工作生活平衡,並 提供卓越服務質量。本公司根據實際需要安排 加班,並按照《中華人民共和國勞動法》及相關 勞動法律法規給予補償。本公司於報告期內並 無發生與僱傭童工與強制勞動的重大不遵循事 項( 2019年:無)。本公司主力在源頭採取預防 措施,有信心將來亦不會出現上述非法僱傭情 況。本公司會定時審查關於僱傭童工與強制勞 動的情況,按需要制定相關步驟以杜絕一切違 法之可能性。

7. OUR SERVICE

With our credit card management platform serving as the foundation and entry point, we develop and operate a dynamic and self-reinforcing ecosystem addressing a spectrum of users' financial needs. We enable our users to apply for credit cards that suit their profile through our credit card technology services, which in turn help them to build their credit record and achieve better credit management. For credit users, such as users who consider taking extra credits to satisfy their ongoing financial needs, they may obtain appropriate online loans through our online platform. For investment users, they can also seek diversified investment opportunities on our platform to enrich their wealth management portfolio.

We have developed in-depth cooperation with several financial institutions in the areas of data application, credit analytics and risk profiling. Leveraging the highly valuable mobile traffic on our platform, the Company's data analytics capabilities and robust risk management capabilities, our platform keeps attracting third-party business partners such as banks and external online consumer finance platforms, etc.

We will also continue to expand into new business sectors. Leveraging on our Little Blue Book, corporate users can quickly identify and accurately reach their customers, thus shortening their sales cycle and improving sales efficiency. Individual users can also conduct convenient search for the relevant information on registration, business dynamics and financing activities of the domestic companies in the PRC to meet their needs for such information in their daily life and work.

七、 我們的服務

我們以信用卡管理平台為基礎及切入點,開發 並運營一個動態且自我強化的生態系統,滿足 用戶一系列的金融需求。用戶通過我們的信用 卡科技服務,申請適合其個人狀況的信用卡, 從而協助彼等建立信用記錄並實現更好的信用 管理。對於信貸用戶,如考慮額外的信貸來滿 足彼等的持續財務需求,可以通過我們的線上 平台獲得適切之網絡貸款。投資用戶也可以在 我們的平台上尋找多元化的投資機會,以豐富 彼等的理財組合。

我們已與多間金融機構在數據應用、信用分析 及風險分析領域展開深入合作。憑藉我們平台 上極其寶貴的用戶流量、本公司的數據分析能 力及強大的風險管理能力,我們的平台持續吸 引銀行及外部線上消費金融平台等第三方業務 夥伴。

我們亦不斷拓展新業務。通過我們的小藍本, 企業用戶可以對其客戶進行快速識別和精准觸 達,從而縮短其銷售週期和提升銷售效率。個 人用戶亦可以方便的查找中國境內公司的註冊 信息、業務動態及融資活動等相關信息,滿足 彼等在生活工作中對此類信息的需求。

Aspect B5: Supply Chain Management

The Group has approximately 130 suppliers (2019: approximately 110) from the PRC, which provide services including information technology services, consultation services, professional services, short message services and administration services. Our business and internal systems rely on highly technical software and processes. Failures in our information system could prevent us from offering services. Therefore, ensuring the stable operation and continuous development of our information system is of vital importance to us. In order to avoid the decline in the overall performance and the increase in the breakdowns of the information technology system caused by imperfect outsourcing service safeguard systems, we have established the Management Measures on Technology Service Outsourcing which stipulates the procedures for selecting service providers for outsourcing information system technologies to ensure that the suppliers are up to standard. Before including a supplier into our list, we make a series of examination with the qualifications, scale, performance, creditworthiness, management regularity and other main aspects being evaluated to ensure they could provide reliable and trustworthy products or services in compliance with the relevant laws and regulations in the PRC (such as anti-money laundering and antiterrorist laws and regulations). We also adopt a dynamic management approach in the process of service provision by suppliers, and conduct daily performance evaluation and regular assessment of outsourced personnel. Suppliers are selected in accordance with the relevant management measures of the Company on the principle of openness, impartialness and fairness and by way of appropriate methods such as bidding, etc.

B5方面:供應鏈管理

本集團約有130間( 2019年:約110間)來自中 國的供應商,提供的服務其中包括信息技術服 務、諮詢服務、專業服務、短信服務及行政服 務。我們的業務和內部系統依賴高度技術性的 軟件和程序,信息技術系統失誤可能阻止我們 提供服務。因此保證信息系統的運行穩定和不 斷發展對我們十分重要。為避免由於外包服務 保 障 體 系 不 健 全,而 造 成 信 息 技 術 系 統 出 現 整體性能下降和故障增多等問題,我們建立了 《技術外包服務管理辦法 》規定選擇外包信息 系統技術服務供應商的程序,以確保供應商符 合標準。在我們把供應商列入名單之前,須經 過一系列的審查過程,評價的主要內容包括: 資質、規模、業績、信譽、管理規範性等,以確 保他們提供可靠和可信的產品或服務,並按照 相關的中國法律法規(如遵守反洗錢和反恐等 法律法規)進行。我們也會在供應商提供服務 的過程中採取動態管理方式,對外包人員開展 日常績效評價和定期考核。供應商的選擇是本 公司的根據相關管理辦法執行,遵循公開、公 平、公正的原則,採用招標等適當的方式,擇 優選定。

Aspect B6: Product Responsibility

Since the regulation on the Internet finance industry has been tightened due to the impact of national policies, we have closely tracked policy changes, raised the criteria of partners' admission and proactively reduced our business volume. In view of such new developments, we also continuously enhance the technological and risk management capability of the Company, so as to ensure the products and services we provided could meet the demands of various stakeholders.

In addition, we are subject to strict regulation by National Internet Finance Association of China. During the Reporting Period, we devoted a large amount of time and resources to ensure the Company is fully compliant with laws, regulations, rules and policies relating to the industry regulation. Details of these laws and regulations are set out in the following paragraphs. We had no significant violations during the Reporting Period (2019: Nil), and our business had not recorded any product recall case due to product quality issues.

Apart from the annual audit for annual report, we also have specific audits on the key aspects such as clients' fund management, information disclosure and operational compliance, etc., for the purpose of risk control and compliance with regulatory requirements.

B6方面:產品責任

受國家政策的影響,對互聯網金融行業的監管 日益趨嚴。我們密切跟蹤政策變化,提高對合 作夥伴的准入標準並主動降低了業務量。就該 等新發展,我們也須緊跟步伐,不斷提升本公 司的技術及風險管理實力,以確保我們提供的 產品及服務能滿足各持份者的要求。

此外,我們受到來自中國互聯網金融協會的嚴 格監管。報告期內,我們投入了大量的時間和 資源以確保遵守行業監管相關的法律、法規、 規章和政策。該等法律法規將會在以下段落詳 細描述。我們在報告期內不存在(2019年:不存 在)重大違規行為,而且我們的業務不存在因 產品質量問題所存在的產品召回個案發生。

除了每年接受年度報告審計檢查外,我們還會 針對譬如客戶資金管理、信息披露、經營合規 性等重點環節接受專項審計檢查,以做好風險 控制及遵守監管要求。

Marketing and promotional activities management

In order to reinforce management over the marketing and promotional activities, we have been in strict compliance with various standards regarding advertisement release and the following regulations:

Law of the People's Republic of China against Unfair Competition Advertisement Law of the People's Republic of China Interim Measures for Administration of Internet Advertising Guidance from the General Office of the State Council on Strengthening Protection of Interests of Financial Consumers

Self-discipline Convention on Marketing and Promotion Activities of Internet Financial Players (Trial)

We have also established the Control System for Marketing and Promotional Activities to strengthen our product responsibility, details of which are as below:

• (i) the business department shall conduct marketing and promotional activities in relation to only such business which is legally permitted to operate, and shall ensure the content of such marketing and promotion complied with the scope and content of the business which is legally permitted to operate;
• (ii) prior to conducting any marketing and promotional activities, the business department shall evaluate the relationship between such activities and the potential contractual obligations, work out proper plans and well address the engagement between such activities and the related work, so as to protect the legal interests of Internet finance consumers;
• (iii) the marketing and promotional activities shall be conducted by the business department in a moderate manner, the data and information quoted should be true and accurate, and false or misleading contents shall not be allowed when conducting promotional activities; and

營銷和宣傳活動管理

為加強對營銷和宣傳活動的管理,我們嚴格執 行各類廣告發佈標準及以下法規:

《中華人民共和國反不正當競爭法》

• 《中華人民共和國廣告法》
• 《互聯網廣告管理暫行辦法》
• 《國務院辦公廳關於加強金融消費者權益保護工 作的指導意見》
• 《互聯網金融從業機構營銷和宣傳活動自律公約 (試行)》

我們制定了《營銷和宣傳活動審查制度》也有利 於加強產品責任,詳細準則如下:

• (i) 業務部門應當僅限於針對自身依法可開 展的業務進行營銷和宣傳活動,並確保 所營銷和宣傳的內容與依法可開展的業 務範圍及內容相符;
• (ii) 業務部門在開展營銷和宣傳活動前,應 當評估該等活動與潛在合同義務之間的 關係,制定適當的工作方案,妥善處理該 等活動與相關工作之間的銜接問題,以 保護互聯網金融消費者合法權益;
• (iii) 業務部門開展營銷和宣傳活動應當適 度,所引用的數據和資料應當真實準確, 不得以虛假或引人誤解的內容進行宣 傳;及

(iv) in case of any marketing and promotional activity in cooperation with a third party, contract shall be entered into in accordance with laws to specify the responsibilities of both parties in respect of design, production, advertising and other related work. In addition, we shall urge and supervise the third party to fulfill its contractual obligations, and ensure an effective implementation of the control system for marketing and promotional activities.

Handling of complaints

We take all complaints and suggestions seriously and take them as an important process to continuously improve our service quality. We have developed the Relevant System in Relation to the Handling of Customer Complaints to establish a sound customer service system for complaints to receive all customer complaints, advice and suggestions from public sentiment, regulatory authorities and media organizations. The Company has in place a dedicated department to collect these information and arrange, based on the subject of complaints, appropriate personnel to actively follow up and deal with the complaints. We fully cooperate with any regulatory authority on any investigation, with a view to providing the best services.

During the Reporting Period, a total of approximately 3,500 complaints through external websites and government authorities have been handled by us in relation to repayment of loans. The response rate of these complaints reached 100%, and the response time was within the reporting period of the first return visit no more than 24 hours upon the receipt of the complaint, with the resolution rate of the complaints reaching approximately 90%.

(iv) 與第三方合作開展營銷和宣傳活動時依 法訂立合同,明確雙方在設計、製作、宣 傳及其他相關工作中的責任,並督促第 三方履約,確保營銷和宣傳活動審查制 度的要求得到有效實施。

投訴處理

我們認真對待所有的投訴和建議,並將它們視 為持續改進我們服務質量重要的一環。我們設 有《關於客戶服務投訴處理相關制度 》建立完 善的客戶服務投訴制度,接受來自輿情、監管 機構及媒體機構產生的所有客戶投訴及意見建 議。本公司設有專門部門負責收集這些信息, 根據投訴內容分配合適的人員積極進行處理 及跟進,對任何監管機構的調查我們都全面配 合,務求我們的服務能夠精益求精。

報告期內,我們共處理約3,500宗通過外部網 站、政 府 部 門 等 作 出 有 關 貸 款 還 款 問 題 的 投 訴。該等投訴回應率為100%,回應時間為在收 到投訴的24小時之內首次回訪報告期內,投訴 解決率高達約90%。

Protection of intellectual property rights

In recent years, the nation has attached great importance to intellectual property protection and supported enterprises to maintain their own legal interests. In addition to our own efforts, we also made active utilization of the relevant national policies and regulations to protect the intellectual property of our brands, thus to continually improve our brand competitiveness which in turn promised better services for users. The regulations that we are subject to are as follows:

Copyright Law of the People's Republic of China Trademark Law of the People's Republic of China Tort Law of the People's Republic of China (repealed on 1 January 2021) Patent Law of the People's Republic of China

Trademarks are important intangible assets of the Company. For enhancing trademark management, we have established the Management System for Trademarks, and the Intellectual Property Management Policy to regulate the naming, application and use of trademarks, and protect the trademark proprietary rights of the Company and third parties. The trademarks would be centrally managed by the legal department after the application of registration thereof, which would serve as the basis for the use of trademarks. Without written authorization of the Company, no third party is permitted to use such trademarks on any similar products of the Company or within the scope of such registration. With regard to the third parties authorized by the Company to use our registered trademarks, the relevant business departments and the legal department would exercise necessary supervision and regularly review their use of such trademarks.

In addition to the duties on trademark supervision performed by the legal department, our employees will also notify, through the relevant communication channels and mechanisms, to the legal department any infringement on the Company's trademarks by any third parties. The infringement, once verified through investigation, would be submitted to the decision-making department, the legal department may decide whether to report the infringement to the administration agencies for industry and commerce or initiate a lawsuit with the People's Court, for the purpose to stop and crack down such trademark infringement behavior.

知識產權保護

近年來,國家一直高度重視知識產權保護,支 持企業維護自身合法權益。我們在自身積極努 力的同時,亦借助國家政策、法規的支持積極 保護自身品牌的知識產權,不斷增強品牌競爭 力,為廣大用戶提供更為優質的服務,我們符 合相關的法規如下:

《中華人民共和國著作權法》 《中華人民共和國商標法》 《中華人民共和國侵權責任法》 (於2021年1月1日失效) 《中華人民共和國專利法》

商標是本公司重要的無形資產。為了加強商標 管理,我們制定了《商標管理制度 》及《知識產 權管理制度》,規範本公司的商標命名、商標申 請和商標使用,同時保護本公司及第三方的商 標專用權。商標申請註冊完成後,由法務部統 一管理,作為商標使用的依據。未經本公司書 面許可第三方不得在本公司近似產品或商標註 冊範圍內使用。獲本公司許可使用註冊商標的 第三方,相關業務部門和法務部會進行必要的 監督及定期檢查商標使用情況。

除法務部履行商標的監察職能外,我們的員工 如發現任何第三方侵犯本公司商標的行為,亦 會通過相關溝通渠道及機制告知法務部。事件 經查證屬實後會提交決策部門,由法務部決定 是否申報工商行政管理機關或向人民法院提出 訴訟等處理方式,制止並打擊商標侵權行為。

Protection of personal information

In order to improve the awareness of information security prevention of employees and protect corporate information security, the Company formulated 51 Credit Card Information Security General Policy and Information Security Management System in accordance with the national laws and regulations and the its security management requirements. The system follows the principles of "information security is everyone's responsibility" and "who uses who is responsible". All employees should comply with the said systems, actively learn information security knowledge, improve security prevention awareness and operational skills, and jointly protect and maintain the Company's information security to ensure the normal operation of the Company's various businesses.

Our credit management tool, 51 Credit Card Manager App, is the cornerstone for the development of our financial services ecosystem. We provide customers with our credit management service by obtaining the credit card statements of our users primarily from the users' email accounts based on the users' authorization or from the users' import. The day-to-day operation of the credit card management platform involves processing and storing a large amount of personal information of users, which includes not only the basic personal information (including mobile phone number or account information of social media) provided to us at user registration, but also the credit card transaction records from different banks, consumption history records for different occasions, and repayment data through users' life cycles. Our brand reputation is critical to our business and competitiveness. Therefore, it is a critical task for us to ensure the security of personal information on our platforms and comply with the relevant laws and regulations relating to Internet security and privacy protection as well as the following regulations:

個人信息保護

為了提高員工信息安全防範意識,保障公司信 息安全,本公司依據國家法律法規及本公司的 安全管理要求,制定《 51信用卡信息安全總體 策略》、《信息安全管理制度》。制度遵循「信息 安全,人人有責」、「誰使用,誰負責」的原則, 全體員工應當遵守上述制度,積極學習信息安 全知識,提高安全防範意識和操作技能,共同 保障和維護公司信息安全,確保公司各項業務 正常開展。

我們的信用管理工具51信用卡管家應用為我們 金融服務生態系統發展的基石。我們根據用戶 授權或導入從用戶的電郵賬戶獲得信用卡賬單 來為客戶提供信用管理服務。信用卡管理平台 日常處理及儲存大量用戶的個人信息,除包括 用戶註冊時所提供基本的個人信息(包括移動 電話號碼或社交媒體賬戶信息)外,還包括來 自不同銀行的信用卡交易記錄、不同消費場合 的消費記錄以及用戶生命週期內的還款記錄。 品牌聲譽對我們的業務及競爭力至關重要。因 此,確保平台個人信息安全,並遵守網絡安全 與隱私保護相關的法律法規和以下規定是我們 非常重要的任務:

Cybersecurity Law of the People's Republic of China

Measures for Cybersecurity Review

• Several Provisions on Regulating the Market Order of Internet Information Services
• Decision on Strengthening Network Information Protection by the Standing Committee of the National People's Congress
• Provisions on Protection of Personal Information of Telecommunication and Internet Users
• Criminal Law of the People's Republic of China and the relevant amendments

Information Technology – Personal Information Security Specification

Interpretations of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in the Handling of Criminal Cases Involving Infringement of Citizens' Personal Information

In order to keep alert for attacks from external or internal sources, we have implemented the Information Security Management System, setting out a series of the following measures to protect privacy and information security, which are detailed as below:

• (i) encryption and privacy protection. Our platform employs sophisticated Internet technology to effect multiple authentication and encryption for data such as all the account information and capital information, which shall not be disclosed without the consent of our customers and the authorizations by relevant laws and regulations;
• (ii) security technology support. We apply multi-layer firewall to monitor the data security and our intrusion detection system would make real-time feedback to prevent any intrusion and hence ensure the information security;
• (iii) at the time of employment, the human resource department have arranged the signing of formal labor contract and confidentiality agreement with the employee. The confidentiality agreement clearly provides for, among others, the content subject to confidentiality and the validity term of the agreement, etc.;

《中華人民共和國網絡安全法》 《網絡安全審查辦法》 《規範互聯網信息服務市場秩序若干規定》

• 《全國人民代表大會常務委員會關於加強網絡信 息保護的決定》 《電信和互聯網用戶個人信息保護規定》
• 《中華人民共和國刑法》及相關修正案

《信息安全技術個人信息安全規範》

《最高人民法院、最高人民檢察院關於辦理侵犯 公民個人信息刑事案件適用法律若干問題的 解釋》

為提高警惕防範不論外來或是內部的攻擊,我 們實施了《信息安全管理制度》,制度的一系列 的操作保障信息隱私和信息安全詳情如下:

• (i) 加密及隱私保護。我們平台使用先進的 互聯網技術對所有賬戶信息及資金信息 等數據實施多重認證和加密,在未經客 戶同意以及相關法律法規規定的情況 下,不得將信息外泄;
• (ii) 安全技術支持。我們設置多層防火牆保 障數據的安全監控,入侵檢測系統時實 時反饋,防範入侵,以確保信息的安全;

• (iii) 員工入職時,人力資源部已經與員工簽 訂正規的勞動合同以及保密協議,保密 協議中明確地告知員工需保密的內容及 協議有效時間等;

• (iv) where a third party stay in the Company for business purpose, the relevant department of the Company shall be responsible for the management of such third party and arrange due registration with the administrative department. Such third party shall also sign a confidentiality agreement with the Company to inform the third party of the prohibited behavior. We have strict regulations on the activities, limits of authority, use of resources of such third party at the Company. Without prior approval, no confidential information shall be disclosed to any person. It is strictly prohibited to copy, spread or disclose, without our authorization, any confidential information such as customer's identity and transaction records; and

• (v) we have entered into an agreement with a reputable thirdparty insurance provider in relation to the provision of insurance covering the risk of personal information leakage.

In addition, we plan to enhance our technology and risk management infrastructure, in particular for big data analysis and artificial intelligence technology with the focus on anti-fraud, deep learning in image analysis, behavior analysis, relationship mapping, automatic user interaction and intelligent user operation. Specifically, investment in artificial intelligence and big data will enable us, among others, to:

• (i) further develop facial recognition and voice recognition system to minimize the risks of fraud;
• (ii) increase the level of automation and precision of our interactive Help Center that serves as a starting point for any question our users may have; and

• (iii) optimize our risk pricing capabilities in data processing and analysis.

• (iv) 當第三方因為工作原因需要在本公司駐 場時,應當由本公司內部對接部門負責 管理並配合行政部門做好登記工作,並 與本公司簽訂保密協議,告知第三方人 員禁止的行為。該第三方人員在本公司 活動、權限、資源使用都有嚴格的規定。 任何保密信息未經事先批准,將不會透 露給任何人。嚴禁擅自複製、傳播、洩露 客戶身份和交易記錄等機密信息;及

• (v) 我們已與一間有信譽的第三方保險供應 商訂立協議,以提供涵蓋個人信息洩漏 風險的保險。

另外,我們計劃加強我們的技術及風險管理基 礎設施,尤其是大數據分析及人工智能技術領 域,藉以專注於反欺詐、圖像分析深度學習、行 為分析、關係影射、自動用戶互動及智能用戶操 作。具體而言,人工智能及大數據方面的投資令 我們可(其中包括):

• (i) 進一步開發人臉識別及語音識別系統以 儘量減少欺詐風險;
• (ii) 提高我們交互式幫助中心(作為我們用戶 可能遇到的任何問題的起點)的自動化水 平及精確度;及
• (iii) 優化我們在數據處理及數據分析方面的 風險定價能力。

Aspect B7: Anti-corruption

In order to regulate the smooth development of various anti-money laundering and anti-terrorist financing of the Company, to clarify the focus and division of responsibilities of anti-money laundering and antiterrorist financing, and to strengthen the supervision and management requirements, the Company has developed the Management System on Anti-corruption and Anti-terrorist Financing to monitor and report any suspected money laundering activities in compliance with the requirements of the Anti-money Laundering Law of the People's Republic of China, the Interim Measures for the Administration of the Business Activities of Online Lending Information Intermediary Institutions and the Measures for the Administration of Combating Money Laundering and Financing of Terrorism by Providers of Internet Financial Services (for Trial Implementation). The anti-money laundering procedures include:

• (i) the capital management department took the lead in anti-money laundering and anti-terrorist financing management, was responsible for the process, design and implementation of customers' identity verification, established a monitoring and reporting system for antimoney laundering and anti-terrorist financing, and issued relevant reports for large-value transactions and suspicious transactions;
• (ii) performing comprehensive analysis and assessment on the moneylaundering risks of loan applicants;
• (iii) the technology research and development center was responsible for maintaining customer data and transaction records;
• (iv) the internal control department was responsible for the supervision, inspection and publicity of the Company's internal antimoney laundering and anti-terrorist financing; and
• (v) the human resources department was in charge of the organization of the anti-money laundering training.

B7方面:反腐倡廉

為規範本公司各項反洗錢、反恐怖融資工作的 有序開展,明確反洗錢、反恐怖融資工作重點 和職責分工,強化監督管理要求,根據《中華人 民共和國反洗錢法》、《網絡借貸信息中介機構 業務活動管理暫行辦法》、《互聯網金融從業機 構反洗錢和反恐怖融資管理辦法(試行)》的規 定,制定了《反洗錢、反恐怖融資工作管理制 度 》來監察及報告任何疑似洗黑錢活動,反洗 黑錢程序包括:

• (i) 由資金管理部牽頭負責反洗錢和反恐怖 融資管理工作,負責客戶身份認證的流 程、設計及實行,並建立反洗錢、反恐怖 融資監測報告體系,針對大額交易和可 疑交易出具相關報告;
• (ii) 全面分析及評估貸款申請人的洗黑錢風 險;
• (iii) 由技術研發中心負責保存客戶資料和交 易記錄;
• (iv) 由內控部負責本公司內部反洗錢和反恐 怖融資工作的監督、檢查及宣傳;及
• (v) 由人力資源部負責組織反洗錢的培訓。

Bribery and any form of corruption behavior is forbidden by the Company. We have prepared procedures to comply with the following regulations:

本公司嚴禁賄賂和任何形式腐敗行為。我們已 制定程序以符合相關的法規如下:

Provisional Rules on Prohibition of Business Bribery Behavior Anti-Monopoly Law of the People's Republic of China Law of the People's Republic of China Against Unfair Competition 《關於禁止商業賄賂行為的暫行規定》 《中華人民共和國反壟斷法》 《中華人民共和國反不正當競爭法》

We have established the Anti-corruption Administration Rules which defined corruption behavior, and set rewards to encourage reporting and provide reporting channels. We would take severe disciplinary action against any staff conducting corruption.

During the Reporting Period, the Company had no corruption or bribery cases (2019: Nil).

我們已訂立《反腐敗管理制度 》,定義腐敗行 為,設置獎勵以鼓勵舉報並提供舉報途徑。我 們會向任何作出腐敗行為的員工予以嚴厲的處 罰。

在報告期內,本公司並無( 2019年:無)任何貪 污或賄賂個案。

8. OUR COMMUNITY

Aspect B8: Community Investment

The Company endeavors to shoulder more social responsibility by active participation in public welfare activities, so as to give positive feedback to the users and society for their caring and supports. Meanwhile, we also wish increasing number of enterprises and users would be influenced by our efforts to care about children in remote rural area, promoting healthy and happy life for them.

Set out below are some of our contributions and programmes in respect of community investment during the Reporting Period:

Poverty alleviation and assistance for children and teenagers

• (i) "Home of 51 Credit Card Rainbow Dream Programme" is our public welfare programme aiming to give a warm home to kids. The Company provides long-term financial assistance to the kids at Hualansi Primary School in the rural area of Dangbao Village, Tongwei County, Dingxi, Gansu;
• (ii) public welfare programme titled "Home of 51 Credit Card" is promoted to encourage the public to participate in such programme to provide constant support to the kids in the rural area;
• (iii) approximately RMB16,000 had been donated to Zhejiang Dream-Come-True Fund*(浙江省陽光圓夢基金會)to support the charity's mission of helping the poor and needy, caring for the healthy growth of teenagers and children and fulfilling their dreams; and
• (iv) the Company and some of its employees have long been committed to seeking learning opportunities for children living in poverty and provide assistance for solving their fundamental schooling problems through donations of tuition and miscellaneous fees.

八、 我們的社區

B8方面:社區投資

本公司致力肩負起更多社會責任,積極從事公 益 活 動 以 回 饋 用 戶 及 社 會 的 關 注 與 支 持。同 時,我們也希望通過自身的影響力號召更多企 業與用戶關注山區兒童,讓孩子們的成長更健 康、快樂。

以下是我們在報告期內投放於社區的一些貢獻 及活動:

扶貧和兒童及青少年援助

• (i) 「 51信用卡之家 彩虹夢想計劃」公益項 目旨在給予孩子一個溫暖的家。本公司 長期資助在甘肅省定西市通渭縣黨堡村 山區花蘭寺小學的孩子們;
• (ii) 持續對「 51信用卡之家」公益項目進行推 介,呼籲更多的社會大眾參與,持續支持 這些山裡的孩子;
• (iii) 向浙江省陽光圓夢基金會捐款人民幣約 16,000元以支持該慈善組織扶貧濟困、關 注青少年兒童健康成長、圓夢心願的使 命;及
• (iv) 本公司及部份員工長期關注貧困兒童的 學習問題,並通過捐助學習費用為他們 基本就學問題提供援助。

Assistance in response to COVID-19 epidemic

• (i) In March 2020, affected by COVID-19 epidemic, a large amount of agricultural products such as black rice and qingtuan in Hangzhou failed to be sold, resulting in excessive inventories and thus seriously affecting the livelihood of the local community. The Company took the initiative to help solve the sales problem of the slow-moving agricultural products and assisted in the sales of Shexiangyuan Food Company*(�鄉��品�司);
• (ii) Responding to the call for epidemic prevention donation organized by the state, set up 4 teams to initiate epidemic prevention donation activities on their own, and employees made donations for epidemic prevention on a voluntary basis; and
• (iii) Leading our colleagues to make donations to employee's family members who need medical treatment to help the employee to tide over the difficulties.

COVID-19疫情援助

• (i) 於2020年3月,COVID-19疫情導致大量杭 州農產品如烏米飯、青團等未能售出,導 致大量囤積,嚴重影響當地生計。本公司 主動幫助解決擱置農產品的銷售問題, 為畬鄉園食品公司進行助銷;
• (ii) 響應國家組織的防疫捐贈號召,以四個 支部為單位分別發起防疫捐贈活動,員 工自願為防疫捐贈資金;及
• (iii) 帶領同事一起為員工家屬疾病就醫發起 捐款,幫助同事共渡難關。

* The English name(s) has/have been transliterated from its/their respective Chinese name(s) and is/are for identification only.

To the Shareholders of 51 Credit Card Inc. (incorporated in the Cayman Islands with limited liability)

OPINION

What we have audited

The consolidated financial statements of 51 Credit Card Inc. (the "Company") and its subsidiaries (the "Group") set out on pages 139 to 311, which comprise:

• the consolidated statement of financial position as at 31 December 2020;
• the consolidated statement of comprehensive loss for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements, which include a summary of significant accounting policies.

Our opinion

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2020, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards ("IFRSs") and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

致51信用卡有限公司股東 (於開曼群島註冊成立之有限公司)

意見

我們已審核的內容

51信用卡有限公司(「貴公司」)及其附屬公司(「貴集 團」)列載於第139頁至第311頁的綜合財務報表,包 括:

• 於2020年12月31日的綜合財務狀況表;
• 截至該日止年度的綜合全面虧損表;
• 截至該日止年度的綜合權益變動表;
• 截至該日止年度的綜合現金流量表;及
• 綜合財務報表附註,包括主要會計政策概要。

我們的意見

我們認為,該等綜合財務報表已根據《國際財務報告 準則》真實而公允地反映了貴集團於2020年12月31日 的綜合財務狀況及其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 露規定妥為擬備。

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing ("ISAs"). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements 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.

Key audit matters identified in our audit are summarised as follows:

• Recognition of revenue and quality assurance fund payable
• Measurement of expected credit losses
• Impairment assessments of goodwill and payment license

意見的基礎

我們已根據《國際審計準則 》進行審核。我們在該等 準則下承擔的責任已在本報告「核數師就審核綜合財 務報表承擔的責任」部分中作進一步闡述。

我們相信,我們所獲得的審核憑證能充足及適當地 為我們的意見提供基礎。

獨立性

根據國際會計師專業操守理事會頒佈的《專業會計師 道德守則》(包括國際獨立性準則)(「道德守則」),我 們獨立於貴集團,並已履行道德守則中的其他專業 道德責任。

關鍵審核事項

關鍵審核事項是根據我們的專業判斷,認為對本期 綜合財務報表的審核最為重要的事項。這些事項是 在我們審核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。

我們在審核中識別的關鍵審核事項概述如下:

• 收益及應付質量保證金確認
• 預期信用損失計量
• 商譽及支付牌照減值評估

KEY AUDIT MATTERS (Cont'd) 關鍵審核事項(續)

Recognition of revenue and quality assurance fund payable ("QAF payable") 收益及應付質量保證金(「應付質量保證金」)確認

Refer to Notes 5 and 24 to the consolidated financial statements. 請參閱綜合財務報表附註5及24。

During the year ended 31 December 2020, the Group had recognized revenue of credit facilitation and service fee of approximately RMB95 million. As at 31 December 2020, the amount of QAF payable amounted to approximately RMB54 million.

截至2020年12月31日止年度,貴集團已確認信貸撮合及服務費收益約人 民幣95百萬元。於2020年12月31日,應付質量保證金的金額為約人民幣 54百萬元。

The total proceeds from borrowers generally includes the services fees for facilitating loan origination and for providing ongoing monthly services, and contribution to the QAF payable, which provides a protection mechanism to investors of the loans.

從借款人收到的總款項一般包括促成貸款發放及提供持續每月服務的 服務費,以及對應付質量保證金的出資,質量保證金向該等貸款的投資 者提供保障機制。

Of the total proceeds from borrowers, the portion meeting the definition of a financial guarantee is first allocated to the QAF payable at fair value, and the remaining amount is then allocated to credit facilitation and service fee. The initial recognition of QAF payable is based on the determination of the estimated loss rate of the financial guarantee.

從借款人收到的總款項中,符合財務擔保定義的部分首先按公允價值 分配至應付質量保證金,餘額則分配至信貸撮合及服務費。初始確認應 付質量保證金乃依由財務擔保的估計損失率決定。

Key Audit Matter How our audit addressed the Key Audit Matter 關鍵審核事項 我們的審核如何處理關鍵審核事項

Our procedures in relation to recognition of revenue and QAF payable included:

我們就收益及應付質量保證金確認進行的程序包括:

We obtained an understanding of the management's assessment process of recognition of revenue and QAF payable, and assessed the inherent risk of material misstatement by considering the degree of estimation uncertainty and level of other inherent risk factors such as complexity and subjectivity.

我們了解管理層確認收益及應付質量保證金之評估過 程,並通過考慮估計的不確定性程度及其他固有風險 因素的水平,如複雜性及主觀性,評估了重大失實陳 述的固有風險。

We made enquires of management and inspected supporting documents to evaluate the key controls in respect of recognition of revenue and QAF payable, including the management's review and approval process over the determination of estimated loss rate of the financial guarantee.

我們向管理層作出查詢並檢查證明文件,以評估有關 收益及應付質量保證金確認的關鍵控制,包括管理層 對釐定財務擔保的估計損失率的審批程序。

For the key underlying systems used for processing transactions in relation to credit facilitation and service fee as well as QAF payable, we tested the general control environment and automated controls of the information technology system. We tested the interface between the operating and financial systems.

對於用於處理與信貸撮合及服務費以及應付質量保證 金相關交易的關鍵相關系統,我們測試了信息技術系 統的整體控制環境及自動控制。我們測試了運營及財 務系統之間的交互。

KEY AUDIT MATTERS (Cont'd)

Recognition of revenue and quality assurance fund payable ("QAF payable") (Cont'd)

收益及應付質量保證金(「應付質量保證金」)確認(續)

We identified the recognition of revenue and QAF payable as a key audit matter taking in consideration of i) the recognition of revenue and QAF payable relies on the Group's self-developed IT systems which process a large volume of revenue transactions and transfer the operational data for financial reporting process; ii) the magnitude of the credit facilitation and service fee and QAF payable recognized; iii) the significant judgements applied by management in the recognition of revenue and QAF payable; and iv) the inherent risk in relation to the recognition of revenue and QAF payable is considered significant.

考慮到i)確認收益及應付質量保證金依賴貴集團自主開發的信息科技系 統,該系統處理大量的收益交易並將運營數據轉為用於財務報告流程; ii)信貸撮合及服務費以及應付質量保證金的重要性;iii)管理層在確認收 益及應付質量保證金時應用的重大判斷;及iv)與確認收益及應付質量 保證金有關的固有風險被認為屬重大,我們將收益及應付質量保證金 確認列為關鍵審核事項。

關鍵審核事項(續)

Key Audit Matter How our audit addressed the Key Audit Matter 關鍵審核事項 我們的審核如何處理關鍵審核事項

We tested, on a sample basis, revenue transactions by checking the cash receipts/payments, reviewing the underlying contracts, identifying the key terms and attributes from the contracts, obtaining the underlying data from the system used in the transaction processes, and recalculating the revenue amount.

我們通過核查現金收款╱付款、審查相關合同、確定 合同中的關鍵條款及特徵、從交易處理中所使用的系 統獲取相關數據及重新計量收益金額,抽樣測試了收 益交易。

We obtained the management's calculation of the estimated loss rate and tested, on a sample basis, the major underlying data. And we further tested the mathematical accuracy of the estimated loss rate.

我們獲取了管理層對估計損失率的計算,並抽樣測試 了主要的相關數據。我們進一步測試了估計損失率的 算術準確性。

Based on the procedures performed, we found the Group's recognition of revenue and QAF payable was supported by the available evidence.

基於進行的程序,我們認為貴集團的收益及應付質量 保證金確認已獲可得證據的支持。

KEY AUDIT MATTERS (Cont'd)

Measurement of expected credit losses 預期信用損失計量 關鍵審核事項 我們的審核如何處理關鍵審核事項

Refer to Notes 4.1.2, 12, 23, 24, 25, 26 and 27 to the consolidated financial statements.

請參閱綜合財務報表附註4.1.2、12、23、24、25、26及27。

As at 31 December 2020, the Group's gross loans to customers and contract assets amounted to approximately RMB454 million and approximately RMB639 million, and a loss allowance of approximately RMB283 million and approximately RMB603 million was recognized respectively; the exposure of quality assurance fund receivable ("QAF receivable") amounting to approximately RMB813 million and the loss allowance of QAF receivable and QAF payable amounting to approximately RMB791 million and RMB54 million respectively was recognized. 於2020年12月31日,貴集團客戶貸款的總額及合約資產分別為約人民幣 454百萬元及約人民幣639百萬元,確認虧損撥備約人民幣283百萬元及 約人民幣603百萬元;應收質量保證金(「應收質量保證金」)敝口為約人 民幣813百萬元,而應收質量保證金及應付質量保證金確認虧損撥備分 別約人民幣791百萬元及人民幣54百萬元。

關鍵審核事項(續)

Key Audit Matter How our audit addressed the Key Audit Matter

Our audit procedures in relation to measurement of ECL for loans to customers, contract assets, QAF receivable and payable included:

我們就客戶貸款、合約資產、應收質量保證金及應付 質量保證金的預期信用損失計量進行的審核程序包 括:

We obtained an understanding of the management's assessment process of measurement of expected credit losses, and assessed the inherent risk of material misstatement by considering the degree of estimation uncertainty and level of other inherent risk factors such as complexity and subjectivity.

我們了解管理層對預期信用損失計量之評估過程,並 通過考慮估計的不確定性程度及其他固有風險因素的 水平,如複雜性及主觀性,評估了重大失實陳述的固 有風險。

We understood, evaluated and tested the internal controls related to ECL for loans to customers, contract assets, QAF receivable and payable, primarily including the review and approval of portfolio segmentation, parameters estimation, criteria for determining whether or not there is a SICR, or credit-impaired and economic indicators for forward-looking scenarios;

我們了解、評估及測試了與客戶貸款、合約資產、應收 質量保證金及應付質量保證金的預期信用損失相關的 內部控制,主要包括對投資組合細分、參數估計、釐定 是否存在信用風險顯著增加、或已發生減值的標準及 前瞻分析中使用的經濟指標的審閱及批准。

KEY AUDIT MATTERS (Cont'd)

Measurement of expected credit losses (Cont'd) 預期信用損失計量(續) 關鍵審核事項 我們的審核如何處理關鍵審核事項

The Group assesses whether the credit risk of loans to customers, contract assets, QAF receivable and payable have increased significantly since their initial recognition, and apply an impairment model to calculate their expected credit losses ("ECL"). In assessing the ECL, management use the risk parameter modelling approach that incorporates various parameters, including the portfolio segmentation, parameters estimation, criteria for determining whether or not there is a significant increase in credit risk ("SICR"), or credit-impaired and economic indicators for forward-looking scenarios.

貴集團評估客戶貸款、合約資產、應收質量保證金及應付質量保證金的 信用風險自初步確認以來是否大幅增加,並採用減值模型計算其預期 信用損失(「預期信用損失」)。在評估預期信用損失時,管理層使用風險 參數模型法,該方法包含各種參數,包括投資組合細分、參數估計、釐 定是否存在信用風險顯著增加(「信用風險顯著增加」)或已發生信用減 值的標準及用於前瞻分析的經濟指標。

關鍵審核事項(續)

Key Audit Matter How our audit addressed the Key Audit Matter

We reviewed the modelling methodologies for ECL measurement, and assessed the reasonableness, based on our industry knowledge with reference to the industry benchmarks, of the por tfolio segmentation and key parameters estimation. We examined the calculation for model measurement on a sample basis, to test whether or not the measurement models reflect the modelling methodologies documented by the management.

我們審閱了預期信用損失計量的建模方法,並基於行 業知識及參考行業標準評估了投資組合細分及關鍵參 數估計的合理性。我們抽樣檢查了模型測量的計算, 以測試測量模型是否反映了管理層記錄的建模方法。

We selected sample of loans, to assess the appropriateness of management's identification of SICR, defaults and creditimpaired loans.

我們選取貸款樣本,以評估管理層識別信用風險顯著 增加、違約及已發生信用減值的貸款的適當性。

For forward-looking measurement, we reviewed the management's model analysis of their selection of economic indicators, economic scenarios and weightings employed, assessed the reasonableness of the prediction of economic indicators and reviewed sensitivity analysis of economic indicators performed by management.

對於前瞻性計量,我們審閱了管理層篩選經濟指標、 經濟情景及權重的模型分析,評估了經濟指標預測的 合理性,並檢討了管理層對經濟指標的敏感性分析。

KEY AUDIT MATTERS (Cont'd)

Measurement of expected credit losses (Cont'd) 預期信用損失計量(續) 關鍵審核事項 我們的審核如何處理關鍵審核事項

We identified the measurement of ECL as a key audit matter due to i) the magnitude of the loss allowance for loans to customers, contract assets, QAF receivable and payable; ii) complex calculation models, significant judgement and assumptions used by management in determining the ECL, and iii) the inherent risk in relation to the measurement of expected credit losses is considered significant.

我們將預期信用損失的計量確定為關鍵審核事項,原因為i)客戶貸款、 合約資產、應收質量保證金及應付質量保證金的虧損撥備的重要性;ii) 管理層在確定預期信用損失時使用的複雜計算模型、重大判斷及假設; 及iii)與預期信用損失計量有關的固有風險被認為屬重大。

關鍵審核事項(續)

Key Audit Matter How our audit addressed the Key Audit Matter

We examined major data inputs to the ECL models on selected samples, including historical data and data at the measurement date, to assess their accuracy and completeness.

我們檢查了選定樣本的預期信用損失模型的主要數據 輸入,包括歷史數據及於計量日期的數據,以評估其 準確性和完整性。

Based on the procedures performed, in the context of the inherent uncertainties associated with measurement of ECL for loans to customers, contract assets, QAF receivable and payable, we found the models, key parameters, significant judgement and assumptions adopted by management were supported by the available evidence.

基於進行的程序,考慮計量客戶貸款、合約資產、應收 質量保證金及應付質量保證金的預期信用損失的固有 不確定性,我們認為管理層採用的模型、關鍵參數、重 大判斷及假設是已獲可得證據支持的。

KEY AUDIT MATTERS (Cont'd)

Impairment assessments of goodwill and payment license 關鍵審核事項 我們的審核如何處理關鍵審核事項

商譽及支付牌照減值評估

Refer to Notes 13 and 19 to the consolidated financial statements. 請參閱綜合財務報表附註13及19。

As at 31 December 2020, the net carrying amount of goodwill was approximately RMB34 million, after netting off impairment charged of the profit and loss was approximately RMB449 million. In 2020, the amount of goodwill impairment charged to the profit and loss was approximately RMB303 million. 於2020年12月31日,經扣除計入損益之減值為約人民幣449百萬元後,商 譽的賬面淨值為約人民幣34百萬元。於2020年,計入損益之商譽減值之 金額為約人民幣303百萬元。

As at 31 December 2020, the net carrying amount of license was approximately RMB459 million, after netting off impairment charged of the profit and loss was approximately RMB40 million. In 2020, the amount of license impairment charged to the profit and loss was approximately RMB40 million.

於2020年12月31日,經扣除計入損益之減值為約人民幣40百萬元後,牌 照的賬面淨值為約人民幣459百萬元。於2020年,計入損益之牌照減值 之金額為約人民幣40百萬元。

關鍵審核事項(續)

Key Audit Matter How our audit addressed the Key Audit Matter

Our procedures in relation to the impairment assessments of goodwill and payment license included: 我們就商譽及支付牌照減值評估進行的程序包括:

We obtained an understanding of the management's assessment process of impairment assessments of goodwill and payment license, and assessed the inherent risk of material misstatement by considering the degree of estimation uncertainty and level of other inherent risk factors such as complexity and subjectivity.

我們了解管理層對商譽及支付牌照減值評估之評估過 程,並通過考慮估計的不確定性程度及其他固有風險 因素的水平,如複雜性及主觀性,評估了重大失實陳 述的固有風險。

We understood and tested management's process and controls in respect of the impairment assessments, including the review of the implementation of impairment standards and the determination of the key assumptions.

我們了解並測試了管理層有關減值評估的程序及控 制,包括審閱減值準則的實施情況及關鍵假設的釐 定。

We identified the cash-generating unit ("CGU") and evaluating the composition of the assets and liabilities allocated to the CGU and assessing the FVLCD and value-inuse calculation methodology used by management. 我們識別現金產生單位(「現金產生單位」)及評估分配 至現金產生單位的資產及負債的組成部分及評估公允 價值減出售成本以及管理層所使用的使用價值計算方 法。

We assessed the competency, capabilities and objectivity of the external valuation experts engaged by management. 我們評估了管理層委聘的外部估值專家的資格、能力 及客觀性。

KEY AUDIT MATTERS (Cont'd)

Impairment assessments of goodwill and payment license (Cont'd) 商譽及支付牌照減值評估(續) Key Audit Matter How our audit addressed the Key Audit Matter 關鍵審核事項 我們的審核如何處理關鍵審核事項

Management is required to perform impairment assessment of goodwill and intangible assets with indefinite life (e.g. payment license) annually or more frequently if there is an impairment indicator.

管理層須每年對無限年期的商譽及無形資產(例如支付牌照)進行減值 評估,如果存在減值跡象則需要更頻繁地進行減值評估。

Management engaged external valuation experts to assist in performing impairment assessments of goodwill and payment license. The recoverable amounts of goodwill and payment license have been determined based on the higher amount of the fair value less cost of disposal ("FVLCD") and value-inuse calculation. Preparation of the value-in-use calculation supported by cash flow projections. Significant judgements and estimations were involved in the calculation which include use of key assumptions including annual revenue growth rate, operating profit margin and pre-tax discount rate etc.

管理層委聘外部估值專家協助進行商譽及支付牌照的減值評估。商譽 及支付牌照的可收回金額已根據公允價值減出售成本(「公允價值減出 售成本」)與使用價值計算的較高者釐定。編製使用價值計算使用現金 流量預測。計算中涉及重大判斷和估計,包括使用年度收益增長率、營 業利潤率及除稅前貼現率等關鍵假設。

We identified the impairment assessments of goodwill and payment license as a key audit matter due to the magnitude of the carrying amounts of goodwill and payment license and the complexity of the assessments which involve significant judgements and assumptions, and the inherent risk in relation to the impairment assessments of goodwill and payment license is considered significant. 我們將商譽及支付牌照的減值評估確定為關鍵審核事項,乃由於商譽 及支付牌照的賬面值重大,及評估的複雜性,其涉及重大判斷及假設, 及與商譽及支付牌照減值評估有關的固有風險被認為屬重大。

關鍵審核事項(續)

We assessed the appropriateness of the valuation models, the assumption of pre-tax discount rate and the accuracy of mathematical calculation applied in the valuation models with the involvement of our internal valuation experts.

我們在內部估值專家的參與下評估估值模型的適當 性、除稅前貼現率的假設及估值模型中應用的算術計 算的準確性。

We assessed the key assumptions adopted (including annual revenue growth rates and operating profit margin) by agreeing to the approved financial forecast models, and comparing actual results for the year against the prior year's forecast taking into consideration of market trends and our industry knowledge.

我們通過將關鍵假設(包括年度收益增長率及經營利 潤率)與各審批的財務預測模型核對,並將實際業績與 上一年的預測進行比較,比較時考慮市場趨勢及我們 的行業知識,以評估所採用的關鍵假設。

Based on the procedures performed, we found the models and assumptions adopted by management in the impairment assessments were supported by the available evidence. 基於我們進行的程序,我們認為管理層在減值評估中 採用的模型及假設已獲可得證據的支持。

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises all of the information included in the annual report other than the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF 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 IFRSs 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 reporting process.

其他信息

貴公司董事須對其他信息負責。其他信息包括年報 內的所有信息,但不包括綜合財務報表及我們的核 數師報告。

我們對綜合財務報表的意見並不涵蓋其他信息,我 們亦不對該等其他信息發表任何形式的鑒證結論。

結合我們對綜合財務報表的審核,我們的責任是閱 讀其他信息,在此過程中,考慮其他信息是否與綜合 財務報表或我們在審核過程中所了解的情況存在重 大抵觸或者似乎存在重大錯誤陳述的情況。

基於我們已執行的工作,如果我們認為其他信息存 在重大錯誤陳述,我們需要報告該事實。在這方面, 我們沒有任何報告。

董事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《國際財務報告準則》及香港 《公司條例 》的披露規定擬備真實而公允的綜合財 務報表,並對其認為為使綜合財務報表的擬備不存 在由於欺詐或錯誤而導致的重大錯誤陳述所需的內 部控制負責。

在擬備綜合財務報表時,董事負責評估貴集團持續 經營的能力,並在適用情況下披露與持續經營有關 的事項,以及使用持續經營為會計基礎,除非董事有 意將貴集團清盤或停止經營,或別無其他實際的替 代方案。

治理層須負責監督貴集團的財務報告過程。

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. We report our opinion solely to you, as a body, 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 ISAs 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 ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

核數師就審核綜合財務報表承擔的責任

我們的目標,是對綜合財務報表整體是否不存在由 於欺詐或錯誤而導致的重大錯誤陳述取得合理保 證,並出具包括我們意見的核數師報告。我們僅向閣 下(作為整體)報告我們的意見,除此之外本報告別 無其他目的。我們不會就本報告的內容向任何其他 人士負上或承擔任何責任。合理保證是高水平的保 證,但不能保證按照《國際審計準則》進行的審核,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,如果合理預期彼等個別或匯總 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《國際審計準則 》進行審核的過程中,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,設計及執行審核 程序以應對這些風險,以及獲取充足和適當的 審核憑證,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,或淩 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。
• 了解與審核相關的內部控制,以設計適當的審 核程序,但目的並非對貴集團內部控制的有效 性發表意見。
• 評價董事所採用會計政策的恰當性及作出會計 估計和相關披露的合理性。

獨立核數師報告

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

• 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.

核數師就審核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。根據所獲取的審核憑證,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核憑證。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 映相關交易和事項。
• 就貴集團內實體或業務活動的財務信息獲取充 足、適當的審核憑證,以便對綜合財務報表發 表意見。我們負責貴集團審核的方向、監督和 執行。我們為審核意見承擔全部責任。

除其他事項外,我們與治理層溝通了計劃的審核範 圍、時間安排、重大審核發現等,包括我們在審核中 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,相關的防範措施。

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

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 year and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Jack Li.

PricewaterhouseCoopers Certified Public Accountants Hong Kong, 30 March 2021

核數師就審核綜合財務報表承擔的責任(續)

從與治理層溝通的事項中,我們確定哪些事項對本 年度綜合財務報表的審核最為重要,因而構成關鍵 審核事項。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核項目合夥人為黎英 杰。

羅兵咸永道會計師事務所 執業會計師 香港,2021年3月30日

Consolidated Statement of Comprehensive Loss

綜合全面虧損表

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

		Year ended 31 December
			截至12月31日止年度
			2020	2019
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Credit facilitation and service fee	信貸撮合及服務費	5	95,427	1,173,082
Credit card technology service fee	信用卡科技服務費		45,829	152,261
Referral service fee	介紹服務費		26,585	289,146
Other revenue	其他收益	6	106,468	430,904
Total revenue			274,309	2,045,393
	收益總額
Origination and servicing expenses	辦理及服務開支	8	(308,951)	(870,463)
General and administrative expenses	一般及行政開支	8	(140,576)	(291,711)
Research and development expenses	研發開支	8	(70,032)	(194,815)
Sales and marketing expenses	銷售及營銷開支	8	(60,923)	(454,219)
Expected credit loss	預期信用損失	12	(665,465)	(1,265,465)
Other losses, net	其他虧損淨額	13	(466,799)	(294,016)
Total operating expenses	經營開支總額		(1,712,746)	(3,370,689)
Operating loss	經營虧損		(1,438,437)	(1,325,296)
Share of net loss of associates accounted	分佔使用權益法入賬的
for using equity method	聯營公司虧損淨額	20	(5,751)	(3,255)
Fair value gain of financial liabilities	按公允價值計入損益的
at fair value through profit or loss	金融負債公允價值收益		17,000	46,160
Finance expenses, net	財務開支淨額	14	(3,418)	(5,014)
Loss before income tax	除所得稅前虧損		(1,430,606)	(1,287,405)
Income tax (expense)/credit	所得稅(開支)╱抵免	15	(285,800)	176,362
Loss for the year	年度虧損		(1,716,406)	(1,111,043)
Loss for the year attributable to:	以下各項應佔年度虧損:
– Owners of the Company	-本公司擁有人		(1,699,071)	(1,128,878)
– Non-controlling interests	-非控股權益		(17,335)	17,835
			(1,716,406)	(1,111,043)

Consolidated Statement of Comprehensive Loss 綜合全面虧損表

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

		Year ended 31 December
			截至12月31日止年度
			2020	2019
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Other comprehensive loss	其他全面虧損
Items that may not be reclassified to profit or loss	不會重新分類至損益的項目
Currency translation differences	貨幣換算差額		(14,647)	(5,303)
Total comprehensive loss for the year, net of tax	年度全面虧損總額,扣除稅項		(1,731,053)	(1,116,346)
Total comprehensive loss attributable to:	以下各項應佔全面虧損總額:
– Owners of the Company	-本公司擁有人		(1,708,725)	(1,134,969)
– Non-controlling interests	-非控股權益		(22,328)	18,623
			(1,731,053)	(1,116,346)
Loss per share attributable to owners of	本公司擁有人應佔每股虧損
the Company
– basic and diluted	-基本及攤薄
(expressed in RMB per share):	(每股以人民幣列示):
Loss for the year – basic	年內虧損-基本	16	(1.56)	(1.13)
Loss for the year – diluted	年內虧損-攤薄	16	(1.56)	(1.13)

上述綜合全面虧損表應與相應附註一併閱讀。 The above consolidated statement of comprehensive loss should be read in conjunction with the accompanying notes.

Consolidated Statement of Financial Position

綜合財務狀況表

As at 31 December 2020 於2020年12月31日

			As at 31 December
			於12月31日
			2020	2019
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
ASSETS	資產
Non-current assets	非流動資產
Property and equipment, net	物業及設備淨額	17	121,937	179,185
Right-of-use assets	使用權資產	18	6,373	55,718
Intangible assets	無形資產	19	501,137	852,850
Investments accounted for using equity method	使用權益法入賬的投資	20	32,099	117,711
Financial assets at fair value through profit or loss	按公允價值計入損益的
	金融資產	21	100,693	153,318
Deferred income tax assets	遞延所得稅資產	22	101,745	390,894
Prepayments and other receivables	預付款項及其他應收款項	23	392	4,464
Total non-current assets	非流動資產總值		864,376	1,754,140
Current assets	流動資產
Quality assurance fund receivable	應收質量保證金	24	22,190	566,801
Contract assets	合約資產	25	35,487	711,741
Trade receivables	貿易應收款項	26	11,935	96,761
Prepayments and other receivables	預付款項及其他應收款項	23	132,128	386,528
Loans to customers, net	客戶貸款淨額	27	171,203	20,739
Restricted cash	受限制現金	28(b)	221,735	810,302
Cash and cash equivalents	現金及現金等價物	28(a)	412,684	1,283,144
Assets classified as held for sale	分類為持作出售資產		–	110,270
Total current assets	流動資產總值		1,007,362	3,986,286
Total assets	資產總值		1,871,738	5,740,426

Consolidated Statement of Financial Position 綜合財務狀況表

As at 31 December 2020 於2020年12月31日

		As at 31 December
		於12月31日
		2020	2019
	Note	RMB'000	RMB'000
	附註	人民幣千元	人民幣千元
EQUITY AND LIABILITIES	權益及負債
Equity	權益
Share capital	29 股本	90	79
Share premium	29 股份溢價	6,136,837	5,960,095
Shares held for employee incentive schemes	29 持作僱員獎勵計劃的股份	(11)	(12)
Reserves	30 儲備	(45,843)	(15,599)
Accumulated losses	累計虧損	(5,121,460)	(3,422,389)
Non-controlling interests	非控股權益	11,973	32,184
Total equity	權益總額	981,586	2,554,358
Liabilities	負債
Non-current liabilities Bank and other borrowings	非流動負債 32	27,483	149,046
Lease liabilities	銀行及其他借款 18	1,828	35,435
Deferred income tax liabilities	租賃負債 22	119,434	127,624
	遞延所得稅負債
Total non-current liabilities	非流動負債總額	148,745	312,105
Current liabilities	流動負債
Quality assurance fund payable	24 應付質量保證金	53,867	1,559,495
Payable to platform customers	應付平台客戶款項	129,653	707,842
Contract liabilities	25 合約負債	17,214	108,250
Bank and other borrowings	32 銀行及其他借款	171,563	19,821
Lease liabilities	18 租賃負債	2,988	12,012
Payable to trust senior tranche holders	應付信託優先級持有人款項	–	20,100
Trade and other payables	33 貿易及其他應付款項	316,338	404,032
Income tax payable	應付所得稅	2,414	11,347
Financial liabilities at fair value through profit or loss	34 按公允價值計入損益的金融負債	47,370	24,370
Liabilities directly associated with assets	與分類為持作出售資產直接
classified as held for sale	相關的負債	–	6,694
Total current liabilities	流動負債總額	741,407	2,873,963
Total liabilities	負債總額	890,152	3,186,068
Total equity and liabilities		1,871,738	5,740,426
	權益及負債總額

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

上述綜合財務狀況表應與相應附註一併閱讀。

The consolidated financial statements on pages 139 to 311 were approved by the Board of Directors on 30 March 2021 and were signed on its behalf.

Sun Haitao Zhao Ke 孫海濤 趙軻 Director Director

第139至311頁所載之綜合財務報表於2021年3月30日 獲董事會批准,並由下列代表簽署:

董事 董事

Consolidated Statement of Changes in Equity

綜合權益變動表

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

Attributable to equity holders of the Company

		本公司權益持有人應佔
		Share capital (Note 29)	Share premium (Note 29)	Shares held for employee incentive schemes (Note 29)	Reserves (Note 30)	Accumulated losses	Sub-total	Non controlling interests	Total
		股本 (附註29) RMB'000 人民幣千元	股份溢價 (附註29) RMB'000 人民幣千元	持作僱員 獎勵計劃 的股份 (附註29) RMB'000 人民幣千元	儲備 (附註30) RMB'000 人民幣千元	累計虧損 RMB'000 人民幣千元	小計 RMB'000 人民幣千元	非控股權益 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
As at 31 December 2018 Changes on initial application of IFRS 16	於2018年12月31日 首次應用國際財務報告 準則第16號時的	79	5,878,494	(14)	(57,450)	(2,291,794)	3,529,315	16,941	3,546,256
	變動	–	–	–	–	(1,506)	(1,506)	(209)	(1,715)
Restated balance as at 1 January 2019	於2019年1月1日的 經重列結餘	79	5,878,494	(14)	(57,450)	(2,293,300)	3,527,809	16,732	3,544,541
Comprehensive loss (Loss)/profit for the year Currency translation differences (Note 30)	全面虧損 年內(虧損)╱溢利 貨幣換算差額(附註30)	– –	– –	– –	– (6,091)	(1,128,878) –	(1,128,878) (6,091)	17,835 788	(1,111,043) (5,303)
Total comprehensive loss	全面虧損總額	–	–	–	(6,091)	(1,128,878)	(1,134,969)	18,623	(1,116,346)
Transactions with owners as their capacity as owners	與權益所有者以其 所有者的身份進行 的交易
Share incentives exercised and vested (Notes 29 and 30) Acquisition of additional equity interests	已行使及歸屬股份獎勵 (附註29及30) 收購一家附屬公司額外	–	89,542	2	(82,798)	–	6,746	–	6,746
in a subsidiary (Note 30) Share repurchase (Note 29)	股權(附註30) 股份購回(附註29)	– –	– (7,941)	– –	(24) –	– –	(24) (7,941)	(3,671) –	(3,695) (7,941)
Share incentives awarded under share incentive plan (Note 30) Profit appropriations to statutory reserves	股份獎勵計劃項下授出 的股份獎勵(附註30) 轉撥至法定儲備的溢利	–	–	–	130,553	–	130,553	–	130,553
(Note 30) Capital contribution by a non-controlling interest of a subsidiary	(附註30) 一家附屬公司非控股 權益的注資	– –	– –	– –	211 –	(211) –	– –	– 500	– 500
Total transactions with owners as their capacity as owners	與權益所有者以其 所有者的身份 進行的交易總額	–	81,601	2	47,942	(211)	129,334	(3,171)	126,163
As at 31 December 2019	於2019年12月31日	79	5,960,095	(12)	(15,599)	(3,422,389)	2,522,174	32,184	2,554,358

上述綜合權益變動表應與隨附的附註一併閱讀。 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Consolidated Statement of Changes in Equity

綜合權益變動表

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

			本公司權益持有人應佔
		Share capital (Note 29)	Share premium (Note 29)	Shares held for employee incentive schemes (Note 29)	Reserves (Note 30)	Accumulated losses	Sub-total	Non controlling interests	Total
		股本 (附註29) RMB'000 人民幣千元	股份溢價 (附註29) RMB'000 人民幣千元	持作僱員 獎勵計劃 的股份 (附註29) RMB'000 人民幣千元	儲備 (附註30) RMB'000 人民幣千元	累計虧損 RMB'000 人民幣千元	小計 RMB'000 人民幣千元	非控股權益 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
As at 1 January 2020	於2020年1月1日	79	5,960,095	(12)	(15,599)	(3,422,389)	2,522,174	32,184	2,554,358
Comprehensive loss Loss for the year Currency translation differences (Note 30)	全面虧損 年內虧損 貨幣換算差額(附註30)	– –	– –	– –	– (9,654)	(1,699.071) –	(1,699,071) (9,654)	(17,335) (4,993)	(1,716,406) (14,647)
Total comprehensive loss	全面虧損總額	–	–	–	(9,654)	(1,699,071)	(1,708,725)	(22,328)	(1,731,053)
Transactions with owners as their capacity as owners	與權益所有者以其 所有者的身份進行 的交易
Issuance of ordinary shares (Note 29) Share incentives exercised and vested (Notes 29 and 30)	發行普通股(附註29) 已行使及歸屬股份獎勵 (附註29及30)	11 –	87,944 88,798	– 1	(1,085) (85,523)	– –	86,870 3,276	– –	86,870 3,276
Acquisition of additional equity interest in a subsidiary (Note 30) Share incentives awarded under share	收購一家附屬公司額外 股權(附註30) 股份獎勵計劃項下授出	–	–	–	(4,257)	–	(4,257)	2,287	(1,970)
incentive plan (Note 30) Capital contribution by a non-controlling interest of a subsidiary	的股份獎勵(附註30) 一家附屬公司非控股	– –	– –	– –	49,039 –	– –	49,039 –	– 490	49,039 490
Conversion of convertible bonds transferred to shares of a subsidiary (Note 30)	權益的注資 一家附屬公司可換股債 券轉撥至股份 (附註30)	–	–	–	21,236	–	21,236	(660)	20,576
Total transactions with owners as their capacity as owners	與權益所有者以其 所有者的身份 進行的交易總額	11	176,742	1	(20,590)	–	156,164	2,117	158,281
As at 31 December 2020	於2020年12月31日	90	6,136,837	(11)	(45,843)	(5.121.460)	969,613	11,973	981,586

Attributable to equity holders of the Company

Consolidated Statement of Cash Flows

綜合現金流量表

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

		Year ended 31 December
			截至12月31日止年度
			2020	2019
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Operating activities	經營活動
Cash (used in)/generated from operations			(1,114,690)	210,333
Income tax paid	經營(所用)╱所得現金		(13,776)	(9,877)
	已付所得稅
Net cash (used in)/generated from	經營活動(所用)╱所得現金淨額
operating activities		36	(1,128,466)	200,456
Investing activities
Investments in associate accounted for using	投資活動
the equity method	使用權益法入賬的
	於聯營公司的投資		–	(18,904)
Proceeds from disposal of term deposit	出售定期存款所得款項		–	1,000
Investments in ordinary shares with preferential liquidation rights	於附帶優先清算權的
	普通股的投資		–	(15,167)
Proceeds from ordinary shares with preferential liquidation rights	附帶優先清算權的
	普通股所得款項		30,890	109,944
Dividend from ordinary shares with preferential liquidation rights	附帶優先清算權的
	普通股的股息		–	16,103
Investments in ordinary share of investees	於被投資公司普通股的投資		–	(20,624)
Proceeds from disposal of ordinary share of investees	出售被投資公司普通股所得款項		–	23,378
Investments in investment funds	於投資基金的投資		–	(5,000)
Investments in trust	於信託的投資		–	(15,000)
Interest from investment in trust			990	333
Proceeds from return of investment in trust	於信託的投資所得利息		8,929	–
Investments in wealth management products	於信託的投資收益所得款項		(6,800)	(778,015)
Proceeds from disposals of wealth management	於理財產品的投資
products	出售理財產品所得款項		6,800	1,346,974
Interest from wealth management products	理財產品所得利息		5	12,392
Decrease in restricted cash in forward foreign	遠期外匯合約受限制現金減少
exchange contract			–	5,108
Purchases of property and equipment	購買物業及設備		(2,338)	(4,048)
Purchases of intangible assets	購買無形資產		(1,152)	(7,117)
Disposal of property and equipment	出售物業及設備		4,637	–
Cash transferred to held for sale	轉撥至持作出售的現金		–	(73,437)
Proceeds from disposal of subsidiaries	出售附屬公司所得款項		75,141	–
Net cash generated from investing activities	投資活動所得現金淨額		117,102	577,920

Consolidated Statement of Cash Flows

綜合現金流量表 For the year ended 31 December 2020

截 至2020年12月31日止年度

		Year ended 31 December
			截至12月31日止年度
		Note 附註	2020 RMB'000 人民幣千元	2019 RMB'000 人民幣千元
Financing activities	融資活動
Proceeds from restricted share units vested and settled	已歸屬及結算的受限制股份單位 所得款項		3,276	2,185
Proceeds from issues of shares	發行股份所得款項		86,870	–
Proceeds from issuance of redeemable equity instrument	發行可贖回權益工具所得款項		40,000	–
Share repurchase	股份購回		–	(7,941)
Cash paid for acquisition of additional equity interest in a subsidiary	收購一家附屬公司額外股權的 已付現金		(1,970)	(3,695)
Cash received from capital contribution of non-controlling shareholders	從非控股股東的注資收取的現金		490	500
Proceeds from borrowings	借款所得款項		140,000	–
Repayment of borrowings	償還借款		(96,205)	(473,486)
Cash paid to trust senior tranche holders	已付予信託優先級持有人的現金		(20,100)	(189,400)
Interests paid to trust senior tranche holders	已付予信託優先級持有人的利息		(1,581)	(8,406)
Principal elements of lease payments	租賃付款的主要成分		(10,003)	(25,126)
Net cash generated from/(used in) financing	融資活動所得╱(所用)現金淨額
activities			140,777	(705,369)
Effect of exchange rate changes on cash and cash equivalents	匯率變動對現金及現金等 價物的影響		127	3,965
Net (decrease)/increase in cash and cash equivalents 現金及現金等價物
	(減少)╱增加淨額		(870,460)	76,972
Cash and cash equivalents at beginning of year	年初現金及現金等價物		1,283,144	1,206,172
Cash and cash equivalents at end of year	年末現金及現金等價物		412,684	1,283,144

The above consolidated statement of cash flows should be read in conjunction

上述綜合現金流量表應與隨附的附註一併閱讀。

with the accompanying notes.

1 GENERAL INFORMATION

51 Credit Card Inc. (the "Company") was incorporated in the Cayman Islands on 21 September 2017 as an exempted company with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of the Company's registered office is at Second Floor, Century Yard, Cricket Square, P.O. Box 902, Grand Cayman, KYI-1103, Cayman Islands.

The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 13 July 2018.

The Company is an investment holding company. The Company and its subsidiaries (together, the "Group") are principally engaged in the operation of mobile applications and the provision of online information services in the PRC.

The financial statements are presented in Renminbi ("RMB") and all values are rounded to the nearest thousand (RMB'000) except when otherwise indicated.

These consolidated financial statements were approved and authorised for issue by the Board of Directors ("the Board") of the Company on 30 March 2021.

1 一般資料

51信用卡有限公司(「本公司」)於2017年9月21 日根據開曼群島《公司法 》第22章( 1961年第3 號法律,經合併及修訂)在開曼群島註冊成立 為獲豁免有限責任公司。本公司的註冊辦事處 地址為Second Floor, Century Yard, Cricket Square, P.O. Box 902, Grand Cayman, KY1-1103, Cayman Islands。

本公司股份自2018年7月13日起在香港聯合交 易所有限公司(「聯交所」)主板上市。

本公司為投資控股公司。本公司及其附屬公司 (統稱「本集團」)主要於中國從事運營手機應 用及提供網絡信息服務。

財務報表以人民幣(「人民幣」)呈列,除另有說 明者外,所有金額均已湊整至最接近千位(人 民幣千元)。

該等綜合財務報表已經本公司董事會(「董事 會」)於2021年3月30日批准及授權刊發。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with all applicable IFRSs. The consolidated financial statements of the Group have been prepared under the historical cost convention, as modified by the revaluation of financial instruments at fair value through profit or loss ("FVPL"). The preparation of consolidated financial statements of the Group in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3 below.

During the year ended 31 December 2020, the Group incurred a continuous net loss attributable to owners of the Company of approximately RMB1,699,071,000 and a net cash used in operating activities of approximately RMB1,128,466,000. In addition, the Group's business results and liquidity position have been and will likely continue to be adversely impacted by the decrease in the volume of credit facilitation activities of the Group as a result of the following factors:

• (1) the release of a series of stricter regulatory notices and guidances in 2019, resulting in that the Group exited the P2P business in 2020 and focused on credit facilitation for institutional investors;
• (2) the ongoing outbreak COVID-19 pandemic in 2020 which put considerable downward pressure on the economy in the PRC, and caused the decline of the willingness for personal consumptions and the demands for personal consumer credit; and
• (3) an increase in credit risk associated with the personal credit market as a result of the current market conditions, leading the Group to adopt a more prudent strategy towards its credit facilitation business and focusing on customers with better credit quality.

2 重大會計政策概要

2.1 編製基準

本集團的綜合財務報表乃遵照所有適用 的國際財務報告準則編製。本集團的綜 合財務報表乃按歷史成本慣例編製,經 按公允價值計入損益(「按公允價值計入 損益」)的金融工具重估修訂。編製符合 國際財務報告準則的本集團的綜合財務 報表時需採用若干重大會計估計。其亦 要求管理層於應用本集團會計政策時作 出判斷。涉及高度的判斷或高度複雜性 的範疇,或涉及對綜合財務報表屬重大 假設和估算的範疇,在下文附註3披露。

截至2020年12月31日止年度,本集團產生 本公司擁有人持續應佔虧損淨額約人民 幣1,699,071,000元以及用於經營活動的淨 現金約人民幣1,128,466,000元。此外,下 列因素導致本集團的信貸撮合業務量的 縮減已經及或許對本集團的經營業績和 流動資金狀況持續產生不利影響:

• (1) 於2019年發佈的一系列更為嚴格的 監管通知和指引導致本集團在2020 年退出了P2P業務,並將業務重心 集中於與機構合作的信貸撮合業 務;
• (2) 2020年持續爆發的COVID-19疫情 給中國經濟帶來了巨大的下行壓 力,並造成了個人消費意願下降及 個人消費信貸需求縮減;及
• (3) 由於目前的市場狀況,與個人信貸 市場相關的信貸風險增加,導致本 集團對其信貸撮合業務採取更為審 慎的策略,並將重點放在更優信用 質量的客戶身上。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.1 Basis of preparation (Cont'd)

In view of the above circumstances, management has given careful consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient funds to fulfill its financial obligations and continue as a going concern. Management has prepared cash flow projections of the Group covering a period of not less than twelve months from 31 December 2020.

The Directors have reviewed the Group's cash flow projections and are of the opinion that, taking into account the Group's available funds and forecast cash flow from on-going businesses, the Group will have sufficient working capital to finance its operations and to meet its financial obligations and commitments for the twelve months from the year end of these consolidated financial statements. Accordingly, the Directors are satisfied that it is appropriate to prepare the consolidated financial statements on a going concern basis.

2 重大會計政策概要(續)

2.1 編製基準(續)

鑒於上述情況,管理層在評估本集團是 否有充足的資金來履行其財務義務並持 續經營時,已審慎考慮本集團未來的流 動資金和業績表現以及可利用的資金來 源。管理層已編製了本集團的現金流量 預測,涵蓋自2020年12月31日起不少於 十二個月的期間。

董事已審閱本集團的現金流量預測,並 認為,考慮到本集團的可動用資金和基 於持續經營業務的現金流量預測,本集 團將有足夠的營運資金為其運營提供 周轉,並在自本綜合財務報表年末起的 十二個月內履行其財務義務和承諾事 項。因此,董事信納按持續經營基準編製 綜合財務報表是適當的。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.1 Basis of preparation (Cont'd)

2.1.1 New and amended standards adopted by the Group

The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2020:

Amendments to	Definition of Material
International Accounting
Standards ("IAS") 1 and
IAS 8
Amendments to IFRS 3	Definition of a Business
Amendments to IFRSs	Revised Conceptual Framework for Financial
	Reporting
Amendments to IFRS 9,	Interest Rate Benchmark Reform
IAS 39 and IFRS 7

The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

2 重大會計政策概要(續)

2.1 編製基準(續) 2.1.1 本集團採納的新增及經修訂準則

本集團已於2020年1月1日開始的年 度報告期間首次應用以下標準及修 訂:

國際會計準則(「國際 會計準則」)第1號 及國際會計準則 第8號的修訂 重大的定義 國際財務報告準則 第3號的修訂 業務的定義 國際財務報告準則 的修訂 經修訂財務報告概 念框架 國際財務報告準則 第9號、國際會計 準則第39號及 國際財務報告準則 第7號的修訂 利率基準改革

上述修訂對先前各期確認的金額並 無任何影響,預期亦不會對當前或 未來各期產生重大影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.1 Basis of preparation (Cont'd)

2.1.2 New standards and interpretations not yet adopted

The Group has not adopted the following new or amended standards and interpretations issued by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee ("IFRIC"), that have been issued but are not yet effective.

2 重大會計政策概要(續)

2.1 編製基準(續) 2.1.2 尚未採納的新增準則及詮釋

本集團尚未採納國際會計準則理事 會(「國際會計準則理事會」)及國際 財務報告準則詮釋委員會(「國際財 務報告詮釋委員會」)已頒布但尚未 生效的下列新增或經修訂的準則及 詮釋。

Effective for annual periods beginning on or after

於以下日期或之後開始的 年度期間生效

Amendments to IFRS 16	(i)	COVID-19-Related Rent Concessions	1 June 2020
國際財務報告準則 第16號的修訂		COVID-19相關的租金減免	2020年6月1日
Amendments to IAS 1	(ii)	Amended by Classification of Liabilities as Current or Non-current	1 January 2022
國際會計準則第1號的修訂		通過將負債分類為流動或非流動進行修訂	2022年1月1日
Amendments to IFRS 3 國際財務報告準則 第3號的修訂	(iii)	Reference to the Conceptual Framework 引用概念框架	1 January 2022 2022年1月1日
Amendments to IAS 37 國際會計準則第37號的修訂	(iv)	Cost of Fulfilling a Contract 合約履約成本	1 January 2022 2022年1月1日
Amendments to IAS 16 國際會計準則第16號的修訂	(v)	Proceeds before Intended Use 預期用途前的收益	1 January 2022 2022年1月1日
Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41	(vi)	Annual Improvements 2018 – 2020 cycle	1 January 2022
國際財務報告準則第1號、 國際財務報告準則第9號、 國際財務報告準則第16號及 國際會計準則第41號的修訂		2018年至2020年週期年度改進	2022年1月1日
IFRS 17	(vii)	Insurance Contracts	1 January 2023
國際財務報告準則第17號		保險合約	2023年1月1日
Amendments to IFRS 10 and IAS 28	(viii)	Sale or Contribution of Assets between An Investor and Its Associate or Joint Venture	To be determined
國際財務報告準則第10號及國 際會計準則第28號的修訂		投資者與其聯營公司或合營公司之間出售 或出資的資產	待定

The Group anticipates that the adoption of the above new or amended standards will not have significant impact on the Group's financial information.

本集團預期適用上述新增或經修訂 的準則將不會對本集團的財務資料 產生顯著的影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.1 Basis of preparation (Cont'd)
• 2.1.2 New standards and interpretations not yet adopted (Cont'd)
  • (i) Amendments to IFRS 16: COVID-19-Related Rent Concessions

On 28 May 2020, the IASB issued amendments to IFRS 16: COVID-19-Related Rent Concessions that provide an optional practical expedient for lessees from assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account for such rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concession as variable lease payments in the period in which the event or condition that triggers the reduced payment occurs. The amendments are mandatory for annual reporting periods beginning on or after 1 June 2020, earlier application is permitted. The Group anticipates that the adoption of the amendments will not have a significant impact on the Group's financial information.

(ii) Amendments to IAS 1: Amended by Classification of Liabilities as Current or Non-current

The narrow-scope amendments to IAS 1: Presentation of Financial Statements clarify that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. The amendments could affect the classification of liabilities, particularly for entities that previously considered management's intentions to determine classification and for some liabilities that can be converted into equity. The Group anticipates that the adoption of the standard and amendment will not have a significant impact on the Group's financial information.

2 重大會計政策概要(續)

• 2.1 編製基準(續) 2.1.2 尚未採納的新增準則及詮釋(續)
• (i) 國際財務報告準則第16號的修 訂:COVID-19疫情相關的租金 減免

於2020年5月2 8日,國 際 會 計準則理事會發佈了針對 國際財務報告準則第16�: COVID-19疫情相關的租金 減 免 的 修 訂,提 供 承 租 人 切實可行的方法來評估與 COVID-19疫情相關的租金減 免 是 否 為 一 項 租 賃 修 訂。承 租人對此類租金減免可以選 擇與不修訂租賃合同相同的 核算方式。在多數情況下,這 將導致在觸發減少付款的事 件或條件的發生期間內相關 減免作為一項可變租賃付款 入賬。該等修訂對自2020年6 月1日或以後開始的年度報告 期 間 具 有 強 制 性,允 許 提 前 應 用。本 集 團 預 期 採 納 該 等 修訂將不會對本集團的財務 資料產生重大影響。

(ii) 國際會計準則第1號的修訂:通 過將負債分類為流動或非流動 進行修訂

國際會計準則第1號的狹義修 訂:財務報表的列報闡明根據 報告期末存在的權利,負債分 為流動負債或非流動負債。該 等修訂可能會影響負債的分 類,�別是對於曾將管理層確 定分類意圖納入考慮的實體及 一些可以轉換為權益的負債。 本集團預期採納該準則和修訂 將不會對本集團的財務資料產 生重大影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.1 Basis of preparation (Cont'd)
• 2.1.2 New standards and interpretations not yet adopted (Cont'd)
  • (iii) Amendments to IFRS 3: Reference to the Conceptual Framework

The IASB issued amendments to IFRS 3: Reference to the Conceptual Framework. The amendments have updated IFRS 3, 'Business combinations', to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, IASB added a new exception in IFRS 3 for liabilities and contingent liabilities. IASB has also clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. The Group anticipates that the adoption of the amendments will not have a significant impact on the Group's financial information.

2 重大會計政策概要(續)

2.1 編製基準(續)

2.1.2 尚未採納的新增準則及詮釋(續)

(iii) 國際財務報告準則第3號的修 訂:引用概念框架

國際會計準則理事會發佈了 對國際財務報告準則第3號: 引 用 概 念 框 架。該 等 修 訂 更 新了國際財務報告準則第3號 「業務合併」,以參考2018年 財 務 報 告 概 念 框 架,以 確 定 在業務合併中構成資產或負 債的內容。此外,國際會計準 則理事會在國際財務報告準 則第3號中為負債和或然負債 添 加 了 新 的 例 外。國 際 會 計 準 則 理 事 會 亦 闡 明,收 購 方 不應在收購日確認國際會計 準則第37號中定義的或然資 產。本 集 團 預 期 採 納 該 等 修 訂將不會對本集團的財務資 料造成重大影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.1 Basis of preparation (Cont'd)
• 2.1.2 New standards and interpretations not yet adopted (Cont'd)
  • (iv) Amendments to IAS 37: Cost of Fulfilling a Contract

The IASB issued amendments to IAS 37: Cost of Fulfilling a Contract. The amendments clarify the meaning of 'costs to fulfil a contract', they explain that the direct cost of fulfilling a contract comprises: the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendments also clarify that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The amendments could result in the recognition of more onerous contract provisions, because previously some entities only included incremental costs in the costs to fulfil a contract. The Group anticipates that the adoption of the amendments will not have a significant impact on the Group's financial information.

2 重大會計政策概要(續)

2.1 編製基準(續) 2.1.2 尚未採納的新增準則及詮釋(續)

(iv) 國際會計準則第37號的修訂: 合約履約成本

國際會計準則理事會發佈了 對國際會計準則第37號:合約 履 約 成 本 的 修 訂。該 等 修 訂 闡明了「合約履約成本」的含 義,解 釋 了 履 行 合 約 的 直 接 成本包括:履行該合約的增 量成本及與履行合約直接相 關 的 其 他 成 本 的 分 攤。該 等 修 訂 亦 闡 明,在 為 一 項 複 雜 合 約 設 立 單 獨 條 款 之 前,實 體應確認為履行合約所使用 的資產而不是為該合約專用 的資產所發生的任何減值損 失。該 等 修 訂 可 能 導 致 確 認 更 複 雜 的 合 約 條 款,因 為 此 前某些實體僅將增量成本計 入 合 約 的 履 約 成 本。本 集 團 預期採納該等修訂將不會對 本集團的財務資料造成重大 影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.1 Basis of preparation (Cont'd)
• 2.1.2 New standards and interpretations not yet adopted (Cont'd)
  • (v) Amendments to IAS 16: Proceeds before Intended Use

The IASB issued amendments to IAS 16: Proceeds before Intended Use. The amendments prohibit an entity from deducting from the cost of an item of property, plant and equipment any proceeds received from selling items produced while the entity is preparing the asset for its intended use. The amendments also clarify that an entity is 'testing whether the asset is functioning properly' when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. An asset might therefore be capable of operating as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management. The amendments require entities to separately disclose the amounts of proceeds and costs relating to items produced that are not an output of the entity's ordinary activities. An entity should also disclose the line item in the statement of comprehensive income where the proceeds are included. The Group anticipates that the adoption of the amendments will not have a significant impact on the Group's financial information.

2 重大會計政策概要(續)

2.1 編製基準(續)

2.1.2 尚未採納的新增準則及詮釋(續)

(v) 國際會計準則第16號的修訂: 預期用途前的收益

國際會計準則理事會發佈了 對國際會計準則第16號:預期 用 途 前 的 收 益 的 修 訂。該 等 修 訂 禁 止 實 體 從 一 項 物 業、 廠房及設備的成本中扣除該 實體在為將該項資產達到預 期用途的準備過程中所生產 的 物 品 的 出 售 收 益。該 等 修 訂 亦 闡 明,實 體 在 評 估 資 產 的 技 術 和 物 理 性 能 時,是 在 「測試資產是否正常運行」。 資產的財務績效與此評估無 關。因此,資產在達到管理層 預 期 的 運 營 績 效 水 準 之 前, 可能能夠按照管理層的預期 進 行 操 作 並 進 行 折 舊。該 等 修訂要求實體單獨披露與該 實體非日常活動生產項目相 關 的 收 益 和 成 本 金 額。實 體 還應在包括收益在內的全面 收 益 表 中 披 露 該 項 目。本 集 團預期採納該等修訂不會對 本集團的財務資料產生重大 影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.1 Basis of preparation (Cont'd)
• 2.1.2 New standards and interpretations not yet adopted
  • (Cont'd)
  • (vi) Annual improvements 2018-2020 cycle (IFRS 1, IFRS 9, IFRS 16 and IAS 41)

The IASB issued amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41: Annual improvements 2018- 2020 cycle, which include fees included in the 10% test for derecognition of financial liabilities, illustrative examples accompanying IFRS 16, 'Leases', subsidiary as a first-time adopter and taxation in fair value measurements. The Group anticipates that the adoption of the amendments will not have a significant impact on the Group's financial information.

(vii) IFRS 17: Insurance Contracts

IFRS 17 was issued in May 2017 as replacement for IFRS 4 Insurance Contracts. It requires a current measurement model where estimates are remeasured in each reporting period. The standard allows a choice between recognising changes in discount rates either in the statement of profit or loss or directly in other comprehensive income. The choice is likely to reflect how insurers account for their financial assets under IFRS 9. The Group has not completed its assessment of the impact on the Group's operating results and financial position of adopting IFRS 17.

2 重大會計政策概要(續)

• 2.1 編製基準(續) 2.1.2 尚未採納的新增準則及詮釋(續)
• (vi) 2018年至2020年週期年度改進 (國際財務報告準則第1號、國 際財務報告準則第9號、國際財 務報告準則第16號及國際會計 準則第41號)

國際會計準則理事會發佈了 對國際財務報告準則第1號、 國際財務報告準則第9號、國 際財務報告準則第16號及國 際會計準則第41號:2018年 至2020年週期年度改進的修 訂,其 中 包 括 終 止 確 認 金 融 負債的10%測試中包含的費 用、國際財務報告準則第16號 「租賃」的說明性示例、作為 首次採納者的附屬公司及公 允 價 值 計 量 中 的 徵 稅。本 集 團預期採納該等修訂將不會 對本集團的財務資料造成重 大影響。

(vii) 國際財務報告準則第17號:保 險合約

作為對國際財務報告準則第 4號保險合約的替代,國際財 務報告準則第17號於2017年 5月發佈,其需要一個於每個 報告期內能重新計量估計數 的 現 行 計 量 模 型。該 準 則 允 許選擇在損益表中或直接在 其他綜合收益中確認折現率 變 化 的 影 響。該 選 擇 可 能 會 反映保險人如何根據國際財 務報告準則第9號對其金融資 產 入 賬。本 集 團 尚 未 完 成 對 採納國際財務報告準則第17 號對本集團經營業績和財務 狀況影響的評估。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.1 Basis of preparation (Cont'd)
• 2.1.2 New standards and interpretations not yet adopted (Cont'd)
  • (viii) Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between An Investor and Its Associate or Joint Venture

The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements and IAS 28 Investments in associates and joint ventures. The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor's interests in the associate or joint venture. The amendments are to be applied prospectively. The Group anticipates that the adoption of the amendments will not have a significant impact on the Group's financial information.

2.2 Subsidiaries

(a) Consolidation

A subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

2 重大會計政策概要(續)

2.1 編製基準(續)

• 2.1.2 尚未採納的新增準則及詮釋(續)
• (viii) 國際財務報告準則第10號及國 際會計準則第28號的修訂:投 資者與其聯營公司或合營公司 之間出售或出資的資產

國際會計準則理事會已對國 際財務報告準則第10號合併 財務報表及國際會計準則第 28號對聯營公司和合營公司 的投資進行了有限範圍的修 訂。該 等 修 訂 闡 明 投 資 者 與 其聯營公司或合營公司之間 出售或出資資產的會計處 理。當 非 貨 幣 資 產 構 成 一 項 業 務 時,投 資 者 將 確 認 資 產 出售或出資的全部收益或虧 損。如 果 資 產 不 符 合 一 項 業 務 的 定 義,則 投 資 者 僅 於 其 他投資方在聯營公司或合營 公司中的權益範圍內確認收 益 或 虧 損。該 等 修 訂 將 獲 前 瞻 性 地 應 用。本 集 團 預 期 採 納該等修訂不會對本集團的 財務資料產生重大影響。

2.2 附屬公司

(a) 綜合賬目

附屬公司指本集團對其具有控制權 之實體(包括結構性實體)。當本集 團因參與該實體而承擔可變回報之 風險或享有可變回報之權益,並有 能力透過其對該實體之權力影響此 等回報時,本集團即控制該實體。 附屬公司乃於控制權轉移至本集團 當日起綜合入賬,並於控制權終止 當日起不再綜合入賬。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.2 Subsidiaries (Cont'd)

(a) Consolidation (Cont'd)

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive loss, statement of financial position, statement of changes in equity respectively.

Subsidiaries controlled through Contractual Agreements

Zhenniu Information entered into a series of contractual agreements (collectively, "structured entities agreements") with Enniu Network and the direct equity owners of Enniu Network, who are affiliated with the Company. Through these contractual agreements, Zhenniu Information is able to:

• Exercise effective control over Enniu Network and its subsidiaries (collectively, "the structured entities");
• Receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks of expected losses as if it were the sole shareholder; and
• Have an exclusive option to purchase all of the equity interest in the structured entities.

2 重大會計政策概要(續)

2.2 附屬公司(續) (a) 綜合賬目(續)

公司間交易、結餘及本集團內公司 間交易的未實現收益予以抵銷。未 實現虧損亦予以抵銷,除非有關交 易提供轉讓資產出現減值的證據。 已對附屬公司的會計政策作出必要 變更,以確保與本集團採納的政策 一致。

附屬公司的業績及權益中的非控制 性權益分別於綜合全面虧損表、財 務狀況表、權益變動表單獨列示。

透過合約協議控制的附屬公司

振牛信息與恩牛網絡及恩牛網絡的 直接股權擁有人(其為本公司的聯 屬公司)訂立一系列合約協議(統稱 為「結構性實體協議」)。透過該等 合約協議,振牛信息能夠:

• 對恩牛網絡及其附屬公司(統 稱為「結構性實體」)有效行使 控制權;
• 取得絕大部分經濟利益及剩 餘 收 益,並 承 受 絕 大 部 分 預 期虧損風險(猶如其為唯一股 東);及
• 可獨家購買結構性實體的全 部股權。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.2 Subsidiaries (Cont'd)

(a) Consolidation (Cont'd)

Subsidiaries controlled through Contractual Agreements (Cont'd)

The Group evaluated the relationships and contractual arrangements among Zhenniu Information, the structured entities and their direct equity owners and concluded that Zhenniu Information is the primary beneficiary in the variable interest arrangement. As a result, the results of operations, assets and liabilities of the structured entities have been included in the Group's consolidated financial statements.

Pursuant to the structured entities agreements, the Group has the power to direct activities of the structured entities and can have assets transferred out of the structured entities under its control. Therefore, the Group considers that there is no asset in any of the structured entities that can be used only to settle obligations of the structured entities, except for registered capital and PRC statutory reserves. As the structured entities are incorporated as limited liability companies under the PRC Company Law, lenders of the structured entities do not have recourse to the general credit of the Group for any of the liabilities of the structured entities.

Currently there is no contractual arrangement which requires the Group to provide additional financial support to the structured entities. However, as the Group conducts its businesses primarily based on the licenses and approvals held by its structured entities, the Group has provided and will continue to provide financial support to the structured entities considering the business requirements of the structured entities, as well as the Group's own business objectives in the future.

2 重大會計政策概要(續)

2.2 附屬公司(續) (a) 綜合賬目(續)

透過合約協議控制的附屬公司(續)

經評估振牛信息、結構性實體及彼 等直接股權擁有人之間的關係及合 約安排,本集團認為振牛信息為可 變權益安排的主要受益人。因此, 結構性實體的經營業績、資產及負 債列入本集團的綜合財務報表。

根據結構性實體協議,本集團有權 指示結構性實體的活動且可擁有從 受其控制的結構性實體中轉出的資 產。因此,本集團認為,結構性實體 中並無僅可用於結算結構性實體責 任的資產,惟註冊資本及中國法定 儲備除外。由於結構性實體根據中 國公司法律註冊為有限責任公司, 結構性實體的借款人並無依賴於本 集團就任何結構性實體負債的總體 信貸。

現時並無合約安排要求本集團向 結構性實體提供額外財務支持。然 而,由於本集團主要基於其結構性 實體持有的許可證及批准開展業 務,故本集團經考慮結構性實體的 業務需求及本集團未來的業務目標 已並將繼續向結構性實體提供財務 支持。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.2 Subsidiaries (Cont'd)

(a) Consolidation (Cont'd)

Other structured entities through trust arrangements

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only, and the relevant activities are directed by means of contractual arrangements.

The Group's structured entities include trust schemes. These trust schemes are managed by unaffiliated trust companies and invest the funds raised in loans to individuals (Note 27).

According to the trust scheme agreements, the Group is considered as the primary beneficiary of the trusts and also has the power to direct the activities of the trusts. As a result, the results of operations, assets and liabilities of the trusts have been included in the Group's consolidated financial statements.

Business combinations

The Group applies the acquisition method to account for business combinations not under common control. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

2 重大會計政策概要(續)

2.2 附屬公司(續) (a) 綜合賬目(續)

透過信託安排的其他結構性實體

結構性實體指那些在釐定誰是其控 制人時、投票權或類似權利並非重 要考量的實體,譬如投票權只涉及 行政工作,相關業務活動是通過合 約安排方式指導等。

本集團的結構性實體包括信託計 劃。信託計劃由非聯屬信託公司管 理並投資向個人貸款所籌得的資金 (附註27)。

根據信託計劃協議,本集團被視為 信託的受益人且有權指示信託的活 動。因此,信託的經營業績、資產及 負債計入本集團的綜合財務報表。

業務合併

本集團利用購買法將不受共同控 制的業務合併入賬。因收購附屬公 司獲轉讓的代價根據所轉讓資產、 向被收購方原擁有人所產生負債 及本集團所發行股權的公允價值計 算。所轉讓的代價包括或然代價安 排所產生的任何資產或負債的公允 價值。在業務合併中所收購可識別 的資產以及所承擔的負債及或有負 債,首先以彼等於收購日期的公允 價值計量。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.2 Subsidiaries (Cont'd)

(a) Consolidation (Cont'd)

Business combinations (Cont'd)

The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis. Noncontrolling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation are measured at either fair value or the present ownership interests' proportionate share in the recognized amounts of the acquiree's identifiable net assets. All other components of non-controlling interests are measured at their acquisition date fair value, unless another measurement basis is required by IFRS.

Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in profit or loss.

Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IAS 39 in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity.

2 重大會計政策概要(續)

2.2 附屬公司(續) (a) 綜合賬目(續)

業務合併(續)

本集團按個別收購基準,確認在被 購買方的任何非控制性權益。被購 買方的非控制性權益為現時的擁有 權權益,並賦予持有人一旦清盤時 按比例應佔主體的淨資產,可按公 允價值或按現時擁有權權益應佔被 收購方可識別淨資產的確認金額比 例而計量。非控制性權益的所有其 他組成部分按收購日期的公允價值 計量,除非國際財務報告準則規定 必須以其他計量基準計算。

購買相關成本在產生時支銷。

若分階段實現業務合併,過往持有 被收購方權益的收購人的收購日期 賬面值於收購日期重新計量至公允 價值;有關重新計量產生的任何收 益或虧損於損益中確認。

本集團將轉讓的任何或然代價於收 購日期按公允價值確認。被視作資 產或負債的或然代價公允價值的隨 後變動根據國際會計準則第39號於 損益中確認。被分類為權益的或然 代價並無重新計量,及其隨後結算 在權益中列賬。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.2 Subsidiaries (Cont'd)

(a) Consolidation (Cont'd)

Business combinations (Cont'd)

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the consolidated statement of comprehensive loss.

(b) Separate financial statements

Investments in subsidiaries (including structured entities) are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable.

Impairment testing of the investments in subsidiaries is required upon receiving dividends from these investments if the dividends exceeds the total comprehensive loss of the subsidiary in the year the dividends declared or if the carrying amount of the investments in the separate financial statements exceed the carrying amount in the consolidated financial statements of the investee's net assets including goodwill.

2 重大會計政策概要(續)

2.2 附屬公司(續) (a) 綜合賬目(續)

業務合併(續)

所轉讓代價、被收購方的任何非控 制性權益數額,及在被收購方之前 任何權益在收購日期的公允價值, 超過購入可辨識淨資產公允價值的 數額記錄為商譽。如所轉讓代價、 確認的任何非控制性權益及之前持 有的權益計量總額,低於議價購買 中購入的附屬公司淨資產的公允價 值,則將該差額直接在綜合全面虧 損表中確認。

(b) 獨立財務報表

於附屬公司(包括結構性實體)的投 資按成本扣除減值列賬。成本包括 投資的直接歸屬成本。附屬公司的 業績由本公司按已收及應收股息入 賬。

如股息超過宣派股息年度內附屬公 司的全面虧損總額,或如在獨立財 務報表的投資賬面值超過綜合財務 報表中被投資公司淨資產(包括商 譽)的賬面值,則於自該等投資收 取股息時必須對附屬公司投資作減 值測試。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Cont'd)

• 2.2 Subsidiaries (Cont'd)
• (c) Principal subsidiaries

2 重大會計政策概要(續)

2.2 附屬公司(續)

(c) 主要附屬公司

Percentage of attributable

Particulars of the principal subsidiaries of the Group as at 31 December 2020 are set out below:

於2020年12月31日本集團的主要附 屬公司詳情載列如下:

				equity interest
Name of entity 實體名稱	Date of incorporation 註冊成立日期	Place of incorporation 註冊成立地點	Registered capital 註冊資本	應佔股權百分比 As at 31 December 2020 Principal activities 於2020年12月31日	主要業務
Anhui Chaoke Information Technology Co., Ltd.	15 March 2017	PRC	RMB250,000,000	100%	Development and operation of applications
安徽潮科信息科技有限公司	2017年3月15日	中國	人民幣250,000,000元		應用程式開發及運營
Beijing Dingli Chuangshi Technology Co., Ltd. ("Dingli Technology")	14 April 2014	PRC	RMB25,000,000	100%	Development and operation of applications
北京鼎力創世科技有限公司 (「鼎力科技」)	2014年4月14日	中國	人民幣25,000,000元		應用程式開發及運營
Beijing Gaoying Technology Co., Ltd.	24 April 2019	PRC	RMB5,000,000	100%	Technology services
北京高映技術有限公司	2019年4月24日	中國	人民幣5,000,000元		技術服務
Beijing Jianguo Credit Management Co., Ltd.	9 October 2015	PRC	RMB50,000,000	100%	Development and operation of applications
北京堅果信用管理有限公司	2015年10月9日	中國	人民幣50,000,000元		應用程式開發及運營
Beijing Shouhui Kaizhuo Technology Co., Ltd. ("Kaizhuo Technology")	12 May 2006	PRC	RMB5,887,000	100%	Technology services
北京首惠開桌科技有限公司 (「開桌科技」)	2006年5月12日	中國	人民幣5,887,000元		技術服務
Beijing Shouhui Shidai Information Technology Co., Ltd. ("Shouhui Shidai")	14 May 2012	PRC	RMB10,000,000	100%	Technology services
北京首惠時代信息技術有限公司 (「首惠時代」)	2012年5月14日	中國	人民幣10,000,000元		技術服務
Beijing Yakushikong Digital Business Co., Ltd.	28 August 2009	PRC	RMB100,000,000	100%	Technology services
北京雅酷時空電子商務有限公司	2009年8月28日	中國	人民幣100,000,000元		技術服務
Beijing Yaku Shikong Information Exchange	23 March 2005	PRC	RMB100,000,000	100%	Prepaid card issuance and acceptance
Technology Co., Ltd. ("Yaku Shikong") 北京雅酷時空信息交換技術有限公司	2005年3月23日	中國	人民幣100,000,000元		and internet payment 充值卡發行及承兌及網絡支付
(「雅酷時空」) China Netcom Technology Holdings Limited	11 November 1999	Cayman Islands	HK\$110,000,000	39.16%	Investment holding
("China Netcom")
中彩網通控股有限公司(「中彩網通」) Daqing Liniu Information Technology Consulting	1999年11月11日 1 March 2017	開曼群島 PRC	110,000,000港元 RMB1,000,000	100%	投資控股 Loan collection services
Services Co., Ltd. 大慶利牛信息技術諮詢服務有限公司	2017年3月1日	中國	人民幣1,000,000元		收款服務
Hangzhou Enniu Network Technology Co., Ltd.	2 August 2012	PRC	RMB500,000,000	100%	Development and operation of
("Enniu Network") 杭州恩牛網絡技術有限公司 (「恩牛網絡」)	2012年8月2日	中國	人民幣500,000,000元		applications 應用程式開發及運營
Fuzhou Enniu Network Micro Loan Co., Ltd.	23 June 2017	PRC	RMB200,000,000	100%	Micro loan services
撫州市恩牛網絡小額貸款有限公司	2017年6月23日	中國	人民幣200,000,000元		小額貸款服務
Guangxi Jiahai Technology Co., Ltd.	19 August 2019	PRC	RMB10,000,000	100%	Development and operation of applications
廣西嘉海科技有限公司	2019年8月19日	中國	人民幣10,000,000元		應用程式開發及運營

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Cont'd)

• 2.2 Subsidiaries (Cont'd)
• (c) Principal subsidiaries (Cont'd)

2 重大會計政策概要(續)

2.2 附屬公司(續)

(c) 主要附屬公司(續)

Percentage of attributable

Particulars of the principal subsidiaries of the Group as at 31 December 2020 are set out below: (Cont'd)

於2020年12月31日本集團的主要附 屬公司詳情載列如下:(續)

				equity interest
Name of entity 實體名稱	Date of incorporation 註冊成立日期	Place of incorporation 註冊成立地點	Registered capital 註冊資本	應佔股權百分比 As at 31 December 2020 Principal activities 於2020年12月31日	主要業務
Hangzhou JiahaoTechnology Co., Ltd. 杭州嘉好科技有限公司	16 August 2019 2019年8月16日	PRC 中國	RMB1,000,000 人民幣1,000,000元	100%	Technology services 技術服務
Hangzhou Jiniu Network Technology Co., Ltd. 杭州基牛網絡技術有限公司	23 May 2016 2016年5月23日	PRC 中國	RMB20,000,000 人民幣20,000,000元	100%	Operation of fund sales 基金銷售運營
Hangzhou Liniu Assets Management Co., Ltd. 杭州利牛資產管理有限公司	22 April 2016 2016年4月22日	PRC 中國	RMB206,250,000 人民幣206,250,000元	100%	Post-loan management 貸後管理
Hangzhou Shangniu Information Technology Co., Ltd.	16 March 2016	PRC	RMB10,000,000	100%	Development and operation of applications
杭州尚牛信息技術有限公司	2016年3月16日	中國	人民幣10,000,000元		應用程式開發及運營
Hangzhou Shangniu Investment Management Partnership (Limited Partnership)	19 May 2017	PRC	RMB240,000,000	89.58%	Investment management
杭州商牛投資管理合夥企業(有限合夥) 2017年5月19日		中國	人民幣240,000,000元		投資管理
Hangzhou Shangniu Network Technology Co., Ltd.	12 December 2014	PRC	RMB3,125,000	100%	Technology services
杭州商牛網絡科技有限公司	2014年12月12日	中國	人民幣3,125,000元		技術服務
Hangzhou Wuyao Technology Co., Ltd.	25 July 2014	PRC	RMB500,000,000	100%	Development and operation of applications
杭州吾幺科技有限公司	2014年7月25日	中國	人民幣500,000,000元		應用程式開發及運營
Hangzhou Xingniu Information Technology Co., Ltd.	20 October 2017	PRC	RMB400,000,000	100%	Technology services
杭州興牛信息科技有限公司	2017年10月20日	中國	人民幣400,000,000元		技術服務
Hangzhou Panniu Financing and Guarantee Co., Ltd.("Hangzhou Panniu")	24 May 2018	PRC	RMB300,000,000	100%	Financing guarantee services
杭州磐牛融資擔保有限公司 (「杭州磐牛」)	2018年5月24日	中國	人民幣300,000,000元		融資擔保服務
Hangzhou Zhenniu Information Technology Co., Ltd. ("Zhenniu Information")	16 November 2017	PRC	RMB2,000,000,000	100%	Technology services
杭州振牛信息科技有限公司 (「振牛信息」)	2017年11月16日	中國	人民幣2,000,000,000元		技術服務
Hefei Liniu Information Technology Co., Ltd.	5 December 2018	PRC	RMB1,000,000	100%	Technology services
合肥利牛信息技術有限公司	2018年12月5日	中國	人民幣1,000,000元		技術服務
Shanghai Jingjia Network Technology Co., Ltd.	17 December 2010	PRC	RMB400,000,000	100%	Development and operation of applications
上海靜嘉網絡科技有限公司	2010年12月17日	中國	人民幣400,000,000元		應用程式開發及運營
Shanghai Qiandian Information Technology Co., Ltd. ("Qiandian Information")	27 May 2009	PRC	RMB325,000,000	100%	Technology services
上海前點信息科技有限公司 (「前點信息」)	2009年5月27日	中國	人民幣325,000,000元		技術服務
Shanghai Qingniu Business Information Consulting Partnership (Limited Partnership)	18 September 2013	PRC	RMB200,000	100%	Employees' incentive operation
上海卿牛商務信息諮詢合夥企業 (有限合夥)	2013年9月18日	中國	人民幣200,000元		僱員獎勵計劃

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Cont'd)

• 2.2 Subsidiaries (Cont'd)
• (c) Principal subsidiaries (Cont'd)

2 重大會計政策概要(續)

2.2 附屬公司(續)

(c) 主要附屬公司(續)

Percentage of attributable

Particulars of the principal subsidiaries of the Group as at 31 December 2020 are set out below: (Cont'd)

於2020年12月31日本集團的主要附 屬公司詳情載列如下:(續)

				equity interest
Name of entity 實體名稱	Date of incorporation 註冊成立日期	Place of incorporation 註冊成立地點	Registered capital 註冊資本	應佔股權百分比 As at 31 December 2020 Principal activities 於2020年12月31日	主要業務
Shanghai Wuniu Network Technology Co., Ltd.	14 December 2015	PRC	RMB150,000,000	100%	Investment holding and industry investment
上海悟牛網絡科技有限公司	2015年12月14日	中國	人民幣150,000,000元		投資控股及產業投資
Shenzhen Xiaolanben Network Technology Ltd. ("Shenzhen Xiaolanben")	21 May 2019	PRC	RMB15,802,000	78.59%	Technology services
深圳小藍本網絡技術有限公司 「深圳小藍本」) (	2019年5月21日	中國	人民幣15,802,000元		技術服務
Tianjin Lance Business Management Consulting Partnership (Limited Partnership)	13 May 2019	PRC	RMB2,750,000	100%	Consluting Service
天津藍策企業管理諮詢合夥企業 (有限合夥)	2019年5月13日	中國	人民幣2,750,000元		諮詢服務
Hangzhou Yeniu Information Technology Co., Ltd. ("Yeniu Information Technology")	24 February 2016	PRC	RMB400,000,000	100%	Credit facilitation service
杭州也牛信息技術有限公司 (「也牛信息技術」)	2016年2月24日	中國	人民幣400,000,000元		信貸撮合服務
Hangzhou Yiniu Network Technology Co., Ltd. ("Yiniu Network")	5 May 2015	PRC	RMB120,000,000	100%	Development and operation of applications
杭州義牛網絡技術有限公司 (「義牛網絡」)	2015年5月5日	中國	人民幣120,000,000元		應用程式開發及運營
U51.Com Inc.	8 August 2014	Cayman Islands	US\$50,000	100%	Investment holding
U51.Com Inc.	2014年8月8日	開曼群島	50,000美元		投資控股
U51.Com Limited	15 August 2014	Hong Kong ("HK")	HK\$1	100%	Investment holding
U51.Com Limited	2014年8月15日	香港(「香港」)	1港元		投資控股
51 Award Limited	27 February 2017	British Virgin Islands ("BVI")	US\$1	100%	Employees' incentive operation
51 Award Limited	2017年2月27日	英屬維爾京群島 (「英屬維爾京群島」)	1美元		僱員獎勵計劃
51 Credit Card (China) Limited	13 October 2017	HK	HK\$1	100%	Investment holding
51信用卡(中國)有限公司	2017年10月13日	香港	1港元		投資控股
51RENPIN.COM INC.	7 January 2016	BVI	US\$50,000	100%	Investment holding
51RENPIN.COM INC.	2016年1月7日	英屬維爾京群島	50,000美元		投資控股
51RENPIN.COM (HONG KONG) LIMITED	14 January 2016	HK	HK\$1	100%	Investment holding
51RENPIN.COM (HONG KONG) LIMITED	2016年1月14日	香港	1港元		投資控股
51 Stock Limited	2 August 2017	BVI	US\$1	100%	Employees' incentive operation
51 Stock Limited	2017年8月2日	英屬維爾京群島	1美元		僱員獎勵計劃
51 Credit Card Investment (HK) Limited 51信用卡投資(香港)有限公司	12 September 2018 2018年9月12日	HK 香港	HK\$100 100港元	100%	Investment holding 投資控股

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.3 Associates

An associate is an entity over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights.

Investments in associates in the form of ordinary shares

Investments in associates in the form of ordinary shares are accounted for using equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investments in associates include goodwill identified on acquisition. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group's share of the net fair value of the associate's identifiable assets and liabilities is accounted for as goodwill.

The Group's share of post-acquisition profit or loss is recognized in the consolidated statement of comprehensive loss, and its share of post-acquisition movements in other comprehensive loss is recognized in other comprehensive loss with a corresponding adjustment to the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.

2 重大會計政策概要(續)

2.3 聯營公司

聯營公司指所有本集團對其有重大影響 力而無控制權的實體,通常附帶有20%至 50%投票權的股權。

以普通股形式投資聯營公司

以普通股形式於聯營公司投資以權益法 入 賬。根 據 權 益 法,投 資 初 始 以 成 本 確 認,而賬面值增加或減少以確認投資者 享有被投資者在收購日期後的損益份 額。本集團於聯營公司的投資包括收購 時已辨認的商譽。在收購聯營公司的所 有權權益時,聯營公司成本與本集團享 有的對聯營公司可辨認資產和負債的公 允價值淨額的差額確認為商譽。

本集團應佔收購後溢利或虧損於綜合全 面虧損表內確認,而應佔其收購後的其 他全面虧損變動則於其他全面虧損內確 認,並相應調整投資賬面值。如本集團應 佔一間聯營公司的虧損等於或超過其在 該聯營公司的權益,包括任何其他無抵 押應收款,本集團不會確認進一步虧損, 除非本集團對聯營公司已產生法律或推 定債務或已代聯營公司作出付款。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.3 Associates (Cont'd)

Investments in associates in the form of ordinary shares (Cont'd)

The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to "share of loss of investments accounted for using equity method" in the consolidated statement of comprehensive loss. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 2.8.

2.4 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decisionmaker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the chief executive officer and the vice-presidents of the Group that make strategic decisions.

2.5 Functional currency and foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The functional currency of the Company is United States dollars ("US\$"). The Company's primary subsidiaries are incorporated in the PRC and these subsidiaries consider RMB as their functional currency. As the major operations of the Group during the reporting year are within the PRC, the Group determined to present its consolidated financial statements in RMB (unless otherwise stated).

2 重大會計政策概要(續)

2.3 聯營公司(續) 以普通股形式投資聯營公司(續)

本集團在每個報告日期釐定是否有客觀 證據證明於聯營公司的投資已減值。如 投資已減值,本集團計算減值,數額為聯 營公司可收回數額與其賬面值的差額, 並在綜合全面虧損表中於「分佔使用權益 法入賬的聯營公司虧損」旁確認。股本入 賬投資之賬面值根據附註2.8所述政策進 行減值測試。

2.4 分部報告

營運分部的報告方式須與主要營運決策 者獲提供的內部報告方式一致。主要營 運決策者負責分配資源及評估營運分部 的表現,並已被確認為本集團作出策略 性決策的行政總裁及副總裁。

2.5 功能貨幣及外幣換算

(a) 功能及呈列貨幣

本集團各實體的財務報表所列項 目,均 以 該 實 體 經 營 所 處 的 主 要 經濟環境的貨幣(「功能貨幣」)計 量。本公司的功能貨幣為美元(「美 元」)。本公司的主要附屬公司於中 國註冊成立及該等附屬公司將人民 幣視為彼等的功能貨幣。由於本集 團於報告年度的主要經營在中國境 內,故本集團決定以人民幣呈報其 綜合財務報表(除非另有指明)。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2 重大會計政策概要(續)

2.5 Functional currency and foreign currency translation (Cont'd) (b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive loss within "Finance expenses, net".

Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of comprehensive loss, within "Finance expense, net". All other foreign exchange gains and losses are presented in the consolidated statement of comprehensive loss on a net basis within "Other losses, net".

Translation differences on non-monetary financial assets and liabilities such as equities held at FVPL are recognized in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available for sale, are included in other comprehensive loss.

2.5 功能貨幣及外幣換算(續) (b) 交易及結餘

外幣交易採用交易或項目重新計量 的估值日期的現行匯率換算為功能 貨幣。因結算該等交易產生的外匯 收益及虧損以及將外幣計值的貨幣 資產及負債以年終匯率換算產生的 外匯收益及虧損於綜合全面虧損表 內「財務開支淨額」確認。

與借貸相關的外幣換算收益及虧損 均於綜合全面虧損表中呈報為「財 務開支淨額」。所有其他外幣換算 收益及虧損均按淨額基準於綜合 全面虧損表中呈報為「其他虧損淨 額」。

非貨幣性金融資產及負債(例如按 公允價值透過損益列賬的權益)的 換算差額均於損益內確認為公允價 值收益或虧損的一部分。非貨幣性 金融資產(例如分類為可供出售的 權益)的換算差額計入其他全面虧 損內。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.5 Functional currency and foreign currency translation (Cont'd)

(c) Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• (i) Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;
• (ii) Income and expenses for each statement of comprehensive loss are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
• (iii) All resulting currency translation differences are recognized in other comprehensive loss.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Currency translation differences arising are recognized in other comprehensive loss.

• 2 重大會計政策概要(續)
• 2.5 功能貨幣及外幣換算(續) (c) 集團公司

功能貨幣與呈列貨幣不同的所有本 集團實體(均無極高通脹經濟地區 的貨幣)的業績及財務狀況,均按 下列方式換算為呈列貨幣:

• (i) 各財務狀況表內呈列的資產 及負債按財務狀況表日期的 收市匯率換算;
• (ii) 全面虧損表內的各收支按平 均匯率換算(除非該平均匯率 未能合理反映交易日期現行 匯 率 所 帶 來 的 累 積 影 響,則 按照交易日期的匯率換算該 等收支);及
• (iii) 所有因此而產生的匯兌差額 於其他全面虧損確認。

因收購海外實體而產生的商 譽 及 公 允 價 值 調 整,均 作 為 有關海外實體的資產與負 債,並按收市匯率換算。貨幣 換算差額於其他全面虧損內 確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.6 Property and Equipment

Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation on property and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Estimated useful lives of the assets

Computer and electronic equipment	3 years
Office furniture and equipment	3 years
Leasehold improvements	Estimated useful lives
	or remaining lease
	terms, whichever is
	shorter
Building	20 years
Motor vehicles	4 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting year.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within "Other losses, net" in the consolidated statement of comprehensive loss.

2 重大會計政策概要(續)

2.6 物業及設備

物業及設備按歷史成本減折舊列賬。歷 史成本包括收購項目的直接應佔開支。

物業及設備折舊使用直線法計算,按其 估計可使用年期將其成本分配至其剩餘 價值,有關估計可使用年期如下:

資產的估計 可使用年期

電腦及電子設備	3年
辦公傢俬及設備	3年
租賃裝修	估計可使用
	年期或餘下
	租賃年期
	(以較短者為準)
樓宇	20年
汽車	4年

資產的剩餘價值及可使用年期在各報告 年度末進行審閱並調整(如適用)。

倘資產的賬面值高於其估計可收回金 額,則其賬面值即時撇減至可收回金額。

出售收益及虧損按所得款項與賬面值的 差額釐定,並在綜合全面虧損表內的「其 他虧損淨額」確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.7 Intangible assets

The Group's intangible assets include software, platform, applications, payment license and goodwill (Note 2.9).

Intangible assets can be recognized only when future economic benefits expected to be obtained from the use of the item will flow into the Group and its cost can be measured reliably. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition.

Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met:

• It is technically feasible to complete the software product so that it will be available for use;
• Management intends to complete the software product and use or sell it;
• There is an ability to use or sell the software product;

2 重大會計政策概要(續)

2.7 無形資產

本集團無形資產包括軟件、平台、應用、 支付牌照及商譽(附註2.9)。

無形資產僅於未來經濟利益預期將因使 用項目流入本集團且其成本能可靠計量 時,才予確認。單獨收購的無形資產按成 本於初始確認時計量。於業務合併時收 購的無形資產成本為收購日期的公允價 值。

與維護電腦軟件程式相關的成本於產生 時確認為開支。當符合以下條件時,設計 及測試由本集團控制的可識別及獨特軟 件產品的直接應佔開發成本確認為無形 資產:

• 完成該軟件產品以使其能使用或銷 售,在技術上是可行的;
• 管理層有意完成該軟件產品並將之 使用或出售;
• 有能力使用或出售該軟件產品;

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.7 Intangible assets (Cont'd)

• It can be demonstrated how the software product will generate probable future economic benefits;
• Adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
• The expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software product include the software development staff cost and an appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.

The useful lives of intangible assets are assessed by the period of bringing economic benefits for the Group.

The intangible assets acquired in a business combination, mainly including software, platform, applications, license and goodwill, are recognized initially at fair value at the acquisition date and subsequently carried at the amount initially recognized less accumulated amortization and impairment losses, if any.

2 重大會計政策概要(續)

2.7 無形資產(續)

• 能顯示該軟件產品如何產生可能出 現的未來經濟利益;
• 有足夠的技術、財務及其他資源完 成開發並可使用或出售該軟件產 品;及
• 該軟件產品在開發期內應佔開支能 可靠地計量。

為軟件產品一部分的直接應佔成本資本 化,包括軟件開發的僱員成本及適當部 分的有關經常開支。

其他不符合該等條件的開發支出於產生 時確認為開支。先前確認為開支的開發 成本不會在後續期間確認為資產。

無形資產的使用年期按為本集團帶來經 濟利益的期間評估。

業務合併中收購的無形資產(主要包括軟 件、平台、應用、牌照及商譽)於收購日期 初步按公允價值確認及隨後按初始確認 金額減累計攤銷及減值虧損(如有)的金 額列賬。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Cont'd)

2.7 Intangible assets (Cont'd)

The estimated useful lives of intangible assets are as follows:

2 重大會計政策概要(續)

2.7 無形資產(續)

無形資產的估計可使用年期如下:

Estimated useful lives of the assets		資產的估計 可使用年期
2-3 years		2至3年
5 years		5年
10 years		10年
10 years		10年
Indefinite		無限期
Indefinite	商譽	無限期
		軟件 平台 應用 商標 支付牌照

Intangible assets with finite lives are subsequently amortized on the straight-line basis over the useful life. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed, and adjusted if appropriate, at least at each year end.

Intangible assets with indefinite useful lives are not amortized, but are subject to annual impairment assessment.

有限使用年期的無形資產隨後在其可使 用年期內按直線基準攤銷。有限使用年 期的無形資產的攤銷期間及攤銷法至少 於各年末進行審視及調整(倘適用)。

具有無限期使用年期的無形資產不會攤 銷,惟會進行年度減值評估。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.8 Impairment of non-financial assets

Intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets (including intangible assets and property and equipment) that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

2.9 Goodwill

Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group's interest in net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the noncontrolling interests in the acquiree.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units ("CGUs"), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.

2 重大會計政策概要(續)

2.8 非金融資產減值

無限可使用年期的無形資產(或尚未能使 用的無形資產)毋須攤銷,惟須每年進行 減值測試。須攤銷之資產(包括無形資產 以及物業及設備)須於發生事情或情況變 動顯示其賬面值可能無法收回時進行減 值審視。減值虧損按資產賬面值超出其 可收回金額的金額確認。可收回金額指 資產公允價值減出售成本及使用價值的 較高者。就評估減值而言,資產按獨立可 識別現金流量的最低水平歸類。已減值 的非金融資產(商譽除外)於各報告日期 審視是否可能撥回減值。

2.9 商譽

商譽於收購附屬公司時產生,即所轉讓 代價超出本集團所佔被收購人可辨認淨 資產、負債及或有負債的公允價值淨額 以及被收購人非控股權益的公允價值的 差額。

就減值測試而言,業務合併所獲得的商 譽會分配至預期將受益於合併協同效應 的各現金產生單位(「現金產生單位」)或 現金產生單位組別。獲分配商譽的各單 位或單位組別為實體內就內部管理目的 而監察商譽的最低層次。商譽乃於經營 分部層次進行監察。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.9 Goodwill (Cont'd)

Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed.

2.10 Held for sale

Disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement.

An impairment loss is recognized for any initial or subsequent write-down of the disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of a disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the disposal group is recognized at the date of derecognition.

2 重大會計政策概要(續)

2.9 商譽(續)

商譽每年進行減值審視,當有事件出現 或情況改變顯示可能出現減值時,作出 更頻密審視。商譽賬面值與可收回金額 作比較,可收回金額為使用價值與公允 價值減出售成本的較高者。任何減值即 時確認為開支,且其後不會撥回。

2.10 持作出售

倘出售組別的賬面值主要透過銷售交易 而非持續使用收回且有關銷售被認定為 極有可能發生,則分類為持作出售。其按 賬面值與公允價值減出售成本兩者的較 低者計量,本規定明確豁免的遞延稅項 資產、僱員福利產生的資產、金融資產、 按公允價值列賬的投資物業及保險合約 項下的合約權利等資產除外。

減值虧損乃按出售組別初始或其後撇減 至公允價值減出售成本確認。收益乃按 公允價值減出售組別的出售成本的任何 後續增加確認,惟不超過先前確認的累 計減值虧損。先前並未於出售組別的銷 售日期前確認的收益或虧損於終止確認 日期確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.10 Held for sale (Cont'd)

A disposal group is not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.

The assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.

2.11 Financial assets

Measurement methods

Amortised cost and effective interest rate

The amortised cost is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.

The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset to the gross carrying amount of a financial asset (i.e. its amortised cost before any ECL allowance). The calculation does not consider ECL and includes transaction costs, premiums or discounts and fees and points paid or received that are integral to the effective interest rate, such as origination fees. For purchased or originated credit-impaired ("POCI") financial assets – assets that are credit-impaired at initial recognition – the Group calculates the credit-adjusted effective interest rate, which is calculated based on the amortised cost of the financial asset instead of its gross carrying amount and incorporates the impact of ECL in estimated future cash flows.

2 重大會計政策概要(續)

2.10 持作出售(續)

出售組別在分類為持作出售時不予折舊 或攤銷。分類為持作出售的出售組別負 債應佔的利息及其他開支將繼續予以確 認。

分類為持作出售的出售組別資產於資產 負債表內與其他資產分開呈列。分類為 持作出售的出售組別負債於資產負債表 內與其他負債單獨呈列。

2.11 金融資產

計量方法

攤銷成本及實際利率

攤銷成本是初始確認金融資產減償還本 金,加上或者減去使用實際利率法計量 的累計攤銷的初始金額和到期金額的差 額,而就金融資產而言,則對任何虧損撥 備進行調整。

實際利率是將預估未來現金支出或收入 按金融資產的預期年限準確貼現成金融 資產的賬面價值總額(即其扣除預期信 用損失撥備前的攤銷成本)的利率。該計 算不考慮預期信用損失,並包括交易成 本、保險費或折讓,以及已付或已收的與 實際利率不可分割的費用和費率(如籌 辦費用)。對於購入或源生已發生信用減 值(「購入或源生已發生信用減值」)金融 資產(為於初始確認時已是信用減值之 資產),本集團計算經信用調整之實際利 率,其按金融資產之攤餘成本而其非賬 面總值及計入預期信用損失對估計未來 現金流之影響而計算。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.11 Financial assets (Cont'd) Measurement methods (Cont'd)

Amortised cost and effective interest rate (Cont'd)

When the Group revises the estimates of future cash flows, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective interest rate. Any changes are recognized in profit or loss.

Interest income

Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets.

POCI financial assets, for which the original credit-adjusted effective interest rate is applied to the amortised cost of the financial asset.

Financial assets that are not 'POCI' but have subsequently become credit-impaired (or 'stage 3'), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the ECL provision).

2 重大會計政策概要(續)

2.11 金融資產(續) 計量方法(續)

攤銷成本及實際利率(續)

當本集團修訂對未來現金流量的估計 時,相應的金融資產或金融負債的賬面 價值將被調整,以反映使用原實際利率 貼現的新估計。任何變動均於損益內確 認。

利息收入

利息收入的計算方法是將實際利率應用 於金融資產的賬面總額。

購入或源生已發生信用減值金融資產的 源生經信用調整之實際利率適用於金融 資產的攤銷成本。

對於並非購入或源生已發生信用減值, 惟後續成為已發生信用減值的金融資產 (或「第三階段」),其利息收入乃根據其 攤餘成本(即扣除預期信用損失撥備淨 值)的實際利率計算。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.11 Financial assets (Cont'd) Measurement methods (Cont'd)

Initial recognition and measurement

Financial assets are recognized when the entity becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset.

At initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at FVPL, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset, such as fees and commissions. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Immediately after initial recognition, an ECL allowance is recognized for financial assets measured at amortised cost and investments in debt instruments measured at fair value through other comprehensive income ("FVOCI"), which results in an accounting loss being recognized in profit or loss when an asset is newly originated.

2 重大會計政策概要(續)

2.11 金融資產(續) 計量方法(續)

初始確認及計量

金融資產在該實體成為該工具的合約條 款中的一方時確認。金融資產的常規購 買和銷售確認於交易日,即本集團承諾 購買或出售資產的日期。

於初始確認時,本集團按公允價值計量 金融資產,對於不是以公允價值計量且 其變動計入損益的金融資產,則還應該 加上或減去可直接歸屬於獲得或發行該 金融資產的交易費用,例如手續費和佣 金。以公允價值計量且其變動計入損益 的金融資產的交易費用作為費用計入損 益。當新產生一項資產時,緊隨初始確認 後,就以攤銷成本計量的金融資產以及 按公允價值計入其他全面收益(「按公允 價值計入其他全面收益」)的債務工具投 資確認預期信用損失撥備,此舉導致於 損益確認會計損失。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) 2.11 Financial assets (Cont'd)

Measurement methods (Cont'd)

(i) Classification and subsequent measurement

The Group classifies its financial assets in the following measurement categories:

• FVPL;
• FVOCI; or
• Amortised cost.

The classification requirements for debt and equity instruments are described below:

Debt instruments

Debt instruments are those instruments that meet the definition of a financial liability from the issuer's perspective, such as loans, trade receivables and other receivables.

Classification and subsequent measurement of debt instruments depend on:

• The Group's business model for managing the asset; and
• The cash flow characteristics of the asset.

2 重大會計政策概要(續)

• 2.11 金融資產(續) 計量方法(續)
• (i) 分類和後續計量

本集團已將其金融資產分為以下數 類:

• 按公允價值計入損益的金融 資產;
• 按公允價值計入其他全面收 益的金融資產;或
• 以攤銷成本計量的金融資產。

債務和權益工具的分類要求如下:

債務工具

債務工具是從發行人的角度來定義 金融負債的工具,如貸款、貿易應 收款項及其他應收款項。

債務工具的分類和後續計量取決 於:

• 本集團管理資產的經營模式; 及
• 資產的現金流量特徵。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.11 Financial assets (Cont'd) Measurement methods (Cont'd)
• (i) Classification and subsequent measurement (Cont'd)

Debt instruments (Cont'd)

Based on these factors, the Group classifies its debt instruments into one of the following three measurement categories:

• Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest ("SPPI"), and that are not designated at FVPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL allowance recognized and measured. Interest income from these financial assets is included in "Other revenue" using the effective interest rate method.
• FVOCI: Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets' cash flows represent solely payments of principal and interest, and that are not designated at FVPL, are measured at FVOCI. Movements in the carrying amount are taken through other comprehensive loss, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the instrument's amortised cost which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive loss is reclassified from equity to profit or loss and recognized in "Net investment income". As at 31 December 2020, the Group did not hold any financial asset classified as FVOCI.

2 重大會計政策概要(續)

• 2.11 金融資產(續) 計量方法(續)
• (i) 分類和後續計量(續)

債務工具(續)

基於這些因素,本集團將其債務工 具分為以下三種計量類別:

• 攤銷成本:為收取合約現金 流 而 持 有 的 資 產,這 些 現 金 流指僅支付本金和利息(「僅 支 付 本 金 和 利 息 」)及 非 指 定按公允價值計入損益的資 產,則按攤銷成本計量。這些 資產的賬面價值根據已確認 及計量的預期信用損失撥備 進 行 調 整。這 些 金 融 資 產 的 利息收入採用實際利率法計入 「其他收益」。

• 按公允價值計入其他全面收 益的金融資產:以持有的合 約現金流和出售為目的的金 融 資 產,資 產 的 現 金 流 代 表 僅 支 付 本 金 和 利 息,及 非 指 定為按公允價值計入損益的 金 融 資 產,是 按 公 允 價 值 計 入 其 他 全 面 收 益 計 量。賬 面 金額的變動是計入其他全面 虧損,但資產減值損益、利息 收入及外匯利得及工具攤銷 成 本 的 損 失 除 外,彼 等 項 目 確 認 為 當 期 損 益。當 終 止 確 認 金 融 資 產 時,先 前 在 其 他 全面虧損中確認的累計利得 和 損 失,將 從 權 益 中 重 分 類 為當期損益,並在「投資收益 淨額」中確認。於2020年12月 31日,本 集 團 並 無 持 有 任 何 分類作按公允價值計入其他 全面收益的金融資產的金融 資產。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.11 Financial assets (Cont'd) Measurement methods (Cont'd)
• (i) Classification and subsequent measurement (Cont'd)

Debt instruments (Cont'd)

• FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL and is not part of a hedging relationship is recognized in profit or loss and presented in the statement of comprehensive loss within "Other losses, net" in the period in which it arises.

Business model: the business model reflects how the Group manages the assets in order to generate cash flows. That is, whether the Group's objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g. financial assets are held for trading purposes), then the financial assets are classified as part of "other" business model and measured at FVPL. Factors considered by the Group in determining the business model for a group of assets include past experience on how the cash flows for these assets were collected, how the asset's performance is evaluated and reported to key management personnel, how risks are assessed and managed and how managers are compensated.

2 重大會計政策概要(續)

• 2.11 金融資產(續) 計量方法(續)
• (i) 分類和後續計量(續)

債務工具(續)

• 按公允價值計入損益的金融 資產:不符合攤銷成本或按 公允價值計入其他全面收益 標 準 的 資 產,是 按 公 允 價 值 計 入 損 益 計 量。債 務 投 資 收 益或損失後續計量是按公允 價 值 計 入 損 益 計 量,並 且 不 是 套 期 關 係 的 一 部 分,其 收 益和損失在損益中確認並列 入當期全面虧損表內的「其他 虧損淨額」。

經營模式:經營模式反映了本集團 如何管理資產以產生現金流。即, 本集團的目標是單純從資產中收集 合約現金流,還是同時收集合約現 金流及出售資產產生的現金流。倘 若該兩項均不適用(例如持作交易 的金融資產),則金融資產被歸類為 「其 他」經 營 模 式 的 一 部 分,並 按 公允價值計入損益的金融資產進行 計量。本集團在考慮確定一組資產 的經營模式的因素中,包括如何收 集該等資產的現金流,如何評估資 產的表現,如何向關鍵管理人員報 告,如何評估和管理風險以及管理 人員如何獲得報酬的過去經驗。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.11 Financial assets (Cont'd) Measurement methods (Cont'd)

(i) Classification and subsequent measurement (Cont'd)

Debt instruments (Cont'd)

SPPI: Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Group assesses whether the financial instruments' cash flows represent solely payments of principal and interest (the "SPPI test"). In making this assessment, the Group considers whether the contractual cash flows are consistent with a basic lending arrangement, i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVPL.

Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.

The Group reclassifies debt investments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting year following the change. Such changes are expected to be very infrequent and none occurred during the year.

2 重大會計政策概要(續)

• 2.11 金融資產(續) 計量方法(續)
• (i) 分類和後續計量(續)

債務工具(續)

僅支付本金和利息:經營模式是持 有資產以收集合約現金流或收集合 約現金流並出售,本集團評估金融 工具的現金流是否代表僅本金和利 息 的 支 付(「僅 支 付 本 金 和 利 息 測 試」)。在進行評估時,本集團會考 慮合約現金流量是否符合基本貸款 安排,即利息只包括貨幣的時間價 值、信用風險、其他基本貸款風險, 以及與基本貸款安排相符的利潤 率。如果合約條款引入了與基本貸 款安排不一致的風險或波動風險, 則相關金融資產按公允價值計入損 益進行分類和計量。

當確定其現金流是否僅支付本金和 利息時,嵌入衍生品的金融資產將 被作為一個整體考慮。

只有當管理這些資產的經營模式發 生變化時,本集團才會對債務投資 進行重新分類。重新分類發生在變 更後的第一個報告年度的開始。預 計這種變化非常罕見,在此年度未 有發生。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

• 2.11 Financial assets (Cont'd) Measurement methods (Cont'd)
• (i) Classification and subsequent measurement (Cont'd)

Equity instruments

Equity instruments are instruments that meet the definition of equity from the issuer's perspective; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer's net assets.

The Group subsequently measures all equity investments at FVPL, except where the Group's management has elected, at initial recognition, to irrevocably designate an equity investment at fair value through other comprehensive loss. The Group's policy is to designate equity investments as FVOCI when those investments are held for purposes other than to generate investment returns. When this election is used, fair value gains and losses are recognized in other comprehensive loss and are not subsequently reclassified to profit or loss, including on disposal. Dividends, when representing a return on such investments, continue to be recognized in profit or loss as other income when the Group's right to receive payments is established.

Gains and losses on equity investments at FVPL are included in the "Other losses, net" line in the consolidated statement of comprehensive loss.

2 重大會計政策概要(續)

• 2.11 金融資產(續) 計量方法(續)
• (i) 分類和後續計量(續)

權益工具

權益工具是從發行人的角度來定義 權益的工具;即,不包含支付合約 義務,體現發行人的淨資產的剩餘 利益。

本集團對所有權益投資的後續計量 都是按公允價值計入損益,除本集 團管理層在初始確認時決定不可撤 銷地指定一項權益投資按公允價值 計入其他全面虧損外。本集團的政 策為,當股權投資持作產生投資回 報以外的用途時,將該等投資指定 為按公允價值計入其他全面虧損。 當採用該決定時,公允價值變動損 益會被計入其他全面收益,而不會 在後續重新分類為損益,處置資產 時依舊如此。代表此類投資的回報 的股息,一旦確立本集團獲得收款 權利時,股息將繼續作為其他收入 計入損益。

按公允價值計入損益的股權投資 收益及虧損計入綜合全面虧損表的 「其他虧損淨額」。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.11 Financial assets (Cont'd) Measurement methods (Cont'd)

(ii) Impairment

The Group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the exposure arising from financial guarantee contracts and contract assets. The Group recognizes a loss allowance for such losses at each reporting date. The measurement of ECL reflects:

• An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
• The time value of money; and
• Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

For contract assets and trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

2 重大會計政策概要(續)

• 2.11 金融資產(續) 計量方法(續)
• (ii) 減值

本集團在前瞻性的基礎上評估與其 持有的以攤銷成本和按公允價值計 入其他全面收益計量的債務工具資 產相關的預期信用損失,以及與金 融擔保合約及合約資產相關的風 險。本集團在各報告日期對該等虧 損確認減值撥備。預期信用損失的 計量反映如下:

• 通過評估一系列可能的結果 而確定的無偏差和概率加權 金額;
• 金錢的時間價值;及
• 在列報期提供不以不當成本 或 努 力 獲 得 關 於 過 去 事 件、 當前狀況和對未來經濟狀況 的預測的合理和可支持的資 訊。

就合約資產和貿易應收款項而言, 本集團採用國際財務報告準則第9 號所允許的簡化方法,該方法要求 在初始確認應收款項時確認預期存 續期損失。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.12 Financial liabilities Classification and subsequent measurement

Financial liabilities are classified as subsequently measured at amortised cost, except for:

• Financial liabilities at FVPL: this classification is applied to derivatives, financial liabilities held for trading and measured at fair value. Gains or losses on financial liabilities at FVPL are presented partially in other comprehensive loss (the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability, which is determined as the amount that is not attributable to changes in market conditions that give rise to market risk) and partially profit or loss (the remaining amount of change in the fair value of the liability). This is unless such a presentation would create, or enlarge, an accounting mismatch, in which case the gains and losses attributable to changes in the credit risk of the liability are also presented in profit or loss;
• Financial guarantee contracts: financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions and others on behalf of customers to secure loans. The Group's financial guarantee contracts is reflected as the quality assurance fund payable recorded in the consolidated statement of financial position. The quality assurance fund is a protection mechanism offered to investors who subscribe to the loans facilitated on the Group's platform. The quality assurance fund contribution rates are determined at loan inception on a loan by loan basis and does not subsequently change over the life of the loan. The determination of the contribution rates is also based on the estimated loss rate of the loans, taking into account the underlying risk profile and historical loss record and other market factors when necessary.

2 重大會計政策概要(續)

2.12 金融負債 分類和後續計量

金融負債均按攤銷成本計量分類,下列 情況除外:

• 按公允價值計入損益的金融負債: 這種分類適用於衍生品、持作交易 並按公允價值計量的金融負債。按 公允價值計入損益的金融負債的 利得和損失部分列入其他全面虧損 (由該負債信用風險的變化導致的 公允價值變動,而不是由市場條件 變化引起的市場風險所導致)和部 分列入損益(剩餘的負債的公允價 值變化數額),但如果上述方式會 產或擴大會計錯配,那麼源於自身 信用風險的公允價值變動也計入損 益;
• 金融擔保合約:財務擔保合約為規 定發行人因須支付特定款項以償付 持有人因指定債務人未能根據債務 工具的原先或經修訂條款支付到 期款項而產生的虧損。該等金融擔 保乃代表客戶向銀行、金融機構及 其他人士作出,以擔保貸款。本集 團的財務擔保合約反映為於綜合財 務狀況表中記錄的應付質量保證基 金。質量保證金是向認購於本集團 上撮合的貸款的投資者提供的保障 機制。質量保證金出資率於貸款訂 立時按個別基準釐定,之後在貸款 期限內維持不變。出資率的釐定亦 基於貸款的估計損失率進行,當中 計及相關風險概況及歷史虧損記錄 及其他市場因素(如必要)。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.12 Financial liabilities (Cont'd) Classification and subsequent measurement (Cont'd)

Financial guarantee contracts (i.e. quality assurance fund payable) are initially measured at fair value and subsequently measured at the higher of:

• The amount of the loss allowance; and
• The premium received on initial recognition less income recognized in accordance with the principles of IFRS 15.

For financial guarantee contracts, the loss allowance is recognized as a provision.

Other financial liabilities

Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with gains or losses arising from de-recognition or amortization recognized in profit or loss.

De-recognition of financial liabilities

The Group derecognizes a financial liability or part of it only when the underlying present obligation or part of it is discharged, cancelled or expired. An agreement between the Group (an existing borrower) and an existing lender to replace the original financial liability with a new financial liability with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.

When the Group derecognizes a financial liability or a part of it, it recognizes the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable (including any non-cash assets transferred or new financial liabilities assumed) in profit or loss.

• 2 重大會計政策概要(續)
• 2.12 金融負債(續) 分類和後續計量(續)

金融擔保合約(即應付質量保證金)初始 計量以公允價值計量,後續計量以下列 較高者計量:

• 虧損撥備金額;及
• 根據國際財務報告準則第15號的原 則,初始確認收到的保險費減去已 確認的收入。

就金融擔保合約而言,虧損撥備確認為 準備金。

其他金融負債

其他金融負債採用實際利率法,按攤銷 成本進行後續計量,終止確認或攤銷產 生的收益或虧損於損益確認。

金融負債的終止確認

當金融負債的現時義務全部或部分已經 解除、取消或到期,本集團才終止確認該 金融負債或其一部分。本集團(現有借款 人)與現有貸款人之間簽訂協議,以承擔 新金融負債方式替換原有金融負債,且 新金融負債與原有金融負債的合約條款 實質上不同,則終止確認原有金融負債, 並同時確認新金融負債。

當本集團全部或部分終止確認金融負 債,將終止確認部分的賬面值與已付和 應付代價(包括轉出的非現金資產或承 擔的新金融負債)之間的差額,於損益確 認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.13 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the assets and settle the liabilities simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.

2.14 Trade and other receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. All the trade receivables of the Group are expected in one year or less, therefore, they are presented as current assets.

Trade and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.

2 重大會計政策概要(續)

2.13 抵銷金融工具

當有法定可執行權利可抵銷已確認金 額,並有意圖按淨額基準結算或同時變 現資產和結算負債時,金融資產與負債 可互相抵銷,並在綜合財務狀況表報告 其淨額。法定可執行權利不得視未來事 件而定,而在一般業務過程中以及倘公 司或對手方一旦出現違約、無償債能力 或破產時亦必須可強制執行。

2.14 貿易及其他應收款項

貿易應收款項為在日常業務過程中就商 品銷售或服務執行而應收客戶的款項。 如貿易及其他應收款項的收回預期在一 年或以內(如在正常業務經營週期中,則 可為較長時間),其被分類為流動資產; 否則呈列為非流動資產。本集團所有貿 易應收款項均預計於一年或以內收回, 故被呈列為流動資產。

貿易及其他應收款項以公允價值初始確 認,其後利用實際利率法按攤銷成本扣 除減值撥備計量。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.15 Cash and cash equivalents

In the consolidated statement of cash flows, cash and cash equivalents include cash at banks and other short-term highly liquid investments with original maturities of three months or less.

2.16 Share capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Where any group company purchases the Company's equity share capital (treasury share), the considerations paid, including any directly attributable incremental costs, is deducted from equity attributable to the Company's equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received (net of any directly attributable incremental transaction costs) is included in equity attributable to the Company's equity holders.

2.17 Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive loss over the period of the borrowings using the effective interest method.

Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

2 重大會計政策概要(續)

2.15 現金及現金等價物

於綜合現金流量表內,現金及現金等價 物包括銀行現金及原屆滿期限為三個月 或以下的其他短期高流動性投資。

2.16 股本

普通股分類為權益。

與發行新普通股或購股權直接有關的增 量成本,於權益列為所得款項的減項(扣 除稅項)。

倘任何集團公司購買本公司股本(庫存股 份),則已付代價(包括任何直接應佔增 量成本)從本公司權益持有人應佔權益中 扣除,直至股份註銷或再發行。倘該等股 份其後再發行,則任何已收代價(扣除任 何直接應佔增量交易成本)計入本公司權 益持有人應佔權益中。

2.17 借款

借款初步按公允價值扣除所產生的交易 成本確認。借款其後按攤銷成本列賬;所 得款(扣除交易成本)與贖回價值的任何 差額使用實際利率法於借款期間在綜合 全面虧損表確認。

倘貸款融資很有可能部分或全部被提 取,則就設立貸款融資時支付的費用確 認為貸款交易成本。在此情況下,費用遞 延至提取發生為止。倘無任何證據顯示 該貸款很有可能部分或全部提取,則該 費用撥充資本作為流動資金服務的預付 款,並於有關融資期間攤銷。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.17 Borrowings (Cont'd)

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting year.

2.18 Financial guarantee

Quality assurance fund payable

The quality assurance fund payable is measured at their fair value at inception for both individual and institutional investors. Subsequent to initial recognition, the quality assurance fund payable is measured at the greater of 1) the amount determined in accordance with IFRS 9 and 2) the amount initially recognized (fair value) less, when appropriate, cumulative amortization of the initial amount recognized in accordance with IFRS 15. The Group's financial guarantee is also reflected as the quality assurance fund payable recorded in the consolidated statement of financial position (Note 24).

Quality assurance fund receivable

The quality assurance fund receivable is recognized at loan inception for amounts allocated to the guarantee. At each reporting date, the Group estimates the future cash flows and assesses whether there is any indicator of impairment to any individual underlying loan of the quality assurance fund receivable. If the carrying amounts of the quality assurance fund receivable exceeds the expected collections, an impairment loss is recorded for the quality assurance fund receivable not recoverable.

2 重大會計政策概要(續)

2.17 借款(續)

除非本集團有無條件權利遞延結算報告 年度後至少12個月的負債,否則借款歸 類為流動負債。

2.18 財務擔保

應付質量保證金

個人及機構投資者的應付質量保證金於 初始時均按其公允價值計量。於初始確 認後,應付質量保證金按下列各項之最 大者計量:1)根據國際財務報告準則第9 號釐定的金額及2)初始確認的金額(公允 價值)減(倘適合)根據國際財務報告準則 第15號確認的初步金額的累計攤銷。本 集團的財務擔保亦作為應付質量保證金 反映於綜合財務狀況表入賬(附註24)。

應收質量保證金

應收質量保證金就分配予擔保的款項於 貸款發放時確認。於各報告日期,本集團 估計未來現金流量及評估任何個別相關 貸款的應收質量保證金是否存在減值跡 象。倘應收質量保證金的賬面值超過預 期收款,則就無法收回的應收質量保證 金錄得減值虧損。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.19 Trade and other payables

Trade payables are obligations to pay for services that have been delivered in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. All the trade payables of the Group are expected in one year or less, therefore, they are presented as current liabilities.

Trade and other payables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.20 Current and deferred income tax

The income tax expense for a year comprises current and deferred tax. The income taxes are recognized in the consolidated statement of comprehensive loss, except to the extent that it relates to items recognized in other comprehensive loss or directly in equity. In this case, the tax is also recognized in other comprehensive loss or directly in equity, respectively.

(a) Current income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the financial statements date in the countries/regions where the Company's subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

2 重大會計政策概要(續)

2.19 貿易及其他應付款項

貿易應付款項為向供應商就日常業務過 程中就已提供服務進行付款的責任。倘 付款於一年或以下(或業務的日常經營週 期(以較長者為準))到期,貿易及其他應 付款項分類為流動負債。如未到期,則呈 列為非流動負債。本集團的所有貿易應 付款項預計為一年或以下,因此,呈列為 流動負債。

貿易及其他應付款項初步按公允價值確 認,隨後使用實際利率法按攤銷成本計 量。

2.20 即期及遞延所得稅

一年所得稅開支包括即期及遞延稅。所 得稅於綜合全面虧損表內確認,惟其與 於其他全面虧損或直接於權益內確認的 項 目 相 關 則 除 外。在 此 情 況 下,稅 項 亦 各自於其他全面虧損或直接於權益內確 認。

(a) 即期所得稅

即期所得稅支出根據本公司附屬公 司及聯營公司營運及產生應課稅收 入所在國家╱地區於財務報表日期 已頒佈或實質頒佈的稅務法例計 算。管理層就適用稅務法例有待詮 釋的情況定期評估報稅表狀況,並 在適用情況下根據預期須向稅務機 關支付的稅款設定撥備。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.20 Current and deferred income tax (Cont'd)

(b) Deferred income tax

Inside basis differences

Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

2 重大會計政策概要(續)

2.20 即期及遞延所得稅(續) (b) 遞延所得稅

內在基準差額

遞延所得稅乃採用負債法,就資產 及負債稅基與其於綜合財務報表的 賬面值間產生的暫時差額作出確 認。然而,倘遞延稅項負債由初步 確認商譽而產生,則不會確認遞延 稅項負債,倘於一項交易(業務合 併除外)中初步確認於進行交易時 不會影響會計或應課稅利潤或虧損 的資產或負債產生遞延所得稅,則 不予列賬。遞延所得稅按結算日已 頒佈或已實際頒佈的稅率(及法例) 釐定,預期於變現相關遞延所得稅 資產或清償遞延所得稅負債時適 用。

遞延所得稅資產僅於很可能將未來 應課稅利潤與可動用的暫時差異抵 銷時方予確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.20 Current and deferred income tax (Cont'd)

(b) Deferred income tax (Cont'd)

Outside basis differences

Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Generally the Group is unable to control the reversal of the temporary difference for associates. Only when there is an agreement in place that gives the Group the ability to control the reversal of the temporary difference in the foreseeable future, deferred income tax liabilities in relation to taxable temporary differences arising from the associate's undistributed profits are not recognized.

Deferred income tax assets are recognized on deductible temporary differences arising from investments in subsidiaries, associates only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised.

2 重大會計政策概要(續)

2.20 即期及遞延所得稅(續)

(b) 遞延所得稅(續)

外在基準差額

遞延所得稅負債須就於附屬公司、 聯營公司及共同安排的投資所產生 的應課稅暫時差額作出撥備,除非 本集團可控制暫時差額的撥回時 間,且此暫時差額不會於可見將來 撥回。一般而言,本集團無法控制 聯營公司暫時差額的撥回。僅在訂 有協議賦予本集團能力於可見將來 控制暫時差額撥回時,方不會就聯 營公司未分配溢利所產生的應課稅 暫時差額確認遞延稅項負債。

僅於暫時差額可能將於未來撥回, 且可能會有充足應課稅溢利可供暫 時差額作對銷時,方會就於附屬公 司、聯營公司的投資所產生的可扣 減暫時差額確認遞延所得稅資產。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.20 Current and deferred income tax (Cont'd)

(b) Deferred income tax (Cont'd)

Offsetting

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

2.21 Employee benefits

(a) Pension obligations

The employees of the Group are mainly covered by various defined contribution pension plans. The Group makes and accrues contributions on a monthly basis to the pension plans, which are mainly sponsored by the related government authorities that are responsible for the pension liabilities to retired employees. Under such plans, the Group has no other significant legal or constructive obligations for retirement benefits beyond the said contributions, which are expensed as incurred.

2 重大會計政策概要(續)

2.20 即期及遞延所得稅(續)

(b) 遞延所得稅(續)

抵銷

在有可依法強制執行的權利將即期 稅項資產與即期稅項負債抵銷,且 遞延所得稅資產及負債的相關所得 稅是由同一稅務機關向某一應課稅 實體或擬按淨額基準結算結餘的不 同應課稅實體徵收,則遞延所得稅 資產及負債予以抵銷。

2.21 僱員福利

(a) 養老金義務

本集團僱員主要參與各種定額供 款養老金計劃。本集團按月向該等 養老金計劃作出並累積供款,該等 養老金計劃主要由有關政府機關 發起,並負責向已退休僱員支付養 老金。除上述於產生時支銷的供款 外,根據該等計劃,本集團就退休 福利並無任何其他重大法定或推定 義務。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.21 Employee benefits (Cont'd)

(b) Housing benefits

The employees of the Group are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group's liability in respect of these funds is limited to the contributions payable in each year.

(c) Medical benefits

The Group makes monthly contributions for medical benefits to the local authorities in accordance with the relevant local regulations for the employees. The Group's liability in respect of employee medical benefits is limited to the contributions payable in each year.

2.22 Share-based payments

The Group operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grant of the options and restricted share units ("RSUs") is recognized as an expense. The total amount to be expensed is determined by making reference to the fair value of the options and RSUs granted:

• (i) Including any market performance condition (for example, an entity's share price);
• (ii) excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining as an employee of the entity over a specified time period); and
• (iii) including the impact of any non-vesting conditions (for example, the requirement for employees to serve).

2 重大會計政策概要(續)

2.21 僱員福利(續)

(b) 住房福利

本集團僱員有權參與政府發起的各 種住房公積金。本集團根據僱員薪 酬的若干百分比按月向該等公積金 供款。本集團就該等公積金的義務 僅限於按年繳納款項。

(c) 醫療福利

本集團根據相關地方僱員法規每月 就醫療福利向地方機關作出供款。 本集團就僱員醫療福利的義務僅限 於按年繳納款項。

2.22 以股份為基礎的支付

本集團運作數個以權益結算以股份為基 礎的薪酬計劃,據此,實體獲取僱員服務 作為本集團股權工具的代價。獲取以交 換授出的購股權及受限制股份單位(「受 限制股份單位」)的僱員服務的公允價值 確認為開支。將予開支的總額參考授出 的購股權及受限制股份單位的公允價值 而釐定:

• (i) 包括任何市場表現條件(如實體的 股價);
• (ii) 不包括任何服務及非市場表現歸屬 條件(如盈利能力、銷售增長目標 及該實體僱員在特定時期留任)的 影響;及
• (iii) 包括任何非歸屬條件(如就僱員提 供服務的規定)的影響。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.22 Share-based payments (Cont'd)

Non-market performance and service conditions are included in assumptions about the number of options and RSUs that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognizing the expense during the year between service commencement date and grant date.

Where there is modification of terms and conditions which increases the fair value of the equity instruments granted (for example, by changing the vesting period of share options), the Group includes the incremental fair value granted in the measurement of the amount recognized for the services received over the remainder of the vesting period. The incremental fair value is the difference between the fair value of the modified equity instrument and that of the original equity instrument, both estimated as at the date of the modification. An expense based on the incremental fair value is recognized over the period from the modification date to the date when the modified equity instruments vest in addition to any amount in respect of the original instrument, which should continue to be recognized over the remainder of the original vesting period.

2 重大會計政策概要(續)

2.22 以股份為基礎的支付(續)

預計將歸屬的購股權及受限制股份單位 數目時,非市場表現及服務條件包括在 假設內。總開支於所有特定歸屬條件將 予達成的歸屬期內確認。

此外,在若干情況下,僱員可能在授出日 期之前提供服務,因此授出日期的公允 價值就確認於服務開始日期至授出日期 的年度內的開支作出估計。

倘修訂條款及條件(如變更購股權的歸屬 期)致使已授出股權工具的公允價值增 加,本集團會將已授出的公允價值增幅 計入就餘下歸屬期內所獲取服務確認金 額的計量中。公允價值增幅為經修訂股 權工具公允價值與原有股權工具公允價 值(均於修訂日期進行估計)的差額。公 允價值增幅的開支於修訂日期起至經修 訂股權工具歸屬之日止期間確認,惟有 關原有工具的任何金額則繼續於原有歸 屬期的餘下期間確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.22 Share-based payments (Cont'd)

At the end of each reporting year, the Group revises its estimates of the number of options and RSUs that are expected to vest based on the non-market performance and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

When the options are exercised or the RSUs are vested, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.

2.23 Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognized for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.

2 重大會計政策概要(續)

2.22 以股份為基礎的支付(續)

於各報告年度末,本集團根據非市場表 現及服務條件修訂對預期歸屬的購股權 及受限制股份單位數目的估計,並於損 益確認對原有估計作出修訂的影響(如 有),並對權益作出相應調整。

本公司於購股權獲行使或受限制股份單 位歸屬時發行新股份。所收取的所得款 項經扣除任何直接應佔交易成本後計入 股本(面值)及股份溢價。

2.23 撥備

在本集團現時須因過往事件承擔法律或 推定責任,而履行該責任很有可能導致 資源流出,且能夠可靠地估計金額的情 況下,會確認撥備。本集團不會就日後經 營業務虧損確認撥備。

倘出現多項類似責任,會整體考慮責任 類別以釐定履行責任導致資源流出的可 能性。即使同類責任中任何一項可能導 致資源流出的機會不大,仍會確認撥備。

撥備乃採用稅前利率按預期須就履行責 任而支付的開支的現值計量,有關利率 反映市場當時對貨幣時間價值及該責任 的特定風險的評估。因時間流逝而產生 的撥備增加會確認為利息開支。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition

Revenue is recognized when service is provided to the customer. Depending on the terms of the contract and the laws that apply to the contract, service may be provided over time or at a point in time. Service is provided over time if the Group's performance:

• provides all of the benefits received and consumed simultaneously by the customer;
• creates and enhances an asset that the customer controls as the Group performs; or
• do 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.

If service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains the service.

The progress towards complete satisfaction of the performance obligation is measured based on one of the following methods that best depict the Group's performance in satisfying the performance obligation:

• direct measurements of the value transferred by the Group to the customer; or
• the Group's efforts or inputs to the satisfaction of the performance obligation.

2 重大會計政策概要(續)

2.24 收益確認

收益在服務被提供給客戶時確認。服務 是在一段時間內還是某一時點提供,取 決於合約的條款與適用於合約的法律規 定。如本集團滿足下列條件,服務是在一 段時間內提供:

• 本集團履約過程中,客戶同時收到 且消耗由本集團履約所帶來的經濟 利益;
• 創建和增強由客戶控制的資產;或
• 本集團的履約過程中所產出的資產 具有不可替代用途,且本集團有權 就累計至今已完成的履約部分收取 款項。

如服務在一段時間內轉移,本集團按在 合約期間已完成履約義務的進度進行收 益確認。否則,收益於客戶獲得服務的時 點確認。

已完成履約義務的進度的計量基於下列 能夠最佳描述本集團完成履約義務表現 的其中一種方法:

• 直接計量本集團已向客戶轉移的價 值;或
• 按本集團為完成履約義務而發生的 支出或投入。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition (Cont'd)

If a contract involves multiple services, the transaction price will be allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin.

A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

The following is a description of the accounting policy for the principal revenue streams of the Group.

(a) Credit facilitation and service fee

The Group engages primarily in operating an online consumer finance marketplace by providing an online platform which matches borrowers with investors. The Group's platform provides investors with various investment products, which the investors can elect to participate in. The Group determined that it is not the legal lender and legal borrower in the loan origination and repayment process. Therefore, the Group does not record loans receivable and payable arising from the loans between investors and borrowers on its marketplace.

2 重大會計政策概要(續)

2.24 收益確認(續)

如合約涉及多種服務,交易價格將基於 獨立售價分配至各履約義務。如有關數 據不可直接觀察獲得,則按預計成本加 成估算。

應收款項於本集團有無條件權利收取代 價時入賬。倘代價僅隨時間推移即會成 為到期應付,則收取代價的權利為無條 件。

下文概述本集團主要收益來源的會計政 策。

(a) 信貸撮合及服務費

本集團主要從事經營線上消費金融 平台,提供匹配借款人與投資者的 線上平台。本集團的平台為投資者 提供各類投資產品,投資者可選擇 參與。本集團認為,在貸款發放及 償還過程中,其並非法定貸款人及 法定借款人。因此,本集團不從投 資者與借款人在其平台上的貸款錄 得貸款應收款項及應付款項。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition (Cont'd)

(a) Credit facilitation and service fee (Cont'd)

The total proceeds are collected on a monthly basis over the loan period. The total proceeds from borrowers generally includes the services fees for facilitating loan origination (covering matching of investors to borrowers and facilitating the execution of loan agreement between investors and borrowers) and for providing ongoing monthly services (mainly covering cash processing services and collection services), and also include contribution to the quality assurance fund, which provides a protection mechanism to investors who subscribe to these loans.

The total proceeds from borrowers are first allocated to the quality assurance fund payable (Note 2.18) at fair value which meets the definition of a financial guarantee under IAS 39, and the remaining amount are then allocated to credit facilitation service and ongoing monthly service. The Group generally collects the entire amount relating to credit facilitation and ongoing monthly services as one combined fee.

2 重大會計政策概要(續)

2.24 收益確認(續)

(a) 信貸撮合及服務費(續)

總款項在貸款期限內按月收取。從 借款人收到的總款項一般包括撮合 貸款發放(涵蓋匹配投資者與借款 人及撮合投資者與借款人簽署貸款 協議)及提供持續每月服務(主要 涵蓋現金處理服務及收款服務)的 服務費,亦包括對質量保證金的出 資,質量保證金向認購該等貸款的 投資者提供保障機制。

來自借款人的總款項首先按公允價 值分配至應支付的質量保證金(符 合國際會計準則第39號項下財務擔 保的定義)(附註2.18),餘額則基於 相對公允價值分配至信貸撮合服務 及持續每月服務。本集團一般以合 併費用形式收取與信貸撮合及持續 每月服務有關的全部金額。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition (Cont'd)

(a) Credit facilitation and service fee (Cont'd)

The Group considers the credit facilitation services and ongoing monthly services as distinct performance obligations. Although the Group does not sell these services separately, the Group determined that both deliverables have standalone value. However, the Group does not provide these services separately, and the third-party evidence of selling price does not exist either, as public information is not available regarding the amount of fees competitors charge for these services. As a result, the Group uses the expectedcost-plus-a-margin approach to determine its best estimate standalone selling prices of the different performance obligations as the basis for allocation. The total service fee allocated to credit facilitation is recognized as revenue upon execution of loan agreements between investors and borrowers. The service fees allocated to post-origination services are deferred and recognized over the period of the loan on a straight-line method, which approximates the pattern of when the underlying services are performed. When the cash received is different from the revenue recognized, a "Contract Asset" or "Contract Liability" shall be recognized in the consolidated statement of financial position.

2 重大會計政策概要(續)

2.24 收益確認(續)

(a) 信貸撮合及服務費(續)

本集團將信貸撮合服務及持續每月 服務視為不同的履約義務。本集團 不單獨出售該等服務,但本集團認 為兩種可交付安排均有獨立價值。 然 而,本 集 團 不 獨 立 提 供 該 等 服 務,亦不存在第三方售價證明,因 為並無有關我們的競爭對手就此類 服務收費金額的公開資料。因此, 本集團使用預期成本加利潤率法釐 定其不同履約責任的最佳估計單獨 售價,作為分配的基準。分配至信 貸撮合的服務費總額於投資者與借 款人之間簽立貸款協議時確認為 收益。分配至放款後服務的服務費 遞延處理,以直線法在貸款期限內 確認,這與履行相關服務時的模式 相若。當所收現金有別於已確認收 益,則「合約資產」或「合約負債」須 於綜合財務狀況表確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition (Cont'd)

(b) Incentives

To expand its market presence, attract new investors and new borrowers and increase activity level on the Group's platform, the Group provides incentives to potential investors and borrowers at its sole discretion.

When a loan is successfully matched during the relevant incentive program period, the investor receives a cash incentive as additional interest on a monthly basis over the term of the loan. The borrower may receive a cash incentive, as a reduction of credit facilitation service fee. These cash incentives are accounted for as reduction of revenue.

(c) Referral service fee

The Group introduces loan products of external online lending platforms to borrowers on the Group's own platform who can click through to third-party platforms. The Group generally is not the primary obligor, does not have the ability to establish the price, is not exposed to the credit risk when directing borrowers to third-party platforms. Upon successful set-up of loans, the Group will charge the third-party platforms a negotiated amount or a fixed rate referral fee based on the loans amount. Loan referral service income is recognized on a net basis upon successfully set-up of the loans.

2 重大會計政策概要(續)

2.24 收益確認(續) (b) 獎勵

為擴大市場份額、吸引新投資者及 新借款人及提升本集團平台的活躍 度,本集團可全權酌情向潛在投資 者及借款人提供獎勵。

當貸款在有關獎勵計劃期間成功匹 配,投資者將收到現金獎勵,作為 貸款期限內每月的額外利息。借款 人可能收取現金獎勵,作為信貸撮 合服務費減少的部分。該等現金獎 勵入賬列為收益減少。

(c) 介紹服務費

本集團向其自有平台上可點擊進入 第三方平台的借款人推介外部線 上借貸平台的貸款產品。將借款人 轉介予第三方平台時,本集團一般 並非主要義務人,不能確定價格, 亦不承擔信用風險。成功訂立貸款 後,本集團將基於貸款金額向第三 方平台收取協定金額或固定費率的 介紹費。信貸介紹服務收入於成功 設立貸款時按淨額基準確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition (Cont'd)

(d) Credit card technology service fee

The Group cooperates with banks for their online credit card applications on a nationwide basis. Users of 51 Credit Card Manager App can click on the icon of a bank displayed in the Group's platform and the webpage of the bank will pop up in the App to complete the credit card application process. The Group charges banks the referral fee based on the successful applications which are defined by the banks. Credit card technology service fee is recognized on a net basis upon successful applications.

(e) Interest income of loans to customers

The Group has originated and held loans through consolidated trust schemes and a micro loan subsidiary. Interest on the loans to customers (Note 27) is accrued based on the contractual interest rates of the loan as earned using the effective interest method. When a loan and receivables is impaired, the interest revenue is calculated by applying the effective interest rate to net of the ECL allowance.

(f) Payment service fee

The Group provides payment services for the third parties to support the platform users. The income originates from the payment channel service and the payment advance service. When the service provided, the service fee will be automatically deducted from the funds.

2 重大會計政策概要(續)

2.24 收益確認(續)

(d) 信用卡科技服務費

本集團在全國範圍內與銀行合作進 行銀行的網上信用卡申請。51信用 卡管家應用用戶可點擊本集團平台 上顯示的銀行圖標,銀行的網頁將 於應用中彈出以完成信用卡申請過 程。本集團根據銀行界定的成功申 請人向銀行收取介紹費。信用卡科 技服務費於成功申請後按淨額基準 確認。

(e) 向客戶貸款的利息收入

本集團通過綜合信託計劃及小額貸 款附屬公司發放並持有貸款。客戶 貸款的利息(附註27)採用實際利率 法於賺取時按貸款合約利率累算。 當貸款及應收款項出現減值,利息 收入乃按實際利率計算,以扣除預 期信用損失撥備。

(f) 支付服務費

本集團為第三方提供支付服務以支 持平台用戶。收入來自支付渠道服 務及支付墊資服務。提供服務時, 服務費將自動從資金中扣除。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.24 Revenue recognition (Cont'd)

(g) Smart retail solutions service fee

The Group's smart retail business is operated under its subsidiary, Hangzhou Zhongtuo Netcom Technology Limited ("Zhongtuo Netcom"). The Group receives a fixed income from system development and sales of hardware, and also receives agency fees that are based on customers' volume of usage such as transaction payment rate, server usage and SMS traffic volume, etc.

(h) Overdue charges

The Group makes efforts to collect the outstanding overdue amounts from borrowers. Overdue charges incurred on a case-by-case basis. The collectability of these amounts are often of high uncertainty. Overdue charges are only highly probable to be collected when the actual overdue amounts are repaid and are recognized as revenue when the cash of the overdue payments is actually collected.

2.25 Interest income of cash at banks and bank deposits

Interest income is recognized on a time proportion basis, taking into account of the principal outstanding and the effective interest rate over the period to maturity, when it is determined that such income will accrue to the Group.

2.26 Government grants

Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.

Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive loss over the period necessary to match them with the costs that they are intended to compensate.

2 重大會計政策概要(續)

2.24 收益確認(續)

(g) 智慧零售解決方案服務費

本集團的智慧零售業務由其附屬公 司杭州眾拓網通科技有限公司(「眾 拓網通」)營運。本集團從系統開發 及硬件銷售獲得定額收入,並根據 客戶使用量如交易支付費率、伺服 器使用率及短信流量等獲得代理收 入。

(h) 逾期費用

本集團會努力向借款人收取未清償 欠款。逾期費用按個案基準產生。 該等款項的可收回性通常具有很高 的不確定性。逾期費用只有在實際 欠款獲償還時才有可能收取,並於 實際收取欠款現金時確認為收益。

2.25 銀行現金及銀行存款的利息收入

利息收入於有關收入將計入本集團時在 計及剩餘未屆滿期限內的未結清本金及 實際利率的情況下按時間比例基準確 認。

2.26 政府補助

政府補助在可合理保證將收到補助及本 集團將符合所有附帶條件時按公允價值 確認。

與成本有關的政府補助遞延處理,在將 補助與其擬補償成本相匹配所需的期間 內於綜合全面虧損表內確認。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.27 Leases

Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the fixed payments (including in-substance fixed payments), less any lease incentives receivable.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, which is generally the case for leases in the Group, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

To determine the incremental borrowing rate, the Group:

• where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
• uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party financing; and
• makes adjustments specific to the lease, e.g., term, country, currency and security.

2 重大會計政策概要(續)

2.27 租賃

租賃確認為使用權資產,並在租賃資產 可供本集團使用之日確認相應負債。

租約產生的資產及負債在現值基礎上進 行初始計量。租賃負債包括固定付款(包 括實質固定付款)減任何應收租賃優惠的 淨現值。

租賃付款採用租賃隱含的利率貼現。倘 無法釐定該利率(即本集團租賃通常所 屬的情況),則使用承租人的增量借款利 率,即承租人在類似條款及條件的類似 經濟環境中借入獲得類似價值資產所需 資金所必須支付的利率。

為釐定增量借款利率,本集團採取以下 措施:

• 在可能的情況下,採用個別承租人 所收取的近期第三方融資作為起 點,進行調整以反映自收取第三方 融資以來融資狀況的變動;
• 並無近期第三方融資時,以無風險 利率為初始值,對本集團持有租賃 時的信用風險進行調整;及
• 對租賃作出特定調整,如年期、國 家、貨幣及擔保。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

2.27 Leases (Cont'd)

Right-of-use assets are measured at cost comprising the following:

• the amount of the initial measurement of lease liability;
• any lease payments made at or before the commencement date less any lease incentives received; and
• restoration costs.

Payments associated with short-term leases and all leases of lowvalue assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard.

2 重大會計政策概要(續)

2.27 租賃(續)

使用權資產的成本計量包括以下各項:

• 租賃負債的初始計量金額;
• 於開始日期或之前所作的任何租賃 付款減已收取的任何租賃優惠;及
• 復原成本。

與短期租賃及所有低價值資產租賃有關 的付款按直線法於損益確認為開支。短 期租賃指租賃期為12個月或以下的租賃。

來自本集團為出租人的經營租賃的租賃 收入於租期內按直線法於收益內確認。 取得經營租賃所產生的初始直接成本 被加入相關資產的賬面值,並於租期內 按與租期收入的相同基準確認為開支。 有關租賃資產根據其性質計入資產負債 表。由於採納新訂租賃準則,本集團無須 就作為出租人持有的資產的會計處理作 出任何調整。

3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

3.1 Measurement of the ECL allowance

The measurement of the ECL allowance for financial assets measured at amortised cost and is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses).

A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as:

(i) Determining criteria for SICR;

• The financial instrument considered to have experienced a SICR if the borrower is past due on its contractual payments.

3 關鍵會計估計及判斷

本 集 團 作 出 有 關 未 來 的 估 計 及 假 設。顧 名 思 義,會計估計極少與相關實際結果相等。下文 載列極有可能導致資產及負債的賬面值在下個 財政年度作出重大調整的估計及假設。

3.1 計量預期信用損失撥備

計量按攤銷成本計量的金融資產的預期 信用損失撥備,要求使用複雜模型以及 對未來經濟狀況及信用行為(如客戶違約 及引致虧損的可能性)的重大假設。

在應用計量預期信用損失的會計規定 時,須作出多項重大判斷,如:

• (i) 確定信用風險大幅增加的準則;
• 若借款人就其合約付款逾 期,金 融 工 具 被 視 為 出 現 信 用風險大幅增加。

3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Cont'd)

• 3.1 Measurement of the ECL allowance (Cont'd)
• (ii) Choosing appropriate models and assumptions for the measurement of ECL;
  • ECL is measured on either a 12-month (12M) or lifetime basis depending on whether a SICR has occurred since initial recognition or whether an asset is considered to be credit-impaired. ECL are the discounted product of the Probability of Default ("PD"), Exposure at Default ("EAD"), and Loss Given Default ("LGD"), or ECL=PD*LGD*EAD*discounted rate.
  • The calculation of PD and LGD started with the Group's historical information. They are further adjusted for the impacts from micro-economy conditions as well as observed industry experience. PD and LGD are calculated by type of products, internal risk grades and loan durations as appropriate.
  • EAD is calculated based on the amounts the Group expected to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD).
  • The discounted rate used in the ECL calculation is the original effective interest rate or an approximation thereof.

3 關鍵會計估計及判斷(續)

3.1 計量預期信用損失撥備(續)

• (ii) 選擇計量預期信用損失的合適模型 及假設;
• 視乎自首次確認起是否發生 信用風險大幅增加或資產是 否 被 視 為 信 用 減 值,預 期 信 用損失按12個月( 12M)或存 續 期 基 準 計 量。預 期 信 用 損 失為違約概率(「 PD 」)、違約 敝 口(「 EAD 」)及 違 約 損 失 率(「 LGD 」)的 折 算 結 果 或 ECL=PD*LGD*EAD*貼現率。
• 計算PD及LGD從本集團的歷 史 資 料 著 手,並 就 微 觀 經 濟 狀況及依據行業經驗觀察的 影響作出進一步調整。PD及 LGD按產品類型、內部風險級 別及貸款期限(如適用)計算。
• EAD按本集團於違約時預期 未來12個月(12M EAD)或餘下 存續期(存續期EAD )欠付的 金額計算。
• 計算預期信用損失時所用的 貼現率為原實際利率或其約 數。

3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Cont'd)

• 3.1 Measurement of the ECL allowance (Cont'd)
• (iii) Establishing the number and relative weighting of forwardlooking scenarios for each type of product/market and the associated ECL; and
  • The Group used the Morten Model to estimate the relationship between ECL and forward-looking scenarios.
  • Based on economic statistics, three different prospective scenarios, namely the "base", the "upside" and the "downside" are used with 80%, 10% and 10% weighting respectively.
  • Other forward-looking considerations, such as the impact of any regulatory, legislative or political changes, have also been considered.
  • The Group has performed historical analysis and identified the key economic variables impacting credit risk and ECL of each portfolio. The most significant assumptions used are PPI, given their impact they have on the loans facilitated or provided by the Group.

3.2 Revenue related to credit facilitation service and ongoing monthly service

The Group considers the credit facilitation services and ongoing monthly services as distinct performance obligations. However, the Group does not provide these services separately, and the third-party evidence of selling price does not exist either, as public information is not available regarding the amount of fees competitors charge for these services. As a result, the Group uses the expected-cost-plus-a-margin approach to determine its best estimate of selling prices of the different deliverables as the basis for allocation. When estimating the selling prices, the Group considers the cost related to such services, profit margin, customer demand, effect of competition, and other market factors, if applicable.

3 關鍵會計估計及判斷(續)

3.1 計量預期信用損失撥備(續)

• (iii) 就各類產品╱市場及相關預期信用 損失設立前瞻性場景的數目及相關 加權數;及
• 本集團使用莫頓模型(Morten Model)估計預期信用損失與 前瞻性場景的關係。
• 根 據 經 濟 統 計 數 據,三 種 不 同前景的場景(即「基本」、「上 揚」及「下跌」)分別採納80%、 10%及10%的權重。
• 亦 已 進 行 其 他 前 瞻 性 考 量, 如 任 何 監 管、法 律 或 政 策 變 動的影響。
• 本集團已執行歷史分析並識 別出影響各種組合的信用風 險及預期信用損失的主要經 濟 變 量。所 使 用 最 重 大 的 假 設 為 生 產 者 物 價 指 數,此 乃 鑒於其對本集團所撮合或提 供貸款的影響。

3.2 與信貸撮合服務及持續每月服務有關的收 益

本集團將信貸撮合服務及持續每月服務 視為多種可交付安排。然而,本集團不獨 立提供該等服務,亦不存在第三方售價 證明,因為並無有關我們的競爭對手就 此類服務收費金額的公開資料。因此,本 集團採用預計成本加成法釐定其對不同 可交付安排的最佳售價估計,作為分配 基準。估計售價時,本集團考慮與有關服 務有關的成本、利潤率、客戶需求、競爭 的影響及其他市場因素(如適用)。

3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Cont'd)

3.3 Quality assurance fund payable and receivable

The quality assurance fund is a protection mechanism offered to both individual and institutional investors who subscribe to the loans facilitated on the Group's platform. The quality assurance fund contribution rates are determined at loan inception on a loan by loan basis and does not subsequently change over the life of the loan. The determination of the contribution rates is also based on the estimated loss rate of the loans, taking into account the underlying risk profile and historical loss record and other market factors when necessary.

3.4 Recognition of share-based compensation expenses

The fair values of share options granted are measured on the respective grant dates based on the fair value of the underlying shares. In addition, the Group is required to estimate the expected percentage of grantees that will remain in employment with the Group or, where applicable, if the performance conditions for vesting will be met at the end of the vesting period. The Group only recognizes an expense for those share options and RSUs expected to vest over the vesting period during which the grantees become unconditionally entitled to these share-based awards. Changes in these estimates and assumptions could have a material effect on the determination of the fair value of the share options and RSUs and the amount of such share-based awards expected to become vested, which may in turn significantly impact the determination of the share-based compensation expenses.

The fair value of share options and RSUs at the time of grant is to be expensed over the vesting period of these share-based awards based on an accelerated graded attribution approach. Under the accelerated graded attribution approach, each vesting installment of a graded vesting award is treated as a separate share-based award, which means that each vesting installment will be separately measured and attributed to expense, resulting in accelerated recognition of share-based compensation expense.

3 關鍵會計估計及判斷(續)

3.3 應付及應收質量保證金

質量保證金是向認購於本集團上撮合的 貸款的個人及機構投資者提供的保障機 制。質量保證金出資率於貸款訂立時按 個別基準釐定,之後在貸款期限內維持 不變。出資率的釐定亦基於貸款的估計 損失率進行,當中計及相關風險概況及 歷史虧損記錄及其他市場因素(如必要)。

3.4 確認以股份為基礎的薪酬開支

授出購股權的公允價值於各授出日期基 於相關股份的公允價值計量。此外,本集 團須估計將繼續受僱於本集團的承授人 的預計百分比或(如適用)歸屬的表現條 件在歸屬期結束時是否達成。本集團僅 就預計將在承授人可無條件享有有關股 份獎勵的歸屬期內歸屬的購股權及受限 制股份單位確認一項開支。該等估計及 假設的變動可能會對購股權及受限制股 份單位的公允價值的釐定及預計將歸屬 的股份獎勵的金額造成重大影響,進而 可能對以股份為基礎的薪酬開支的釐定 造成重大影響。

購股權及受限制股份單位於授出時的公 允價值將按加速級差歸屬法在該等股份 支付獎勵的歸屬期內列支。根據加速級 差歸屬法,各級差歸屬獎勵的分期歸屬 部分將被視為獨立的股份支付獎勵,即 各分期歸屬部分將獨立計量及列支,導 致加速確認以股份為基礎的薪酬開支。

3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Cont'd)

3.5 Income taxes

The Group is subject to income tax regulations under the PRC, HK, Cayman Islands and BVI. Significant judgement is required in determining the provision for income taxes in different territories. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the year in which such determination is made.

In addition, a deferred income tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized based upon the likely timing and the level of future taxable profits of the individual entities together with tax planning strategies.

3.6 Fair value of financial instruments

If the market for a financial instrument is not active, the Group estimates fair value by using a valuation technique. Valuation techniques include using recent prices in arm's length market transactions between knowledgeable and willing parties, if available, reference to the current fair value of another instrument that is substantially the same, or discounted cash flow analysis and option pricing models. To the extent practicable, valuation technique makes the maximum use of market inputs. However, where market inputs are not available, management needs to make estimates on such unobservable market inputs.

3 關鍵會計估計及判斷(續)

3.5 所得稅

本集團須遵守中國、香港、開曼群島及英 屬維爾京群島的所得稅法規。釐定不同 地域的所得稅撥備時須作出重大判斷。 許多交易及計算難以明確釐定最終稅 務。本集團根據會否需要繳納額外稅項 的估計,確認對預期稅務審核事宜的責 任。倘該等事宜的最終稅務結果與最初 入賬金額有所不同,該等差額將影響稅 務釐定年內的即期及遞延所得稅資產及 負債。

此外,確認遞延所得稅資產時僅以可能 有未來應課稅溢利可用於抵銷有關資產 為限。管理層在釐定可予以確認的遞延 稅項資產金額時,須根據個別實體未來 應課稅溢利可能出現的時間及水平以及 稅項規劃策略作出重大判斷。

3.6 金融工具的公允價值

倘某項金融工具的市場並不活躍,本集 團會採用估值技術估計公允價值。估值 技術包括採用最近知情自願交易方進行 公平市場交易的價格(如有)、參考另一 大致相同工具的現行公允價值或折現現 金流量分析及期權定價模型。如實際可 行,估值技巧會最大限度地使用市場輸 入值。然而,如無法獲取市場值入值,則 管理層需要就不可觀察市場輸入值作出 估計。

4 FINANCIAL RISK MANAGEMENT

4.1 Financial risk factors

The Group's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance. Risk management is carried out by the senior management of the Group.

4.1.1 Market Risk

(a) Foreign exchange risk

The transactions of the Company are denominated and settled in its functional currency, US\$. The Group's subsidiaries primarily operate in the PRC and are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to US\$ and HK\$. Therefore, foreign exchange risk primarily arose from cash and cash equivalents in the Group's PRC subsidiaries when receiving or to receive foreign currencies from overseas business partners.

The Group enters into foreign exchange contracts to cover specific foreign currency payments and receipts within the exposure generated.

4 金融風險管理

4.1 金融風險因素

本集團的活動令本集團承受多種金融風 險,包括市場風險、信用風險及流動資金 風險。本集團的整體風險管理計劃注重 金融市場的不可預測性及尋求盡可能減 小對本集團財務表現的潛在不利影響。 風險管理由本集團的高級管理層承擔。

4.1.1 市場風險

(a) 外匯風險

本公司的交易以其功能貨幣 美 元 計 值 及 結 算。本 集 團 的 附 屬 公 司 主 要 在 中 國 經 營, 須承受持有各類貨幣帶來的 外 匯 風 險,主 要 與 美 元 及 港 元有關。因此,外匯風險主要 產生自本集團旗下收到或將 收到海外業務夥伴外幣的中 國附屬公司的現金及現金等 價物。

本 集 團 訂 立 外 匯 合 約,涵 蓋 所涉及的特定外幣收支。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.1 Financial risk factors (Cont'd) 4.1.1 Market Risk (Cont'd)

(a) Foreign exchange risk (Cont'd)

For the Group's PRC subsidiaries whose functional currency is RMB, if US\$ had strengthened/weakened by 5% against RMB with all other variables held constant, the loss before income tax for the years ended 31 December 2020 would have been approximately RMB1,934,000 higher/lower (31 December 2019: RMB2,068,000 higher/lower), as a result of net foreign exchange gains/(losses) on translation of net monetary liabilities denominated in US\$.

For the Group's PRC subsidiaries whose functional currency is RMB, if HK\$ had strengthened/weakened by 5% against RMB with all other variables held constant, the loss before income tax for the years ended 31 December 2020 would have been approximately RMB300 lower/higher, (31 December 2019: RMB17,000 lower/higher), as a result of net foreign exchange gains/(losses) on translation of net monetary assets denominated in HK\$.

(b) Interest rate risk

The Group is exposed to interest rate risk primarily in relation to term deposits, loans to customers, net, long-term borrowings and short-term borrowings. The Group generally assumes borrowings to fund capital expenditures and working capital requirements. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.1 市場風險(續)

(a) 外匯風險(續)

就本集團旗下功能貨幣為人 民 幣 的 中 國 附 屬 公 司 而 言, 如美元兌人民幣升值╱貶值 5%,而所有其他變量維持不 變,由 於 換 算 以 美 元 計 值 的 貨幣負債淨值產生的外匯收 益╱(虧損)淨額,截至2020 年12月31日止年度的除所得 稅前虧損將增加╱減少約人 民幣1,934,000元( 2019年12 月31日:增加╱減少人民幣 2,068,000元)。

就本集團旗下功能貨幣為人 民 幣 的 中 國 附 屬 公 司 而 言, 如港元兌人民幣升值╱貶值 5%,而所有其他變量維持不 變,由 於 換 算 以 港 元 計 值 的 貨幣資產淨值產生的外匯收 益╱(虧損)淨額,截至2020年 12月31日止年度的除所得稅 前虧損將減少╱增加約人民 幣300元(2019年12月31日:減 少╱增加人民幣17,000元)。

(b) 利率風險

本 集 團 承 受 利 率 風 險,主 要 與定期存款、客戶貸款淨額、 長 期 借 款 及 短 期 借 款 有 關。 本集團借款一般用於滿足資 本 支 出 及 營 運 資 金 需 求。本 集團管理該風險的方式為維 持適當的定息及浮息借款組 合。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.1 Market Risk (Cont'd)
• (b) Interest rate risk (Cont'd)

The Group's exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this Note.

The sensitivity analysis below have been determined based on the exposure to interest rates for financial assets and financial liabilities at the end of the reporting year. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting year was outstanding for the whole year.

A 50 basis point increase or decrease represents management's assessment of the reasonably possible change in interest rates. If interest rates had been 50 basis points higher and all other variables were held constant, the Group's loss would approximately increase by RMB806,000 for the years ended 31 December 2020 (2019: RMB1,884,000) respectively. This is mainly attributable to the Group's exposure to interest rates on bank and other borrowings.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.1 市場風險(續)

(b) 利率風險(續)

本集團承受的金融資產及金 融負債利率風險在本附註流 動資金風險管理部分詳述。

下列敏感度分析乃基於金融 資產及金融負債於報告年末 的 利 率 風 險 釐 定。就 浮 息 負 債 而 言,該 分 析 乃 假 設 於 報 告年末未清償負債金額在整 個年度未清償而編製。

50個基點的升跌是管理層對 利 率 合 理 可 能 變 動 的 評 估。 如利率上升50個基點而所有 其 他 變 量 維 持 不 變,本 集 團 截至2020年12月31日止年度 的虧損將分別增加約人民幣 806,000元( 2019年:人民幣 1,884,000元)。這主要是由於 本集團承受銀行及其他借款 的利率風險。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.1 Financial risk factors (Cont'd)

4.1.2 Credit risk

Credit risk is the risk of suffering financial loss, should any of the Group's customers, clients or market counterparties fail to fulfil their contractual obligations to the Group. Credit risk arises mainly from credit facilitation service.

(a) Credit risk measurement

The estimation of credit exposure for risk management purposes is complex and requires the use of models, as the exposure varies with changes in market conditions, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of default correlations between counterparties. The Group measures credit risk using PD, EAD and LGD. This is similar to the approach used for the purposes of measuring ECL under IFRS 9. Refer to Note 4.1.2 (b) for more details.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險

信用風險是一旦本集團有任何客 戶、顧客或市場交易對手未能履行 其對本集團的合約責任而蒙受財務 損失的風險。信用風險主要來自信 貸撮合服務。

(a) 信用風險計量

基於風險管理目的的信用 風險敞口估計比較複雜且 需 要 使 用 模 型,因 為 該 敞 口 隨 著 市 場 條 件、預 期 現 金 流 量及時間推移的變動而發生 變 化。對 資 產 組 合 的 信 用 風 險 評 估 需 要 更 多 估 計,如 違 約 發 生 的 可 能 性、相 關 損 失 率及對手方之間違約的相關 性。本 集 團 使 用P D、EAD及 LGD計 量 信 用 風 險。這 與 國 際財務報告準則第9號下計 量預期信用損失所用的方法 相 似。進 一 步 詳 情 參 見 附 註 4.1.2(b)。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd)
• 4.1.2 Credit risk (Cont'd)
  • (b) ECL measurement

IFRS 9 outlines a "three-stage" model for impairment based on changes in credit quality since initial recognition as summarised below:

• A financial instrument that is not creditimpaired on initial recognition is classified in "Stage 1" and has its credit risk continuously monitored by the Group.
• If a SICR since initial recognition is identified, the financial instrument is moved to "Stage 2" but is not yet deemed to be creditimpaired. Please refer to Note 4.1.2 (b) (i) for a description of how the Group determines when a SICR has occurred.

4 金融風險管理(續)

4.1 金融風險因素(續) 4.1.2 信用風險(續) (b) 預期信用損失計量

國際財務報告準則第9號規定 了一個自初始確認之後信用 質量發生「三階段」變化的減 值模型,概述如下:

• 初始確認時未發生信用 減值的金融工具分類為 「第1階 段」,且 本 集 團 對其信用風險進行持續 監控。
• 如果識別出自初始確認 後信用風險發生顯著增 加,則金融工具被轉移 至「第2階 段」,但 並 未 將其視為已發生信用減 值。信用風險顯著增加 時本集團的判斷標準, 參見附註4.1.2(b)(i)。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)

• (b) ECL measurement (Cont'd)

  • If the financial instrument is credit-impaired, the financial instrument is then moved to "Stage 3". Please refer to Note 4.1.2 (b) (ii) for a description of how the Group defines creditimpaired and default.
  • Financial instruments in Stage 1 have their ECL measured at an amount equal to the portion of lifetime ECL that result from default events possible within the next 12 months. Instruments in Stages 2 or 3 have their ECL measured based on ECL on a lifetime basis. Please refer to Note 4.1.2 (b) (iii) for a description of inputs, assumptions and estimation techniques used in measuring the ECL.
  • A pervasive concept in measuring ECL in accordance with IFRS 9 is that it should consider forward–looking information. Note 4.1.2 (b) (iv) includes an explanation of how the Group has incorporated this in its ECL models.

• 4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

• (b) 預期信用損失計量(續)
  • 如果金融工具發生信用 減值,則將被轉移至「第 3階段」。本集團對違約 及發生信用減值資產的 定義,參見附註4.1.2(b) (ii)。
  • 第1階段金融工具的虧 損撥備為未來12個月的 預期信用損失,該金額 對應為存續期預期信用 損失中由未來12個月內 可能發生的違約事件導 致的部分。第2階段或第 3階段金融工具的預期 信用損失計量存續期預 期信用損失。預期信用 損失計量中所使用的參 數、假 設 及 估 計 技 術, 參見附註4.1.2(b)(iii)。
  • 根據國際財務報告準則 第9號計量預期信用損 失時應充分考慮前瞻性 信息。關於本集團如何 將前瞻性信息納入預期 信用損失模型的說明, 參見附註4.1.2(b)(iv)。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)

The following diagram summarises the impairment requirements under IFRS 9:

4 金融風險管理(續)

4.1 金融風險因素(續) 4.1.2 信用風險(續)

(b) 預期信用損失計量(續)

下圖概述國際財務報告準則 第9號項下的減值規定:

Stage 1	Stage 2	Stage 3
第1階段	第2階段	第3階段
(Initial recognition) (初始確認)	(SICR since initial recognition) (自初始確認以來信用風險發生 顯著增加)	(Credit-impaired assets) (信用減值資產)
12-month ECL	Lifetime ECL	Lifetime ECL
12個月預期信用損失	存續期的預期信用損失	存續期的預期信用損失
The key judgements and assumptions adopted by the

Change in credit quality since initial recognition 自初始確認起的信用品質的變化

Group in addressing the requirements of the standard are discussed below:

(i) SICR

The financial instrument considered to have experienced a SICR if the borrower is more than 1 day (inclusive) past due on its contractual payments. No qualitative criteria is considered by the Group since the Group monitor the risk of borrowers purely based overdue period.

The Group has not used the low credit risk exemption for any financial instruments for the year ended 31 December 2020.

損 失 時,本 集 團 採 用 的 關 鍵 判斷及假設如下:

(i) 信用風險顯著增加

如果借款人在合同付款 日後逾期超過1天(包括 1天)仍未付款,則視為 該金融工具已經發生信 用風險顯著增加。由於 本集團純粹基於逾期期 間監察借款人風險,故 本集團並無考慮定性標 準。

截至2020年12月31日止 年度,本集團並未將任 何金融工具視為具有較 低信用風險。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)

• (b) ECL measurement (Cont'd)
• (ii) Definition of default and credit-impaired assets

The Group defines a financial instruments as is in default, which is fully aligned with the definition of credit impaired if the borrower is more than 1 month (inclusive) past due on its contractual payments. Besides, fraudulent list is also considered by the Group for definition for default and credit-impaired assets.

The criteria above have been applied to loan to customers and financial guarantees held by the Group and are consistent with the definition of default used for internal credit risk management purposes. The default definition has been applied consistently to model the PD, EAD and LGD throughout the Group's expected loss calculations.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

• (b) 預期信用損失計量(續)
• (ii) 違約及已發生信用減值 資產的定義

如果借款人在合同付款 日後逾期超過1個月(包 括1個月)仍未付款,則 本集團將該金融資產界 定為已發生違約,其標 準與已發生信用減值的 定 義 一 致。此 外,本 集 團亦會在定義違約及已 發生信用減值資產時考 慮欺詐訂單。

上述標準適用於本集團 的客戶貸款及金融擔 保,且與內部信用風險 管理所採用的違約定義 一致。違約定義已被一 致地應用於本集團的預 期信用損失計算過程中 對PD、EAD及LGD的模 型建立。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iii) Measuring ECL Explanation of inputs, assumptions and estimation techniques

The ECL is measured on either a 12-month (12M) or Lifetime basis depending on whether a SICR has occurred since initial recognition or whether an asset is considered to be creditimpaired. ECL are the discounted product of the PD, EAD, and LGD, defined as follows:

• The PD represents the likelihood of a borrower defaulting on its financial obligation (as per "Definition of default and credit-impaired assets" above), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

• (b) 預期信用損失計量(續)
• (iii) 計量預期信用損失-對 參數、假設及估計技術 的說明

根據信用風險是否自初 步確認起顯著增加以及 資產是否被視為已發生 信用減值,預期信用損 失按12個月或存續期基 準計量。預期信用損失 是PD、EAD及LGD三者 折現後的結果。相關定 義如下:

• 違約概率是指借 款人在未來1 2個 月或在剩餘存續 期,無 法 履 行 其 償付義務的可能性 (根據上文「違約 及已發生信用減 值資產的定義」)。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iii) Measuring ECL Explanation of inputs, assumptions and estimation techniques (Cont'd)
  • L G D r e p r e s e n t s t h e G r o u p 's expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of EAD. LGD is calculated on a 12M or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12M and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

(b) 預期信用損失計量(續)

(iii) 計量預期信用損失-對 參數、假設及估計技術 的說明(續)

• 違約損失率是指 本集團對違約敞 口發生損失程度 作出的預期。根據 交易對手的類型、 追索的方式和優 先順序,以及擔保 品或其他信用支 持的可獲得性不 同,違約損失率也 有所不同。違約損 失率為違約敞口 損失的百分比,以 1 2個月或存續期 為基準進行計算。 1 2個月違約損失 率是指當未來1 2 個月內發生違約 時的損失率,存續 期違約損失率是 存續期內發生違 約時的損失率。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iii) Measuring ECL Explanation of inputs, assumptions and estimation techniques (Cont'd)
  • EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

(b) 預期信用損失計量(續)

(iii) 計量預期信用損失-對 參數、假設及估計技術 的說明(續)

• 違約敞口是指,在 未 來1 2個月或在 剩餘存續期中,在 違約發生時,本集 團應獲償付的金 額。例如,對於迴 圈信貸協議,在違 約發生時本集團 已放款的貸款金 額與合同限額內 的預期提取金額 之和視為違約風 險敞口。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iii) Measuring ECL Explanation of inputs, assumptions and estimation techniques (Cont'd)

The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure or collective segment. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.

The Lifetime PD is developed by looking at how defaults develop on a portfolio from the point of initial recognition throughout the lifetime of the loans. The PD profile is based on historical observed data and is assumed to be the same across all assets within a portfolio and credit grade band. This is supported by historical analysis.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

(b) 預期信用損失計量(續)

(iii) 計量預期信用損失-對 參數、假設及估計技術 的說明(續)

本集團通過預計未來各 月份中單個敞口或資產 組合的違約概率、違約 損失率和違約敞口,來 確定預期信用損失。本 集團將這三者相乘並對 其存續性進行調整(如 並未提前還款或發生違 約)。此舉可以有效地計 算未來各月地預期信用 損失。再將各月地計算 結果折現至報告日並加 總。預期信用損失計算 中使用的貼現率為初始 實際利率或概約初始實 際利率。

存續期違約概率是基於 貸款從初始確認到存續 期結束的違約變化情況 推演而成。組合的基礎 是可觀察的歷史信息, 並假定同一組合的資產 及信用等級的情況相 同。上述分析以歷史分 析作為支持。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iii) Measuring ECL Explanation of inputs, assumptions and estimation techniques (Cont'd)

For amortising products, this is based on the contractual repayments owed by the borrower over a 12M or lifetime basis. This will also be adjusted for any expected overpayments made by a borrower. Early repayment/refinance assumptions are also incorporated into the calculation.

The 12M and lifetime LGDs are determined based on the factors which impact the recoveries made post default. These vary by product type.

Forward-looking economic information is also included in determining the 12M and lifetime PD, EAD and LGD. These assumptions vary by product type. Refer to Note 4.1.2 (b) (iv) for an explanation of forward– looking information and its inclusion in ECL calculations.

There have been no significant changes in estimation techniques or significant assumptions made during the year ended 31 December 2020.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

• (b) 預期信用損失計量(續)
• (iii) 計量預期信用損失-對 參數、假設及估計技術 的說明(續)

對於整分期還款,本集 團根據合同約定的還款 計劃確定12個月期間或 存續期違約敞口,並對 借款人作出的預期超額 還款和提前還款╱再融 資進行調整。

本集團根據對影響違約 後回收的因素來確定12 個月及存續期的違約損 失率。不同產品類型的 違約損失率有所不同。

在確定12個月及存續期 的違約概率、違約敞口 及違約損失率時應考慮 前瞻性經濟信息。此假 設因產品類型的不同而 有所不同。關於前瞻性 信息以及如何將其納入 預期信用損失計算的說 明,參見附註4.1.2 (b) (iv)。

截至2020年12月31日止 年度,估計技術或關鍵 假設未發生重大變化。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iv) Forward-looking information incorporated in the ECL models

The assessment of SICR and the calculation of ECL both incorporate forward-looking information. The Group has performed historical analysis and identified the key economic variables impacting credit risk and ECL for each portfolio.

These economic variables and their associated impact on the PD, EAD and LGD vary by financial instrument. The Group applies expert judgment in the forecast of these economic variables to obtain the best estimate view of the economy over the next one year. After one year, to project the economic variables out for the full remaining lifetime of each instrument, a mean reversion approach has been used, which means that economic variables tend to be close to a long run average growth rate (e.g. Producer Price Index, Consumer Price Index) over a period of two to five years. The impact of these economic variables on the PD, EAD and LGD has been determined by performing Eucilidean Distance analysis to understand the impact changes in these variables have had historically on default rates and on the components of LGD and EAD.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

(b) 預期信用損失計量(續)

(iv) 預期信用損失模型中包 括的前瞻性信息

信用風險顯著增加的評 估及預期信用損失的計 算均涉及前瞻性信息。 本集團通過進行歷史分 析,識別出影響各資產 組合的信用風險及預期 信用損失的關鍵經濟變 量。

該等經濟變量及其對違 約概率、違約風險敞口 及違約損失率之相關影 響,視乎不同金融工具 而有所不同。本集團應 用專家判斷對該等經濟 變量進行預測,以獲得 未來一年經濟狀況之最 佳 估 計。於 一 年 後,採 用均值回歸法估預測各 金融工具剩餘存續期結 束時之經濟變量,表示 經濟變量在兩年至五年 期間內,趨向於接近長 期平均增長率(如生產 者物價指數及消費者物 價 指 數)。歐 氏 距 離 分 析被用於釐定該等經濟 變量對違約概率、違約 風險敞口及違約損失率 之影響,以了解該等變 量過往對違約概率以及 違約風險敞口及違約損 失率組成部分之影響變 化。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iv) Forward-looking information incorporated in the ECL models (Cont'd)

In addition to the base economic scenario, the Group also obtained other possible scenarios along with scenario weightings from external experts. The number of other scenarios used is set based on the analysis of each major product type to ensure non-linearities are captured. The number of scenarios and their attributes are reassessed at each reporting date. At 1 January 2020 and 31 December 2020, the Group concluded that three scenarios appropriately captured non-linearities among all portfolios. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. The assessment of SICR is performed using the Lifetime PD under each of the base, and the other scenarios, multiplied by the associated scenario weighting, along with qualitative and backstop indicators (see Note 4.1.2). This determines whether the whole financial instrument is in Stage 1, Stage 2, or Stage 3 and hence whether 12-month or lifetime ECL should be recorded. Following this assessment, the Group measures ECL as either a probability weighted 12 month ECL (Stage 1), or a probability weighted lifetime ECL (Stages 2 and 3). These probability-weighted ECLs are determined by running each scenario through the relevant ECL model and multiplying it by the appropriate scenario weighting (as opposed to weighting the inputs).

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

• (b) 預期信用損失計量(續)
• (iv) 預期信用損失模型中包 括的前瞻性信息(續)

除基本經濟情景外,本 集團亦自外部專家獲得 其他可能的情景及情景 權重。其他所用情景之 數量乃根據對每個主要 產品類型之分析而設 定,以確保覆蓋非線性 特徵。情景之數量及其 特徵乃於各報告日期按 年重新評估。於2020年 1月1日及2020年12月31 日,本集團認為三個情 景可適當地覆蓋非線性 特徵。本集團考慮各所 選情景所代表之可能結 果範圍,結合統計分析 及專家信貸判斷釐定情 景權重。評估信用風險 顯著增加時,使用各基 礎及其他情景下之存續 期違約概率,乘以相關 情景權重以及定性及上 限指標(見附註4.1.2)。 此釐定整個金融工具乃 處於第1階段、第2階段 或 第 3 階 段,亦 藉 此 釐 定應記錄12個月或存續 期預期信用損失。進行 評估後,本集團以概率 加權12個月預期信用損 失(第1階段)或概率加 權存續期預期信用損失 (第 2 階段及第 3 階段) 計量預期信用損失。該 等概率加權預期信用損 失乃按各情景下運行相 關預期信用損失模型乘 以相應情景權重釐定, 而非對參數進行加權計

算。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iv) Forward-looking information incorporated in the ECL models (Cont'd)

As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncer tainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the nonlinearities and asymmetries within the Group's different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

(b) 預期信用損失計量(續)

(iv) 預期信用損失模型中包 括的前瞻性信息(續)

與其他經濟預測類似, 對預計值和發生可能性 的估計具有的高度的固 有不確定性,因此實際 結果可能同預測存在重 大差異。本集團認為這 些預測體現了集團對 可能結果的最佳估計, 並分析了本集團不同組 合的非線性及不對稱特 徵,以確定所選擇的情 景能夠適當地代表可能 發生的情景。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (b) ECL measurement (Cont'd)
  • (iv) Forward-looking information incorporated in the ECL models (Cont'd)

Economic variable assumptions

The most significant year-end assumptions used for the ECL estimate as at 31 December 2020 and 1 January 2020 are set out below. The scenarios "Base", "Upside" and "Downside" were used for all portfolios.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

• (b) 預期信用損失計量(續)
• (iv) 預期信用損失模型中包 括的前瞻性信息(續)

可變經濟假設

於2020年1 2月3 1日 及 2020年1月1日,用於估 計年末信用損失的重要 假設列示如下。「基準」、 「上 揚」及「下 跌」這 三 種情景適用於所有組 合。

		2021
Producer Price Index	Base	99.76
生產者物價指數	基準
	Upside	100.18
	上揚
	Downside	99.22
	下跌

4				FINANCIAL RISK MANAGEMENT (Cont'd)	4		金融風險管理(續)
	4.1			Financial risk factors (Cont'd)		4.1	金融風險因素(續)
				4.1.2 Credit risk (Cont'd)					4.1.2 信用風險(續)
		(b)		ECL measurement (Cont'd)				(b)		預期信用損失計量(續)
			(iv)	Forward-looking information incorporated in the ECL models (Cont'd)					(iv)	預期信用損失模型中包 括的前瞻性信息(續)
				Economic variable assumptions (Cont'd)						可變經濟假設(續)
				The weightings assigned to each economic scenario at 31 December 2020 and 1 January 2020 were as follows:						於2020年1 2月3 1日 及 2020年1月1日,分配至 各項經濟情景的權重如 下:

		Base 基準	Upside 上揚	Downside 下跌
All portfolios	所有組合	80%	10%	10%
Sensitivity analysis			敏感度分析
The most significant assumptions affecting the ECL allowance are as follows:			的最重要假設如下:	影響預期信用損失撥備

		2020
		RMB'000
		人民幣千元
Producer Price Index	–1%	(35)
生產者物價指數	No change	–
	無變動
	+1%	10

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (c) Credit risk exposure

Maximum exposure to credit risk

The following table contains an analysis of the credit risk exposure subject to impairment. The amount of financial assets and non-financial assets below also represents the Group's maximum exposure to credit risk.

4 金融風險管理(續) 4.1 金融風險因素(續) 4.1.2 信用風險(續)

(c) 信用風險敞口

最大信用風險敞口

下表對可能出現減值的金融 工具的信用風險敞口進行了 分 析。下 列 金 融 資 產 及 非 金 融資產的金額亦即本集團面 臨的最大信用風險敞口。

			As at 31 December 2020 於2020年12月31日			As at 31 December 2019 於2019年12月31日
Measurement category	計量類別	Gross carrying amount 賬面總值 RMB'000 人民幣千元	Loss 虧損撥備 RMB'000 人民幣千元	allowance Carrying amount 賬面值 RMB'000 人民幣千元	Gross carrying amount 賬面總值 RMB'000 人民幣千元	Loss allowance 虧損撥備 RMB'000 人民幣千元	Carrying amount 賬面值 RMB'000 人民幣千元
Non-financial asset Contract assets	非金融資產 合約資產	638,822	(603,335)	35,487	1,173,480	(461,739)	711,741
Financial assets at amortized cost (IFRS 9)	按攤銷成本計量的金融 資產(國際財務報告 準則第9號)
Cash and cash equivalents	現金及現金等價物	412,684	–	412,684	1,283,144	–	1,283,144
Trade receivables	貿易應收款項	194,252	(182,317)	11,935	172,023	(75,262)	96,761
Prepayments and other receivables	預付款項及其他應收款項	173,475	(40,955)	132,520	390,992	–	390,992

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.1 Financial risk factors (Cont'd) 4.1.2 Credit risk (Cont'd)
• (c) Credit risk exposure (Cont'd)

Maximum exposure to credit risk (Cont'd)

4 金融風險管理(續)

4.1 金融風險因素(續) 4.1.2 信用風險(續)

(c) 信用風險敞口(續)

最大信用風險敞口(續)

			As at 31 December 2020 於2020年12月31日		As at 31 December 2019 於2019年12月31日
Measurement category	計量類別	Gross carrying amount 賬面總值 RMB'000 人民幣千元	Loss 虧損撥備 RMB'000 人民幣千元	allowance Carrying amount 賬面值 RMB'000 人民幣千元	Gross carrying amount 賬面總值 RMB'000 人民幣千元	Loss allowance 虧損撥備 RMB'000 人民幣千元	Carrying amount 賬面值 RMB'000 人民幣千元
Loans to customers Stage 1 Stage 2 Stage 3 Purchased credit-impaired	客戶貸款 第1階段 第2階段 第3階段 購入已發生信用減值	453,710 – – 287,431 166,279	(282,507) – – (282,507) –	171,203 – – 4,924 166,279	302,213 15,653 1,238 285,322 –	(281,474) (667) (413) (280,394) –	20,739 14,986 825 4,928 –
Financial guarantee contracts – Quality assurance fund receivable Stage 1 Stage 2 Stage 3	財務擔保合約 -應收質量保證金 第1階段 第2階段 第3階段	812,976 19,722 1,387 791,867	(790,786) (2,662) (701) (787,423)	22,190 17,060 686 4,444	1,333,252 545,607 104,860 682,785	(766,451) (49,449) (49,749) (667,253)	566,801 496,158 55,111 15,532
		2,685,919	(1,899,900)	786,019	4,655,104	(1,584,926)	3,070,178

4	FINANCIAL RISK MANAGEMENT (Cont'd) 4.1 Financial risk factors (Cont'd)					4	4.1	金融風險管理(續) 金融風險因素(續)
				4.1.2 Credit risk (Cont'd)						4.1.2 信用風險(續)
			(c)	Credit risk exposure (Cont'd)					(c)	信用風險敞口(續)
				Maximum exposure to credit risk (Cont'd)						最大信用風險敞口(續)
				The following table contains an analysis of the maximum credit risk exposure from financial guarantee contracts (i.e. quality assurance fund payable):						險敞口分析:	下表載列財務擔保合約(即應 付質量保證金)的最大信用風
										As at 31 December
										於12月31日
										2020	2019
										RMB'000	RMB'000
										人民幣千元	人民幣千元
				Financial guarantee contracts –	財務擔保合約-
				quality assurance fund payable	應付質量保證金					53,867	1,559,495
				Stage 1	第1階段					20,166	558,586
				Stage 2	第2階段					–	7,043
				Stage 3	第3階段					33,701	993,866

4.1.3 Liquidity risk

The Group manages liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

4.1.3 流動資金風險

本集團通過維持足夠現金儲備、銀 行融資及儲備借款融資,持續監察 預測及實際現金流量及匹配金融資 產及負債的屆滿期限管理流動資金 風險。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.1 Financial risk factors (Cont'd)

4.1.3 Liquidity risk (Cont'd)

The following tables detail the Group's remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have 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 tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the year. The contractual maturity is based on the earliest date on which the Group may be required to pay.

4 金融風險管理(續)

4.1 金融風險因素(續) 4.1.3 流動資金風險(續)

下列表格詳述本集團設有協定還款 期限的金融負債的剩餘合約屆滿期 限。有關表格乃基於金融負債的未 折現現金流量按本集團可能被要求 付款的最早日期編製。有關表格載 有利息及本金現金流量。倘利息流 量為浮動利率,未折現金額乃基於 年末的利率曲線推算。合約屆滿期 限乃基於本集團可能被要求付款的 最早日期釐定。

				As at 31 December 2020
				於2020年12月31日
		Less than	Between	Over
		1 year	1 – 5 years	5 years	Total
		不足1年	1至5年	超過5年	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Long-term borrowings	長期借款	–	30,484	–	30,484
Quality assurance fund payable	應付質量保證金	53,867	–	–	53,867
Payable to platform customers	應付平台客戶款項	129,653	–	–	129,653
Short-term borrowings	短期借款	177,872	–	–	177,872
Trade payables	貿易應付款項	8,149	–	–	8,149
Other financial liabilities	其他金融負債	276,999	–	–	276,999
		646,540	30,484	–	677,024

4		FINANCIAL RISK MANAGEMENT (Cont'd)	金融風險管理(續) 4
	4.1	Financial risk factors (Cont'd)		4.1	金融風險因素(續)
		4.1.3 Liquidity risk (Cont'd)			4.1.3 流動資金風險(續)
						As at 31 December 2019
						於2019年12月31日
				Less than	Between	Over
				1 year	1 – 5 years	5 years	Total
				不足1年	1至5年	5年以上	總計
				RMB'000	RMB'000	RMB'000	RMB'000
				人民幣千元	人民幣千元	人民幣千元	人民幣千元
		Long-term borrowings	長期借款	9,257	156,725	5,543	171,525
		Payable to trust senior	應付信託優先級
		tranche holders	持有人款項	21,617	–	–	21,617
		Quality assurance fund payable	應付質量保證金	1,559,495	–	–	1,559,495
		Payable to platform customers	應付平台客戶款項	707,842	–	–	707,842
		Short-term borrowings	短期借款	19,821	–	–	19,821
		Trade payables	貿易應付款項	27,468	–	–	27,468
		Other financial liabilities	其他金融負債	315,408	–	–	315,408
				2,660,908	156,725	5,543	2,823,176

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.1 Financial risk factors (Cont'd)

4.1.3 Liquidity risk (Cont'd)

The following table details the Group's expected maturity for its financial assets. The tables have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The inclusion of information on financial assets is necessary in order to understand the Group's liquidity risk management as the liquidity is managed on a net asset and liability basis.

4 金融風險管理(續)

4.1 金融風險因素(續) 4.1.3 流動資金風險(續)

下表詳述本集團金融資產的預計屆 滿期限。有關表格乃基於金融資產 的未折現合約屆滿期限編製,包括 該等資產將賺取的利息。載入金融 資產的資料有助於理解本集團對流 動資金風險的管理,因為流動資金 是按資產及負債淨額基準管理。

		As at 31 December 2020
			於2020年12月31日
		Less than	Over
		1 year	5 years	Total
		不足1年	5年以上	總計
		RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元
Financial assets at FVPL	按公允價值計入損益的
	金融資產	–	100,693	100,693
Quality assurance fund receivable	應收質量保證金	22,190	–	22,190
Contract assets	合約資產	35,487	–	35,487
Trade receivables	貿易應收款項	11,935	–	11,935
Loans to customers, net	客戶貸款淨額	171,203	–	171,203
Restricted cash	受限制現金	221,735	–	221,735
Cash and cash equivalents	現金及現金等價物	412,684	–	412,684
Other financial assets	其他金融資產	121,971	392	122,363
		997,205	101,085	1,098,290

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.1 Financial risk factors (Cont'd)

4 金融風險管理(續)

4.1.3 流動資金風險(續)

4.1 金融風險因素(續)

4.1.3 Liquidity risk (Cont'd)

		As at 31 December 2019
			於2019年12月31日
		Less than	Over
		1 year	5 years	Total
		不足1年	5年以上	總計
		RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元
Financial assets at FVPL	按公允價值計入損益的
	金融資產	–	153,318	153,318
Quality assurance fund receivable	應收質量保證金	566,801	–	566,801
Contract assets	合約資產	711,741	–	711,741
Trade receivables	貿易應收款項	96,761	–	96,761
Loans to customers, net	客戶貸款淨額	20,739	–	20,739
Restricted cash	受限制現金	810,302	–	810,302
Cash and cash equivalents	現金及現金等價物	1,283,144	–	1,283,144
Other financial assets	其他金融資產	366,246	4,464	370,710
		3,855,734	157,782	4,013,516

The amounts included above for variable interest rate instruments for both financial assets and liabilities is subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting year.

倘可變利率的變動有別於在報告年 度末釐定的利率估計,上文所列有 關金融資產及負債可變利率工具的 金額可能會有變動。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.2 Capital risk management

The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance shareholders' value in the long-term.

The Group monitors capital (including share capital and capital reserves) by regularly reviewing the capital structure. As a part of this review, the Group considers the cost of capital and the risks associated with the issued share capital. The Group may adjust the amount of return capital to shareholders, issue new shares or repurchase the Company's shares. In the opinion of the Directors, the Group's capital risk is low.

4 金融風險管理(續)

4.2 資本風險管理 本集團管理資本的目標是保障本集團持 續經營的能力,以向股東提供回報及令 其他權益持有人獲益,以及維持最優資 本架構以提升股東的長期價值。

本集團通過定期審視資本架構的方式監 察資本,包括股本及資本儲備。作為該審 視的一部分,本集團會考慮資本成本及 與已發行股本有關的風險。本集團可調 整向股東退還資本、發行新股或購回本 公司股份。董事認為,本集團的資本風險 較低。

4		FINANCIAL RISK MANAGEMENT (Cont'd)			金融風險管理(續) 4
	4.3		Fair value estimation			4.3		公允價值估計
		(a)	Fair value hierarchy				(a)	公允價值層級
			2019:	The following table presents the Group's assets and liabilities that are measured at fair value as at 31 December 2020 and				負債:		下表呈列本集團於2020年及2019年 12月31日按公允價值計量的資產及
									As at 31 December 2020 於2020年12月31日
				Valuation techniques and key input 估值技術及主要參數		Level 1 第一級 RMB'000 人民幣千元		Level 2 第二級 RMB'000 人民幣千元	Level 3 第三級 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
			Assets
			資產 Financial assets at FVPL – investments 按公允價值計入損益 的金融資產 -投資	Discounted cash flow. Future cash flows are estimated based on key assumptions including perpetual growth rate, inflation rate, weighted average cost of capital ("WACC") and liquidity discount. 貼現現金流量。未來現金 流量基於永續增長率、 通脹率、加權平均資本成 本(「加權平均資本成本」) 及流動性折價等主要假設 進行估計。		–		–	100,693	100,693
			Liabilities 負債 Financial liabilities at FVPL – unissued shares 按公允價值計入損益的 金融資產-未發行 股份	Market stock price. 市場股價。		–		7,370	–	7,370
			Financial liabilities at FVPL – redeemable equity instrument 按公允價值計入損益的 金融資產-可贖回 權益工具	Quoted contract price. 合約報價。		–		40,000	–	40,000

FINANCIAL RISK MANAGEMENT (Cont'd) Fair value estimation (Cont'd)		4	金融風險管理(續)
(a)	Fair value hierarchy (Cont'd)		4.3	公允價值估計(續) (a)	公允價值層級(續)
					As at 31 December 2019 於2019年12月31日
		Valuation techniques
		and key input	Level 1	Level 2	Level 3	Total
		估值技術及主要參數	第一級 RMB'000 人民幣千元	第二級 RMB'000 人民幣千元	第三級 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
Assets 資產
investments	Financial assets at FVPL –	Discounted cash flow. Future cash flows are estimated
		based on key assumptions including perpetual growth
		rate, inflation rate, WACC and liquidity discount.	–	–	138,273	138,273
按公允價值計入損益 的金融資產-投資		貼現現金流量。未來現金 流量基於永續增長率、 通脹率、加權平均資本
		成本及流動性折價等主要 假設進行估計。
	Financial assets at FVPL –	Discounted cash flow. Key
trust		assumptions mainly include risk-free interest rates, credit spread, etc.	–	–	15,045	15,045
金融資產-信託	按公允價值計入損益的	貼現現金流量。估值技術 主要包括無風險利率、 信用利差等。
Liabilities 負債
金融負債	Financial liabilities at FVPL 按公允價值計入損益的	Market stock price. 市場股價。	–	24,370	–	24,370

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.3 Fair value estimation (Cont'd)

• (a) Fair value hierarchy (Cont'd)

  • Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted marked price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
  • Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-thecounter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entityspecific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
  • Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

• 4 金融風險管理(續) 4.3 公允價值估計(續) (a) 公允價值層級(續)

• 第1層級: 活躍市場中交易的金融 工具(如公開交易的衍 生工具和權益性證券) 的公允價值以報告期末 的市場報價為基礎。用 於本集團持有的金融資 產的市場價格為現行買 入價。這些工具包括在 第1層級。
• 第2層級: 未在一個活躍市場交易 的金融工具(例如,場外 衍生品)的公允價值是 使用估值技術確定的, 該技術最大限度地利用 可觀察的市場數據,並 盡可能減少依賴實體特 定的估計。如果評估工 具的公允價值所需的所 有重要輸入值都是可觀 察的,則將該工具納入 第2層級。
• 第3層級: 如果一個或多個重要輸 入值不是基於可觀察的 市場數據,則該工具包 括在第3層級。這適用於 非上市股票證券。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.3 Fair value estimation (Cont'd)
• (b) Fair value measurements using significant unobservable inputs

The following table presents the changes in level 3 asset instruments for the years ended 31 December 2020 and 2019:

金融風險管理(續) 4
----------------	--

4.3 公允價值估計(續) (b) 使用重要不可觀察輸入值計量的公 允價值

下表呈列截至2020年及2019年12月 31日止年度第三級資產工具的變 動:

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
At the beginning of the year	於年初	153,318	425,026
Addition	添置	–	55,790
Fair value losses	公允價值損失	(37,580)	(46,487)
Disposals	出售	(15,045)	(281,011)
At the end of the year	於年末	100,693	153,318

(i) Transfers between the levels and changes in valuation techniques

There were no transfers between the levels of the fair value hierarchy for the year ended 31 December 2020. There were no changes made to any of the valuation techniques applied in prior years.

(i) 層級之間的轉變和估值技術的 變化

截至2020年12月31日止年度, 公允價值層級之間沒有發生 轉 變。與 往 年 所 應 用 的 任 何 估值技術均未發生變化。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

• 4.3 Fair value estimation (Cont'd)
• (b) Fair value measurements using significant unobservable inputs (Cont'd)
  • (ii) Valuation inputs and relationships to fair value

As at 31 December 2020, the level 3 instruments were mainly equity investments at FVPL. As the equity investments are not traded in an active market, its fair value has been determined using discounted cash flows. Major assumptions used in the valuation include perpetual growth rate, inflation rate, WACC and liquidity discount etc. Discount rate was estimated by WACC as at each reporting date. The managements estimated the risk-free interest rate based on the yield of China Government Bond with a maturity life equal to period from the respective reporting date to expected cash flow date.

• 4 金融風險管理(續)
• 4.3 公允價值估計(續) (b) 使用重要不可觀察輸入值計量的公 允價值(續)
  • (ii) 估值輸入值及與公允價值的關 係

於2020年12月31日,第3層級 的工具主要是按公允價值計 入 損 益 的 股 權 投 資。由 於 股 權投資不在一個活躍市場交 易,其 公 允 價 值 採 用 折 現 現 金 流 量 確 定。估 值 中 使 用 的 主 要 假 設 包 括 永 續 增 長 率、 通 貨 膨 脹 率、加 權 平 均 資 本 成 本 和 流 動 性 折 價 等。折 現 率根據每個報告日的加權平 均 資 本 成 本 估 算。管 理 層 根 據中國國債於自各報告日期 至預期現金流量日期之同等 期間的收益率估算無風險利 率。

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.3 Fair value estimation (Cont'd)

• (b) Fair value measurements using significant unobservable inputs (Cont'd)
• (ii) Valuation inputs and relationships to fair value (Cont'd)

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 value measurements:

4 金融風險管理(續)

4.3 公允價值估計(續)

(b) 使用重要不可觀察輸入值計量的公 允價值(續)

(ii) 估值輸入值及與公允價值的關 係(續)

下表總結第3層級價值計量中 使用的重要不可觀察輸入值 的定量信息:

factor by 10% and higher discount rate by 10% would approximately decrease fair value by RMB9,323,000. 盈利增長系數提高10%及折現 率降低10%,則公允價值將 增加約人民幣13,323,000元; 盈利增長系數降低10%及折 現率提升10%,則公允價值 將減少約人民幣9,323,000

元。

Description	Fair value at 31 December 2020 (RMB'000) 於2020年12月31日 的公允價值	Unobservable inputs	Range of inputs (probability-weighted average) 輸入值範圍	Relationship of unobservable inputs to fair value 不可觀察輸入值與
說明	(人民幣千元)	不可觀察輸入值	(概率加權平均)	公允價值的關係
Financial assets at FVPL – investments	100,693	Earnings growth factor 盈利增長系數	(26.30%) – 32.50%	Increased earnings growth factor by 10% and lower
按公允價值計入損益			20.70% – 29.10%	discount rate by 10% would
的金融資產-投資		WACC 加權平均資本成本		approximately increase fair value by RMB13,323,000;
				lower earnings growth

4 FINANCIAL RISK MANAGEMENT (Cont'd)

4.3 Fair value estimation (Cont'd)

(c) Fair values of other financial instruments

The Group also has a number of financial instruments which are not measured at fair value in the consolidated statement of financial position such as loans to customers, trade and other receivables, borrowings and other payables. For these instruments, the fair values are not materially different to their carrying amounts, since the interest rate is close to current market rates, or the instruments are short-term in nature.

5 CREDIT FACILITATION AND SERVICE FEE

4 金融風險管理(續)

4.3 公允價值估計(續) (c) 其他金融工具的公允價值

本集團還持有許多在綜合財務狀況 表中未按公允價值計量的金融工 具,如客戶貸款、貿易及其他應收 款項、借款及其他應付款項。對於 這些工具,公允價值與其賬面價值 沒有實質性差異,因為利率接近當 前市場利率,或者該等工具是短期 的。

5 信貸撮合及服務費

			Year ended 31 December
			截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Upfront credit facilitation service fee	前期信貸撮合服務費	26,507	740,271
Post credit facilitation service fee	後期信貸撮合服務費	68,920	432,811
		95,427	1,173,082

Note: The unsatisfied performance obligation as at 31 December 2020 was approximately RMB19,013,000. Management expects that 100% of the transaction price allocated to the unsatisfied contracts as at 31 December 2020 will be recognized as revenue within the next twelve months.

附註:於2020年12月31日未完成履約責任為約人民幣 19,013,000元。管理層預期於2020年12月31日分配 至未履行合約的交易價的100%將於未來十二個 月內確認為收益。

6 OTHER REVENUE

6 其他收益

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Payment service fee	支付服務費	44,976	267,326
Smart retail solutions service fee	智慧零售解決方案服務費	29,321	–
Overdue charges	逾期費用	12,583	15,472
Interest income of loans to customers	向客戶貸款的利息收入	1,492	27,518
Insurance commission income	保險佣金收入	–	47,700
Others	其他	18,096	72,888
		106,468	430,904

7 SEGMENT INFORMATION

The chief operating decision-maker has been identified as the executive directors of the Company who reviews consolidated results of the Group when making decisions about resources allocation and assessing the performance of the Group. The executive directors consider that the Group operates in one business segment and the measurement of segment result is based on "Operating (loss)/profit" as presented in the consolidated statement of comprehensive loss.

The majority of the Group's activities are carried out in mainland China during the years presented and the majority of the Group's assets and liabilities are located in mainland China. Accordingly, no analysis by geographical basis for the years are presented.

For the year ended 31 December 2020, customer base of the Group is diversified and includes only China Bohai Bank Co., Ltd. with whom transactions have exceeded 10.0% of the Group revenues. There is no concentration risk as no revenue from a single external customer was more than 10.0% of the Group total revenue for the year ended 31 December 2019.

The Group's non-current assets other than financial instruments were located in the PRC as at 31 December 2020 and 2019.

7 分部資料

主要經營決策者被確定為本公司的執行董事, 其在作出有關資源分配的決策及評估本集團表 現時審閱本集團的綜合業績。執行董事認為本 集團經營一個業務分部及分部業績計量乃基 於綜合全面虧損表所呈列的「經營(虧損)╱溢 利」。

於呈報年度內,本集團的大部分活動於中國內 地開展及本集團的大部分資產及負債位於中國 內地。因此,於呈報年度內概無呈列按地區劃 分的分析。

截至2020年12月31日止年度,本集團客戶眾多 且僅有中國渤海銀行有限公司的收益超過本集 團收益的10.0%以上。截至2019年12月31日止年 度,概無來自任何單個客戶的收益超過本集團 收益的10.0%或以上,不存在集中風險。

於2020年及2019年12月31日,本集團除金融工 具外的非流動資產均位於中國。

8 EXPENSES BY NATURE

8 按性質劃分的開支

			Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Employee benefit expenses (Note 9)	僱員福利開支(附註9)	202,191	508,756
External technical service fees	外部技術服務費	108,132	252,902
Depreciation and amortization	折舊及攤銷	73,589	94,081
Fund transfer charges	資金轉賬費用	61,734	327,194
Marketing and advertising fees	營銷及廣告費	55,343	439,754
Professional service fees	專業服務費	20,688	33,862
Office expenses	辦公開支	9,947	19,988
Auditor's remuneration	核數師酬金	3,680	4,150
Referral service expenses	介紹服務開支	–	40,591
Insurance commissions	保險佣金開支	–	30,925
Others	其他	45,178	59,005
Total amount of origination and servicing expenses,	辦理及服務開支、
general and administrative expenses, research and	一般及行政開支、
development expenses and sales and marketing	研發開支及銷售及
expenses	營銷開支的總和	580,482	1,811,208
Note: Incremental costs to obtain arrangements where the Group is not the	附註:	由於增量成本的攤銷期為一年或以下,為取得

loan originator are generally expensed off when incurred, because the amortization periods of these incremental costs are one year or less. These costs are recorded as sales and marketing expenses.

本集團並非貸款發放者的安排的增量成本一 般於發生時支銷。該等成本被列賬為銷售及營 銷開支。

9 EMPLOYEE BENEFIT EXPENSES

9 僱員福利開支

Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Wages, salaries and bonuses	工資、薪金及花紅	127,425	283,298
Pension costs — defined contribution plans	退休金成本-界定供款計劃	8,389	27,064
Other social security costs, housing benefits and	其他社保成本、住房福利及
other employee benefits	其他僱員福利	17,338	67,841
Share-based compensation expenses (Note 31)	以股份為基礎的薪酬開支(附註31)	49,039	130,553
		202,191	508,756

• Note: Majority of the Group's contributions to pension plans are related to the local employees in the PRC. All local employees of the subsidiaries in the PRC participate in employee social security plans established in the PRC, which cover pension, medical and other welfare benefits. According to the relevant regulations, the portion of premium and welfare benefit contributions that should be borne by the companies within the Group as required by the above social security plans are principally determined based on percentages of the basic salaries of employees. The applicable percentages used to provide for these social security plans for the years ended 31 December 2020 and 2019 are listed below:
• 附註: 本集團的大部分退休金供款與中國當地僱員 相關。中國附屬公司的所有當地僱員均參與中 國的僱員社會保障計劃,包括退休金、醫療及 其他福利。根據有關規則,上述社會保障計劃 所規定的本集團轄下公司須承擔的保費及福 利供款,主要按僱員基本薪金百分比釐定。截 至2020年及2019年12月31日止年度有關社保計 劃的適用百分比載列如下:

		Percentage-2020	Percentage-2019
		百分比-2020年	百分比-2019年
Pension insurance	退休保險	14.0%-16.0%	14.0%-20.0%
Medical insurance	醫療保險	6.0%-11.7%	5.7%-11.7%
Unemployment insurance	失業保險	0.5%-0.8%	0.5%-0.8%
Housing fund	住房基金	5.0%-12.0%	12.0%

9 EMPLOYEE BENEFIT EXPENSES (Cont'd)

9 僱員福利開支(續)

(a) 高級管理人員的酬金

(a) Senior management's remuneration

Senior management includes directors and other senior executives. The aggregate compensation paid/payable to senior management for employee services excluding the directors, whose details have been reflected in Note 10, is as follows:

高級管理人員包括董事及其他高級行政 人員。就僱員服務而已付╱應付予高級 管理人員(不包括詳情已反映於附註10的 董事)的總薪酬如下:

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Salaries	薪金	2,429	2,965
Discretionary bonus	酌情花紅	1,244	482
Pension costs – defined contribution plan	退休金成本-界定供款計劃	44	142
Other social security costs, housing benefits	其他社保成本、住房福利及
and other employee benefits	其他僱員福利	290	248
Share-based compensation expenses	以股份為基礎的薪酬開支	40,650	32,866
		44,657	36,703

9 EMPLOYEE BENEFIT EXPENSES (Cont'd)

(a) Senior management's remuneration (Cont'd) The emoluments of the senior management fell within the following bands:

9 僱員福利開支(續)

(a) 高級管理人員的酬金(續)

高級管理人員的薪酬介乎以下範圍:

		Number of individuals
		人數
		2020	2019
HK\$nil to HK\$1,000,000	零港元至1,000,000港元	–	–
HK\$1,000,001 to HK\$2,000,000	1,000,001港元至2,000,000港元	–	1
HK\$2,000,001 to HK\$3,000,000	2,000,001港元至3,000,000港元	1	–
HK\$3,000,001 to HK\$4,000,000	3,000,001港元至4,000,000港元	1	–
HK\$4,000,001 to HK\$5,000,000	4,000,001港元至5,000,000港元	–	–
HK\$5,000,001 to HK\$6,000,000	5,000,001港元至6,000,000港元	–	1
HK\$6,000,001 to HK\$7,000,000	6,000,001港元至7,000,000港元	–	1
HK\$7,000,001 to HK\$8,000,000	7,000,001港元至8,000,000港元	–	–
HK\$8,000,001 to HK\$9,000,000	8,000,001港元至9,000,000港元	–	–
HK\$9,000,001 to HK\$10,000,000	9,000,001港元至10,000,000港元	1	–
HK\$10,000,001 to HK\$13,000,000	10,000,001港元至13,000,000港元	–	–
HK\$13,000,001 to HK\$14,000,000	13,000,001港元至14,000,000港元	–	1
HK\$14,000,001 to HK\$15,000,000	14,000,001港元至15,000,000港元	1	–
HK\$15,000,001 to HK\$18,000,000	15,000,001港元至18,000,000港元	–	–
HK\$18,000,001 to HK\$19,000,000	18,000,001港元至19,000,000港元	1	–
HK\$19,000,001 to HK\$24,000,000	19,000,001港元至24,000,000港元	–	–
HK\$24,000,001 to HK\$25,000,000	24,000,001港元至25,000,000港元	–	1
		5	5

10 DIRECTORS' REMUNERATION

The remuneration of every director of the Company for the year ended 31 December 2020 is set out as follows:

10 董事薪酬

截至2020年12月31日止年度本公司每名董事的 薪酬載列如下:

						Other social
						security costs,
					Pension	housing
					costs	benefits	Share
					defined	and other	based
		Director's		Discretionary	contribution	employee	compensation
		fee	Salaries	bonus	plan	benefits	expenses	Total
						其他 社保成本、
					退休金成本	住房福利	以股份
					-界定	及其他	為基礎的
		董事袍金	薪金	酌情花紅	供款計劃	僱員福利	薪酬開支	總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Executive directors	執行董事
Sun Haitao (a)	孫海濤(a)	–	557	550	6	57	14,966	16,136
Yang Yuzhi (b)	楊宇智(b)	–	302	–	7	37	3,098	3,444
Zhao Ke (c)	趙軻(c)	–	441	300	7	59	7,759	8,566
Non-executive director	非執行董事
Zou Yunli (c)	鄒雲麗(c)	–	–	–	–	–	–	–
Independent non-executive directors	獨立非執行董事
Wong Ti (d)	汪棣(d)	320	–	–	–	–	–	320
Ye Xiang (d)	葉翔(d)	300	–	–	–	–	–	300
Yang Dong (f)	楊東(f)	82	–	–	–	–	–	82
Xu Xuchu (g)	徐旭初(g)	182	–	–	–	–	–	182
		884	1,300	850	20	153	25,823	29,030

10 DIRECTORS' REMUNERATION (Cont'd)

The remuneration of every director of the Company for the year ended 31 December 2019 is set out as follows:

10 董事薪酬(續)

截至2019年12月31日止年度本公司每名董事的 薪酬載列如下:

						Other social
						security costs,
					Pension	housing
					costs	benefits	Share
					defined	and other	based
		Director's		Discretionary	contribution	employee	compensation
		fee	Salaries	bonus	plan	benefits	expenses	Total
						其他
						社保成本、
					退休金成本	住房福利	以股份
					-界定	及其他	為基礎的
		董事袍金	薪金	酌情花紅	供款計劃	僱員福利	薪酬開支	總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Executive directors	執行董事
Sun Haitao (a)	孫海濤(a)	–	557	203	27	60	52,206	53,053
Yang Yuzhi (b)	楊宇智(b)	–	448	76	27	60	18,234	18,845
Zhao Ke (c)	趙軻(c)	–	461	224	27	60	22,755	23,527
Non-executive director	非執行董事
Zou Yunli (c)	鄒雲麗(c)	–	–	–	–	–	–	–
Independent non-executive directors	獨立非執行董事
Wong Ti (d)	汪棣(d)	282	–	–	–	–	–	282
Wang Zhaocheng (e)	王朝成(e)	108	–	–	–	–	–	108
Ye Xiang (d)	葉翔(d)	247	–	–	–	–	–	247
Yang Dong (f)	楊東(f)	140	–	–	–	–	–	140
		777	1,466	503	81	180	93,195	96,202

Notes:

• (a) Appointed as director of the Company in September 2017;
• (b) Resigned in April 2020;
• (c) Appointed as director of the Company in November 2017;
• (d) Appointed as director of the Company in February 2018;
• (e) Resigned in June 2019;
• (f) Appointed as director of the Company in June 2019, and resigned in April 2020;
• (g) Appointed as director of the Company in April 2020;
• (h) Except for Ms. Zou Yunli, who waived remunerations amounting to HK\$1,000 for the years ended 31 December 2020 and 2019 respectively, no director waived or has agreed to waive any remuneration during the years ended 31 December 2020 and 2019.
• (i) As at 31 December 2020, there were no loans, quasi-loans and other dealing arrangements in favour of the Directors, controlled bodies corporate by and controlled entities with such Directors.

附註:

• (a) 於2017年9月獲委任為本公司董事;
• (b) 於2020年4月辭任;
• (c) 於2017年11月獲委任為本公司董事;
• (d) 於2018年2月獲委任為本公司董事;
• (e) 於2019年6月辭任;
• (f) 於2019年6月獲委任為本公司董事及於2020年4 月辭任;
• (g) 於2020年4月獲委任為本公司董事;
• (h) 除鄒雲麗女士(彼於截至2020年及2019年12月31 日止年度分別放棄1,000港元的薪酬)外,截至 2020年及2019年12月31日止年度,概無董事放棄 或同意放棄任何薪酬。
• (i) 於2020年12月31日,概無以董事、董事的受控制 法團及受控制實體為受益人的貸款、準貸款及 其他交易安排。

11 FIVE HIGHEST PAID INDIVIDUALS

The five individuals whose emoluments were the highest in the Group for the year ended 31 December 2020 include 3 (2019: 3) directors whose emoluments are reflected in the analysis shown in Note 10. The emoluments payable to the remaining 2 individuals for the year ended 31 December 2020 (2019: 2) are as follows:

11 五名最高薪酬人士

截至2020年12月31日止年度,本集團五名最高 薪酬人士包括3名董事( 2019年:3名),其薪酬 反映在附註10所示的分析。截至2020年12月31 日止年度,應付餘下2名人士( 2019年:2名)的 薪酬如下:

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Salaries	薪金	802	967
Discretionary bonus	酌情花紅	394	140
Pension costs – defined contribution plan	退休金成本-界定供款計劃	19	67
Other social security costs, housing benefits and	其他社保成本、住房福利及
other employee benefits	其他僱員福利	120	91
Share-based compensation expenses	以股份為基礎的薪酬開支	14,025	26,905
		15,360	28,170

The emoluments fell within the following bands:

薪酬介乎以下範圍:

			Number of individuals 僱員人數
		2020	2019
HK\$ nil to HK\$1,000,000	零港元至1,000,000港元	–	–
HK\$1,000,001 to HK\$2,500,000	1,000,001港元至2,500,000港元	–	1
HK\$2,500,001 to HK\$3,000,000	2,500,001港元至3,000,000港元	1	–
HK\$3,000,001 to HK\$14,000,000	3,000,001港元至14,000,000港元	–	–
HK\$14,000,001 to HK\$15,000,000	14,000,001港元至15,000,000港元	1	–
HK\$15,000,001 to HK\$21,500,000	15,000,001港元至21,500,000港元	–	–
HK\$21,500,001 to HK\$22,500,000	21,500,001港元至22,500,000港元	–	1
		2	2

12 EXPECTED CREDIT LOSS

The composition of ECL provided for the year ended 31 December 2020 and 2019 as follows:

12 預期信用損失

截至2020年及2019年12月31日止年度,預期信 用損失組成如下:

			Year ended 31 December
			截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Quality assurance fund (Note 24)	質量保證金(附註24)	374,826	858,457
Contract assets (Note 25)	合約資產(附註25)	141,596	246,394
Trade receivables (Note 26)	貿易應收款項(附註26)	107,055	74,916
Prepayments and other receivables	預付款項及其他應收款項	40,955	–
Loans to customers, net (Note 27)	客戶貸款淨額(附註27)	1,033	85,698
		665,465	1,265,465

13 OTHER LOSSES, NET

13 其他虧損淨額

			Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Impairment loss (a)	減值損失(a)	(424,583)	(184,652)
Fair value loss on financial assets at FVPL	按公允價值計入損益的金融資產的 公允價值虧損	(42,742)	(137,303)
Government grants (b)	政府補助(b)	7,841	21,113
Interest expenses to trust senior tranche	信託優先級持有人的利息開支
holders (Note 27)	(附註27)	(52)	(8,946)
Dividend income from an investee	來自被投資公司的股息收入	–	16,103
Fair value loss on foreign exchange contracts	外匯合約的公允價值虧損	–	(2,154)
Others	其他	(7,263)	1,823
		(466,799)	(294,016)

13 OTHER LOSSES, NET (Cont'd)

13 其他虧損淨額(續)

• (a) The composition of impairment loss provided for the years ended 31 December 2020 and 2019 is as follows:
• (a) �至2020年及2019年12月31日止年度減 值虧損撥備組成如下:

		Year ended 31 December
	截至12月31日止年度
	2020	2019
	RMB'000	RMB'000
	人民幣千元	人民幣千元
Impairment on intangible assets (Note 19) Impairment on investments accounted for	(344,722) 無形資產減值(附註19) 使用權益法入賬的投資減值	(145,788)
using equity method (Note 20) (附註20)	(79,861)	(38,864)
	(424,583)	(184,652)

(b) Government grants represented various subsidies granted by the government authorities which are not assets related.

(b) 政 府補助指由政府機關授予的多項補 貼,其與資產無關。

14 FINANCE EXPENSES, NET

14 財務開支淨額

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Finance income	財務收入
Interest income on bank deposits	銀行存款利息收入	(13,431)	(35,202)
Finance income	財務收入	(13,431)	(35,202)
Finance expenses	財務開支
Interest and finance charges paid/payable for	就按攤銷成本計量的金融負債
financial liabilities at amortised cost	已付╱應付的利息及財務費用	16,722	36,626
Exchange losses, net	匯兌虧損淨額	127	3,590
Finance expenses	財務開支	16,849	40,216
Finance expenses, net	財務開支淨額	3,418	5,014

15 INCOME TAX EXPENSE/(CREDIT)

15 所得稅開支╱(抵免)

			Year ended 31 December
			截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Current income tax	即期所得稅	4,841	10,092
Deferred income tax	遞延所得稅	280,959	(186,454)
		285,800	(176,362)

The tax on the Group's loss before income tax differs from the theoretical amount that would arise using the statutory tax rate applicable to loss of the consolidated entities as follows:

本集團除所得稅前虧損的稅項不同於利用合併 實體虧損適用的法定稅率計算將產生的理論金 額,如下文所示:

		Year ended 31 December
		截至12月31日止年度
		2020 RMB'000 人民幣千元	2019 RMB'000 人民幣千元
Loss before income tax:	除所得稅前虧損:	(1,430,606)	(1,287,405)
Tax calculated at PRC statutory income tax	按中國法定所得稅稅率25%計算的
rate of 25%	稅項	(357,652)	(321,851)
Tax effects of:	以下各項的稅務影響:
Preferential income tax rates applicable	附屬公司適用的優惠所得稅稅率
to subsidiaries		33,697	140,966
Effects from change of tax rates	稅率變動的影響	–	(1,612)
Goodwill impairment not deductable for tax	不可扣稅的商譽減值
purpose		75,710	36,447
Tax losses not recognized for	並無就遞延所得稅資產確認的
deferred income tax assets (Note 22)	稅項虧損(附註22)	90,969	51,081
Deductible temporary differences not	並無就遞延所得稅資產確認的
recognized for deferred income tax assets	可扣減暫時性差額	128,884	6,260
Other permanent differences	其他永久性差額	18,523	(50,825)
(Utilisation)/reversal of unrecognized deductible	(使用)╱撥回往年度未確認可扣減
temporary differences in prior years	暫時性差額	(1,563)	1,504
Derecognition of previously recognized	終止確認先前確認的遞延稅項資產
deferred tax assets		297,378	–
Research and development tax credit	研究與開發稅項抵免	(146)	(38,332)
Income tax expense/(credit)	所得稅開支╱(抵免)	285,800	(176,362)

15 INCOME TAX EXPENSE/(CREDIT) (Cont'd)

The Group's main applicable taxes and tax rates are as follows:

Cayman Islands

The Company was incorporated in the Cayman Islands. Under the current tax laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, no withholding tax will be imposed to dividends distributed by the Company to its shareholders.

BVI

The Group's entities incorporated in BVI are not subject to tax on income or capital gains.

HK

The Group's entities incorporated in HK are subject to profits tax rate of 16.5%.

The PRC

Under the Law of the PRC on Enterprise Income Tax (the "EIT Law"), the enterprises incorporated in mainland China are generally subject to a uniform enterprise income tax rate of 25%, except for entities qualified as "Software Enterprise", "High and New Technology Enterprise"("HNTE") or "Small Low-profit Enterprise" for which preferential tax treatments are granted under EIT Law.

15 所得稅開支╱(抵免)(續) 本集團的主要適用稅項及稅率如下:

開曼群島

本公司於開曼群島註冊成立。根據開曼群島的 現行稅法,本公司毋須繳納所得稅或資本利得 稅。此外,概無對本公司向其股東分派的股息 徵收預扣稅。

英屬維爾京群島

本集團於英屬維爾京群島註冊成立的實體毋須 繳納所得稅或資本利得稅。

香港

本集團於香港註冊成立的實體須繳納16.5%稅 率的利得稅。

中國

根據《中華人民共和國企業所得稅法》(「企業所 得稅法」),於中國內地註冊成立的企業一般須 按統一的企業所得稅率25%繳納企業所得稅, 惟根據企業所得稅法授出優惠稅務待遇的合資 格作為「軟件企業」、「高新技術企業」(「高新技 術企業」)或「小型微利企業」的實體除外。

15 INCOME TAX EXPENSE/(CREDIT) (Cont'd)

The PRC (Cont'd)

Dingli Technology, Yiniu Network and Kaizhuo Technology were qualified as HNTEs in 2017; Yaku Shikong and Shouhui Shidai were qualified as HNTEs in 2018; Enniu Network and Zhenniu Information were qualified as HNTEs in 2019. They were entitled to a preferential income tax rate of 15% for three years. The HNTE qualification is subject to renewal every three years.

All other subsidiaries of the Company established in mainland China were subject to enterprise income tax rate of 25%.

Withholding Tax on Undistributed Profits

According to the EIT Law, distribution of profits earned by the companies in the PRC since 1 January 2008 to foreign investors is subject to withholding tax of 5% or 10%, depending on the country of incorporation of the foreign investor, upon the distribution of profits to overseasincorporated immediate holding companies.

The Group does not have any plan to require its subsidiaries in the PRC to distribute their retained earnings and intends to retain them to operate and expand its business within the PRC. Accordingly, no deferred income tax liability on withholding tax for the undistributed profits of the subsidiaries in the PRC has been accrued.

16 LOSS PER SHARE

(a) Basic loss per share is calculated by dividing the loss of the Group for the year attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.

15 所得稅開支╱(抵免)(續) 中國(續)

鼎力科技、義牛網絡及開桌科技於2017年被認 定為高新技術企業;雅酷時空及首惠時代於 2018年被認定為高新技術企業;恩牛網絡及振 牛信息於2019年被認定為高新技術企業。該等 公司有權享有三年15%的優惠所得稅率。高新 技術企業資格須每三年重新認定。

本公司於中國內地成立的所有其他附屬公司須 繳納25%稅率的企業所得稅。

未分派溢利的預扣稅

根據企業所得稅法,在向於境外註冊成立的直 接控股公司分派溢利時,中國境內公司自2008 年1月1日起向境外投資者分派所賺取的溢利須 按5%或10%的稅率繳納預扣稅,視乎該境外投 資者註冊成立所在地而定。

本集團並無計劃要求其中國境內附屬公司分派 其保留盈利,且擬由其中國境內附屬公司保留 相關溢利以在中國境內經營及拓展其業務。因 此,概無就中國境內附屬公司未分派溢利產生 與預扣稅有關的遞延所得稅負債。

• 16 每股虧損
• (a) 每股基本虧損乃按本公司擁有人應佔本 集團年內虧損除以年內已發行普通股加 權平均數計算。

		Year ended 31 December
		截至12月31日止年度
		2020	2019
Loss attributable to owners of the Company (RMB'000) Weighted average number of ordinary	本公司擁有人應佔虧損 (人民幣千元) 已發行普通股加權平均數	(1,699,071)	(1,128,878)
shares in issue ('000)	(千股)	1,088,786	999,772
Basic loss per share (expressed in RMB)	每股基本虧損(以人民幣列示)	(1.56)	(1.13)

16 LOSS PER SHARE (Cont'd)

(b) Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

As the Group incurred losses for the years ended 31 December 2020 and 2019, the potential ordinary shares were not included in the calculation of dilutive loss per share, as their inclusion would be anti-dilutive. Accordingly, diluted loss per share for the years ended 31 December 2020 and 2019 is the same as basic loss per share.

16 每股虧損(續)

(b) 每股攤薄虧損乃假設轉換所有具潛在攤 薄影響的普通股而調整發行在外普通股 加權平均數的方式計算。

由於本集團於截至2020年及2019年12月 31日止年度產生虧損,故在計算每股攤 薄虧損時並無計及潛在普通股,原因是 計及潛在普通股將具有反攤薄影響。因 此,截至2020年及2019年12月31日止年度 的每股攤薄虧損與每股基本虧損相同。

Year ended 31 December

截至12月31日止年度

		2020	2019
Loss attributable to owners of	本公司擁有人應佔虧損
the Company (RMB'000)	(人民幣千元)	(1,699,071)	(1,128,878)
Weighted average number of ordinary shares in issue ('000)	已發行普通股加權平均數 (千股)	1,088,786	999,772
Weighted average number of ordinary shares	用於計算每股攤薄虧損的
for calculation of diluted loss per	普通股加權平均數
share ('000)	(千股)	1,088,786	999,772
Diluted loss per share	每股攤薄虧損
(expressed in RMB)	(以人民幣列示)	(1.56)	(1.13)

17 PROPERTY AND EQUIPMENT, NET 17 物業及設備淨額

		Computer	Office
		and electronic	furniture and	Leasehold		Motor
		equipment	equipment	improvements	Building	vehicles	Total
		電腦及 電子設備	辦公傢具及 設備	租賃裝修	樓宇	汽車	總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Cost As at 1 January 2020	成本 於2020年1月1日	102,625	19,530	93,983	105,215	1,813	323,166
Additions	添置	708	1,264	366	–	–	2,338
Disposal	處置	(15,898)	(6,086)	(8,909)	–	–	(30,893)
As at 31 December 2020	於2020年12月31日	87,435	14,708	85,440	105,215	1,813	294,611
Accumulated depreciation	累計折舊
As at 1 January 2020	於2020年1月1日	(66,324)	(17,805)	(46,571)	(12,494)	(787)	(143,981)
Depreciation charge for the year	年內折舊開支	(22,473)	(1,545)	(19,393)	(4,998)	(320)	(48,729)
Disposal	處置	13,382	4,779	1,875	–	–	20,036
As at 31 December 2020	於2020年12月31日	(75,415)	(14,571)	(64,089)	(17,492)	(1,107)	(172,674)
Net book value	賬面淨值
As at 31 December 2020	於2020年12月31日	12,020	137	21,351	87,723	706	121,937

17 PROPERTY AND EQUIPMENT, NET (Cont'd) 17 物業及設備淨額(續)

		Computer	Office
		and electronic	furniture and	Leasehold		Motor
		equipment	equipment	improvements	Building	vehicles	Total
		電腦及	辦公傢具及
		電子設備	設備	租賃裝修	樓宇	汽車	總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Cost	成本
As at 1 January 2019	於2019年1月1日	105,042	21,595	90,712	105,215	1,491	324,055
Additions	添置	2,179	539	3,281	–	322	6,321
Disposal	處置	(4,550)	(2,518)	–	–	–	(7,068)
Assets classified as held for sale	分類為持作出售之資產	(46)	(86)	(10)	–	–	(142)
As at 31 December 2019	於2019年12月31日	102,625	19,530	93,983	105,215	1,813	323,166
Accumulated depreciation	累計折舊
As at 1 January 2019	於2019年1月1日	(45,813)	(10,283)	(23,696)	(7,497)	(426)	(87,715)
Depreciation charge for the year	年內折舊開支	(24,749)	(9,109)	(22,875)	(4,997)	(361)	(62,091)
Disposal	處置	4,207	1,532	–	–	–	5,739
Assets classified as held for sale	分類為持作出售之資產	31	55	–	–	–	86
As at 31 December 2019	於2019年12月31日	(66,324)	(17,805)	(46,571)	(12,494)	(787)	(143,981)
Net book value	賬面淨值
As at 31 December 2019	於2019年12月31日	36,301	1,725	47,412	92,721	1,026	179,185

17 PROPERTY AND EQUIPMENT, NET (Cont'd)

• (a) As at 31 December 2020, building with net book value of approximately RMB87,723,000 (2019: RMB92,721,000) was pledged as security for bank borrowings and bank guarantees (Note 32).
• (b) Depreciation expenses have been charged to the consolidated statement of comprehensive loss as follows:

17 物業及設備淨額(續)

• (a) 截至2020年12月31日,賬面淨值約人民幣 87,723,000元( 2019年:人民幣92,721,000 元)的樓宇被用作銀行借款及銀行擔保的 抵押(附註32)。
• (b) 折舊開支按以下方式於綜合全面虧損表 扣除:

			Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000 RMB'000
		人民幣千元	人民幣千元
Origination and servicing expenses	辦理及服務開支	25,339	28,203
Sales and marketing expenses	銷售及營銷開支	1,949	2,727
General and administrative expenses	一般及行政開支	8,284	9,901
Research and development expenses	研發開支	13,157 21,260
		48,729	62,091

18 LEASES

This note provides information for leases where the Group is a lessee.

18 租賃

(a) Lease related balances recognized in the consolidated statement of financial position

本附註提供本集團作為承租人的租賃資料。

(a) 於綜合財務狀況表內確認的租賃相關結餘

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Right-of-use assets	使用權資產
Buildings	樓宇	6,373	55,718
Lease liabilities Current	租賃負債 流動	(2,988)	(12,012)
Non-current	非流動	(1,828)	(35,435)
		(4,816)	(47,447)

Additions to the right-of-use assets were approximately RMB1,890,000 for the year ended 31 December 2020 (2019: RMB5,240,000).

截至2020年12月31日止年度添置的使用 權資產為約人民幣1,890,000元( 2019年: 人民幣5,240,000元)。

(b) Lease related amounts recognized in the consolidated statement of comprehensive loss

(b) 於綜合全面虧損表內確認的租賃相關結餘

		Year ended 31 December 截至12月31日止年度
		2020 RMB'000 人民幣千元	2019 RMB'000 人民幣千元
Depreciation charge of right-of-use assets Buildings Depreciation charge that will be net off as other income	使用權資產折舊開支 樓宇 將作為其他收入扣除之折舊開支	16,717 –	30,150 (8,855)
Depreciation charge for the year	年內折舊開支	(16,717)	(21,295)
Interest expense (included in finance expense) 利息開支(計入財務開支) Expense relating to short-term leases (included in operating expenses)	與短期租賃有關的開支 (計入經營開支)	741 941	2,742 504

The total cash outflow for leases were approximately RMB10,003,000 for the year ended 31 December 2020 (2019: RMB25,126,000).

截至2020年12月31日止年度,租賃的現金 流出總額為約人民幣10,003,000元( 2019 年:人民幣25,126,000元)。

19 INTANGIBLE ASSETS 19 無形資產

		Goodwill 商譽 RMB'000 人民幣千元 (Note (a)) (附註(a))	Software 軟件 RMB'000 人民幣千元	Platform 平台 RMB'000 人民幣千元	Applications 應用 RMB'000 人民幣千元	Payment license 支付牌照 RMB'000 人民幣千元 (Note (b)) (附註(b))	Trademark 商標 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
Cost As at 1 January 2020 Addition from purchases	成本 於2020年1月1日 購買添置	482,377 –	24,676 1,152	9,810 –	3,260 –	499,000 –	5,272 –	1,024,395 1,152
As at 31 December 2020	於2020年12月31日	482,377	25,828	9,810	3,260	499,000	5,272	1,025,547
Accumulated amortization As at 1 January 2020 Amortization charge for the year (Note (c))	累計攤銷 於2020年1月1日 年內攤銷開支 (附註(c))	– –	(15,705) (5,594)	(7,684) (1,963)	(1,277) –	– –	(1,091) (586)	(25,757) (8,143)
As at 31 December 2020	於2020年12月31日	–	(21,299)	(9,647)	(1,277)	–	(1,677)	(33,900)
Impairment losses As at 1 January 2020 Addition	減值損失 於2020年1月1日 添置	(145,788) (302,842)	– –	– –	– (1,983)	– (39,897)	– –	(145,788) (344,722)
As at 31 December 2020	於2020年12月31日	(448,630)	–	–	(1,983)	(39,897)	–	(490,510)
Net book value As at 31 December 2020	賬面淨值 於2020年12月31日	33,747	4,529	163	–	459,103	3,595	501,137
Cost As at 1 January 2019 Addition from purchases Assets classified as held for sale	成本 於2019年1月1日 購買添置 分類為持作出售資產	491,303 – (8,926)	20,473 4,203 –	9,810 – –	3,260 – –	517,200 – (18,200)	2,358 2,914 –	1,044,404 7,117 (27,126)
As at 31 December 2019	於2019年12月31日	482,377	24,676	9,810	3,260	499,000	5,272	1,024,395
Accumulated amortization As at 1 January 2019 Amortization charge for the year (Note (c))	累計攤銷 於2019年1月1日 年內攤銷開支 (附註(c))	– –	(8,213) (7,492)	(5,722) (1,962)	(951) (326)	– –	(176) (915)	(15,062) (10,695)
As at 31 December 2019	於2019年12月31日	–	(15,705)	(7,684)	(1,277)	–	(1,091)	(25,757)
Impairment losses As at 1 January 2019 Addition	減值虧損 於2019年1月1日 添置	– (145,788)	– –	– –	– –	– –	– –	– (145,788)
As at 31 December 2019	於2019年12月31日	(145,788)	–	–	–	–	–	(145,788)
Net book value As at 31 December 2019	賬面淨值 於2019年12月31日	336,589	8,971	2,126	1,983	499,000	4,181	852,850

19 INTANGIBLE ASSETS (Cont'd)

(a) Impairment tests for goodwill

Netcom Unit ("Core Unit").

19 無形資產(續)

Goodwills were mainly arising from the Group's acquisitions of China Netcom of approximately RMB132,454,000, Kaizhuo Technology of approximately RMB307,161,000 and other entities of approximately RMB42,762,000, respectively. Goodwill is monitored at the CGU level determined by the management. The management has assessed and determined that the Group operates in two CGUs, namely China Netcom unit ("China Netcom Unit") and other operating business excluding China

As at 31 December 2020 and 2019, goodwills are allocated to the Group's CGUs identified as follow:

(a) 商譽減值測試 因 本 集 團 分 別 收 購 中 彩 網 通、開 桌 科 技 及 其 他 主 體,故 確 認 商 譽 約 人 民 幣 132,454,000元、人民幣307,161,000元及 人民幣42,762,000元。管理層於資產組層 面監察商譽。管理層已評估並確定將本 集團分為兩個資產組,即中彩網通單位 (「中彩網通單位」)及不包括中彩網通單 位的其他經營分部(「核心單位」)。

於2020年及2019年12月31日,商譽分配至 本集團已識別資產組如下:

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Core Unit (i)	核心單位(i)	–	287,636
China Netcom Unit (ii)	中彩網通單位(ii)	33,747	48,953
		33,747	336,589

Impairment review on the goodwills of the Group has been conducted by the management as at 31 December 2020 and 2019 according to IAS 36 "Impairment of assets". For the purpose of impairment review, the recoverable amount of goodwill is determined based on the higher amount of the FVLCD and value in use calculations.

於2020年及2019年12月31日,管理層根據 國際會計準則第36號「資產減值」對本集 團的商譽進行減值審閱。就減值審閱而 言,商譽的可收回金額乃基於公允價值 減出售成本及使用價值計算的較高金額 釐定。

19 INTANGIBLE ASSETS (Cont'd)

(a) Impairment tests for goodwill (Cont'd)

(i) Core Unit

Goodwill and the payment license with indefinite useful life are allocated to the Core Unit. In assessing whether these assets have suffered any impairment, the carrying value of the Core Unit on which these assets are allocated is compared with its recoverable amount.

As at 31 December 2020 and 2019, the recoverable amount of the Core Unit was determined based on value in use calculations. The value in use calculations uses cash flow projections based on financial budgets approved by management covering a five year period. Key assumptions for the value in use calculations relate to the estimation of cash flows which include expected annual growth rate and operating profit margin, such estimation based on each operating unit's past performance and management's expectations for the market development. The pre-tax discount rates used reflect specific risks relating to each relevant operating unit.

Based on the impairment review by the management, impairment indicators were noted for the Core Unit and caused the changes in key assumptions, which was primarily due to the following factors:

1) the exit of the P2P business in 2020 and the focus on credit facilitation for institutional investors following the regulatory guidances which led to the significant decrease in the volume of credit facilitation activities;

19 無形資產(續)

(a) 商譽減值測試(續)

(i) 核心單位

商譽和使用壽命不確定的支付牌照 分配予核心單位。在評估該等資產 是否確認任何減值時,將分配了該 等資產的核心單位的賬面價值與其 可收回金額進行比較。

於2020年及2019年12月31日,核心 單位的可收回金額乃基於使用價值 計算釐定。使用價值計算採用現金 流量預測,以管理層批准涵蓋五年 期的財政預算為基準。用於使用價 值計算的主要假設與現金流量估計 (包括預期年增長率及營業利潤 率)有關,有關估計乃基於各經營 單位的過往表現以及管理層對市場 發展的預期而定。所用除稅前貼現 率反映與各相關經營單位有關的特 定風險。

根據管理層的減值審查,注意到核 心單位的減值指標,並導致關鍵假 設發生變化,這主要是由於以下因 素造成的:

1) 由 於 遵 循 監 管 指 引,本 集 團 於2020年退出P2P業務,並專 注於與機構投資者合作的信 貸 撮 合 業 務,導 致 信 貸 撮 合 服務業務量大幅減少;

19 INTANGIBLE ASSETS (Cont'd)

• (a) Impairment tests for goodwill (Cont'd)
• (i) Core Unit (Cont'd)
  • 2) the prolonged uncertainty associated with the COVID-19 pandemic which put considerable downward pressure on the economy in the PRC, and caused the decline of the willingness for personal consumptions and the demands for personal consumer credit; and
  • 3) the dynamic change in market environment in third party payment business, together with the decrease of the credit facilitation volume as a result of a more prudent strategy adopted by the Group towards its credit facilitation business, greatly reduced the synergistic effect with the combination of the third-party payment business, and resulted in the impairment indicator of the goodwill and payment license arising from the acquisition of Kaizhuo Technology.

As at 31 December 2020 and 2019, key assumptions and parameter of the Core Unit used for value in use calculations are set as below:

19 無形資產(續)

(a) 商譽減值測試(續)

• (i) 核心單位(續)
• 2) 與COVID-19疫情相關的長期 不確定性給中國經濟帶來了 巨 大 的 下 行 壓 力,並 造 成 了 個人消費意願及個人消費信 貸需求縮減;及
• 3) 第三方支付業務市場環境的 動 態 變 化,與 由 於 本 集 團 對 其信貸撮合業務採取更為審 慎的策略而導致的信貸撮合 業 務 量 的 減 少,極 大 地 降 低 了與第三方支付服務業務的 協 同 效 應,並 導 致 收 購 開 桌 科技產生的商譽和支付牌照 出現減值指標。

於2020年及2019年12月31日,用作 使用價值計算的核心單位商譽主要 假設及參數載列如下:

		As at 31 December 於12月31日
		2020	2019
Annual growth rates Operating profit margin	年增長率 營業利潤率	(2.7%) – 44.7% (22.0%) – 35.0%	(35.6%) – 35.6% (74.1%) – 28.7%
Pre-tax discount rate	除稅前貼現率	16.2%	16.2%

Based on the impairment assessment review, the recoverable amount of goodwill of the Core Unit was lower than the carrying amount, resulting in an impairment loss of approximately RMB287,636,000 recognized against the goodwill of the Core Unit for the year ended 31 December 2020.

根據減值評估審閱,核心單位商譽 的可收回金額低於賬面值,導致截 至2020年12月31日止年度就核心 單位商譽確認減值損失約人民幣 287,636,000元。

19 INTANGIBLE ASSETS (Cont'd)

(a) Impairment tests for goodwill (Cont'd)

(ii) China Netcom Unit

The recoverable amount of goodwill of China Netcom Unit was determined based on FVLCD. On 30 June 2020, impairment test was conducted as the stock price of China Netcom listed on the GEM of the Stock Exchange was lower than the carrying amount of China Netcom Unit which indicated an impairment. An impairment provision of approximately RMB15,206,000 was made with reference to the stock price of China Netcom on 30 June 2020. As at 31 December 2020, the stock price of China Netcom was higher than that on 30 June 2020, no further provision was provided.

(b) Impairment tests for payment license

The Group's payment license arises from the acquisition of Kaizhuo Technology on 31 December 2017 and is allocated to the Core Unit. As at 31 December 2020, the payment license is with indefinite useful life and hence impairment test was performed together with the goodwill in Core Unit using the methodology and assumptions as disclosed in Note 19(a)(i) above. Based on the impairment assessment, an impairment loss of approximately RMB39,897,000 was recognized against the payment license for the year ended 31 December 2020.

(c) Amortization of intangible assets

Amortization charges of intangible assets were recorded in the following categories in the consolidated statement of comprehensive loss:

19 無形資產(續)

(a) 商譽減值測試(續)

(ii) 中彩網通單位 中彩網通單位的可收回金額乃基於 公允價值減出售成本釐定。於2020 年6月30日,由於中彩網通於聯交 所GEM之上市股份的股票價低於 中彩網通單位的賬面值,表明存在 減值跡象,因此進行了減值測試。 經參考中彩網通於2020年6月30日 的股價,確認了減值損失約人民幣 15,206,000元。於2020年12月31日, 中彩網通股價高於其於2020年6月 3 0日 的 股 價,無 需 進 一 步 計 提 減 值。

(b) 支付牌照減值測試

本集團的支付牌照產生自於2017年12月 31日對開桌科技的收購,並已分配予核 心單位。於2020年12月31日,由於支付牌 照的使用壽命不確定,其減值測試與核 心單位的商譽一同進行,方法與假設如 上附註19(a)(i)所示。根據減值評估,截至 2020年12月31日止年度的支付牌照已確 認減值損失約人民幣39,897,000元。

(c) 無形資產攤銷

無形資產的攤銷費用於綜合全面虧損表 中在以下類別中確認:

			Year ended 31 December
			截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Origination and servicing expenses	辦理及服務開支	3,218	4,528
General and administrative expenses	一般及行政開支	3,256	3,551
Research and development expenses	研發開支	1,669	2,616
		8,143	10,695

20 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD

20 使用權益法入賬的投資

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Associates	聯營公司	32,099	117,711

The movement of the Group's interests in associates is as follows:

本集團於聯營公司權益的變動如下:

			As at 31 December
			於12月31日
			2020	2019
			RMB'000	RMB'000
		人民幣千元		人民幣千元
At the beginning of the year	於年初		117,711	144,430
Addition	添置		–	15,400
Share of net losses	分佔淨虧損		(5,751)	(3,255)
Impairment loss (a)	減值損失(a)		(79,861)	(38,864)
At the end of the year	於年末		32,099	117,711

20 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (Cont'd)

The investments in associates as at 31 December 2020 and 2019 are as follows:

20 使用權益法入賬的投資(續)

Percentage of attributable

於2020年及2019年12月31日於聯營公司的投資 如下:

			equity interest 佔股權百分比
Name of Entity 實體名稱	Date of incorporation 註冊成立日期	Place of incorporation 註冊成立地點	2020	2019	Principal activities 主要活動
Beijing Caizhiyun Investment Management Co., Ltd. 北京財智雲投資管理有限公司	29 October 2014 2014年10月29日	PRC 中國	–	10.00%	Development and operation of applications 開發及運營應用
Zhejiang Anniu Technology Co., Ltd. 浙江安牛科技有限公司	9 October 2016 2016年10月9日	PRC 中國	27.25%	27.25%	Development and operation of applications 開發及運營應用
Hangzhou Shanniu Catering Management Co., Ltd. 杭州膳牛餐飲管理有限公司	29 August 2017 2017年8月29日	PRC 中國	–	30.00%	Catering services 餐飲服務
Beijing Juece Xincheng Technology Co., Ltd. (b) 北京決策信誠科技有限公司(b)	29 December 2006 2006年12月29日	PRC 中國	49.61%	49.61%	Development and operation of applications 開發及運營應用
Hangzhou Sunyard Fintech Technology Co., Ltd. (c) 杭州信雅達泛泰科技有限公司(c)	26 May 2016 2016年5月26日	PRC 中國	13.76%	13.76%	Technology services 技術服務
Shanghai Pengshu Information Technology Co., Ltd. (d) 上海朋數信息科技有限公司(d)	6 February 2016 2016年2月6日	PRC 中國	15.42%	15.42%	Loan collection services 貸款回收服務

20 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (Cont'd)

• (a) During the year ended 31 December 2020, the Group made an impairment provision of approximately RMB67,163,000 and RMB12,698,000 against the carrying amount of the investment in Beijing Juece Xincheng Technology Co., Ltd.(北京決策信誠科技 有限公司, "Juece") and Hangzhou Sunyard Fintech Technology Co., Ltd.(杭州信雅達泛泰科技有限公司, "Sunyard"), respectively, which was based on the assessed recoverable amount.
• (b) On 26 December 2017, the Group acquired 49.61% equity interests in Juece.

Set out below is the summarized financial information of Juece, which is considered as a material associate of the Company. Other associates are not individually material to the Group.

20 使用權益法入賬的投資(續)

• (a) 截至2020年12月31日止年度,本集團根據 評估的可收回金額,就北京決策信誠科 技有限公司(「決策」)及杭州信雅達泛泰 科技有限公司(「信雅達」)的投資賬面值 分別確認減值損失約人民幣67,163,000元 及12,698,000元。
• (b) 於2017年1 2月2 6日,本 集 團 收 購 決 策 49.61%股權。

下文載列決策的財務資料概要,而決策 被視為本公司的主要聯營公司。其他聯 營公司個別而言對本集團並不重大。

		Juece
		決策
		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Current assets	流動資產	25,559	34,026
Non-current assets	非流動資產	453	244
Current liabilities	流動負債	1,227	3,210
Revenue	收益	6,443	35,146
Loss for the year	年內虧損	(6,275)	(3,599)

20 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (Cont'd)

(b) (Cont'd)

Set out below is the reconciliation of summarised financial information of the Group's major associate, Juece, presented to the carrying amount of its interest in the associated.

20 使用權益法入賬的投資(續)

(b) (續)

下文載列本集團的主要聯營公司決策的 財務資料概要與其於聯營公司的權益的 賬面值的對賬。

		Juece 決策
		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Net assets at the beginning of the year	年初資產淨值	31,060	34,659
Loss for the year	年內虧損	(6,275)	(3,599)
Net assets at the end of the year	年末資產淨值	24,785	31,060
Interests in the associate	於聯營公司的權益	49.61%	49.61%
Share of net asset	分佔資產淨值	12,296	15,409
Goodwill	商譽	2,617	69,780
Carrying value	賬面值	15,113	85,189

• (c) On 23 October 2017, the Group acquired 13.76% equity interests in Sunyard. According to Sunyard's article of association, the Group is entitled to appoint one director in the board of directors of Sunyard (5 board seats in total), and the Group's management considers that the Group has the power to exercise significant influence in Sunyard through the participation in operational and financial policy-making process. Consequently, investment in Sunyard has been accounted for the investment using equity method. The impairment provision for this investment of approximately RMB12,698,000 has been accrued for the year ended 31 December 2020.
• (c) 於2017年10月23日,本集團收購信雅達 13.76%股權。根據信雅達的組織章程細 則,本集團有權於信雅達的董事會委任 一名董事(總共有五個董事席位),且本 集團的管理層認為本集團有權力透過參 與經營及財務政策制訂過程對信雅達行 使重大影響力。因此,信雅達的投資使用 權益法入賬。截至2020年12月31日止年 度,本集團已就該投資計提減值撥備約 人民幣12,698,000元。

20 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (Cont'd)

(d) On 31 December 2020, the Group held 15.42% equity interests in Shanghai Pengshu Information Technology Co., Ltd. (上海朋數 信息科技有限公司, "Pengshu"). According to Pengshu's article of association, the Group is entitled to appoint one director in the board of directors of Pengshu (5 board seats in total), and the Group's management considers that the Group has the power to exercise significant influence in Pengshu through the participation in operational and financial policy-making process. Consequently, investment in Pengshu has been accounted for the investment using equity method. The impairment provision for this investment had been made in full amount for the year ended 31 December 2019 as there was significant doubt as to Pengshu's ability to continue as a going concern.

20 使用權益法入賬的投資(續)

(d) 於2020年12月31日,本集團持有上海朋 數信息科技有限公司(「朋數」)15.42%股 權。根據朋數的組織章程細則,本集團有 權於朋數的董事會委任一名董事(總共有 五個董事席位),且本集團的管理層認為 本集團有權力透過參與經營及財務政策 制訂過程對朋數行使重大影響力。因此, 朋數的投資使用權益法入賬。截至2019 年12月31日止年度,本集團已就該投資 全額計提減值撥備,原因是存在朋數持 續經營能力相關的重大懷疑。

21 FINANCIAL ASSETS AT FVPL

21 按公允價值計入損益的金融資產

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Included in non-current assets	計入非流動資產
– Investment in ordinary shares with preferential	-於附帶優先清算權的普通股的
liquidation rights (a)	投資(a)	71,609	97,634
– Investments in investment funds (b)	-於投資基金的投資(b)	28,852	40,407
– Investments in trust	-於信託的投資	–	15,045
– Investments in equity host securities	-於權益證券的投資	232	232
		100,693	153,318

21 FINANCIAL ASSETS AT FVPL (Cont'd)

(a) The Group made investments in ordinary shares with liquidation preference rights of certain companies that are engaged in providing internet information and technology services. These investments contain embedded derivatives that are not closely related to the host contracts. After considering the Group's investment objectives and intentions, the Group does not bifurcate the embedded derivatives from the host instruments and recognizes the entire hybrid contracts as financial assets at FVPL, with the changes in the fair value recorded in "Other losses, net" in the consolidated statement of comprehensive loss. The Company determined the respective fair values as at the year end based on the expected discounted cash flow and market multiple of comparable companies.

21 按公允價值計入損益的金融資產(續)

(a) 本集團投資從事提供線上信息及技術服 務的若干公司的附有優先清算權的普通 股。該等投資含有與主合約並非密切相 關的嵌入式衍生工具。經考慮本集團的 投資目標及意向後,本集團並未將嵌入 式衍生工具與主工具分開,而將全部混 合式合約確認為按公允價值計入損益的 金融資產,公允價值變動於綜合全面虧 損表內計入「其他虧損淨額」。本公司依 據預期貼現現金流量及可資比較公司的 市場倍數釐定於年末的相關公允價值。

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
At the beginning of the year	於年初	97,634	335,152
Additions Fair value losses of investment in ordinary	添置 具有優先清算權的普通股投資的	–	15,167
shares with preferential liquidation rights	公允價值虧損	(26,025)	(3,586)
Disposal	出售	–	(249,099)
At the end of the year	於年末	71,609	97,634

(b) The Group managed and evaluated these investments on a fair value basis. These investments were recognized as financial assets at FVPL upon initial recognition.

(b) 本集團按公允價值基準管理及評估該等 投資。該等投資於初步確認時被確認為 按公允價值計入損益的金融資產。

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
At the beginning of the year	於年初	40,407	78,353
Additions	添置	–	5,000
Fair value losses of investments in	於投資基金投資的公允價值虧損
investment funds		(11,555)	(42,946)
At the end of the year	於年末	28,852	40,407

22 DEFERRED INCOME TAX

The amount of offsetting deferred income tax assets and liabilities is approximately RMB13,542,000 as at 31 December 2020 (31 December 2019: RMB13,225,000).

22 遞延所得稅

於2020年12月31日抵銷遞延所得稅資產及負債 的金額為約人民幣13,542,000元( 2019年12月31 日:人民幣13,225,000元)。

The analysis of deferred tax assets and deferred tax liabilities is as follows:

對遞延稅項資產及遞延稅項負債的分析如下:

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Deferred income tax assets:	遞延所得稅資產:
– to be recovered after more than 12 months	-將於12個月後收回	115,287	299,509
– to be recovered within 12 months	-將於12個月內收回	–	104,610
		115,287	404,119
Amount offset deferred tax assets		(13,542)	(13,225)
	抵銷遞延稅項資產的金額
Total deferred tax assets	遞延稅項資產總額	101,745	390,894
Deferred income tax liabilities: – to be recovered after more than 12 months	遞延所得稅負債: -將於12個月後收回	(115,658)	(137,135)
– to be recovered within 12 months	-將於12個月內收回	(17,318)	(8,264)
		(132,976)	(145,399)
Amount offset deferred tax liabilities	抵銷遞延稅項負債的金額	13,542	13,225
Liabilities directly associated with assets classified	與分類為持作出售之資產直接相關
as held for sale	的負債	–	4,550
Total deferred tax liabilities	遞延稅項負債總額	(119,434)	(127,624)

22 DEFERRED INCOME TAX (Cont'd)

The gross movements of deferred income tax assets were as follows:

22 遞延所得稅(續)

遞延所得稅資產的變動如下:

		Net impact of revenue and risk reserve fund recognition 收益及	Advertising expenses	Tax losses	Other temporary differences	Total
		風險儲備 基金確認 的淨影響 RMB'000 人民幣千元	廣告開支 RMB'000 人民幣千元	稅項虧損 RMB'000 人民幣千元	其他 暫時差額 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
As at 1 January 2019 Recognized in the profit or loss	於2019年1月1日 於損益確認	– 104,610	710 (678)	92,049 (64,638)	183,954 88,112	276,713 127,406
As at 31 December 2019	於2019年12月31日	104,610	32	27,411	272,066	404,119
As at 1 January 2020 Recognized in the profit or loss	於2020年1月1日 於損益確認	104,610 (104,610)	32 2,359	27,411 (14,578)	272,066 (172,003)	404,119 (288,832)
As at 31 December 2020	於2020年12月31日	–	2,391	12,833	100,063	115,287

The gross movements of deferred income tax liabilities were as follows:

遞延所得稅負債的變動如下:

		Net impact of revenue and risk reserve fund recognition 收益及	Unrealised profits from consolidated trust schemes	Unrealised investment gains	Intangible assets acquired in business combination	Total
		風險儲備 基金確認 的淨影響 RMB'000 人民幣千元	來自綜合 信託計劃的 未變現溢利 RMB'000 人民幣千元	未變現 投資收益 RMB'000 人民幣千元	於業務 合併中收購 的無形資產 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
As at 1 January 2019 Recognized in the profit or loss	於2019年1月1日 於損益確認	(36,636) 36,636	(10,622) 2,358	(24,367) 19,711	(132,822) 343	(204,447) 59,048
As at 31 December 2019	於2019年12月31日	–	(8,264)	(4,656)	(132,479)	(145,399)
As at 1 January 2020 Liabilities directly associated with assets classified as held for sale Recognized in the profit or loss	於2020年1月1日 與分類為持作出售資產直接 相關的負債 於損益確認	– – (17,318)	(8,264) – (8,264)	(4,656) – 3,800	(132,479) 4,550 13,127	(145,399) 4,550 7,873
As at 31 December 2020	於2020年12月31日	(17,318)	–	(856)	(114,802)	(132,976)

22 DEFERRED INCOME TAX (Cont'd)

The Group did not recognize deferred income tax assets of approximately RMB90,969,000 and RMB51,081,000 in respect of tax losses amounting to approximately RMB507,544,000 and RMB272,386,000 that can be carried forward against future taxable profit as at 31 December 2020 and 2019, respectively.

The expiry date of the tax losses for which deferred income tax assets were not recognized is as follows:

22 遞延所得稅(續)

於2020年及2019年12月31日,本集團並無就可 結轉用以抵銷未來應課稅利潤的稅項虧損分別 約人民幣90,969,000元及人民幣51,081,000元確 認遞延所得稅資產分別約人民幣507,544,000元 及人民幣272,386,000元。

並無確認遞延所得稅資產的稅項虧損的屆滿日 期如下:

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Expire within 1 year	於1年內屆滿	(415,506)	(249,535)
Expire in 1 to 2 years	於1至2年屆滿	(43,771)	(3,834)
Expire in 2 to 3 years	於2至3年屆滿	(38,183)	(1,450)
Expire in 3 to 4 years	於3至4年屆滿	(8,352)	(2,229)
Expire in 4 to 5 years	於4至5年屆滿	(160)	(8,615)
Over 5 years and not subject to expiration	5年以上及並無屆滿日期	(1,572)	(6,723)
		(507,544)	(272,386)

23 PREPAYMENTS AND OTHER RECEIVABLES 23 預付款項及其他應收款項

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Included in non-current assets:	計入非流動資產:
Rental deposits	租金按金	392	4,464
		392	4,464
Included in current assets:	計入流動資產:
Deposits	按金	38,892	228,811
Withholding tax paid on behalf of grantees	代表僱員獎勵計劃承授人支付的
under employee incentive schemes	預扣稅	21,998	31,040
Value-added tax receivable	應收增值稅	16,340	17,330
Receivable from disposal of bad debts	處置壞賬的應收款項	12,311	–
Prepaid expense	預付開支	10,157	20,282
Receivables from investees	應收投資者款項	4,000	44,150
Others	其他	28,430	44,915
		132,128	386,528
Total	總計	132,520	390,992

24 QUALITY ASSURANCE FUND PAYABLE AND RECEIVABLE

The following table sets forth the Group's quality assurance fund payable movements for the years ended 31 December 2020 and 2019:

24 應付及應收質量保證金

下表載列截至2020年及2019年12月31日止年度 本集團應付質量保證金的變動:

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Opening balance	期初結餘	1,559,495	1,524,621
Fair value of newly written quality	新訂質量保證責任的公允價值
assurance obligation		94,293	2,838,588
ECL provided for the year (Note 12)	本年產生的預期信用損失(附註12)	299,460	810,466
Release of the margin (Note 12)	解除保證金(附註12)	(8,079)	(239,335)
Payouts during the year, net	年內開支淨額	(1,891,302)	(3,374,845)
Ending balance	期末結餘	53,867	1,559,495

In accordance with the regulatory guidances issued by the PRC authorities, the Group had been exiting the P2P business in the first half of 2020. In particular, the Group ceased to facilitate any loans from individual investors, and in the meantime all remaining outstanding loans (that were facilitated by the Group) to individual investors before 30 June 2020 had been settled by the Group by the repayment of approximately RMB625 million in cash to the individual investors or transferred to the third party institutional companies.

根據中國政府發佈的監管指引,本集團於2020 年上半年開展了P2P清退。特別是,本集團停止 向個人投資者撮合任何貸款,同時,於2020年6 月30日前本集團已通過向個人投資者支付約人 民幣625百萬元現金或轉讓至第三方機構的方 式結清了所有個人投資者的剩餘未償貸款(由 本集團撮合)。

24 QUALITY ASSURANCE FUND PAYABLE AND RECEIVABLE (Cont'd)

24 應付及應收質量保證金(續)

The following table sets forth the Group's quality assurance fund receivable movements for the years ended 31 December 2020 and 2019:

下表載列截至2020年及2019年12月31日止年度 本集團應收質量保證金的變動:

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Opening balance	期初結餘	566,801	812,078
Fair value of newly written quality assurance obligation	新訂質量保證責任的公允價值	94,293	2,838,588
ECL provided for the year (Note 12)	本年度產生的預期信用損失
	(附註12)	(83,445)	(287,326)
Contribution received from borrowers	借款人出資	(555,459)	(2,796,539)
Ending balance	期末結餘	22,190	566,801
		As at 31 December 2020
		於2020年12月31日
		ECL staging

		預期信用損失階段
		Stage 1 Stage 2		Stage 3	Total
		第一階段	第二階段	第三階段	總計
		RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
Quality assurance fund receivable Less: ECL allowance under IFRS 9 (a)	應收質量保證金 減:根據國際財務報告準則第9號	19,722	1,387	791,867	812,976
	計量的預期信用損失撥備(a)	(2,662)	(701)	(787,423)	(790,786)
Quality assurance fund receivable, net	應收質量保證金淨額	17,060	686	4,444	22,190

24 QUALITY ASSURANCE FUND PAYABLE AND RECEIVABLE (Cont'd)

24 應付及應收質量保證金(續)

		As at 31 December 2019 於2019年12月31日 ECL staging
		預期信用損失階段
		Stage 1	Stage 2	Stage 3	Total
		第一階段	第二階段	第三階段	總計
		RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
Quality assurance fund receivable Less: ECL allowance under IFRS 9 (a)	應收質量保證金 減:根據國際財務報告準則第9號	545,607	104,860	682,785	1,333,252
	計量的預期信用損失撥備(a)	(49,449)	(49,749)	(667,253)	(766,451)
Quality assurance fund receivable, net	應收質量保證金淨額	496,158	55,111	15,532	566,801

(a) The following table explains the changes in the ECL allowance of quality assurance fund receivable by stage for the years ended 31 December 2020 and 2019:

(a) 下表分階段說明截至2020年及2019年12 月31日止年度應收質量保證基金預期信 用損失撥備的變動:

Year ended 31 December 2020

	Stage 1	Stage 2	Stage 3
	第一階段	第二階段	第三階段
	12-month ECL 12個月 預期信用損失	Lifetime ECL 存續期 預期信用損失	Lifetime ECL 存續期 預期信用損失	Total 總計
	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
期初結餘				766,451
轉出	(1,022)	(357)	(57,731)	(59,110)
				83,445
				–
				–
				–
第二階段轉移至第三階段	–	(40,607)	40,607	–
				790,786
	本期淨(減少)╱增加(i) 轉移 第一階段轉移至第二階段 第一階段轉移至第三階段 第二階段轉移至第一階段 期末結餘	49,449 (38,419) (306) (7,252) 212 2,662	49,749 (8,178) 306 – (212) 701	截至2020年12月31日止年度 667,253 130,042 – 7,252 – 787,423

24 QUALITY ASSURANCE FUND PAYABLE AND RECEIVABLE

(Cont'd) (a) (Cont'd)

24 應付及應收質量保證金(續)

(a) (續)

				Year ended 31 December 2019
				截至2019年12月31日止年度
		Stage 1	Stage 2	Stage 3
		第一階段	第二階段	第三階段
		12-month ECL 12個月 預期信用損失	Lifetime ECL 存續期 預期信用損失	Lifetime ECL 存續期 預期信用損失	Total 總計
		RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
Opening balance Transfer out Net decrease for the period (i) Transfer Transfer from Stage 1 to Stage 2 Transfer from Stage 1 to Stage 3 Transfer from Stage 2 to Stage 1 Transfer from Stage 2 to Stage 3	期初結餘 轉出 本期淨減少(i) 轉移 第一階段轉移至第二階段 第一階段轉移至第三階段 第二階段轉移至第一階段 第二階段轉移至第三階段	40,287 46,193 (29,255) (1,036) (6,973) 233 –	36,927 21,411 (4,399) 1,036 – (233) (4,993)	401,911 256,835 (3,459) – 6,973 – 4,993	479,125 324,439 (37,113) – – – –
Ending balance	期末結餘	49,449	49,749	667,253	766,451

(i) This item includes changes of PD, EAD and LGD due to routine updates to model parameters, and the impact of stage changes on the measurement of ECL.

(i) 該項包括模型參數日常更新引起的違約概率、 違約敞口及違約損失率的變化,以及階段變化 對預期信用損失計量的影響。

25 CONTRACT ASSETS/(LIABILITIES)

25 合約資產╱(負債)

			As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Contract assets	合約資產	638,822	1,173,480
Less: ECL allowance	減:預期信用損失撥備	(603,335)	(461,739)
Contract assets, net	合約資產淨值	35,487	711,741
Contract liabilities	合約負債	(17,214)	(108,250)

The activity in the total ECL allowance for the years ended 31 December 2020 and 2019 consisted of the following:

截至2020年及2019年12月31日止年度,預期信 用損失撥備總額變動包括下列各項:

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Opening balance	期初結餘	(461,739)	(215,345)
Provision of ECL for the year	年內預期信用損失撥備	(141,456)	(246,394)
Ending balance	期末結餘	(603,335)	(461,739)

Note: The Group receives payments from borrowers over the tenures of the loans. Contract asset represents the Group's right to consideration in exchange for services that the Group has provided. A substantial majority of the Group's contract assets as at 31 December 2020 would be realized within the next twelve months as the weighted average term of the arrangements where the Group is not the loan originator was less than twelve months. The Group determined that there is no significant financing component for its arrangements where the Group is not the loan originator.

附註: 本集團在貸款期限內收到借款人付款。合約資 產指本集團有權收取以換取本集團所提供服 務的代價。由於本集團並非貸款發放者安排的 加權平均期限少於十二個月,本集團於2020年 12月31日的絕大部分合約資產將於未來十二 個月內變現。本集團認為,就本集團並非貸款 發放者的安排而言,並無重大融資成分。

26 TRADE RECEIVABLES

26 貿易應收款項

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Referral and credit card technology	介紹及信用卡科技服務應收款項
service receivables		192,755	167,118
Others	其他	1,497	4,905
		194,252	172,023
ECL allowance	預期信用損失撥備	(182,317)	(75,262)
		11,935	96,761

The activity in the total ECL allowance for trade receivables as at 31 December 2020 and 2019 consisted of the following:

於2020年及2019年12月31日,貿易應收款項的 預期信用損失撥備總額變動包括下列各項:

			As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Opening balance	期初結餘	(75,262)	(346)
Provision of ECL for the year	年內預期信用損失撥備	(107,055)	(74,916)
Ending balance	期末結餘	(182,317)	(75,262)

Aging analysis of trade receivables based on invoice date is as follows:

貿易應收款項基於發票日期的賬齡分析如下:

			As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Within 30 days	30天內	4,434	35,000
More than 30 days	超過30天	189,818	137,023
		194,252	172,023

27 LOANS TO CUSTOMERS, NET

27 客戶貸款淨額

	As at 31 December 2020
			2020年12月31日
			ECL staging		Purchased
			預期信用損失階段
		Stage 1	Stage 2	Stage 3	impaired 購入已發生	Total
		第一階段	第二階段	第三階段	信用減值	總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Loans	貸款	–	–	287,431	–	287,431
New financial assets purchased	新購入金融資產	–	–	–	166,279	166,279
Less: ECL allowance under IFRS 9 (b)	減:國際財務報告準則 第9號下的預期
	信用損失撥備(b)	–	–	(282,507)	–	(282,507)
Loans to customers, net	客戶貸款淨額	–	–	4,924	166,279	171,203

		As at 31 December 2019
		2019年12月31日
			ECL staging
		預期信用損失階段
		Stage 1	Stage 2	Stage 3	Total
		第一階段	第二階段	第三階段	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Loans Less: ECL allowance under IFRS 9 (b)	貸款 減:國際財務報告準則第9號	15,653	1,238	285,322	302,213
	下的預期信用損失撥備(b)	(667)	(413)	(280,394)	(281,474)
Loans to customers, net	客戶貸款淨額	14,986	825	4,928	20,739

As at 31 December 2019 and 2020, these loans consist of personal loans made to individual borrowers through the consolidated trusts and a subsidiary of the Group. In addition, as at 31 December 2020, these loans also consist of approximately RMB166,279,000 fair value of the new financial assets purchased during the exiting of the P2P business in the first half of 2020.

於2019年及2020年12月31日,該等貸款包括通 過綜合信託及本集團一間附屬公司向個人借款 人發放的個人貸款。此外,於2020年12月31日, 該等貸款亦包括於2020年上半年P2P清退時的 新購入金融資產公允價值約人民幣166,279,000 元。

27 LOANS TO CUSTOMERS, NET (Cont'd)

(a) The following table explains the aging of loans to customers past due for the past years ended 31 December 2020 and 2019:

27 客戶貸款淨額(續)

(a) 下表說明截至2020年及2019年12月31日 止年度逾期客戶貸款的賬齡:

			Overdue days
		逾期日數
		Less than	30 days to	90 days to	Over
		30 days	90 days	180 days	180 days	Total
		少於30天	30天至90天	90天至180天	180天以上	總計
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
As at 31 December 2020	於2020年12月31日
Loans to customers past due	已逾期的客戶貸款	–	–	2,167	285,264	287,431
Purchased credit-impaired	購入已發生信用減值	16,209	2,045	9,275	114,442	141,971
As at 31 December 2019	於2019年12月31日
Loans to customers past due	已逾期的客戶貸款	1,238	3,263	6,958	275,101	286,560

(b) The activity in the total ECL allowance for the years ended 31 December 2020 and 2019 consisted of the following:

(b) 截至2020年及2019年12月31日止年度,預 期信用損失撥備總額活動包括下列各項:

Year ended 31 December 2020

				截至2020年12月31日止年度
		Stage 1	Stage 2	Stage 3
		第一階段 12-month ECL	第二階段 Lifetime ECL	第三階段 Lifetime ECL	Total
		12個月	存續期	存續期
		預期信用損失	預期信用損失	預期信用損失	總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Opening balance	期初結餘	667	413	280,394	281,474
Provisions (i)	撥備(i)	1	–	3,379	3,380
Reversal	撥回	(573)	(96)	(1,678)	(2,347)
Transfer	轉移
Transfer from Stage 1 to Stage 2	第一階段轉移至第二階段	(13)	13	–	–
Transfer from Stage 1 to Stage 3	第一階段轉移至第三階段	(84)	–	84	–
Transfer from Stage 2 to Stage 1	第二階段轉移至第一階段	2	(2)	–	–
Transfer from Stage 2 to Stage 3	第二階段轉移至第三階段	–	(328)	328	–
Ending balance	期末結餘	–	–	282,507	282,507

27 LOANS TO CUSTOMERS, NET (Cont'd)

(b) (Cont'd)

27 客戶貸款淨額(續)

(b) (續)

Ending balance	期末結餘	667	413	280,394	281,474
Transfer from Stage 2 to Stage 3	第二階段轉移至第三階段	–	(292)	292	–
Transfer from Stage 1 to Stage 3	第一階段轉移至第三階段	(58)	–	58	–
Transfer	轉移
Reversal	撥回	(1,198)	(509)	(1,946)	(3,653)
Provisions	撥備	667	407	88,277	89,351
Opening balance	期初結餘	1,256	807	193,713	195,776
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
		RMB'000	RMB'000	RMB'000	RMB'000
		預期信用損失	存續期 預期信用損失	存續期 預期信用損失	總計
		12個月
		第一階段 12-month ECL	第二階段 Lifetime ECL	第三階段 Lifetime ECL	Total
		Stage 1	Stage 2	Stage 3
			截至2019年12月31日止年度
		Year ended 31 December 2019

(i) This item includes changes of PD, EAD and LGD due to routine updates to model parameters, and the impact of stage changes on the measurement of ECL.

(i) 該項包括模型參數日常更新引起的 違約概率、違約敞口及違約損失率 的變化,以及階段變化對預期信用 損失計量的影響。

28 CASH AND BANK BALANCES

(a) Cash and cash equivalents

28 現金及銀行結餘

(a) 現金及現金等價物

			As at 31 December
			於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Cash at bank	銀行現金	412,684	1,283,144

28 CASH AND BANK BALANCES (Cont'd)

28 現金及銀行結餘(續) (b) 受限制現金

(b) Restricted cash

				As at 31 December
				於12月31日
				2020	2019
				RMB'000	RMB'000
				人民幣千元	人民幣千元
	Cash held on behalf of investors	通過平台代投資者持有的現金(i)
	through platform (i)			152,194	736,301
	Deposit of secured transactions	有擔保交易保證金		69,541	74,001
				221,735	810,302
(i)	Cash held on behalf of investors through platform as at 31 (i) December 2020 and 2019 mainly represented the cash in custody account on behalf of individual investment to hold fund.		於2020年及2019年12月31日,通過 平台代投資者持有的現金主要為託 管賬戶內代獨立投資持有的資金。

29 SHARE CAPITAL, SHARE PREMIUM AND SHARES HELD FOR EMPLOYEE INCENTIVE SCHEMES

29 股本、股份溢價及就僱員獎勵計劃持有 的股份

		Number of shares 股份數目	Share capital 股本		Share premium 股份溢價	Shares held for employee incentive schemes 持作僱員 獎勵計劃 的股份
			US\$'000 美元千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
As at 1 January 2019 Share incentives exercised and	於2019年1月1日 已行使及歸屬的	1,194,425,522	12	79	5,878,494	(14)
vested (a) Share repurchase (b)	股份獎勵(a) 股份購回(b)	– (2,772,000)	– (0.03)	– (0.20)	89,542 (7,941)	2 –
As at 31 December 2019	於2019年12月31日	1,191,653,522	12	79	5,960,095	(12)
As at 1 January 2020 Share incentives exercised and	於2020年1月1日 已行使及歸屬的	1,191,653,522	12	79	5,960,095	(12)
vested (a) Issuance of ordinary shares (c)	股份獎勵(a) 發行普通股(c)	– 166,666,666	– –	– 11	88,798 87,944	1 –
As at 31 December 2020	於2020年12月31日	1,358,320,188	12	90	6,136,837	(11)

29 SHARE CAPITAL, SHARE PREMIUM AND SHARES HELD FOR EMPLOYEE INCENTIVE SCHEMES (Cont'd)

• (a) During the year ended 31 December 2020, the subscription rights attaching to 6,048,862 share options were exercised and 6,564,898 RSU were vested under share incentives scheme. Reserve amounted to approximately RMB85,523,000 were transferred to share premium and the subscription prices exceed the par value amounted to approximately RMB3,275,000 were also recorded in share premium.
• (b) During the year ended 31 December 2019, the Company repurchased a total of 2,772,000 shares of the Company from the Stock Exchange, with the aggregate consideration paid (before expenses) amounting to approximately HK\$8,799,000 (equivalent approximately RMB7,941,000). All the shares repurchased were subsequently cancelled.
• (c) On 13 July 2020, the Company entered into the subscription agreements with three subscribers (namely Guanrui Investment Limited, Tiantu Investments Limited and East Jump Management Limited), respectively, pursuant to which the three subscribers agreed to subscribe, and the Company agreed to allot and issue, an aggregate of 166,666,666 subscription shares at the subscription price of HK\$0.6 per share. On 31 August 2020, the three subscribers completed the said subscriptions.

29 股本、股份溢價及就僱員獎勵計劃持有 的股份(續)

• (a) 截至2020年12月31日止年度,6,048,862份 購股權所附帶的認購權已獲行使,而股 份獎勵計劃項下的6,564,898份受限制股 份單位已歸屬。約人民幣85,523,000元的 儲備已轉撥至股份溢價,而平均認購價 超過面值的數額約人民幣3,275,000元亦 錄入股份溢價。
• (b) 截至2019年12月31日止年度,本公司已於 聯交所購回本公司總共2,772,000股股份, 已付總代價(扣除開支前)為約8,799,000 港元(相當於約人民幣7,941,000元)。所有 購回的股份隨後註銷。
• (c) 於2020年7月13日,本 公 司 分 別 與 三 名 認購人(即Guanrui Investment Limited、 Tiantu Investments Limited以及East Jump Management Limited)訂立認購協議,據 此,三名認購人同意認購及本公司同意 配發及發行合計166,666,666股認購股份, 認購價為每股股份0.6港元。於2020年8月 31日,三名認購人完成所述認購事項。

30 RESERVES 30 儲備

		Other	Share-based compensation	Translation
		reserve 其他儲備 RMB'000 人民幣千元	reserve 以股份為基礎 的薪酬儲備 RMB'000 人民幣千元	reserve 換算儲備 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
As at 1 January 2019 Share incentives exercised and vested Acquisition of additional equity interests	於2019年1月1日 已行使及歸屬的股份獎勵 收購一間附屬公司的額外股權	(258,539) –	347,326 (82,798)	(146,237) –	(57,450) (82,798)
in a subsidiary Share incentives awarded under share	股份獎勵計劃項下授出的	(24)	–	–	(24)
incentive plan	股份獎勵	–	130,553	–	130,553
Profit appropriations to statutory reserves	轉撥至法定儲備的溢利	211	–	–	211
Currency translation differences	貨幣換算差額	–	–	(6,091)	(6,091)
As at 31 December 2019	於2019年12月31日	(258,352)	395,081	(152,328)	(15,599)
As at 1 January 2020 Share incentives exercised and vested Issuance of ordinary shares	於2020年1月1日 已行使及歸屬的股份獎勵 發行普通股	(258,352) – (1,085)	395,081 (85,523) –	(152,328) – –	(15,599) (85,523) (1,085)
Acquisition of additional equity interests in a subsidiary	收購一間附屬公司的額外股權	(4,257)	–	–	(4,257)
Share incentives awarded under share incentive plan	股份獎勵計劃項下授出的 股份獎勵	–	49,039	–	49,039
Conversion of convertible bonds transferred to shares of a subsidiary	一間附屬公司可換股債券轉撥 至股份	21,236	–	–	21,236
Currency translation differences	貨幣換算差額	–	–	(9,654)	(9,654)
As at 31 December 2020	於2020年12月31日	(242,458)	358,597	(161,982)	(45,843)

31 SHARE-BASED PAYMENTS

The Company has adopted 51 Award Scheme and 51 Stock Scheme (collectively, "Employee Incentive Schemes") to provide options and RSUs to employees and senior management as an additional incentive for the purposes of attracting and retaining the best available personnel. The majority of the options and RSUs vest 50% at the second service year end and 25% at the third and fourth service year end.

The Company has set up two structured entities, namely 51 Award Limited and 51 Stock Limited, which are solely for the purpose of administering and holding the Company's shares for the Employee Incentive Schemes. Rising Sun Limited, one of the substantial Shareholders of the Group, transferred 5,958,268 shares to 51 Award Limited during the year ended 31 December 2020, being the ordinary shares underlying the Company's Employee Incentive Schemes. In addition, the Company entered into a trust deed with an independent trustee (the "Trustee") in November 2017, pursuant to which the Trustee shall act as the administrator of the Employee Incentive Schemes.

The Company has the power to direct the relevant activities of 51 Stock Limited and 51 Award Limited and it has the ability to use its power over the trusts to affect its exposure to returns. Therefore, the assets and liabilities of 51 Award Limited and 51 Stock Limited are included in the Group's consolidated statement of financial position and the ordinary shares held for the Employee Incentive Schemes were regarded as issued but not outstanding shares and presented as a deduction in equity as "Shares held for employee incentive schemes".

31 以股份為基礎的支付

本公司已採納51 Award Scheme及51 Stock Scheme(統稱「僱員激勵計劃」),以為僱員及高 級管理層提供購股權及受限制股份單位作為額 外獎勵,以吸引及挽留優秀人才。大部分購股 權及受限制股份單位於第二個服務年度年末 歸屬50%及於第三及第四個服務年度年末歸屬 25%。

本 公 司 已 設 立 兩 個 結 構 實 體,即51 Award Limited及51 Stock Limited,僅為管理及持有本 公司的僱員激勵計劃所涉股份。截至2020年12 月31日止年度,Rising Sun Limited,本集團的主 要股東之一,向51 Award Limited 轉讓5,958,268 股,即 本 公 司 僱 員 激 勵 計 劃 的 相 關 普 通 股 數 目。此外,本公司於2017年11月與一名獨立受 託人(「受託人」)訂立信託契據,據此受託人將 擔任僱員激勵計劃的管理人。

本公司有權指示51 Stock Limited及51 Award Limited的相關業務,且其有能力使用其對信 託的權力影響其回報風險。因此,51 Award Limited及51 Stock Limited的資產及負債計入本 集團的綜合財務狀況表,且就僱員激勵計劃持 有的普通股被視作已發行但並非發行在外的股 份並呈列為「持作僱員激勵計劃的股份」權益扣 減。

31 SHARE-BASED PAYMENTS (Cont'd)

The Group has no legal or constructive obligations to repurchase or settle the options in cash.

• 31 以股份為基礎的支付(續) 本集團並無以現金購回或結算購股權的法定或 推定義務。
• (a) Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
• (a) 尚未行使的購股權數目及相關加權平均 行使價的變動如下:

		2020	2020	2019	2019
			Weighted		Weighted
			average		average
		Number	price in RMB	Number	price in RMB
			人民幣加權		人民幣加權
		數目	平均價	數目	平均價
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Outstanding at 1 January	於1月1日尚未行使	88,766,046	2.88	139,552,055	2.40
Exercised during the year	年內已行使	(6,048,862)	0.27	(19,912,394)	0.34
Forfeited and expired during the year 年內已沒收及屆滿		(6,228,830)	2.05	(30,873,615)	2.39
Outstanding at 31 December	於12月31日尚未行使	76,488,354	1.92	88,766,046	2.88
Vested at 31 December	於12月31日已歸屬	42,969,050	2.37	61,647,343	0.68

31 SHARE-BASED PAYMENTS (Cont'd)

(b) Movements in the number of RSUs during the years ended 31 December 2019 and 2020 are as follows:

31 以股份為基礎的支付(續)

⁽b) 截至2019年及2020年12月31日止年度的 受限制股份單位數目的變動如下:

		Number of RSUs 受限制股份 單位數目
Outstanding balance as at 1 January 2019	於2019年1月1日的未行使結餘	9,975,562
Granted	已授出	26,415,400
Vested	已歸屬	(5,690,858)
Forfeited	已沒收	(5,072,380)
Outstanding balance as at 31 December 2019	於2019年12月31日的未行使結餘	25,627,724
Granted	已授出	19,468,260
Vested	已歸屬	(13,740,584)
Forfeited	已沒收	(17,355,400)
Outstanding balance as at 31 December 2020	於2020年12月31日的未行使結餘	14,000,000

The fair value of each RSUs at the grant dates were determined by reference to the market price of the ordinary shares of the Company.

於授出日期各受限制股份單位的公允價 值乃經參考本公司普通股的市價釐定。

⁵¹信用卡有限公司 2020 年度報告 291

於12月31日 2020 2019 RMB'000 RMB'000 人民幣千元 人民幣千元 Non-current liabilities: 非流動負債: Bank borrowings (a) – secured 銀行借款(a)-有擔保 34,046 40,251 Other borrowings (b) – secured and unsecured 其他借款(b)-有擔保及無擔保 25,000 115,000 Less: current portion of non-current liabilities 減:一年內到期的非流動負債 (31,563) (6,205) 27,483 149,046 Included in current liabilities: 計入流動負債: Current portion of non-current liabilities 一年內到期的非流動負債 31,563 6,205 Bank borrowings (a) – secured 銀行借款(a)-有擔保 90,000 – Other borrowings (b) – secured and unsecured 其他借款(b)-有擔保及無擔保 50,000 13,616 171,563 19,821 Total bank and other borrowings 銀行及其他借款總額 199,046 168,867 Borrowing by repayment schedule: 按還款計劃劃分的借款: Within 1 year 一年內 171,563 19,821 1 year to 2 years 一年至二年 6,942 121,563 2 years to 5 years 二年至五年 20,541 22,056

5 years to 8 years 五年至八年 – 5,427

32 BANK AND OTHER BORROWINGS 32 銀行及其他借款

As at 31 December

199,046 168,867

292 51 CREDIT CARD INC. 2020 Annual Report

32 BANK AND OTHER BORROWINGS (Cont'd)

(a) In August 2017, the Group borrowed a loan of RMB53,000,000 from Bank of Hangzhou. The loan bears interest at an annual rate of 115% of the five-year loan benchmark rate of the People's Bank of China. The loan is repayable in eight years from the borrowing date and is guaranteed by Sun Haitao, the director of the Company, and secured by a pledge of the building held by Enniu Network. As at 31 December 2020, the amount of approximately RMB6,563,000 will be repaid within one year and was classified as current liabilities. The amount of approximately RMB27,484,000 will be repaid beyond one year and was classified as non-current liabilities.

In March 2020, the Group borrowed a loan of RMB90,000,000 from Bank of Wenzhou. The loan is repayable in one year and is secured by a pledge of the building of Enniu Network with the fixed interest rate of 6.75% per annum.

(b) In May 2017, Enniu Network, together with Shenzhen Tiantu Xingneng Investments (Limited Partnership) ("Tiantu Xingneng") and China Merchants Securities Asset Management Co., Ltd. ("CMS AM"), established a limited partnership, Hangzhou Shangniu Investment Management Partnership (Limited Partnership) ("Hangzhou Shangniu"). In November and December 2017, Enniu Network entered into agreements with Tiantu Xingneng and CMS AM, respectively that Enniu Network would repay the partnership funds contributed by Tiantu Xingneng and CMS AM in four years with fixed interest rates of 8% and 8.035% per annum, respectively.

32 銀行及其他借款(續)

(a) 於2017年8月,本集團向杭州銀行借貸人 民幣53,000,000元。貸款利息按中國人民 銀行五年期貸款基準利率的115%的年利 率計算。該貸款須於借款日期起八年內 償還,由本公司董事孫海濤擔保及由恩 牛網絡持有的樓宇抵押作擔保。於2020 年12月31日,約人民幣6,563,000元將於一 年內償還並獲分類為流動負債。約人民 幣27,484,000元將於一年以上償還並獲分 類為非流動負債。

於2020年3月,本 集 團 從 溫 州 銀 行 借 貸 人民幣90,000,000元。貸款須於一年內償 還,並以恩牛網絡的樓宇抵押作擔保,固 定利率為每年6.75%。

(b) 於2017年5月,恩牛網絡連同深圳天圖興 能投資企業(有限合夥)(「天圖興能」)及 招 商 證 券 資 產 管 理 有 限 公 司(「招 商 資 管」)設立了一個合夥企業,杭州商牛投 資 管 理 合 夥 企 業(有 限 合 夥)(「杭 州 商 牛」)。於2017年11月及12月,恩牛網絡分 別與天圖興能及招商資管訂立協議,據 此,恩牛網絡將分別按固定年利率8%及 8.035%於四年內償還天圖興能及招商資 管出資的合夥基金。

32 BANK AND OTHER BORROWINGS (Cont'd)

(b) (Cont'd)

The partnership funds of RMB25,000,000 and RMB90,000,000 contributed by Tiantu Xingneng and CMS AM respectively recorded as borrowing by the Group at 31 December 2019. The partnership funds were secured by a pledge of the ordinary shares of Kaizhuo Technology held by the Group. In March 2020, Enniu Network repaid the remaining partnership fund of RMB90,000,000 to CMS AM. The partnership funds of RMB25,000,000 contributed by Tiantu Xingneng is due on 23 November 2021 and thus was classified as current liabilities as at 31 December 2020.

In May 2020, the Group borrowed RMB50,000,000 with fixed rate of 8.035% per annum from Shenzhen Tiantu Xingfu Equity Investments Management Co., Ltd. The loan is repayable in one year and is guaranteed by Sun Haitao, the director of the Company.

The borrowing amount of approximately RMB13,616,000 as at 31 December 2019 was the financial liability component bifurcated from the convertible bond issued by China Netcom. As at 31 December 2020, all outstanding convertible bond was converted to the ordinary shares of China Netcom.

32 銀行及其他借款(續)

(b) (續) 於2019年12月31日,天圖興能及招商資 管分別出資的合夥基金人民幣25,000,000 元及人民幣90,000,000元被本集團視為借 款。該合夥基金由本集團所持開桌科技 的普通股抵押作擔保。於2020年3月,恩 牛網絡向招商資管償還餘下合夥基金人 民幣90,000,000元。天圖興能出資的合夥 基金人民幣25,000,000元於2021年11月23 日到期,故於2020年12月31日獲分類為流 動負債。

於 2020 年 5 月,本 集 團 從 深 圳 天 圖 興 福股權投資管理有限公司借款人民幣 50,000,000元,固定利率為每年8.035%。貸 款須於一年內償還,並由本公司董事孫 海濤擔保。

於 2019 年 1 2 月 3 1 日,借 款 款 項 約 人 民 幣 13,616,000元為自中彩網通發行的可換股債券 中分離出來的金融負債部分。於2020年12月31 日,全部尚未轉換可換股債券已獲轉換為中彩 網通的普通股。

33 TRADE AND OTHER PAYABLES

33 貿易及其他應付款項

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Payables for equity investments (a)	股權投資應付款項(a)	214,825	214,825
Payroll and welfare payable	應付工資及福利	23,815	49,699
Payable to settlement banks	應付收單銀行款	21,582	24,920
Trade payables (b)	貿易應付款項(b)	8,149	27,468
Other tax payable	其他應付稅項	7,375	11,457
Online promotion marketing expenses payable	網絡推廣營銷應付款項	2,471	19,909
Deposit payables (c)	應付按金(c)	2,387	3,287
Payable on behalf of credit card users	代表信用卡用戶應付款項	959	3,539
Payable to related parties (Note 35(e))	應付關聯方款項(附註35(e))	218	1,513
Others	其他	34,557	47,415
		316,338	404,032

(a) Payables for equity investments primarily represent the cash consideration due to the counterparties of equity transactions in connection with the acquisition of Kaizhuo Technology.

(a) 股權投資應付款項主要指就收購開桌科 技應付股權交易對手方的現金對價。

33 TRADE AND OTHER PAYABLES (Cont'd)

(b) Trade payables represent payables of fund transfer charges and collection service charges.

The aging analysis of trade payables based on invoice date is as below:

33 貿易及其他應付款項(續)

(b) 貿易應付款項指資金轉賬費用及回收服 務收費的應付款項。

基於發票日期的貿易應付款項賬齡分析 載列如下:

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Within 30 days	30天內	3,519	13,304
30 to 90 days	30天至90天	1,847	11,266
90 to 180 days	90天至180天	2,041	2,323
180 to 360 days	180天至360天	742	575
		8,149	27,468

• (c) Deposit payables primarily represent credit facilitation deposit received from other lending platforms when the Group introduced investors to other lending platforms.
• (c) 應付按金主要指當本集團向其他借貸平 台引介投資者時,向其他借貸平台收取 的信貸撮合按金。

34 按公允價值計入損益的金融負債

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Financial liabilities at FVPL	按公允價值計入損益的金融負債
– Redeemable equity instrument (a)	-可贖回權益工具(a)	40,000	–
– Unissued shares (b)	-未發行股份(b)	7,370	24,370
		47,370	24,370

34 FINANCIAL LIABILITIES AT FVPL

34 FINANCIAL LIABILITIES AT FVPL (Cont'd)

• (a) In the first half of 2020, Shenzhen Xiaolanben entered into an investment agreement with Shenzhen Tiantu Xingshen Tianshi Venture Investment Partnership (Limited Partnership) and the other three third-party investors, the Group assessed and accounted for the capital contribution as an equity instrument contains an obligation to repurchase given the agreement terms of redemption and liquidation preference. The capital contribution was recognized as financial liabilities at fair value through profit or loss when received. In June 2020, Shenzhen Xiaolanben received the fund contribution aggregate amounted to RMB40,000,000 from the investors.
• (b) In December 2017, the Group acquired 100% shares of Kaizhuo Technology from independent third parties for cash consideration and issuance of certain shares of the Company. As at 31 December 2020, the issuance of shares had not been completed.

34 按公允價值計入損益的金融負債(續)

• (a) 於2020年上半年,深圳小藍本與深圳天 圖興深天使創業投資合夥企業(有限合 夥)及其他第三方投資者訂立投資協議, 鑑於協議贖回條款及優先清算權,本集 團評估並將有關注資作為包含購回責 任的權益工具入賬。注資於收取時確認 為按公允價值計入損益的金融負債。於 2020年6月,深圳小藍本收取投資者注資 合共人民幣40,000,000元。
• (b) 於2017年12月,本集團以現金代價及發行 若干本公司股份向獨立第三方收購開桌 科技的100%股份。於2020年12月31日,股 份發行尚未完成。

35 RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operation decisions. Parties are also considered to be related if they are subject to common control. Members of key management and their close family members of the Group are also considered as related parties.

As at 31 December 2020, relationship and details of transactions between the Group and other related parties are disclosed below:

35 關聯方交易

倘一方有能力直接或間接控制另一方或對另一 方的財務及經營決策行使重大影響力,均被視 為關聯方。倘彼等受共同控制,亦被視為關聯 方。本集團主要管理層成員及彼等近親亦被視 作關聯方。

於2020年12月31日,本集團與其他關聯方的關 係及交易詳情披露如下:

Name of the major related parties	Relationship with the Group
主要關聯方名稱/姓名	與本集團的關係
Sun Haitao(i)	Chief Executive Officer, Director of the Company
孫海濤(i)	本公司行政總裁、董事
Zhao Ke	Director of the Company
趙軻	本公司董事
Zou Yunli	Director of the Company
鄒雲麗	本公司董事
Wong Ti	Director of the Company
汪棣	本公司董事
Ye Xiang	Director of the Company
葉翔	本公司董事
Xu Xuchu	Director of the Company
徐旭初	本公司董事

35 RELATED PARTY TRANSACTIONS (Cont'd)

35 關聯方交易(續)

Name of the major related parties	Relationship with the Group
主要關聯方名稱/姓名	與本集團的關係
Yang Yuzhi(ii)	Director of the Company
楊宇智(ii)	本公司董事
Yang Dong(iii)	Director of the Company
楊東(iii)	本公司董事
Zhu Jianfei	Key management personnel of the entity
朱劍飛	實體之主要管理人員
Zhang Xi	Key management personnel of the entity
章曦	實體之主要管理人員
Wang Yongjun	Key management personnel of the entity
汪擁軍	實體之主要管理人員
Yang Jun(iii)	Key management personnel of the entity
楊軍(iii)	實體之主要管理人員
Zhejiang Anniu Technology Co., Ltd.	Investee over which the Group has significant influence
浙江安牛科技有限公司	受本集團重大影響的被投資公司
Beijing Juece Xincheng Technology Co., Ltd.	Investee over which the Group has significant influence
北京決策信誠科技有限公司	受本集團重大影響的被投資公司
Hangzhou Shanniu Restaurant Management Co., Ltd.	Investee over which the Group has significant influence
杭州膳牛餐飲管理有限公司	受本集團重大影響的被投資公司
Shanghai Pengshu Information Technology Co., Ltd.	Investee over which the Group has significant influence
上海朋數信息科技有限公司	受本集團重大影響的被投資公司
Hangzhou Sunyard Fantai Technology Co., Ltd.	Investee over which the Group has significant influence

杭州信雅達泛泰科技有限公司 受本集團重大影響的被投資公司

35 RELATED PARTY TRANSACTIONS (Cont'd)

Name of the major related parties Relationship with the Group 主要關聯方名稱/姓名 與本集團的關係

北京財智雲投資管理有限公司(iv) 受本集團重大影響的被投資公司

珠海雲遊道科技有限責任公司 受本集團重大影響的被投資公司

浙江眾馬科技有限公司 受本集團重大影響的被投資公司

鯊魚快遊網絡技術(北京)有限公司 受本集團重大影響的被投資公司

杭州拼便宜網絡科技有限公司(v) 受本集團重大影響的被投資公司

杭州早稻科技有限公司 受本集團重大影響的被投資公司

杭州任君行科技有限公司 受本集團重大影響的被投資公司

杭州芸品綠信息科技有限公司 受本集團重大影響的被投資公司

北京小誠互娛文化科技有限公司 受本集團重大影響的被投資公司

35 關聯方交易(續)

Beijing Caizhiyun Investment Management Co., Ltd.(iv) Investee over which the Group has significant influence

Zhuhai Yunyoudao Technology Co., Ltd. Investee over which the Group has significant influence

Zhejiang Zhongma Technology Co., Ltd. Investee over which the Group has significant influence

Shark Kuaiyou Network Technology (Beijing) Co., Ltd. Investee over which the Group has significant influence

Hangzhou Pinpianyi Network Technology Co., Ltd.(v) Investee over which the Group has significant influence

Hangzhou Zaodao Technology Co., Ltd. Investee over which the Group has significant influence

Hangzhou Renjunxing Technology Co., Ltd. Investee over which the Group has significant influence

Hangzhou Yunpinlv Information Technology Co., Ltd. Investee over which the Group has significant influence

Beijing Xiaochenghuyu Culture Technology Co., Ltd. Investee over which the Group has significant influence

TOWERING GROUP INC. Investee over which the Group has significant influence 受本集團重大影響的被投資公司

35 RELATED PARTY TRANSACTIONS (Cont'd)

35 關聯方交易(續)

Name of the major related parties 主要關聯方名稱/姓名	Relationship with the Group 與本集團的關係
Hangzhou Yingniu Investment Partnership (Limited Partnership)	Investee of which the Group has joint control
杭州盈牛投資合夥企業(有限合夥)	受本集團共同控制的被投資公司
Hangzhou Yiqilaidian Investment Partnership (Limited Partnership) Investee of which the Group has joint control
杭州一起來電投資合夥企業(有限合夥)	受本集團共同控制的被投資公司
Hangzhou Fanniu Investment Management Partnership (Limited Partnership)	Investee of which the Group has joint control
杭州泛牛投資管理合夥企業(有限合夥)	受本集團共同控制的被投資公司
Suzhou Jiamu Wuyao Venture Capital Investment Partnership (Limited Partnership)	Investee of which the Group has joint control
蘇州嘉沐吾幺創業投資合夥企業(有限合夥)	受本集團共同控制的被投資公司
Hangzhou Lvji Network Technology Co., Ltd.	Controlled by key management
杭州旅記網絡技術有限公司	受主要管理人員控制
Henan Amumu Network Technology Co., Ltd.	Controlled by key management
河南阿木木網絡科技有限公司	受主要管理人員控制
Pingxiang Chuangniu Asset Management Co., Ltd.	Controlled by key management
萍鄉創牛資產管理有限公司	受主要管理人員控制
Pingxiang Shiniu Asset Management Partnership (Limited Partnership)	Controlled by key management
萍鄉世牛資產管理合夥企業(有限合夥)	受主要管理人員控制
Pingxiang Jiniu Asset Management Partnership (Limited Partnership)	Controlled by key management
萍鄉紀牛資產管理合夥企業(有限合夥)	受主要管理人員控制
Shanghai Haobin Financial Information Services Co., Ltd.(ii)	Controlled by key management
上海好斌金融信息服務有限公司(ii)	受主要管理人員控制
51 Xinhu L.P.	Controlled by key management
	受主要管理人員控制
Rising Sun Limited	Controlled by key management 受主要管理人員控制

35 RELATED PARTY TRANSACTIONS (Cont'd)

• (i) On 19 February 2021, the Board announced that Zheng Haiguo has been appointed as the Chief Executive Officer and an executive director of the Company. Since then, Sun Haitao has ceased to be the Chief Executive Officer of the Company, but he remains as the chairman of the Board and an executive director of the Company.
• (ii) Yang Yuzhi resigned as an executive director of the Company on 31 July 2020. Since then, Shanghai Haobin Financial Information Services Co., Ltd. was no longer considered as the Group's related party.
• (iii) During the year ended 31 December 2020, Yang Dong resigned as the director of the Company, and Yang Jun had resigned as the key management personnel of the entity.
• (iv) Beijing Caizhiyun Investment Management Co., Ltd. was deregistered in May 2020.
• (v) Hangzhou Pinpianyi Network Technology Co., Ltd. was no longer the Group's related party after Zhao Ke resigned as director of this company in May 2020.

Save as disclosed in elsewhere of these financial statements, the Group entered into the following related party transactions during the year ended 31 December 2020. In the opinion of the Directors, the related party transactions were carried out in the ordinary course of business and at terms negotiated between the Group and the respective related parties.

35 關聯方交易(續)

• (i) 於2021年2月19日,董事會宣佈鄭海國已獲委任 為本公司行政總裁兼執行董事。此後,孫海濤不 再為本公司行政總裁,但仍繼續留任為董事會 主席及本公司執行董事。
• (ii) 楊宇智於2020年7月31日辭任本公司執行董事。 此後,上海好斌金融信息服務有限公司不再被 視作本集團關聯方。
• (iii) 截至2020年12月31日止年度,楊東辭任本公司董 事,而楊軍辭任實體之主要管理人員。
• (iv) 北京財智雲投資管理有限公司於2020年5月註銷 登記。
• (v) 杭州拼便宜網絡科技有限公司在趙軻於2020年5 月辭任該公司董事後不再為本集團關聯方。

除本財務報表其他部分披露者外,本集團於截 至2020年12月31日止年度訂立下列關聯方交 易。根據董事意見,關聯方交易乃於一般業務 過程中按本集團與各關聯方協商的條款進行。

35 關聯方交易(續)

(a)	Loan referral service income, credit card technology service income and other income-recognized in revenue (before net of sales tax and related surcharges)	(a)	於收益確認的信貸介紹服務收入、信用卡 科技服務收入及其他收入(扣除銷售稅項 及相關附加稅前)
			Year ended 31 December
			截至12月31日止年度
			2020	2019
			RMB'000	RMB'000
			人民幣千元	人民幣千元
	Investees over which the Group has	受本集團重大影響的被投資公司
	significant influence		2,421	8,358
(b)	Origination and servicing expenses	(b)	辦理及服務開支
			Year ended 31 December
			截至12月31日止年度
			2020	2019
			RMB'000	RMB'000
			人民幣千元	人民幣千元
	Investees over which the Group has significant influence	受本集團重大影響的被投資公司	–	5,018
(c)	Sales and marketing expenses	(c)	銷售及營銷開支
			Year ended 31 December
			截至12月31日止年度
			2020	2019
			RMB'000	RMB'000

35 RELATED PARTY TRANSACTIONS (Cont'd)

		人民幣千元	人民幣千元
Investees over which the Group has	受本集團重大影響的被投資公司
significant influence		1,909	15,078

⁵¹信用卡有限公司 2020 年度報告 303

35 RELATED PARTY TRANSACTIONS (Cont'd) (d) Borrowings guaranteed by related parties

		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
The chairman of the Board	董事會主席	84,046	130,251
Balances with related parties	(e)	與關聯方的結餘
		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Trade receivables	貿易應收款項
Investees over which the Group has	受本集團重大影響的被投資公司
significant influence		2,612	2,581
Prepayments, deposits and other receivables 預付款項、按金及其他應收款項
Directors of the Company Controlled by key management	本公司董事	1 100	57 300
Investees over which the Group has	受主要管理層控制 受本集團重大影響的被投資公司
significant influence		3,202	6,217
		3,303	6,574
Trade and other payables Investees over which the Group has	貿易及其他應付款項
significant influence	受本集團重大影響的被投資公司	218	1,513
		218	1,513

35 關聯方交易(續)

(d) 關聯方擔保的貸款

As at 31 December

The balances with related parties as at 31 December 2020 are interest-free and have no fixed terms of repayment.

於2020年12月31日,與關聯方的結餘均為 免息,且無固定還款期限。

35 RELATED PARTY TRANSACTIONS (Cont'd)

(f) Key management personnel compensations

35 關聯方交易(續)

(f) 主要管理層人員薪酬

Key management includes executive directors and senior management. The compensations paid or payable to key management for employee services are shown below:

主要管理層包括執行董事及高級管理 層。就其僱員服務已付或應付主要管理 層的薪酬列示如下:

		Year ended 31 December 截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Wages, salaries and bonuses Pension costs-defined contribution plan Other social security costs, housing benefits	工資、薪金及花紅 退休金成本-界定供款計劃 其他社保成本、住房福利及	5,824 64	5,416 223
and other employee benefits	其他僱員福利	443	428
Share-based compensation expenses	以股份為基礎的薪酬開支	66,472	126,061
		72,803	132,128

36 NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Reconciliation from loss before income tax to cash generated from operating activities:

36 綜合現金流量表附註

(a) 將除所得稅前虧損調節為經營活動產生的 現金:

		Year ended 31 December
		截至12月31日止年度
		2020 RMB'000 人民幣千元	2019 RMB'000 人民幣千元
Loss for the year	年內虧損	(1,716,406)	(1,111,043)
Adjustments for:	就以下各項進行調整:
Depreciation and amortization	折舊及攤銷	73,589	94,081
Fair value losses on financial assets at FVPL	按公允價值計入損益金融資產的 公允價值虧損	37,580	46,487
Fair value gain on financial liabilities at FVPL	按公允價值計入損益金融負債的 公允價值收益	(17,000)	(46,160)
Fair value loss on foreign exchange contracts	外匯合約的公允價值虧損	–	2,154
Gain on wealth management products	理財產品收益	(5)	(12,392)
Loss/(gain) on trust	信託虧損╱(收益)	5,126	(333)
Interest expenses charged by trust senior tranche holders	信託優先級持有人收取的利息開支	52	8,946
Share of net losses of associates	使用權益法入賬的聯營公司
accounted for using equity method	應佔虧損淨額	5,751	3,255
Loss on disposal of shares of investees	出售被投資公司股份虧損	–	8,536
Loss on disposal of investments in ordinary	出售具有優先清盤權的普通股的
shares with preferential liquidation rights	投資虧損	–	95,005
Share based compensation expenses	以股份為基礎的薪酬開支	49,039	130,553
Loss on disposal of property and equipment	出售物業及設備虧損	6,220	(944)
Expected credit loss (Note12)	預期信用損失(附註12)	665,465	1,265,465
Impairment loss (Note13(a))	減值虧損(附註13(a))	424,583	184,652
Dividend income from an investee	來自被投資公司的股息收入	–	(16,103)
Proceeds from disposal of a subsidiary	出售一間附屬公司所得款項	(2,141)	–
Conversion of convertible bonds transferred	一間附屬公司可換股債券轉撥至
to shares of a subsidiary	股份	16,935	–
Finance expenses	財務開支	(24,089)	30,084
		1,241,105	1,793,286

36 NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd)

(a) Reconciliation from loss before income tax to cash generated from operating activities: (Cont'd)

(a) 將除所得稅前虧損調節為經營活動產生的 現金:(續)

		Year ended 31 December
		截至12月31日止年度
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Changes in operating assets and liabilities:	經營資產及負債變動:
Increase in restricted cash	受限制現金增加	(1,331,385)	(377,615)
Decrease in contract assets and trade	合約資產及貿易應收款項減少
receivables		512,429	172,876
(Increase)/decrease in loans to customers	客戶貸款(增加)╱減少	(151,497)	78,859
Decrease/(increase) in prepayments and	預付款項及其他應收款項減少╱
other receivables	(增加)	186,627	(70,196)
Decrease in trade and other payables	貿易及其他應付款項減少	(50,327)	(160,208)
(Decrease)/increase in contract liabilities	合約負債(減少)╱增加	(91,036)	60,736
Increase/(decrease) in taxes payables	應付稅項增加╱(減少)	272,024	(186,239)
		(653,165)	(481,787)
Cash (used in)/generated from	經營活動(所用)╱產生的現金
operating activities		(1,128,466)	200,456

(b) Non-cash investing and financing activities

(b) 非現金投資及融資活動

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Payable for acquisition of a subsidiary Acquisition of right-of-use assets	收購一間附屬公司應付款項 收購使用權資產	(214,825) 1,890	(214,825) 5,240

³⁶ 綜合現金流量表附註(續)

36 NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS (Cont'd)

(c) Net Debt Reconciliation

An analysis of net debt and the movements in net debt for the years ended 31 December 2020 and 2019 are presented as follows:

Net Debt

36 綜合現金流量表附註(續)

(c) 淨債務對賬

淨債務

截至2020年及2019年12月31日止年度淨 債務及淨債務變動的分析呈報如下:

		As at 31 December 於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Cash and cash equivalents	現金及現金等價物	412,684	1,283,144
Borrowings – repayable within one year	借款-須於一年內償還	(171,563)	(19,821)
Borrowings – repayable after one year	借款-須於一年後償還	(27,483)	(149,046)
Payable to trust senior tranche holders within	須於一年內應付信託優先級持有人
one year	款項	–	(20,100)
Lease liabilities	租賃負債	(4,816)	(47,447)
Net debt	淨債務	208,822	1,046,730
Cash and liquid investments	現金及短期投資	412,684	1,283,144
Gross debt – fixed interest rates	總債務-固定利率	(199,046)	(188,967)
Gross debt – variable interest rates	總債務-浮動利率	(4,816)	(47,447)
Net debt	淨債務	208,822	1,046,730

36 NOTE TO CONSOLIDATED STATEMENT OF CASH FLOWS

36 綜合現金流量表附註(續)

(Cont'd)

(c) Net Debt Reconciliation (Cont'd)

(c) 淨債務對賬(續)

Other non-cash movements As at 31 December 2020	其他非現金變動 於2020年12月31日	– 412,684	– –	31,563 (27,483)	(31,563) (171,563)	– –	– –	50,744 (4,816)	50,744 208,822
Cash flows	現金流量	(870,587)	–	90,000	(120,179)	20,100	–	(10,003)	(890,669)
Acquisition-leases	收購-租賃	–	–	–	–	–	–	1,890	1,890
Foreign exchange adjustments	外匯調整	127	–	–	–	–	–	–	127
As at 31 December 2019	於2019年12月31日	1,283,144	–	(149,046)	(19,821)	(20,100)	–	(47,447)	1,046,730
Other non-cash movements	其他非現金變動	–	–	–	–	–	–	54,358	54,358
Cash flows	現金流量	73,007	(568,959)	264,056	170,079	(20,100)	181,500	(25,126)	74,457
Acquisition-leases	收購-租賃	–	–	–	–	–	–	5,240	5,240
Foreign exchange adjustments	外匯調整	3,965	–	–	–	–	–	–	3,965
As at 1 January 2019	於2019年1月1日	1,206,172	568,959	(413,102)	(189,900)	–	(181,500)	(81,919)	908,710
Recognized on adoption of IFRS 16	確認採納國際財務報告準則 第16號	–	–	–	–	–	–	(81,919)	(81,919)
As at 31 December 2018	於2018年12月31日	1,206,172	568,959	(413,102)	(189,900)	–	(181,500)	–	990,629
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		現金等價物	短期投資	(非即期)	借款(即期)	持有人款項	持有人款項	租賃	總計
		現金及		借款		應付信託 優先級	一年後應付 信託優先級
						須於一年內	須於
		equivalents	investments	(non-current)	(current)	one year	one year	Leases	Total
		cash	Liquid	Borrowings	Borrowings	holders within	holders after
		Cash and				tranche	tranche
						trust senior	trust senior
						Payable to	Payable to

37 DIVIDENDS

No dividend has been paid or declared by the Company for the year ended 31 December 2020 (2019: nil).

37 股息

截至2020年12月31日止年度,本公司並未派付 或宣派任何股息(2019年:無)。

38 FINANCIAL POSITION AND RESERVE MOVEMENT OF THE

38 本公司財務狀況及儲備變動

COMPANY

(a) Financial position of the Company

(a) 本公司財務狀況

		As at 31 December
		於12月31日
		2020	2019
		RMB'000	RMB'000
		人民幣千元	人民幣千元
ASSETS	資產
Non-current assets	非流動資產
Investments in subsidiaries	於附屬公司的投資	920,957	1,002,348
Receivables from subsidiaries	應收附屬公司款項	5,225,033	5,034,809
Total non-current assets	非流動資產總值	6,145,990	6,037,157
Current assets	流動資產
Cash and cash equivalents	現金及現金等價物	85,318	63,848
Total current assets	流動資產總值	85,318	63,848
Total assets	資產總值	6,231,308	6,101,005
EQUITY AND LIABILITIES	權益及負債
Equity	權益
Share capital	股本	90	79
Share premium	股份溢價	6,136,837	5,960,095
Share held for employee incentive schemes	持作僱員獎勵計劃的股份	(11)	(12)
Reserves (Note 38 (b))	儲備(附註38(b))	147,859	189,843
Accumulated loss (Note 38 (b))	累計虧損(附註38(b))	(53,467)	(49,000)
Total equity	總權益	6,231,308	6,101,005
Total liabilities	負債總額	–	–
Total equity and liabilities	權益及負債總額	6,231,308	6,101,005

The statement of financial position of the Company was approved by the Board of Directors on 30 March 2021 and was signed on its behalf.

本公司的財務狀況表於2021年3月30日獲 董事會批准,並由下列代表簽署。

Sun Haitao	Zhao Ke
孫海濤	趙軻
Director	Director
董事	董事

38 FINANCIAL POSITION AND RESERVE MOVEMENT OF THE COMPANY (Cont'd)

38 本公司財務狀況及儲備變動(續)

(b) Reserve movement of the Company

(b) 本公司儲備變動

		Reserves 儲備 RMB'000 人民幣千元	Accumulated loss 累計虧損 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
As at 1 January 2020	於2020年1月1日	189,843	(49,000)	140,843
Comprehensive loss Loss for the year Currency translation differences	全面虧損 年度虧損 貨幣換算差額	– (5,500)	(4,467) –	(4,467) (5,500)
Total comprehensive loss	全面虧損總額	(5,500)	(4,467)	(9,967)
Transactions with owners as their capacity as owners Share incentives exercised and vested	與身為擁有人的擁有人之 交易 已行使及歸屬的股份獎勵	(85,523)	–	(85,523)
Share incentives awarded under employee incentive schemes Total transactions with owners as their	僱員激勵計劃項下授出的 股份獎勵 與身為擁有人的擁有人之	49,039	–	49,039
capacity as owners	交易總額	(36,484)	–	(36,484)
As at 31 December 2020	於2020年12月31日	147,859	(53,467)	94,392
		Reserves 儲備 RMB'000 人民幣千元	Accumulated loss 累計虧損 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
As at 1 January 2019	於2019年1月1日	146,231	(38,872)	107,359
Comprehensive loss Loss for the year Currency translation differences	全面虧損 年度虧損 貨幣換算差額	– (4,143)	(10,128) –	(10,128) (4,143)
Total comprehensive loss	全面虧損總額	(4,143)	(10,128)	(14,271)
Transactions with owners as their capacity as owners	與身為擁有人的擁有人之 交易
Share incentives exercised and vested Share incentives awarded under employee	已行使及歸屬的股份獎勵 僱員激勵計劃項下授出的	(82,798)	–	(82,798)
incentive schemes Total transactions with owners as their capacity as owners	股份獎勵 與身為擁有人的擁有人之 交易總額	130,553 47,755	– –	130,553 47,755
As at 31 December 2019	於2019年12月31日	189,843	(49,000)	140,843

Five-Year Financial Summary 五年財務資料概要

For the year ended 31 December 截 至12月31日止年度

		2016	2017	2018	2019	2020
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Results	業績
Revenue	收益	571,046	2,268,580	2,811,994	2,045,393	274,309
(Loss)/Profit for the year	年内(虧損)╱
	溢利	(2,231,442)	(1,378,471)	2,168,767	(1,111,043)	(1,716,406)
(Loss)/Profit attributable to:	下列人士應佔
	(虧損)╱溢利:
Owners of the Company	本公司所有人	(2,231,442)	(1,371,270)	2,162,084	(1,128,878)	(1,699,071)
Non-controlling interests	非控股權益	–	(7,201)	6,683	17,835	(17,335)
		(2,231,442)	(1,378,471)	2,168,767	(1,111,043)	(1,716,406)
		2016	2017	2018	2019	2020
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
ASSETS AND LIABILITIES	資產及負債
Total assets	總資產	4,085,519	7,725,042	7,532,198	5,740,426	1,871,738
Total liabilities	總負債	(7,179,253)	(12,306,598)	(3,985,942)	(3,186,068)	(890,152)
		(3,093,734)	(4,581,556)	3,546,256	2,554,358	981,586
Equity attributable to owners	本公司擁有人
of the Company	應佔權益	(3,093,734)	(4,584,512)	3,529,315	2,522,174	969,613
Non-controlling interests	非控股權益	–	2,956	16,941	32,184	11,973
		(3,093,734)	(4,581,556)	3,546,256	2,554,358	981,586