Wanka Online Inc. — Annual Report 2021

Apr 25, 2022

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(Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的股份有限公司) Stock Code 股份代號 :1762

For identification purposes only 僅供識別

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Contents
目錄
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	Corporate Information
	公司資料	2
	Annual Memorabilia 2021
	二零二一年年度大事記	5
	Chairman’s Statement
	主席報告書	8
	Financial Highlights
	財務摘要	12
	Management Discussion and Analysis
	管理層討論及分析	14
	Directors and Senior Management
	董事及高級管理層	26
	Report of the Directors
	董事會報告	32
	Corporate Governance Report
	企業管治報告	71
	Independent Auditor’s Report
	獨立核數師報告	88
	Consolidated Statement of Profit or Loss 綜合損益表 Consolidated Statement of Comprehensive Income 綜合全面收益表 Consolidated Statement of Financial Position 綜合財務狀況表 Consolidated Statement of Changes in Equity 綜合權益變動表 Consolidated Statement of Cash Flows 綜合現金流量表 Notes to the Financial Statements 財務報表附註	95 96 97 99 101 103
	Definitions
	釋義	227

Corporate Information 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. GAO Dinan (Chairman and Chief Executive Officer) Ms. ZHOU Yan Mr. NIE Xin

Non-executive Directors

Mr. ZHENG Wei Mr. SONG Chunyu

Independent non-executive Directors

Mr. CHEN Baoguo Mr. LIANG Zhanping (resigned on 16 September 2021) Mr. JIN Yongsheng (appointed on 16 September 2021) Ms. ZHAO Xuemei

AUDIT COMMITTEE

Mr. CHEN Baoguo (Chairman) Ms. ZHAO Xuemei Mr. LIANG Zhanping (resigned on 16 September 2021) Mr. JIN Yongsheng (appointed on 16 September 2021)

REMUNERATION COMMITTEE

Mr. JIN Yongsheng (Chairman) (appointed on 16 September 2021) Mr. LIANG Zhanping (resigned on 16 September 2021) Mr. CHEN Baoguo Mr. NIE Xin

NOMINATION COMMITTEE

Mr. GAO Dinan (Chairman) Mr. LIANG Zhanping (resigned on 16 September 2021) Ms. ZHAO Xuemei Mr. JIN Yongsheng (appointed on 16 September 2021)

COMPANY SECRETARY

Mr. CHAN Chi Keung

AUTHORISED REPRESENTATIVES

Mr. GAO Dinan Mr. CHAN Chi Keung

董事會

執行董事

高弟男先生（主席兼首席執行官） 周豔女士 聶鑫先生

非執行董事

鄭煒先生 宋春雨先生

獨立非執行董事

陳寶國先生 梁戰平先生（於二零二一年九月十六日辭任） 金永生先生 （於二零二一年九月十六日獲委任） 趙學梅女士

審核委員會

陳寶國先生（主席） 趙學梅女士 梁戰平先生（於二零二一年九月十六日辭任） 金永生先生 （於二零二一年九月十六日獲委任）

薪酬委員會

金永生先生（主席） （於二零二一年九月十六日獲委任） 梁戰平先生（於二零二一年九月十六日辭任） 陳寶國先生 聶鑫先生

提名委員會

高弟男先生（主席） 梁戰平先生（於二零二一年九月十六日辭任） 趙學梅女士 金永生先生 （於二零二一年九月十六日獲委任）

公司秘書

陳志強先生

授權代表

高弟男先生 陳志強先生

2 Wanka Online Inc. Annual Report 2021

Corporate Information 公司資料

AUDITOR

BDO Limited Certified Public Accountants 25th Floor, Wing On Centre 111 Connaught Road Central Hong Kong

LEGAL ADVISERS

As to Hong Kong law: Wilson Sonsini Goodrich & Rosati Suite 1509, 15F, Jardine House 1 Connaught Place Central Hong Kong

REGISTERED OFFICE

Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

1001 Admiralty Centre Tower 1 18 Harcourt Road Hong Kong

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN CHINA

4/F, Building No. B22 Universal Business Park No.10 Jiuxianqiao Road Chaoyang, Beijing PRC

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands

核數師

香港立信德豪會計師事務所有限公司 執業會計師 香港 干諾道中111號 永安中心25樓

法律顧問

有關香港法律： 威爾遜 • 桑西尼 • 古奇 • 羅沙迪律師事務所 香港中環 康樂廣場1號 怡和大廈15樓1509室

註冊辦事處

Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands

香港主要營業地點

香港 夏愨道18號 海富中心1座1001室

總部及中國主要營業地點

中國 北京朝陽 酒仙橋路10號 恒通商務園 B22座4層

開曼群島主要股份過戶登記處

Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands

二零二一年報 萬咖壹聯有限公司 3

Corporate Information 公司資料

HONG KONG SHARE REGISTRAR

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

PRINCIPAL BANKS

East West Bank (China) Limited 33/F, Jin Mao Tower 88 Century Boulevard Pudong New District Shanghai, PRC

HSBC Bank (China) Company Limited Beijing Branch 1/F, Fortune Financial Center No. 5 Dongsanhuan Zhong Road Chaoyang District Beijing, PRC

China Merchants Bank, Huizhong Beili Branch 1/F, Building 305 Chaoyang District Beijing, PRC

COMPANY WEBSITE

www.wankaonline.com

STOCK CODE

1762

香港股份過戶登記處

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

主要往來銀行

華美銀行（中國）有限公司 中國上海市 浦東新區 世紀大道88號 金茂大廈33樓

滙豐銀行（中國）有限公司北京分行 中國北京市 朝陽區 東三環中路5號 財富金融中心1層

招商銀行慧忠北里支行 中國北京市 朝陽區 305號樓1層

公司網站

www.wankaonline.com

股份代號

1762

4 Wanka Online Inc. Annual Report 2021

Annual Memorabilia 2021 二零二一年年度大事記

MAJOR EVENTS 主要活動

March 2021 二零二一年三月

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The Group raised net proceeds of approximately HK$189 million by completing an additional issuance of 135 million new Shares to promote the Group’s business development.

本集團完成增發1.35億股新股，募資淨額約1.89億 港幣，以促進集團業務發展。

March 2021 二零二一年三月

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The Group hosted the 6th Blackstone Awarding Ceremony.

本集團承辦第六屆黑石獎頒獎典禮。

March 2021 二零二一年三月

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The Group and Xiaomi Inc. jointly held the 2021 Xiaomi Marketing Game Industry Salon named “MIMO OPENDAY” to explore new paths for industry marketing growth in the digital age.

本集團與小米公司共同舉辦2021年小米營銷遊戲 行業沙龍「MIMO OPENDAY」，探索數字化時代下 的行業營銷增長新路徑。

二零二一年報 萬咖壹聯有限公司 5

Annual Memorabilia 2021 二零二一年年度大事記

April 2021 二零二一年四月

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The Group hosted the 2021 Quick App Alliance Developers Conference and held the inauguration ceremony of a car-terminal working group under the Quick App Alliance to broaden the ecosystematic layout and development model of the industry.

本集團承辦2021年快應用聯盟開發者大會，並舉 行快應用車機小組成立儀式，以拓寬行業生態佈局 和發展模式。

August 2021 二零二一年八月

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The Group entered into a strategic cooperation with East West Bank on promoting the in-depth cooperation on development between the two parties.

本集團與華美銀行達成戰略合作，推動雙方深度合 作發展。

October 2021 二零二一年十月

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The Group won the “Quality Partner Award” at the 2021 OPPO Developers Conference.

本集團榮獲2021年OPPO 開發者大會「優質合作夥 伴獎」。

6 Wanka Online Inc. Annual Report 2021

Annual Memorabilia 2021 二零二一年年度大事記

October 2021 二零二一年十月

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The Group won the “2021 Technology Innovation Intelligent Service Award” by the Internet Weekly of the China Academy of Social Sciences in 2021, and was selected into the list of “2021 China Top 100 New Technologies”.

本集團榮獲 2021 年中國社科院《互聯網周刊》 「2021年度技術創新智能服務獎」，並入選「2021 中國新科技100強」榜單。

November 2021 二零二一年十一月

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The Group was awarded the “2021 Technology Marketing Company” by the 13th Golden Network Award of Internet Society of China, and Mr. GAO Dinan, the Chairman and Chief Executive Officer of the Company, received the “2021 Digital Marketing Leader”.

本集團榮獲中國互聯網協會第十三屆金網獎「2021 年度技術營銷公司」，本公司董事會主席兼首席執 行官高弟男先生榮獲「2021 年度數字營銷領航人 物」。

二零二一年報 萬咖壹聯有限公司 7

Chairman’s Statement 主席報告書

Dear Shareholders,

In 2021, despite the prevalence of the COVID-19 pandemic affecting the world, the Chinese economy began to recover and maintain growth, while the public gradually returned to their normal living. During the pandemic, in the midst of further deepening its digital development, the government started to pay more attention to the formalization and standardization of the internet industry. In this context, we continue to expand our business channels, deepen our business ecosystem to better serve Android ecosystem participants and smart IoT participants, and actively promote Android ecosystem industry standards and industry norms to facilitate ecological sustainability. I am pleased to present to the Shareholders our annual report for 2021.

FINANCIAL PERFORMANCE

By adjusting our business plans in a timely manner during the pandemic, we formulated and maintained a strict management model, accumulated high-quality customers, and continuously strengthened delivery efficiency, which ensured the stability and development of our main business and revenue in 2021. Total revenue for the full year of 2021 was RMB2,098.2 million, representing an increase of 21.5% compared to RMB1,726.7 million for the same period in 2020. Gross profit increased by 8.5% on a year-on-year basis to RMB263.3 million. Operating profit increased by 0.3% on a year-on-year basis to RMB95.4 million. Profit after tax decreased by 6.8% on a year-on-year basis to RMB62.3 million.

致各位股東：

二零二一年，雖然全球依舊受到新型冠狀病 毒疫情的影響，但我國經濟已開始復甦並 保持增長，人民生活逐漸回歸正軌。疫情期 間，在我國數字化建設進一步深化的同時， 政府愈發關注互聯網行業的正規化和標準 化。在此背景下，我們不斷擴展業務渠道， 持續深耕業務生態以更好的服務於安卓生態 參與者和智能物聯網參與者，並積極推動安 卓生態行業標準和行業規範，以助力生態可 持續性發展，本人欣然向股東提呈我們截至 二零二一年度報告。

財務表現

我們在疫情期間及時調整業務規劃，制定並 一直保持嚴格的管理模式，積累優質客戶， 不斷加強投放效率，保證了我們主營業務和 收益在二零二一年的穩定和發展，我們在二 零二一年全年的總收益為人民幣2,098.2百萬 元，較二零二零年同期的人民幣1,726.7百萬 元增加21.5%。毛利同比增加8.5%至人民幣 263.3百萬元。經營溢利同比增加0.3%至人 民幣95.4百萬元。稅後利潤同比減少6.8%至 人民幣62.3百萬元。

8 Wanka Online Inc. Annual Report 2021

Chairman’s Statement 主席報告書

BUSINESS REVIEW

In 2021, we recorded a strong performance in terms of channel expansion and placement model innovation. During the year, we not only achieved outstanding placement results in our business partnership with the MHA members, but also performed well in the cooperation with short-form video creators, video selfmedia creators, key opinion leaders and key opinion consumers. We continued to promote the development of various industries by exploring and deepening our efforts in various sectors. Our revenues from mobile advertising amounted to RMB2,005.1 million in 2021, representing a year-on-year increase of 20.5%. In 2021, our revenues from online video distribution and game co-publishing amounted to RMB85.1 million and RMB8.0 million, respectively.

Our steady growth was also attributed to our advanced placement technology, and we continued to make investments in the research and development for the purposes of continuous update, to ensure that we can provide accurate distribution services in various industry sectors. In 2021, we optimized and upgraded our mobile application placement for various industries, while providing full support for various placement model innovation. We have enhanced our video business partnerships by targeting the popular short-form video industry. At the same time, we provided our customers with a wide range of convenient services, including investment in creative materials and other comprehensive support to meet the placement requirements of various industries.

業務回顧

二零二一年，我們在渠道拓展和以及投放方 式創新等方面均有不錯的表現。本年度，我 們與硬核聯盟成員的業務合作取得了優異的 投放成績，與短視頻、視頻自媒體、關鍵意 見領袖、關鍵意見消費者等合作亦產生了不 錯的效果，我們持續助力各個行業，在各領 域進行探索與深耕。二零二一年全年我們的 移動廣告業務收益為人民幣2,005.1百萬元， 同比增加20.5%，而我們的網絡視頻分發及 遊戲聯運服務在二零二一年的收益分別為人 民幣85.1百萬元及人民幣8.0百萬元。

我們穩定的發展亦歸因於我們的先進投放技 術，並始終不斷投入研發開支用以迭代更 新，以保證我們可以在各個行業領域提供精 準的分發服務。二零二一年，我們對多個行 業的移動應用程序投放進行優化升級，同時 亦全面支持各種創新型的投放方式。我們透 過以當下流行的短視頻行業為目標的方式增 強我們的視頻業務合作。同時，我們為客戶 提供多方面的便利服務，包括創意素材投入 以及其他綜合性支援，以滿足不同行業的投 放需求。

二零二一年報 萬咖壹聯有限公司 9

Chairman’s Statement 主席報告書

We have made great process in the deployment of the Quick App ecosystem. At present, there are more than 1.2 billion devices equipped with Quick App technology, covering 170 countries and regions around the world, with monthly active devices of over 500 million units. We also vigorously promoted the development of the Internet-of-Vehicles business based on the Quick App, and established a car-terminal working group under the Quick App Alliance (快應用聯盟車機工作小組) in April 2021, which currently comprises 8 car-terminal manufacturers and more than 50 beta developers and has launched 4 vehicle models. Based on the Quick App technology, we have launched a customized smart vehicle product, namely Q-CAR, a cross-OS, cloud lightweight vehicle application development framework. During the year, Leapmotor has entered a technical cooperation with the associate company established by us and Xin Point Holdings Limited, to firstly apply Q-CAR to Leapmotor vehicles by providing technical support and solutions. In the future, Q-CAR will provide comprehensive and customized solutions for more new energy smart vehicles to create a smarter and safer driving experience.

We have always been committed to actively promoting the standardization of the Android-based ecosystem. In order to promote the development of intelligent terminal software industry and improve the quality of mobile application software, the Intelligent Terminal Golden Seal Alliance (the “ITGSA”), which is managed and operated by us, was officially established. The members of the board of the ITGSA include six domestic intelligent terminal manufacturers, being Alibaba Group, Baidu, Tencent, OPPO, Vivo and Xiaomi. Under the guideline of China’s industrial policy, the ITGSA is market-driven, and mainly engaged in providing services for developers, with an aim to build an intelligent terminal software ecosystem platform and technical standards. The ITGSA provides gold standard certification service for high-quality mobile application products, aiming to select industry-leading mobile applications in terms of stability, compatibility, performance, power consumption, security, privacy, etc., to comprehensively improve the service quality standards of the industry and significantly increase the trust and recognition of Android-based ecosystem users.

我們在快應用生態方面佈局取得多項成績。 目前，已有超過 12 億台設備搭載快應用技 術，覆蓋全球170個國家和地區，月活躍設 備數量超過5億台；我們亦大力推動以快應 用技術為基礎的車聯網模式，並於二零二一 年四月成立快應用聯盟車機工作小組，目前 已有8家車機廠商加入，內測開發者超過50 家，上市4款車型。基於快應用技術，我們 已推出智能汽車定制化產品Q-CAR－一套 跨OS、雲端輕量化的車載應用開發框架。 本年度，零跑已與我們和信邦控股有限公司 的聯營公司簽訂技術合作，Q-CAR率先為零 跑汽車提供技術支持及解決方案。在未來， Q-CAR將為更多的新能源智能汽車提供全面 的定制化解決方案，打造更加智能、安全的 駕駛體驗。

我們始終致力於積極推動安卓生態環境的標 準化建設。為推進智能終端軟件產業發展， 提升移動應用軟件品質，由我們負責管理和 運營的移動智能終端生態聯盟（「移動智能終 端生態聯盟」）正式成立。移動智能終端生態 聯盟理事會成員包括阿里巴巴集團、百度、 騰訊、OPPO、Vivo、小米等六家國內智能 終端廠商，移動智能終端生態聯盟以我國產 業政策為導向，以市場為驅動，以服務開發 者企業為主體，搭建智能終端的軟件生態平 台和技術標準。移動智能終端生態聯盟為優 質的移動應用程序產品提供金標認證服務， 旨在甄選出在穩定性、兼容性、性能、功 耗、安全、隱私等方面均達到行業領先水平 的移動應用程序，全面提升行業服務品質標 準，大幅提高安卓生態用戶的信任感與認同 感。

10 Wanka Online Inc. Annual Report 2021

Chairman’s Statement 主席報告書

BUSINESS OUTLOOK

Although the Omicron variant of COVID-19 and the turbulent international situation have brought more challenges to the global economic development, we believe that we can continue to maintain a stable development in the future with valuable experiences we accumulated and learned during the pandemic, coupled with our efforts in channel expansion, content ecosystem development and placement models innovation. In 2022, we will continue to maintain and expand our channels, customer base and markets, improve our own ecosystem from different aspects, and continue to develop our content ecosystem in a longitudinal direction. To this end, we will continue to invest in research and development to maintain our advancement and high adaptability in the industry. As for the Quick App, we will work with members of car-terminal working group to provide more diversified and customized internet services for smart vehicle based on the experience of cooperation in the Internet of Vehicles, so as to lay a solid foundation for the deployment of the Internet-of-Things. As the government attaches more and more importance to the standardization and regularization of the Internet industry, we will promote the standardization of the industry under the help of three alliances while continuing to maintain close contact and communication with the government and relevant regulatory departments to support government decisions.

APPRECIATION

On behalf of the Board, I hereby express my sincere appreciation to the management team and employees of the Group for their outstanding contributions and unremitting commitments. The Board also greatly appreciates partners, Shareholders and stakeholders who place trust in and render support to us as they work side by side with us. We will continue to be committed to providing better and more diversified services to the Android-based ecosystem participants and the smart Internet-of-Things participants to promote the improvement of Android-based ecosystem standards.

Mr. GAO Dinan

Chairman, Executive Director and Chief Executive Officer

Hong Kong 25 March 2022

未來展望

縱使新型冠狀病毒奧密克戎變異株和動蕩的 國際局勢為全球經濟發展帶來更多挑戰， 但我們在疫情期間積累和吸收大量經驗，加 上在渠道擴展、內容生態發展以及投放方式 創新等方面的耕耘，我們相信在未來我們可 以繼續保持穩健的發展。二零二二年，我們 會持續維護並拓展我們的渠道、客戶群和 市場，多維度完善自建生態，並繼續在內容 生態縱向深入發展。為此，我們將持續進行 研發投入，保持在行業的先進性和高適應能 力。在快應用方面，我們將總結車聯網合作 的經驗，並聯合車機小組成員，為智能汽車 提供更多元的定制化解決方案，為物聯網的 佈局打下堅實基礎。在政府愈加重視互聯網 行業標準化和正規化發展的今天，我們將依 託三大聯盟，在推動業標準化的同時，持續 與政府和相關監管部門保持緊密的聯繫與溝 通，支撐政府決策。

致謝

本人僅代表董事會，對本集團的管理團隊和 全體員工的卓越貢獻和不懈努力表示衷心 感謝。董事會亦對與我們攜手共行的合作夥 伴、股東及利益相關者對我們的信賴和支持 深表謝意。我們將繼續致力於為安卓生態參 與者和智能物聯網參與者提供更優質的多元 化服務，推動安卓生態標準更加完善。

高弟男先生

主席、執行董事兼首席執行官

香港 二零二二年三月二十五日

二零二一年報 萬咖壹聯有限公司 11

Financial Highlights 財務摘要

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

綜合損益表

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Year ended 31 December
截至十二月三十一日止年度
2017 2018 2019 2020 2021
二零一七年 二零一八年 二零一九年 二零二零年 二零二一年
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
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Revenue	收益	485,636	1,546,316	2,396,187	1,726,746	2,098,198
Cost of sales	銷售成本	(439,638)	(1,329,190)	(2,057,972)	(1,483,999)	(1,834,882)
Gross profit	毛利	45,998	217,126	338,215	242,747	263,316
Other income and gains	其他收入及收益	961	11,661	24,508	18,123	17,138
Selling and distribution expenses	銷售及分銷開支	(5,712)	(16,729)	(31,636)	(16,477)	(15,001)
Research and development costs	研發成本	(15,866)	(26,344)	(45,419)	(73,543)	(67,036)
Administrative expenses	行政開支	(8,665)	(74,635)	(49,789)	(40,401)	(46,301)
Other expenses and losses	其他開支及虧損	(1,976)	(1,084)	(8,852)	(15,108)	(38,508)
Share-based payment expenses	以股份為基礎的付款開支	(1,866)	(8,119)	(51,251)	(20,244)	(18,160)
Operating profit	經營溢利	12,874	101,876	175,776	95,117	95,448
Finance costs	財務成本	(3,528)	(6,216)	(13,121)	(10,172)	(7,549)
Share of losses in associates	分佔聯營公司虧損	–	–	–	(1,490)	(3,826)
Loss on termination of	終止可換股債券
convertible bonds	的虧損	–	(14,270)	–	–	–
Fair value losses on convertible bonds	可換股債券公平值虧損	–	(3,202)	–	–	–
Fair value losses on preferred shares	優先股的公平值虧損	(134,443)	(217,123)	–	–	–
Fair value losses on warrants	認股權證的公平值虧損	(16,239)	(261,791)	–	–	–
Profit/(loss) before tax	除稅前溢利╱（虧損）	(141,336)	(400,726)	162,655	83,455	84,073
Income tax expenses	所得稅開支	(3,758)	(20,815)	(56,921)	(16,642)	(21,776)
Profit/(loss) for the year	年內溢利╱（虧損）	(145,094)	(421,541)	105,734	66,813	62,297
Non-HKFRS Measures	非香港財務報告準則計量
(unaudited)	（未經審核）
Adjusted EBITDA(1)	經調整EBITDA(1)	17,422	166,625	246,443	128,723	121,390
Adjusted net profit(2)	經調整淨溢利(2)	7,454	126,978	159,698	87,037	80,457

• (1) Adjusted EBITDA eliminates the effect of depreciation, amortisation, finance costs, income tax, share-based payment expenses, listing expenses, loss on termination of convertible bonds, and fair value losses on convertible bonds, preferred shares and warrants.

• (1) 經調整 EBITDA 抵銷折舊、攤銷、財務成 本、所得稅、以股份為基礎的付款開支、上 市開支、終止可換股債券的虧損及可換股 債券、優先股及認股權證的公平值虧損的影 響。

• (2) Adjusted net profit eliminates the effect of share-based payment expenses, listing expenses, loss on termination of convertible bonds, and fair value losses on convertible bonds, preferred shares and warrants.

• (2) 經調整溢利淨額抵銷以股份為基礎的付款開 支、上市開支、終止可換股債券的虧損及可 換股債券、優先股及認股權證的公平值虧損 的影響。

12 Wanka Online Inc. Annual Report 2021

Financial Highlights 財務摘要

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (SELECTED ITEMS)

綜合財務狀況表（摘選項目）

	As at 31 December
	於十二月三十一日
	2017 2018 2019 2020 2021
	二零一七年 二零一八年 二零一九年 二零二零年 二零二一年
	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 資產 Non-current assets 非流動資產 Current assets 流動資產 Total assets 總資產 Equity and liabilities 權益及負債 Total equity 權益總額 Non-current liabilities 非流動負債 Current liabilities 流動負債 Total liabilities 總負債 Total equity and liabilities 總權益及負債	37,896 255,494 219,749 241,869 272,485 287,815 1,057,440 1,369,365 1,329,751 1,572,878 325,711 1,312,934 1,589,114 1,571,620 1,845,363 (172,472) 875,494 1,035,475 1,156,798 1,390,913 362,325 6,473 6,543 3,440 19,822 135,858 430,967 547,096 411,382 434,628 498,183 437,440 553,639 414,822 454,450 325,711 1,312,934 1,589,114 1,571,620 1,845,363

二零二一年報 萬咖壹聯有限公司 13

Management Discussion And Analysis 管理層討論及分析

REVENUES

Our revenues from mobile advertising increased by 20.5% from RMB1,663.6 million in 2020 to RMB2,005.1 million in 2021, due to the increase in the number of mobile games we advertised during 2021.

收益

我們來自移動廣告的收益由二零二零年的人 民幣1,663.6百萬元增加20.5%至二零二一年 的人民幣2,005.1百萬元，原因為於二零二一 年我們推廣的移動遊戲數量增加。

In addition, we generated revenues from our online-video distribution services and game co-publishing services of RMB85.1 million (2020: RMB55.4 million) and RMB8.0 million (2020: RMB7.8 million) in 2021, respectively.

此外，我們於二零二一年分別自網絡視頻產 品分發服務及遊戲聯運服務產生收益人民幣 85.1百萬元（二零二零年：人民幣55.4百萬 元）及人民幣8.0百萬元（二零二零年：人民 幣7.8百萬元）。

The following table sets forth the comparative figures for the periods indicated.

下表載列於所示期間的比較數字。

	Year ended 31 December
	截至十二月三十一日止年度
	2021 2020
	二零二一年 二零二零年
	% of total % of total
	RMB’000 revenues RMB’000 revenues
	佔總收益 佔總收益
	人民幣千元 的百分比 人民幣千元 的百分比
Revenues 收益 Mobile advertising 移動廣告 Online-video distribution 網絡視頻產品分發 Game co-publishing 遊戲聯運	2,005,125 95.6% 1,663,557 96.3% 85,102 4.1% 55,409 3.2% 7,971 0.3% 7,780 0.5%
Total 總計	2,098,198 100% 1,726,746 100%

14 Wanka Online Inc. Annual Report 2021

Management Discussion And Analysis 管理層討論及分析

Mobile Advertising Services

We generated revenues by distributing advertisements of marketers’ mobile apps and mobile games in the distribution channels of our MHA members which consist of seven Android smartphone manufacturers in China, non-MHA smartphone manufacturers and non-smartphone manufacturer distribution channel suppliers. We also offered a variety of advertising formats across our distribution channels, including app store search ads, in-feed ads, banner ads, interstitial ads and splash screen ads, to suit our customers’ specific needs. The following table sets forth a breakdown of our advertising revenues by source for the periods indicated:

移動廣告服務

我們透過在硬核聯盟成員（包括7家中國安卓 智能手機製造商）、非硬核聯盟智能手機製造 商及非智能手機製造商分發渠道供應商的分 發渠道中分發行業客戶的移動應用程序及移 動遊戲廣告以產生收益。我們亦於分發渠道 中提供各類廣告形式（包括應用程序商店搜 尋廣告、信息流內廣告、橫幅廣告、插頁式 廣告及閃屏廣告）以迎合我們客戶的特定需 求。下表載列於所示期間我們按來源劃分的 廣告收益明細：

	Year ended 31 December
	截至十二月三十一日止年度
	2021 2020
	二零二一年 二零二零年
	% of total % of total
	RMB’000 revenues RMB’000 revenues
	佔總收益 佔總收益
	人民幣千元 的百分比 人民幣千元 的百分比
Mobile game distribution 移動遊戲分發 Mobile app distribution 移動應用程序分發	1,938,115 96.7% 1,428,269 85.9% 67,010 3.3% 235,288 14.1%
Total 總計	2,005,125 100% 1,663,557 100%

Our mobile advertising revenue generated from distribution of mobile games increased from RMB1,428.3 million in 2020 to RMB1,938.1 million in 2021, representing an increase of RMB509.8 million, or 35.7% from 2020. The revenues increased primarily because we expanded the number of mobile games we marketed and obtained new mobile game distribution channels from smartphone manufacturers, especially from the MHA members. Our mobile advertising revenue from mobile app distribution decreased from RMB235.3 million in 2020 to RMB67.0 million in 2021, representing a decrease of RMB168.3 million, or 71.5% from 2020, primarily due to the decrease in the number of mobile apps we marketed during 2021.

我們來自移動遊戲分發的移動廣告收益由二 零二零年人民幣1,428.3百萬元增加至二零二 一年人民幣1,938.1百萬元，較二零二零年增 加人民幣509.8百萬元或35.7%。收益增長 主要是因為我們擴大了我們推廣的移動遊戲 數量及自智能手機製造商（尤其是硬核聯盟 成員）獲得新移動遊戲分發渠道。我們來自移 動應用程序分發的移動廣告收益由二零二零 年的人民幣235.3百萬元減少至二零二一年 的人民幣67.0百萬元，較二零二零年減少人 民幣168.3百萬元，或71.5%，主要是由於 我們推廣的移動應用程序數量於二零二一年 減少所致。

二零二一年報 萬咖壹聯有限公司 15

Management Discussion And Analysis 管理層討論及分析

Online-video Distribution Services

Leveraging our success and experience in providing advertising services, we have expanded into additional business verticals and begun establishing our online-video distribution network to unleash new monetisation opportunities since 2018.

With our stable relationships with suppliers of content distribution channels and smartphone manufacturers, especially the MHA members, we integrated the operational know-hows and experience in the field of online-video distribution, and expanded our service offerings to a broader range of marketers.

We generated a revenue of RMB85.1 million for this business line in 2021, representing an increase of RMB29.7 million, or 53.6% from 2020. The videos we distributed are mainly in the areas of finance, entertainment and movies.

Game Co-publishing Services

We offer one-stop game co-publishing services to game developers, which include game optimisation, marketing, promotion, distribution, monetisation and other user-related services. Leveraging our extensive experience in game copublishing, amassed data volume and technical know-how, we actively identified and sourced new game content as well as optimised existing game content based on our in-depth understanding of user profiles, preferences, tastes, and playing habits. Moreover, based on our close relationship with various smartphone-based distribution channels, we allocated game marketing and promotion resources more efficiently and effectively, with insights into the effect of timing of offer and type of virtual items based on user behavior and in-game spending.

Our revenues from game co-publishing services slightly increased by 2.6% from RMB7.8 million in 2020 to RMB8.0 million in 2021. As at 31 December 2021, we had co-published 37 mobile games in China.

網絡視頻產品分發服務

憑藉我們在提供廣告服務方面的成功和經 驗，我們已擴展至更多垂直行業，並於二零 一八年開始建立我們的網絡視頻產品分發網 絡以釋放新的獲利機會。

憑藉我們與內容分發渠道供應商及智能手機 製造商（尤其是硬核聯盟成員）的穩固關係， 我們整合於網絡視頻產品分發領域的營運知 識經驗，並將我們的服務供應擴展至更廣泛 的行業客戶。

該業務在二零二一年產生收益人民幣85.1百 萬元，而與二零二零年相比增加人民幣29.7 百萬元或53.6%。我們分發的視頻主要為金 融、娛樂及電影領域。

遊戲聯運服務

我們向遊戲開發商提供一站式遊戲聯運服 務，包括遊戲優化、營銷、推廣、分發、變 現及其他用戶相關服務。憑藉我們豐富的遊 戲聯運經驗、所積累的數據及技術經驗，我 們根據我們對用戶資料、喜好、品位及暢玩 習慣的深入了解，積極識別及物色新遊戲內 容以及優化現有遊戲內容。此外，憑藉我 們與各種基於智能手機的分發渠道的緊密關 係，我們能夠基於用戶行為及遊戲內消費洞 察推出時間及虛擬物品類型的影響，更為高 效且有效地分配遊戲營銷及推廣資源。

我們自遊戲聯運服務取得的收益由二零二零 年人民幣7.8百萬元微升2.6%至二零二一年 人民幣8.0百萬元。於二零二一年十二月三十 一日，我們於中國已聯運37款移動遊戲。

16 Wanka Online Inc. Annual Report 2021

Management Discussion And Analysis 管理層討論及分析

COST OF SALES

Our cost of sales primarily consisted of distribution fees incurred for advertisement placements onto the distribution channels, labor costs and amortisation expenses.

Cost of sales increased by 23.6% from RMB1,484.0 million in 2020 to RMB1,834.9 million in 2021. This increase was primarily driven by the increase in distribution fees to our distribution channels from RMB1,476.6 million in 2020 to RMB1,830.7 million in 2021, which was in line with the increase in our revenues during 2021.

GROSS PROFIT AND MARGINS

As a result of the foregoing, our gross profit increased by 8.5% from RMB242.7 million in 2020 to RMB263.3 million in 2021. The increase in gross profit was primarily due to the increase in the transaction volume of our mobile advertising business on our platform during 2021.

The decrease in gross profit margin from 14.1% in 2020 to 12.5% in 2021 was primarily due to the increase in cost of traffic acquisition as a result of a more expensive traffic price in our industry, partly offset by the decrease of other related costs associated with the cooperation agreements with certain smartphone manufacturers in relation to their distribution channels.

OTHER INCOME AND GAINS

Other income and gains decreased from RMB18.1 million in 2020 to RMB17.1 million in 2021, primarily due to the decrease in bank interest income and government grants received.

SELLING AND DISTRIBUTION EXPENSES

Selling and distribution expenses primarily consisted of sales employee salaries and related benefit expenses, traveling costs, conference costs and marketing expenses. Our selling and distribution expenses decreased by 9.1% from RMB16.5 million in 2020 to RMB15.0 million in 2021, which was mainly attributable to the decrease in marketing and advertising expenses as a result of our reduced spending in promotional campaigns.

銷售成本

我們的銷售成本主要包括於分發渠道的廣告 投放產生的分發費用、勞工成本及攤銷費用。

銷售成本由二零二零年的人民幣1,484.0百萬 元增加23.6%至二零二一年的人民幣1,834.9 百萬元。該增加主要由於我們分發渠道的分 發費用由二零二零年的人民幣1,476.6百萬元 增加至二零二一年的人民幣1,830.7百萬元， 該增加與我們於二零二一年的收益增加一致。

毛利及毛利率

由於上述理由，我們的毛利由二零二零年的 人民幣242.7百萬元增加8.5%至二零二一年 的人民幣263.3百萬元。毛利增加主要是由 於二零二一年我們平台上移動廣告業務的交 易量增加所致。

毛利率由二零二零年的14.1%下降至二零二 一年的12.5%，主要由於我們行業的流量價 格更昂貴導致流量獲取成本上漲，部分被與 若干智能手機製造商就其分發渠道訂立的合 作協議所涉及其他相關費用的減少所抵銷。

其他收入及收益

其他收入及收益由二零二零年的人民幣18.1 百萬元減少至二零二一年的人民幣17.1百萬 元，主要是由於銀行利息收入及收取的政府 補貼減少所致。

銷售及分銷開支

銷售及分銷開支主要包括銷售僱員薪金及相 關福利開支、差旅成本、會議成本及營銷開 支。銷售及分銷開支由二零二零年的人民幣 16.5百萬元減少9.1%至二零二一年的人民幣 15.0百萬元，主要由於我們減少宣傳活動開 支使營銷及廣告開支減少。

二零二一年報 萬咖壹聯有限公司 17

Management Discussion And Analysis 管理層討論及分析

RESEARCH AND DEVELOPMENT COST

Research and development cost primarily consisted of fees paid to third party consulting service providers and employee salaries and related benefit expenses. Our research and development expenses decreased by 8.8% from RMB73.5 million in 2020 to RMB67.0 million in 2021, primarily due to the decrease of the research expenses of our systems.

ADMINISTRATIVE EXPENSES

Our administrative expenses increased by 14.6% from RMB40.4 million in 2020 to RMB46.3 million in 2021, which was mainly attributable to the increase in professional service expenses and staff costs and related expenses.

OTHER EXPENSES AND LOSSES

Other expenses and losses increased from RMB15.1 million in 2020 to RMB38.5 million in 2021, primarily due to the increase in impairment loss provided on our accounts receivable.

SHARE-BASED PAYMENT EXPENSES

Our share-based payment expense decreased from RMB20.2 million in 2020 to RMB18.2 million in 2021, because the sharebased payment expenses in connection with the RSUs we granted to certain grantees were recognised over the vesting period at a lower weighted-average grant date fair value as compared to 2020.

OPERATING PROFIT

As a result of the foregoing, our operating profit slightly increased by 0.3% from RMB95.1 million in 2020 to RMB95.4 million in 2021. Operating margin decreased from 5.5% in 2020 to 4.5% in 2021.

FINANCE COSTS

Our finance costs decreased from RMB10.2 million in 2020 to RMB7.5 million in 2021, primarily due to the decrease of our bank borrowings.

研發成本

研發成本主要包括向第三方諮詢服務提供商 支付的費用及僱員薪金及相關福利開支。我 們的研發開支由二零二零年的人民幣73.5百 萬元減少8.8%至二零二一年的人民幣67.0百 萬元，主要由於我們系統研發開支減少。

行政開支

我們的行政開支由二零二零年的人民幣40.4 百萬元增加 14.6% 至二零二一年的人民幣 46.3百萬元，主要由於專業服務開支及員工 成本及相關開支增加。

其他開支及虧損

其他開支及虧損由二零二零年的人民幣15.1 百萬元增加至二零二一年的人民幣38.5百萬 元，主要由於就我們的應收賬款計提的減值 虧損撥備增加。

以股份為基礎的付款開支

我們以股份為基礎的付款開支由二零二零年 的人民幣20.2百萬元減少至二零二一年的人 民幣18.2百萬元，原因為就我們授予多名承 授人的受限制股份單位而言，以股份為基礎 的付款開支於歸屬期內以低於二零二零年的 加權平均授出日期公平值確認。

經營溢利

由於上述理由，經營溢利由二零二零年的人 民幣95.1百萬元微升0.3%至二零二一年的人 民幣95.4百萬元。經營利潤率由二零二零年 的5.5%減至二零二一年的4.5%。

財務成本

我們的財務成本由二零二零年的人民幣10.2 百萬元減少至二零二一年的人民幣7.5 百萬 元，主要由於銀行借款減少。

18 Wanka Online Inc. Annual Report 2021

Management Discussion And Analysis 管理層討論及分析

INCOME TAX EXPENSE

Our income tax expense increased from RMB16.6 million in 2020 to RMB21.8 million in 2021. The increase was primarily attributable to the increase in taxable profit of our subsidiaries in China.

PROFIT FOR THE YEAR

As a result of the reasons discussed above, profit for the year decreased from RMB66.8 million in 2020 to RMB62.3 million in 2021.

NON-HKFRS MEASURES

To supplement our consolidated financial statements, which are presented in accordance with the HKFRSs, we also use adjusted EBITDA and adjusted net profit as additional financial measures, which are unaudited and not required by, or presented in accordance with, HKFRSs. We present these financial measures because they are used by our management to evaluate our financial performance by eliminating the impact of items that we do not consider indicative of our business performance. We also believe that these non-HKFRS measures provide additional information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management compare our financial results across accounting periods and with those of our peer companies.

We define adjusted EBITDA as profit for the year without considering depreciation, amortisation, finance cost, income tax and share-based payment expenses (“Adjusted EBITDA”). We define adjusted net profit as profit for the year without considering share-based payment expenses (“Adjusted Net Profit”). The terms Adjusted EBITDA and Adjusted Net Profit are not defined under the HKFRSs. The use of Adjusted EBITDA and Adjusted Net Profit has material limitations as an analytical tool, as they do not include all items that impact our profit or loss for the relevant years. The effect of items eliminated from Adjusted EBITDA and Adjusted Net Profit is a significant component in understanding and assessing our operating and financial performance.

所得稅開支

我們的所得稅開支由二零二零年的人民幣 16.6百萬元增加至二零二一年的人民幣21.8 百萬元。增加主要歸因於我們中國附屬公司 的應課稅溢利增加。

年內溢利

基於上述所討論的理由，年內溢利由二零二 零年的人民幣66.8百萬元減少至二零二一年 的人民幣62.3百萬元。

非香港財務報告準則計量

為補充我們根據香港財務報告準則呈列的綜 合財務報表，我們亦採用未經審核且並非 香港財務報告準則規定或並非按其呈列的經 調整EBITDA及經調整淨溢利作為額外財務 計量。我們呈列該等財務計量乃由於我們的 管理層使用彼等消除我們認為對我們業務表 現不具指示性的項目的影響，來評估我們的 財務表現。我們亦相信，該等非香港財務報 告準則計量為投資者及其他人士提供附加資 料，使其採用與管理層比較跨會計期及同類 公司的財務業績相同的方式了解並評估我們 的綜合經營業績。

我們將經調整 EBITDA 界定為年內溢利， 並未計及折舊、攤銷、財務成本、所得 稅及以股份為基礎的付款開支（「經調整 EBITDA」）。我們將經調整淨溢利界定為年 內溢利，並未計及以股份為基礎的付款開支 （「經調整淨溢利」）。香港財務報告準則並無 界定經調整EBITDA及經調整淨溢利。使用 經調整EBITDA及經調整淨溢利作為分析工 具有重大限制，因為其不包括影響相關年度 溢利或虧損的全部項目。經調整EBITDA及 經調整淨溢利所消除的項目之影響，是了解 與評估我們經營及財務表現的重要組成部份。

二零二一年報 萬咖壹聯有限公司 19

Management Discussion And Analysis 管理層討論及分析

In light of the foregoing limitations for Adjusted EBITDA and Adjusted Net Profit, when assessing our operating and financial performance, you should not view Adjusted EBITDA and Adjusted Net Profit in isolation or as a substitute for our profit for the year or any other operating performance measure that is calculated in accordance with HKFRSs. In addition, because these nonHKFRS measures may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies.

鑑於上述經調整EBITDA及經調整淨溢利的 限制，於評估我們經營及財務表現時， 閣下 不應單獨閱覽經調整EBITDA及經調整淨溢 利或將其視為我們年內溢利，或任何其他按 照香港財務報告準則計算的經營表現計量的 替代者。此外，由於該等非香港財務報告準 則計量可能在不同公司有不同計算方式，因 此不可與其他公司使用的類似名稱之衡量方 法相比。

The following tables reconcile our Adjusted EBITDA and Adjusted Net Profit for the periods presented to the most directly comparable financial measures calculated and presented in accordance with HKFRSs. Adjusted EBITDA and Adjusted Net Profit are not required by, or presented in accordance with, HKFRSs.

下表呈列期內經調整EBITDA及經調整淨溢 利調整為根據香港財務報告準則計算和呈 列的最具直接可比性的財務計量。經調整 EBITDA及經調整淨溢利並非按照香港財務報 告準則規定或按其呈列。

==> picture [469 x 356] intentionally omitted <==

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

Year ended 31 December
截至十二月三十一日止年度
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit for the year 年內溢利 62,297 66,813
Add: 加：
Depreciation 折舊 5,392 4,180
Amortisation of intangible assets 無形資產攤銷 6,216 10,692
Finance cost 財務成本 7,549 10,172
Income tax expense 所得稅開支 21,776 16,642
Share-based payment expenses 以股份為基礎的付款開支 18,160 20,224
Adjusted EBITDA (unaudited) 經調整 EBITDA （未經審核） 121,390 128,723
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit for the year 年內溢利
Add: 加： 62,297 66,813
Share-based payment expenses 以股份為基礎的付款開支 18,160 20,224
Adjusted Net Profit (unaudited) 經調整淨溢利（未經審核） 80,457 87,037
----- End of picture text -----

20 Wanka Online Inc. Annual Report 2021

Management Discussion And Analysis 管理層討論及分析

SELECTED FINANCIAL INFORMATION FROM OUR CONSOLIDATED STATEMENT OF FINANCIAL POSITION

我們綜合財務狀況表的節選財務 資料

	As at 31 December
	於十二月三十一日
	2021 2020 Change
	二零二一年 二零二零年 變動
	RMB’000 RMB’000
	人民幣千元 人民幣千元
Cash and bank balances 現金及銀行結餘 Bank borrowings 銀行借款 Current assets 流動資產 Current liabilities 流動負債 Net current assets 流動資產淨額 Total equity 權益總額	444,883 240,352 85.1% 171,647 194,996 -12.0% 1,572,878 1,329,751 18.3% 434,628 411,382 5.7% 1,138,250 918,369 23.9% 1,390,913 1,156,798 20.2%

Cash and Bank Balances

As at 31 December 2021, we had cash and bank balances of RMB444.9 million, as compared with RMB240.4 million as at 31 December 2020. The increase in cash and bank balances was mainly due to the placing of 135,000,000 new Shares at the placing price of HK$1.45 per Share in March 2021 (the “Placing”), partially offset by the repayment of borrowings due. Our cash and bank balances were denominated in RMB, Hong Kong dollars and US dollars.

現金及銀行結餘

於二零二一年十二月三十一日，我們擁有現 金及銀行結餘人民幣444.9百萬元，而二零 二零年十二月三十一日則為人民幣240.4百 萬元。現金及銀行結餘增加主要由於於二 零二一年三月按配售價每股 1.45 港元配售 135,000,000股新股（「配售」），部分被償還 到期應付借款所抵銷。我們的現金及銀行結 餘乃按人民幣、港元及美元計值。

Bank Borrowings

Our bank borrowings as at 31 December 2020 amounted to RMB195.0 million, among which, (1) the bank borrowings of RMB42.6 million are secured by pledged deposits of US$6.8 million provided by one of our subsidiaries, (2) the bank borrowings of RMB65.0 million are guaranteed by two of our subsidiaries, (3) the bank borrowings of RMB20.0 million are guaranteed by three independent third parties, (4) the bank borrowings of RMB60.0 million are guaranteed by our Company, (5) the bank borrowings of RMB10.0 million are guaranteed by a senior management member and his spouse, and (6) the bank borrowings of RMB150.0 million are guaranteed by the Controlling Shareholders.

銀行借款

於二零二零年十二月三十一日，我們的銀行 借款為人民幣195.0百萬元，其中，(1)銀行 借款人民幣42.6百萬元以我們其中一間附屬 公司提供的6.8百萬美元抵押存款作抵押；(2) 銀行借款人民幣65.0百萬元由我們的其中兩 間附屬公司擔保；(3)銀行借款人民幣20.0百 萬元由三名獨立第三方擔保；(4)銀行借款人 民幣60.0百萬元由本公司擔保；(5)銀行借款 人民幣10.0百萬元由一名高級管理層成員及 其配偶擔保；及(6)銀行借款人民幣150.0百 萬元由控股股東擔保。

二零二一年報 萬咖壹聯有限公司 21

Management Discussion And Analysis 管理層討論及分析

As at 31 December 2021, our bank borrowings decreased to RMB171.6 million, among which, (1) the bank borrowings of RMB30.0 million are secured by pledged deposits of RMB30.0 million and US$1.9 million provided by one of our subsidiaries, (2) the bank borrowings of RMB49.0 million are guaranteed by two of our subsidiaries, (3) the bank borrowings of RMB5.0 million are guaranteed by an independent third party, (4) the bank borrowings of RMB90.0 million are guaranteed by our Company and (5) the bank borrowings of RMB139.0 million are guaranteed by the Controlling Shareholders. All the bank borrowings as at 31 December 2021 were denominated in RMB and will be mature within one year, with fixed interest rates ranging from 3.05% to 5.00% per annum. The decrease in bank borrowings was primarily due to the repayment of borrowings due.

Net Current Assets

Our net current assets were RMB1,138.3 million as at 31 December 2021, compared to RMB918.4 million as at 31 December 2020. Our current assets were RMB1,572.9 million as at 31 December 2021, compared to RMB1,329.8 million as at 31 December 2020, primarily due to the increase in cash and bank balance. Our prepayments, deposits and other receivables were RMB546.6 million as at 31 December 2021, compared to RMB518.2 million as at 31 December 2020, which was mainly attributable to the increase in purchase of prepaid data traffic for the Group’s business development needs. Our current liabilities were RMB434.6 million as at 31 December 2021, compared to RMB411.4 million as at 31 December 2020, primarily due to the increase in accounts payable and other payables and accruals, partly offset by the decrease in contract liabilities and interest-bearing bank borrowings.

Total Equity

As at 31 December 2021, our total equity was RMB1,390.9 million, compared to RMB1,156.8 million as at 31 December 2020, mainly due to the net profit occurred during 2021 and the Placing of new Shares of the Company in March 2021.

於二零二一年十二月三十一日，我們的銀行 借款減少至人民幣171.6百萬元，其中，(1) 銀行借款人民幣30.0百萬元以我們其中一間 附屬公司提供的人民幣30.0百萬元及1.9百 萬美元抵押存款作抵押；(2)銀行借款人民幣 49.0 百萬元由我們的其中兩間附屬公司擔 保；(3)銀行借款人民幣5.0 百萬元由一名獨 立第三方擔保；(4)銀行借款人民幣90.0百萬 元由本公司擔保及(5)銀行借款人民幣139.0 百萬元由控股股東擔保。於二零二一年十二 月三十一日，銀行借款全部以人民幣計值， 將於一年內到期，固定年利率介於3.05%至 5.00%之間。銀行借款減少主要是由於償還 到期借款。

流動資產淨額

我們的流動資產淨額於二零二一年十二月三 十一日為人民幣1,138.3 百萬元，而二零二 零年十二月三十一日則為人民幣918.4百萬 元。我們的流動資產於二零二一年十二月三 十一日為人民幣1,572.9百萬元，而二零二零 年十二月三十一日則為人民幣1,329.8 百萬 元，主要由於現金及銀行結餘增加。我們的 預付款項、按金及其他應收款項於二零二一 年十二月三十一日為人民幣546.6百萬元， 而於二零二零年十二月三十一日為人民幣 518.2百萬元，主要乃因本集團業務發展需 求而購入的預付費數據流量增加所致。我們 的流動負債於二零二一年十二月三十一日為 人民幣434.6百萬元，而二零二零年十二月 三十一日則為人民幣411.4百萬元，主要由 於應付賬款以及其他應付款項及應計款項增 加，部分被合約負債及計息銀行借款減少所 抵銷。

權益總額

於二零二一年十二月三十一日，我們的權益 總額為人民幣1,390.9百萬元，而二零二零年 十二月三十一日則為人民幣1,156.8百萬元， 主要由於二零二一年產生淨溢利及本公司於 二零二一年三月配售新股份。

22 Wanka Online Inc. Annual Report 2021

Management Discussion And Analysis 管理層討論及分析

KEY FINANCIAL RATIOS

主要財務比率

==> picture [470 x 197] intentionally omitted <==

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

As at 31 December
於十二月三十一日
2021 2020
二零二一年 二零二零年
Current ratio (times) [(1)] 流動比率（倍數）(1) 3.6 3.2
Gearing ratio (%) [(2)] 資產負債比率(%) [(2)] 24.6 26.4
Year ended 31 December
截至十二月三十一日止年度
2021 2020
二零二一年 二零二零年
Adjusted net profit margin [(3)] 經調整淨溢利率 [(3)] 3.8% 5.0%
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Notes:

附註：

• (1) Current ratio was calculated based on our total current assets divided by our total current liabilities at the end of each financial period.

• (1) 流動比率乃按照我們於各財政期間末的流動 資產總值除以我們的流動負債總額計算得 出。

• (2) Gearing ratio was calculated based on our total liabilities divided by our total assets at the end of each financial period.

• (2) 資產負債比率乃按照我們於各財政期間末的 負債總額除以我們的總資產計算得出。

• (3) Adjusted net profit margin was calculated based on our adjusted net profit for the relevant period divided by our total revenues for the same period.

• (3) 經調整淨溢利率乃按照我們於相關期間的經 調整淨溢利除以同一期間的收益總額計算得 出。

Current Ratio

Our current ratio increased from 3.2 as at 31 December 2020 to 3.6 as at 31 December 2021, primarily due to the increase in cash and bank balance and the decrease in contract liabilities and interestbearing bank borrowings.

流動比率

我們的流動比率由二零二零年十二月三十一 日的3.2 增至二零二一年十二月三十一日的 3.6，主要由於現金及銀行結餘增加以及合約 負債及計息銀行借款減少。

Gearing Ratio

Our gearing ratio decreased from 26.4% as at 31 December 2020 to 24.6% as at 31 December 2021, mainly due to the increase of total assets.

資產負債比率

我們的資產負債比率由二零二零年十二月三 十一日的26.4%減至二零二一年十二月三十 一日的24.6%，主要由於總資產增加。

二零二一年報 萬咖壹聯有限公司 23

Management Discussion And Analysis 管理層討論及分析

Adjusted Net Profit Margin

Our adjusted net profit margin decreased from 5.0% in 2020 to 3.8% in 2021, primarily due to the increase in overall operating expenses.

CAPITAL EXPENDITURE AND INVESTMENTS

Our capital expenditures mainly consist of additions to property, plant and equipment and intangible assets. Our capital expenditures amounted to RMB1,072,000 and RMB490,000 in 2021 and 2020, respectively.

FUNDING AND TREASURY POLICIES

We expect to fund our working capital and other capital requirements from a combination of various sources, including but not limited to internal resources and external financing at reasonable market rates. We seek to improve the return of the equity and assets while adhering to our prudent funding and treasury policies.

FOREIGN EXCHANGE RISK

Our Group’s subsidiaries primarily operate in the PRC and are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollars and the Hong Kong dollars. Therefore, foreign exchange risk primarily arose from recognised assets and liabilities in our Group’s PRC subsidiaries when receiving or to receive foreign currencies from, or paying or to pay foreign currencies to, overseas business partners. We did not hedge against any fluctuation in foreign currency during the years ended 31 December 2021 and 2020.

SIGNIFICANT INVESTMENTS HELD

The Group did not hold any significant investments during the Reporting Period.

經調整淨溢利率

我們的經調整淨溢利率由二零二零年的5.0% 降至二零二一年的3.8%，主要由於整體營運 開支增加所致。

資本開支及投資

我們的資本開支主要包括添置物業、廠房及 設備以及無形資產。我們於二零二一年及二 零二零年的資本開支分別為人民幣1,072,000 元及人民幣490,000元。

融資及財務政策

我們預期綜合多種資源方式為我們的營運資 金及其他資金需求融資，包括但不限於內部 資源以及按合理市價進行外部融資。我們致 力改善股本及資產回報，同時堅持實施審慎 融資及財務政策。

外匯風險

本集團附屬公司主要於中國經營業務，面臨 不同貨幣（主要為美元及港元）所產生的外匯 風險。因此，外匯風險主要來自本集團中國 附屬公司向境外業務合作夥伴收取或未來收 取外幣或支付或未來支付外幣時所確認的資 產及負債。截至二零二一年及二零二零年十 二月三十一日止年度，我們並無對沖任何外 幣波動。

所持重大投資

本集團於報告期並無持有任何重大投資。

24 Wanka Online Inc. Annual Report 2021

Management Discussion And Analysis 管理層討論及分析

FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS

The Group did not have other plans for material investments and capital assets.

MATERIAL ACQUISITIONS AND DISPOSALS

The Group did not have any material acquisitions and disposals of subsidiaries, associated companies and joint ventures in 2021.

PLEDGE OF ASSETS

Certain deposits placed with banks were used as pledged assets for our Group’s bank borrowings. For more details, please refer to Note 24 to the consolidated financial statements.

CONTINGENT LIABILITIES

As at 31 December 2021, we did not have any material contingent liabilities (2020: nil).

DIVIDEND

The Board did not recommend the payment of a final dividend for the year ended 31 December 2021 (2020: nil).

重大投資及資本資產的未來計劃

本集團並無重大投資及資本資產的其他計劃。

重大收購及出售

於二零二一年，本集團並無任何重大收購及 出售附屬公司、聯營公司及合營企業。

資產抵押

若干銀行存款已作為本集團銀行借款的抵押 資產。有關更多詳情，請參閱綜合財務報表 附註24.

或然負債

於二零二一年十二月三十一日，我們並無任 何重大或然負債（二零二零年：無）。

股息

董事會並不建議就截至二零二一年十二月三 十一日止年度派付末期股息（二零二零年： 無）。

二零二一年報 萬咖壹聯有限公司 25

Directors and Senior Management 董事及高級管理層

OUR DIRECTORS

The biography of each Director is set out below.

Executive Directors

Mr. GAO Dinan ( 高弟男 ) , aged 43, is our founder, an executive Director and the chairman of the Board, and has served as our chief executive officer since March 2014, being responsible for overall management of the business, strategy and corporate development of our Group. Mr. Gao has 18 years of experience in the technology industry.

Prior to founding our Group, Mr. Gao served as a business director of mobile business department of Baidu Online Network Technology (Beijing) Co., Ltd. (百度在線網路技術(北京)有限公司) from June 2008 to March 2014, a subsidiary of Baidu, Inc. (百度公 司), which is a company listed on Nasdaq (stock symbol: BIDU), specialising in Internet-related services and products and artificial intelligence.

Mr. Gao obtained a master degree in business administration from Beijing University of Posts and Telecommunications (北京郵電大學) in July 2008.

Ms. ZHOU Yan ( 周豔 ) , aged 44, is our executive Director and chief financial officer. She is primarily responsible for the management of financial strategy of our Group. She joined our Group in March 2017 and has served as the chief financial officer of our Company since then. She was appointed as an executive Director in June 2018. She has 18 years of experience in corporate finance.

Prior to joining our Group, Ms. Zhou served as senior management of the finance department of Tsinghua Holding Co., Ltd. (清華控 股有限公司) from June 2016 to February 2017. From July 2015 to May 2016, she served as the general manager of the finance department in Tsinghua Holding Venture Capital Co., Ltd. (清控 創業投資有限公司). From April 2014 to June 2015, she served as the general manager of finance department in Tsinghua Holdings Human Settlements Construction Group Co., Ltd. (清控人居建設 (集團)有限公司). From July 2010 to March 2014, she served as a vice general manager of finance department in Beijing Enterprises Holding Investment Management Co., Ltd. (北京控股投資管理有限 公司), a subsidiary of Beijing Enterprises Holding Limited (北京控股 有限公司) that is listed on the Stock Exchange (stock code: 392). From December 2008 to February 2010, she served as a senior accountant at Beijing Futian Cummins Engine Co., Ltd. (北京福 田康明斯發動機有限公司), a subsidiary of Commins Inc. that is a

我們的董事

各董事的履歷如下。

執行董事

高弟男先生，43歲，為創辦人、執行董事及 董事會主席，並自二零一四年三月起擔任首 席執行官，負責本集團業務、戰略及企業發 展的整體管理。高先生於科技行業擁有18年 經驗。

創辦本集團之前，高先生於二零零八年六月 至二零一四年三月擔任百度公司附屬公司百 度在線網路技術（北京）有限公司移動業務部 業務總監，而百度公司是納斯達克上市公司 （股份代號：BIDU），專門從事與互聯網有關 的服務和產品以及人工智能。

高先生於二零零八年七月取得北京郵電大學 工商管理碩士學位。

周豔女士，44 歲，為執行董事兼首席財務 官。彼主要負責本集團財務戰略的管理。彼 於二零一七年三月加入本集團並自此擔任本 公司首席財務官。彼於二零一八年六月獲委 任為執行董事。彼於企業金融方面擁有18年 經驗。

加入本集團之前，周女士於二零一六年六月 至二零一七年二月擔任清華控股有限公司財 務部門的高級管理層。於二零一五年七月至 二零一六年五月，彼擔任清控創業投資有限 公司財務部總經理。於二零一四年四月至二 零一五年六月，彼擔任清控人居建設（集團） 有限公司財務部總經理。於二零一零年七月 至二零一四年三月，彼擔任北京控股投資管 理有限公司（於聯交所上市的北京控股有限 公司（股份代號：392）的附屬公司）財務部副 總經理。於二零零八年十二月至二零一零年 二月，彼擔任北京福田康明斯發動機有限公 司高級會計師，該公司為Commins Inc. 的附 屬公司，而Commins Inc. 是一家在紐約證 券交易所上市（股份代號：CMI）的公司。於 二零零四年七月至二零零八年十一月，彼擔

26 Wanka Online Inc. Annual Report 2021

Directors and Senior Management 董事及高級管理層

company listed on New York Stock Exchange (stock symbol: CMI). From July 2004 to November 2008, she served as an accountant at Beijing BOE Optoelectronics Technology Co., Ltd. (北京京東方光電 科技有限公司), a subsidiary of BOE Technology Group Co., Ltd. (北 京京東方科技集團股份有限公司) which is listed on Shenzhen Stock Exchange (stock code: 000725 and 200725).

Ms. Zhou obtained a master degree in accounting from Jilin University of Finance and Economics (吉林財經大學) in July 2004. She obtained a fund qualification certificate granted by China Securities Investment Fund Association (中國證券投資基金業協會) in April 2016, and a tax accountant qualification certificate granted by China Association of Chief Accountants (中國總會計師協會) in September 2012. She has been a senior-level accountant granted by Beijing Municipal Bureau of Human Resources and Social Security (北京市人力資源與社會保障局) since October 2017.

Mr. NIE Xin ( 聶鑫 ) , aged 42, was appointed as an executive Director on 27 August 2020. He joined the Group in March 2019 as the senior vice president and was responsible for the operating management. He has over 13 years of experience in operations and management.

Prior to joining the Group, Mr. Nie served as an operation manager at Baidu Online Network Technology (Beijing) Co., Ltd. from September 2009 to September 2012. From November 2013 to March 2019, he served as the general manager of strategic investment department of Suzhou Meishengyuan Information Technology Co., Ltd. (蘇州美生元信息科技有限公司).

Mr. Nie graduated from the Central Radio and Television University (中央廣播電視大學) in May 2006 with a college degree.

Non-executive Directors

Mr. ZHENG Wei ( 鄭煒 ) , aged 44, is a non-executive Director and joined our Group since March 2016. He was appointed as executive Director of the Company in November 2018 and was re-designated as non-executive Director of the Company with effect from 27 August 2020. Prior to his re-designation, he was the vice chairman of the Board and a member of the Remuneration Committee. He has 15 years of experience in the technology industry.

任北京京東方光電科技有限公司的會計師， 該公司為北京京東方科技集團股份有限公司 （於深圳證券交易所上市（股票代碼：000725 及200725））的附屬公司。

周女士於二零零四年七月取得吉林財經大學 會計學碩士學位。彼於二零一六年四月獲得 中國證券投資基金業協會頒發的基金資格證 書，並於二零一二年九月獲得中國總會計師 協會頒發的稅務師資格證書。彼自二零一七 年十月起一直為北京市人力資源和社會保障 局高級會計師。

聶鑫先生，42歲，於二零二零年八月二十七 日獲委任為執行董事。彼二零一九年三月加 入本集團擔任高級副總裁，負責企業營運管 理事務。彼於企業營運及管理方面擁有超過 十三年經驗。

加入本集團前，聶先生於二零零九年九月至 二零一二年九月擔任百度在線網絡技術（北 京）有限公司營運經理。彼於二零一三年十一 月至二零一九年三月擔任蘇州美生元信息科 技有限公司戰略投資部總經理。

聶先生於二零零六年五月取得中央廣播電視 大學專科學位。

非執行董事

鄭煒先生，44歲，為非執行董事及自二零一 六年三月起加入本集團。彼自二零一八年十 一月起獲委任為本公司之執行董事，並自二 零二零年八月二十七日起調任為本公司之非 執行董事。彼於調任之前，彼為董事會副主 席及薪酬委員會成員。彼於科技行業擁有15 年經驗。

二零二一年報 萬咖壹聯有限公司 27

Directors and Senior Management 董事及高級管理層

Mr. Zheng was appointed as executive director and the president of Aoyuan Healthy Life Group Company Limited (奧園健康生活集 團有限公司),which is a company listed on the Main Board of the Stock Exchange (stock code: 3662), with effect from 7 January 2021 and 27 January 2021, respectively. He served as a partner of Northern Light Investment Advisory (Beijing) Co., Ltd. (北極光投資 顧問(北京)有限公司) from July 2015 to February 2016. He served as the general manager of the creation development department and business cooperation department as well as a vice general manager in the mobile service group of Baidu Online Network Technology (Beijing) Co., Ltd. from July 2007 to July 2015.

Mr. Zheng obtained a bachelor degree in engineering mechanics and a master degree in solid mechanics from Tsinghua University (清華大學) in July 1999 and in July 2001, respectively. He also obtained a degree of Ph.D. in informatics from Peking University (北 京大學) in July 2014.

Mr. SONG Chunyu ( 宋春雨 ) , aged 45, is a non-executive Director and joined our Group since May 2016. He has been working at Lenovo Group Limited (聯想集團有限公司), a company listed on the Stock Exchange (stock code: 00992), and its subsidiaries since July 2001 and served multiple positions successively, such as managing director, partner and group vice president.

Mr. Song obtained a bachelor degree in automatic control and a master degree in control theory and control engineering from Harbin Institute of Technology (哈爾濱工業大學) in July 1997 and July 2001, respectively.

鄭先生於二零二一年一月七日及二零二一年 一月二十七日分別獲委任為奧園健康生活集 團有限公司（一家於聯交所主板上市（股份代 號：3662）的公司）的執行董事及總裁。彼於 二零一五年七月至二零一六年二月擔任北極 光投資顧問（北京）有限公司的合夥人。彼於 二零零七年七月至二零一五年七月擔任百度 在線網路技術（北京）有限公司創意開發部及 業務合作部總經理以及移動服務事業群副總 經理。

鄭先生分別於一九九九年七月及二零零一年 七月取得清華大學工程力學學士學位及固體 力學碩士學位。彼亦於二零一四年七月取得 北京大學信息學博士學位。

宋春雨先生，45歲，為非執行董事及自二零 一六年五月起加入本集團。彼自二零零一年 七月起於聯想集團有限公司（於聯交所上市 （股份代號：00992））及其附屬公司工作，接 連擔任多個職位，如董事總經理、合夥人及 集團副總裁。

宋先生於一九九七年七月及二零零一年七月 於哈爾濱工業大學分別取得自動控制學士學 位及控制原理及控制工程碩士學位。

28 Wanka Online Inc. Annual Report 2021

Directors and Senior Management 董事及高級管理層

Independent non-executive Directors

Mr. CHEN Baoguo ( 陳寶國 ) , aged 57, is an independent nonexecutive Director of our Group. He has been the deputy secretary general of China Software Industry Association (中國軟件行業協 會) since March 2018. From January 2008 to January 2018, he was the deputy director of Institute of International Technology and Economics (國際技術經濟研究所) at State Council Development Research Center (國務院發展研究中心).

Mr. Chen received a bachelor degree in material management from Northern Jiaotong University (北方交通大學) in July 1986, and a master degree in metal material and heat treatment from Yanshan University (燕山大學) in June 1991. Then he obtained a degree of Ph.D. in economics and management from Northern Jiaotong University in May 2003.

Mr. JIN Yongsheng ( 金永生 ) , aged 56, was appointed as an independent non-executive Director on 16 September 2021. He has successively served as a professor and head of the Department of Business Administration and Public Administration, dean and doctoral supervisor of the School of Economics and Management, chairman of the Professor Committee and a member of the Academic Committee of Beijing University of Posts and Telecommunications (北京郵電大學) since July 2004. He is principally focused on teaching and researching in the fields of digital economy, mobile internet industry organisation and strategic management, including, among others, digital consumer behavior, big data business model, value creation and value transfer of mobile internet industry. He has published more than 100 articles in top-tier journals such as Economic Perspectives (經濟學動 態), Chinese Journal of Management Science (中國管理科學) and the theoretical page of People’s Daily (人民日報). From May 1996 to June 2004, he served as a professor, master supervisor and deputy dean of the College of Economics and Management of Beijing University of Technology (北京工業大學). From July 1988 to April 1996, he successively served as lecturer, director of the Business Economics Teaching and Research Office, the Economics Research Institute and the Scientific Research Office and associate professor of the Department of Business Economics of Lanzhou University of Finance and Economics (蘭州財經大學).

獨立非執行董事

陳寶國先生，57歲，為本集團獨立非執行董 事。彼自二零一八年三月起擔任中國軟件行 業協會副秘書長。由二零零八年一月至二零 一八年一月，彼擔任國務院發展研究中心國 際技術經濟研究所副主任。

陳先生於一九八六年七月取得北方交通大學 材料管理學士學位，並於一九九一年六月取 得燕山大學金屬材料及熱處理碩士學位。其 後，彼於二零零三年五月取得北方交通大學 經濟管理博士學位。

金永生先生，56 歲，於二零二一年九月十 六日獲委任為獨立非執行董事。自二零零四 年七月起，彼接連擔任北京郵電大學工商管 理與公共管理系教授及系主任、經濟管理學 院院長及博士生導師、教授委員會主席及學 術委員會委員。彼主要從事數字經濟、移動 互聯網產業組織及戰略管理領域的教學及研 究工作，其中方向包括數字消費行為、大數 據商業模式、移動互聯網產業價值創造與價 值轉移。彼在《經濟學動態》、《中國管理科 學》、《人民日報》理論版等頂級期刊發表論 文超過一百餘篇。於一九九六年五月至二零 零四年六月，彼擔任北京工業大學經濟與管 理學院教授、碩士生導師及副院長。於一九 八八年七月至一九九六年四月，彼接連擔任 蘭州財經大學講師、商業經濟教研室主任、 經濟研究所所長、科研處處長及商業經濟系 副教授。

二零二一年報 萬咖壹聯有限公司 29

Directors and Senior Management 董事及高級管理層

Mr. Jin was graduated from Lanzhou University of Finance and Economics (蘭州財經大學) with a bachelor’s degree in business economics in 1985. He obtained a master’s degree in trade economics from Zhongnan University of Economics and Law (中 南財經政法大學) and a doctor’s degree in industrial economics from Renmin University of China (中國人民大學) in 1988 and 2002, respectively.

Ms. ZHAO Xuemei ( 趙學梅 ) , aged 43, is an independent nonexecutive Director of our Group. She has been teaching in the school of management at Qinhuangdao Campus of Northeastern University (東北大學) in the PRC since July 2004.

Ms. Zhao received a bachelor degree in accounting from Zhengzhou Institute of Aeronautical Industry Management (鄭州航 空工業管理學院) in June 2001, and a master degree in accounting from Jilin University of Finance and Economics (吉林財經大 學) in June 2004. She was also accredited as a certified public accountant by the Beijing Institute of Certified Public Accountants (北京註冊會計師協會) on 10 September 2010.

OUR SENIOR MANAGEMENT

Mr. GAO Dinan ( 高弟男 ) , aged 43, is our founder, an executive Director, the chairman of the Board and our chief executive officer. For further details, please see the paragraph headed “Directors and Senior Management – Our Directors – Executive Directors” in this section.

Ms. ZHOU Yan ( 周豔 ) , aged 44, is an executive Director and our chief financial officer. For further details, please see the paragraph headed “Directors and Senior Management – Our Directors – Executive Directors” in this section.

Mr. NIE Xin ( 聶鑫 ) , aged 42, is an executive Director and the senior vice president. For further details, please see the paragraph headed “Directors and Senior Management – Our Directors – Executive Directors” in this section.

金先生於一九八五年畢業於蘭州財經大學， 取得商業經濟學學士學位。彼於一九八八年 及二零零二年分別在中南財經政法大學獲得 貿易經濟學碩士學位及中國人民大學獲得產 業經濟學博士學位。

趙學梅女士，43歲，為本集團獨立非執行董 事。彼自二零零四年七月起在東北大學秦皇 島校區管理學院任教。

趙女士於二零零一年六月取得鄭州航空工業 管理學院會計學學士學位，並於二零零四年 六月取得吉林財經大學會計學碩士學位。彼 於二零一零年九月十日被北京註冊會計師協 會授予註冊會計師資格。

我們的高級管理層

高弟男先生，43歲，為創辦人、執行董事、 董事會主席及首席執行官。有關進一步詳 情，請參閱本節「董事及高級管理層－我們 的董事－執行董事」一段。

周豔女士，44 歲，為執行董事兼首席財務 官。有關進一步詳情，請參閱本節「董事及 高級管理層－我們的董事－執行董事」一段。

聶鑫先生，42 歲，為執行董事兼高級副總 裁。有關進一步詳情，請參閱本節「董事及 高級管理層－我們的董事－執行董事」一段。

30 Wanka Online Inc. Annual Report 2021

Directors and Senior Management 董事及高級管理層

Mr. ZHANG Zhen ( 張震 ) , aged 43, is our chief information officer and joined our Group in August 2014. He is primarily responsible for corporate information management and overseeing product testing of our Group. He has nearly 18 years of experience in technology industry.

Prior to joining our Group, Mr. Zhang served as a manager of wireless business department in Baidu Online Network Technology (Beijing) Co., Ltd. from December 2010 to December 2013. From December 2004 to March 2005 and from March 2006 to March 2011, he served as a technology director of wireless business department in Sohu New Era Network Information Technology Co., Ltd. (搜狐新時代網路資訊技術有限公司), a subsidiary of Sohu.com Inc., which is listed on Nasdaq (stock symbol: SOHU) and primarily engaged in providing Internet services.

Mr. Zhang obtained a bachelor degree in computer science and technology from Beijing Institute of Technology (北京理工大學) in August 2004.

COMPANY SECRETARY

Mr. CHAN Chi Keung, David ( 陳志強 ) , aged 35, is our company secretary and deputy chief financial officer of our Company, being responsible for the financial management of our Group and secretarial matters of our Company. He joined our Group and was appointed as a deputy chief financial officer in May 2018. He was appointed as the company secretary of our Company in June 2018. He has over 13 years of experience in accounting, auditing, financial management and corporate governance matters.

Prior to joining our Company, Mr. Chan was the chief financial officer, company secretary and authorised representative of Zensun Enterprises Limited from June 2016 to April 2018, a property development company listed on the Main Board of the Stock Exchange (stock code: 00185). From March 2015 to June 2016, he was a senior manager in the finance department of CITIC United Asia Investments Limited, a subsidiary of CITIC Limited (中國中信股份有限公司) which is listed on the Main Board of the Stock Exchange (stock code: 00267). Prior to that, he served in the assurance department of Ernst & Young with last position as a manager from September 2008 to March 2015.

Mr. Chan received a bachelor degree in business administration and accountancy from City University of Hong Kong in November 2008. He has been a member of the Hong Kong Institute of Certified Public Accountants since January 2014.

張震先生，43歲，為首席信息官及於二零一 四年八月加入本集團。彼主要負責本集團企 業信息管理及產品檢測監督。彼於科技行業 擁有近18年經驗。

加入本集團之前，張先生於二零一零年十二 月至二零一三年十二月擔任百度在線網路技 術（北京）有限公司無線業務部經理。於二零 零四年十二月至二零零五年三月以及於二零 零六年三月至二零一一年三月，彼擔任搜狐 公司附屬公司搜狐新時代網路資訊技術有限 公司無線業務部技術總監，而搜狐公司於納 斯達克上市（股份代號：SOHU），主要從事 提供互聯網服務。

張先生於二零零四年八月取得北京理工大學 計算機科學與技術學士學位。

公司秘書

陳志強先生，35 歲，為我們的公司秘書兼 本公司副首席財務官，負責本集團的財務管 理及本公司的秘書事務。彼於二零一八年五 月加入本集團並獲委任為副首席財務官。彼 於二零一八年六月獲委任為本公司的公司秘 書。彼於會計、審計、財務管理及企業管治 事務方面擁有逾13年經驗。

加入本公司之前，陳先生於二零一六年六月 至二零一八年四月擔任正商實業有限公司 （一家於聯交所主板上市的物業開發公司（股 份代號：00185））的首席財務官、公司秘書 及授權代表。於二零一五年三月至二零一六 年六月，彼擔任中國中信股份有限公司（於 聯交所主板上市（股份代號：00267））的附 屬公司中信裕聯投資有限公司財務部高級經 理。在此之前，彼於二零零八年九月至二零 一五年三月在安永會計師事務所鑒證部任 職，離職前的職銜為經理。

陳先生於二零零八年十一月取得香港城市大 學工商管理及會計學學士學位。彼自二零一 四年一月起為香港會計師公會會員。

二零二一年報 萬咖壹聯有限公司 31

Report of the Directors 董事會報告

The Board is pleased to present its report together with the audited consolidated financial statements of the Group for the Reporting Period.

PRINCIPAL ACTIVITIES

The Company is a technology company in the mobile Internet market, helping connect businesses from various industries to hundreds of millions of Android-based smartphone users in China. It provides Android-based content distribution services for marketers seeking mobile advertising, online-video distribution and game co-publishing services. The activities of the principal subsidiaries are set out in Note 1 to the consolidated financial statements.

RESULTS

The results of the Group for the year ended 31 December 2021 are set out in the consolidated statement of profit or loss on page 95 of this annual report.

FINAL DIVIDENDS

The Board has resolved not to recommend the payment of a final dividend for the year ended 31 December 2021 (2020: Nil).

DIVIDEND POLICY

The Board may recommend the payments of dividend on a per Share basis in respect of the Shares of the Company. In considering the payment of dividends, the Company takes various factors into account, including but not limited to the Company’s financial performance, the business conditions and strategies, the capital requirements, statutory and regulatory restrictions and any other factors which the Company may deem relevant. The declaration and payment of future dividends will depend upon, among other things, financial condition, future earnings, cash flow, liquidity level, business prospects and other relevant factors.

BUSINESS REVIEW

The business review and performance analysis of the Group for the Reporting Period is set out in the section headed “Chairman’s Statement” from pages 8 to 11 and “Management Discussion and Analysis” from pages 14 to 25 of this annual report.

董事會欣然呈列其報告連同本集團報告期經 審核綜合財務報表。

主要活動

本公司是移動互聯網市場上的一家科技公 司，幫助各行各業的企業與中國數以億計安 卓智能手機用戶建立聯繫。我們向尋求移動 廣告、網絡視頻產品分發及遊戲聯運服務的 行業客戶提供安卓內容分發服務。主要附屬 公司的業務載於綜合財務報表附註1。

業績

本集團於截至二零二一年十二月三十一日止 年度的業績載於本年報第95頁綜合損益表。

末期股息

董事會已議決不建議分派截至二零二一年 十二月三十一日止年度末期股息（二零二零 年：無）。

股息政策

董事會可建議就本公司股份按每股基準派付 股息。於考慮派付股息時，本公司會考慮多 種因素，包括但不限於本公司的財務表現、 業務狀況及策略、資金需求、法定及監管限 制以及本公司可能視為相關的任何其他因 素。宣派及派付未來股息將視乎財務狀況、 未來盈利、現金流量、流動資金水平、業務 前景及其他相關因素而定。

業務回顧

本集團報告期業務回顧及表現分析載於本年 報第8至11頁的「主席報告書」一節及第14至 25頁的「管理層討論及分析」一節。

32 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Environmental Policies and Performance

The Company attaches great importance to environmental protection and resource conservation, and continuously pays attention to the impact of its business operations on the environment. The Group is committed to maintaining the common development of economy, environment and society, and promoting awareness of environmental protection and resource conservation in its daily operations. The Group strictly follows the relevant environment protection laws and regulations of the PRC and adopts various electricity-saving and water-saving management measures, including management over air-conditioning settings in office areas and enhancing management and maintenance of water equipment, thereby improving efficiency and minimizing resource consumption. During the Reporting Period, the Company did not find any environmental-related violations.

For details of the Company’s environmental policies and performance, and the important relationship between the Company and its employees, customers and suppliers, please refer to the Environmental, Social and Governance Report of the Company for the year ended December 31, 2021 to be published on the website of the Stock Exchange ( www.hkexnews.hk) and the Company’s own website ( www.wankaonline.com) according to the Listing Rules.

Principal Risks and Uncertainties

The Group is exposed to various risks in its business operations, primarily including: (i) failure to improve and enhance the functionality, performance, reliability, design, security, and scalability of its products and services to suit its clients’ evolving needs, (ii) failure to develop and maintain successful relationships with its local channel partners, and (iii) systems disruptions, distributed denial of service attacks, or other hacking and phishing attacks on its systems and security breaches.

Effect Assessment of the COVID-19 Outbreak

The outbreak of the COVID-19 pandemic has impacted economic activities worldwide. Many countries have imposed restrictions on non-essential services and business operations, and have also implemented travel restrictions, border closures and other quarantine measures that have significantly curbed the normal movement of goods, services and people. For the financial year ended 31 December 2021, the impacts of COVID-19 have been reflected in our consolidated financial statements.

The COVID-19 pandemic may continue to impact our business operations and financial operating results, and there is uncertainty in the nature and degree of its continued effects over time. The Group will proactively manage the businesses and take the necessary actions to ensure that the long-term business prospects of the Group remain stable.

環境政策及表現

本公司高度重視環境保護及資源節約，並持 續關注其業務營運對環境的影響。本集團 致力於保持經濟、環境和社會的共同發展， 在日常運營中促進環境保護和資源節約的意 識。本集團嚴格遵守中國相關環保法律及法 規，採取多種節電和節水的管理措施，包括 對辦公區域空調設置的管理、加強用水設備 的管理和維護等，從而提高效率並將資源消 耗降至最低。於報告期內，本公司未發現任 何環境相關的違規事件。

有關本公司環境政策及表現以及本公司與 其僱員、客戶及供應商的重要關係的詳 情，請參閱根據上市規則將於聯交所網站 ( www.hkexnews.hk) 及本公司自身網站 ( www.wankaonline.com)刊載的截至二零二 一年十二月三十一日止年度本公司的環境、 社會及管治報告。

主要風險及不確定性

本集團在其業務營運中面臨的主要風險包 括：(i)未能順應客戶不斷演變的需求改善及 提升其產品及服務的功能性、性能、可靠 性、設計、安全性及可擴展性；(ii)無法成功 與當地渠道合作夥伴發展及維持關係；及(iii) 系統中斷、針對其系統的分散式阻斷服務攻 擊或其他黑客及釣魚攻擊以及安全漏洞。

新型冠狀病毒疫情爆發的影響評估

爆發新型冠狀病毒疫情對全球各地之經濟活 動造成影響。多國對非必要服務及商業活動 施加限制，同時亦實施出入境限制、封關及 其他檢疫措施。該措施嚴重限制貨物、服務 及人員之正常流動。截至二零二一年十二月 三十一日止財政年度，新型冠狀病毒之影響 已反映於我們的綜合財務報表中。

新型冠狀病毒疫情可能會繼續影響我們的業 務運營和財務運營結果，並且隨著時間的推 移，其持續影響的性質和程度均存在不確定 性。本集團將採取措施積極管理業務經營， 並採取必要措施以鞏固本集團之長遠業務前 景。

二零二一年報 萬咖壹聯有限公司 33

Report of the Directors 董事會報告

USE OF PROCEEDS

The Shares of the Company were listed on the Main Board of the Stock Exchange on 21 December 2018 by way of global offering, raising total net proceeds of approximately HK$194.7 million (equivalent to approximately RMB171.2 million) after deducting professional fees, underwriting commissions and other related listing expenses (the “IPO”).

所得款項用途

本公司股份於二零一八年十二月二十一日以 全球發售方式在聯交所主板上市，籌集所得 款項總淨額約為194.7 百萬港元（相當於約 人民幣171.2百萬元）（經扣除專業費用、包 銷佣金及其他有關上市開支）（「首次公開發 售」）。

As at 31 December 2021, the Group had utilized the proceeds as set out in the table below:

截至二零二一年十二月三十一日，本集團已 動用下表所載的所得款項：

										Expected
										timeline for
										the use of
		Net proceeds		Utilization up to		Utilization during				unutilized
		from the IPO		31 December 2021		the Reporting Period		Unutilized	proceeds	proceeds
										尚未動用
				截至二零二一年						所得款項之
		首次公開發售		十二月三十一日		於報告期				預期使用
		所得款項淨額		已動用款項		已動用款項		尚未動用所得款項		時間表
		HK$	RMB	HK$	RMB	HK$	RMB	HK$	RMB
		’million	million	’million	million	’million	million	’million	million
		百萬	人民幣	百萬	人民幣	百萬	人民幣	百萬	人民幣
		港元	百萬元	港元	百萬元	港元	百萬元	港元	百萬元
Strengthening research and	加強研發能力	58.4	51.4	58.4	51.4	11.1	10.3	–	–	–
development capabilities
Promoting the development	提升快應用程序的	58.4	51.4	48.1	42.3	9.7	8.9	10.3	9.1	2023
standard of Quick Apps	開發標準									二零二三年
Expanding service offerings and	擴大服務範圍及	29.2	25.7	29.2	25.7	6.8	6.2	–	–	–
strengthening ecosystem	加強生態系統
Expanding monetization channels	擴展貨幣化渠道及	29.2	25.7	29.2	25.7	10.0	9.0	–	–	–
and strengthening sales and	增強銷售及營銷能力
marketing capabilities
Working capital and	營運資金及一般企業用途	19.5	17.0	19.5	17.0	–	–	–	–	–
general corporate uses
Total	總計	194.7	171.2	184.4	162.1	37.6	34.4	10.3	9.1

The remaining balance of the net proceeds from the IPO was placed with banks. There has been no change in the intended use of net proceeds as previously disclosed in the Prospectus and the Group will apply the remaining net proceeds in the manner set out in the Prospectus.

首次公開發售所得款項淨額剩餘結餘已存入 銀行。招股章程先前披露的所得款項淨額預 期用途並無變動，本集團將按招股章程所載 方式應用餘下所得款項淨額。

34 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

To raise additional capital for the business operations of the Group, in January 2020, the Company issued and allotted to Xin Point Holdings Limited, a Cayman Island company listed on the Main Board of the Stock Exchange (stock code: 1571), 25,789,000 new Shares at a subscription price of HK$1.90 per Share (the “Subscription”). The Company received the net proceeds from the Subscription of approximately HK$48.9 million (equivalent to approximately RMB43.0 million) after deducting the expenses incurred in the Subscription.

為就本集團業務營運籌集額外資金，於二零 二零年一月，本公司已向信邦控股有限公司 （一間於聯交所主板上市的開曼群島公司，股 份代號：1571）發行及配發25,789,000股新 股份，認購價為每股股份1.90港元（「認購事 項」）。經扣除認購事項產生的開支後，本公 司自認購事項收取的所得款項淨額約為48.9 百萬港元（相當於約人民幣43.0百萬元）。

As at 31 December 2021, the Group had utilized the proceeds for general corporate purposes and working capital use. A breakdown of the use of proceeds is set out in the table below:

截至二零二一年十二月三十一日，本集團已 動用所得款項作一般企業用途及營運資金之 用。下表為載列所得款項用途之明細：

		Net proceeds	from	Utilization up to	Utilization up to	Utilization during	Utilization during
		the Subscription		31 December 2021		the Reporting Period		Unutilized	proceeds
				截至二零二一年
		認購事項		十二月三十一日		於報告期
		所得款項淨額		已動用款項		已動用款項		尚未動用所得款項
		HK$	RMB	HK$	RMB	HK$	RMB	HK$	RMB
		’ million	million	’ million	million	’ million	million	’ million	million
		百萬	人民幣	百萬	人民幣	百萬	人民幣	百萬	人民幣
		港元	百萬元	港元	百萬元	港元	百萬元	港元	百萬元
Repayment of bank borrowings	償還銀行借款	28.4	25.0	28.4	25.0	7.9	7.2	–	–
Payment of staff and	支付員工及董事薪酬	11.4	10.0	11.4	10.0	2.1	1.9	–	–
directors’ remuneration
Administration related expenses	行政相關開支	9.1	8.0	9.1	8.0	3.9	3.5	–	–
Total	總計	48.9	43.0	48.9	43.0	13.9	12.6	–	–

To strengthen the financial position of the Group and provide working capital to the Group, the Company completed the Placing of 135,000,000 new Shares at the placing price of HK$1.45 per Share in March 2021, and received the net proceeds from the Placing of approximately HK$189.0 million (equivalent to approximately RMB157.8 million) after deducting the expenses incurred in connection with the Placing.

為加強本集團的財務狀況並向本集團提供營 運資金，本公司於二零二一年三月完成以每 股1.45港元的配售價配售135,000,000股新 股份，並於扣除就配售事項產生的開支後收 取配售事項所得款項淨額約189.0百萬港元 （相當於約人民幣157.8百萬元）。

二零二一年報 萬咖壹聯有限公司 35

Report of the Directors 董事會報告

As at 31 December 2021, the Group had utilized the proceeds as set out in the table below:

於二零二一年十二月三十一日，本集團募集 資金使用情況如下表所示：

										Expected
										timeline for
										the use of
		Net proceeds	from	Utilization up to		Utilization during				unutilized
		the Placing		31 December 2021		the Reporting Period		Unutilized	proceeds	proceeds
										尚未動用
				截至二零二一年						所得款項之
		配售		十二月三十一日		於報告期				預期使用
		所得款項淨額		已動用款項		已動用款項		尚未動用所得款項		時間表
		HK$	RMB	HK$	RMB	HK$	RMB	HK$	RMB
		’ million	million	’ million	million	’ million	million	’ million	million
		百萬	人民幣	百萬	人民幣	百萬	人民幣	百萬	人民幣
		港元	百萬元	港元	百萬元	港元	百萬元	港元	百萬元
Further develop the Group’s	進一步發展本集團	113.4	94.7	25.9	21.6	25.9	21.6	87.5	73.1	2023
existing business lines	現有業務									二零二三年
Enhance the Group’s digital	加強本集團的數字基礎	56.7	47.3	12.8	10.7	12.8	10.7	43.9	36.6	2023
infrastructure and for research	設施，研發新互聯網及									二零二三年
and development of new	技術解決方案
internet and technological
solutions
General working capital uses	一般營運資金用途	18.9	15.8	7.5	6.3	7.5	6.3	11.4	9.5	2023
										二零二三年
Total	總計	189.0	157.8	46.2	38.6	46.2	38.6	142.8	119.2

The remaining balance of the net proceeds from the Placing was placed with banks. There has been no change in the intended use of net proceeds and the net proceeds from the Placing have been and will be applied in the manner consistent with the use of proceeds as disclosed above.

配售所得款項淨額剩餘結餘已存入銀行。所 得款項淨額預期用途並無變動，配售所得款 項淨額已經及將會以與上文所披露之所得款 項用途一致的方式使用。

36 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

MAJOR CUSTOMERS AND SUPPLIERS

For the year ended December 31, 2021, the Group’s five largest customers, which primarily include marketers seeking the Group’s services, contributed to a total of 32.9% of the Group’s total revenue and the Group’s largest customer contributed to a total of 7.9% of the Group’s total revenue.

For the year ended December 31, 2021, the Group’s five largest suppliers, which primarily include distribution channel partners, contributed to a total of 85.0% of the Group’s total cost of sales and the Group’s largest supplier contributed to a total of 26.5% of the Group’s total cost of sales.

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

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the Group during the Reporting Period are set out in Note 16 to the consolidated financial statements.

SHARE CAPITAL

Details of movements in the share capital of the Company during the Reporting Period are set out in Note 29 to the consolidated financial statements.

RESERVES

Details of movements in the reserves of the Group during the Reporting Period are set out on pages 99 to 100 in the consolidated statement of changes in equity.

主要客戶及供應商

截至二零二一年十二月三十一日止年度，本 集團五大客戶（主要為尋求本集團提供服務 的行業客戶）合共佔本集團總收益的32.9%， 而本集團最大客戶佔本集團總收益的7.9%。

截至二零二一年十二月三十一日止年度，本 集團五大供應商（主要為分發渠道的合作方） 合共佔本集團總銷售成本的85.0%，而本集 團最大供應商佔本集團總銷售成本的26.5%。

概無董事或其任何緊密聯繫人（定義見上市 規則）或任何股東（據董事所知，擁有本公司 已發行股本超過5%）於本集團五大供應商或 本集團五大客戶中擁有任何實益權益。

物業、廠房及設備

本集團於報告期的物業、廠房及設備變動詳 情載於綜合財務報表附註16。

股本

本公司於報告期的股本變動詳情載於綜合財 務報表附註29。

儲備

本集團於報告期的儲備變動詳情載於綜合權 益變動表第99至100頁。

二零二一年報 萬咖壹聯有限公司 37

Report of the Directors 董事會報告

DISTRIBUTABLE RESERVES

As of December 31, 2021, the Company’s reserves available for distribution, amounted to approximately RMB1,029.1 million (as of December 31, 2020: RMB886.5 million).

BANK LOANS AND OTHER BORROWINGS

Particulars of bank loans and other borrowings of the Group as of December 31, 2021 are set out in Note 28 to the consolidated financial statements.

LOAN AND GUARANTEE

During the year ended December 31, 2021, the Group had not made any loan or provided any guarantee for loan, directly or indirectly, to the Directors, senior management of the Company, the Controlling Shareholders or any of their respective connected persons.

DIRECTORS

The Directors during the Reporting Period and up to the date of this annual report are:

Executive Directors:

Mr. GAO Dinan (Chairman and Chief Executive Officer) Ms. ZHOU Yan Mr. NIE Xin

Non-executive Directors:

Mr. ZHENG Wei Mr. SONG Chunyu

Independent Non-executive Directors:

Mr. CHEN Baoguo

Mr. LIANG Zhanping (resigned on 16 September 2021) Mr. JIN Yongsheng (appointed on 16 September 2021) Ms. ZHAO Xuemei

In accordance with Article 84(1) of the Articles of Association, Mr. GAO Dinan, Mr. NIE Xin and Mr. CHEN Baoguo shall retire by rotation, and being eligible, have offered themselves for re-election at the AGM.

In accordance with Article 83(3) of the Articles of Association, Mr. JIN Yongsheng shall retire, and being eligible, have offered himself for re-election at the AGM.

可供分派儲備

截至二零二一年十二月三十一日，本公司可 供分派儲備約為人民幣1,029.1百萬元（截至 二零二零年十二月三十一日：人民幣886.5 百萬元）。

銀行貸款及其他借款

本集團截至二零二一年十二月三十一日的銀 行貸款及其他借款詳情載於綜合財務報表附 註28。

貸款及擔保

截至二零二一年十二月三十一日止年度，本 集團並無直接或間接向本公司董事、高級管 理層、控股股東或其各自的關連人士提供任 何貸款或作出任何貸款擔保。

董事

於報告期及直至本年報日期的董事：

執行董事：

高弟男先生（主席兼首席執行官） 周豔女士 聶鑫先生

非執行董事：

鄭煒先生 宋春雨先生

獨立非執行董事：

陳寶國先生 梁戰平先生（於二零二一年九月十六日辭任） 金永生先生 （於二零二一年九月十六日獲委任） 趙學梅女士

根據組織章程細則第84(1)條，高弟男先生、 聶鑫先生及陳寶國先生將輪席告退，惟符合 資格願意於股東週年大會上膺選連任。

根據組織章程細則第83(3)條，金永生先生將 輪席告退，惟符合資格願意於股東週年大會 上膺選連任。

38 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Details of the Directors to be re-elected at the AGM are set out in the circular to the Shareholders to be dispatched before the AGM.

DIRECTORS AND SENIOR MANAGEMENT

Biographical details of the Directors and senior management of the Company are set out on pages 26 to 31 of this annual report.

CONFIRMATION OF INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has received an annual confirmation of independence pursuant to Rule 3.13 of the Listing Rules from each of the independent non-executive Directors, and the Company considers such Directors to be independent during the Reporting Period.

DIRECTORS’ SERVICE CONTRACTS AND LETTERS OF APPOINTMENT

Each of our executive Directors, being Mr. GAO Dinan, Ms. ZHOU Yan and Mr. NIE Xin, has entered into a service contract with the Company on 3 November 2021, 3 November 2021 and 27 August 2020, respectively, for an initial term of three years commencing from 3 November 2021, 3 November 2021 and 27 August 2020, respectively.

Each of the non-executive Directors, being Mr. ZHENG Wei and Mr. SONG Chunyu, has entered into an appointment letter with the Company on 3 November 2021. The initial term for their appointment letters shall commence from 3 November 2021 and shall continue for three years, until terminated in accordance with the respective terms and conditions of the appointment letter or by either party giving to the other not less than three months’ prior notice in writing.

有關將於股東週年大會上膺選連任董事的詳 情載於股東週年大會前發出的致股東通函內。

董事及高級管理層

本公司董事及高級管理層的履歷詳情載於本 年報第26至31頁。

獨立非執行董事的獨立性確認

本公司已收到各獨立非執行董事就其獨立性 根據上市規則第3.13條發出的年度確認，並 認為有關董事於報告期均為獨立。

董事服務合約及委任書

各執行董事（即高弟男先生、周豔女士及聶 鑫先生）已分別於二零二一年十一月三日、二 零二一年十一月三日及二零二零年八月二十 七日與本公司訂立服務合約，初始任期分別 自二零二一年十一月三日、二零二一年十一 月三日及二零二零年八月二十七日起為期三 年。

各非執行董事（即鄭煒先生及宋春雨先生）已 分別於二零二一年十一月三日與本公司訂立 委任書。委任書的初始期限應分別自二零二 一年十一月三日開始並持續為期三年，直至 根據委任書各自的條款及條件或由其中一方 向另一方提前發出不少於三個月的書面通知 予以終止為止。

二零二一年報 萬咖壹聯有限公司 39

Report of the Directors 董事會報告

Each of the independent non-executive Directors, being Mr. CHEN Baoguo, Mr. JIN Yongsheng and Ms. ZHAO Xuemei, has entered into an appointment letter with the Company on 3 November 2021, 16 September 2021 and 3 November 2021, respectively. The initial term for their appointment letters shall be three years from 3 November 2021, 16 September 2021 and 3 November 2021, respectively, until terminated in accordance with the terms and conditions of the appointment letter or by either party giving to the other not less than three months’ prior notice in writing.

None of the Directors has entered into a service contract which is not determinable by the Group within one year without payment of compensation (other than statutory compensation).

CHANGES IN INFORMATION OF DIRECTORS

The change in directors’ information as required to be disclosed pursuant to Rules 13.51(2) and 13.51B(1) of the Listing Rules is set out below:

• As disclosed in the Company’s announcement dated 16 September 2021, Mr. LIANG Zhanping has tendered his resignation as an independent non-executive Director of the Company, the chairman of the Remuneration Committee, a member of Audit Committee and a member of the Nomination Committee, all with effect from 16 September 2021, in order to devote more time to his personal endeavours.

• Mr. JIN Yongsheng was appointed as an independent nonexecutive Director of the Company, the chairman of the Remuneration Committee, a member of Audit Committee and a member of the Nomination Committee, all with effect from 16 September 2021. See “Directors and Senior Management” for more information.

各獨立非執行董事（即陳寶國先生、金永生 先生及趙學梅女士）已分別於二零二一年十一 月三日、二零二一年九月十六日及二零二一 年十一月三日與本公司訂立委任書。彼等委 任書的初始期限應分別自二零二一年十一月 三日、二零二一年九月十六日及二零二一年 十一月三日起為期三年，直至根據委任書的 條款及條件或由其中一方向另一方提前發出 不少於三個月的書面通知予以終止為止。

董事概無訂立任何不可由本集團於一年內終 止而毋須支付補償（法定補償除外）的服務合 約。

董事資料變更

根據上市規則第13.51(2)及第13.51B(1)條須 予以披露的董事資料變動載列如下：

• 誠如本公司日期為二零二一年九月十六 日的公告所披露，梁戰平先生已辭任本 公司獨立非執行董事、薪酬委員會主 席、審核委員會成員及提名委員會成員 之職務，以便投放更多時間在其私人事 務上，自二零二一年九月十六日起全部 生效。

• 金永生先生獲委任本公司獨立非執行董 事、薪酬委員會主席、審核委員會成員 及提名委員會成員之職務，自二零二一 年九月十六日起全部生效。更多詳情， 請參閱「董事及高級管理層」。

40 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCE

None of the Directors had any material interest, either directly or indirectly, in any transaction, arrangement or contract of significance to the business of the Group to which the Company or any of its subsidiaries or fellow subsidiaries was a party during the Reporting Period.

MANAGEMENT CONTRACTS

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

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as otherwise disclosed in this annual report, at no time during the Reporting Period was the Company or any of its subsidiaries a party to any arrangement that would enable the directors to acquire benefits by means of acquisition of shares in, or debentures of, the Company or any other body corporate, and none of the Directors or any of their spouses or children under the age of 18 were granted any right to subscribe for the equity or debt securities of the Company or any other body corporate or had exercised any such right.

CONTRACTS WITH CONTROLLING SHAREHOLDERS

Save as disclosed in the section headed “ Related Party Transactions” in Note 36 to the consolidated financial statements contained in this annual report, no contract of significance was entered into between the Company or any of its subsidiaries and any Controlling Shareholder or any of its subsidiaries during the year ended December 31, 2021 or subsisted at the end of the year and no contract of significance for the provision of services to the Company or any of its subsidiaries by a Controlling Shareholder or any of its subsidiaries was entered into during the year ended December 31, 2021 or subsisted at the end of the year.

董事於重大交易、安排或合約的 權益

概無董事於本公司或其任何附屬公司或同系 附屬公司於報告期為訂約方，且對本集團業 務屬重大的任何交易、安排或合約中直接或 間接擁有任何重大權益。

管理合約

概無就本公司全部或任何主要部份業務的管 理及行政訂立合約或該等合約於報告期存在。

董事收購股份或債權證的權利

除本年報另行披露者外，於報告期本公司或 任何其附屬公司概無參與任何安排，使董事 得以透過收購本公司或任何其他法人團體的 股份或債權證而獲益，且概無董事或其任何 配偶或未滿18歲子女獲授可認購本公司或任 何其他法人團體的股本或債務證券的權利或 已行使任何該等權利。

控股股東合約

除本年報所載綜合財務報表附註36「關聯方 交易」一節所披露者外，於截至二零二一年十 二月三十一日止年度或年底，本公司或其任 何附屬公司概無與控股股東或其任何附屬公 司訂立重大合約，於截至二零二一年十二月 三十一日止年度或年底，本公司亦無訂立有 關由控股股東或其任何附屬公司向本公司或 其任何附屬公司提供服務的重大合約。

二零二一年報 萬咖壹聯有限公司 41

Report of the Directors 董事會報告

EMOLUMENT POLICY

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

Details of the emoluments of the Directors, and five highest paid individuals during the Reporting Period are set out in Notes 11 and 12 to the consolidated financial statements, respectively.

RETIREMENT AND EMPLOYEE BENEFITS SCHEME

The Group operates a Mandatory Provident Fund Scheme (the “MPF Scheme”) for all qualifying employees in Hong Kong under the rules and regulations of the Mandatory Provident Fund Schemes Authority. The assets of the MPF Scheme are held separately from those of the Group, in funds under the control of trustees. Contributions are made based on a percentage of the participating employees’ relevant income from the Group. When an employee leaves the MPF Scheme, the mandatory contributions are fully vested with the employee. The employees of the PRC subsidiaries are members of the state-managed retirement benefits scheme operated by the PRC government. The employees of the PRC subsidiaries are required to contribute a certain percentage of their payroll to the retirement benefits scheme to fund the benefits. The only obligation of the Group with respect to this retirement benefits scheme is to make the required contributions under the scheme. Details of the retirement and employee benefits scheme of the Group are disclosed in the section headed “Employee benefits” set out in Note 4 to the consolidated financial statements in this annual report.

薪酬政策

本公司已成立薪酬委員會，以檢討本集團薪 酬政策以及本集團董事及高級管理層全部薪 酬的結構，並計及本集團經營業績、董事及 高級管理層個人表現及可資比較市場慣例。

有關董事及於報告期五名最高薪酬人士的薪 酬詳情分別載於綜合財務報表附註11及12。

退休及僱員福利計劃

本集團根據強制性公積金計劃管理局之規則 及規例為全體香港合資格僱員提供強制性公 積金計劃（「強積金計劃」）。強積金計劃資 產與本集團資產分開持有，由受託人管理之 基金持有。按照參與僱員從本集團所得相關 收入之百分比供款。當僱員退出強積金計劃 時，強制性供款全數歸僱員所有。中國附屬 公司的僱員均為中國政府運作的國家管理退 休福利計劃成員。中國附屬公司的僱員須按 其薪酬的若干百分比向退休福利計劃供款， 以撥付福利。就此退休福利計劃而言，本集 團的唯一責任乃根據該計劃作出規定的供 款。本集團退休及僱員福利計劃詳情於本年 報綜合財務報表附註4「僱員福利」一節內披 露。

42 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITION IN SHARES, UNDERLYING SHARES AND DEBENTURES

As of December 31, 2021, the interests and short positions of the Directors and the chief executives of the Company in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which have been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have taken under such provisions of the SFO), or which were recorded in the register required to be kept pursuant to section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code as set out in Appendix 10 of the Listing Rules were as follows:

董事及最高行政人員於股份、相 關股份及債權證中的權益及淡倉

截至二零二一年十二月三十一日，本公司董 事及最高行政人員於本公司或其任何相聯法 團（定義見證券及期貨條例第XV部）的股份、 相關股份及債權證中擁有根據證券及期貨條 例第XV部第7 及第8 分部已通知本公司及聯 交所的權益及淡倉（包括根據證券及期貨條 例有關條文其被當作或視為擁有的權益及淡 倉），或已記入根據證券及期貨條例第352條 須予存置的登記冊的權益及淡倉，或根據上 市規則附錄10所載標準守則已另行通知本公 司及聯交所的權益及淡倉如下：

Interests of Directors and Chief Executives in the Company or Associated Corporation of the Company

董事及最高行政人員於本公司或本公司 相聯法團的權益

					Approximate
					Percentage of
					Shareholding
		Capacity/			in the
	Name of	Nature of	Number of	Long/short	Company(1)
Name	Corporation	Interest	Shares	position	(%)
					佔本公司股權
姓名	公司名稱	身份╱權益性質	股份數目	好倉╱淡倉	概約百分比(1)(%)
Mr. GAO Dinan(2)	The Company	Interest in controlled	468,248,800	Long position	31.52
		corporations;
		interest held jointly
高弟男先生(2)	本公司	受控法團權益；	468,248,800	好倉	31.52
		共同持有權益
Mr. ZHENG Wei(3)	The Company	Interest in controlled	468,248,800	Long position	31.52
		corporation;
		interest held jointly
鄭煒先生(3)	本公司	受控法團權益；	468,248,800	好倉	31.52
		共同持有權益
Ms. ZHOU Yan(4)	The Company	Beneficial owner	5,000,000	Long position	0.34
周豔女士(4)	本公司	實益擁有人	5,000,000	好倉	0.34
Mr. NIE Xin(5)	The Company	Beneficial owner	1,587,000	Long position	0.11
聶鑫先生(5)	本公司	實益擁有人	1,587,000	好倉	0.11

二零二一年報 萬咖壹聯有限公司 43

Report of the Directors 董事會報告

Notes:

• (1) The calculation is based on the total number of 1,485,663,350 Shares in issue as of December 31, 2021.

• (2) Mr. GAO Dinan is deemed to be interested in the entire Shares as of December 31, 2021 (i) held by Wanka Media Limited, a company wholly owned by him and is interested in 269,384,300 Shares; and (ii) held by Mr. Zheng and his wholly-owned company, Countryside Tech Inc., which is interested in 198,864,500 Shares as they are parties acting in concert.

• (3) Mr. ZHENG Wei is deemed to be interested in the entire Shares as of December 31, 2021 (i) held by Countryside Tech Inc., a company wholly owned by him and is interested in 198,864,500 Shares; and (ii) held by Mr. Gao and his wholly-owned company, Wanka Media Limited, which is interested in 269,384,300 Shares as they are parties acting in concert.

• (4) Ms. ZHOU Yan is interested in RSUs granted to her under the 2016 Share Incentive Scheme entitling her to receive 5,000,000 Shares.

• (5) Mr. NIE Xin is interested in RSUs granted to him under the 2016 Share Incentive Scheme entitling him to receive 1,587,000 Shares.

Save as disclosed above, as of December 31, 2021, none of the Directors or the chief executives of the Company had or was deemed to have any interest or short position in the Shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) that was required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have taken under such provisions of the SFO), or required to be 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) 該計算乃基於截至二零二一年十二月三十一 日已發行股份總數1,485,663,350股股份。

• (2) 高弟男先生被視為於截至二零二一年十二 月三十一日(i) Wanka Media Limited（其全 資擁有的公司，並於269,384,300股股份中 擁有權益）；及(ii)鄭先生及其全資擁有公司 Countryside Tech Inc.（於198,864,500股股 份中擁有權益）所持全部股份中擁有權益， 因為彼等乃一致行動人士。

• (3) 鄭煒先生被視為於截至二零二一年十二月三 十一日(i) Countryside Tech Inc .（其全資擁有 的公司，並於198,864,500股股份中擁有權 益）；及(ii)高先生及其全資擁有公司Wanka Media Limited（於269,384,300股股份中擁有 權益）所持全部股份中擁有權益，因為彼等 乃一致行動人士。

• (4) 周豔女士於根據二零一六年股份激勵計劃獲 授的受限制股份單位中擁有權益，賦予其權 利收取5,000,000股股份。

• (5) 聶鑫先生於根據二零一六年股份激勵計劃獲 授的受限制股份單位中擁有權益，賦予其權 利收取1,587,000股股份。

除上文披露者外，截至二零二一年十二月三 十一日，本公司董事或最高行政人員概無於 本公司或其相聯法團（定義見證券及期貨條 例第XV部）的股份、相關股份或債權證中擁 有須根據證券及期貨條例第XV部第7 及第8 分部通知本公司及聯交所的任何權益或淡倉 （包括根據證券及期貨條例有關條文其被當作 或視為擁有的權益及淡倉），或根據證券及期 貨條例第352條須記入該條所指的登記冊的 權益或淡倉，或根據標準守則須另行通知本 公司及聯交所的任何權益或淡倉。

44 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

As of December 31, 2021, to the best knowledge of the Directors, the following persons (not being a Director or chief executive of the Company) had interests or short positions in the Shares or underlying Shares which fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO:

主要股東於股份及相關股份的權 益及淡倉

截至二零二一年十二月三十一日，就董事所 知，下列人士（並非董事或本公司最高行政 人員）根據證券及期貨條例第336條規定本公 司存置的登記冊所記錄於股份或相關股份中 擁有根據證券及期貨條例第XV部第2 及第3 分部的條文須向本公司披露的權益或淡倉：

				Approximate
				Percentage of
				Shareholding in
	Capacity/Nature	Number	Long/short	the Company(1)
Name	of Interest	of Shares	position	(%)
				佔本公司股權
姓名╱名稱	身份╱權益性質	股份數目	好倉╱淡倉	概約百分比(1) (%)
Wanka Media Limited(2)	Beneficial Interest; interest held	468,248,800	Long position	31.52
	jointly with another person
Wanka Media Limited(2)	實益權益；與另一人士共同	468,248,800	好倉	31.52
	持有的權益
Mr. GAO Dinan(2)	Interest in a controlled	468,248,800	Long position	31.52
	corporation; interest
	held jointly
高弟男先生(2)	受控法團權益；共同持有權益	468,248,800	好倉	31.52
Ms. LU Haiyan(2)	Interest of spouse	468,248,800	Long position	31.52
陸海燕女士(2)	配偶權益	468,248,800	好倉	31.52
Countryside Tech Inc.(3)	Beneficial Interest; interest held	468,248,800	Long position	31.52
	jointly with another person
Countryside Tech Inc.(3)	實益權益；與另一人士共同	468,248,800	好倉	31.52
	持有的權益
Mr. ZHENG Wei(3)	Interest in a controlled	468,248,800	Long position	31.52
	corporation; interest
	held jointly
鄭煒先生(3)	受控法團權益；共同持有權益	468,248,800	好倉	31.52
Ms. FENG Chun(3)	Interest of spouse	468,248,800	Long position	31.52
馮春女士(3)	配偶權益	468,248,800	好倉	31.52

二零二一年報 萬咖壹聯有限公司 45

Report of the Directors 董事會報告

				Approximate
				Percentage of
				Shareholding in
	Capacity/Nature	Number	Long/short	the Company(1)
Name	of Interest	of Shares	position	(%)
				佔本公司股權
姓名╱名稱	身份╱權益性質	股份數目	好倉╱淡倉	概約百分比(1) (%)
Korea Investment	Interest in controlled	104,291,430	Long position	7.02
Partners Co., Ltd.(4)	corporations
Korea Investment	受控法團權益	104,291,430	好倉	7.02
Partners Co., Ltd.(4)
Korea Investment	Interest in controlled	104,291,430	Long position	7.02
Holdings Co., Ltd.(4)	corporations
Korea Investment	受控法團權益	104,291,430	好倉	7.02
Holdings Co., Ltd.(4)

Notes:

附註：

• (1) The calculation is based on the total number of 1,485,663,350 Shares in issue as of December 31, 2021.

• (1) 該計算乃基於截至二零二一年十二月三十一 日已發行股份總數1,485,663,350股股份。

• (2) Mr. GAO Dinan is deemed to be interested in the entire interests as of December 31, 2021 held by (i) Wanka Media Limited, a company wholly owned by him; and (ii) Mr. ZHENG Wei and his wholly-owned company, being Countryside Tech Inc., as they are parties acting in concert. Ms. LU Haiyan, spouse of Mr. GAO Dinan is deemed to be interested in Mr. GAO Dinan’s entire interest.

• (2) 高弟男先生被視為於截至二零二一年十二月 三十一日(i)其全資擁有的公司Wanka Media Limited；及(ii)鄭煒先生及其全資擁有的公司 Countryside Tech Inc.（因彼等為一致行動人 士）所持全部權益中擁有權益。高弟男先生 的配偶陸海燕女士被視為於高弟男先生的全 部權益中擁有權益。

• (3) Mr. ZHENG Wei is deemed to be interested in the entire interests as of December 31, 2021 (i) Countryside Tech Inc., a company wholly owned by him; and (ii) Mr. GAO Dinan and his wholly-owned company, being Wanka Media Limited, as they are parties acting in concert. Ms. FENG Chun, spouse of Mr. ZHENG Wei, is deemed to be interested in Mr. ZHENG Wei’s entire interest.

• (3) 鄭煒先生被視為於截至二零二一年十二月 三十一日(i)其全資擁有的公司Countryside Tech Inc.；及(ii)高弟男先生及其全資擁有的 公司Wanka Media Limited（因彼等為一致行 動人士）的全部權益中權益。鄭煒先生的配 偶馮春女士被視為於鄭煒先生的全部權益中 擁有權益。

• (4) The general partnership of both KIP Overseas and KIP Bright is Korea Investment Partners Co., Ltd., which is controlled by Korea Investment Holdings Co., Ltd. Therefore, Korea Investment Partners Co., Ltd. and Korea Investment Holdings Co., Ltd. is deemed to be interested in the entire interests as of December 31, 2021 held by KIP Overseas and KIP Bright, namely 98,231,500 and 6,059,930 Shares.

• (4) KIP Overseas及景誠的普通合夥為由Korea Investment Holdings Co., Ltd. 控制的Korea Investment Partners Co., Ltd.。因此，Korea Investment Partners Co., Ltd. 及 Korea Investment Holdings Co., Ltd. 被視為於截至 二零二一年十二月三十一日於KIP Overseas 及景誠持有的全部權益（即98,231,500股及 6,059,930股股份）中擁有權益。

46 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Save as disclosed above, as of December 31, 2021, the Directors were not aware of any persons (who were not Directors or chief executive of the Company) who had an interest or short position in the Shares or underlying Shares of the Company which would fall to be disclosed under Divisions 2 and 3 of Part XV of the SFO, or which would be required, pursuant to Section 336 of the SFO, to be entered in the register referred to therein.

2016 SHARE INCENTIVE SCHEME

The Company adopted its 2016 Share Incentive Scheme as approved by the Board resolution passed on January 6, 2016 and amended by the Board resolution passed on May 24, 2018. The 2016 Share Incentive Scheme is not subject to the provisions of Chapter 17 of the Listing Rules as it does not involve the grant of options by the Company to subscribe for new Shares. Certain principal terms and details of the 2016 Share Incentive Scheme are summarized as follows:

The purpose of the 2016 Share Incentive Scheme is to incentivize Directors, senior management and employees for their contribution to the Group, to attract, motivate and retain skilled and experienced personnel to strive for the future development and expansion of the Group by providing them with the opportunity to own equity interests in the Company.

Persons eligible to receive RSUs under the 2016 Share Incentive Scheme are existing employees, directors (whether executive or non-executive, but excluding independent non-executive directors) or officers of the Company or any member of the Group (the “RSU Eligible Persons”). Our Board selects the RSU Eligible Persons to receive RSUs under the 2016 Share Incentive Scheme at its discretion.

除上文所披露者外，截至二零二一年十二月 三十一日，董事並不知悉任何人士（並非董 事或本公司最高行政人員）於本公司股份或相 關股份中擁有根據證券及期貨條例第XV部第 2及第3分部須披露的權益或淡倉，或根據證 券及期貨條例第336條須記入該條所指的登 記冊的權益或淡倉。

二零一六年股份激勵計劃

本公司採納於二零一六年一月六日通過的董 事會決議批准的二零一六年股份激勵計劃， 並經董事會於二零一八年五月二十四日通過 決議案修訂。由於二零一六年股份激勵計劃 並不涉及由本公司授出以認購新股份的購股 權，故二零一六年股份激勵計劃毋須遵守上 市規則第十七章的條文。二零一六年股份激 勵計劃的若干主要條款及詳情概述如下：

二零一六年股份激勵計劃的目的為透過向董 事、高級管理層及僱員提供擁有本公司股權 的機會，獎勵彼等為本集團作出的貢獻，吸 引、激勵及挽留技術熟練與經驗豐富的人員 為本集團的未來發展及擴張而努力。

本公司或本集團任何成員公司現有僱員、董 事（不論執行或非執行董事，但不包括獨立 非執行董事）或高級職員均為合資格根據二零 一六年股份激勵計劃獲授受限制股份單位的 人士（「受限制股份單位合資格人士」）。董事 會酌情甄選可根據二零一六年股份激勵計劃 獲授受限制股份單位的受限制股份單位合資 格人士。

二零二一年報 萬咖壹聯有限公司 47

Report of the Directors 董事會報告

A RSU gives a participant in the 2016 Share Incentive Scheme (the “RSU Participant”) a conditional right when the RSU vests to obtain Shares, less any tax, stamp duty and other charges applicable, as determined by our Board in its absolute discretion. Each RSU represents one underlying Share. A RSU may include, if so specified by our Board in its 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. A RSU Participant does not have any contingent interest in any Shares underlying the RSUs unless and until such Shares are actually transferred to the RSU Participant. Further, a RSU Participant may not exercise voting rights in respect of the Shares underlying the RSUs prior to their exercise and, unless otherwise specified by our Board in its entire discretion in the RSU grant letter to the RSU Participant, nor do they have any rights to any cash or non-cash income, dividends or distributions and/or the sale proceeds of non – cash and non-scrip distributions from any Shares underlying the RSUs.

The 2016 Share Incentive Scheme will be valid and effective for a period of ten (10) years, commencing from the adoption date of the scheme, being March 31, 2016 (unless it is terminated earlier in accordance with its terms).

The Company has appointed The Core Trust Company Limited (the “RSU Trustee”) as the trustee to assist in the administration and vesting of the 2016 Share Incentive Scheme. The Company may (i) allot and issue Shares to the RSU Trustee to be held by the RSU Trustee and which will be used to satisfy the Shares underlying the RSUs upon exercise and/or (ii) direct and procure the RSU Trustee to receive existing Shares from any Shareholder or purchase existing Shares (either on-market or off-market) to satisfy the Shares underlying the RSUs upon exercise. The Company shall procure that sufficient funds are provided to the RSU Trustee by whatever means as our Board may in its absolute discretion determine to enable the RSU Trustee to satisfy its obligations in connection with the administration of the 2016 Share Incentive Scheme. All the Shares underlying the RSUs granted and to be granted under the 2016 Share Incentive Scheme will be transferred, allotted or issued to the RSU Trustee.

受限制股份單位賦予二零一六年股份激勵計 劃的參與者（「受限制股份單位參與者」）有條 件權利，可於受限制股份單位歸屬時獲配發 股份，扣減任何稅款、印花稅及其他適用費 用（由董事會全權酌情決定）。一個受限制股 份單位相當於一股相關股份。受限制股份單 位（由董事會全權酌情決定）可包括該等股份 相關的現金及非現金收入、股息或分派及╱ 或出售非現金及非實物分派所得款項。受限 制股份單位參與者並無任何受限制股份單位 的相關股份的附帶權益，除非及直至該等股 份實際轉讓予受限制股份單位參與者為止。 此外，受限制股份單位參與者不得於行使 前就其受限制股份單位的相關股份行使投票 權，除非董事會全權酌情決定而在致受限制 股份單位參與者的受限制股份單位授予函中 指明，亦無任何權利就受限制股份單位的任 何相關股份獲得任何現金或非現金收入、股 息或分派及╱或出售非現金及非實物分派的 所得款項。

除非根據本身條款提前終止，否則二零一六 年股份激勵計劃將自計劃採納日期（即二零 一六年三月三十一日）起計十(10)年期間有 效。

本公司已委聘匯聚信託有限公司（「受限制股 份單位受託人」）為受託人以協助管理及歸屬 二零一六年股份激勵計劃。本公司可(i)向受 限制股份單位受託人配發及發行其將持有的 股份，該等股份將於行使後用作履行受限制 股份單位相關股份及╱或(ii)指示並促使受限 制股份單位受託人自任何股東接收現有股份 或購買現有股份（不論是在場內或場外）以履 行行使後的受限制股份單位相關股份。本公 司須促使以董事會全權酌情釐定的任何方式 向受限制股份單位受託人提供足夠的資金以 讓受限制股份單位受託人履行其有關二零一 六年股份激勵計劃的管理責任。根據二零一 六年股份激勵計劃獲授出或將予授出的受限 制股份單位相關的所有股份均會轉讓、配發 或發行予受限制股份單位受託人。

48 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Our Board can determine the vesting criteria, conditions and the time schedule when the RSUs will vest and such criteria, conditions and time schedule shall be stated in the RSU grant letter. Within a reasonable time after the vesting criteria, conditions and time schedule have been reached, fulfilled, satisfied or waived, our Board will send a vesting notice (the “Vesting Notice”) to each of the relevant RSU Participants. The Vesting Notice will confirm the extent to which the vesting criteria, conditions and time schedule have been reached, fulfilled, satisfied or waived, and the number of Shares (and, if applicable, the cash or non-cash income, dividends or distributions and/or the sale proceeds of non-cash and non-scrip distributions in respect of those Shares) involved.

The maximum number of RSUs that may be granted under the 2016 Share Incentive Scheme in aggregate (excluding RSUs that have lapsed or been canceled in accordance with the rules of the 2016 Share Incentive Scheme) shall be such number of Shares held or to be held by the RSU Trustee for the purpose of the 2016 Share Incentive Scheme from time to time. The Company has allotted and issued to the nominee of the RSU Trustee 62,500,000 ordinary shares underlying all the grants under the 2016 Share Incentive Scheme, representing 4.21% of the number of Shares in issue as at December 31, 2021 (without taking into account of any Share which may be issued pursuant to the exercise of any RSU that may be granted under the 2019 Share Incentive Scheme and the exercise of any option that may be granted under the Post-IPO Share Option Scheme).

董事會可決定受限制股份單位的歸屬標準、 條件及時間表，而該標準、條件及時間表須 載於受限制股份單位授予函。在歸屬標準、 條件及時間表已獲達成、履行、達致或獲豁 免後的一段合理時間內，董事會將向各有關 受限制股份單位參與者發出歸屬通知（「歸屬 通知」）。歸屬通知將確認達成、履行、達致 或獲豁免的歸屬標準、條件及時間表的程度 以及所涉及股份數目（及（倘適用）該等股份 相關的現金或非現金收入、股息或分派及╱ 或出售非現金及非實物分派的所得款項）。

可根據二零一六年股份激勵計劃予以授出的 受限制股份單位數目上限總數（不包括根據 二零一六年股份激勵計劃規則已失效或註銷 的受限制股份單位）須為受限制股份單位受託 人就二零一六年股份激勵計劃不時持有或將 持有的股份數目。本公司已根據二零一六年 股份激勵計劃向受限制股份單位受託人代名 人配發及發行所有授予相關的62,500,000股 普通股，相當於截至二零二一年十二月三十 一日已發行股份數目的4.21%（並無計及根據 二零一九年股份激勵計劃而可能授出的任何 受限制股份單位獲行使而可能發行的任何股 份及根據首次公開發售後購股權計劃而可能 授出的任何購股權獲行使而可能發行的任何 股份）。

二零二一年報 萬咖壹聯有限公司 49

Report of the Directors 董事會報告

As of December 31, 2021, we had granted RSUs representing 62,500,000 Shares to 76 grantees under the 2016 Share Incentive Scheme, including the following senior management and other current or former key employees of the Company, including RSUs granted and vested pursuant to the 2016 Share Incentive Scheme to our Director and senior management as set out below:

截至二零二一年十二月三十一日，我們根據 二零一六年股份激勵計劃向76名承授人授出 代表62,500,000股股份的受限制股份單位， 包括本公司的下列高級管理人員及其他現任 或卸任主要僱員，包括根據二零一六年股份 激勵計劃向董事及高級管理人員授出並歸屬 的受限制股份單位載列如下：

			Number	Number	Number
		Number of	of Shares	of Shares	of Shares	Number
		Shares	underlying	underlying	underlying	of Shares
		underlying	the exercised	the cancelled	the lapsed	underlying
		the RSUs	RSUs during	RSUs during	RSUs during	the RSUs as at		Exercise
Name of Director/	Date of	as at	the Reporting	the Reporting	the Reporting	December 31,	Vesting	Price
Senior Management	Grant	January 1, 2021	Period	Period	Period	2021	Period	(US$)
		截至二零二一年	報告期內			截至二零二一年
		一月一日	已行使	報告期內	報告期內	十二月三十一日
		的受限制股份	受限制股份	已註銷的	已失效的	的受限制股份
		單位相關	單位相關的	受限制股份單位	受限制股份單位	單位相關		行使價
董事╱高級管理人員姓名	授出日期	股份數目	股份數目	相關股份數目	相關股份數目	股份數目	歸屬期	（美元）
Ms. ZHOU Yan	30 June 2017	5,000,000 Shares	–	–	–	5,000,000 Shares	21 December 2018	0.0000002
周豔女士	二零一七年	5,000,000股股份	–	–	–	5,000,000股股份	二零一八年	0.0000002
	六月三十日						十二月二十一日
Mr. GENG Xuefeng	22 June 2018	325,958 Shares	–	–	–	325,958 Shares	2019-2022	0.0000002
耿學鋒先生	二零一八年	325,958股股份	–	–	–	325,958股股份	二零一九年至	0.0000002
	六月二十二日						二零二二年
Mr. NIE Xin	22 March 2019	1,587,000 Shares	–	–	–	1,587,000 Shares	22 March 2020	0.0000002
聶鑫先生	二零一九年	1,587,000股股份	–	–	–	1,587,000股股份	二零二零年	0.0000002
	三月二十二日						三月二十二日

50 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Movements in the number of RSUs outstanding are as follows:

尚未行使的受限制股份單位數目變動如下：

	Number of RSUs
	受限制股份單位數目
Outstanding balance as of January 1, 2021	24,523,473
截至二零二一年一月一日的尚未行使結餘	24,523,473
Granted	5,994,597
已授出	5,994,597
Forfeited	(5,993,837)
已沒收	(5,993,837)
Exercised	–
已行使	–
Outstanding balance as of December 31, 2021	24,524,233
截至二零二一年十二月三十一日的尚未行使結餘	24,524,233

POST-IPO SHARE OPTION SCHEME

On November 3, 2018, the Company adopted the Post-IPO Share Option Scheme, which falls within the ambit of, and is subject to, the regulations under Chapter 17 of the Listing Rules.

首次公開發售後購股權計劃

於二零一八年十一月三日，本公司採納首次 公開發售後購股權計劃，該計劃屬於上市規 則第17章的規定範圍並受其規管。

The purpose of the Post-IPO Share Option Scheme is to attract, retain and motivate employees, Directors and other participants, and to provide a means of compensating them through the grant of options for their contribution to the growth and profits of the Group, and to allow such employees, Directors and other persons to participate in the growth and profitability of the Group.

首次公開發售後購股權計劃旨在吸引、挽留 及激勵僱員、董事及其他參與者，並透過授 出購股權酬謝彼等對本集團增長及溢利所作 出的貢獻，並允許該等僱員、董事及其他人 士分享本集團的增長及盈利。

The Shares which may be issued upon exercise of all options to be granted under the Post-IPO Share Option Scheme and other share option schemes of our Company (and to which the provisions of the Listing Rules are applicable) shall not exceed 127,321,635 Shares (i.e. 10% of the aggregate of the Shares in issue on the Listing Date (“Scheme Mandate Limit”). Options lapsed in accordance with the terms of the Share Option Scheme shall not be counted for the purpose of calculating this Scheme Mandate Limit.

因根據本公司首次公開發售後購股權計劃及 其他購股權計劃（及上市規則條文適用者） 將予授出的所有購股權獲行使而可能發行的 股份不得超過127,321,635 股股份（即上市 日期已發行股份總數的10%）（「計劃授權上 限」）。在計算該計劃授權上限時，根據購股 權計劃條款失效的購股權不會計算在內。

The total number of Shares issued and to be issued upon the exercise of the options granted to or to be granted to each eligible person under the Share Option Scheme (including exercised, cancelled and outstanding options) in any 12-month period shall not exceed 1% of the Shares in issue.

於任何十二個月期間，根據購股權計劃授予 或即將授予各合資格人士的購股權（包括已 獲行使、已註銷及未獲行使的購股權）獲行使 而發行及將予發行的股份總數不得超過已發 行股份的1%。

二零二一年報 萬咖壹聯有限公司 51

Report of the Directors 董事會報告

The Share Option Scheme will remain in force for a period of 10 years from November 3, 2018 and the options granted have a 10year exercise period. Options may be vested over such period(s) as determined by the Board in its absolute discretion subject to compliance with the requirements under any applicable laws, regulations or rules.

The exercise price of the option shall be such price as determined by the Board in its absolute discretion at the time of the grant of the relevant option (and shall be stated in the letter containing the offer of the grant of the option), but in any case the subscription price shall not be less than the higher of (a) the closing price of the Shares as stated in the daily quotation sheet of the Stock Exchange on the date of grant, which must be a business day, (b) the average closing price of the Shares as stated in the daily quotation sheets of the Stock Exchange for the five (5) business days immediately preceding the date of grant, and (c) the nominal value of a Share.

No share options have been granted or agreed to be granted under the Share Option Scheme during the year ended December 31, 2021.

2019 SHARE INCENTIVE SCHEME

The Company adopted its 2019 Share Incentive Scheme as approved by the Board resolution passed on August 29, 2019. The 2019 Share Incentive Scheme is not subject to the provisions of Chapter 17 of the Listing Rules as it does not involve the grant of options by the Company to subscribe for new Shares. Certain principal terms and details of the 2019 Share Incentive Scheme are summarized as follows:

The purpose of the 2019 Share Incentive Scheme is to incentivize Directors, senior management and employees for their contribution to the Group, to attract, motivate and retain skilled and experienced personnel to strive for the future development and expansion of the Group by providing them with the opportunity to own equity interests in the Company.

Persons eligible to receive RSUs under the 2019 Share Incentive Scheme include existing employees, Directors (whether executive or non-executive, but excluding independent non-executive directors) or officers of the Company or any member of the Group (the “2019 RSU Eligible Persons”). Our Board selects the 2019 RSU Eligible Persons to receive RSUs under the 2019 Share Incentive Scheme at its discretion.

購股權計劃將於二零一八年十一月三日起維 持十年有效期，而已授出的購股權期限為十 年。購股權可於董事會全權酌情釐定的期間 歸屬，惟須遵守任何適用法律、規例或法規 的規定。

購股權行使價須為由董事會於授出有關購股 權當時全權酌情釐定的有關價格（且應列入 載有授出購股權要約的函件內），惟認購價無 論如何不得低於以下各項的最高者：(a)股份 於授出日期在聯交所每日報價表所列的收市 價，而該日須為營業日，(b)緊接授出日期前 五(5)個營業日，股份於聯交所每日報價表所 列的平均收市價，及(c)股份面值。

截至二零二一年十二月三十一日止年度，概 無根據購股權計劃授出或同意授出購股權。

二零一九年股份激勵計劃

本公司採納於二零一九年八月二十九日通過 的董事會決議案批准的二零一九年股份激勵 計劃。由於二零一九年股份激勵計劃並不涉 及由本公司授出以認購新股份的購股權，故 二零一九年股份激勵計劃毋須遵守上市規則 第十七章的條文。二零一九年股份激勵計劃 的若干主要條款及詳情概述如下：

二零一九年股份激勵計劃的目的為透過向董 事、高級管理層及僱員提供擁有本公司股權 的機會，獎勵彼等為本集團作出的貢獻，吸 引、激勵及挽留技術熟練與經驗豐富的人員 為本集團的未來發展及擴張而努力。

本公司或本集團任何成員公司現有僱員、董 事（不論執行或非執行董事，但不包括獨立 非執行董事）或高級職員均為合資格根據二零 一九年股份激勵計劃獲授受限制股份單位的 人士（「二零一九年受限制股份單位合資格人 士」）。董事會酌情甄選可根據二零一九年股 份激勵計劃獲授受限制股份單位的二零一九 年受限制股份單位合資格人士。

52 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

A RSU gives a participant in the 2019 Share Incentive Scheme (the “2019 RSU Participant”) a conditional right when the RSU vests to obtain Shares, less any tax, stamp duty and other charges applicable, as determined by our Board in its absolute discretion. Each RSU represents one underlying Share. A RSU may include, if so specified by our Board in its entire discretion, cash and noncash income, dividends or distributions and/or the sale proceeds of non-cash and non-scrip distributions in respect of those Shares. A 2019 RSU Participant does not have any contingent interest in any Shares underlying the RSUs unless and until such Shares are actually transferred to the 2019 RSU Participant. Further, a 2019 RSU Participant may not exercise voting rights in respect of the Shares underlying the RSUs prior to their exercise and, unless otherwise specified by our Board in its entire discretion in the RSU grant letter to the 2019 RSU Participant, nor do they have any rights to any cash or non-cash income, dividends or distributions and/or the sale proceeds of non-cash and non-scrip distributions from any Shares underlying the RSUs.

The 2019 Share Incentive Scheme will be valid and effective for a period of ten (10) years, commencing from the adoption date of the scheme, being August 29, 2019 (unless it is terminated earlier in accordance with its terms).

The Company has appointed The Core Trust Company Limited (the “2019 RSU Trustee”) as the trustee to assist in the administration and vesting of the 2019 Share Incentive Scheme. The Company may (i) allot and issue new Shares to the 2019 RSU Trustee which will hold such Shares to satisfy the Shares underlying the RSUs upon exercise and/or (ii) direct and procure the 2019 RSU Trustee to receive existing Shares from any Shareholder or purchase existing Shares (either on-market or off-market) to satisfy the Shares underlying the RSUs upon exercise. The Company shall procure that sufficient funds are provided to the 2019 RSU Trustee by whatever means as our Board may in its absolute discretion determine to enable the 2019 RSU Trustee to satisfy its obligations in connection with the administration of the 2019 Share Incentive Scheme. All the Shares underlying the RSUs granted and to be granted under the 2019 Share Incentive Scheme will be transferred, allotted or issued to the 2019 RSU Trustee.

受限制股份單位賦予二零一九年股份激勵計 劃的參與者（「二零一九年受限制股份單位參 與者」）有條件權利，可於受限制股份單位歸 屬時獲配發股份，扣減任何稅款、印花稅及 其他適用費用（由董事會全權酌情決定）。一 個受限制股份單位相當於一股相關股份。受 限制股份單位（由董事會全權酌情決定）可包 括該等股份相關的現金及非現金收入、股息 或分派及╱或出售非現金及非實物分派所得 款項。二零一九年受限制股份單位參與者並 無任何受限制股份單位的相關股份的附帶權 益，除非及直至該等股份實際轉讓予二零一 九年受限制股份單位參與者為止。此外，二 零一九年受限制股份單位參與者不得於行使 前就其受限制股份單位的相關股份行使投票 權，除非董事會全權酌情決定而在致二零一 九年受限制股份單位參與者的受限制股份單 位授予函中指明，亦無任何權利就受限制股 份單位的任何相關股份獲得任何現金或非現 金收入、股息或分派及╱或出售非現金及非 實物分派的所得款項。

除非根據本身條款提前終止，否則二零一九 年股份激勵計劃將自計劃採納日期（即二零 一九年八月二十九日）起計十(10)年期間有 效。

本公司已委聘匯聚信託有限公司（「二零一 九年受限制股份單位受託人」）為受託人以協 助管理及歸屬二零一九年股份激勵計劃。本 公司可(i)向二零一九年受限制股份單位受託 人配發及發行其將持有的股份，該等股份將 於行使後用作履行受限制股份單位相關股份 及╱或(ii)指示並促使二零一九年受限制股份 單位受託人自任何股東接收現有股份或購買 現有股份（不論是在場內或場外）以履行行使 後的受限制股份單位相關股份。本公司須促 使以董事會全權酌情釐定的任何方式向二零 一九年受限制股份單位受託人提供足夠的資 金以讓二零一九年受限制股份單位受託人履 行其有關二零一九年股份激勵計劃的管理責 任。根據二零一九年股份激勵計劃獲授出或 將予授出的受限制股份單位相關的所有股份 均會轉讓、配發或發行予二零一九年受限制 股份單位受託人。

二零二一年報 萬咖壹聯有限公司 53

Report of the Directors 董事會報告

Our Board can determine the vesting criteria, conditions and the time schedule when the RSUs will vest and such criteria, conditions and time schedule shall be stated in the RSU grant letter. Within a reasonable time after the vesting criteria, conditions and time schedule have been reached, fulfilled, satisfied or waived, our Board will send a vesting notice (the “2019 Vesting Notice”) to each of the relevant 2019 RSU Participants. The 2019 Vesting Notice will confirm the extent to which the vesting criteria, conditions and time schedule have been reached, fulfilled, satisfied or waived, and the number of Shares (and, if applicable, the cash or non-cash income, dividends or distributions and/or the sale proceeds of non-cash and non-scrip distributions in respect of those Shares) involved.

董事會可決定受限制股份單位的歸屬標準、 條件及時間表，而該標準、條件及時間表須 載於受限制股份單位授予函。在歸屬標準、 條件及時間表已獲達成、履行、達致或獲豁 免後的一段合理時間內，董事會將向各有關 二零一九年受限制股份單位參與者發出歸屬 通知（「二零一九年歸屬通知」）。二零一九年 歸屬通知將確認達成、履行、達致或獲豁免 的歸屬標準、條件及時間表的程度以及所涉 及股份數目（及（倘適用）該等股份相關的現 金或非現金收入、股息或分派及╱或出售非 現金及非實物分派的所得款項）。

The maximum number of RSUs that may be granted under the 2019 Share Incentive Scheme in aggregate (excluding RSUs that have lapsed or been canceled in accordance with the rules of the 2019 Share Incentive Scheme) shall be such number of Shares held or to be held by the 2019 RSU Trustee for the purpose of the 2019 Share Incentive Scheme from time to time. Unless the Board otherwise decides, the total number of all Shares held by the 2019 RSU Trustee under the 2019 Share Incentive Scheme must at all times be not more than 15% of the number of issued Shares from time to time.

可根據二零一九年股份激勵計劃予以授出的 受限制股份單位數目上限總數（不包括根據 二零一九年股份激勵計劃規則已失效或註銷 的受限制股份單位）須為二零一九年受限制股 份單位受託人就二零一九年股份激勵計劃不 時持有或將持有的股份數目。除董事會另行 決定外，二零一九年受限制股份單位受託人 根據二零一九年股份激勵計劃持有的所有股 份總數於任何時候均不得高於不時已發行股 份數目的15%。

As of December 31, 2021, we had granted RSUs representing 51,658,000 Shares to 37 grantees under the 2019 Share Incentive Scheme, and none of them is the director or senior management of the Company.

截至二零二一年十二月三十一日，我們根據 二零一九年股份激勵計劃向37名承授人授出 代表51,658,000股股份的受限制股份單位， 彼等均非本公司的董事或高級管理人員。

Movements in the number of RSUs outstanding are as follows:

尚未行使的受限制股份單位數目變動如下：

	Number of RSUs
	受限制股份單位數目
Outstanding balance as of January 1, 2021	21,013,000
截至二零二一年一月一日的尚未行使結餘	21,013,000
Granted	30,645,000
已授出	30,645,000
Forfeited	(276,000)
已沒收	(276,000)
Exercised	(18,214,000)
已行使	(18,214,000)
Outstanding balance as of December 31, 2021	33,168,000
截至二零二一年十二月三十一日的尚未行使結餘	33,168,000

54 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

EQUITY-LINKED AGREEMENTS

Other than the share incentive plans as described above, no equitylinked agreements that will or may result in the Company issuing shares, or that require the Company to enter into any agreements that will or may result in the Company issuing shares, were entered into by the Company during the year ended December 31, 2021 or subsisted at the end of the year of 2021.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities during the Reporting Period.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Articles of Association or the laws of the Cayman Islands that would oblige the Company to offer new shares on a pro rata basis to existing Shareholders.

DIRECTORS’ INTEREST IN COMPETING BUSINESS

None of the Directors had engaged in or had any interest in any business which competes or is likely to compete, either directly or indirectly, with the businesses of the Group during the Reporting Period.

CONTINUING DISCLOSURE OBLIGATIONS PURSUANT TO THE LISTING RULES

The Company does not have any other disclosure obligations under Rules 13.20, 13.21 and 13.22 of the Listing Rules.

CONNECTED TRANSACTIONS AND CONTINUING CONNECTED TRANSACTIONS

No related party transactions disclosed in Note 36 to the consolidated financial statements constituted as a connected transaction or continuing connected transaction which should be disclosed pursuant to the Listing Rules.

Save as disclosed below in this annual report, during the year ended December 31, 2021, the Company had no connected transactions or continuing connected transactions which fell to be disclosed in accordance with the provisions under Chapter 14A of the Listing Rules in relation to the disclosure of connected transactions and continuing connected transactions.

股票掛鈎協議

除上文所述股份激勵計劃外，本公司於截至 二零二一年十二月三十一日止年度並無訂 立，亦無於二零二一年年底時存在任何股票 掛鈎協議，將會或可能致使本公司發行股 份，或要求本公司訂立任何將會或可能致使 本公司發行股份的協議。

購買、出售或贖回本公司的上市 證券

於報告期內，本公司或其任何附屬公司概無 購買、出售或贖回本公司的任何上市證券。

優先購買權

組織章程細則或開曼群島法例均無優先購買 權的條文，規定本公司須向現有股東按比例 發售新股。

董事於競爭業務的權益

於報告期內，概無董事直接或間接從事任何 與本集團業務發生競爭或可能發生競爭的業 務或於該等業務中擁有任何權益。

根據上市規則之持續披露責任

根據上市規則第13.20、13.21及13.22條， 本公司並無任何其他披露責任。

關連交易及持續關連交易

綜合財務報表附註36所披露的關聯方交易概 無構成根據上市規則須予披露的關連交易或 持續關連交易。

除本年報下文所披露者外，於截至二零二一 年十二月三十一日止年度，本公司並無根據 上市規則第14A章有關披露關連交易及持續 關連交易的條文而須披露的關連交易或持續 關連交易。

二零二一年報 萬咖壹聯有限公司 55

Report of the Directors 董事會報告

Contractual Arrangements

Our Group has entered (1) the Huanju Times Contractual Arrangements with the WFOE, Huanju Times and Huanju Times Registered Shareholders, and (2) the ChiLe Contractual Arrangements with the WFOE, Shanghai ChiLe and ChiLe Registered Shareholders, to enable us to, among others, (1) receive substantially all of the economic benefits from Huanju Times and Shanghai ChiLe in consideration for the services provided by our Company thereto; (2) exercise effective control over the Consolidated Affiliated Entities; and (3) hold an exclusive option to purchase all or part of the equity interests in Huanju Times and Shanghai ChiLe when and to the extent permitted by PRC laws. Accordingly, through the Contractual Arrangements, our Consolidated Affiliated Entities’ results of operations, assets and liabilities, and cash flows are consolidated into our Company’s financial statements.

合約安排

本集團已(1)與外商獨資企業、歡聚時代及歡 聚時代註冊股東訂立歡聚時代合約安排，及 (2)與外商獨資企業、上海池樂及池樂註冊股 東訂立池樂合約安排，以使我們（其中包括） (1)以本公司就此提供的服務代價從歡聚時代 及上海池樂中取得絕大部份經濟利益；(2)對 合併聯屬實體行使有效控制權；及(3)持有獨 家選擇權，以於中國法律許可的情況下購買 歡聚時代及上海池樂的全部或部份股權。因 此，透過合約安排，我們的合併聯屬實體的 經營業績、資產及負債及現金流量將併入本 公司的財務報表。

The following simplified diagram illustrates the flow of economic benefits from our Consolidated Affiliated Entities to our Group stipulated under the Contractual Arrangements:

以下簡化圖說明合約安排規定的經濟利益從 我們的合併聯屬實體流向本集團的情況：

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56

Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Beneficial ownership in equity interests

Beneficial ownership through contractual arrangements

• (1) Control of WFOE over the Registered Shareholders through (i) Exclusive Option Agreements, (ii) Equity Pledge Agreements, and (iii) Voting Rights Proxy Agreements and Powers of Attorneys.

• (2) Control of WFOE over the business of Consolidated Affiliated Entities through Exclusive Business Cooperation Agreements.

• (3) The ChiLe Registered Shareholders refer to the registered shareholders of Shanghai ChiLe. Shanghai ChiLe is owned as to 51% by Mr. Gao and 49% by Beijing JinChi, which in turn is owned as to 38.5% by Mr. HUA Xinjiang (華新江), 56% by Tibet Jiukun Investment Consulting Co., Ltd. (西藏九坤投資諮詢有限公司) and 5.5% by Shanghai Jiazhuo Investment Limited Partnership (上海嘉茁投資合夥企業(有限合夥)). Both Tibet Jiukun Investment Consulting Co., Ltd. and Shanghai Jiazhuo Investment Limited Partnership are controlled by Mr. HUA Xinjiang.

• (4) The Huanju Times Registered Shareholders refer to the registered shareholders of Huanju Times. Huanju Times is owned as to 72% by Mr. Gao and 28% by Mr. Zheng.

A brief description of each of the specific agreements that comprise the Contractual Arrangements is set out as follows:

• (a) Exclusive Business Cooperation Agreements Pursuant to (1) the exclusive business cooperation agreement dated June 15, 2018 between Huanju Times and the WFOE and (2) the exclusive business cooperation agreement dated June 15, 2018 between Shanghai ChiLe and the WFOE (collectively the “Exclusive Business Cooperation Agreements”), the WFOE agreed to be engaged as the exclusive provider to Huanju Times Consolidated Affiliated Entities and Shanghai ChiLe Consolidated Affiliated Entities of comprehensive technical support, business support and relevant consultation services for annual service fees, including but not limited to the following services in respect of the Relevant Businesses: providing business management consultation; providing marketing and promotional services; providing system integration and maintenance services; providing financial support; and providing equipment and properties transfer, leasing and disposal services.

股權的實益擁有權

通過合約安排的實益擁有權

• (1) 外商獨資企業通過(i)獨家選擇權協議、(ii)股 權質押協議及(iii)投票權委託協議及委託書對 註冊股東的控制。

• (2) 外商獨資企業通過獨家業務合作協議對合併 聯屬實體業務的控制。

• (3) 池樂註冊股東是指上海池樂的註冊股東。上 海池樂由高先生擁有51%股權，並由北京金 池擁有49%股權，北京金池則由華新江先生 擁有38.5%股權、由西藏九坤投資諮詢有限 公司擁有56%股權及上海嘉茁投資合夥企業

• （有限合夥）擁有5.5%股權。西藏九坤投資 諮詢有限公司及上海嘉茁投資合夥企業（有 限合夥）均由華新江先生控制。

• (4) 歡聚時代註冊股東是指歡聚時代的註冊股 東。歡聚時代由高先生擁有72%股權，由鄭 先生擁有28%股權。

組成合約安排的各項特定協議的簡單描述如 下：

(a) 獨家業務合作協議

• 根據(1)歡聚時代與外商獨資企業訂立 的日期為二零一八年六月十五日的獨家 業務合作協議以及(2)上海池樂與外商 獨資企業訂立的日期為二零一八年六月 十五日的獨家業務合作協議（統稱「獨 家業務合作協議」），外商獨資企業同意 按年度服務費受聘為歡聚時代合併聯屬 實體及上海池樂合併聯屬實體的綜合技 術支持、業務支持及相關諮詢服務的獨 家提供商，包括但不限於與相關業務有 關的下列服務：提供業務管理諮詢；提 供營銷及推廣服務；提供系統整合及維 護服務；提供金融支持；及提供設備及 物業轉讓、租賃及出售服務。

二零二一年報 萬咖壹聯有限公司 57

Report of the Directors 董事會報告

Under Exclusive Business Cooperation Agreements, the service fee shall be of reasonable prices in accordance with nature of the services and shall consist of 100% of the total consolidated profit of the Consolidated Affiliated Entities, after deduction of any accumulated deficit in respect of the preceding financial year(s), operating costs, expenses, taxes and other statutory contributions. Notwithstanding the foregoing, the WFOE may adjust the scope and amount of service fees according to, among others, scope and nature of services and relevant market prices. The service fees shall be paid on an annual basis and in accordance with the payment instructions of the WFOE. Notwithstanding the payment arrangements in Exclusive Business Cooperation Agreements, the WFOE also has the right to adjust the payment time and payment method. Huanju Times and Shanghai ChiLe agree to accept any of such adjustment.

The Exclusive Business Cooperation Agreements have an initial term of ten years commencing from their respective effective date, namely March 1, 2016 and March 9, 2018, and will be automatically renewed for additional ten years. The WFOE also has the right to renew the term at its will and Huanju Times and Shanghai ChiLe shall agree to any such renewal. The Exclusive Business Cooperation Agreements shall not be terminated unless (a) in writing by the WFOE; or (b) term of such agreement is expired.

(b) Exclusive Option Agreements

Pursuant to (1) the exclusive option agreement dated June 15, 2018 entered into among the WFOE, Huanju Times and Huanju Times Registered Shareholders and (2) the exclusive option agreement dated June 15, 2018 entered into among the WFOE, Shanghai ChiLe and the Shanghai ChiLe Registered Shareholders (collectively the “Exclusive Option Agreements”), the WFOE has the right to require the Huanju Times Registered Shareholders or ChiLe Registered Shareholders to transfer any or all their equity interests in Huanju Times or Shanghai ChiLe to the WFOE and/or a third party designated by it, in whole or in part at any time and from time to time, for considerations equivalent to the minimum purchase price permitted under the PRC laws. The Huanju Times Registered Shareholders and ChiLe Registered Shareholders have also undertaken that, subject to the relevant PRC laws and regulations, they will return to the WFOE any consideration that they receive in the event WFOE exercises the options under the Exclusive Option Agreements in such way required by the WFOE to acquire the equity interests and/or assets in Huanju Times or Shanghai ChiLe.

根據獨家業務合作協議，服務費應根據 服務性質設定為合理價格，並應包括 扣除過往財政年度的任何累計虧絀、 營運成本、開支、稅項及其他法定供 款之後的合併聯屬實體綜合利潤總額 的100%。儘管存在上文所述，外商獨 資企業可能根據（其中包括）服務的範 圍及性質及相關市場價格調整服務費的 範圍及金額。服務費應按年支付並遵守 外商獨資企業的付款指示。儘管獨家業 務合作協議載有付款安排，外商獨資企 業亦有權調整付款時間及付款方式。歡 聚時代及上海池樂同意接受任何有關調 整。

獨家業務合作協議的初步期限為自其各 自的生效日期（即二零一六年三月一日 及二零一八年三月九日）起計十年，並 自動另外重續十年。外商獨資企業有權 依願重續期限，歡聚時代及上海池樂應 同意任何有關重續。除非(a)外商獨資 企業以書面方式同意；或(b)協議期限 屆滿，否則獨家業務合作協議不得被終 止。

(b) 獨家選擇權協議

根據(1)外商獨資企業、歡聚時代與歡 聚時代註冊股東訂立的日期為二零一八 年六月十五日的獨家選擇權協議以及 (2)外商獨資企業、上海池樂與上海池 樂註冊股東訂立的日期為二零一八年六 月十五日的獨家選擇權協議（統稱「獨 家選擇權協議」），外商獨資企業有權在 任何時間及不時要求歡聚時代註冊股東 或池樂註冊股東將其於歡聚時代或上海 池樂的任何或所有股權全部或部份轉讓 予外商獨資企業及╱或其指定的第三 方，代價相等於中國法律允許的最低購 買價。歡聚時代註冊股東及池樂註冊股 東亦已承諾，倘若外商獨資企業以為了 收購歡聚時代或上海池樂的股權及╱或 資產而要求的方式行使獨家選擇權協議 項下的選擇權，彼等將在相關中國法律 及法規的規限下向外商獨資企業退還其 收取的任何代價。

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Report of the Directors 董事會報告

Each of the Exclusive Option Agreements have an initial term of ten years commencing from their respective effective dates, namely March 1, 2016 and March 9, 2018. The WFOE has the right to renew the term at its will and Huanju Times and Shanghai ChiLe shall agree to any such renewal. None of the Exclusive Option Agreement shall not be terminated unless in writing by the WFOE. Without prior written consent of the WFOE, none of Huanju Times or Shanghai ChiLe or their respective shareholders may terminate such agreement.

(c) Equity Pledge Agreements

• Pursuant to (1) the equity pledge agreements dated June 15, 2018 entered into among the WFOE, Huanju Times and each of the Huanju Times Registered Shareholders and (2) the equity pledge agreements dated June 15, 2018 entered into among the WFOE, Shanghai ChiLe and each of the ChiLe Registered Shareholders (collectively the “Equity Pledge Agreements”), Huanju Times Registered Shareholders and ChiLe Registered Shareholders agreed to pledge all their respective existing and future equity interests in Huanju Times or Shanghai ChiLe, where applicable, including any interest or dividend paid for the shares, to the WFOE as a security interest to guarantee the performance of contractual obligations and the payment of outstanding debts.

The pledge in respect of Huanju Times and Shanghai ChiLe took effect upon the completion of respective registration with the relevant administration for industry and commerce, which are April 15, 2016 and March 12, 2018 respectively for the Huanju Times Contractual Arrangements and the ChiLe Contractual Arrangements, and shall remain valid for an initial term of ten years commencing from the respective effective dates, which may be renewed by the WFOE in writing. If there is outstanding debts of Huanju Times Registered Shareholders, ChiLe Registered Shareholders, Huanju Times or Shanghai ChiLe under the relevant Contractual Arrangements, the valid period of Equity Pledge Agreements may be renewed in writing by the WFOE to the date when all such outstanding debts have been fully paid.

• 各獨家選擇權協議的初步期限為自其各 自的生效日期（即二零一六年三月一日 及二零一八年三月九日）起計十年。外 商獨資企業有權依願重續期限，歡聚時 代及上海池樂應同意任何有關重續。除 非外商獨資企業以書面方式同意，否則 獨家選擇權協議不得被終止。未經外商 獨資企業事先書面同意，歡聚時代或上 海池樂或彼等各自的股東均不得終止該 協議。

• (c) 股權質押協議

• 根據(1)外商獨資企業、歡聚時代及各 歡聚時代註冊股東訂立的日期為二零 一八年六月十五日的股權質押協議以 及(2)外商獨資企業、上海池樂及各池 樂註冊股東訂立的日期為二零一八年六 月十五日的股權質押協議（統稱「股權 質押協議」），歡聚時代註冊股東及池樂 註冊股東同意將其各自於歡聚時代或上 海池樂擁有的全部現有及未來股權（包 括就股份支付的任何利息或股息，如適 用）質押予外商獨資企業，作為擔保履 行合約責任和支付未償還債務的抵押權 益。

有關歡聚時代及上海池樂的質押在向有 關工商行政管理局完成各自的登記（就 歡聚時代合約安排及池樂合約安排而言 分別為二零一六年四月十五日及二零一 八年三月十二日）後生效，於自各生效 日期起計十年的初步期限一直有效，該 期限可由外商獨資企業以書面方式重 續。倘若歡聚時代註冊股東、池樂註冊 股東、歡聚時代或上海池樂根據相關合 約安排存在未償債務，股權質押協議的 有效期可以由外商獨資企業以書面方式 重續至所有該等未償債務全數償付之 日。

二零二一年報 萬咖壹聯有限公司 59

Report of the Directors 董事會報告

(d) Voting Rights Proxy Agreements and Powers of Attorney Pursuant to (1) the voting rights proxy agreement dated June 15, 2018 entered into between the WFOE and the Huanju Times Registered Shareholders and (2) the voting rights proxy agreement dated June 15, 2018 entered into between the WFOE and the ChiLe Registered Shareholders (collectively, the “Voting Rights Proxy Agreements”), each of Huanju Times Registered Shareholders and ChiLe Registered Shareholders irrevocably appointed the WFOE and its designated persons (including but not limited to the Directors and their successors and liquidators replacing the Directors, but excluding those who are Huanju Times Registered Shareholders or ChiLe Registered Shareholders) as his/her attorneys-in-fact to exercise on his/her behalf, and agreed and undertook not to exercise without such attorneys-in-fact’s prior written consent, any and all right that he/she has in respect of his/her equity interests in Huanju Times or Shanghai ChiLe.

The valid period of each of the Voting Rights Proxy Agreement commenced from their respective effective dates, namely March 1, 2016 and March 9, 2018, and shall not be terminated unless (i) in writing by the WFOE or (ii) all the equity interests or assets of Huanju Times or Shanghai ChiLe, where applicable, is transferred to the WFOE.

Each of Huanju Times Registered Shareholders and ChiLe Registered Shareholders, through the respective power of attorney (“Power of Attorney(s)”) dated June 15, 2018 issued by him, irrevocably appointed the WFOE and/or its designated person as his proxy, effective from March 1, 2016 or March 9, 2018, where applicable, to the date when the Voting Rights Proxy Agreement expires.

(d) 投票權委託協議及委託書 根據(1)外商獨資企業與歡聚時代註冊 股東訂立的日期為二零一八年六月十五 日的投票權委託協議以及(2)外商獨資 企業與池樂註冊股東訂立的日期為二 零一八年六月十五日的投票權委託協 議（統稱「投票權委託協議」），各歡聚 時代註冊股東及池樂註冊股東不可撤回 地委任外商獨資企業及其指定人士（包 括但不限於董事及其繼任者以及取代董 事的清盤人，但不包括身為歡聚時代註 冊股東或池樂註冊股東的人士）作為其 實際代理人以代其行使與其於歡聚時代 或上海池樂的股權有關的任何及全部權 利，且同意及承諾在並無獲得該等實際 代理人事先書面同意的情況下不會行使 該等權利。

各投票權委託協議的有效期自其各自的 生效日期（即二零一六年三月一日及二 零一八年三月九日）開始，除非(i)外商 獨資企業以書面方式同意或(ii)歡聚時 代或上海池樂（如適用）的所有股權或 資產被轉讓予外商獨資企業，否則均不 得終止。

各歡聚時代註冊股東及池樂註冊股東通 過其出具的日期為二零一八年六月十五 日的相應委託書「（委託書」）不可撤回 地委任外商獨資企業及╱或其指定人士 為其代理人，分別自二零一六年三月一 日或二零一八年三月九日（如適用）至 投票權委託協議屆滿之日有效。

60 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

(e) Spousal Undertakings and Beijing JinChi Shareholder Undertaking

On June 15, 2018, the spouse of each of Mr. GAO Dinan, Mr. ZHENG Wei and Mr. HUA Xinjiang, where applicable, signed an undertaking (collectively, the “Spouse Undertakings”) in favor of the Contractual Arrangements and confirmed that (1) her spouse’s existing and future equity interests in Huanju Times and Shanghai ChiLe (together with any other interests therein) are separate properties of her spouse; her spouse or the ultimate beneficial owners are entitled to deal with his own equity interests and any interests therein in Huanju Times and Shanghai ChiLe in accordance with the respective Contractual Arrangements. Each spouse also further confirmed that she will fully assist to the performance of the respective Contractual Arrangements at any time; (2) unconditionally and irrevocably waives any right or benefits on such equity interests and assets in accordance with applicable laws and confirms that she will not have any claim on such equity interests and assets; (3) her spouse may further amend or terminate the Contractual Arrangements or enter into other alternative documents without the need for authorization or consent by the spouse; and (4) they will be bound by the terms of the Contractual Arrangements as amended from time to time if she has obtained any equity interests, directly or indirectly, in Huanju Times and Shanghai ChiLe for whatever reasons.

On June 15, 2018, all of the ultimate beneficial owners of Beijing JinChi, namely Mr. HUA Xinjiang, his spouse and two brothers, signed an undertaking (the “Beijing JinChi Shareholder Undertaking”) to the effect, among others, that each of such person unconditionally and irrevocably (1) confirmed and agreed with the execution of agreements in connection with the Chile Contractual Arrangements by Beijing JinChi and (2) agreed to execute any document and take any action as necessary to fulfill their obligations under such agreements, including transfer of their equity interests in accordance with the Exclusive Option Agreements.

Save as disclosed above, there were no other new contractual arrangements entered into, renewed and/or reproduced between our Group and our Consolidated Affiliated Entities during the year ended December 31, 2021. There was no material change in the Contractual Arrangements and/or the circumstances under which they were adopted during the year ended December 31, 2021.

(e) 配偶承諾及北京金池股東承諾

於二零一八年六月十五日，高弟男先 生、鄭煒先生及華新江先生各自的配 偶（如適用）已簽署承諾（統稱「配偶承 諾」），以支持合約安排並確認(1)其配 偶於歡聚時代及上海池樂的現有及未來 權益（連同其中任何其他權益）為其配 偶的分立財產；其配偶或最終實益擁有 人有權根據各合約安排處理其自身股權 及各歡聚時代及上海池樂的任何權益。 各配偶亦已進一步確認其將在任何時候 全力協助履行各項合約安排；(2)根據適 用法律無條件及不可撤回地放棄與該等 股權及資產有關的任何權利或利益，並 確認其不會就該等股權及資產提出任何 申索；(3)其配偶可以進一步修訂或終止 合約安排或訂立其他替代文件，而無需 徵求配偶的授權或同意；及(4)倘若各 配偶因任何原因直接或間接取得歡聚時 代及上海池樂的任何股權，其將受到不 時修訂的合約安排的條款約束。

於二零一八年六月十五日，北京金池的 所有最終實益擁有人（即華新江先生、 其配偶及兩名兄弟）已簽署承諾「（北京 金池股東承諾」），以承諾（其中包括） 各名人士無條件及不可撤回地(1)確認 及同意北京金池執行有關池樂合約安排 的協議及(2)同意簽立任何文件及採取 任何必要行動以履行彼等於該等協議項 下的責任，包括根據獨家選擇權協議轉 讓彼等的股權。

除上文披露者外，本集團與合併聯屬實 體於截至二零二一年十二月三十一日止 年度並無訂立、重續及╱或複製任何其 他新合約安排。於截至二零二一年十二 月三十一日止年度，合約安排及╱或據 以採用合約安排的情況並無發生重大變 動。

二零二一年報 萬咖壹聯有限公司 61

Report of the Directors 董事會報告

For the year ended December 31, 2021, none of the Contractual Arrangements had been unwound on the basis that none of the restrictions that led to the adoption of the Contractual Arrangements had been removed. As of December 31, 2021, we had not encountered interference or encumbrance from any PRC governing bodies in operating our businesses through our Consolidated Affiliated Entities under the Contractual Arrangements.

The revenue of Huanju Times and Shanghai ChiLe and their respective subsidiaries amounted to RMB1,923.4 million for the year ended December 31, 2021, representing an increase by 22.7% from RMB1,567.8 million for the year ended December 31, 2020. For the year ended December 31, 2021, the revenue of Huanju Times and Shanghai ChiLe and their respective subsidiaries accounted for approximately 91.7% of the revenue for the year of our Group (2020: 90.8%).

Reasons for Adopting the Contractual Arrangements

Our distribution of mobile applications and games and mobile co – publishing business as well as online-video distribution services operated through the Consolidated Affiliated Entities and their respective subsidiaries are subject to foreign investment restrictions in the PRC. Since foreign investment in such business areas in which we currently operate are subject to restrictions under the current applicable PRC laws and regulations, as advised by our PRC legal advisor, we determined that it was not viable for our Company to hold our Consolidated Affiliated Entities directly through equity ownership. For details of the foreign investment restrictions relating to the Contractual Arrangements, please refer to the sections headed “Contractual Arrangements – PRC Regulatory Background” of the Prospectus and the section headed “Development in the PRC Legislation on Foreign Investment” in this annual report.

於截至二零二一年十二月三十一日止年 度，由於概無消除會導致採用合約安排 的限制，合約安排均無獲解除。於二零 二一年十二月三十一日，我們在根據合 約安排透過合併聯屬實體經營業務時概 無遇到中國政府機構的干預或阻礙。

截至二零二一年十二月三十一日止年 度，歡聚時代及上海池樂及彼等各自 附屬公司的收入為人民幣1,923.4百萬 元，較截至二零二零年十二月三十一 日止年度的人民幣1,567.8百萬元增加 22.7%。於截至二零二一年十二月三十 一日止年度，歡聚時代及上海池樂及彼 等各自附屬公司的收入佔本集團年度收 入的約91.7%（二零二零年：90.8%）。

採用合約安排的理由

我們透過於中國合併聯屬實體及其各自附屬 公司經營移動應用程序及遊戲推廣、遊戲聯 運業務以及網絡視頻產品分發服務受到外商 投資限制。由於我們當前經營所處若干業務 領域的外商投資受到當前中國適用法律及法 規限制，根據我們中國法律顧問的意見，我 們確定本公司不可直接通過股本所有權而持 有合併聯屬實體。關於與合約安排有關的外 商投資限制詳情，請參閱招股章程「合約安 排－中國監管背景」章節及本年報「中國外商 投資法規的發展」一節。

62 Wanka Online Inc. Annual Report 2021

Report of the Directors 董事會報告

Our Directors (including the independent non-executive Directors) are of the view that (1) the Contractual Arrangements and the transactions contemplated thereunder are fundamental to our Group’s legal structure and business, (2) such transactions have been and will be entered into in the ordinary and usual course of business of our Group, are on normal commercial terms and are fair and reasonable and in the interest of our Group and our Shareholders as a whole, and (3) the parties to (a) the Company’s undertaking dated May 24, 2018 issued by the Company and (b) the Shareholders’ undertaking dated May 24, 2018 issued by Mr. Gao, Mr. Zheng, and all then existing shareholders of our Company relating to the Contractual Arrangement, have complied with such undertaking. Accordingly, notwithstanding that the transactions contemplated under the Contractual arrangements and any new transactions, contracts and agreements or renewal of existing agreements to be entered into between any of our Consolidated Affiliated Entities and any member of our Group (“New Intergroup Agreements” and each of them, a “New Intergroup Agreement”) technically constitute continuing connected transactions under Chapter 14A of the Listing Rules, our Directors consider that, given that our Group is placed in a special situation in relation to the connected transactions rules under the Contractual arrangements, it would be unduly burdensome and impracticable, and would add unnecessary administrative costs to our Company if such transactions are subject to strict compliance with the requirements set out under Chapter 14A of the Listing Rules, including, among others, the reporting, announcement, independent shareholders’ approval and annual review requirements.

Development in the PRC Legislation on Foreign Investment

On March 15, 2019, the second meeting of the 13th Standing Committee of the National People’s Congress approved the Foreign Investment Law of the People’s Republic of China 《(中 華人民共和國外商投資法》) (the “FIL”) which became effective on January 1, 2020. The FIL replaced the law on Sino-Foreign Equity Joint Ventures 《(中外合資經營企業法》), the law on Sino-Foreign Contractual Joint Ventures 《(中外合作經營企業法》) and the law on Foreign-Capital Enterprises 《(外資企業法》) to become the legal foundation for foreign Investment in the PRC. The FIL stipulates three forms of foreign investment, but does not explicitly stipulate the contractual arrangements as a form of foreign investment.

The FIL specifically stipulates three forms of foreign investment, namely, (1) establishment of a foreign invested enterprise in the PRC by a foreign investor, either individually or collectively with any other investor; (2) obtaining shares, equity interests, assets,

董事（包括獨立非執行董事）認為，(1)合約 安排及據此擬進行的交易對本集團的法律架 構及業務至關重要，(2)該等已簽訂和待簽訂 的交易在本集團日常業務中按一般商業條款 訂立，屬公平合理，且符合本集團及股東的 整體利益，及(3)(a)本公司發出的本公司日期 為二零一八年五月二十四日的承諾及(b)高先 生、鄭先生及本公司當時所有現有股東發出 日期為二零一八年五月二十四日的股東承諾 的有關合約安排的訂約方已遵守有關承諾。 因此，儘管根據合約安排擬進行的交易以及 任何合併聯屬實體與本集團任何成員公司將 訂立的任何新交易、合約及協議或重續現有 協議（「新集團內公司間協議」，各為一項「新 集團內公司間協議」），技術上構成上市規 則第14A章項下的持續關連交易，但董事認 為，鑒於本集團處於合約安排的關連交易規 則有關的特殊情況，倘該等交易須嚴格遵守 上市規則第14A章所載規定（其中包括申報、 公告、獨立股東批准及年度審核規定等），將 會帶來繁重負擔且屬不切實可行，並將令本 公司增加不必要的行政成本。

中國外商投資法規的發展

於二零一九年三月十五日，全國人民代表大 會第十三屆常務委員會第二次會議批准了 《中華人民共和國外商投資法》（「《外商投資 法》」），自二零二零年一月一日起生效。《外 商投資法》取代了《中外合資經營企業法》、 《中外合作經營企業法》及《外資企業法》，成 為外商在中國投資的法律基礎。《外商投資 法》規定了三種形式的外國投資，但並無明 確規定合約安排作為一種外國投資形式。

《外商投資法》特別規定了三種形式的外國投 資，即：(1)外國投資者單獨或者與其他投資 者共同在中國境內設立外商投資企業；(2)外 國投資者取得中國境內企業的股份、股權、

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interests or any other similar rights or interests of an enterprise in the PRC by a foreign investor; and (3) investment in any new construction project in the PRC by a foreign investor, either individually or collectively with any other investor.

The FIL does not explicitly stipulate the contractual arrangements as a form of foreign investment. Provided that no additional laws, administrative regulations, departmental rules or other regulatory documents on contractual arrangements has been issued and enacted, the FIL does not, by itself, have any material adverse operational and financial impact on the legality and validity of our Company’s Contractual Arrangements.

Notwithstanding the above, the FIL stipulates that foreign investment includes “foreign investors invest through any other methods under laws, administrative regulations or provisions prescribed by the State Council.” Therefore, there remains uncertainty regarding whether future laws, administrative regulations or provisions prescribed by the State Council may regard contractual arrangements as a form of foreign investment, whether our Contractual Arrangements will be deemed to be in violation of the foreign investment access requirements and how the Contractual Arrangements will be handled. Our Company will disclose, as soon as possible, updates of changes to the FIL that will materially and adversely affect our Company as and when occur.

Risks Relating to the Contractual Arrangements

There are certain risks that are associated with the Contractual Arrangements, including:

• If the PRC government finds that the agreements that establish the structure for operating the businesses in China do not comply with the applicable PRC laws and regulations, or if there are regulations or their interpretations change in the future, we could be subject to severe consequences, including the nullification of the Contractual Arrangements and the relinquishment of our interest in our Consolidated Affiliated Entities.

• Our Contractual Arrangements may not be as effective in providing operational control as direct ownership. Huanju Times, Shanghai ChiLe or any of their shareholders may fail to perform their obligations under our Contractual Arrangements.

資產或其他類似權益；及(3)外國投資者單獨 或者與其他投資者共同在中國境內投資新建 項目。

《外商投資法》並無明確規定合約安排作為外 國投資的一種形式。倘未發佈及頒佈有關合 約安排的其他法律、行政法規、部門規則或 其他法規文件，則《外商投資法》本身不會對 本公司合約安排的合法性及有效性產生任何 重大不利的運營及財務影響。

儘管有上述規定，《外商投資法》規定，外國 投資包括「外國投資者通過法律、行政法規 或者國務院規定的其他方式的投資」。因此， 未來的法律、行政法規或國務院規定的其他 方式投資是否可能將合約安排視為外國投資 的形式，我們的合約安排是否將被視為違反 外國投資準入要求以及如何處理合約安排方 面仍然存在不確定性。倘《外商投資法》變動 將對本公司產生重大不利影響，本公司將盡 快披露有關最新資料。

與合約安排有關的風險

存在與合約安排有關的若干風險，包括：

• 倘中國政府發現藉以在中國建立業務經 營架構的協議不符合適用中國法律及法 規的規定，或倘法規或其詮釋日後出現 變更，我們或須承受嚴重後果，包括合 約安排失效及放棄在合併聯屬實體的權 益。

• 我們的合約安排未必會在提供經營控制 權方面如直接擁有權一樣有效。歡聚時 代、上海池樂或彼等的股東可能不會履 行彼等於合約安排下的責任。

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• We may lose the ability to use and enjoy assets held by our PRC Holdcos that are material to our business operations if our PRC Holdcos declare bankruptcy or become subject to a dissolution or liquidation proceeding.

• The ultimate shareholders of Huanju Times or Shanghai ChiLe may have conflicts of interest with us, which may materially and adversely affect our business.

• If we exercise the option to acquire equity ownership and assets of Huanju Times or Shanghai ChiLe, the ownership or asset transfer may subject us to certain limitations and substantial costs.

• Substantial uncertainties exist with respect to the interpretation and implementation of the FIL and how it may impact the viability of our current corporate structure, corporate governance and business operations.

Further details of these risks are set out in the section headed “Risk Factors – Risks relating to Our Contractual Arrangements” of the Prospectus.

Our Group has adopted measures to ensure the effective operation of our Group’s businesses with the implementation of the Contractual Arrangements and our compliance with the Contractual Arrangements, including:

• (a) major issues arising from the implementation and compliance with the Contractual Arrangements or any regulatory enquiries from government authorities will be submitted to our Board, if necessary, for review and discussion on an occurrence basis;

• (b) our Board will review the overall performance of and compliance with the Contractual Arrangements at least once a year;

• (c) our Company will disclose the overall performance and compliance with the Contractual Arrangements in our annual reports; and

• (d) our 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 WFOEs and our Consolidated Affiliated Entities to deal with specific issues or matters arising from the Contractual Arrangements.

• 倘我們的中國經營實體宣佈破產或牽涉 解散或清盤程序，我們可能無法使用及 享有中國經營實體所持有對我們的業務 經營屬重大的資產。

• 歡聚時代或上海池樂最終股東可能與我 們存在利益衝突，從而對我們的業務產 生重大不利影響。

• 倘我們行使選擇權收購歡聚時代或上海 池樂的股權及資產，所有權或資產轉讓 可能使我們受到若干限制及承擔巨額成 本。

• 《外商投資法》的詮釋及實施及其可能 對我們的現有公司架構、公司管治及業 務營運的可行性造成的影響存在巨大不 確定性。

• 有關該等風險的進一步詳情載於招股章程

• 「風險因素－與我們的合約安排相關的風險」 一節。

本集團已採取措施，以確保實施合約安排以 有效經營本集團業務和遵守合約安排，包 括：

• (a) 倘需要，實施及遵守合約安排過程中出 現的重大問題或政府機構的任何監管查 詢將於發生時呈報董事會審閱及討論；

• (b) 董事會將至少每年一次審閱履行及遵守 合約安排的整體情況；

• (c) 本公司將於年報中披露其履行及遵守合 約安排的整體情況；及

• (d) 本公司將於必要時委聘外部法律顧問或 其他專業顧問，以協助董事會審閱合約 安排的實施情況，並審閱外商獨資企業 及我們合併聯屬實體的法律合規情況， 以處理合約安排引致的具體問題或事 宜。

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Listing Rules Implications and Waivers from the Stock Exchange

The transactions contemplated under the Contractual Arrangements constitute continuing connected transactions of our Company under the Listing Rules upon Listing as certain of the parties to the Contractual Arrangements, namely Mr. GAO Dinan, Mr. ZHENG Wei and Beijing JinChi are connected persons. Mr. GAO Dinan and Mr. ZHENG Wei, our Controlling Shareholders, and Beijing JinChi, which is a substantial shareholder of Shanghai ChiLe, are connected persons of our Company under Rule 14A.07(1) of the Listing Rules.

In relation to the Contractual Arrangements, 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 pursuant to Rule 14A.105 of the Listing Rules, (ii) the requirement of setting an annual cap for the transactions under the Contractual Arrangements under Rule 14A.53 of the Listing Rules, and (iii) the requirement of limiting the term of the Contractual Arrangements to three years or less under Rule 14A.52 of the Listing Rules, for so long as our Shares are listed on the Stock Exchange subject however to the following conditions:

• (a) no change without independent non-executive Directors’ approval;

• (b) no change without independent Shareholders’ approval;

• (c) the Contractual Arrangements shall continue to enable our Group to receive the economic benefits derived by the Consolidated Affiliated Entities;

• (d) on the basis that the Contractual Arrangements provide an acceptable framework for the relationship between our Company and its subsidiaries in which our Company has direct shareholding, on the one hand, and the Consolidated Affiliated Entities, 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 our Group which our 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; and

上市規則涵義及聯交所豁免

由於合約安排的若干訂約方即高弟男先生、 鄭煒先生及北京金池為關連人士，故根據上 市規則，合約安排項下擬進行的交易於上市 後構成本公司的持續關連交易。根據上市規 則第14A.07(1)條，控股股東高弟男先生及鄭 煒先生及上海池樂主要股東北京金池均為本 公司的關連人士。

就合約安排而言，我們已向聯交所申請且聯 交所已批准我們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 排項下擬進行的交易豁免嚴格遵守上市規 則第14A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 合約安排項下擬進行的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；

• (b) 未經獨立股東批准不得變更；

• (c) 合約安排將繼續讓本集團收取源於合併 聯屬實體的經濟利益；

• (d) 在合約安排就本公司及其直接控股附屬 公司（一方）與合併聯屬實體（另一方） 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

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• (e) we will disclose details relating to the Contractual Arrangements on an on-going basis.

Annual Review by the Independent Non-Executive Directors and the Auditor

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

• (a) the transactions carried out during the year ended December 31, 2021 had been entered into in accordance with the relevant provisions of the Contractual Arrangements;

• (b) no dividends or other distributions had been made by our Consolidated Affiliated Entities to the holders of its equity interests which were not otherwise subsequently assigned or transferred to our Group;

• (c) no new contracts had been entered into, renewed and/ or reproduced between our Group and the Consolidated Affiliated Entities; and

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

Pursuant to Rule 14A.56 of the Listing Rules, the Board has engaged the Auditor to perform certain procedures on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants.

After performing the procedures related to the disclosed continuing connected transactions, the Auditor has concluded in a letter to the Board that:

• (a) nothing has come to their attention that causes them to believe that the disclosed continuing connected transactions have not been approved by the Company’s Board;

• (e) 我們將持續披露有關合約安排的詳情。

獨立非執行董事及核數師作出的年度審 閱

我們的獨立非執行董事已審閱合約安排，並 確認：

• (a) 截至二零二一年十二月三十一日止年度 進行的交易乃根據合約安排的有關條文 訂立；

• (b) 合併聯屬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) 本集團與合併聯屬實體並無訂立、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。

根據上市規則第14A.56條，董事會已委聘核 數師根據香港會計師公會頒佈之香港核證工 作準則第3000號（經修訂）「審核或審閱歷史 財務資料以外之核證工作」及參照實務說明第 740號「關於香港上市規則所述持續關連交易 之核數師函件」對本集團之持續關連交易執行 若干程序。

就已披露持續關連交易執行有關程序後，核 數師已於致董事會的函件內總結：

• (a) 未留意到任何事項導致其認為該等已披 露持續關連交易尚未經本公司董事會批 准；

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• (b) nothing has come to their attention that causes them to believe that the disclosed continuing connected transactions were not entered into, in all material respects, in accordance with a series of contractual arrangements disclosed in the section headed “Contractual Arrangements” in the Prospectus governing such transactions; and

• (c) nothing has come to their attention that causes them to believe that dividends or other distributions have been made by Huanju Times, Shanghai ChiLe and their respective subsidiaries to the holders of its equity interests which are not otherwise subsequently assigned or transferred to the Group.

LEGAL PROCEEDINGS AND COMPLIANCE

During the Reporting Period, the Company is in compliance with the relevant laws and regulations that have a significant impact on the Company and is not involved in any material legal proceedings.

PERMITTED INDEMNITY PROVISION

Under the Articles of Association, every Director or other officers of the Company acting in relation to any of the affairs of the Company shall be entitled to be indemnified against all actions, costs, charges, losses, damages and expenses which he may incur or sustain in or about the execution of his duties in his office. The Company has arranged appropriate insurance cover in respect of legal action against its directors and officers.

IMPORTANT EVENTS AFTER THE REPORTING PERIOD

There were no significant events that might affect the Group subsequent to the year ended December 31, 2021.

AUDIT COMMITTEE

The Audit Committee had, together with the Auditor, reviewed the accounting principles and policies adopted by the Group and the consolidated financial statements during the Reporting Period.

CORPORATE GOVERNANCE

The Company is committed to maintaining high standards of corporate governance practices. Information on the corporate governance practices adopted by the Company is set out in the Corporate Governance Report on pages 71 to 87 of this annual report.

• (b) 未留意到任何事項導致其認為該等已披 露持續關連交易未在所有重大方面根據 規管該等交易的招股章程「合約安排」 一節披露的一系列合約安排進行；及

• (c) 未留意到任何事項致使其認為歡聚時 代、上海池樂及其各自附屬公司向其權 益持有人作出其後並無轉讓或轉移予本 集團的股息或其他分派。

法律訴訟及合規情況

於報告期內，本公司已遵守對本公司有重大 影響的相關法律及法規，並沒有涉及任何重 大的法律訴訟。

獲准許彌償條款

根據章程細則，凡本公司每名董事或進行本 公司事務的其他職員，均有權於任內就其履 行職務或與此有關而可能蒙受或招致的一切 訴訟、成本、費用、損失、損害及開支獲得 彌償。本公司已就針對董事及職員的法律訴 訟安排適當保險範圍。

報告期後重要事項

截至二零二一年十二月三十一日止年度之後 並無可能影響本集團的任何重大事項。

審核委員會

審核委員會連同核數師已審閱本集團採納的 會計準則及政策以及報告期內的綜合財務報 表。

企業管治

本公司致力維持高水平的企業管治常規。本 公司採納的企業管治常規資料載於本年報第 71至第87頁的企業管治報告中。

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HUMAN RESOURCES

The Group had 202 employees as of December 31, 2021, as compared to 249 employees as of December 31, 2020. The Group enters into employment contracts with its employees to cover matters such as position, term of employment, wage, employee benefits and liabilities for breaches and grounds for termination. Remuneration of the Group’s employees includes basic salaries, allowances, bonus and other employee benefits, and is determined with reference to their experience, qualifications and general market conditions. The emolument policy for the employees of the Group is set up by the Board on the basis of their merit, qualification and competence.

SUFFICIENCY OF PUBLIC FLOAT

Based on information publicly available to the Company and to the best knowledge of the directors, at least 25% of the Company’s total issued shares, the prescribed minimum percentage of public float approved by the Stock Exchange and permitted under the Listing Rules, was held by the public at all times since the Listing Date and as of the date of this annual report.

CLOSURE OF THE REGISTER OF MEMBERS

The Company will hold the AGM on 2 June 2022, Thursday. The register of members of the Company will be closed from 30 May 2022, Monday to 2 June 2022, Thursday, both days inclusive, in order to determine the identity of the Shareholders who are entitled to attend the AGM, during which period no share transfers will be registered. To be eligible to attend the AGM, all properly completed transfer forms accompanied by the relevant share certificates must be lodged for registration with the Company’s branch share registrar in Hong Kong, Tricor Investor Services Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong, not later than 4:30 p.m. on 27 May 2022, Friday.

TAX RELIEF AND EXEMPTION OF HOLDERS OF LISTED SECURITIES

The Company is not aware of any tax relief or exemption available to the Shareholders by reason of their respective holding of the Shares.

PROFESSIONAL TAX ADVICE RECOMMENDED

If the shareholders are unsure about the taxation implications of purchasing, holdings, disposing of, dealing in, or the exercise of any rights in relation to, the Shares, they are advised to consult an expert.

人力資源

截至二零二一年十二月三十一日，本集團有 202名員工，而截至二零二零年十二月三十 一日則為249名員工。本集團與僱員訂立僱 傭合約，訂明職位、僱用年期、工資、僱員 福利、違約責任及終止理由等事宜。本集團 僱員的薪酬包括基本薪金、津貼、花紅及其 他僱員福利，並參考彼等之經驗、資歷及一 般市場狀況釐定。本集團僱員的薪酬政策由 董事會根據僱員的長處、資歷及能力而制定。

公眾持股量足夠性

根據本公司可獲得的公開資料及就董事所深 知，自上市日期起及截至本年報日期，本公 司已發行股份總數中至少25%（聯交所批准 及根據上市規則所准許的規定最低公眾持股 量百分比）一直由公眾持有。

暫停辦理股份過戶登記

本公司將於二零二二年六月二日（星期四） 舉行股東週年大會。本公司將於二零二二年 五月三十日（星期一）至二零二二年六月二日 （星期四）期間（包括首尾兩日）暫停辦理股份 過戶登記手續，以釐定有權出席股東週年大 會的股東身份，於此期間不會辦理任何股份 過戶登記。為符合資格出席股東週年大會， 股東須最遲於二零二二年五月二十七日（星 期五）下午四時三十分前，將所有填妥的過戶 表格連同有關股票交回本公司的香港股份過 戶登記分處卓佳證券登記有限公司（地址為 香港皇后大道東183號合和中心54樓）進行登 記。

上市證券持有人的稅務寬減及豁 免

本公司並不知悉股東可因各自持有本公司股 份而獲任何稅務寬減或豁免。

專業稅務意見建議

倘股東對購買、持有、處置及買賣股份或行 使其任何有關權利的稅務影響有任何疑問， 建議諮詢專家。

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Report of the Directors 董事會報告

AUDITOR

BDO Limited shall retire at the forthcoming annual general meeting and, being eligible, will offer itself for re-appointment. A resolution for the re-appointment of BDO Limited as Auditor will be proposed at the AGM.

On behalf of the Board GAO Dinan Chairman Hong Kong, 25 March 2022

核數師

香港立信德豪會計師事務所有限公司將於應 屆股東週年大會上退任，惟其合資格並將膺 選連任。有關續聘香港立信德豪會計師事務 所有限公司為核數師的決議案將於股東週年 大會上提呈。

代表董事會 主席 高弟男 香港，二零二二年三月二十五日

70 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

The Board is pleased to present the corporate governance report of the Company for the Reporting Period.

CORPORATE GOVERNANCE PRACTICES

The Group is committed to maintaining high standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value and accountability. The Company has adopted the CG Code as set out in Appendix 14 to the Listing Rules as its own code of corporate governance. Save as disclosed in this annual report, the Company has complied with all applicable code provisions under the CG Code throughout the Reporting Period. The Company will continue to review and monitor its corporate governance practices to ensure compliance with the CG Code.

THE BOARD

Responsibilities

The Board is responsible for the overall leadership of the Group, oversees the Group’s strategic decisions and monitors business and performance. The Board has delegated the authority and responsibility for day-to-day management and operation of the Group to the senior management of the Group. To oversee particular aspects of the Company’s affairs, the Board has established three Board committees including the Audit Committee, the Remuneration Committee and the Nomination Committee. The Board has delegated to the Board committees responsibilities as set out in their respective terms of reference which are published on the websites of the Stock Exchange and the Company.

All Directors have carried out duties in good faith and in compliance with applicable laws and regulations, and have acted in the interests of the Company and the Shareholders at all times.

The Company has arranged appropriate liability insurance in respect of legal action against the Directors. The insurance coverage will be reviewed on an annual basis.

董事會欣然呈報本公司報告期的企業管治報 告。

企業管治常規

本集團致力維持高水平的企業管治，以保障 股東權益以及提升企業價值及問責性。本公 司已採納上市規則附錄十四所載的企業管治 守則，作為其本身的企業管治守則。除本年 報所披露者外，本公司於整個報告期已遵守 企業管治守則項下的所有適用守則條文。本 公司將繼續檢討及監督其企業管治常規，以 確保遵守企業管治守則。

董事會

責任

董事會負責本集團的整體領導，監督本集團 的戰略決策及監察業務及表現。董事會已 向本集團高級管理層授予有關本集團日常管 理及經營方面的權力及職責。為監察本公司 特定事務範疇，董事會已設立三個董事委員 會，包括審核委員會、薪酬委員會及提名委 員會。董事會已授予董事委員會刊載於聯交 所及本公司網站所載其各自職權範圍的職責。

全體董事已以誠信態度履行職責，並遵守適 用法例及法規，且一直以本公司及股東的利 益行事。

本公司已就董事的法律訴訟安排適當的責任 保險。承保範圍將每年進行檢討。

二零二一年報 萬咖壹聯有限公司 71

Corporate Governance Report 企業管治報告

Board Composition

As of the date of this annual report, the Board comprises three executive Directors, two non-executive Directors and three independent non-executive Directors as follows:

Executive Directors:

Mr. GAO Dinan (Chairman and Chief Executive Officer) Ms. ZHOU Yan Mr. NIE Xin

Non-executive Directors:

Mr. ZHENG Wei Mr. SONG Chunyu

Independent Non-executive Directors:

Mr. CHEN Baoguo Mr. LIANG Zhanping (resigned on 16 September 2021) Mr. JIN Yongsheng (appointed on 16 September 2021) Ms. ZHAO Xuemei

The biographies of the Directors are set out under the section headed “Directors and Senior Management” of this annual report.

During the Reporting Period, the Board has met at all times the requirements under Rules 3.10(1) and 3.10(2) of the Listing Rules relating to the appointment of at least three independent nonexecutive directors with at least one independent non-executive director possessing appropriate professional qualifications or accounting or related financial management expertise.

The Company has also complied with Rule 3.10A of the Listing Rules relating to the appointment of independent non-executive directors representing at least one-third of the Board.

董事會組成

截至本年報日期，董事會包括三名執行董 事、兩名非執行董事及三名獨立非執行董事 如下：

執行董事：

高弟男先生（主席兼首席執行官） 周豔女士 聶鑫先生

非執行董事： 鄭煒先生 宋春雨先生

獨立非執行董事：

陳寶國先生 梁戰平先生（於二零二一年九月十六日辭任） 金永生先生（於二零二一年九月十六日獲委任） 趙學梅女士

董事履歷載於本年報「董事及高級管理層」一 節。

於報告期，董事會一直遵守上市規則第 3.10(1)及3.10(2)條的規定，即有關委任至少 三名獨立非執行董事，而其中至少有一名獨 立非執行董事擁有適當的專業資格或會計或 相關財務管理專長。

本公司亦已遵守上市規則第3.10A條有關委 任佔董事會人數至少三分之一的獨立非執行 董事。

72 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

The Company believes that the diversity of Board members will be immensely beneficial for the enhancement of the Company’s performance. Therefore, the Company has adopted a Board diversity policy to ensure that the Company will, when determining the composition of the Board, consider Board diversity in terms of, among other things, skills, regional and industry experience, educational background, culture, race, gender, age and other qualities. All Board appointments will be based on merits, and candidates will be considered against objective criteria, having due regard for the benefits of diversity of the Board. The Board diversity policy is available on the website of the Company.

Gender diversity of the Board stands at a relatively high level (25%, 2 females out of 8 Directors). The Board places tremendous emphasis on diversity (including gender diversity) across all levels of the Group. The total gender diversity of the Group is balanced. To support diversity across all facets, beyond gender, including race and ethnicity, disability, social mobility and age, the Group is enhancing diversity and inclusion efforts through employee networks, mentoring programmes, equitable hiring practices, policies and awareness raising events and training for all employees to support inclusive behaviours. Further details on the gender ratio of the Group and initiatives taken to improve gender diversity across senior management and the wider workforce, together with relevant data, can be found in the Environmental, Social and Governance Report of the Company for the year ended December 31, 2021 to be published on the website of the Stock Exchange ( www.hkexnews.hk) and the Company’s own website ( www.wankaonline.com) according to the Listing Rules.

As each of the independent non-executive Directors has confirmed his/her independence pursuant to Rule 3.13 of the Listing Rules, the Company considers all of them to be independent parties.

None of the Directors has any personal relationship (including financial, business, family or other material or relevant relationship) with any other Director and chief executive.

本公司相信董事會成員多元化將對加強本公 司表現極為有利。因此，本公司已採納董事 會成員多元化政策，以確保本公司在釐定董 事會組成時會從多方面考慮董事會多元化， 包括技能、地區及行業經驗、教育背景、 文化、種族、性別、年齡及其他素質。董事 會所有委任均以用人唯才為原則，衡量候選 人時會考慮客觀條件及對董事會多元化的益 處。董事會多元化政策於本公司網站可供查 閱。

董事會之性別多元化處於相對高之水平 （25%，8 名董事中2 名為女性）。董事會非 常重視本集團各層面之多元化（包括性別多 元化）。本集團之整體性別多元化屬均衡。 為支持除性別以外所有方面之多元化，包括 種族及民族、殘疾、社會流動性及年齡方 面，本集團透過員工網絡、輔導計劃、公平 僱用常規、政策及意識提升活動以及為所有 僱員提供培訓以支持共融行為，不斷加強多 元化並努力達致共融。有關本集團性別比例 以及為提升高級管理人員及全體員工之性別 多元化所採取之措施的更多詳情以及相關 資料，請參閱根據上市規則將於聯交所網 站( www.hkexnews.hk)及本公司自身網站 ( www.wankaonline.com)刊載的截至二零二 一年十二月三十一日止年度本公司的環境、 社會及管治報告。

根據上市規則第3.13條，各獨立非執行董事 均已確認其獨立性，因此本公司認為彼等均 為獨立人士。

概無董事與任何其他董事及主要行政人員有 任何個人關係（包括財務、業務、家庭或其 他重要或相關關係）。

二零二一年報 萬咖壹聯有限公司 73

Corporate Governance Report 企業管治報告

All Directors, including independent non-executive Directors, have brought a wide spectrum of valuable business experience, knowledge and professionalism to the Board for its efficient and effective functioning. Independent non-executive Directors are invited to serve on the Audit Committee, the Remuneration Committee and the Nomination Committee.

As regards the code provision of the CG Code requiring directors to disclose the number and nature of offices held in public companies or organizations and other significant commitments as well as the identity of the public companies or organizations and the time involved to the issuer, the Directors have agreed to disclose their commitments and any subsequent change to the Company in a timely manner.

Induction and Continuous Professional Development

Each newly appointed director is provided with necessary induction and information to ensure that he/she has a proper understanding of the Company’s operations and businesses as well as his/her responsibilities under the Listing Rules and relevant regulatory requirements.

In accordance with A.6.5 of the CG Code with regards to continuous professional development, directors should participate in appropriate continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains informed and relevant. Internally-facilitated briefings for Directors will be arranged and reading material on relevant topics will be issued to directors where appropriate. The Company also arranges trainings to provide Directors with updates on latest development and changes in the Listing Rules and other relevant legal and regulatory requirements from time to time. The Directors are provided with regular updates on the Company’s performance, position and prospects to enable the Board as a whole and each director to discharge their duties.

Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills. The company secretary of the Company has from time to time updated and provided written training materials relating to the roles, functions and duties of a director.

全體董事（包括獨立非執行董事）均為董事 會貢獻各種不同的寶貴業務經驗、知識及專 業，促進董事會高效及有效運作。獨立非執 行董事獲邀加入審核委員會、薪酬委員會及 提名委員會。

對於企業管治守則要求董事披露於公眾公司 或機構擔任職務的數量及性質及其他重大承 擔，以及該等公眾公司或機構的身份及為發 行人投入的時間的守則條文，董事已同意及 時向本公司披露彼等的承擔及任何其後變動。

入職及持續專業發展

每名新任董事獲提供必要的入職指引及資 料，以確保彼對本公司的營運及業務以及其 於上市規則及相關監管要求下的職責有正確 了解。

根據企業管治守則第A.6.5條關於持續專業發 展的規定，董事須參與適當的持續專業發展 以發展及更新其知識及技巧，以確保其對董 事會的貢獻為知情及適切。在適當情況下， 本公司會內部安排簡介會，並向董事發給有 關課題的閱讀材料。本公司亦安排培訓使董 事不時了解上市規則最新發展及變動以及其 他相關法律及監管規定。董事亦獲提供有關 本公司表現、狀況及前景的定期更新資料以 使董事會作為整體及各董事履行職責。

本公司鼓勵全體董事參與持續專業發展，以 增進本身的知識及技能，與時並進。本公司 的公司秘書不時更新及提供有關董事角色、 職能及職責的書面培訓資料。

74 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

During the Reporting Period, all Directors have complied with the CG Code in relation to continuous professional development, apart from reading materials relevant to the Company’s business, director’s duties and responsibilities. All Directors also attended and/or gave presentation in seminars/forums. The Company updates Directors constantly on the latest developments regarding the Group’s business and other applicable regulatory requirements, to ensure compliance and enhance their awareness of good corporate governance practices. All Directors have provided to the Company with their training records on a regular basis, and such records have been maintained by the Company for accurate and comprehensive record keeping.

Chairman and Chief Executive Officers

Under code provision A.2.1 (which has been renumbered as code provision C.2.1 with effect from January 1, 2022) of the CG Code, the roles of chairman and chief executive officer should be separate and performed by different individuals. The roles of the Chairman and Chief Executive Officer of the Company are held by Mr. GAO Dinan. The Board believes that vesting the roles of both chairman and chief executive officer in Mr. GAO Dinan has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board considers that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively. In light of the above, the Board considers that the deviation from code provision A.2.1 (which has been renumbered as code provision C.2.1 with effect from January 1, 2022) of the CG Code is appropriate in the circumstances of the Company.

Appointment and Re-election of Directors

Each of our executive Directors, being Mr. GAO Dinan, Ms. ZHOU Yan and Mr. NIE Xin, has entered into a service contract with the Company on 3 November 2021, 3 November 2021 and 27 August 2020, respectively, for an initial term of three years commencing from 3 November 2021, 3 November 2021 and 27 August 2020, respectively.

Each of the non-executive Directors, being Mr. ZHENG Wei and Mr. SONG Chunyu, has entered into an appointment letter on 3 November 2021 with the Company for an initial term of three years commencing from 3 November 2021.

Each of the independent non-executive Directors, being Mr. CHEN Baoguo, Mr. JIN Yongsheng and Ms. ZHAO Xuemei, has entered into an appointment letter with the Company on 3 November 2021, 16 September 2021 and 3 November 2021, respectively, for an initial term of three years commencing from 3 November 2021, 16 September 2021 and 3 November 2021, respectively.

於報告期內，除閱讀有關本公司業務、董事 職務及責任之資料外，所有董事均已遵守企 業管治守則中有關持續專業發展之條文。所 有董事亦有出席研討會╱講座，及╱或於研 討會╱講座上發表簡報。本公司就本集團業 務及其他適用監管規定之最新進展，不斷向 董事提供最新資訊，確保遵守及提升董事對 良好企業管治常規的意識。全體董事已定期 向本公司提供培訓記錄，而有關記錄已由本 公司保存，藉以保留準確及完備的培訓記錄。

主席兼首席執行官

根據企業管治守則的守則條文第A.2.1條（自 二零二二年一月一日起重新編號為守則條文 第C.2.1 條），主席及首席執行官的職位應予 以區分及由不同人士擔任。本公司主席兼首 席執行官的角色由高弟男先生擔任。董事會 認為由高弟男先生兼任主席及首席執行官的 職務，好處在於可確保本集團內部領導貫徹 一致，且使本集團的整體策略規劃更具效益 及效率。董事會認為現時安排將不會使權力 及權限之平衡受損，而此架構能夠令本公司 及時及有效地作出及落實決策。鑒於以上所 述，董事會認為，就本公司的情況而言，偏 離企業管治守則的守則條文第A.2.1條（自二 零二二年一月一日起重新編號為守則條文第 C.2.1條）乃為恰當。

委任及重選董事

各執行董事（即高弟男先生、周豔女士及聶 鑫先生）已分別於二零二一年十一月三日、 二零二一年十一月三日及二零二零年八月二 十七日與本公司訂立服務合約，初步為期三 年，分別自二零二一年十一月三日、二零二 一年十一月三日及二零二零年八月二十七日 起生效。

各非執行董事（鄭煒先生及宋春雨先生）已 於二零二一年十一月三日與本公司訂立委任 書，自二零二一年十一月三日起初步為期三 年。

各獨立非執行董事（即陳寶國先生、金永生 先生及趙學梅女士）已分別於二零二一年十一 月三日、二零二一年九月十六日及二零二一 年十一月三日與本公司訂立委任書,分別自二 零二一年十一月三日、二零二一年九月十六 日及二零二一年十一月三日起初步為期三年。

二零二一年報 萬咖壹聯有限公司 75

Corporate Governance Report 企業管治報告

None of the Directors has entered into a service contract which is not determinable by the Group within one year without payment of compensation (other than statutory compensation).

In accordance with the Articles of Association, all Directors are subject to retirement by rotation at least once every three years and any new Director appointed to fill a casual vacancy shall submit himself/herself for re-election by the Shareholders at the first general meeting of the Company after appointment and new Directors appointed as an addition to the Board shall submit himself/herself for re-election by the Shareholders at the next following annual general meeting of the Company after appointment.

The procedures and process of appointment, re-election and removal of Directors are set out in the Articles of Association. The Nomination Committee is responsible for reviewing the Board composition and making recommendations to the Board on the appointment or re-election of Directors and succession planning for Directors.

Board Meetings

The Company adopts the practice of holding Board meetings regularly, at least four times a year, and at approximately quarterly intervals. Notices of not less than fourteen days are given for all regular Board meetings to provide all Directors with an opportunity to attend and include matters in the agenda for a regular meeting.

For other Board and Board Committee meetings, reasonable notice is generally given. The agenda and accompanying board papers are dispatched to the Directors or Board Committee members at least three days before the meetings to ensure that they have sufficient time to review the relevant papers and are adequately prepared for the meetings. When Directors or Board Committee members are unable to attend a meeting, they will be advised of the matters to be discussed and given an opportunity to make their views known to the Chairman prior to the meeting. Minutes of meetings are kept by the company secretary of the Company with copies circulated to all Directors or Board Committee members for information and records.

概無董事訂立本集團不可於一年內終止而毋 須支付賠償（法定賠償除外）的服務合約。

根據組織章程細則，全體董事須至少每三年 輪值退任一次，而任何獲委任填補臨時空缺 的新任董事應在獲委任後的本公司首次股東 大會上由股東重選，且獲委任為董事會新增 成員的新任董事應在獲委任後的本公司下屆 股東週年大會上由股東重選。

董事的委任、重選及罷免的程序及過程載於 組織章程細則。提名委員會負責檢討董事會 組成，並就委任或重選董事及董事繼任計劃 向董事會作出推薦意見。

董事會會議

本公司已採納定期舉行董事會會議的慣例， 即每年至少舉行四次會議及大致按季度舉行 會議。董事會例行會議通知會於會議舉行前 至少14日送呈全體董事，以便所有董事有機 會出席會議及於例行會議議程內載入有關事 宜。

就其他董事會及董事委員會會議而言，一般 會發出合理時間的通知。會議議程及隨附董 事會文件在會議日期前至少三天寄發予董事 或董事委員會成員，以確保彼等有充足時間 審閱有關文件及充分準備會議。倘董事或董 事委員會成員未能出席會議，則彼等會獲悉 將予討論的事宜及於會議召開前有機會知會 主席有關彼等的意見。會議記錄由本公司的 公司秘書保存，副本將於全體董事或董事委 員會成員間傳閱，以供參閱及記錄。

76 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

Minutes of the Board meetings and Board committee meetings are recorded in sufficient detail about the matters considered by the Board and the Board committees and the decisions reached, including any concerns raised by the Directors/Board committee members. Draft and final versions of the minutes of each Board meeting and Board Committee meeting are sent to the Directors/ Board Committee members for comments and records respectively within a reasonable time after the date on which the meeting is held. Minutes of the Board meetings are open for inspection by Directors.

董事會會議及董事委員會會議的會議記錄會 詳盡記錄董事會及董事委員會所考慮的事宜 及所達致的決定，包括董事╱董事委員會成 員提出的任何問題。各董事會會議及董事委 員會會議的記錄草擬本和最終版本會於會議 舉行日期後的合理時間內寄送至各董事╱董 事委員會成員，以分別供提出意見及存檔。 董事會會議記錄可供董事查閱。

Attendance of Directors at various meetings

During the Reporting Period, details of the Directors’ attendance in the following meetings are set out below:

董事於各個會議之出席率

於報告期，董事就以下會議之出席率詳情載 列如下：

		Number of	meetings attended/Number of meetings held	meetings attended/Number of meetings held	meetings attended/Number of meetings held
			出席會議次數╱舉行會議次數
						Annual
		Board	Audit	Remuneration	Nomination	General
		Meeting	Committee	Committee	Committee	Meeting
Directors	董事	董事會會議	審核委員會	薪酬委員會	提名委員會	股東週年大會
Executive Directors	執行董事
Mr. GAO Dinan	高弟男先生	6/6	N/A	N/A	2/2	1/1
			不適用	不適用
Ms. ZHOU Yan	周豔女士	6/6	N/A	N/A	N/A	1/1
			不適用	不適用	不適用
Mr. NIE Xin	聶鑫先生	6/6	N/A	3/3	N/A	1/1
			不適用		不適用
Non-executive Directors	非執行董事
Ms. ZHENG Wei	鄭煒先生	6/6	N/A	N/A	N/A	1/1
			不適用	不適用	不適用
Mr. SONG Chunyu	宋春雨先生	6/6	N/A	N/A	N/A	1/1
			不適用	不適用	不適用
Independent Non-executive Directors	獨立非執行董事
Mr. CHEN Baoguo	陳寶國先生	6/6	5/5	3/3	N/A	1/1
					不適用
Mr. LIANG Zhanping	梁戰平先生	6/6	4/5	3/3	2/2	1/1
(resigned on 16 September 2021)	（於二零二一年
	九月十六日辭任）
Mr. JIN Yongsheng	金永生先生	N/A	1/5	N/A	N/A	N/A
(appointed on 16 September 2021)	（於二零二一年	不適用		不適用	不適用	不適用
	九月十六日獲委任）
Ms. ZHAO Xuemei	趙學梅女士	6/6	5/5	N/A	2/2	1/1
				不適用

二零二一年報 萬咖壹聯有限公司 77

Corporate Governance Report 企業管治報告

Model Code for Securities Transactions

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as its own code of conduct regarding directors’ securities transactions. Having made specific enquiries of all Directors, each of the Directors has confirmed that he/she has complied with the required standards as set out in the Model Code for the Reporting Period.

The Group’s employees, who are likely to be in possession of inside information of the Group, are also subject to the Model Code for securities transactions. No incident of non-compliance of the Model Code by the employees was noted by the Company.

Delegation by the Board

The Board reserves for its decision right for all major matters of the Company, including: approval and monitoring of all policy matters, overall strategies and budgets, internal control and risk management systems, material transactions (in particular those that may involve conflict of interests), financial information, appointment of Directors and other significant financial and operational matters. Directors could have recourse to seek independent professional advice in performing their duties at the Company’s expense and are encouraged to access and to consult with the Company’s senior management independently.

The daily management, administration and operation of the Group are delegated to the senior management. The delegated functions and responsibilities are periodically reviewed by the Board. Approval has to be obtained from the Board prior to any significant transactions entered into by the management.

Corporate Governance Function

The Board is responsible for performing the functions set out in code provision D.3.1 (which has been renumbered as code provision A.2.1 since January 1, 2022) of the CG Code. The Board recognizes that corporate governance should be the collective responsibility of the Directors which includes:

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

2. to review and monitor the training and continuous professional development of Directors and senior management;

證券交易標準守則

本公司已就董事進行證券交易採納上市規則 附錄十所載標準守則作為其自身的行為守 則。經向全體董事作出具體查詢，各董事已 確認，彼於報告期已遵守標準守則所載的規 定標準。

極可能擁有本集團內幕消息的本集團僱員亦 須就進行證券交易遵守標準守則。就本公司 所知，並無僱員未遵守標準守則的事件。

董事會的授權

董事會對本公司所有重大事宜保留決策權， 包括：批准及監察一切政策事宜、整體戰略 及預算、內部監控及風險管理制度、重大交 易（特別是該等可能涉及利益衝突的交易）、 財務資料、任命董事及其他重大財務及營運 事宜。董事於履行其職責時可尋求獨立專業 意見，費用由本公司承擔，並獲鼓勵向本公 司高級管理層進行獨立諮詢。

本集團的日常管理、行政及營運授權予高級 管理層負責。授權職能及職責由董事會定期 檢討。管理層訂立任何重大交易前須取得董 事會批准。

企業管治職能

董事會負責執行企業管治守則的守則條文 第D.3.1條（自二零二二年一月一日起重新編 號為守則條文第A.2.1條）所載的職能。董事 會知悉企業管治乃董事的共同責任，當中包 括：

1. 依照法律及監管規定檢討及監察本公司 政策及常規；

2. 檢討及監察董事及高級管理層的培訓及 持續專業發展；

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Corporate Governance Report 企業管治報告

1. to develop, review and monitor the code of conduct and compliance manual applicable to employees and Directors;

2. to develop and review the Company’s policies and practices on corporate governance and make recommendations to the Board; and

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

BOARD COMMITTEES

Audit Committee

The Company establishes an Audit Committee with written terms of reference in compliance with the CG Code. The Audit Committee comprises three members, namely Mr. CHEN Baoguo (Chairman), Mr. JIN Yongsheng and Ms. ZHAO Xuemei, all of them are independent non-executive Directors. Mr. JIN Yongsheng has been appointed as a member of the Audit Committee since 16 September 2021 and Mr. LIANG Zhanping resigned as a member of the Audit Committee on 16 September 2021. The primary duties of the Audit Committee are to review and supervise, and provide an independent view of the effectiveness of, the financial reporting process and the risk management and internal control systems of the Group, oversee the audit process and perform other duties and responsibilities as assigned by the Board.

The written terms of reference of the Audit Committee are available on the websites of the Stock Exchange and the Company.

Code provision C.3.3(e)(i) (which has been renumbered as code provision D.3.3(e)(i) since January 1, 2022) of the CG Code provides that the terms of reference of the Audit Committee shall have the terms that the members of the Audit Committee should liaise with the Board and senior management and the Audit Committee must meet at least twice a year with the Auditor. The Company has included such terms in relevant terms of reference, and thus complied with the Code provision C.3.3(e)(i) of the CG Code during the Reporting Period.

1. 制定、檢討及監察適用於僱員及董事的 操守守則及合規手冊；

2. 制定及檢討本公司有關企業管治的政策 及常規並就有關事宜向董事會作出推薦 意見；及

3. 檢討本公司有關企業管治守則的遵守情 況及於企業管治報告內的披露。

董事委員會

審核委員會

本公司根據企業管治守則成立審核委員會， 並訂立書面職權範圍。審核委員會由三名成 員組成，即陳寶國先生（主席）、金永生先生 及趙學梅女士，全部為獨立非執行董事。金 永生先生自二零二一年九月十六日起獲委任 為審核委員會成員及梁戰平先生於二零二一 年九月十六日辭任審核委員會成員。審核委 員會的主要職責為檢討及監督本集團的財務 報告流程、風險管理及內部控制系統並就有 關事項的有效性提供獨立意見、監察審計流 程，以及履行董事會指派的其他職責及責任。

審核委員會的書面職權範圍可於聯交所及本 公司網站查閱。

企業管治守則的守則條文第C.3.3(e)(i)條（自 二零二二年一月一日起重新編號為守則條文 第 D.3.3(e)(i) 條）規定，審核委員會的職權 範圍應載有條款，要求審核委員會成員須與 董事會及高級管理層進行聯絡，及審核委員 會須每年與核數師至少舉行兩次會議。本公 司已將該等條款列入有關職權範圍，因此於 報告期已遵守企業管治守則的守則條文第 C.3.3(e)(i)條。

二零二一年報 萬咖壹聯有限公司 79

Corporate Governance Report 企業管治報告

During the Reporting Period, five Audit Committee meetings were convened. The Audit Committee had performed the followings tasks, among others:

1. reviewed the annual results for the year ended 31 December 2020 and interim results for the six months ended 30 June 2021;

2. reviewed the appropriateness and effectiveness of risk management and internal control systems;

3. discussed with the auditor of the Company and reviewed their audit findings;

4. reviewed the auditors’ remuneration;

5. reviewed the matters in connection with the change of auditor;

6. reviewed all non-audit services provided by the auditors to determine the provision of such services would affect the independence of the auditors; and

7. performed the corporate governance functions and reviewed the corporate governance policies and practices.

Nomination Committee

The Company establishes a Nomination Committee with written terms of reference in compliance with the Code as set out in Appendix 14 to the Listing Rules. The Nomination Committee currently comprises three members, including one executive Director namely Mr. GAO Dinan (Chairman) and two independent non-executive Directors namely Mr. JIN Yongsheng and Ms. ZHAO Xuemei. Mr. JIN Yongsheng has been appointed as a member of the Nomination Committee since 16 September 2021 and Mr. LIANG Zhanping resigned as a member of the Nomination Committee on 16 September 2021. The primary functions of the Nomination Committee include, without limitation, reviewing the structure, size and composition of the Board, reviewing the Board diversity policy, assessing the independence of independent nonexecutive directors and making recommendations to the Board on matters relating to the appointment of directors.

於報告期，審核委員會已舉行五次會議。審 核委員會已進行以下工作，其中包括：

1. 審閱截至二零二零年十二月三十一日止 年度之年度業績及截至二零二一年六月 三十日止六個月之中期業績；

2. 檢討風險管理及內部監控系統之合適性 及有效性；

3. 與本公司之核數師討論及檢討其審核發 現；

4. 檢討核數師之薪酬；

5. 檢討與更換核數師有關的事宜；

6. 檢討所有由核數師提供之非審核服務以 釐定所提供該等服務是否將影響核數師 之獨立性；及

7. 履行企業管治職能並檢討企業管治政策 及常規。

提名委員會

本公司根據上市規則附錄十四所載守則成立 提名委員會，並訂立書面職權範圍。提名委 員會現時由三名成員組成，包括一名執行董 事高弟男先生（主席）及兩名獨立非執行董事 金永生先生及趙學梅女士。金永生自二零二 一年九月十六日起獲委任為提名委員會成員 及梁戰平先生於二零二一年九月十六日辭任 提名委員會成員。提名委員會的主要職能包 括（但不限於）檢討董事會的架構、規模及組 成部分、審查董事會多元化政策、評估獨立 非執行董事的獨立性及就有關任命董事之事 宜向董事會提出建議。

80 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

In recommending candidates for appointment to the Board, the Nomination Committee will consider candidates on merit against objective criteria and with due regards to the benefits of diversity on the Board in accordance with the board diversity policy adopted by the Company. Diversity of the Board will be considered from a number of perspectives, including but not limited to gender, age, cultural and educational background, industry experience, technical and professional skills and/or qualifications, knowledge, length of services and time to be devoted as a Director. The recommendations of the Nomination Committee will then be put to the Board for decision. The written terms of reference of the Nomination Committee are available on the websites of the Stock Exchange and the Company.

During the Reporting Period, two Nomination Committee meetings were held. The Nomination Committee has reviewed the structure, size and composition of the Board and the Board diversity policy as well as discussing matters regarding the appointment, retirement and re-election of Directors.

Remuneration Committee

The Company establishes a Remuneration Committee with written terms of reference in compliance with the Code as set out in Appendix 14 to the Listing Rules. The Remuneration Committee currently comprises three members, including two independent non-executive Directors namely Mr. JIN Yongsheng (Chairman) and Mr. CHEN Baoguo and one executive Director namely Mr. NIE Xin. Mr. JIN Yongsheng has been appointed as the chairmen of the Remuneration Committee since 16 September 2021 and Mr. LIANG Zhanping resigned as the chairmen of the Remuneration Committee on 16 September 2021. The primary duties of the Remuneration Committee include, without limitation, (i) making recommendations to the Board on the Company’s policy and structure for all remuneration of directors and senior management and on the establishment of a formal and transparent procedures for developing policy on such remuneration, (ii) reviewing and approving performance based remuneration proposals with reference to corporate goals and objectives resolved by the Board, and (iii) making recommendations to the Board on the remuneration packages of individual executive Directors and senior management, which include benefits in kind, pension rights and compensation payments, including any compensation payable for loss or termination of their office or appointment.

於推薦候選人以委任加入董事會時，提名委 員會將根據本公司所採納的董事會多元化政 策按客觀條件考慮候選人，並適度顧及董事 會成員多元化的裨益。董事會成員多元化將 從多個方面進行考慮，包括但不限於性別、 年齡、文化及教育背景、行業經驗、技術及 專業技能及╱或資格、知識、服務年期及擔 任董事的時間。提名委員會的建議將於其後 提交董事會以作決定。提名委員會的書面職 權範圍可於聯交所及本公司網站查閱。

於報告期，提名委員會已舉行兩次會議。提 名委員會已檢討董事會的架構、規模及組 成及董事會多元化政策，並討論有關董事委 任、退任及重選的事宜。

薪酬委員會

本公司根據上市規則附錄十四所載守則成立 薪酬委員會，並訂立書面職權範圍。薪酬委 員會目前由三名成員組成，包括兩名獨立非 執行董事金永生先生（主席）及陳寶國先生 及一名執行董事聶鑫先生。金永生先生自二 零二一年九月十六日起獲委任為薪酬委員會 主席及梁戰平先生於二零二一年九月十六日 辭任薪酬委員會主席。薪酬委員會之主要職 責包括（但不限於）(i)就有關本公司董事及高 級管理層薪酬的政策及架構，以及就制訂薪 酬政策訂立正式及透明的程序向董事會作出 推薦意見；(ii)參考董事會議決的企業目標及 宗旨，以審閱及批准按表現而釐定的薪酬建 議；及(iii)就個別執行董事及高級管理層的薪 酬待遇向董事會作出推薦建議，薪酬待遇包 括實物利益、退休金權利及賠償金額（包括 喪失或終止職務或委任的賠償）。

二零二一年報 萬咖壹聯有限公司 81

Corporate Governance Report 企業管治報告

The written terms of reference of the Remuneration Committee are available on the websites of the Stock Exchange and the Company.

薪酬委員會的書面職權範圍可於聯交所及本 公司網站查閱。

During the Reporting Period, three Remuneration Committee meetings were held. The Remuneration Committee had reviewed and approved the remuneration of executive Directors, nonexecutive Directors and independent non-executive Directors.

於報告期，薪酬委員會已舉行三次會議。薪 酬委員會已檢討並批准執行董事、非執行董 事及獨立非執行董事之薪酬。

Remuneration of Directors and Senior Management

Please refer to Note 11 to the consolidated financial statements for details of remuneration of members of the Board for the year ended December 31, 2021.

董事及高級管理層薪酬

有關截至二零二一年十二月三十一日止年度 董事會成員的薪酬詳情，請參閱綜合財務報 表附註11。

Details of the remuneration by band of Directors and senior management of the Company, whose biographies are set out on pages 26 to 31 of this annual report, for the year ended December 31, 2021 are set out below:

截至二零二一年十二月三十一日止年度本公 司董事及高級管理層（彼等的履歷載於本年 報第26至31頁）薪酬範圍詳情載列如下：

		Number of individual
Remuneration band (RMB)	薪酬範圍（人民幣元）	人數
0-1,000,000	0-1,000,000	6
1,000,001-1,500,000	1,000,001-1,500,000	1
1,500,001-2,000,000	1,500,001-2,000,000	2

DIRECTORS’ RESPONSIBILITIES FOR FINANCIAL REPORTING IN RESPECT OF FINANCIAL STATEMENTS

The Directors acknowledge their responsibility of preparing the financial statements for the year ended December 31, 2021 to give a true and fair view of the affairs of the Company and the Group and of the Group’s results and cash flows.

董事對財務報表的財務申報責任

董事明白有責任編製截至二零二一年十二月 三十一日止年度的財務報表，以真實中肯反 映本公司及本集團的事務，及本集團的業績 與現金流量。

The management has provided to the Board such explanation and information as are necessary to enable the Board to carry out an informed assessment of the Company’s financial statements, which are put to the Board for approval. The Company provides all members of the Board with timely updates on Company’s performance, positions and prospects.

管理層已向董事會提供必要的說明及資料， 以便董事會可以對有待董事會批准的本公司 的財務報表作出知情評估。本公司向董事會 全體成員提供有關本公司業績、狀況及前景 的最新資料。

82 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

The Directors were not aware of any material uncertainties relating to events or conditions which may cast significant doubt upon the Group’s ability to continue as a going concern.

The statement by the Auditor regarding their reporting responsibilities on the consolidated financial statements of the Company is set out in the Independent Auditor’s Report on page 88 to 94 of this annual report.

RISK MANAGEMENT AND INTERNAL CONTROL

The Board acknowledges that it is the Board’s responsibility to ensure that the Company has established and maintained adequate and effective risk management and internal control systems. The Board delegates its responsibility to the Audit Committee to review the establishment and practices of management with respect to risk management and internal control systems formally on a half – yearly basis. The Audit Committee also reviews the effectiveness of the risk management and internal control systems on an annual basis. The Board is also responsible for overseeing the key risks of the Company, including determining the level of risk the Company expects and is able to take, and proactively considering, analyzing and formulating strategies to manage the key risks that the Company is exposed to. The Audit Committee oversees the management of the design, implementation and monitoring of risk management and internal control systems. The senior management team also provides all necessary and relevant information to the Board, giving the Directors sufficient explanation and information they need to discharge their responsibilities and make an informed assessment of financial and other information put before them for approval. The internal audit team of the Company has direct reporting lines to the Audit Committee. These systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable but not absolute assurance against material misstatement or loss.

董事並不知悉與可能導致本集團繼續按持續 經營基準經營的能力受到重大質疑的事件或 狀況相關的任何重大不明朗因素。

核數師有關本公司綜合財務報表申報責任的 聲明，載於本年報第88至94頁的獨立核數師 報告。

風險管理及內部控制

董事會確認會負責確保本公司設立及維持充 分及有效的風險管理及內部監控系統。審 核委員會代表董事會每半年度正式審閱管理 層在風險管理及內部監控系統方面的建設及 執行工作，每年檢討風險管理及內部監控系 統的有效性。董事會亦負責監管本公司所面 臨的關鍵風險，包括釐定本公司所預期和能 夠承受的風險水平，並積極考慮、分析及制 訂策略以管理本公司所面臨的關鍵風險。審 核委員會監督管理層在風險管理及內部監控 系統的設計、執行及監察方面的工作。高級 管理團隊亦向董事會提供一切所需及相關的 資料，給予董事履行職責所需的充分說明及 資料，以及使董事可在財務及其他資料提呈 待其批准時能作出知情評估。本公司內部審 核部門與審核委員會之間建立了直接匯報關 係。該等系統旨在管理，而不能完全消除可 能令本公司無法實現業務目標的風險，僅可 對重大的失實陳述或損失作出合理而非絕對 的保證。

二零二一年報 萬咖壹聯有限公司 83

Corporate Governance Report 企業管治報告

We have designated responsible personnel in the Company to monitor the ongoing compliance by the Company with the relevant PRC laws and regulations that govern our business operations and oversee the implementation of any necessary measures. In addition, we plan to provide our Directors, senior management and relevant employees with continuing training programs and/or updates regarding the relevant PRC laws and regulations on a regular basis with a view to proactively identify any concerns and issues relating to any potential non-compliance. In addition, we have adopted a set of internal rules and policies governing the conduct of our employees. We have established a monitoring system to implement anti-bribery and anti-corruption measures so as to ensure that our employees comply with our internal rules and policies as well as the applicable laws and regulations. For example, our management is responsible for conducting a fraud and bribery risk assessment on an annual basis and our Audit Committee reviews and approves our annual risk assessment results and policies. We have also identified certain forbidden conducts in our internal anti-bribery and anti-corruption policies, including, among others, the prohibition to acceptance of bribes or rebates, embezzlement or misappropriation of our assets, and forgery or alteration of our accounting records.

Risk Management

The Company is committed to continuously improving the risk management system, including structure, process and culture, through the enhancement of risk management ability, to ensure long-term growth and sustainable development of the Company’s business. The Company has established a risk management system which sets out the roles and responsibilities of each relevant party as well as the relevant risk management policies and processes. Each business group of the Company, on a regular basis, identifies and assesses risk factors that may negatively impact the achievement of its objectives, and formulates appropriate response measures.

The Audit Committee assists the Board in supervising the overall risk status of the Company and evaluating the change in the nature and severity of the Company’s major risks. The Audit Committee considers that the management of the Company has taken appropriate measures to address and manage the key risks which they are responsible for at a level acceptable to the Board.

我們已指定本公司負責人員監督本公司持續 遵守中國相關法律及法規（管治我們的業務 運營及監督任何必要措施的實施）的情況。 此外，我們計劃向董事、高級管理層及相關 僱員提供持續培訓課程及╱或定期更新中國 相關法律及法規的資料，旨在積極發現有關 任何潛在不合規情況的任何關切及問題。此 外，我們已採納一系列規管我們僱員行為的 內部規則及政策。我們已建立監察系統以實 施反賄賂及反貪污措施，從而確保僱員遵守 內部規則及政策以及適用法律及法規。例 如，管理層負責每年進行欺詐及賄賂風險評 估，而審核委員會會對我們的年度風險評估 結果及政策進行審批。我們亦於內部反賄賂 及反貪污政策中列明若干禁止行為，其中包 括禁止收受賄賂或回扣、侵佔或挪用我們的 資產及偽造或更改我們的會計記錄。

風險管理

本公司一直致力不斷完善風險管理系統，包 括架構、程序與文化，通過提升風險管理 的能力，確保本公司業務的長遠增長和持續 發展。本公司已建立風險管理系統，當中載 有各相關方的角色及職責，以及相關風險管 理政策和流程。本公司各事業群定期對可能 負面影響目標實現的風險因素進行識別和評 估，並制訂相應的風險應對措施。

審核委員會協助董事會監察本公司整體的風 險狀況，並評估本公司重大風險的性質及嚴 重程度的轉變。審核委員會認為本公司管理 層已採取適當的措施以應對及管理彼等負責 的關鍵風險至董事會可接受的風險水平。

84 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

The Audit Committee, on behalf of the Board, continuously reviews the risk management and internal control systems. The review process comprises, among other things, meetings with management of business groups, internal audit team, legal personnel and the external auditors, reviewing the relevant work reports and information of key performance indicators, and discussing the major risks with the senior management of the Company. The Board is of the view that throughout the year ended December 31, 2021, the risk management and internal control systems of the Company are effective and adequate.

審核委員會代表董事會持續檢討風險管理及 內部監控系統。檢討的程序其中包括與各事 業群管理團隊、內部審核團隊、法務人員以 及外聘核數師舉行會議，審閱相關工作報告 和關鍵業績指標信息，以及與本公司高級管 理層討論重大風險。就截至二零二一年十二 月三十一日止年度而言，董事會認為本公司 的風險管理及內部監控系統有效及充足。

In addition, the Board believes that the Company’s accounting and financial reporting functions have been performed by staff with the appropriate qualifications and experience and that such staff receives appropriate and sufficient training and development. Based on the work report from the Audit Committee, the Board also believes that the Company’s internal audit function is adequate with sufficient resources and budget. The relevant staff has appropriate qualifications and experience, and receives sufficient training and development.

另外，董事會信納，本公司的會計及財務報 告職能已由具有適當資歷及經驗的員工履 行，且該等員工已接受合適而充分的培訓及 發展。基於審核委員會的工作報告，董事會 亦信納，本公司的內部審核職能已充足並已 獲足夠的資源及預算。相關員工擁有適當的 資歷及經驗、取得了充分的培訓及發展。

AUDITOR’S REMUNERATION

The remuneration for the audit and non-audit services provided by the Auditor to the Group during the year ended December 31, 2021 was approximately as follows:

核數師酬金

截至二零二一年十二月三十一日止年度，就 核數師向本集團提供的審核及非審核服務的 概約酬金載列如下：

		Amount
		金額
		(RMB’000)
Type of Services	服務類別	（人民幣千元）
Audit and audit related services*	審核及審核相關服務*	2,100
Non-audit services	非審核服務	–
Total	總計	2,100

Note:

附註：

• The amount of audit and audit related services fee comprises the service fee for the audit of the Group’s 2021 consolidated financial statements.

• 審核及審核相關服務的費用金額包括審核本 集團二零二一年綜合財務報表的服務費。

二零二一年報 萬咖壹聯有限公司 85

Corporate Governance Report 企業管治報告

COMPANY SECRETARY

Mr. CHAN Chi Keung has been appointed as the company secretary of the Company. See the section headed “Directors and Senior Management – Company Secretary” in this annual report for the biography of Mr. CHAN Chi Keung.

For the year ended December 31, 2021, Mr. CHAN Chi Keung has undertaken not less than 15 hours of relevant professional training respectively in compliance with Rule 3.29 of the Listing Rules.

COMMUNICATION WITH SHAREHOLDERS AND INVESTOR RELATIONS

The Company considers that effective communication with the Shareholders is essential for enhancing investor relations and understanding of the Group’s business, performance and strategies. The Company also recognizes the importance of timely and nonselective disclosure of information, which will enable Shareholders and investors to make the informed investment decisions.

The annual general meeting of the Company provides opportunity for the Shareholders to communicate directly with the Directors. The Chairman of the Board as well as chairmen of the Remuneration Committee, Audit Committee and Nomination Committee and, in their absence, other members of the respective committees will be available to answer questions at shareholder meetings. The Auditor will also attend the AGM to answer questions about the conduct of the audit, the preparation and content of the auditor’s report, the accounting policies and auditor independence.

To promote effective communication, the Company adopts a Shareholders’ communication policy which aims at establishing a two-way relationship and communication between the Company and the Shareholders and maintains a website of the Company at (www.wankaonline.com), where up-to-date information on the Company’s business operations and developments, financial information, corporate governance practices and other information are available for public access.

The 2021 annual general meeting at which the external auditors attended was convened on 2 June 2022. The Board encourages all its shareholders to participate in the forthcoming AGM where the members of the Board and external auditors will be present and communicate with its shareholders.

公司秘書

陳志強先生已獲委任為本公司的公司秘書。 有關陳志強先生的履歷，請參閱本年報「董 事及高級管理層－公司秘書」一節。

截至二零二一年十二月三十一日止年度，陳 志強先生已符合上市規則第3.29條進行不少 於15小時的相關專業培訓。

與股東的溝通及投資者關係

本公司認為，與股東的有效溝通對加強投資 者關係及使投資者了解本集團的業務、表現 及策略非常重要。本公司亦深明及時與非選 擇性地披露資料以供股東及投資者作出知情 投資決策的重要性。

本公司股東週年大會提供股東與董事直接溝 通的機會。董事會主席與薪酬委員會、審核 委員會及提名委員會主席（如彼等缺席，則 各委員會其他成員）將出席股東大會解答股 東提問。核數師亦將出席股東週年大會，並 解答有關審計行事、核數師報告的編製及內 容、會計政策及核數師獨立性的提問。

為促進有效的溝通，本公司採納股東通訊政 策，旨在建立本公司與股東的相互關係及溝 通，並設有本公司網站(www.wankaonline. com)，本公司會於網站刊登有關其業務營運 及發展、財務資料、企業管治常規的最新資 料及其他資料，以供公眾人士獲取。

外聘核數師出席之二零二一年股東週年大會 已於二零二二年六月二日召開。董事會鼓勵 所有股東參與應屆股東週年大會，屆時董事 會成員及外聘核數師將會出席並與股東溝通。

86 Wanka Online Inc. Annual Report 2021

Corporate Governance Report 企業管治報告

SHAREHOLDERS’ RIGHTS

To safeguard Shareholders’ interests and rights, a separate resolution will be proposed for each issue at general meetings, including the election of individual Directors.

All resolutions put forward at general meetings will be voted by poll pursuant to the Listing Rules and poll results will be posted on the websites of the Company and the Stock Exchange in a timely manner after each general meeting.

Convening of Extraordinary General Meeting and Putting Forward Proposals

Shareholders may put forward proposals for consideration at a general meeting of the Company according to the Articles of Association. Any one or more members holding as of date of deposit of the requisition not less than one-tenth of the paidup capital of the Company carrying the right of voting at general meetings of the Company shall at all times have the right, by written requisition to the Board or any one of the joint company secretaries of the Company, to require an extraordinary general meeting of the Company to be called by the Board for the transaction of any business specified in such requisition; and such meeting shall be held within two months after the deposit of such requisition. If within 21 days of such deposit the Board fails to proceed to convene such meeting, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

As regards proposing a person for election as a Director, the procedures are available on the website of the Company.

Enquiries to the Board

Shareholders who intend to put forward their enquiries about the Company to the Board could send their enquiries to the headquarters of the Company at 4/F, Building No. B22, Universal Business Park, No.10 Jiuxianqiao Road, Chaoyang, Beijing, PRC.

CHANGE IN CONSTITUTIONAL DOCUMENTS

The Memorandum and Articles of Association of the Company has not been amended during the Reporting Period.

股東權利

為保障股東的利益及權利，本公司會於股東 大會上就各項議題（包括選舉個別董事）提呈 獨立決議案。

於股東大會上提呈的所有決議案將根據上市 規則以投票表決，投票結果將於各股東大會 舉行後及時於本公司及聯交所網站刊登。

召開股東特別大會及提呈建議

根據組織章程細則，股東可於本公司股東大 會上提出建議以供審議。任何一名或以上截 至遞呈要求當日持有本公司附有權利可於本 公司股東大會上投票之繳足股本不少於十分 之一的股東，有權隨時透過向董事會或本公 司任何一名聯席公司秘書發出書面要求，要 求董事會召開本公司股東特別大會，以處理 有關要求所列明的任何事項。有關大會須於 遞交有關要求後兩個月內舉行。倘於遞交有 關要求後21天內董事會未能召開有關大會， 則要求人士可按相同方式自行召開有關大 會，而有關要求人士因董事會未能召開大會 而產生的所有合理費用應由本公司向有關要 求人士進行償付。

關於建議某位人士參選董事的事宜，可於本 公司網站查閱有關程序。

向董事會提出查詢

股東如欲向董事會作出有關本公司的查詢， 可將其查詢寄發至本公司總部，地址為中國 北京市朝陽區酒仙橋路10號恒通商務園B22 座4層。

章程文件的更改

本公司的組織章程大綱及細則並未於報告期 內修訂。

二零二一年報 萬咖壹聯有限公司 87

Independent Auditor’s Report 獨立核數師報告

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致萬咖壹聯有限公司股東 （於開曼群島註冊成立的有限公司）

To the shareholders of Wanka Online Inc.

(Incorporated in the Cayman Islands with limited liability)

Opinion

We have audited the consolidated financial statements of Wanka Online Inc. (the “Company”) and its subsidiaries (the “Group”) set out on pages 95 to 226, which comprise the consolidated statement of financial position as at 31 December 2021, and the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

意見

我們已審計萬咖壹聯有限公司（「貴公司」）及 其附屬公司（以下統稱「貴集團」）列載於第95 至226頁的綜合財務報表，此綜合財務報表 包括於二零二一年十二月三十一日的綜合財 務狀況表與截至該日止年度的綜合損益表、 綜合全面收益表、綜合權益變動表及綜合現 金流量表以及綜合財務報表附註，包括重大 會計政策概要。

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 2021, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

我們認為，該等綜合財務報表已根據香港會 計師公會（「香港會計師公會」）頒佈的《香港 財務報告準則》（「《香港財務報告準則》」）真 實而中肯地反映了 貴集團於二零二一年十 二月三十一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 Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements” section of our report. We are independent of the Group in accordance with the HKICPA’s “Code of Ethics for Professional Accountants” (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

意見的基礎

我們已根據香港會計師公會頒佈的《香港審 計準則》（「香港審計準則」）進行審計。我們 在該等準則下承擔的責任已在本報告《核數 師就審計綜合財務報表須承擔的責任》部分 中作進一步闡述。根據香港會計師公會頒佈 的《專業會計師道德守則》（「守則」），我們獨 立於 貴集團，並已履行守則中的其他專業 道德責任。我們相信，我們所獲得的審計憑 證能充足及適當地為我們的審計意見提供基 礎。

88 Wanka Online Inc. Annual Report 2021

Independent Auditor’s Report 獨立核數師報告

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為 對本期綜合財務報表的審計最為重要的事 項。這些事項是在對綜合財務報表整體進行 審計並形成意見的背景下進行處理的，我們 不會對這些事項提供單獨的意見。

Key audit matter How our audit addressed the key audit matter 關鍵審計事項 我們的審計如何處理關鍵審計事項 Impairment assessment of goodwill 商譽減值評估

As at 31 December 2021, the carrying amount of the Group’s goodwill was approximately RMB183,164,000, which is subject to annual impairment test. Impairment provision is required when the recoverable amounts of the cash-generating units (“CGUs”) to which the goodwill is allocated are lower than the respective carrying values of the respective CGUs.During the year ended 31 December 2021, based on the impairment assessment of goodwill, the Group recognized goodwill impairment of RMB448,000.

於二零二一年十二月三十一日， 貴集團的商譽賬面值約 為人民幣183,164,000元，其取決於每年的減值測試， 當測試發現被分攤商譽的現金產生單位（「現金產生單 位」）的可收回金額小於相關現金產生單位的賬面值時， 應計提減值撥備。截至二零二一年十二月三十一日止 年度， 貴集團基於商譽減值評估確認商譽減值人民幣 448,000元。

The calculation of the recoverable amounts of these CGUs involved significant management’s estimation, subjective assumptions and judgements, such as expected future cash flows from the CGUs, budgeted gross margins, revenue growth rates and discount rates, and is sensitive due to business and market volatility, and uncertain economic outlook. 對該等現金產生單位可收回金額的計算涉及有重要的管 理層估計、主觀假設及判斷，例如現金產生單位的預計 未來現金流量、預算毛利率、收入增長率以及貼現率。 這些係數因業務及市場波動性及經濟前景的不確定性而 較敏感。

We performed the following audit procedures, among others, on the impairment testing of goodwill: 我們對商譽減值測試執行以下審計程序（其中包括）：

• we assessed the key assumptions underlying the cash flow forecasts, including revenue growth rates, budgeted gross margins and discount rates through enquiry with management and by reference to the historical performance and business plans of the relevant CGUs. We also took into account the accuracy of previous budgeting process;

• • 我們通過詢問管理層，參照相關現金產生單位的歷 史表現和商業計劃評估相關現金流量預測的主要假 設，包括收入增長率、預算毛利率及貼現率。我們 亦考慮過往預算編製過程的準確性；

• we engaged our external valuation specialists to assess the methodologies and certain significant assumptions such as the discount rates used by management in the impairment testing; and

• • 我們聘請外部估值專家評估方法及若干重大假設， 例如管理層在減值測試中使用的貼現率；及

• we assessed the adequacy of disclosures in relation to the Group’s goodwill impairment test in the consolidated financial statements.

• 我們評估綜合財務報表中有關 貴集團商譽減值測 試的披露是否充足。

Relevant disclosures of accounting policies, accounting judgements and estimates and impairment testing of goodwill are included in notes 4, 5, and 18 to the consolidated financial statements.

會計政策、會計判斷和估計以及商譽減值測試的相關披 露載於綜合財務報表附註4、5及18。

二零二一年報 萬咖壹聯有限公司 89

Independent Auditor’s Report 獨立核數師報告

關鍵審計事項（續）

Key audit matters(continued) 關鍵審計事項（續）
Key audit matter 關鍵審計事項 How our audit addressed the key audit matter 我們的審計如何處理關鍵審計事項

Provision for expected credit losses on accounts receivable 應收賬款預期信貸虧損撥備

Accounts receivable constituted a significant portion of total assets of the Group as at 31 December 2021 and the Group was exposed to credit risks thereof. The Group recognises an allowance based on the expected credit loss (“ECL”) approach under Hong Kong Financial Reporting Standard 9 Financial Instruments. The measurement of ECL requires the application of significant judgement and estimates, such as provision rates which are based on days past due for customers that have similar loss patterns, historical credit loss experience and forward-looking factors specific to the debtors and the economic environment. 於二零二一年十二月三十一日，應收賬款佔 貴集團總 資產的重大部分， 貴集團面臨信貸風險。 貴集團根據 香港財務報告準則第9號金融工具的預期信貸虧損（「預 期信貸虧損」）法確認撥備。預期信貸虧損的計量需要應 用重大判斷及估計，例如基於逾期天數就具有類似虧損 模式、過往信貸虧損經驗的客戶作出撥備率，以及債務 人特定的前瞻性因素及經濟環境。

Relevant disclosures of accounting policies, accounting judgements and estimates and impairment of accounts receivables are included in notes 4, 5 and 22 to the consolidated financial statements.

會計政策、會計判斷和估計以及應收賬款減值的相關披 露載於綜合財務報表附註4、5及22。

We performed the following audit procedures, among others, on the impairment assessment of accounts receivable:

我們對應收賬款減值評估執行以下審計程序（其中包括）：

• we obtained an understanding of and assessed management’s processes and controls relating to the credit control and collection of accounts receivable;

• 我們了解並評估管理層有關信貸控制及收回應收賬 款的流程及控制；

• we obtained and assessed management’s expected credit loss allowance and judgements on the recoverability of accounts receivable by examining the information used by management to establish such judgements and estimates, such as the historical default information, current economic conditions and forward-looking information;

• 我們通過檢查管理層用以確定有關判斷及估計的資 料，如過往違約資料、當前經濟狀況及前瞻性資 料，取得並評估管理層的預期信貸虧損準備及對應 收賬款可收回性的判斷；

• we tested the ageing analysis and past due analysis of accounts receivable on sample basis; we also considered the collection of the accounts receivable subsequent to the end of the reporting period; and

• • 我們抽樣測試應收賬款的賬齡分析表及逾期分析 表；我們亦考慮於報告期結束後應收賬款的收回 性；及

• we assessed the adequacy of disclosures in relation to impairment of accounts receivable in the consolidated financial statements.

• • 我們評估綜合財務報表中有關應收賬款減值的披露 是否充足。

• we engaged our external valuation specialist to assess the adjusted reasonables of the forwardlooking information used by the management in the impairment assessment.

• • 我們委聘外部估值專家評估管理層於減值評估中所 用前瞻性資料的經調整合理性。

90 Wanka Online Inc. Annual Report 2021

Independent Auditor’s Report 獨立核數師報告

Other information included in the Annual Report

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the consolidated financial statements

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors of the Company 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 of the Company either intend to liquidate the Group or to cease operations or have no realistic alternative but to do so.

The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

年報內的其他資料

貴公司董事需對其他資料負責。其他資料包 括刊載於年報內的資料，但不包括綜合財務 報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他資 料，我們亦不對該等其他資料發表任何形式 的鑒證結論。

結合我們對綜合財務報表的審計，我們的責 任是閱讀其他資料，在此過程中，考慮其他 資料是否與綜合財務報表或我們在審計過程 中所瞭解的情況存在重大抵觸或者似乎存在 重大錯誤陳述的情況。基於我們已執行的工 作，如果我們認為其他資料存在重大錯誤陳 述，我們需要報告該事實。在這方面，我們 沒有任何報告。

董事就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會頒佈 的《香港財務報告準則》及香港《公司條例》 的披露規定擬備真實而中肯的綜合財務報 表，並對其認為為使綜合財務報表的擬備不 存在由於欺詐或錯誤而導致的重大錯誤陳述 所需的內部控制負責。

在擬備綜合財務報表時， 貴公司董事負責評 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 貴公司董事有意 將 貴集團清盤或停止經營，或別無其他實 際的替代方案。

審核委員會協助 貴公司董事履行職責，監 督 貴集團的財務報告過程。

二零二一年報 萬咖壹聯有限公司 91

Independent Auditor’s Report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Our report is made 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 HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

核數師就審計綜合財務報表須承擔的 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。我們僅對全體成員作出報告，除此 以外，本報告並無其他用途。我們不會就核 數師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 《香港審計準則》進行的審計，在某一重大錯 誤陳述存在時總能發現。錯誤陳述可以由欺 詐或錯誤引起，如果合理預期它們單獨或匯 總起來可能影響綜合財務報表使用者依賴財 務報表所作出的經濟決定，則有關的錯誤陳 述可被視作重大。

在根據《香港審計準則》進行審計的過程中， 我們運用了專業判斷，保持了專業懷疑態 度。我們亦：

• 識別和評估由於欺詐或錯誤而導致綜合 財務報表存在重大錯誤陳述的風險，設 計及執行審計程序以應對這些風險，以 及獲取充足和適當的審計憑證，作為我 們意見的基礎。由於欺詐可能涉及串 謀、偽造、蓄意遺漏、虛假陳述，或凌 駕於內部控制之上，因此未能發現因欺 詐而導致的重大錯誤陳述的風險高於未 能發現因錯誤而導致的重大錯誤陳述的 風險。

• 了解與審計相關的內部控制，以設計適 當的審計程序，但目的並非對 貴集團 內部控制的有效性發表意見。

• 評價董事所採用會計政策的恰當性及作 出會計估計和相關披露的合理性。

92 Wanka Online Inc. Annual Report 2021

Independent Auditor’s Report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements (continued)

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and 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.

核數師就審計綜合財務報表須承擔的 責任（續）

• 對董事採用持續經營會計基礎的恰當性 作出結論。根據所獲取的審計憑證，確 定是否存在與事項或情況有關的重大不 確定性，從而可能導致對 貴集團的持 續經營能力產生重大疑慮。如果我們認 為存在重大不確定性，則有必要在核數 師報告中提請使用者注意綜合財務報表 中的相關披露。假若有關的披露不足， 則我們應當發表非無保留意見。我們的 結論是基於核數師報告日止所取得的審 計憑證。然而，未來事項或情況可能導 致 貴集團不能持續經營。

• 評價綜合財務報表的整體列報方式、結 構和內容，包括披露，以及綜合財務報 表是否中肯反映交易和事項。

• 就本集團內實體或業務活動的財務信息 獲取充足、適當的審計憑證，以便對綜 合財務報表發表意見。我們負責 貴集 團審計的方向、監督和執行。我們為審 計意見承擔全部責任。

除其他事項外，我們與審核委員會溝通了計 劃的審計範圍、時間安排、重大審計發現 等，包括我們在審計中識別出內部控制的任 何重大缺陷。

我們還向審核委員會提交聲明，說明我們已 符合有關獨立性的相關專業道德要求，並與 他們溝通有可能合理地被認為會影響我們獨 立性的所有關係和其他事項，以及在適用的 情況下，消除不利影響的行動或採取的防範 措施。

二零二一年報 萬咖壹聯有限公司 93

Independent Auditor’s Report 獨立核數師報告

Auditor’s responsibilities for the audit of the consolidated financial statements (continued)

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

BDO Limited Certified Public Accountants Chan, Wing Fai Practising Certificate no. P05443

Hong Kong, 25 March 2022

核數師就審計綜合財務報表須承擔的 責任（續）

從與審核委員會溝通的事項中，我們確定哪 些事項對本期綜合財務報表的審計最為重 要，因而構成關鍵審計事項。我們在核數師 報告中描述這些事項，除非法律法規不允許 公開披露這些事項，或在極端罕見的情況 下，如果合理預期在我們報告中溝通某事項 造成的負面後果超過產生的公眾利益，我們 決定不應在報告中溝通該事項。

香港立信德豪會計師事務所有限公司 執業會計師

陳永輝 執業證書編號P05443

香港，二零二二年三月二十五日

94 Wanka Online Inc. Annual Report 2021

綜合損益表

截至二零二一年十二月三十一日止年度 For the Year ended 31 December 2021

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

2021 2020
二零二一年 二零二零年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
----- End of picture text -----

REVENUE	收益	7	2,098,198	1,726,746
Cost of sales	銷售成本		(1,834,882)	(1,483,999)
Gross profit	毛利		263,316	242,747
Other income and gains	其他收入及收益	8	17,138	18,123
Selling and distribution expenses	銷售及分銷開支		(15,001)	(16,477)
Research and development costs	研發成本		(67,036)	(73,543)
Administrative expenses	行政開支		(46,301)	(40,401)
Other expenses and losses	其他開支及虧損		(38,508)	(15,108)
Share-based payment expenses	以股份為基礎的付款開支	30	(18,160)	(20,224)
Operating profits	經營溢利		95,448	95,117
Finance costs	財務成本	10	(7,549)	(10,172)
Share of losses in associates	分佔聯營公司虧損		(3,826)	(1,490)
PROFIT BEFORE TAX	除稅前溢利	9	84,073	83,455
Income tax expenses	所得稅開支	13	(21,776)	(16,642)
PROFIT FOR THE YEAR ATTRIBUTABLE	母公司擁有人應佔
TO OWNERS OF THE PARENT	年內溢利		62,297	66,813
EARNINGS PER SHARE ATTRIBUTABLE	母公司普通權益持有人
TO ORDINARY EQUITY HOLDERS OF	應佔每股盈利
THE PARENT (expressed in RMB per	（以每股人民幣列示）
share)		15
Basic	基本		RMB0.04	RMB0.05
			人民幣0.04元	人民幣0.05元
Diluted	攤薄		RMB0.04	RMB0.05
			人民幣0.04元	人民幣0.05元

二零二一年報 萬咖壹聯有限公司 95

Consolidated Statement of Comprehensive Income 綜合全面收益表

截至二零二一年十二月三十一日止年度 For the Year ended 31 December 2021

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

PROFIT FOR THE YEAR	年內溢利	62,297	66,813
OTHER COMPREHENSIVE INCOME	其他全面收入
Other comprehensive income that may	待後續期間可重新
be reclassified to profit or loss in	分類至損益的
subsequent periods:	其他全面收入：
Exchange differences on translation	換算境外業務產生的
of foreign operations	匯兌差額	3,397	2,673
Net other comprehensive income that	待後續期間可重新
may be reclassified to profit or loss	分類至損益的
in subsequent periods	其他全面收入淨額	3,397	2,673
Other comprehensive loss that will not	不會在後續期間重新
be reclassified to profit or loss in	分類至損益的其他
subsequent periods:	全面虧損：
Exchange differences on translation	本公司換算產生的
of the Company	匯兌差額	(6,374)	(11,753)
Net other comprehensive loss that	不會在後續期間重新
will not be reclassified to profit or loss	分類至損益的其他
in subsequent periods	全面虧損淨額	(6,374)	(11,753)
OTHER COMPREHENSIVE LOSS FOR THE	年內其他全面虧損，
YEAR, NET OF TAX	除稅後	(2,977)	(9,080)
TOTAL COMPREHENSIVE INCOME	母公司擁有人應佔
FOR THE YEAR ATTRIBUTABLE TO	年內全面收入總額
OWENERS OF THE PARENT		59,320	57,733

96 Wanka Online Inc. Annual Report 2021

Consolidated Statement of Financial Position 綜合財務狀況表

於二零二一年十二月三十一日 As at 31 December 2021

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

2021 2020
二零二一年 二零二零年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
----- End of picture text -----

NON-CURRENT ASSETS	非流動資產
Property, plant and equipment	物業、廠房及設備	16	1,592	1,001
Right-of-use assets	使用權資產	17(a)	26,965	4,033
Goodwill	商譽	18	183,164	183,612
Other intangible assets	其他無形資產	19	7,480	13,696
Investments in associates	於聯營公司的投資	20	2,022	3,775
Deferred tax assets	遞延稅項資產	21	8,587	4,522
Prepayments	預付款項	23	42,675	31,230
Total non-current assets	非流動資產總值		272,485	241,869
CURRENT ASSETS	流動資產
Accounts receivable	應收賬款	22	581,348	571,166
Prepayments, deposits and other	預付款項、按金及其他	23
receivables	應收款項		546,647	518,233
Cash and cash equivalents	現金及現金等價物	24	401,102	195,983
Restricted bank deposits	受限制銀行存款	24	43,781	44,369
Total current assets	流動資產總值		1,572,878	1,329,751
CURRENT LIABILITIES	流動負債
Accounts payable	應付賬款	25	74,330	44,707
Other payables and accruals	其他應付款項及應計款項	26	52,715	40,917
Contract liabilities	合約負債	27	29,844	45,244
Interest-bearing bank borrowings	計息銀行借款	28	171,647	194,996
Lease liabilities	租賃負債	17(b)	6,990	2,803
Income tax payable	應付所得稅		99,102	82,715
Total current liabilities	流動負債總額		434,628	411,382
NET CURRENT ASSETS	流動資產淨額		1,138,250	918,369
TOTAL ASSETS LESS CURRENT	總資產減流動
LIABILITIES	負債		1,410,735	1,160,238

二零二一年報 萬咖壹聯有限公司 97

Consolidated Statement of Financial Position 綜合財務狀況表

於二零二一年十二月三十一日 As at 31 December 2021

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

2021 2020
二零二一年 二零二零年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
----- End of picture text -----

NON-CURRENT LIABILITIES	非流動負債
Lease liabilities	租賃負債	17(b)	19,327	1,367
Deferred tax liabilities	遞延稅項負債	21	495	2,073
Total non-current liabilities	非流動負債總額		19,822	3,440
Net assets	資產淨額		1,390,913	1,156,798
EQUITY	股權
Equity attributable to owners	母公司擁有人
of the parent	應佔股權
Issued capital	已發行股本	29	1	1
Treasury shares	庫存股份	29	–*	–*
Other reserves	其他儲備	31	1,390,912	1,156,797
Total equity	總權益		1,390,913	1,156,798

• The amount is less than RMB1,000. * 金額不足人民幣1,000元。

98 Wanka Online Inc. Annual Report 2021

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

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

	Attributable to owners of the parent
	母公司擁有人應佔
	Employee
	share–based Statutory Exchange
	Issued Treasury Share Capital compensation reserve fluctuation Accumulated Total
	capital shares premium reserve reserve funds reserve losses equity
	已發行股本 庫存股份 股份溢價 資本儲備 以股份為 基礎的僱員 薪酬儲備 法定儲備金 匯兌 波動儲備 累計虧損 股權總額
Notes	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
附註	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 人民幣千元
At 1 January 2020 於二零二零年一月一日 Profit for the year 年內溢利 Other comprehensive loss for the year: 年內其他全面虧損： Exchange differences 匯兌差額	1 –# 1,543,850 9,532 90,035 20,492 (29,723) (598,712) **** 1,035,475 – – – – – – – 66,813 66,813 – – – – – – (9,080) – (9,080)
Total comprehensive income for the year 年內全面收入總額 Issue of shares 發行股份 29(a) Issue of shares for restricted share units ^ 為受限制股份單位發行股份 Appropriation to statutory reserve fund 撥入法定儲備金 Vested restricted share units transferred to employee 轉讓予僱員之已歸屬受限制 股份單位 Equity–settled share option arrangements 以權益結算的購股權安排 30	– – – – – – (9,808) 66,813 57,733 – # – 43,366 – – – – – 43,366 – # – # – – – – – – – – – – – – 2,385 – (2,385) – – # – 55,618 – (55,618) – – – – – – – – 20,224 – – – 20,224
At 31 December 2020 於二零二零年 十二月三十一日	1 – # 1,642,834 9,532 54,641 22,877 (38,803) (534,284) 1,156,798

The amount is less than RMB1,000.

金額不足人民幣1,000元。

^ On 25 May 2020, 21,013,000 new shares of US$0.0000002 (equivalent to approximately RMB0.0000014) each were issued and allotted at par value pursuant to the general mandate for the restricted share units scheme adopted by the Company on 29 August 2019. For details of the transaction, please refer to the announcements of the Company dated 25 March 2020, 24 April 2020 and 25 May 2020.

^ 於二零二零年五月二十五日，根據本公司於 二零一九年八月二十九日採納的受限制股份 單位計劃，每股面值0.0000002美元（相當 於約人民幣0.0000014元）的21,013,000股 新股份按面值發行及配發。有關交易的詳 情，請參閱本公司日期為二零二零年三月二 十五日、二零二零年四月二十四日及二零二 零年五月二十五日的公告。

二零二一年報 萬咖壹聯有限公司 99

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

截至二零二一年十二月三十一日止年度

For the year ended 31 December 2021

	Attributable to owners of the parent
	母公司擁有人應佔
	Employee
	share–based Statutory Exchange
	Issued Treasury Share Capital compensation reserve fluctuation Accumulated Total
	capital shares premium reserve reserve funds reserve losses equity
	已發行股本 庫存股份 股份溢價 資本儲備 以股份為 基礎的僱員 薪酬儲備 法定儲備金 外匯 波動儲備 累計虧損 股權總額
Notes	RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
附註	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 人民幣千元
At 1 January 2021 於二零二一年一月一日 Profit for the year 年內溢利 Other comprehensive loss for the year: 年內其他全面虧損： Exchange differences 匯兌差額	1 – # 1,642,834 * 9,532 *54,641 * 22,877 *(38,803) * (534,284) *1,156,798 – – – – – – – 62,297 62,297 – – – – – – (2,977) – (2,977)
Total comprehensive income for the year 年內全面收入總額 Issue of shares ^^ 發行股份 ^^ 29(b) Issue of shares for restricted share units ^^^ 為受限制股份單位 發行股份 ^^^ Appropriation to statutory reserve fund 撥入法定儲備金 Vested restricted share units transferred to employee 轉讓予僱員之已歸屬 受限制股份單位 Equity–settled share option arrangements 以權益結算的 購股權安排 30	– – – – – – (2,977) 62,297 59,320 – # – 156,635 – – – – – 156,635 – # – # – – – – – – – – – – – – 3,124 – (3,124) – – # – 10,482 – (10,482) – – – – – – – – 18,160 – – – 18,160
At 31 December 2021 於二零二一年 十二月三十一日	1 – 1,809,951 * 9,532 *62,319 * 26,001 *(41,780) * (475,111) *1,390,913

• The amount is less than RMB1,000.

• These reserve accounts comprise the consolidated other reserves of RMB1,390,912,000 (2020: RMB1,156,797,000) in the consolidated statement of financial position.

• ^^ On 1 March 2021, the Company completed the placing of 135,000,000 new ordinary shares in the share capital of the Company with a par value of US$0.0000002 (equivalent to approximately RMB0.0000013) (the “Share(s)”) at the placing price of HK$1.45 per Share (the “Placing”). For further details of the Placing, please refer to the related announcements of the Company dated 21 February 2021 and 1 March 2021.

• 金額低於人民幣1,000元。

• 該等儲備賬目包括綜合財務狀況表內綜合其 他儲備人民幣1,390,912,000元（二零二零 年：人民幣1,156,797,000元）。

• ^^ 於二零二一年三月一日，本公司完成以配售 價每股股份1.45港元配售135,000,000股本 公司股本內面值0.0000002美元（相當於約人 民幣0.0000013元）的新普通股（「股份」）（「配 售事項」）。有關配售事項的進一步詳情，請 參閱本公司日期為二零二一年二月二十一日 及二零二一年三月一日的有關公告。

• ^^^ On 18 May 2021, 30,645,000 new shares of US$0.0000002 (equivalent to approximately RMB0.0000014) each were issued and allotted at par value pursuant to the general mandate for the restricted share units scheme adopted by the Company on 29 August 2019. For details of the transaction, please refer to the announcements of the Company dated 11 May 2021 and 18 May 2021.

• ^^^ 於二零二一年五月十八日，根據本公司於 二零一九年八月二十九日採納的受限制股 份單位計劃一般授權，每股面值0.0000002 美元（相當於約人民幣 0.0000014 元）的 30,645,000股新股份按面值發行及配發。有 關交易的詳情，請參閱本公司日期為二零二 一年五月十一日及二零二一年五月十八日的 公告。

100 Wanka Online Inc. Annual Report 2021

Consolidated Statement of Cash Flows 綜合現金流量表

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

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

2021 2020
二零二一年 二零二零年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
----- End of picture text -----

CASH FLOWS FROM OPERATING	經營活動的現金流量
ACTIVITIES
Profit before tax	除稅前溢利		84,073	83,455
Adjustments for:	就以下各項作出調整：
Foreign exchange gains, net	外匯收益淨額	8	(706)	(277)
Finance costs	財務成本	10	7,549	10,172
Bank interest income	銀行利息收入	9	(951)	(2,128)
Loss on disposal of property,	出售物業、廠房及
plant and equipment	設備虧損	9	4	–
Loss on written off property,	撇銷物業、廠房及
plant and equipment	設備虧損	9	–	22
Written off on accounts receivable	撇銷應收賬款	9	19,118	–
Impairment loss on accounts receivable	應收賬款減值虧損	9	18,283	13,942
Depreciation of property,	物業、廠房及設備折舊
plant and equipment		16	468	423
Depreciation of right-of-use assets	使用權資產折舊	17	4,924	3,757
Amortisation of intangible assets	無形資產攤銷	19	6,216	10,692
(Gain)/loss on derecognition of lease	租賃終止確認的
	（收益）╱虧損		(8)	262
Share of losses in associates	分佔聯營公司虧損		3,826	1,490
Impairment loss on goodwill	商譽減值虧損	18	448	–
Gain on disposal of an investment	出售於一間聯營公司投資
in an associate	的收益		(2)	–
Share-based payment expenses	以股份為基礎的付款開支	30	18,160	20,224
			161,402	142,034
(Increase)/decrease in accounts	應收賬款（增加）╱減少
receivable			(47,583)	12,377
Increase in prepayments, deposits and	預付款項、按金及其他
other receivables	應收款項增加		(28,848)	(126,478)
Increase in long-term prepayments	長期預付款項增加		(11,445)	(31,230)
Increase/(decrease) in accounts payable	應付賬款增加╱（減少）		29,623	(50,229)
Decrease in contract liabilities	合約負債減少		(15,400)	(54,387)
Increase in other payables and accruals	其他應付款項及應計款項
	增加		11,751	4,293
Cash generated from/(used in)	營運所得╱（所用）現金
operations			99,500	(103,620)
Interest received	已收利息		1,385	1,367
Income tax paid	已付所得稅		(11,032)	(13,705)
Net cash flows from/(used in) operating	經營活動所得╱（所用）
activities	現金流量淨額		89,853	(115,958)

二零二一年報 萬咖壹聯有限公司 101

Consolidated Statement of Cash Flows 綜合現金流量表

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

==> picture [469 x 60] intentionally omitted <==

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

2021 2020
二零二一年 二零二零年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
----- End of picture text -----

CASH FLOWS FROM INVESTING	投資活動的現金流量
ACTIVITIES
Proceeds from disposal of an	出售於一間聯營公司投資
investment in associate	的所得款項		380	–
Proceeds from disposal of property,	出售物業、廠房及設備
plant and equipment	的所得款項		9	–
Purchase of items of property,	購買物業、廠房及設備項目
plant and equipment			(1,072)	(490)
Capital injection in an associate	注資一間聯營公司		(2,450)	(4,392)
Net cash flows used in investing activities	投資活動所用現金流量淨額		(3,133)	(4,882)
CASH FLOWS FROM FINANCING	融資活動的現金流量
ACTIVITIES
Drawdown of bank loans	提取銀行貸款	32(b)	249,647	301,506
Repayment of bank loans	償還銀行貸款	32(b)	(272,996)	(342,468)
Issuance of ordinary shares	發行普通股		156,635	43,366
Principal portion of lease payments	租賃付款的本金部分	32(b)	(6,241)	(4,216)
Interest paid	已付利息	32(b)	(6,962)	(9,081)
Decrease of restricted bank deposits	受限制銀行存款減少		588	75,146
Net cash flows from financing activities	融資活動所得現金流量淨額		120,671	64,253
NET INCREASE/(DECREASE) IN	現金及現金等價物增加╱
CASH AND CASH EQUIVALENTS	（減少）淨額		207,391	(56,587)
Cash and cash equivalents at beginning	年初現金及現金等價物
of year			195,983	261,370
Net foreign exchange difference	淨外匯差額		(2,272)	(8,800)
CASH AND CASH EQUIVALENTS	年末現金及現金等價物
AT END OF YEAR			401,102	195,983
ANALYSIS OF CASH AND CASH	現金及現金等價物分析
EQUIVALENTS
Cash and bank balances	現金及銀行結餘		401,102	195,983
Cash and cash equivalents as stated	綜合財務狀況表及
in the consolidated statement of financial	現金流量表所示現金及
position and statement of cash flows	現金等價物		401,102	195,983

102 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

1. CORPORATE AND GROUP INFORMATION

Wanka Online Inc. (the “Company”) is a limited liability company incorporated in the Cayman Islands on 7 November 2014. Its registered office address is Cricket Square, Hutchins Drive P.O.Box 2681, Grand Cayman KY1-1111, Cayman Islands, and principal place of business is 4th Floor, Building No. B22,Universal Business Park, No.10 Jiuxianqiao Road, Chaoyang District, Beijing,PRC. The Company, together with its subsidiaries, is collectively referred to as the Group.

Prior to November 2014, the offshore structure was held by the Company’s predecessor, Wanka Inc., a company incorporated in the Cayman Islands on 20 May 2014. On 7 November 2014, the Company entered into a letter agreement with Wanka Inc., pursuant to which all the shares of Wanka Holdings Limited, a company set up in Hong Kong by Wanka Inc., would be transferred from Wanka Inc. to the Company for a consideration of HK$1.0. The transfer was completed on 28 November 2014 and since then, the Company has been the holding company of the Group.

During the year, the Company and its subsidiaries, including controlled structured entities, were mainly involved in mobile advertising services, online-video distribution services and game co-publishing services.

1. 公司及集團資料

萬咖壹聯有限公司（「本公司」）為一家* 於二零一四年十一月七日在開曼群島註 冊成立的有限責任公司。其註冊辦事 處地址位於Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands及主要營 業地點為中國北京市朝陽區酒仙橋路 10號恒通商務園B22座4層。本公司連 同其附屬公司統稱為本集團。

於二零一四年十一月之前，有關境外架 構乃由本公司的前身Wanka Inc.持有， 該公司乃於二零一四年五月二十日在開 曼群島註冊成立。於二零一四年十一月 七日，本公司與Wanka Inc.訂立一份函 件協議，據此，玩咖控股有限公司（一 家由Wanka Inc.在香港成立的公司）的 全部股份將以1.0港元的代價由Wanka Inc.轉讓予本公司。有關轉讓已於二零 一四年十一月二十八日完成，自此，本 公司一直為本集團的控股公司。

於年內，本公司及其附屬公司（包括受 控結構性實體）主要從事提供移動廣告 服務、網絡視頻產品分發服務及遊戲聯 運服務。

二零二一年報 萬咖壹聯有限公司 103

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

1. 公司及集團資料（續）

附屬公司的相關資料

本公司的主要附屬公司的詳情載列如 下：

==> picture [446 x 104] intentionally omitted <==

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

Nominal value
Place and date of incorporation/ of issued ordinary/ Percentage of
registration and place of registered equity attributable to Principal
Name operations share capital the Company activities
Direct Indirect
註冊成立╱註冊地點及 已發行普通╱
名稱 日期以及營業地點 註冊股本面值 本公司應佔股權比例 主營業務
直接 間接
----- End of picture text -----

Wanka Holdings Limited	Hong Kong	HK$1	100	–	Investment holding
玩咖控股有限公司	6 June 2014	1港元			投資控股
	香港
	二零一四年六月六日
Wanka Huanju Culture Media	People’s Republic of China	US$100,000,000	–	100	Mobile advertising
(Beijing) Co., Ltd.*^	(“PRC”)/Mainland China	100,000,000美元			services
(“Wanka Huanju”)	10 October 2014				移動廣告服務
玩咖歡聚文化傳媒（北京）有限	中華人民共和國
公司*^（「玩咖歡聚」）	（「中國」）╱中國大陸
	二零一四年十月十日
Structured entities:
結構性實體：
Huanju Times Culture Media	PRC/Mainland China	RMB10,000,000	-	Note 1	Mobile advertising
(Beijing) Co., Ltd.*	7 March 2014	人民幣10,000,000元		附註1	services
(“Huanju Times”)	中國╱中國大陸				移動廣告服務
歡聚時代文化傳媒（北京）	二零一四年三月七日
有限公司*（「歡聚時代」）
Beijing Jingzhe Century	PRC/Mainland China	RMB1,000,000	–	Note 2	Game co-publishing
Information Technology	15 November 2006	人民幣1,000,000元		附註2	services
Co., Ltd.*	中國╱中國大陸				遊戲聯運服務
北京驚蟄世紀信息技術有限公司*	二零零六年十一月十五日
Hui Times Information Technology	PRC/Mainland China	RMB1,000,000	–	Note 2	Game co-publishing
Service (Jilin) Co., Ltd.*	31 December 2019	人民幣1,000,000元		附註2	services
惠時代信息技術服務（吉林）有限	中國╱中國大陸				遊戲聯運服務
公司*	二零一九年十二月三十一日
Wanka Huanju Culture Media	PRC/Mainland China	RMB5,000,000	–	Note 2	Mobile advertising
(Hainan) Co., Ltd.*	1 June 2017	人民幣5,000,000元		附註2	services
玩咖歡聚文化傳媒（海南）有限	中國╱中國大陸				移動廣告服務
公司*	二零一七年六月一日

104 Wanka Online Inc. Annual Report 2021

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

Notes to the Financial Statements 財務報表附註

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries (continued)

1. 公司及集團資料（續）

附屬公司的相關資料（續）

==> picture [446 x 104] intentionally omitted <==

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

Nominal value
Place and date of incorporation/ of issued ordinary/ Percentage of
registration and place of registered equity attributable to Principal
Name operations share capital the Company activities
Direct Indirect
註冊成立╱註冊地點及 已發行普通╱
名稱 日期以及營業地點 註冊股本面值 本公司應佔股權比例 主營業務
直接 間接
----- End of picture text -----

Wanka Huanju Culture Media	PRC/Mainland China	RMB5,000,000	–	Note 2	Mobile advertising
(Tianjin) Co., Ltd.*	9 June 2017	人民幣5,000,000元		附註2	services
玩咖歡聚文化傳媒（天津）有限	中國╱中國大陸				移動廣告服務
公司*	二零一七年六月九日
Sichuan Wanka Huanju Culture	PRC/Mainland China	RMB5,000,000	–	Note 2	Mobile advertising
Media Co., Ltd.*	17 November 2017	人民幣5,000,000元		附註2	services
四川玩咖歡聚文化傳媒有限公司*	中國╱中國大陸				移動廣告服務
	二零一七年十一月十七日
Suzhou Longying Software	PRC/Mainland China	RMB100,000,000	–	Note 2	Mobile advertising
Development Co., Ltd.*	28 September 2017	人民幣100,000,000元		附註2	services
蘇州龍盈軟件開發有限公司*	中國╱中國大陸				移動廣告服務
	二零一七年九月二十八日
Shanghai ChiLe Information	PRC/Mainland China	RMB40,816,327	–	Note 1	Online-video
Technology Co., Ltd.*	18 June 2014	人民幣40,816,327元		附註1	distribution services
(“Shanghai ChiLe”)	中國╱中國大陸				網絡視頻產品分發
上海池樂信息科技有限公司*	二零一四年六月十八日				服務
「上海池樂」）
Xinjiang ChiLe Information	PRC/Mainland China	RMB5,000,000	–	Note 3	Online-video
Technology Co., Ltd.*	26 September 2016	人民幣5,000,000元		附註3	distribution services
新疆池樂信息科技有限公司*	中國╱中國大陸				網絡視頻產品分發
	二零一六年九月二十六日				服務
Shanghai Langdao Information	PRC/Mainland China	RMB10,000,000	–	Note 3	Online-video
Technology Co., Ltd.*	27 July 2016	人民幣10,000,000元		附註3	distribution services
上海狼道信息科技有限公司*	中國╱中國大陸				網絡視頻產品分發
	二零一六年七月二十七日				服務
Beijing ChiLe Information	PRC/Mainland China	RMB10,000,000	–	Note 3	Online-video
Technology Co., Ltd.*	14 July 2021	人民幣10,000,000元		附註3	distribution services
北京池樂信息科技有限公司*	中國╱中國大陸				網絡視頻產品分發服務
	二零二一年七月十四日

二零二一年報 萬咖壹聯有限公司 105

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries (continued)

• Note 1: Huanju Times and Shanghai ChiLe were set up under PRC law and were controlled by the Company through Wanka Huanju via a series of contractual arrangements.

• Note 2: The Company does not have direct or indirect legal ownership of these entities which were set up under PRC law and were controlled by the Group through Huanju Times. These companies are wholly-owned subsidiaries of Huanju Times.

• Note 3: The Company does not have direct or indirect legal ownership of these entities which were set up under PRC law and were controlled by the Group through Shanghai ChiLe. These companies are wholly-owned subsidiaries of Shanghai ChiLe.

Notes:

• The names of these subsidiaries referred to in this report represent management’s best effort in translating the Chinese names of the subsidiaries, as no English names have been registered.

• ^ This company is registered as a wholly-foreign-owned enterprise under PRC law.

The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.

1. 公司及集團資料（續）

附屬公司的相關資料（續）

• 附註1： 歡聚時代及上海池樂乃根據中國 法律而設立，並由本公司通過玩 咖歡聚透過一系列合約安排而控 制。

• 附註2： 本公司並無直接或間接於該等實 體中擁有法定所有權，而該等實 體乃根據中國法律而設立，並由 本集團通過歡聚時代而控制。該 等公司為歡聚時代的全資附屬公 司。

• 附註3： 本公司並無直接或間接於該等實 體中擁有法定所有權，而該等實 體乃根據中國法律而設立，並由 本集團通過上海池樂而控制。該 等公司為上海池樂的全資附屬公 司。

附註：

• 本報告所提述的該等附屬公司的名稱 乃管理層盡力翻譯其中文名稱的結 果，原因是未曾註冊任何英文名稱。

• ^ 該公司已根據中國法律登記為外商獨 資企業。

前述表格載述董事認為對本集團年度業 績造成重大影響或構成資產淨值主要部 分的本公司附屬公司。董事認為列出其 他附屬公司之詳情會令本報表過於冗 長。

106 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries (continued)

Contractual arrangements

The regulations in Mainland China restrict foreign ownership of companies that provide certain Internet related businesses, which include certain activities and services operated by the Group.

In order to enable certain foreign companies to make investments into these businesses of the Group, the Company controls certain subsidiaries through contractual arrangements. In 2014, a wholly-owned subsidiary of the Company, Wanka Huanju entered into a series of contractual arrangements (the “2014 Contractual Arrangements”) with Huanju Times and its registered shareholders which were further updated in 2016 (the “2016 Contractual Arrangements”). Wanka Huanju, Shanghai ChiLe and Shanghai ChiLe’s registered shareholders entered into a set of contractual arrangements dated 9 March 2018 in compliance with the applicable rules and requirements, namely the ChiLe Contractual Arrangements.

In preparation for the listing of the Company on the Main Board of The Stock Exchange of Hong Kong Limited, in 2018, (i) Wanka Huanju, Huanju Times and Huanju Times’ registered shareholders entered into a new set of contractual arrangements in compliance with the applicable rules and requirements, namely the 2018 Contractual Arrangements, which superseded and replaced the 2014 and 2016 Contractual Arrangements and entered into force from June 2018; and (ii) Wanka Huanju, Shanghai ChiLe and Shanghai ChiLe’s registered shareholders entered into a new set of contractual arrangements in compliance with the applicable rules and requirements, namely the New ChiLe Contractual Arrangements, which superseded and replaced the ChiLe Contractual Arrangements and entered into force from June 2018.

1. 公司及集團資料（續）

附屬公司的相關資料（續）

合約安排

中國大陸的法規限制外商擁有提供互聯 網相關業務的公司，當中包括本集團所 經營的若干活動及服務。

為使若干外國公司能投資於本集團的該 等業務，本公司通過合約安排而控制若 干附屬公司。於二零一四年，本公司的 全資附屬公司玩咖歡聚與歡聚時代及其 註冊股東訂立一系列合約安排（「二零 一四年合約安排」），並於二零一六年進 一步更新（「二零一六年合約安排」）。 玩咖歡聚、上海池樂及上海池樂的註冊 股東依照適用規則及規定訂立一系列日 期為二零一八年三月九日的合約安排 （即池樂合約安排）。

為籌備本公司於香港聯合交易所有限公 司主板上市，於二零一八年，(i)玩咖歡 聚、歡聚時代及歡聚時代的註冊股東依 照適用規則及規定訂立一系列新合約安 排（即二零一八年合約安排），該等安 排已取代及替換二零一四年及二零一六 年合約安排並自二零一八年六月起生 效；及(ii)玩咖歡聚、上海池樂及上海 池樂的註冊股東依照適用規則及規定訂 立一系列新合約安排（即新池樂合約安 排），該等安排已取代及替換池樂合約 安排並自二零一八年六月起生效。

二零二一年報 萬咖壹聯有限公司 107

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries (continued)

Contractual arrangements (continued)

The 2014 Contractual Arrangements, 2016 Contractual Arrangements and 2018 Contractual Arrangements, ChiLe Contractual Arrangements and New ChiLe Contractual Arrangements, collectively referred to as the Contractual Arrangements, have enabled the Group to conduct businesses in industries that are subject to foreign investment restrictions in Mainland China, and enable Wanka Huanju to:

• 1) govern the financial and operating policies of Huanju Times and Shanghai ChiLe;

• 2) exercise equity holders’ voting rights of Huanju Times and Shanghai ChiLe;

• 3) receive substantially all of the economic interest returns generated by Huanju Times and Shanghai ChiLe as consideration for the business support, technical and consulting services provided by Wanka Huanju;

• 4) obtain an irrevocable and exclusive right to purchase all or part of the equity interests in Huanju Times and Shanghai ChiLe from the respective registered shareholders at a minimum purchase price when it is permitted under laws and regulations in Mainland China. Wanka Huanju can exercise such options at any time until it has acquired all equity interests of Huanju Times and Shanghai ChiLe;

• 5) Obtain a pledge over the respective existing and future equity interests, including any interest or dividend paid for the shares, in Huanju Times and Shanghai ChiLe, to Wanka Huanju as a security interest to guarantee the performance of contractual obligations and the payment of outstanding debts from the respective registered shareholders.

1. 公司及集團資料（續）

附屬公司的相關資料（續）

合約安排（續）

二零一四年合約安排、二零一六年合約 安排及二零一八年合約安排、池樂合約 安排及新池樂合約安排統稱為合約安 排，令本集團可在中國大陸受外商投資 限制的行業開展業務，亦令玩咖歡聚 可：

• 1) 支配歡聚時代及上海池樂的財務 及經營政策；

• 2) 行使歡聚時代及上海池樂股權持 有人的投票權；

• 3) 獲取歡聚時代及上海池樂所產生 的幾乎所有經濟利益回報，以作 為玩咖歡聚所提供業務支持、技 術及諮詢服務的代價；

• 4) 獲得可在中國大陸的法律及法規 允許時以最低購買價向相應註冊 股東購買歡聚時代及上海池樂全 部或部分股權的不可撤銷及獨家 權利。玩咖歡聚可隨時行使上述 選擇權，直至其已取得歡聚時代 及上海池樂的全部股權；

• 5) 獲得其各自就歡聚時代及上海池 樂現有及日後股權（包括就股份 支付的任何利息或股息）而作為 擔保各註冊股東履行合約責任及 支付所欠債務的抵押擔保而向玩 咖歡聚作出的質押。

108 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

1. CORPORATE AND GROUP INFORMATION (continued)

Information about subsidiaries (continued)

Contractual arrangements (continued)

As a result of the Contractual Arrangements, the Group has rights to exercise power over Huanju Times, Shanghai ChiLe and their subsidiaries, receives variable returns from its involvement in Huanju Times, Shanghai ChiLe and their subsidiaries, has the ability to affect those returns through its power over Huanju Times, Shanghai ChiLe and their subsidiaries and is considered to control Huanju Times, Shanghai ChiLe and their subsidiaries. Consequently, the Company regards Huanju Times, Shanghai ChiLe and their subsidiaries as controlled structured entities and consolidated the assets, liabilities and results of operations of Huanju Times, Shanghai ChiLe and their subsidiaries in the financial statements of the Group.

Nevertheless, the Contractual Arrangements may not be as effective as direct legal ownership in providing the Group with direct control over Huanju Times, Shanghai ChiLe and their subsidiaries. Uncertainties presented by the legal system in Mainland China could impede the Group’s beneficiary rights of the results, assets and liabilities of Huanju Times, Shanghai ChiLe and their subsidiaries. The directors of the Company, based on the advice of its legal counsel, consider that the Contractual Arrangements among Wanka Huanju, Huanju Times and its registered shareholders and the Contractual Arrangements among Wanka Huanju, Shanghai ChiLe and its registered shareholders are in compliance with the relevant laws and regulations in Mainland China and are legally binding and enforceable.

2. BASIS OF PREPARATION

(a) Statement of compliance

• These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. In addition, the financial statements include applicable disclosures required by the Rules Governing the listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”).

1. 公司及集團資料（續）

附屬公司的相關資料（續）

合約安排（續）

由於訂有合約安排，本集團有權對歡聚 時代、上海池樂及其附屬公司行使權 利，參與歡聚時代、上海池樂及其附屬 公司的活動獲得可變回報，且能夠透過 其對歡聚時代及其附屬公司的權力影響 該等回報，因而被視為控制歡聚時代、 上海池樂及其附屬公司。因此，本公司 將歡聚時代、上海池樂及其附屬公司視 為受控結構性實體，並將歡聚時代、上 海池樂及其附屬公司的資產、負債及經 營業績在本集團的財務報表內綜合入 賬。

然而，就使本集團直接控制歡聚時代、 上海池樂及其附屬公司而言，合約安排 可能不如直接合法所有權有效。中國大 陸的法律體系所呈現的不明朗因素可能 會妨礙本集團對歡聚時代、上海池樂及 其附屬公司的業績、資產及負債的實益 權利。本公司董事經考慮其法律顧問的 意見後認為，玩咖歡聚、歡聚時代及其 註冊股東所訂立的合約安排以及玩咖歡 聚、上海池樂及其註冊股東所訂立的合 約安排符合中國大陸相關法律及法規規 定，具有法律約束力並可強制執行。

2. 編製基準

• (a) 遵例聲明

該等財務報表已根據香港會計師 公會（「香港會計師公會」）所頒佈 的香港財務報告準則（「香港財務 報告準則」，包括所有香港財務 報告準則、香港會計準則（「香港 會計準則」）及詮釋）、香港公認 會計準則及香港公司條例的披露 規定而編製。此外，財務報表包 括香港聯合交易所有限公司證券 上市規則（「上市規則」）規定的適 用披露。

二零二一年報 萬咖壹聯有限公司 109

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

2. BASIS OF PREPARATION (continued)

(b) Basis of measurement and presentation currencies

The financial statements have been prepared under the historical cost convention. These financial statements are presented in Renminbi (“RMB”) which is the same as the functional currency of the Company. All values are rounded to the nearest thousand except when otherwise indicated.

(c) Basis of consolidation

The consolidated financial statements include the financial statements of the Group for the year ended 31 December 2021. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

• (a) the contractual arrangement with the other vote holders of the investee;

• (b) rights arising from other contractual arrangements; and

• (c) the Group’s voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

2. 編製基準（續）

(b) 計量基準及呈列貨幣

該等財務報表已根據歷史成本慣 例編製。該等財務報表乃以人民 幣（「人民幣」）呈列，人民幣亦為 本公司之功能貨幣。除另有所指 外，所有數值均四捨五入至最接 近的千位。

• (c) 綜合入賬基準 綜合財務報表包括本集團截至二 零二一年十二月三十一日止年度 的財務報表。附屬公司為本公司 直接或間接控制的實體（包括結 構性實體）。當本集團對參與被 投資方業務的可變回報承擔風險 或享有權利以及有能力透過對被 投資方的權力（即本集團獲賦予 現有能力以指示被投資方相關 活動的既存權利）影響該等回報 時，即取得控制權。

倘本公司直接或間接擁有少於被 投資方大多數投票或類似權利， 則本集團於評估其是否擁有對被 投資方的權力時會考慮一切相關 事實及情況，包括：

• (a) 與被投資方的其他投票權 持有人的合約安排；

• (b) 其他合約安排所產生的權 利；及

• (c) 本集團的投票權及潛在投 票權。

附屬公司的財務報表使用與本公 司一致的會計政策按相同報告期 編製。附屬公司的業績由本集團 取得控制權當日起綜合入賬，並 持續綜合入賬至該控制權終止當 日為止。

110 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

2. BASIS OF PREPARATION (continued)

• (c) Basis of consolidation (continued)

Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

2. 編製基準（續）

(c) 綜合入賬基準（續）

損益及其他全面收益的各組成部 分會歸屬於本集團母公司擁有 人及非控股權益，即使此舉引致 非控股權益結餘為負數。與本集 團成員公司之間的交易有關的所 有集團內公司間資產及負債、股 權、收入、開支及現金流量均已 於綜合入賬時悉數對銷。

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

倘事實及情況顯示上文所述控制 的三項元素中一項或多項有變， 則本集團會重新評估其是否仍然 控制被投資方。附屬公司中不導 致喪失控制權的所有者權益變動 作為權益交易核算。

If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.

倘本集團失去對附屬公司的控制 權，將終止確認：(i)附屬公司的 資產（包括商譽）及負債；(ii)非控 股權益的賬面值；及(iii)計入權益 的累計換算差額；並確認：(i)收 到代價的公平值；(ii)剩餘投資的 公平值；以及(iii)由此而為損益帶 來的盈餘或虧絀。本集團分佔的 先前已在其他全面收入確認的部 分應按與本集團直接處置有關資 產或負債所需的相同基準重新分 類至損益或保留溢利（視乎情況 而定）。

二零二一年報 萬咖壹聯有限公司 111

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

(a) Adoption of new or amended HKFRSs

The HKICPA has issued a number of new HKFRSs and amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the following development is relevant to the Group’s consolidated financial statements:

3. 採納香港財務報告準則（「香 港財務報告準則」）

• (a) 採納新訂或經修訂香港財務報 告準則

於本集團的本會計期間內，香港 會計師公會頒佈若干新訂香港財 務報告準則及香港財務報告準則 的修訂本。當中，下列修訂與本 集團的綜合財務報表有關：

Amendment to HKFRS 16

香港財務報告準則第16號之修訂本

Amendments to HKAS 39, HKFRS 4, HKFRS 7, HKFRS 9 and HKFRS 16

香港會計準則第39號、香港財務報告準則

Covid-19-Related Rent Concessions beyond 30 June 2021 (early adopted)

二零二一年六月三十日之後之新型冠狀病毒疫情 相關租金優惠（提前應用） Interest Rate Benchmark Reform – Phase 2

利率基準改革－第二階段

• 第4號、香港財務報告準則第7號、香港財務 報告準則第9號及香港財務報告準則 第16號修訂本

Except for the amendment to HKFRS 16, Covid-19Related Rent Concessions beyond 30 June 2021, the group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Impacts of the adoption of the amended HKFRSs are discussed below:

除香港財務報告準則第16號之修 訂本「二零二一年六月三十日之 後之新型冠狀病毒疫情相關租金 優惠」外，本集團並無應用於本 會計期間尚未生效的任何新訂準 則或詮釋。採納經修訂香港財務 報告準則的影響論述如下：

Amendments to HKAS 39, HKFRS 4, HKFRS 7, HKFRS 9 and HKFRS 16, Interest rate benchmark reform — phase 2

The amendments provide targeted reliefs from (i) accounting for changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities as modifications, and (ii) discontinuing hedge accounting when an interest rate benchmark is replaced by an alternative benchmark rate as a result of the reform of interbank offered rates (“IBOR reform”). The amendments do not have an impact on these financial statements as the group does not have contracts that are indexed to benchmark interest rates which are subject to the IBOR reform.

香港會計準則第 39 號、香港財務 報告準則第 4 號、香港財務報告 準則第 7 號、香港財務報告準則 第 9 號及香港財務報告準則第 16 號修訂本：利率基準改革－第二 階段

該等修訂本就以下項目提供目標 明確之寬免：(i)將金融資產、金 融負債及租賃負債之合約現金流 量之釐定基準變動作為修訂之會 計處理方法；及(ii)利率基準因銀 行同業拆息改革（「銀行同業拆 息改革」）而被替代基準利率取代 時，不再使用對沖會計處理。該 等修訂本並不影響本財務報表， 原因是本集團並無與基準利率掛 鈎且受銀行同業拆息改革影響的 合約。

112 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (a) Adoption of new or amended HKFRSs (continued)

Amendment to HKFRS 16, Covid-19-Related Rent Concessions beyond 30 June 2021

Amendment to HKFRS 16 issued in April 2021 extends the availability of the practical expedient for lessees to elect not to apply lease modification accounting for rent concessions arising as a direct consequence of the covid-19 pandemic by 12 months.

Accordingly, the practical expedient applies to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met. The amendment is effective retrospectively for annual periods beginning on or after 1 April 2021 with any cumulative effect of initially applying the amendment recognised as an adjustment to the opening balance of retained profits at the beginning of the current accounting period. Earlier application is permitted.

The Group has early adopted the amendment on 1 January 2021 and applied the practical expedient during the year ended 31 December 2021 to all rent concessions granted by the lessors that affected only payments originally due on or before 30 June 2022 as a direct consequence of the covid-19 pandemic.The amendment did not have a significant impact on the financial position and performance of the Group.

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (a) 採納新訂或經修訂香港財務報 告準則（續）

香港財務報告準則第 16 號之修訂 本：二零二一年六月三十日之後 之新型冠狀病毒疫情相關租金優 惠

於二零二一年四月頒佈的香港財 務報告準則第16號之修訂將承租 人選擇不就因新型冠狀病毒病疫 情的直接後果而產生的租金優惠 應用租賃修改會計處理的可行實 際權宜方法延長12個月。

因此，實際權宜方法適用於租金 優惠，租賃付款的任何減少僅影 響原定於二零二二年六月三十日 或之前到期的付款，惟已滿足應 用實際權宜方法的其他條件。該 修訂本於二零二一年四月一日或 之後開始的年度期間追溯生效， 初始應用該修訂本的任何累計影 響確認為對當前會計期初保留溢 利期初餘額的調整。允許提早應 用。

本集團已於二零二一年一月一日 提早採納該修訂，並於截至二零 二一年十二月三十一日止年度就 出租人所授出僅影響原先於二零 二二年六月三十日或之前到期的 付款的所有新型冠狀病毒病疫情 直接導致的租金寬免應用可行權 宜方法。此修訂對本集團的財務 狀況及表現並無重大影響。

二零二一年報 萬咖壹聯有限公司 113

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (b) New or amended HKFRSs that have been issued but are not yet effective

The following new/revised HKFRSs, potentially relevant to the Group’s consolidated financial statements, have been issued, but are not yet effective and have not been early adopted by the Group. The Group’s current intention is to apply these changes on the date they become effective.

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (b) 已頒佈但尚未生效的新訂或經 修訂香港財務報告準則

以下可能與本集團綜合財務報表 有關的新訂╱經修訂香港財務報 告準則已經頒佈，但尚未生效， 且未獲本集團提早採納。本集團 目前計劃於該等準則生效當日應 用該等變動。本集團並未於該等 財務報表中應用下列已頒佈但尚 未生效的新訂及經修訂香港財務 報告準則。

HKFRS 17 Insurance Contracts and the related Amendments[2] 香港財務報告準則第17號 保險合約及相關修訂[2] Amendments to HKFRS 3 Reference to the Conceptual Framework[1] 香港財務報告準則第3號之修訂 對概念架構的提述[1] Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture[3] 香港財務報告準則第10號及 投資者與其聯營公司或合營企業之間的資產出售或注資[3] 香港會計準則第28號之修訂 Amendments to HKAS 1 Classification of Liabilities as Current or Non-current Hong Kong Interpretation 5 (2020)[2] 香港財務報告準則第1號之修訂 負債的流動或非流動分類及香港詮釋第5號 （二零二零年）相關修訂[2] Amendments to HKAS 1 and Disclosure of Accounting Policies[2] HKFRS Practice Statement 2 香港會計準則第1號及香港財務報告準則 會計政策披露[2] 實務公告第2號之修訂 Amendments to HKAS 8 Definition of Accounting Estimates[2] 香港會計準則第8號之修訂 會計估計的定義[2] Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction[2] 香港會計準則第12號之修訂 與單一交易所產生之資產及負債有關之遞延所得稅[2] Amendments to HKAS 16 Property, Plant and Equipment: Proceeds before Intended Use[1] 香港會計準則第16號之修訂 物業、廠房及設備：作擬定用途前的所得款項[1] Amendments to HKAS 37 Onerous Contracts — Cost of Fulfilling a Contract[1] 香港會計準則第37號之修訂 虧損合約－履行合約的成本[1] Amendments to HKFRSs Standards Annual Improvements to HKFRSs 2018-2020[1] 香港財務報告準則之修訂 二零一八年至二零二零年香港財務報告準則的年度改進[1]

• 1 Effective for annual periods beginning on or after 1 January 2022

• 2 Effective for annual periods beginning on or after 1 January 2023

• 3 Effective for annual periods beginning on or after a date to be determined

• 1 於二零二二年一月一日或之後 開始的年度期間生效

• 2 於二零二三年一月一日或之後 開始的年度期間生效

• 3 於待釐定日期當日或之後開始 的年度期間生效。

Further information about those HKFRSs that are expected to be relevant to the Group is as follows:

預期與本集團相關的該等香港財 務報告準則的進一步資料如下：

114 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (b) New or amended HKFRSs that have been issued but are not yet effective (continued)

Amendments to HKFRS 3, Reference to the Conceptual Framework

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

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (b) 已頒佈但尚未生效的新訂或經 修訂香港財務報告準則（續）

香港財務報告準則第 3 號之修 訂，對概念架構的提述

該等修訂本更新香港財務報告準 則第3 號之提述，以經修訂二零 一八年財務報告概念架構取代二 零一零年所頒佈之版本。該等修 訂在香港財務報告準則第3 號中 增添一項有關香港會計準則第37 號範圍內義務之規定，收購人應 用香港會計準則第37號以釐定於 收購日期有否因過往事件而導致 之現有義務。就香港（國際財務 報告詮釋委員會）－詮釋第21 號 徵費範圍內之徵費而言，收購人 應用香港（國際財務報告詮釋委 員會）－詮釋第21 號以釐定導致 支付徵費責任之事件有否於收購 日期前發生。該等修訂亦增添一 項明確聲明，收購人不會確認於 業務合併中所收購之或然資產。

二零二一年報 萬咖壹聯有限公司 115

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (b) New or amended HKFRSs that have been issued but are not yet effective (continued)

Amendments to HKFRS 10 and HKAS 28

Amendments to HKFRS 10 and HKAS 28 address an inconsistency between the requirements in HKFRS 10 and in HKAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss resulting from a downstream transaction when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to HKFRS 10 and HKAS 28 was removed by the HKASB in January 2016 and a new mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However, the amendments are available for adoption now.

Amendments to HKAS 16, Proceeds before Intended Use

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

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (b) 已頒佈但尚未生效的新訂或經 修訂香港財務報告準則（續） 香港財務報告準則第 10 號及香港 會計準則第 28 號之修訂 香港財務報告準則第10號及香港 會計準則第28號之修訂本處理香 港財務報告準則第10號與香港會 計準則第28號之間在處理投資者 與其聯營公司或合營公司之間的 資產出售或注資要求上的不一致 情況。該等修訂本要求在投資者 與其聯營公司或合營公司之間的 資產出售或注資構成一項業務的 情況下，下游交易產生的收益或 虧損時全數確認。至於並不構成 一項業務的資產所涉及之交易， 交易產生的收益或虧損於投資者 之損益確認，惟僅以不相關投資 者於該聯營公司或合營公司之權 益為限。該等修訂本將以前瞻性 基準應用。香港會計準則委員會 已於二零一六年一月取消香港財 務報告準則第10號及香港會計準 則第 28 號之修訂本之舊有強制 生效日期，而新強制生效日期將 於更廣泛地檢討聯營公司及合營 公司之會計處理完成後釐定。然 而，該等修訂本現時可供採納。

香港會計準則第 16 號之修訂，作 擬定用途前的所得款項

該等修訂本禁止從物業、廠房及 設備項目成本中扣除出售任何使 資產達到管理層擬定的營運方式 所需的地點及狀況時產生的項目 的所得款項。相反，出售該等項 目的所得款項及生產該等項目的 成本則於損益中確認。

116 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (b) New or amended HKFRSs that have been issued but are not yet effective (continued) Amendments to HKAS 1, Classification of Liabilities as Current or Non-current and HK Interpretation 5 (2020), Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause

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

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (b) 已頒佈但尚未生效的新訂或經 修訂香港財務報告準則（續） 香港會計準則第 1 號的修訂本，負 債分類為流動或非流動及香港詮 釋第 5 號（二零二零年），財務報 表的呈列－借款人對包含按要求 還款條款的定期貸款的分類 該等修訂本闡明，將負債分類為 流動或非流動乃基於報告期末存 在的權利，並訂明分類不受有關 實體是否會行使其延遲清償負債 的權利的預期影響，並解釋倘在 報告期末遵守契諾，則權利即告 存在。該等修訂本亦引入「結算」 的定義，以明確結算是指將現 金、股權工具、其他資產或服務 轉讓予合約對方。

二零二一年報 萬咖壹聯有限公司 117

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (b) New or amended HKFRSs that have been issued but are not yet effective (continued)

• Amendments to HKAS 1 and HKFRS Practice Statement 2

• Amendments to HKAS 1 Disclosure of Accounting Policies require entities to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to HKFRS Practice Statement 2 provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. Amendments to HKAS 1 are effective for annual periods beginning on or after 1 January 2023 and earlier application is permitted. Since the guidance provided in the amendments to HKFRS Practice Statement 2 is non-mandatory, an effective date for these amendments is not necessary.

Amendments to HKAS 8

Amendments to HKAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies. Accounting estimates are defined as monetary amounts in financial statements that are subject to measurement uncertainty. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period.

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (b) 已頒佈但尚未生效的新訂或經 修訂香港財務報告準則（續） 香港會計準則第 1 號及香港財務報 告準則實務公告第 2 號之修訂本 香港會計準則第1 號之修訂本會 計政策披露要求實體披露重要會 計政策信息，而非重大會計政 策。倘連同實體財務報表內其他 資料一併考慮，會計政策資料可 以合理預期會影響通用財務報表 的主要使用者根據該等財務報表 所作出的決定，則該會計政策資 料屬重大。香港財務報告準則實 務公告第2 號之修訂本就重要性 概念應用於會計政策披露之方式 提供非強制性指引。香港會計準 則第1 號之修訂本於二零二三年 一月一日或之後開始之年度期間 生效。由於香港財務報告準則實 務公告第2 號之修訂本所提供的 指引並非強制性，因此該等修訂 本的生效日期並非必要。

香港會計準則第 8 號之修訂本

香港會計準則第8 號之修訂本澄 清會計估計變動與會計政策變動 之間的區別。會計估計的定義為 在計量不明朗因素的財務報表之 貨幣金額。該修訂本亦澄清實體 使用計量技巧及輸入數據以計算 會計估計的方式。該修訂本於二 零二三年一月一日或之後開始之 年度報告期間生效，並適用於該 期間開始時或之後發生的會計政 策及會計估計變動。

118 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

3. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

• (b) New or amended HKFRSs that have been issued but are not yet effective (continued)

Annual Improvements to HKFRSs 2018-2020 Cycle

The annual improvements amends a number of standards, including:

• HKFRS 1, First-time Adoption of Hong Kong Financial Reporting Standards, which permit a subsidiary that applies paragraph D16(a) of HKFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent’s date of transition to HKFRSs.

• HKFRS 9, Financial Instruments, which clarify the fees included in the ‘10 per cent’ test in paragraph B3.3.6 of HKFRS 9 in assessing whether to derecognise a financial liability, explaining that only fees paid or received between the entity and the lender, including fees paid or received by either the entity or the lender on other’s behalf are included.

• HKFRS 16, Leases, which amend Illustrative Example 13 to remove the illustration of reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives are illustrated in that example.

Except for the above, the directors expect that the adoption of the new/revised HKFRSs above will have no material impact on the consolidated financial statements in the year of initial application.

3. 採納香港財務報告準則（「香 港財務報告準則」）（續）

• (b) 已頒佈但尚未生效的新訂或經 修訂香港財務報告準則（續） 香港財務報告準則二零一八年至 二零二零年週期年度改進 年度改進對多項準則進行修訂， 包括：

• 香港財務報告準則第 1 號

• 「首次採納香港財務報告準 則」，允許應用香港財務報 告準則第1號第D16(a)段的 附屬公司根據母公司過渡 至香港財務報告準則的日 期，使用母公司報告的金 額計量累計匯兌差額。

• 香港財務報告準則第 9 號

• 「金融工具」，闡明香港財 務報告準則第9號第B3.3.6 段「10%」測試所包括的費 用，以評估是否終止確認 金融負債，並解釋僅實體 與貸款人之間支付或收取 的費用，包括實體或貸款 人代表其他方支付或收取 的費用。

• 香港財務報告準則第16 號

• 「租賃」，修訂第13 項範例 以刪除由出租人償還租賃 裝修的說明，進而解決因 該示例中租賃優惠的說明 方式而可能產生的任何有 關租賃優惠處理的潛在混 淆。

除以上所述，董事預期採納上述 新訂╱經修訂香港財務報告準則 不會對首次應用年度之綜合財務 報表產生重大影響。

二零二一年報 萬咖壹聯有限公司 119

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in associates

An associate is an entity in which the Group has a long term interest of generally not less than 20% of the equity voting rights and over which it is in a position to exercise significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.

The Group’s investment in an associate is stated in the consolidated statement of financial position at the Group’s share of net assets under the equity method of accounting, less any impairment losses.

Adjustments are made to bring into line any dissimilar accounting policies that may exist.

The Group’s share of the post-acquisition results and other comprehensive income of associates is included in the consolidated statement of profit or loss and consolidated statement of other comprehensive income, respectively. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and its associates are eliminated to the extent of the Group’s investments in the associates, except where unrealised losses provide evidence of an impairment of the assets transferred. Goodwill arising from the acquisition of associates or joint ventures is included as part of the Group’s investments in associates or joint ventures.

4. 重大會計政策概要

於聯營公司的投資

聯營公司為本集團於其一般不少於 20%股本投票權中擁有長期權益的實 體，且可對其發揮重大影響力。重大影 響力指參與被投資方的財務和經營政策 決策的權力，而非控制或共同控制該等 政策的權力。

本集團於聯營公司的投資乃按本集團根 據權益會計法應佔資產淨值減任何減值 虧損於綜合財務狀況表列賬。

倘出現任何不相符的會計政策，即會作 出調整加以修正。

本集團應佔聯營公司收購後業績及其他 全面收益分別計入綜合損益表及綜合其 他全面收益表。此外，倘於聯營公司的 權益直接確認變動，則本集團會於綜合 權益變動表確認其應佔任何變動（倘適 用）。本集團與其聯營公司間交易的未 變現收益及虧損將以本集團於聯營公司 的投資為限對銷，惟倘未變現虧損證明 所轉讓資產減值則除外。收購聯營公司 或合營企業所產生的商譽已計入作本集 團於聯營公司或合營企業投資的一部 份。

120 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Investments in associates (continued)

If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. In all other cases, upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

When an investment in an associate is classified as held for sale, it is accounted for in accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of net assets in the event of liquidation at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree.

4. 重大會計政策概要（續）

於聯營公司的投資（續）

倘於聯營公司之投資變成於合營企業之 投資或出現相反情況，則不會重新計量 保留權益。反之，該投資繼續根據權益 法入賬。在所有其他情況下，失去對聯 營公司之重大影響力後，本集團按其公 平值計量及確認任何剩餘投資。聯營公 司於失去重大影響力時的賬面值與剩餘 投資及出售所得款項的公平值之間的任 何差額乃於損益內確認。

當聯營公司的投資歸類為持作出售時， 則按香港財務報告準則第5號持作出售 及已終止營運的非流動資產入賬。

業務合併及商譽

業務合併按收購法列賬。轉讓代價乃按 收購日期的公平值計量，而該公平值為 本集團轉讓的資產於收購日期的公平 值、本集團自被收購方的前擁有人承擔 的負債及本集團發行以換取被收購方控 制權的股權的總和。就各項業務合併而 言，本集團選擇以公平值或被收購方可 識別資產淨值的應佔比例，計量屬現時 擁有人權益並賦予擁有人權利在清盤時 按比例分佔淨資產的於被收購方的非控 股權益。非控股權益的所有其他部分乃 按公平值計量。收購相關成本於產生時 列為開支。

本集團收購一項業務時，會根據於收購 日期的合約條款、經濟環境及相關條件 評估所收購的金融資產及所承擔的金融 負債，以作出適當分類及指定，包括區 分被收購方主合同中的嵌入式衍生工 具。

二零二一年報 萬咖壹聯有限公司 121

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Business combinations and goodwill (continued)

If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.

Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is, after reassessment, recognised in profit or loss as a gain on bargain purchase.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as at 31 December. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.

4. 重大會計政策概要（續）

業務合併及商譽（續）

如一項業務合併分階段完成，則原已持 有的股權會按收購日期的公平值重新計 量，由此產生的任何收益或虧損計入損 益。

收購方將予轉讓的任何或然代價按收購 日期的公平值確認。歸類為資產或負債 的或然代價按公平值計量，且公平值變 動於損益確認。倘或然代價歸類為權 益，則毋須重新計量，其日後結算於權 益列賬。

商譽初始按成本計量，即轉讓代價、已 確認非控股權益的數額與本集團先前所 持的被收購方股權公平值之和超出所收 購可識別資產淨值及所承擔負債的差 額。倘代價及其他項目的總和低於所收 購資產淨值的公平值，差額在重估後於 損益確認為議價購買收益。

於初始確認後，商譽按成本減任何累計 減值虧損計量。商譽須每年測試有否減 值，倘有事件或環境變化顯示賬面值可 能出現減值，則須增加減值測試頻率。 本集團於每年十二月三十一日對商譽進 行減值測試。就減值測試而言，自業務 合併獲得的商譽由收購日期起分配至本 集團預期將自合併協同效應受益的各現 金產生單位或現金產生單位組合，而不 論本集團有否其他資產或負債分配至該 等單位或單位組合。

122 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Business combinations and goodwill (continued)

Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognised. An impairment loss recognised for goodwill is not reversed in a subsequent period.

Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained.

Fair value measurement

The Group measures its financial assets designated as fair value through profit or loss at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

4. 重大會計政策概要（續）

業務合併及商譽（續）

減值通過評估與商譽相關的現金產生 單位（或現金產生單位組合）的可收回 金額確定。倘現金產生單位（或現金產 生單位組合）的可收回金額低於其賬面 值，則確認減值虧損。已確認的商譽減 值虧損其後不可撥回。

倘商譽已被分配至現金產生單位（或現 金產生單位組合），而該單位的一部分 經營業務被處置，則在計算處置收益或 虧損時，與被處置經營業務相關的商譽 將計入該經營業務的賬面值。如此處置 的商譽根據被處置經營業務與現金產生 單位餘留部分的相對價值計量。

公平值計量

本集團於各報告期末按公平值計量其指 定為按公平值計入損益的金融資產。公 平值指於計量日市場參與者之間的有序 交易中，就出售資產所收取或轉讓負債 所支付的價格。公平值計量乃基於假設 出售資產或轉讓負債的交易於該資產或 負債的主要市場或（在未有主要市場的 情況下）最有利市場進行。主要或最有 利市場須為本集團能參與的市場。假設 市場參與者基於最佳經濟利益行事的情 況下，資產或負債的公平值乃使用市場 參與者為資產或負債定價時所用的假設 計量。

非金融資產的公平值計量會考慮市場參 與者將資產用於最高增值及最佳用途或 將資產出售予會將資產用於最高增值及 最佳用途的另一名市場參與者而創造經 濟利益的能力。

二零二一年報 萬咖壹聯有限公司 123

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Fair value measurement (continued)

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial information are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities

• Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

• Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial information on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than financial assets and deferred tax assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

4. 重大會計政策概要（續）

公平值計量（續）

本集團針對不同情況使用恰當的估值技 術，確保有足夠數據可用於計量公平 值，並盡量利用相關可觀察輸入數據， 減少使用不可觀察輸入數據。

於財務資料計量或披露公平值的所有資 產及負債，均基於對公平值計量整體而 言屬重要的最低層級輸入數據按下述公 平值層級分類：

• 第一層級 －基於相同資產或負債於活 躍市場的報價（未經調整）

• 第二層級 －基於就公平值計量而言屬 重要的最低層級輸入數據 可直接或間接觀察時的估 值技術

• 第三層級 －基於就公平值計量而言屬 重要的最低層級輸入數據 不可觀察時的估值技術

就按經常性基準於財務資料確認的資產 及負債，本集團於各報告期末通過重新 評估分類（基於對公平值計量整體而言 屬重大的最低層級輸入數據），確定有 否在不同層級之間轉移。

非金融資產減值

當一項資產（金融資產及遞延稅項資產 除外）存在減值跡象或須對資產進行年 度減值測試時，會估計資產的可收回金 額。資產的可收回金額指資產或現金產 生單位的使用價值與其公平值減處置成 本兩者之中的較高者，且按個別資產釐 定，除非該資產所產生的現金流入並非 基本上獨立於其他資產或資產組別，在 該情況下可收回金額則按資產所屬現金 產生單位釐定。

124 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of non-financial assets (continued)

An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to the statement of profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to the statement of profit or loss in the period in which it arises.

Property, plant and equipment and depreciation

Items of property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.

4. 重大會計政策概要（續）

非金融資產減值（續）

僅當資產的賬面值超逾其可收回金額時 方會確認減值虧損。於評估使用價值 時，估計未來現金流量按可反映貨幣時 間價值及資產特有風險的當前市場評估 的稅前貼現率貼現至現值。減值虧損於 產生期間在損益表中列入與減值資產功 能屬於同一類別的開支。

本集團於各報告期末評估是否有跡象顯 示原已確認的減值虧損不復存在或有所 減少。如有跡象，則評估可收回金額。 僅當用於釐定資產可收回金額的估計發 生改變時，方可轉回先前就資產（商譽 除外）確認的減值虧損，惟轉回後的數 額不得高於假設以往年度並無確認資產 減值虧損而應有的賬面值（扣除任何折 舊╱攤銷）。相關減值虧損的轉回於產 生期間計入損益表。

物業、廠房及設備與折舊

物業、廠房及設備項目按成本減累計折 舊及任何減值虧損列賬。物業、廠房及 設備項目的成本包括購買價以及使資產 達至其營運狀況及地點作擬定用途的任 何直接應佔成本。

於物業、廠房及設備項目投產後產生的 維修及保養等支出，通常於產生期間計 入損益表。於符合確認標準的情況下， 重大檢驗支出將予以資本化計入資產的 賬面值，作為重置成本。倘物業、廠房 及設備的重要部分須定期更換，則本集 團確認該等部分為具特定使用年期的個 別資產，並相應計提折舊。

二零二一年報 萬咖壹聯有限公司 125

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Property, plant and equipment and depreciation

4. 重大會計政策概要（續）

物業、廠房及設備與折舊（續）

(continued)

Depreciation is calculated on a straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

Electronic devices	3 years
Transportation equipment	4 years
Leasehold improvements	3 years

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in the statement of profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Intangible assets (other than goodwill)

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 at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are subsequently amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each financial year end.

折舊乃採用直線法將各物業、廠房及設 備項目的成本在估計可使用年期內撇減 至其剩餘價值。就此使用的主要年折舊 率如下：

電子設備	3年
運輸設備	4年
租賃裝修	3年

倘物業、廠房及設備項目各部分的可使 用年期不同，則該項目的成本按合理基 準分配至各部分，單獨計算折舊。剩餘 價值、可使用年期及折舊方法至少於每 個財政年度終了時審核，並於適當時調 整。

物業、廠房及設備項目（包括初始已確 認的任何重大部分）於被處置或預期使 用或處置不會再產生未來經濟利益時終 止確認。於資產終止確認年度在損益表 確認的任何處置或報廢盈虧，為有關資 產的出售所得款項淨額與賬面值之間的 差額。

無形資產（商譽除外）

單獨取得的無形資產於初始確認時按成 本計量。通過業務合併取得的無形資產 的成本為收購日期的公平值。無形資產 的可使用年期被評定為有限期或無限 期。有限期的無形資產隨後於可使用經 濟年期內攤銷，並於有跡象顯示無形資 產可能出現減值時評估減值。可使用年 期有限的無形資產的攤銷期及攤銷方法 至少於每個財政年度終了時審核。

126 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Intangible assets (other than goodwill) (continued)

Commercial resources

Commercial resources associated with certain business cooperation agreements with certain mobile phone manufacturers is stated at cost less any impairment losses and is amortised on the straight-line basis over the shorter of the estimated economic lives and the licensed period or their duration of the cooperation agreement with mobile phone manufacturers, which was estimated as 3 years.

Software copyright

Software is stated at cost less any impairment losses and is amortised on the straight-line basis over the estimated useful life of 5 years. Certain software is acquired as part of business combination of Shanghai ChiLe.

Customer relationships acquired in a business

4. 重大會計政策概要（續）

無形資產（商譽除外）（續）

商業資源

與若干手機製造商訂立的若干業務合作 協議有關的商業資源按成本減任何減值 虧損列賬，且於估計經濟年期及許可期 或與手機製造商的合作協議期限（估計 為3年）（以兩者之中較短者為準）內採 用直線法進行攤銷。

軟件版權

軟件按成本減任何減值虧損列賬，以直 線法在為期五年的估計可使用年期內攤 銷。若干軟件是作為上海池樂業務合併 的一部分而取得。

於業務合併中取得的客戶關係

combination

Customer relationship is acquired as part of business combination of Shanghai ChiLe. Shanghai ChiLe has a portfolio of customers or a market share and expects that, because of its efforts in building customer relationships and loyalty, the customers will continue to trade with Shanghai ChiLe. The customer relationship is determined by an external valuer, stated at fair value at initial recognition and less any impairment losses subsequently, and is amortised on the straight-line basis over the estimated useful life of 5 years, during which benefits will be derived from the customer relationship to the Group.

Research and development costs

All research and development costs are charged to the statement of profit or loss as incurred.

Expenditure incurred on projects to develop new software or other assets is capitalised only when the Group can demonstrate the technical feasibility of completing the asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the project and the ability to measure reliably the expenditure during the development. Development expenditure which does not meet these criteria is expensed when incurred.

客戶關係是作為上海池樂業務合併的一 部分而取得。上海池樂擁有一系列客戶 或一定市場份額，因其在打造客戶關係 及忠誠度方面的努力，預計客戶將繼續 與上海池樂交易。客戶關係由外部估值 師釐定，於首次確認時按公平值列賬， 其後則減除任何減值虧損，以直線法在 為期五年的估計可使用年期內攤銷，在 此期間，客戶關係將給本集團帶來利 益。

研發成本

所有研發成本於產生時計入損益表。

就開發新軟件或其他資產的項目產生的 支出，在僅當本集團能夠證明完成該資 產以使其可供使用或出售的技術可行 性、完成的意圖與使用或出售該資產的 能力、該資產將如何產生未來經濟利 益、完成項目所需資源的可用性以及能 夠可靠計量開發期間的支出時，方可予 以資本化。不滿足該等標準的開發支出 於產生時支銷。

二零二一年報 萬咖壹聯有限公司 127

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

(a) Right-of-use assets

R i g h t - o f - u s e a s s e t s a r e r e c o g n i s e d a t t h e commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Where applicable, the cost of a right-of-use asset also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows:

Office premises

2 to 5 years

If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

4. 重大會計政策概要（續）

租賃

本集團於合約開始時評估合約是否為租 賃或包含租賃。倘合約為換取代價而給 予在一段時間內控制可識別資產使用的 權利，則該合約為租賃或包含租賃。

本集團作為承租人

本集團就所有租賃應用單一確認及計量 方法，惟短期租賃及低價值資產租賃除 外。本集團確認租賃負債以作出租賃付 款，而使用權資產指使用相關資產的權 利。

• (a) 使用權資產 使用權資產於租賃開始日期（即 相關資產可供使用當日）確認。 使用權資產按成本減任何累計折 舊及減值虧損計量，並就任何重 新計量租賃負債作出調整。使用 權資產成本包括已確認租賃負債 的金額、產生的初始直接成本及 於開始日期或之前作出的租賃付 款，扣減任何已收租賃優惠。如 適用，使用權資產的成本亦包括 拆除及移除相關資產或恢復相關 資產或恢復相關資產所在地的估 計費用。使用權資產於資產的租 期及估計可使用年期（以較短者 為準）按直線法折舊，如下：

辦公室物業 2至5年

倘於租期結束時租賃資產的擁有 權轉讓至本集團或成本反映購買 權的行使，折舊則根據資產的估 計可使用年期計算。

128 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Leases (continued)

Group as a lessee (continued)

• (b) Lease liabilities

• Lease liabilities are recognised at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

The Group’s lease liabilities are presented separately in the statement of financial position.

4. 重大會計政策概要（續）

租賃（續）

本集團作為承租人（續）

• (b) 租賃負債 租賃負債於租賃開始日期按整個 租期將作出的租賃付款的現值確 認。租賃付款包括固定付款（包 括實質上固定的付款）減任何應 收租賃優惠、取決於一項指數或 比率的可變租賃付款以及餘值擔 保下預計應付的款項。租賃付款 亦包括本集團合理確定將會行使 的購買權的行使價以及在租賃期 限反映本集團行使選擇權終止租 賃的情況下支付的終止租賃的罰 款。不取決於指數或比率的可變 租賃付款在引發付款的事件或條 件發生的期間內確認為開支。

在計算租賃付款的現值時，由於 租賃中所隱含的利率不易確定， 故本集團使用租賃開始日期的遞 增借款利率。於開始日期之後， 租賃負債金額就反映利息的累積 而增加及因作出的租賃付款而減 少。此外，如有修改、租賃期限 發生變化、租賃付款變化（例如 指數或比率的變動導致未來租賃 付款發生變化）或購買相關資產 的選擇權評估發生變更，租賃負 債的賬面值將重新計量。

本集團的租賃負債於財務狀況表 單獨呈列。

二零二一年報 萬咖壹聯有限公司 129

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Leases (continued)

Group as a lessee (continued)

• (c) Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases of premises (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment and laptop computers that are considered to be of low value.

Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

Group as a lessor

When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee, are accounted for as finance leases.

4. 重大會計政策概要（續）

租賃（續）

本集團作為承租人（續）

• (c) 短期租賃及低價值資產租賃 本集團對其物業短期租賃（即租 賃的租期自開始日期起計為12個 或以下且並無購買權）應用短期 租賃確認豁免，亦將低價值資產 的租賃的確認豁免應用至視作低 價值的辦公設備及筆記本電腦的 租賃。

• 短期租賃及低價值資產租賃的租 賃付款於租賃期限按直線法確認 作開支。

本集團作為出租人

當本集團為出租人時，其於租賃期初 （或當租賃作出修改時）將其各份租賃劃 分作經營租賃或融資租賃。

本集團並無轉移一項資產擁有權附帶的 大部分風險及回報的租賃劃分作經營租 賃。當合約訂有租賃及非租賃部分時， 本集團按相對單獨售價基準將合約代價 分配至各部分。租金收入於租賃期間按 直線法列賬且鑒於其經營性質計入損益 表的收益。磋商及安排經營租賃產生的 初始直接成本加入租賃資產的賬面值並 於租賃期間按同等基準確認作租金收 入。或然租金於其賺取期間確認作收 益。

將相關資產所有權附帶的絕大部分風險 及回報轉讓予承租人的租賃列賬作融資 租賃。

130 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income, and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under HKFRS 15 in accordance with the policies set out for “Revenue recognition” below.

In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

4. 重大會計政策概要（續）

金融資產

初始確認及計量

金融資產於初步確認時分類為其後按攤 銷成本計量、透過其他全面收益按公平 值計量及透過損益按公平值列賬。

金融資產在初始確認時的分類取決於金 融資產的合約現金流量特徵及本集團管 理金融資產的商業模式。除不包含重大 融資部分或本集團已就此應用實務中的 簡易處理方法不調整重大融資部分影響 的貿易應收款項外，本集團初始按公平 值加上（倘金融資產並非按公平值計入 損益）交易成本計量金融資產。不包含 重要融資組成部分或本集團已應用實務 中簡易處理方法的貿易應收款項，按照 香港財務報告準則第15 號所確定的交 易價格，按照下文「收入確認」所述的 政策進行計量。

為使金融資產按攤銷成本或透過其他全 面收益按公平值計量的方法分類及計 量，需要產生尚未償還本金的純粹本金 及利息付款（「純粹本息付款」）的現金 流量。附帶並非純粹本息付款現金流量 的金融資產乃按公平值透過損分類及計 算，不論其業務模式。

二零二一年報 萬咖壹聯有限公司 131

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial assets (continued)

Initial recognition and measurement (continued)

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss.

All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

Financial assets at amortised cost (debt instruments)

Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the statement of profit or loss when the asset is derecognised, modified or impaired.

4. 重大會計政策概要（續）

金融資產（續）

初始確認及計量（續）

本集團管理金融資產的業務模式是指其 如何管理金融資產以產生現金流量。業 務模式確定現金流量是否因收取合約現 金流量、出售金融資產或兩者兼之而產 生。按攤銷成本分類及計量的金融資產 以旨在透過持有金融資產收取合約現金 流量的業務模式持有，而以按公平值計 入其他全面收益分類及計量的金融資產 以旨在透過收取合約現金流量及銷售金 融資產達致目的的業務模式持有。並非 按上述業務模式持有的金融資產按公平 值計入損益分類及計量。

凡以常規方式買賣金融資產於交易日 期（即本集團承諾購買或出售該資產之 日）確認。以常規方式買賣指須在法規 或市場慣例普遍規定的期間內交付資產 的金融資產買賣。

其後計量

金融資產後續計量取決於以下分類：

按攤銷成本計量的金融資產（債務工具） 按攤銷成本計量的金融資產其後以實際 利率法計量，並且可能會出現減值。當 資產終止確認、予以修改或出現減值 時，收益及虧損於損益表確認。

132 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial assets (continued)

Subsequent measurement (continued)

Financial assets at fair value through other comprehensive income (debt instruments)

For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in other comprehensive income. Upon derecognition, the cumulative fair value change recognised in other comprehensive income is recycled to the statement of profit or loss.

Financial assets designated at fair value through other comprehensive income (equity investments)

Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under HKAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.

Gains and losses on these financial assets are never recycled to the statement of profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case such gains are recorded in other comprehensive income. Equity investments designated at fair value through other comprehensive income are not subject to impairment assessment.

4. 重大會計政策概要（續）

金融資產（續）

其後計量（續）

透過其他全面收益按公平值計量之金融 資產（債務工具）

透過其他全面收益按公平值計量之的債 務投資，其利息收入、外匯重估及減值 虧損或轉回均在損益表內確認，計算方 法與按攤銷成本計量的金融資產相同。 其餘公平值變動於其他全面收益中確 認。終止確認時，其他全面收益中確認 的累積公平值變動，會重新計入損益 表。

指定透過其他全面收益按公平值計量之 金融資產（權益投資）

於初步確認時，本集團可選擇於權益 投資符合香港會計準則第32 號金融工 具：列報項下的權益投資定義且並非持 作買賣時，將其股本投資不可撤回地分 類為指定透過其他全面收益按公平值計 量之權益投資。分類乃按個別工具基準 釐定。

該等金融資產的收益及虧損概不會被重 新計入損益表。當確立支付權時，股息 於損益表中確認為其他收入，本集團將 很有可能獲得與股息相關的經濟利益並 能夠可靠地計算股息金額，惟當本集團 於作為收回金融資產一部分成本的所得 款項中獲益時則除外，於此等情況下， 該等收益於其他全面收益入賬。指定透 過其他全面收益按公平值計量之的權益 投資不受減值評估影響。

二零二一年報 萬咖壹聯有限公司 133

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial assets (continued)

Subsequent measurement (continued)

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.

This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognised as other income in the statement of profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognised in the statement of profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.

A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss.

4. 重大會計政策概要（續）

金融資產（續）

其後計量（續）

按公平值計入損益的金融資產 按公平值計入損益的金融資產按公平值 於財務狀況表列賬，而公平值變動淨額 於損益表中確認。

該類別包括本集團並無不可撤回地選擇 按公平價值計入其他綜合收益進行分類 的衍生工具及權益投資。分類為按公平 值計入損益的金融資產的權益投資的股 息在支付權確立、與股息相關的經濟利 益有可能流向本集團、股息的金額能夠 可靠地計量時亦於損益表中確認為其他 收入。

當嵌入混合合約（包含金融負債或非金 融主體）的衍生工具具備與主體不緊密 相關的經濟特徵及風險；具備與嵌入式 衍生工具相同條款的單獨工具符合衍生 工具的定義；且混合合約並非按公平值 計入損益計量，則該衍生工具與主體分 開並作為單獨衍生工具列賬。嵌入式衍 生工具按公平值計量，且其變動計入損 益表。僅當合約條款出現變動，大幅改 變其他情況下所需現金流量時；或當原 分類至按公平值計入損益計量的金融資 產獲重新分類時，方進行重新評估。

嵌入混合合約（包含金融資產主體）的 衍生工具不得單獨列賬。金融資產主體 連同嵌入式衍生工具須整體分類為按公 平值計入損益的金融資產。

134 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:

• the rights to receive cash flows from the asset have expired; or

• the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

4. 重大會計政策概要（續）

終止確認金融資產

出現以下情形時，金融資產（或（如適 用）金融資產的一部分或一組類似金融 資產的一部分）通常會終止確認（即自 本集團的綜合財務狀況表移除）：

• 從資產收取現金流量的權利已屆 滿；或

• 本集團已轉讓從資產收取現金流 量的權利，或已根據「過手」安 排承擔在無重大延誤情況下向第 三方全額支付所收現金流量的責 任；及(a)本集團已轉讓資產的絕 大部分風險及回報，或(b)本集團 並無轉讓亦無保留資產的絕大部 分風險及回報，但已轉讓資產的 控制權。

倘本集團已轉讓從資產收取現金流量的 權利或訂立過手安排，則會評估其有否 保留資產所有權的風險及回報以及所保 留程度。倘本集團並無轉讓或保留資產 的絕大部分風險及回報，亦無轉讓資產 的控制權，則本集團將以本集團持續參 與程度為限繼續確認所轉讓資產。在該 情況下，本集團亦確認相關負債。已轉 讓資產及相關負債根據反映本集團所保 留權利及債務的基準計量。

如通過對所轉移資產提供擔保的方式繼 續參與，按照資產的原賬面值與本集團 須償還的最高代價金額兩者之中的較低 者計量。

二零二一年報 萬咖壹聯有限公司 135

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of financial assets

The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

General approach

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

4. 重大會計政策概要（續）

金融資產減值

本集團確認對並非按公平值計入損益計 量持有的所有債務工具預期信貸虧損 （「預期信貸虧損」）的撥備。預期信貸虧 損乃基於根據合約到期的合約現金流量 與本集團預期收取的所有現金流量之間 的差額而釐定，並以原實際利率的近似 值貼現。預期現金流量將包括出售所持 抵押的現金流量或組成合約條款的其他 信貸提升措施。

一般法

預期信貸虧損按兩個階段確認。就信貸 風險自初步確認起並無顯著增加的信用 敞口而言，根據因未來12 個月內可能 發生的違約事件導致的信貸虧損（12個 月預期信貸虧損）計提預期信貸虧損撥 備。就信貸風險自初步確認起已有顯著 增加的有關信貸風險而言，則須就該敞 口的餘下年期預期信貸虧損計提虧損撥 備，而不論違約事件發生的時間（全期 預期信貸虧損）。

於各報告日期，本集團評估自最初確 認，金融工具的信貸風險是否顯著增 加。進行評估時，本集團比較了在金融 工具在報告日期發生違約的風險及在金 融工具的初始確認的日期發生違約的風 險，同時考慮了沒有過多的成本和努力 即可獲得的合理的和可支持的資料，包 括歷史和前瞻性資料。

本集團認為，當合約付款逾期超逾30 天時，信貸風險顯著增加。

136 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of financial assets (continued)

General approach (continued)

The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Financial assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for accounts receivable which apply the simplified approach as detailed below.

• Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs

• Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs

• Stage 3 – Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs

4. 重大會計政策概要（續）

金融資產減值（續）

一般法（續）

本集團將合約付款逾期90 日的金融資 產視作違約。然而，於若干情況下，在 計及本集團作出的任何增信安排前，本 集團亦可於內部或外部資料顯示本集團 不大可能悉數收取尚未償還合約金額時 將金融資產視作違約。金融資產於無法 合理預期可收回合約現金流時撇銷。

以攤銷成本計量的金融資產按一般法計 提減值並均須在下列各階段內分類計量 預期信貸虧損，但採用下述簡易法的應 收賬款除外。

• 第一階段－信貸風險自最初確認以來 並無顯著增加的金融工 具，其減值準備按相當於 12個月預期信貸虧損計算

• 第二階段－自最初確認以來信貸風險 已大大增加但並非信貸受 損的金融資產的金融工 具，其虧損撥備按相當於 全期預期信貸虧損的金額 計算

第三階段－在報告日期已發生信貸減 值的金融資產（但並非購 買或初始信貸減損的金融 資產），其虧損撥備按相 當於全期預期信貸虧損的 金額計算

二零二一年報 萬咖壹聯有限公司 137

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of financial assets (continued)

Simplified approach

For accounts receivable that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For accounts receivable that contain a significant financing component, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs.

The Group’s financial liabilities include accounts and other payables and accruals and interest-bearing bank borrowings.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

4. 重大會計政策概要（續）

金融資產減值（續）

簡易法

對於不包含重要融資組成部分的應收賬 款，或當本集團採取實務中不調整重要 融資組成部分的影響時，本集團在計算 預期信貸虧損時採用簡易法。根據簡易 法，本集團不跟蹤信貸風險的變化，而 是在每個報告日期確認基於全期預期信 貸虧損計算減值準備。本集團根據其歷 史信貸虧損經驗建立了一個撥備矩陣， 並根據債務人具體的前瞻性因素和經濟 環境加以調整。

對於包含重要融資組成部分的應收賬 款，本集團選擇作為其會計政策採用簡 易法根據上述政策計算預期信貸虧損。

金融負債

初始確認及計量

金融負債於初始確認時歸類為按公平值 計入損益的金融負債、貸款及借款，或 指定於有效對沖中作對沖工具的衍生工 具（如適用）。

所有金融負債初始按公平值確認，貸款 及借款則須扣除直接應佔交易成本。

本集團的金融負債包括應付賬款及其他 應付款項及應計費用及計息銀行借款。

後續計量

不同類別金融負債的後續計量方法如 下：

138 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial liabilities (continued)

Subsequent measurement (continued)

Financial liabilities at amortised cost (loans and borrowings) After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in the statement of profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in the statement of profit or loss.

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

Treasury shares

Own equity instruments which are reacquired and held by the Company or the Group (treasury shares) are recognised directly in equity at cost. No gain or loss is recognised in the statement of profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.

4. 重大會計政策概要（續）

金融負債（續）

後續計量（續）

按攤銷成本計量的金融負債（貸款及借款） 於初始確認後，計息貸款及借款其後使 用實際利率法按攤銷成本計量，除非貼 現影響不重大，在該情況下，則按成本 列賬。收益及虧損於負債終止確認時並 通過實際利率攤銷程序於損益表確認。

計算攤銷成本時，考慮收購產生的任何 折價或溢價以及作為實際利率不可或缺 的費用或成本。實際利率攤銷則計入損 益表的財務成本。

終止確認金融負債

金融負債於負債責任解除、取消或屆滿 時終止確認。

倘現有金融負債被另一項由同一借貸人 提供但絕大部分條款不同的負債所取 代，或現有負債的條款經大幅修訂，則 有關取代或修訂以終止確認原有負債並 確認新負債的方式處理，而相關賬面值 的差額於損益表確認。

抵銷金融工具

倘現時有可強制執行的法定權利抵銷已 確認金額，並且有意圖按淨額基準結算 或同時變現資產及結算負債，則金融資 產與金融負債可抵銷且淨額於財務狀況 表呈報。

庫存股份

本公司或本集團重新購入及持有的本身 股權工具（庫存股份）按成本直接從權 益中確認。就購買、銷售、發行或註銷 本集團本身的股權工具而言，毋須於損 益表內確認損益。

二零二一年報 萬咖壹聯有限公司 139

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management.

For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.

Provisions

A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of profit or loss.

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

4. 重大會計政策概要（續）

現金及現金等價物

就綜合現金流量表而言，現金及現金等 價物包括手頭現金及活期存款，以及可 隨時轉換成已知金額的現金、價值變動 風險不大且購買時一般具有不超過三個 月的短暫期限的短期高流通投資，再扣 除須於要求時償還且為本集團現金管理 之一部分的銀行透支。

就綜合財務狀況表而言，現金及現金等 價物包括用途不受限制的手頭現金及銀 行存款（包括定期存款）以及性質與現 金類似的資產。

撥備

撥備乃於因過往事件而須承擔現時責任 （法定或推定），而履行該責任將可能導 致未來資源流出且該責任所涉金額能夠 可靠估計時確認。

倘貼現影響重大，則確認的撥備金額為 預期履行責任所需的未來支出於報告期 末的現值。貼現現值隨時間增加的金額 計入損益表中的財務成本。

所得稅

所得稅包括即期及遞延稅項。與並非於 損益確認的項目相關的所得稅亦不會於 損益確認，而於其他全面收入或直接於 權益確認。

即期稅項資產及負債根據截至報告期末 已頒佈或實際已頒佈的稅率及稅法，並 考慮到本集團經營所在國家現行的詮釋 及慣例，按預計可自稅務機關收回或向 稅務機關支付的金額計量。

140 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income tax (continued)

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

• when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilised, except:

• when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

4. 重大會計政策概要（續）

所得稅（續）

遞延稅項採用負債法，就於報告期末資 產及負債的稅基與其作財務報告之用的 賬面值之間的所有暫時性差額計提撥 備。

本集團就所有應課稅暫時性差額確認遞 延稅項負債，惟以下情況除外：

• 遞延稅項負債因初始確認商譽或 在除業務合併以外的交易中於交 易時不影響會計溢利及應課稅溢 利或虧損的資產或負債而產生； 及

• 就與於附屬公司的投資有關的應 課稅暫時性差額而言，倘能夠控 制暫時性差額的撥回時間，且該 暫時性差額於可見將來很可能不 會撥回。

• 遞延稅項資產就所有可抵扣暫時性差 額、結轉的未動用稅項抵免及任何未動 用稅項虧損確認。倘有可用以抵銷可抵 扣暫時性差額的應課稅溢利、結轉的未 動用稅項抵免及未動用稅項虧損可以利 用，則會確認遞延稅項資產，惟以下情 況除外：

• 與可抵扣暫時性差額有關的遞延 稅項資產因初始確認在除業務合 併以外的交易中於交易時不影響 會計溢利及應課稅溢利或虧損的 資產或負債而產生；及

• 就與於附屬公司的投資有關的可 抵扣暫時性差額而言，遞延稅項 資產僅於暫時性差額會在可見將 來撥回且有可用以抵銷暫時性差 額的應課稅溢利時確認。

二零二一年報 萬咖壹聯有限公司 141

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income tax (continued)

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Government grants

Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed.

Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of profit or loss over the expected useful life of the relevant asset by equal annual instalment or deducted from the carrying amount of the asset and released to the statement of profit or loss by way of a reduced depreciation charge.

4. 重大會計政策概要（續）

所得稅（續）

遞延稅項資產的賬面值於各報告期末檢 討，倘不再可能有足夠應課稅溢利可用 於利用全部或部分遞延稅項資產，則作 相應調減。未確認的遞延稅項資產於各 報告期末重新評估，如可能有足夠應課 稅溢利可用於收回全部或部分遞延稅項 資產，則確認相關的金額。

遞延稅項資產及負債根據於報告期末已 頒佈或實際已頒佈的稅率（及稅法）， 按預期適用於變現資產或償還負債期間 的稅率計量。

當且僅當本集團有可強制執行的法定權 利抵銷即期稅項資產及即期稅項負債， 且遞延稅項資產及遞延稅項負債與同一 稅務機關對同一應課稅實體或有意於預 期結算或收回大額遞延稅項負債或資產 的各未來期間按淨額基準結算即期稅項 負債及資產或同時變現資產及結算負債 的不同應課稅實體徵收的所得稅有關， 則可將遞延稅項資產與遞延稅項負債抵 銷。

政府補助

倘能合理確定將收取政府補助並符合所 有附帶條件，則按公平值確認政府補 助。倘補助與開支項目有關，則會有系 統地在擬補貼成本支銷期間將補助確認 為收入。

倘補助與資產有關，則公平值計入遞延 收入賬，並於有關資產的估計可使用年 期內按等額年度分期撥至損益表，或自 資產的賬面值扣除並透過扣減折舊開支 的方式撥至損益表。

142 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Government grants (continued)

Where the Group receives grants of non-monetary assets, the grants are recorded at the fair value of the non-monetary assets and released to the statement of profit or loss over the expected useful lives of the relevant assets by equal annual instalments.

Where the Group receives government loans granted with no or at a below-market rate of interest for the construction of a qualifying asset, the initial carrying amount of the government loans is determined using the effective interest rate method, as further explained in the accounting policy for “Financial liabilities” above. The benefit of the government loans granted with no or at a below-market rate of interest, which is the difference between the initial carrying value of the loans and the proceeds received, is treated as a government grant and released to the statement of profit or loss over the expected useful life of the relevant asset by equal annual instalments.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

4. 重大會計政策概要（續）

政府補助（續）

倘本集團收到非現金資產補助，則補助 按非現金資產的公平值入賬，並於有關 資產的估計可使用年期內按等額年度分 期撥至損益表。

倘本集團收到無息或按低於市場利率計 息的政府貸款以建造符合條件的資產， 則政府貸款的初始賬面值使用實際利 率法釐定，進一步說明見上文「金融負 債」的會計政策。無息或按低於市場利 率計息的政府貸款所產生的利益，即貸 款的初始賬面值與所收到的所得款項之 間的差額，按政府補助入賬處理，並於 有關資產的估計可使用年期內按等額年 度分期撥至損益表。

收益確認

來自客戶合約的收益

於貨品或服務的控制權按反映本集團預 期就交換該等貨品或服務有權收取的代 價的金額轉移予客戶時確認來自客戶合 約的收益。

當合約代價包含可變金額時，代價金額 估計為本集團就向客戶轉讓貨品或服務 而有權在交換中獲取的數額。可變代價 於合約開始時估計並受到約束，直至其 後關乎可變代價的不確定因素獲得解決 時確認累計收益金額不大可能發生重大 收益撥回。

二零二一年報 萬咖壹聯有限公司 143

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15.

The Group principally derives revenue from the rendering of mobile advertising services, online-video distribution services and game co-publishing services.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for services performed, stated net of returns and value-added taxes. The Group recognises revenue when the specific criteria have been met for each of the Group’s activities, as described below.

(1) Mobile advertising services

• The Group provides mobile advertising services to its customers and revenue is recognised over the period that services are provided. Revenue from mobile advertising services is recognised based on actual performance measurement. The Group recognises the revenue from the delivery of (i) per-click when the users click on the advertisement, (ii) per-impression when the advertising are displayed to users; or (iii) per-download when the third party apps are downloaded by users.

4. 重大會計政策概要（續）

收益確認（續）

來自客戶合約的收益（續）

• 倘合約包含就向客戶轉讓貨品或服務為 客戶提供超過一年的重大融資利益的融 資部分，則收益按應收金額的現值計 量，並使用本集團與客戶於合約開始時 單獨融資交易中反映的貼現率貼現。倘 合約包含為本集團提供超過一年的重大 融資利益的融資部分，則根據該合約確 認的收益包括按實際利率法計算的合約 負債所產生的利息開支。就客戶付款與 承諾貨品或服務轉移期間為一年或一年 以下的合約而言，交易價格無須因重大 融資成分的影響而調整，而是採納香港 財務報告準則第15 號中實用的權宜之 策。

本集團主要自提供移動廣告服務、網絡 視頻產品分發服務及遊戲聯運服務產生 收益。

收益按已收或應收代價的公平值計量， 並指已履行服務的應收款項、已入賬扣 除退貨及增值稅。如下文所述，當本集 團各項活動符合特定標準時，本集團確 認收益。

• (1) 移動廣告服務 本集團向其客戶提供移動廣告服 務及收益於提供服務的有關期間 確認。移動廣告服務的收益按實 際效果計量確認。本集團按交付 (i)用戶點擊廣告時的每次點擊； (ii) 廣告展示予用戶時的每次展 示；或(iii)用戶下載第三方應用時 的每次下載確認收益。

144 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

• (1) Mobile advertising services (continued) The Group distributes advertisements on third-party advertising publishers’ websites or mobile publications and evaluates whether the Group is acting as the principal or agent in the transaction. The Group is a principal in a transaction if the Group controls the services provided before they are provided to customers. If control is unclear, the Group considers whether it is primarily obligated in a transaction, is subject to inventory risk or has latitude in establishing prices and selecting suppliers. The Group records revenue on a gross basis when the Group assessed itself acting as the principal in the transaction; otherwise, it records revenue on a net basis.

4. 重大會計政策概要（續）

收益確認（續）

來自客戶合約的收益（續）

• (1) 移動廣告服務（續） 在第三方廣告發佈者的網站或移 動出版物上分發廣告時，評估 本集團在交易中擔任委託人亦或 代理。倘本集團於服務提供予客 戶前控制所提供的服務，則本集 團為委託人。倘控制權不明確， 本集團考慮其是於一項交易中負 有主要義務，承擔存貨風險，亦 或在定價及選擇供應商時有所保 留。當本集團在交易中評估自身 擔任委託人時，本集團按總額基 準錄得收益；否則按淨額基準錄 得收益。

• (2) Online-video distribution services Sell of video content

The Group generates revenue from selling video content to the content providers and revenue is recognised point in time when the customer obtains the control, based on the relative stand-alone selling prices of each of the video content.

• (2) 網絡視頻產品分發服務 銷售視頻內容 本集團透過向內容供應商銷售視 頻內容產生收益，而收益乃於客 戶取得控制權時根據各視頻內容 的相對獨立售價確認。

The Group sells the video content to the content providers may be sold separately or in bundled packages. For the bundled contracts, the Group accounts for individual video content separately if they are distinct, i.e. if a good is separately identifiable from other items in the bundled package and if a content providers can benefit from it.

本集團向內容供應商出售視像內 容可能會單獨出售或以捆綁方式 出售。就捆綁式合約而言，倘個 別視頻內容有所區別，則本集團 將個別視頻內容分開處理，即個 別視頻內容與捆綁式套裝內的其 他項目分開識別及內容供應商可 從中獲益，則本集團將個別視頻 內容分開處理。

The Group recognises a proportion of the subscribers’ payment on the video content, predetermined in the contracts with the content providers.

本集團按與內容供應商訂立的合 約中預先確定的視頻內容的一部 分訂戶付款確認。

二零二一年報 萬咖壹聯有限公司 145

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

• (3) Game co-publishing services

• The Group engages in game co-publishing services through cooperation with third-party game developers and distribution platforms under certain co-operation agreements. The third-party game distribution platforms collect the payment from players and remit the net proceeds, after deducting the commission charged, to the Group. In general, the portion of the proceeds received by the Group is calculated based on the standard price of in-game virtual currency sold and the agreed sharing ratio in the contracts signed with third-party game distribution platforms.

The Group recognises the game co-publishing services on a gross or net basis depending on whether the Group is acting as a principal or an agent in the transaction. When the Group takes primary responsibilities of further game development and updates, game operation, including determining distribution platforms and payment channels, providing customer services, hosting game servers, if needed, and controlling game and service specifications and pricing, the Group considers itself as a principal in this arrangement. Accordingly, the Group records the mobile game revenue on a gross basis and revenue is recognised only when the in-game virtual items are purchased and consumed by the players, and the commission fees paid to distribution platforms and payment channels and amortisation of license fees paid to third party game developer (if any) are recorded as cost of revenues. When the Group’s responsibilities are publishing, providing payment solution and market promotion service, the Group views game developers to be its customers and considers itself as the agent of game developers in the arrangements with game players. Accordingly, the Group records the game publishing service revenue, net of amounts paid to game developers.

4. 重大會計政策概要（續）

收益確認（續）

來自客戶合約的收益（續）

• (3) 遊戲聯運服務 本集團根據若干合作協議通過與 第三方遊戲開發商及分發平台合 作從事遊戲聯運服務。第三方遊 戲分發平台自玩家收取付款並於 扣除所收取佣金後將所得款項淨 額匯付予本集團。一般而言，本 集團所收取的部分所得款項乃基 於已售遊戲內虛擬貨幣的標準價 格及與第三方遊戲分發平台所簽 訂合約中的協定分享比率計算。

• 本集團按總額或淨額基準確認遊 戲聯運服務，惟視乎本集團是 否於交易中擔任委託人或代理人 而定。當本集團承擔推動遊戲開 發及更新、遊戲營運（包括釐定 分發平台及付款渠道）、提供客 戶服務、託管遊戲伺服器（如需 要），以及控制遊戲及服務規格 及定價的主要責任時，本集團於 該安排中視其本身為委託人。因 此，本集團按總額基準錄得移動 遊戲收益，並僅於遊戲內虛擬物 品獲玩家購買及耗用時確認收 益，而支付予分發平台及付款渠 道的佣金費及支付予第三方遊戲 開發商的許可費攤銷（如有）則 錄作收益成本。當本集團負責發 佈、提供付款解決方案及市場推 廣服務時，本集團在與遊戲玩家 的安排中視遊戲開發商為其客戶 及視其本身為遊戲開發商的代理 人。因此，本集團錄得遊戲發行 服務收益（扣除支付予遊戲開發 商的金額）。

146 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Other income

Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.

Conference service income is recognised at point in time when the services are provided. The customer confirmed the services by signing the acceptance confirmation.

Contract assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are subject to impairment assessment, details of which are included in the accounting policies for impairment of financial assets.

Contract liabilities

A contract liability is recognised when a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

4. 重大會計政策概要（續）

收益確認（續）

其他收入

利息收入採用實際利率法按應計基準確 認，實際利率法使用將估計未來現金收 入在金融工具的預計年期或更短期間 （如適用）內準確貼現至金融資產賬面淨 值的利率。

當服務得以提供時，會議服務收入予以 確認。客戶透過簽署接納確認函確認服 務。

合約資產

合約資產乃就換取已向客戶轉讓的貨品 或服務而收取代價的權利。倘本集團於 客戶支付代價或付款到期前將貨品或服 務轉讓予客戶，則就附帶條件的已賺取 代價確認合約資產。合約資產須進行減 值評估，其詳情載於金融資產減值會計 政策。

合約負債

合約負債於本集團轉移相關貨物或服務 前收取客戶付款或應收客戶付款到期 （以較早者為準）時確認。合約負債於本 集團履行合約（即轉移相關貨物或服務 控制權予客戶）時確認為收益。

二零二一年報 萬咖壹聯有限公司 147

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Contract costs

Other than the costs which are capitalised as inventories, property, plant and equipment and intangible assets, costs incurred to fulfil a contract with a customer are capitalised as an asset if all of the following criteria are met:

• (a) The costs relate directly to a contract or to an anticipated contract that the entity can specifically identify.

• (b) The costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future.

• (c) The costs are expected to be recovered.

The capitalised contract costs are amortised and charged to the statement of profit or loss on a systematic basis that is consistent with the pattern of the revenue to which the asset related is recognised. Other contract costs are expensed as incurred.

4. 重大會計政策概要（續）

合約成本

除資本化為存貨，物業、廠房及設備及 無形資產的成本外，本集團為履行客戶 合約發生的成本，倘符合以下所有條 件，則資本化為資產：

• (a) 有關成本與實體可明確識別之合 約或預期合約有直接關係。

• (b) 有關成本令本集團將用於履行 （或持續履行）日後履約責任之資 源得以產生或有所增加。

• (c) 有關成本預期可收回。

資本化合約成本按與確認資產相關的收 益模式相同的系統基礎進行攤銷並計入 損益表。其他合約成本於產生時列為費 用。

148 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Employee benefits

(a) Pension scheme

• The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for those employees who are eligible to participate in the MPF Scheme. Contributions are made based on a percentage of the employees’ basic salaries and are charged to the statement of profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

The employees of the Group’s subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by either the relevant authorities or the local municipal governments of the provinces in Mainland China in which the Group’s subsidiaries are located. The Group is required to contribute to the central pension scheme in respect of its employees in Mainland China and these costs are charged to the statements of profit or loss as incurred.

(b) Share-based compensation scheme

The Company operated two employee’s share incentive schemes for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including executive and non-executive directors) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). Pursuant to the restricted share plan (“RSU Plan”), the restricted shares units are used as the settlement instrument of the employee benefits in the share-based compensation scheme, under which the vesting condition has been fulfilment certain service period.

4. 重大會計政策概要（續）

僱員福利

• (a) 退休金計劃 本集團根據強制性公積金計劃條 例為合資格參與強積金計劃的有 關僱員設立一項界定供款之強制 性公積金退休福利計劃（「強積金 計劃」）。供款按僱員基本薪金的 若干百分比釐定並根據強積金計 劃守則於需支付供款時在損益表 內扣除。強積金計劃之資產與本 集團的其他資產分開處理，由一 獨立管理之基金持有。在向強積 金計劃供款時，本集團僱主供款 將全數歸屬於僱員所有。

於中國大陸經營的本集團附屬公 司的僱員須參與該等附屬公司所 在地中國大陸各省的相關機構或 地方市政府開展的中央退休金計 劃。本集團須就中國大陸的僱員 向中央退休金計劃作出供款，且 該等成本於產生時計入損益表。

(b) 以股份為基礎的薪酬計劃

• 本公司設有兩項僱員激勵計劃， 旨在向為本集團經營的成功作出 貢獻的合資格參與者提供激勵及 獎勵。本集團僱員（包括執行及 非執行董事）以股份為基礎的付 款形式獲得報酬，其中僱員提供 服務作為權益工具的代價（「以權 益結算的交易」）。根據受限制股 份單位計劃（「受限制股份單位計 劃」），受限制股份單位用作以股 份為基礎的酬金計劃中僱員福利 的結算工具，據此，歸屬條件已 於若干服務期間達成。

二零二一年報 萬咖壹聯有限公司 149

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Employee benefits (continued)

• (b) Share-based compensation scheme (continued) The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted.

The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the statement of profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognised. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

4. 重大會計政策概要（續）

僱員福利（續）

• (b) 以股份為基礎的薪酬計劃（續） 與僱員進行以權益結算的交易的 成本乃參考授出日期的公平值計 量。

• 以權益結算的交易的成本連同權 益的相應增長會於達到表現及╱ 或服務條件的期間內於僱員福利 開支確認。於各報告期末直至歸 屬日期就以權益結算的交易確認 的累計開支反映歸屬期屆滿時的 開支，以及本集團對最終將歸屬 權益工具數目的最佳估計。期內 於損益表扣除或計入的項目指於 期初及期末確認的累計開支的變 動。

釐定獎勵於授出日期的公平值時 並無考慮服務及非市場表現條 件，惟達成條件的可能性被評定 為本集團對最終將歸屬權益工具 數目的最佳估計的一部分。市場 表現條件反映於授出日期的公平 值。附帶於獎勵但並無相關服務 要求的任何其他條件均被視為非 歸屬條件。非歸屬條件於獎勵的 公平值反映，且會導致即時支銷 獎勵，除非亦設有服務及╱或表 現條件則另作別論。

不會就因未能達成非市場表現 及╱或服務條件而導致最終並無 歸屬的獎勵確認開支。倘獎勵包 括市場或非歸屬條件，則交易被 視為已歸屬，而不論市場或非歸 屬條件是否達成，前提為所有其 他表現及╱或服務條件須已達 成。

150 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Employee benefits (continued)

• (b) Share-based compensation scheme (continued) Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification.

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the Group or the employee are not met. However, if a new award is substituted for the cancelled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share when applicable.

Borrowing costs

All other borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

Foreign currencies

Transactions entered into by the group entities in currencies other than the currency of the primary economic environment in which it/they operate(s) (the “functional currency”) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the end of reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

4. 重大會計政策概要（續）

僱員福利（續）

• (b) 以股份為基礎的薪酬計劃（續） 倘以權益結算的獎勵的條款經修 訂而獎勵的原有條款已達成， 則最少須確認猶如條款並無修訂 的開支。此外，倘任何修訂導致 以股份為基礎的付款於修訂日期 計量的公平值總額有所增加或對 僱員有利，則就該等修訂確認開 支。

• 倘以權益結算的獎勵遭註銷，則 被視為已於註銷日期歸屬，而任 何尚未就獎勵確認的開支均即時 予以確認，包括本集團或僱員控 制範圍內的非歸屬條件未達成的 任何獎勵。然而，倘授出新獎勵 代替已註銷獎勵，並於授出日期 被指定為替代獎勵，則已註銷及 新獎勵均按上一段所述被視為原 有獎勵的修訂。

於計算每股盈利時，未行使購股 權的攤薄影響會反映為額外股份 攤薄（如適用）。

借款成本

所有其他借款成本在發生當期計入費 用。借款成本包括實體就借取資金所產 生的利息及其他成本。

外幣

集團實體以經營所在主要經濟環境的貨 幣（「功能貨幣」）以外的貨幣訂立的交 易，在交易產生時按當時匯率予以記 錄。外幣貨幣資產及負債於報告期末按 當時匯率換算。以外幣計值並以公平值 列賬之非貨幣項目乃按釐定公平值當日 之通行利率進行重新換算。按歷史成本 以外幣計算之非貨幣項目不作重新換 算。

二零二一年報 萬咖壹聯有限公司 151

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign currencies (continued)

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profit or loss in the period in which they arise. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised in other comprehensive income, in which case, the exchange differences are also recognised in other comprehensive income.

On consolidation, income and expense items of foreign operations are translated into the presentation currency of the Group (i.e. RMB) at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case, the rates approximating to those ruling when the transactions took place are used. All assets and liabilities of foreign operations are translated at the rate ruling at the end of reporting period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity as foreign exchange reserve (attributed to non-controlling interests as appropriate). Exchange differences recognised in profit or loss of group entities’ separate financial statements on the translation of long-term monetary items forming part of the Group’s net investment in the foreign operation concerned are reclassified to other comprehensive income and accumulated in equity as foreign exchange reserve.

On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are reclassified to profit or loss as part of the profit or loss on disposal.

4. 重大會計政策概要（續）

外幣（續）

結算及換算貨幣項目所產生的匯兌差額 於產生期間在損益確認。重新換算按公 平值列賬非貨幣項目所產生之匯兌差額 計入期內損益，惟重新換算有關收益及 虧損在其他全面收益中確認之非貨幣項 目所產生之重新匯兌差額除外，而有關 匯兌差額亦在其他全面收益確認。

綜合賬目時，海外業務之收支項目以年 內平均匯率換算為本集團之呈列貨幣 （即人民幣），除非期內匯率大幅波動， 則按與進行該等交易時之現行匯率相若 之匯率換算。所有海外業務之資產及負 債均以報告期末之現行匯率換算。所產 生的匯兌差額（如有）於其他全面收益 確認，並於權益內累計入賬為外匯儲備 （非控股權益應佔外匯儲備（如適用）。 於換算構成本集團於所涉海外業務之部 分投資淨額之長期貨幣項目時，在集團 實體獨立財務報表之損益確認之匯兌差 額則重新分類至其他全面收益，並於權 益累計入賬為外匯儲備。

出售境外業務時，在外匯儲備中已確認 有關直至出售當日該項業務的累計匯兌 差額重新分類至損益作為出售損益的一 部分。

152 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Related parties

• (a) A person or a close member of that person’s family and is related to the Group if that person

• (i) has control or joint control over the Group;

• (ii) has significant influence over the Group; or

• (iii) is a member of the key management personnel of the Group or of a parent of the Group;

• (b) An entity is related to the Group if any of the following conditions apply:

• (i) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

• (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

• (iii) Both entities are joint ventures of the same third party.

• (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

• (v) The entity is a post-employment benefit plan for the benefit of the employees of the Group or an entity related to the Group.

• (vi) The entity is controlled or jointly controlled by a person identified in (a).

• (vii) A person identified in (a)(i) has significant influence over the entity or is a member of key management personnel of the entity (or of a parent of the entity).

• (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Company or to the Company’s parent.

4. 重大會計政策概要（續）

關聯方

• (a) 倘屬以下人士，則該人士或該人 士之近親與本集團有關連

• (i) 控制或共同控制本集團；

• (ii) 對本集團有重大影響；或

• (iii) 為本集團或本集團母公司 的主要管理層成員；

• (b) 倘符合下列任何條件，則實體與 本集團有關連：

• (i) 該實體與本公司屬同一集 團之成員公司（即各母公 司、附屬公司及同系附屬 公司彼此間有關連）。

• (ii) 一間實體為另一實體的聯 營公司或合營公司（或另一 實體為成員公司之集團旗 下成員公司之聯營公司或 合營公司）。

• (iii) 兩間實體均為同一第三方 的合營公司。

• (iv) 一間實體為第三方實體的 合營公司，而另一實體為 該第三方實體的聯營公司。

• (v) 實體為本集團或與本集團 有關連之實體就僱員福利 設立的離職福利計劃。

• (vi) 實體受 (a) 所識別的人士控 制或與之受共同控制。

• (vii) 於(a)(i)所識別的人士對實體 有重大影響力或屬該實體

• （或該實體的母公司）主要 管理層成員。

• (viii) 該實體或其所屬集團的任 何成員公司為本公司或本 公司母公司提供主要管理 層成員服務。

二零二一年報 萬咖壹聯有限公司 153

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Related parties (continued)

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity and include (i) that person’s children and spouse or domestic partner; (ii) children of that person’s spouse or domestic partner; and (iii) dependents of that person or that person’s spouse or domestic partner.

5. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The preparation of the Group’s financial information requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

Judgements

In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

Contractual Agreements

The Company does not have directly or indirectly legal ownership in equity interest in certain of the PRC entities (Huanju Times, Shanghai ChiLe and their subsidiaries). However, as a result of the Contractual Arrangements, the Group has rights to exercise power over these PRC entities, receives variable returns from its involvement with these PRC entities and has the ability to affect those returns through its power over these PRC entities and is therefore considered to have control over these PRC entities. Consequently, the Company regards these PRC entities as controlled structured entities and consolidated the assets, liabilities and results of operations of these PRC entities in the year ended 31 December 2021.

4. 重大會計政策概要（續）

關聯方（續）

任何人士的近親是指與該實體交易時預 期可影響該名人士或受該人士影響的家 庭成員，包括：(i)該人士的子女及配偶 或同住伴侶；(ii)該人士的配偶或同住伴 侶的子女；及(iii)該人士或該人士的配 偶或同住伴侶的受養人。

5. 重大會計判斷及估計

編製本集團的財務資料時，管理層須作 出判斷、估計及假設，而該等判斷、估 計及假設影響所呈報收益、開支、資產 及負債金額與有關披露，以及相關或然 負債的披露。該等假設及估計的不確定 因素可能導致日後須大幅調整受影響資 產或負債的賬面值。

判斷

在應用本集團的會計政策時，除作出涉 及估計的判斷外，管理層亦作出以下對 於財務報表內已確認金額有最重大影響 的判斷：

合約協議

本公司並無直接或間接於其若干中國 實體（歡聚時代、上海池樂及其附屬公 司）股權中擁有法定所有權。然而，由 於訂有合約安排，本集團有權對該等中 國實體行使權利，參與其於該等中國實 體的活動獲得可變回報，且能夠透過其 對該等中國實體的權力影響該等回報， 因而被視為控制該等中國實體。因此， 本公司將該等中國實體視為受控結構性 實體，並於截至二零二一年十二月三十 一日止年度將該等中國實體的資產、負 債及經營業績綜合入賬。

154 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

5. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (continued)

Judgements (continued)

Contractual Agreements (continued)

Nevertheless, the Contractual Arrangements may not be as effective as direct legal ownership in providing the Group with direct control over Huanju Times, Shanghai ChiLe and their subsidiaries. Uncertainties presented by the legal system in Mainland China could impede the Group’s beneficiary rights of the results, assets and liabilities of Huanju Times, Shanghai ChiLe and their subsidiaries. The directors of the Company, based on the advice of its legal counsel, consider that the Contractual Arrangements among Wanka Huanju, Huanju Times, Shanghai ChiLe and their registered shareholders are in compliance with the relevant laws and regulations in Mainland China and are legally binding and enforceable.

Revenue recognition: gross versus net

Application of various accounting principles related to the measurement and recognition of revenue requires the Group to make judgements and estimates. Specifically, significant judgements are required in determining whether the Group is acting as the principal in a transaction. The Group is a principal in a transaction if the Group controls the services provided before they are provided to customers. If control is unclear, the Group has to consider whether it is primarily obligated in a transaction, is subject to inventory risk or has latitude in establishing prices. The Group records revenue on a gross basis when it acts as a principal in the transaction; otherwise, it records revenue on a net basis. The judgement of revenue recognition on gross versus net basis is based on continuing assessment of the above factors on a transaction basis. The Group records revenue from mobile advertising services and online-video services on a gross basis and reports the game co-publishing services on a net basis.

Deferred tax assets

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies. The Group has unrecognised tax losses of RMB37,792,000 (2020:RMB31,541,000) that are available for offsetting against its future taxable profits as at 31 December 2021. Further details are included in note 21 to the financial statements.

5. 重大會計判斷及估計（續）

判斷（續）

合約協議（續）

然而，就使本集團直接控制歡聚時代、 上海池樂及其附屬公司而言，合約安排 可能不如直接合法所有權有效。中國大 陸的法律體系所呈現的不明朗因素可能 會妨礙本集團對歡聚時代、上海池樂及 其附屬公司的業績、資產及負債的實益 權利。本公司董事經考慮其法律顧問的 意見後認為，玩咖歡聚、歡聚時代、上 海池樂及其註冊股東所訂立的合約安排 符合中國大陸相關法律及法規規定，具 有法律約束力並可強制執行。

收益確認：總額與淨額

應用有關收益計量及確認的各種會計原 則要求本集團作出判斷和估計。具體而 言，確定本集團是否在一項交易中擔任 委託人須作出重要判斷。倘本集團於服 務提供予客戶前控制所提供的服務，則 本集團為委託人。倘控制權不明確，本 集團須考慮其是否於一項交易中負有主 要義務，承擔存貨風險，或在定價時有 所保留。當本集團在交易中擔任委託人 時，本集團按總額基準入賬收益；否則 按淨額基準錄得收益。按總額比淨額基 準進行收益確認的判斷乃基於按交易基 準對上述因素作出的持續評估。本集團 按總額基準錄得來自其移動廣告服務及 網絡視頻產品服務的收益，而按淨額基 準呈報遊戲聯運服務的收益。

遞延稅項資產

遞延稅項資產僅在有可能出現應課稅溢 利可用以抵扣未動用稅項虧損時，方會 就該等虧損獲得確認。在釐定可確認的 遞延稅項資產金額時，管理層須根據未 來應課稅溢利可能的時間及水平連同未 來稅項規劃策略，作出重要判斷。於二 零二一年十二月三十一日，本集團擁 有未確認稅項虧損人民幣37,792,000 元（二零二零年：人民幣 31,541,000 元），可用以抵銷其未來應課稅溢利。 進一步詳情載於財務報表附註21。

二零二一年報 萬咖壹聯有限公司 155

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

5. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (continued)

Estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

Impairment assessment of goodwill

The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value in use of the cash-generating units to which the goodwill is allocated. Estimating the value in use requires the Group to make an estimate of the expected future cash flows from the cash-generating units and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill at 31 December 2021 was RMB183,164,000 (2020: RMB183,612,000). During the year ended 31 December 2021, based on the impairment assessment of goodwill, the Group recognized goodwill impairment of RMB448,000.Further details are given in note 18 to the financial statements.

Provision for expected credit losses on accounts receivable

The Group uses a provision matrix to calculate ECLs for accounts receivable. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by service type and customer type).

The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information (i.e., gross domestic products). At each reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

The assessment of the correlation among historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of a customer’s actual default in the future. The information about the ECLs on the Group’s accounts receivable is disclosed in note 22 to the financial statements.

5. 重大會計判斷及估計（續）

估計的不確定因素

於報告期末極可能導致下一個財政年度 資產及負債的賬面值須作重大調整的有 關未來的主要假設及估計不確定因素的 其他主要來源如下所述。

商譽減值評估

本集團至少每年釐定商譽是否減值。此 舉需要估計獲分配商譽的現金產生單位 的使用價值。本集團須估計現金產生單 位所產生預期未來現金流量以估計使 用價值，並須選用合適貼現率以計算 該等現金流的現值。於二零二一年十 二月三十一日，商譽賬面值為人民幣 183,164,000元（二零二零年：人民幣 183,612,000元）。截至二零二一年十 二月三十一日止年度，本集團基於商譽 減值評估確認商譽減值人民幣448,000 元。進一步詳情載於財務報表附註18。

應收賬款預期信貸虧損撥備

本集團使用撥備矩陣計算應收賬款的預 期信貸虧損。撥備率乃基於因就擁有類 似虧損模式的多個客戶分部進行分組 （即服務類別及客戶類別）而逾期的天數 計算。

撥備矩陣最初以本集團歷史觀察到的違 約率為基準。本集團將通過調整矩陣以 調整歷史信貸虧損經驗與前瞻性資料 （即國內生產總值）。在各報告日期，更 新曆史觀察到的違約率並分析前瞻性估 計的變化。

對歷史觀察到的違約率、預測經濟狀況 及預期信貸虧損之間的相關性的評估屬 重要的估計。預期信貸虧損的金額對環 境變化和預測經濟狀況較敏感。本集團 的歷史信貸虧損經驗和經濟狀況預測亦 可能無法代表客戶未來的實際違約。有 關本集團應收賬款的預期信貸虧損的資 料披露於財務報表附註22。

156 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

5. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (continued)

Estimation uncertainty (continued)

Leases – Estimating the incremental borrowing rate

The Group cannot readily determine the interest rate implicit in a lease, and therefore, it uses an incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group “would have to pay”, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when it needs to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).

Recognition of employee benefit expense for restricted share unit (“RSU”) granted

The Group operates two share incentive schemes, i.e., the 2016 and 2019 Share Incentive Scheme, under which employees render service as consideration for equity instruments (RSUs) of the Company, for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including executive and non-executive directors) of the Group receive remuneration in the form of share-based payments, which are equity-settled transactions. The cost of equity-settled transactions with employees for RSU granted should be measured by reference to the fair value of the RSU at the grant date and the replacement date. The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in equity, over the vesting period in which the performance and/ or service conditions are fulfilled. The fair values of RSUs granted before IPO period were valued using the Hull White Enhanced RSO Valuation model and the fair values of RSUs granted after IPO period were valued the quoted price of the Company’s shares as at each grant date.

5. 重大會計判斷及估計（續）

估計的不確定因素（續）

租賃－估算增量借款利率

本集團無法輕易釐定租賃內所隱含的利 率，因此，使用增量借款利率（「增量 借款利率」）計量租賃負債。增量借款利 率為本集團於類似經濟環境中為取得與 使用權資產價值相近之資產，而以類似 抵押品於類似期間借入所需資金應支付 之利率。因此，增量借款利率反映了本 集團「應支付」的利率，當無可觀察的 利率時（如就並無訂立融資交易之附屬 公司而言）或當須對利率進行調整以反 映租賃之條款及條件時（如當租賃並非 以附屬公司之功能貨幣訂立時），則須 作出利率估計。當可觀察輸入數據可用 時，本集團使用可觀察輸入數據（如市 場利率）估算增量借款利率並須作出若 干實體特定的估計（如附屬公司的單獨 信貸評級）。

就已授出受限制股份單位（「受限制股 份單位」）確認僱員福利開支

本集團運營兩項股份激勵計劃（即二零 一六年及二零一九年股份激勵計劃）， 據此僱員提供服務作為本公司權益工具 （受限制股份單位）的代價，旨在向為本 集團經營的成功作出貢獻的合資格參與 者提供激勵及獎勵。本集團的僱員（包 括執行及非執行董事）以股份為基礎的 付款形式獲得報酬，因而屬以權益結算 的交易。就授出受限制股份單位而與僱 員進行的以權益結算的交易的成本參考 有關受限制股份單位於授出日期及替換 日期當日的公平值計量。以權益結算的 交易的成本連同權益的相應增長會於達 到表現及╱或服務條件的歸屬期內於僱 員福利開支確認。於首次公開發售期間 前授出的受限制股份單位的公平值乃使 用Hull-White增強RSO估值模型進行估 值。而於首次公開發售期間後授出的受 限制股份單位的公平值乃以本公司於各 授出日期股份的報價進行估值。

二零二一年報 萬咖壹聯有限公司 157

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

6. SEGMENT INFORMATION

The Group determines its operating segments based on the reports reviewed by the chief operating decision-maker that is used to make strategic decision.

6. 分部資料

本集團根據主要經營決策者審閱用以作 出策略性決策的報告釐定經營分部。

The Group has three reportable and operating segments (2020: three). The segments are managed separately as each business offers different services and requires different business strategies. The following summary describes the operations in each of the Group’s reportable segments:

本集團有三個呈報及經營分部（二零二 零年：三個）。由於各項業務提供不同 的服務及需要不同的業務策略，故分開 管理。以下概述本集團各報告分部的營 運：

Mobile advertising services

移動廣告服務分部 Online-video distribution services

網絡視頻產品分發服務分部 Game co-publishing services

遊戲聯運分部

Mobile advertising service income generated from marketers by rendering the advertising services through contents sorting and delivery on mobile distribution channels; 營銷商透過內容分類及於移動分銷渠道交付廣告服務而產生的移 動廣告服務收入；

Provision of promotion of video content by video content providers on distribution channels; and 視頻內容供應商在分銷渠道推廣視像內容；及

Provision of game co-publishing services income generated from mobile game users for the game – co-publishing services. 提供遊戲聯運的收入產生自遊戲聯運服務的移動遊戲用戶。

Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on segment revenue and segment cost of each operating segment. The selling and distribution expenses, research and development costs and administrative expenses are not included in the measure of the segments’ performance which is used by management as a basis for purpose of resource allocation and performance assessment. Other income and gains, other expenses and losses, finance costs, share-based payment expenses and income tax expense are also not allocated to individual operating segments.

管理層獨立監察本集團各經營分部的業 績，以作出有關資源分配及表現評估的 決定。分部表現乃根據各經營分部的分 部收益及分部成本評估。銷售及分銷開 支、研發成本及行政開支不計入管理層 用作資源分配及表現評估基準的分部表 現計量。其他收入及收益、其他開支及 虧損、財務成本、以股份為基礎的付款 開支及所得稅開支亦不會分配至個別經 營分部。

The revenue from external customers reported to management is measured as segment revenue, which is the revenue derived from the customers in each segment. Cost of sales primarily represents distribution expenses paid to distribution channels.

向管理層呈報的外部客戶收益計量為分 部收益，為來自各分部客戶的收益。銷 售成本主要指支付予分發渠道的分銷開 支。

158 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

6. SEGMENT INFORMATION (continued)

Other information, together with the segment information, provided to management, is measured in a manner consistent with that applied in the financial statements. There are no separate segment assets and segment liabilities information provided to management, as management does not use this information to allocate resources or to evaluate the performance of the operating segments.

6. 分部資料（續）

向管理層提供的其他資料連同分部資料 使用與財務報表所應用者一致的方式計 量。並無向管理層提供單獨的分部資產 及分部負債資料，因管理層並不使用該 等資料分配資源或評估經營分部表現。

The segment revenue for the years ended 31 December 2021 and 2020 are as follows:

就截至二零二一年及二零二零年十二月 三十一日止年度的分部收益如下：

Type of goods or services:	商品或服務的類型：	2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Mobile advertising services income	移動廣告服務收入	2,005,125	1,663,557
Online-video distribution services income	網絡視頻產品分發服務收入	85,102	55,409
Game co-publishing services income	遊戲聯運服務收入	7,971	7,780
Total revenue from contracts with customers	客戶合約的總收益	2,098,198	1,726,746

The revenue of the Group is disaggregated by the timing of 本集團的收益按收益時間分類，並在某 revenue, is recognised at a point in time and over time as the 個時點及隨時間確認，原因為本集團的 Group’s customer simultaneously receives and consumes the 客戶於實體履約時同時取得及消耗實體 benefits provided by the entity’s performance as the entity 履約所提供的利益。 performs.

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Timing of revenue recognition:	收益確認時間：
Services transferred at a point in time	在某個時點轉讓的服務	85,102	17,929
Services transferred over time	隨時間轉讓的服務	2,013,096	1,708,817
Total revenue from contracts with customers	客戶合約的總收益	2,098,198	1,726,746

二零二一年報 萬咖壹聯有限公司 159

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

6. SEGMENT INFORMATION (continued)

The segment results for the years ended 31 December 2021 and 2020 are as follows:

6. 分部資料（續）

截至二零二一年及二零二零年十二月三 十一日止年度的分部業績如下：

==> picture [447 x 99] intentionally omitted <==

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

Mobile Online-video Game
advertising distribution co-publishing
services services services Total
網絡視頻產品
移動廣告服務 分發服務 遊戲聯運服務 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
----- End of picture text -----

For the year ended	截至二零二一年
31 December 2021	十二月三十一日止年度
Segment revenue	分部收益	2,005,125	85,102	7,971	2,098,198
Segment cost of sales	分部銷售成本	(1,771,566)	(63,316)	–	(1,834,882)
Segment results	分部業績	233,559	21,786	7,971	263,316
Other income and gains	其他收入及收益				17,138
Selling and distribution expenses	銷售及分銷開支				(15,001)
Research and development costs	研發成本				(67,036)
Administrative expenses	行政開支				(46,301)
Other expenses and losses	其他開支及虧損				(38,508)
Share-based payment expenses	以股份為基礎的付款開支				(18,160)
Finance costs	財務成本				(7,549)
Share of losses in associates	分佔聯營公司虧損				(3,826)
Profit before tax	除稅前溢利				84,073

160 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

6. SEGMENT INFORMATION (continued) 6. 分部資料（續）

==> picture [447 x 99] intentionally omitted <==

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

Mobile Online-video Game
advertising distribution co-publishing
services services services Total
網絡視頻產品
移動廣告服務 分發服務 遊戲聯運服務 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
----- End of picture text -----

For the year ended	截至二零二零年
31 December 2020	十二月三十一日止年度
Segment revenue	分部收益	1,663,557	55,409	7,780	1,726,746
Segment cost of sales	分部銷售成本	(1,448,461)	(35,538)	–	(1,483,999)
Segment results	分部業績	215,096	19,871	7,780	242,747
Other income and gains	其他收入及收益				18,123
Selling and distribution expenses	銷售及分銷開支				(16,477)
Research and development costs	研發成本				(73,543)
Administrative expenses	行政開支				(40,401)
Other expenses and losses	其他開支及虧損				(15,108)
Share-based payment expenses	以股份為基礎的付款開支				(20,224)
Finance costs	財務成本				(10,172)
Share of losses in associates	分佔聯營公司虧損				(1,490)
Profit before tax	除稅前溢利				83,455

Segment results for the year ended 31 December 2021 and 2020 are as follows:

截至二零二一年及二零二零年十二月三 十一日止年度的分部業績如下：

The Group have no major customers which contributed more than 10% of the total revenue for the years ended 31 December 2021 and 2020.

本集團並無截至二零二一年及二零二零 年十二月三十一日止年度貢獻超過總收 益10%的主要客戶。

The Group mainly operates in Mainland China and earns substantially all of the revenue from external customers located in Mainland China.

本集團主要在中國大陸經營，所賺絕大 部分收益來自位於中國大陸的外部客 戶。

As at 31 December 2021 and 2020, substantially all of the non-current assets of the Group were located in Mainland China.

於二零二一年及二零二零年十二月三十 一日，本集團絕大部分非流動資產均位 於中國大陸。

二零二一年報 萬咖壹聯有限公司 161

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

7. REVENUE

Revenue, which is also the Group’s turnover, represents the income from its principal activities. Revenue recognised during the year are as follows:

7. 收益

收入（亦即本集團的營業額）指來自其 主要業務的收入。於年內確認的收益如 下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Revenue from contract with customers within	香港財務報告準則第15號範圍
the scope of HKFRS 15:	內來自客戶合約的收益：
Mobile advertising services income	移動廣告服務收入	2,005,125	1,663,557
Online-video distribution services income	網絡視頻產品分發服務收入	85,102	55,409
Game co-publishing services income	遊戲聯運服務收入	7,971	7,780
		2,098,198	1,726,746

Disaggregation of revenue from contracts with customers by the timing of revenue recognition and by geographic markets is disclosed in note 6.

按收益確認時間及按地區市場分析來自 客戶合約的收益於附註6披露。

The following table provides information about accounts receivable and contract liabilities from contracts with customers.

下表提供應收賬款及客戶合約的合約負 債的資料。

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Accounts receivable (note 22) 應收賬款（附註22）	581,348 571,166
Contract liabilities (note 27) 合約負債（附註27）	29,844 45,244
The contract liabilities mainly relate to the advance	合約負債主要與從客戶收取的預付代價
consideration received from customers. RMB45,244,000	有關。截至二零二一年一月一日的合約
of the contract liabilities as of 1 January 2021 has been	負債人民幣45,244,000元已於截至二
recognised as revenue for the year ended 31 December 2021,	零二一年十二月三十一日止年度確認為
changes in the balance of contract liabilities is primarily relate	收益，而合約負債結餘的變動主要與本
to the Group performance services under related contracts	集團根據相關合約執行的履約服務有
were satisfied	關。

The contract liabilities mainly relate to the advance consideration received from customers. RMB45,244,000 of the contract liabilities as of 1 January 2021 has been recognised as revenue for the year ended 31 December 2021, changes in the balance of contract liabilities is primarily relate to the Group performance services under related contracts were satisfied.

162 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

8. OTHER INCOME AND GAINS

An analysis of other income and gains is as follows:

8. 其他收入及收益

其他收入及收益分析如下：

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Other income from contract with customers,	符合香港財務報告準則第15號
within the scope of HKFRS 15:	範圍客戶合約的其他收入：
Conference service income, net (note (a))	會議服務收入淨額（附註(a)）	3,147	3,529
Bank interest income	銀行利息收入	951	2,128
Government grants (note (b))	政府補貼（附註(b)）	159	1,230
Foreign exchange gains, net	外匯收益淨額	706	277
Additional deduction for value added tax	進項增值稅額外扣減	11,402	10,504
Others	其他	773	455
		13,991	14,594
		17,138	18,123

Notes:

• (a): All the conference service income of the Group is recognised at point in time as those services are provided under HKFRS 15.

• (b): The Group recognises the government grants when it fulfils all the conditions specified in the relevant law and regulations. There are no unfulfilled conditions or contingencies relating to these grants. During the year ended 31 December 2020, the Government grants include subsidies from the local government for the investment award of approximately RMB774,506.

附註：

• (a)： 當服務根據香港財務報告準則第15號 得以提供時，本集團所有會議服務收 入予以確認。

• (b)： 本集團於其達成相關法律及規例規定 的所有條件時確認政府補貼。概無與 該等補貼有關的未達成條件或或然事 項。截至二零二零年十二月三十一日 止年度，政府補貼包括當地政府的投 資獎勵補助約人民幣774,506元。

二零二一年報 萬咖壹聯有限公司 163

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

9. PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging:

9. 除稅前溢利

本集團的除稅前溢利經扣除以下各項後 得出：

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

2021 2020
二零二一年 二零二零年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
----- End of picture text -----

Cost of services	服務成本		1,834,882	1,483,999
Depreciation and amortisation	折舊及攤銷	16,17,19	11,608	14,872
Auditor’s remuneration	核數師酬金		2,100	2,000
Lease payments not included in the	計量租負債時並未計入的
measurement of lease liabilities	租賃付款		292	1,402
Employee benefit expenses	僱員福利開支（不包括董事
(excluding directors’ and chief	及主要行政人員的薪酬
executive’s remuneration (note 11))^:	（附註11））^：
Wages and salaries	工資及薪金		45,485	69,162
Pension scheme contributions^^	退休金計劃供款^^		4,325	842
Share-based payment expenses	以股份為基礎的付款開支	30	18,160	20,224
			67,970	90,228
Impairment loss on goodwill	商譽減值虧損	18	448	–
Impairment loss on accounts receivable*	應收賬款減值虧損*	22	18,283	13,942
Written off on accounts receivable*	撇銷應收賬款*	22	19,118	–
Foreign exchange gains, net*	外匯收益淨額*		(706)	(277)
Loss on disposal of property,	出售物業、廠房及設備
plant and equipment	時的虧損		4	–
Loss on written off property,	撇銷物業、廠房及設備
plant and equipment	時的虧損		–	22
(Gain)/Loss on derecognition of lease	租賃終止確認的（收益）╱虧損		(8)	262
Bank interest income	銀行利息收入		(951)	(2,128)

164 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

9. PROFIT BEFORE TAX (continued)

• Impairment loss on accounts receivable, and written off on accounts receivable are included in “Other expenses and losses” in the consolidated statement of profit or loss, and foreign exchange gains are included in “Other income and gains” in the consolidated statement of profit or loss.

9. 除稅前溢利（續）

• 應收賬款減值虧損及撇銷應收賬款減 值計入綜合損益表內的「其他開支及 虧損」下，外匯收益計入綜合損益表 內的「其他收入及收益」下。

^ Employee benefit expense excluding share-based payment expenses are included in “Cost of sales”, “Selling and distribution expenses”, “Research and development costs” and “Administrative expenses” in the consolidated statement of profit or loss.

• ^ 僱員福利開支（不包括以股份為基礎 的付款開支）計入綜合損益表內的「銷 售成本」、「銷售及分銷開支」、「研發 成本」及「行政開支」下。

^^ At 31 December 2021, the Group had no forfeited contributions available to reduce its contributions to the pension schemes in future years (2020: Nil).

• ^^ 於二零二一年十二月三十一日，本集 團概無已沒收供款可用以扣減其於未 來年度對退休計劃的供款（二零二零 年：無）。

10. FINANCE COSTS

An analysis of finance costs is as follows:

10. 財務成本

對財務成本的分析如下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Interest on bank borrowings	銀行借款利息	7,008	9,717
Interest on lease liabilities (note 17)	有關租賃負債的利息（附註17）	541	455
		7,549	10,172

二零二一年報 萬咖壹聯有限公司 165

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

11. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION

Directors’ and chief executive’s remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:

11. 董事及最高行政人員的薪酬

根據上市規則、香港公司條例第383(1) (a)、(b)、(c)及(f)節及公司（披露董事利 益資料）規例第2 部披露的本年度董事 及最高行政人員薪酬如下：

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Fees:		袍金：
Directors		董事		491	522
Other	emoluments:	其他酬金：
Salaries, allowances and benefits in kind		薪金、津貼及實物利益		4,736	5,709
Share-based payment expenses		以股份為基礎的付款開支		–	–
Pension scheme contributions		退休金計劃供款		711	13
				5,447	5,722
				5,938	6,244
(a)	Independent non-executive directors		(a)	獨立非執行董事
	The fees paid to independent non-executive directors			年內支付予獨立非執行董事的袍
	during the year were as follows:			金如下：

The fees paid to independent non-executive directors during the year were as follows:

			2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
	Mr. Chen Baoguo	陳寶國先生	164	174
	Mr. Liang Zhanping7	梁戰平先生7	116	174
	Ms. Zhao Xuemei	趙學梅女士	164	174
	Mr. Jin Yongsheng6	金永生先生6	47	–
			491	522

There were no other emoluments payable to the independent non-executive directors during the year (2020: Nil).

年內並無應付予獨立非執行董事 的其他酬金（二零二零年：無）。

166 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

11. DIRECTORS’ AND CHIEF EXECUTIVE’S 11. 董事及最高行政人員的薪酬 REMUNERATION (continued) （續）

• (b) Executive directors, non-executive directors and the chief executive Year ended 31 December 2021

• (b) 執行董事、非執行董事及最高 行政人員

• 截至二零二一年十二月三十一日 止年度

			Fees 袍金 RMB’000 人民幣千元	Salaries, allowances and benefits in kind 薪金、津貼 及實物利益 RMB’000 人民幣千元	Share-based payment expenses 以股份為基礎 的付款開支 RMB’000 人民幣千元	Pension scheme contributions 退休金 計劃供款 RMB’000 人民幣千元	Total remuneration 薪酬總額 RMB’000 人民幣千元
	Executive directors:	執行董事：
	Mr. Gao Dinan1	高弟男先生1	–	1,633	–	153	1,786
	Ms. Zhou Yan	周豔女士	–	987	–	191	1,178
	Mr. NIE Xin2	聶鑫先生2	–	720	–	176	896
	Non-executive directors:	非執行董事：
	Mr. Zheng Wei4	鄭煒先生4	–	1,396	–	191	1,587
	Mr. Song Chunyu	宋春雨先生	–	–	–	–	–
			–	4,736	–	711	5,447

二零二一年報 萬咖壹聯有限公司 167

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

11. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION (continued)

• (b) Executive directors, non-executive directors and the chief executive (continued)

• Year ended 31 December 2020

11. 董事及最高行政人員的薪酬 （續）

• (b) 執行董事、非執行董事及最高 行政人員（續）

• 截至二零二零年十二月三十一日 止年度

			Fees 袍金 RMB’000 人民幣千元	Salaries, allowances and benefits in kind 薪金、津貼 及實物利益 RMB’000 人民幣千元	Share-based payment expenses 以股份為基礎 的付款開支 RMB’000 人民幣千元	Pension scheme contributions 退休金 計劃供款 RMB’000 人民幣千元	Total remuneration 薪酬總額 RMB’000 人民幣千元
	Executive directors:	執行董事：
	Mr. Gao Dinan1	高弟男先生1	–	1,787	–	70	1,857
	Ms. Zhou Yan	周豔女士	–	1,301	–	85	1,386
	Mr. NIE Xin2	聶鑫先生2	–	348	–	74	422
	Non-executive directors:	非執行董事：
	Mr. Zheng Wei4	鄭偉先生4	–	1,588	–	94	1,682
	Ms. Xie Guowang5	謝幗望女士5	–	–	–	–	–
	Mr. Song Chunyu	宋春雨先生	–	–	–	–	–
	Mr. Chen Tao3	陳韜先生3	–	685	–	47	732
			–	5,709	–	370	6,079

• 1 Mr. Gao Dinan is the Chief Executive Officer of the Company.

• 1 高弟男先生為本公司的最高行 政人員。

• 2 Mr. NIE Xin was appointed as executive directors of the Company with effect from 27 August 2020.

• 2 聶鑫先生於二零二零年八月二十 七日獲委任為本公司執行董事。

• 3 Mr. Chen Tao resigned as non-executive directors of the Company with effect from 13 November 2020.

• 3 陳韜先生於二零二零年十一月 十三日辭任本公司非執行董事。

• 4 Mr. Zheng Wei was re-designated as non-executive directors of the Company with effect from 27 August 2020.

• 4 鄭煒先生於二零二零年八月二十 七日調任為本公司非執行董事。

• 5 Ms. Xie Guowang resigned as an non-executive director of the Company with effect from 7 January 2020.

• 5 謝幗望女士於二零二零年一月 七日辭任本公司非執行董事。

• 6 Mr. Jin Yongsheng was appointed as an non-executive director of the Company with effect from 16 September 2021.

• 6 金永生先生於二零二一年九月 十六日獲委任為本公司非執行 董事。

• 7 Mr. Liang Zhanping resigned as an non-executive director of the Company with effect from 16 September 2021.

• 7 梁戰平先生於二零二一年九月 十六日辭任本公司非執行董事。

168 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

11. DIRECTORS’ AND CHIEF EXECUTIVE’S REMUNERATION (continued)

During the year and in prior years, RSU units were granted to directors and the chief executive of the Group in respect of their services to the Group, under the share incentive plan of the Company, further details of which are set out in note 30 to the financial statement. The fair value of these options, which has been recognised in the statement of profit or loss over the vesting periods, was determined as at the date of grant and the amount included in the financial statements for the current year is included in the above directors’ and the chief executive’s remuneration disclosures.

There was no arrangement under which a director or the chief executive waived or agreed to waive any remuneration during the year (2020: Nil).

11. 董事及最高行政人員的薪酬 （續）

於年內及過往年度，根據本公司的股份 激勵計劃，本集團董事及最高行政人員 因其向本集團提供服務獲授受限制股份 單位，其進一步詳情載於財務報表附 註30。相關購股權的公平值已於歸屬 期內在損益表確認，並於授出日期釐定 且於本年度財務報表入賬的金額已計入 前述董事及最高行政人員的的薪酬披露 中。

年內，概無董事或最高行政人員訂立放 棄或同意放棄任何薪酬的安排（二零二 零年：無）。

二零二一年報 萬咖壹聯有限公司 169

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

12. FIVE HIGHEST PAID INDIVIDUALS

The five highest paid individuals during the year include one director (2020: one), details of whose remuneration are set out in note 11 above. Details of the remuneration for the year of the remaining four (2020: four) highest paid individuals who are neither a director nor chief executive of the Company are as follows:

12. 五名最高薪酬人士

年內，五名最高薪酬人士包括一名董事 （二零二零年：一名），其薪酬詳情載 於上文附註11。年內餘下四名（二零二 零年：四名）最高薪酬人士（並非本公 司董事或最高行政人員）的薪酬詳情如 下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Salaries, allowances and benefits in kind	薪金、津貼及實物利益	3,786	5,623
Share-based payment expenses	以股份為基礎的付款開支	8,155	10,312
Pension scheme contributions	退休金計劃供款	703	311
		12,644	16,246

The number of non-director and non-chief executive highest paid individuals whose remuneration fell within the following band is as follows:

非董事及非最高行政人員的最高薪酬人 士中薪酬位於以下範圍的人數如下：

		Number of employees 僱員人數 2021 2020 二零二一年 二零二零年	Number of employees 僱員人數 2021 2020 二零二一年 二零二零年
Nil to HK$1,000,000	零至1,000,000港元	–	–
HK$2,000,001 to HK$2,500,000	2,000,001港元至2,500,000港元	1	2
HK$2,500,001 to HK$3,000,000	2,500,001港元至3,000,000港元	2	1
HK$3,500,001 to HK$4,000,000	3,500,001港元至4,000,000港元	1	–
HK$4,000,001 to HK$4,500,000	4,000,001港元至4,500,000港元	1	–
HK$5,000,001 to HK$5,500,000	5,000,001港元至5,500,000港元	–	1
HK$6,000,001 to HK$6,500,000	6,000,001港元至6,500,000港元	–	1
		5	5

During the year and in prior years, RSU units were granted to the non-director and non-chief executive highest paid individuals of the Group in respect of their services to the Group, under the share incentive plan of the Company, further details of which are set out in note 30 to the financial statement. The fair value of these options, which has been recognised in the statement of profit or loss over the vesting periods, was determined as at the date of grant and the amount included in the financial statements for the current year is included in the above non-director and non-chief executive highest paid individuals’ remuneration disclosures.

於年內及過往年度，本集團非董事及非 最高行政人員的最高薪酬人士因彼等為 本集團提供的服務而根據本公司的股份 激勵計劃獲授受限制股份單位，進一步 詳情載於財務報表附註30。該等購股 權的公平值於授出日期釐定，已在歸屬 期內於損益表確認，而計入本年度財務 報表的金額已於上文非董事及非最高行 政人員的最高薪酬人士薪酬披露內容中 列示。

170 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

13. INCOME TAX EXPENSES

The Company is incorporated under the law of the Cayman Islands and is not subject to the Cayman Islands income tax.

13. 所得稅開支

本公司根據開曼群島法律註冊成立，但 毋須繳納開曼群島所得稅。

No provision for Hong Kong profits tax has been made as the Group did not generate any assessable profits arising in Hong Kong during the years ended 31 December 2021 and 2020. The income tax expenses of the Group for the years ended 31 December 2021 and 2020 represented current tax expenses related to the Group’s operations in Mainland China and deferred tax.

於截至二零二一年及二零二零年十二月 三十一日止年度，本集團於香港並未產 生任何應課稅溢利，故未計提香港利得 稅撥備。本集團於截至二零二一年及二 零二零年十二月三十一日止年度的所得 稅開支指與本集團在中國大陸的經營業 務及遞延稅項相關的即期稅項開支。

The income tax provision of the Group in respect of its operations in Mainland China was calculated at the tax rate of 25% on the estimated assessable profits for the periods, if applicable, based on the existing legislation, interpretations and practice in respect thereof, except for four PRC subsidiaries (2020: five), which is entitled to a preferential tax treatment 15% for three years as it is qualified as a “new high technology enterprise”.

根據中國大陸的現行法律、詮釋及慣 例，本集團就中國大陸的經營業務計提 的所得稅撥備按各期間估計應課稅溢利 25%的稅率計算（如適用），惟四間（二 零二零年：五間）合資格成為「高新技 術企業」而有權享有15%的優惠稅率的 中國附屬公司除外。

Current – Mainland China	即期－中國大陸	2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Charge for the year	年內開支	27,419	18,975
Deferred tax credit	遞延稅項抵免	(5,643)	(2,333)
Total tax charge for the year	年內稅項開支總額	21,776	16,642

二零二一年報 萬咖壹聯有限公司 171

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

13. INCOME TAX EXPENSES (continued)

A reconciliation of the tax expense applicable to profit before tax at the statutory rates for the jurisdictions in which the Company and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rates, and a reconciliation of the applicable rates (i.e., the statutory tax rates) to the effective tax rates, are as follows:

13. 所得稅開支（續）

按本公司及其大部分附屬公司經營所在 司法權區的法定稅率計算的稅前溢利的 適用稅項開支，與按實際稅率計算的稅 項開支的對賬以及適用稅率（即法定稅 率）與實際稅率的對賬如下：

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Profit before tax	除稅前溢利	84,073	83,455
Tax at the statutory tax rate (25%)	按法定稅率(25%)計算的稅項	21,019	20,864
Lower rates for specific provinces or	特定省份或地方機關頒佈
enacted by local authority	之較低稅率	(11,051)	(13,413)
Effect of different tax rates in different	不同司法權區不同稅率
jurisdictions	的影響	308	492
Expense not deductible for tax	不可稅前列支的費用	10,549	7,145
Tax losses utilised	已動用稅項虧損	(306)	166
Tax losses not recognised	未確認的稅項虧損	1,257	1,388
Tax charge at the Group’s effective tax rate	按本集團實際稅率計算的稅項開支	21,776	16,642

14. DIVIDEND

No dividend have been paid or declared by the Company during the year ended 31 December 2021 (2020: Nil).

14. 股息

本公司於截至二零二一年十二月三十一 日止年度概無派付或宣派任何股息（二 零二零年：無）。

172 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

15. EARNING PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

The calculation of the basic earning per share amount is based on the profit for the year attributable to owners of the parent, and the weighted average number of ordinary shares of 1,391,102,394 (2020: 1,265,820,742) in issue excluding the treasury shares during the year.

15. 母公司普通權益持有人應佔 每股盈利

每股基本盈利金額乃基於本年度 母公司擁有人應佔年內溢利以及 1 , 3 9 1 , 1 0 2 , 3 9 4 股（二零二零年： 1,265,820,742股）已發行普通股（不包 括庫存股份）的加權平均數而得出。

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

每股攤薄盈利乃通過調整發行在外的普 通股加權平均數以假設所有具有潛在攤 薄影響的普通股均已轉換而計算得出。

The calculations of basic and diluted loss per share are based on:

每股基本及攤薄虧損的計算乃基於以下 各項：

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

2021 2020
二零二一年 二零二零年
----- End of picture text -----

Profit for the year attributable to owners of	計算每股基本及攤薄盈利
the parent used in the basic and diluted	時所用的母公司擁有人
earning per share calculation (RMB’000)	應佔年內溢利
	（人民幣千元）	62,297	66,813
Weighted average number of ordinary shares	年內用於每股基本盈利
in issue during the year used in the basic	計算的已發行普通股的
earnings per share calculation	加權平均數	1,391,102,394	1,265,820,742
Effect of dilution – weighted average number	攤薄影響─普通股的加權
of ordinary shares:	平均數：
RSUs	受限制股份單位	59,327,780	44,796,614
		1,450,430,174	1,310,617,356
Basic earnings per share	每股基本盈利	RMB0.04	RMB0.05
(expressed in RMB per share)	（以每股人民幣元列示）	人民幣0.04元	人民幣0.05元
Diluted earnings per share	每股攤薄盈利	RMB0.04	RMB0.05
(expressed in RMB per share)	（以每股人民幣元列示）	人民幣0.04元	人民幣0.05元

二零二一年報 萬咖壹聯有限公司 173

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

16. PROPERTY, PLANT AND EQUIPMENT

16. 物業、廠房及設備

==> picture [447 x 73] intentionally omitted <==

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

Electronic Transportation Leasehold
devices equipment improvements Total
電子設備 運輸設備 租賃物業裝修 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
----- End of picture text -----

Cost	成本
At 1 January 2020	於二零二零年一月一日	2,302	943	193	3,438
Additions	添置	150	332	8	490
Written off	撤銷	(248)	–	–	(248)
At 31 December 2020 and	於二零二零年
1 January 2021	十二月三十一日及
	二零二一年一月一日	2,204	1,275	201	3,680
Additions	添置	241	–	831	1,072
Disposal	出售	(256)	–	–	(256)
At 31 December 2021	於二零二一年
	十二月三十一日	2,189	1,275	1,032	4,496
Accumulated depreciation	累計折舊
At 1 January 2020	於二零二零年一月一日	1,720	569	193	2,482
Depreciation provided	年內計提的折舊
during the year		248	174	1	423
Written off	撤銷	(226)	–	–	(226)
At 31 December 2020 and	於二零二零年
1 January 2021	十二月三十一日及
	二零二一年一月一日	1,742	743	194	2,679
Depreciation provided	年內計提的折舊
during the year		265	201	2	468
Disposal	出售	(243)	–	–	(243)
At 31 December 2021	於二零二一年
	十二月三十一日	1,764	944	196	2,904
Net book value	賬面淨值
At 31 December 2021	於二零二一年
	十二月三十一日	425	331	836	1,592
At 31 December 2020	於二零二零年
	十二月三十一日	462	532	7	1,001

174 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

17. LEASES

The Group as a lessee

The Group has lease contracts for office premises used in its operations. Leases of office premises generally have lease terms between 1 and 5 years. Other equipment generally has lease terms of 12 months or less and/or is individually of low value. Generally, the Group is restricted from assigning and subleasing the leased assets outside the Group. There are no lease contract that include extension and termination options and variable lease payments.

17. 租賃

本集團作為承租人

本集團因其營運業務使用辦公室物業而 訂立租賃合約。辦公室物業的租賃通常 訂有一至五年的租期。其他設備通常訂 有12 個月或以下的租期及╱或屬個別 低價值租賃。一般而言，本集團在向本 集團以外轉讓及分租租賃資產方面受限 制。概無租賃合約包括延期及終止選擇 權及可變租賃付款。

(a) Right-of-use assets

The carrying amounts of the Group’s right-of-use assets and the movements during the year are as follows:

(a) 使用價值資產 年內，本集團的使用權資產的賬 面值及變動如下：

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

Office premises
辦公物業
RMB’000
人民幣千元
----- End of picture text -----

At 1 January 2020	於二零二零年一月一日	5,323
Additions	添置	2,876
Derecognition of lease	租賃終止確認	(409)
Depreciation charge	折舊開支	(3,757)
At 31 December 2020	於二零二零年十二月三十一日及
and 1 January 2021	二零二一年一月一日	4,033
Additions	添置	28,253
Derecognition of lease	租賃終止確認	(391)
Depreciation charge	折舊開支	(4,924)
Exchange realignment	匯兌調整	(6)
As at 31 December 2021	於二零二一年十二月三十一日	26,965

二零二一年報 萬咖壹聯有限公司 175

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

17. LEASES (continued)

The Group as a lessee (continued)

(b) Lease liabilities The carrying amount of lease liabilities and the movements during the year are as follows:

17. 租賃（續）

本集團作為承租人（續）

(b) 租賃負債

年內，租賃負債的賬面值及變動 如下：

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

Lease liabilities
租賃負債
RMB’000
人民幣千元
At 1 January 2020 於二零二零年一月一日 5,202
New leases 新租賃 2,876
Accretion of interest recognised during the year 年內確認的利息增值 455
Payments 付款 (4,216)
Derecognition of lease 租賃終止確認 (147)
At 1 January 2021 於二零二一年一月一日 4,170
New leases 新租賃 28,253
Accretion of interest recognised during the year 年內確認的利息增值 541
Payments 付款 (6,241)
Derecognition of lease 租賃終止確認 (399)
Exchange realignment 匯兌調整 (7)
At 31 December 2021 於二零二一年十二月三十一日 26,317
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Analysed into: 分析為：
Current portion 即期部分 6,990 2,803
Non-current portion 非即期部分 19,327 1,367
----- End of picture text -----

The maturity analysis of lease liabilities is disclosed in note 39(c) to the financial statements.

租賃負債到期分析於財務報表附 註39(c)披露。

176 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

17. 租賃（續）

17. LEASES (continued)

本集團作為承租人（續）（續）

The Group as a lessee (continued) 本集團作為承租人（續）（續） (c) The amounts recognised in profit or loss in relation (c) 租賃相關損益確認的金額如下： to leases are as follows:

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

(d)	Interest on lease liabilities 租賃負債利息 541 455 Depreciation charge of right-of-use assets 使用權資產折舊開支 4,924 3,757 Expense relating to short-term leases and other leases with remaining 與短期租賃及具有餘下租期 的其他租賃有關的開支 lease terms 143 1,194 Expense relating to leases of low-value assets 與低價值資產租賃 有關的開支 149 208
	Total amount recognised in profit or loss 於損益內確認的總額 5,757 5,614
	(d) 租賃現金流出總額及與尚未生效 的租賃相關的未來現金流出於財 務報表附註32(b)及35披露。 The total cash outflow for leases and future cash outflows relating to leases that have not yet commenced are disclosed in notes 32 (b) and 35, respectively, to the financial statements.

18. GOODWILL

18. 商譽

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
As at 1 January	於一月一日	183,612	183,612
Impairment	減值	(448)	–
As at 31 December	於十二月三十一日	183,164	183,612

二零二一年報 萬咖壹聯有限公司 177

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

18. GOODWILL (continued)

Impairment testing of goodwill

Goodwill acquired through business combinations is allocated to the following cash-generating units (the “CGU”), which are reportable operating segments, for impairment testing:

• Online-video distribution CGU; and

• Game co-publishing CGU.

The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the determination of a discount rate in order to calculate the present value of the cash flows.

Online-video distribution CGU

The recoverable amount of the online-video distribution CGU has been determined based on a value in use calculation using cash flow projections based on financial budgets covering a five-year period approved by senior management. The pre-tax discount rate applied to the cash flow projections is 27.07% (2020: 22.9%). The growth rate used to extrapolate the cash flows of the online-video distribution CGU beyond the five-year period is 2% (2020: 3%). The directors of the Company believes that this growth rate is discreet given the future uncertainty of the global macro economy and market.

18. 商譽（續）

商譽減值測試

通過業務合併取得的商譽乃分配至以 下屬可報告經營分部的現金產生單位 （「現金產生單位」）進行減值測試：

• 網絡視頻產品分發現金產生單 位；及

• 遊戲聯運現金產生單位。

本集團須每年就商譽是否出現任何減值 進行測試。可收回金額乃根據使用價值 計算釐定。使用該方法須對未來現金流 量進行估計，並釐定折現率，以計算現 金流量的現值。

網絡視頻產品分發現金產生單位

網絡視頻產品分發現金產生單位的可收 回金額乃根據採用經高級管理層批准的 基於涵蓋五年期間財務預算的現金流量 預測計算的使用價值釐定。適用於現金 流量預測的稅前貼現率為27.07%（二 零二零年：22.9%)。用於推算網絡視 頻產品分發現金產生單位五年期間後現 金流量的增長率為2%（二零二零年： 3%）。本公司董事認為，考慮到全球 宏觀經濟及市場的未來不確定性，該增 長率較為謹慎。

178 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

18. GOODWILL (continued)

Impairment testing of goodwill (continued)

Game co-publishing CGU

During the year, the Group considers the higher competitive in the the game co-publishing industry that lost its key customer. This had an adverse impact on the projected value in use of the operation concerned and consequently resulted in an impairment to goodwill of RMB448,000. The pre-tax discount rate applied to the cash flow projections as at 31 December 2021 is 40.98% (2020: 41.22%). The growth rate used to extrapolate the cash flows of the game co-publishing CGU beyond the five-year period is 2% (2020: 3%). The directors of the Company believes that this growth rate is discreet given the future uncertainty of the global macro economy and market.

18. 商譽（續）

商譽減值測試（續）

遊戲聯運現金產生單位

於本年度內，本集團認為已失去主要客 戶的遊戲聯運行業的競爭力較高。這對 所涉及營運的預測使用價值造成不利影 響，從而導致商譽減值人民幣448,000 元。於二零二一年十二月三十一日， 適用於現金流量預測的稅前貼現率為 40.98%（二零二零年：41.22%）。用於 推算遊戲聯運現金產生單位五年期間 後現金流量的增長率為2%（二零二零 年：3%）。本公司董事認為，考慮到全 球宏觀經濟及市場的未來不確定性，該 增長率較為謹慎。

The carrying amounts of goodwill allocated to each of the CGUs are as follows:

分配至各現金產生單位的商譽賬面值 如下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Online-video distribution	網絡視頻產品分發	183,164	183,164
Game co-publishing	遊戲聯運	–	448
		183,164	183,612

The recoverable amount of CGUs that hold a significant proportion of the Group’s overall goodwill balance include:

於本集團商譽總餘額中佔比較大的現金 產生單位可收回金額包括：

• Online-video distribution: recoverable amount of RMB238,061,000 (2020: RMB224,372,000) exceeds its carrying amount by RMB183,164,000 (2020: RMB183,164,000); and

• － 網絡視頻產品分發：可回收金 額為人民幣238,061,000 元（二 零二零年：人民幣224,372,000 元），超出其賬面值人民幣 183,164,000元（二零二零年：人 民幣183,164,000元）；及

• Game co-publishing: During the year, the recoverable amount of RMB182,000 was less than its carrying amount by RMB448,000. (2020: Recoverable amount of RMB5,242,000 exceeds its carrying amount by RMB448,000). The Group has provided a goodwill impairment of RMB448,000 in the consolidated statement of profit or loss as other expenses and losses during the year.

• － 遊戲聯運：於本年度內，可回 收金額人民幣182,000元較其賬 面值低人民幣 448,000 元。（二 零二零年：可回收金額人民幣 5,242,000 元超出其賬面值人民 幣448,000元）。本集團已於本年 度內於綜合損益表計提商譽減值 撥備人民幣448,000元，列作其 他開支及虧損。

二零二一年報 萬咖壹聯有限公司 179

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

18. GOODWILL (continued)

Impairment testing of goodwill (continued)

Game co-publishing CGU (continued)

Assumptions were used in the value in use calculation of the CGU. The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill:

Budgeted gross margins — The basis used to determine the budgeted gross margins is the average gross margins achieved in the year immediately before the budget year, increased for expected efficiency improvements, and expected market development.

Discount rates — The discount rates used are before tax and reflect specific risks relating to the relevant unit.

Revenue growth rates — The basis used to determine the revenue growth rate is the historical data of the CGU, management’s expectation of the future market and the average growth rate achieved by comparable companies.

The values assigned to the key assumptions on market development of the above CGU and discount rate are consistent with external information sources.

The directors of the Company assessed that, the Online-video distribution’s recoverable amount of the CGU would still exceed the carrying amounts of the CGU if there is a reasonably possible change in a key assumption on which management has based its determination of the CGU’s recoverable amounts. Therefore, no impairment was considered necessary.

18. 商譽（續）

商譽減值測試（續）

遊戲聯運現金產生單位（續） 計算現金產生單位的使用價值時使用了 若干假設。下文描述了管理層據以作出 現金流量預測以進行商譽減值測試的各 項主要假設：

預算毛利率－釐定預算毛利率時使用的 基準為緊接預算年度前一年所實現的平 均毛利率。預算毛利率按預期效率提升 及預期市場發展而上調。

貼現率－所使用的貼現率為除稅前的數 值並反映與相關單位有關的特定風險。

收益增長率－釐定收益增長率時使用的 基準為現金產生單位的歷史數據、管理 層對未來市場的預期及可比較公司實現 的平均增長率。

有關上述現金產生單位市場發展的主要 假設以及貼現率數值與外部資料來源一 致。

經本公司董事評定，若管理層釐定現金 產生單位可收回金額時所依據的主要假 設存在合理可能發生的變動，則網絡視 頻產品分發現金產生單位的可收回金額 仍將超出現金產生單位的賬面值。因 此，無須進行減值。

180 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

19. OTHER INTANGIBLE ASSETS

19. 其他無形資產

==> picture [446 x 73] intentionally omitted <==

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

Commercial Customer
resources Software relationship Total
商業資源 軟件 客戶關係 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
----- End of picture text -----

Cost	成本
At 1 January 2020,	於二零二零年一月
31 December 2020,	一日、二零二零年
1 January 2021 and	十二月三十一日、
31 December 2021	二零二一年一月
	一日及二零二一年
	十二月三十一日	20,152	6,165	25,000	51,317
Amortisation and impairment	攤銷及減值
At 1 January 2020	於二零二零年
	一月一日	15,674	2,214	9,041	26,929
Amortisation	攤銷	4,478	1,214	5,000	10,692
At 31 December 2020 and	於二零二零年十二月
1 January 2021	三十一日及
	二零二一年
	一月一日	20,152	3,428	14,041	37,621
Amortisation	攤銷	–	1,216	5,000	6,216
At 31 December 2021	於二零二一年
	十二月三十一日	20,152	4,644	19,041	43,837
Net book value	賬面淨值
At 31 December 2021	於二零二一年
	十二月三十一日	–	1,521	5,959	7,480
At 31 December 2020	於二零二零年
	十二月三十一日	–	2,737	10,959	13,696

二零二一年報 萬咖壹聯有限公司 181

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度

For the year ended 31 December 2021

19. OTHER INTANGIBLE ASSETS (continued)

Notes:

19. 其他無形資產（續）

附註：

• (a) The commercial resources was associated with a cooperation agreement with a mobile phone manufacturer. On 15 November 2017, the Group issued 3,806,206 Class B ordinary shares to a mobile phone manufacturer at a total consideration of US$1,142 in cash together with a cooperation agreement with the mobile phone manufacturer, aiming to monetise certain commercial resources of the mobile phone manufacturer. The transaction was an equity-settled transaction. An intangible asset of RMB20,152,000 was recognised, which was valued by an independent valuer using the “with or without” method of discounting the future expected net profits of the Group generated from the intangible asset. Key inputs used in valuing the fair value of the intangible asset are set forth below:

• (a) 商業資源與一家移動手機製造商訂立 的合作協議有關。於二零一七年十一 月十五日，本集團向移動手機製造商 發行3,806,206股B類普通股，總代價 為現金1,142美元，連同與移動手機 製造商訂立的合作協議，旨在將移動 手機製造商的若干商業資源貨幣化。 該交易為以權益結算的交易。確認無 形資產人民幣20,152,000元，由獨立 估值師使用「有或沒有」方法貼現本集 團自無形資產產生的未來預期純利進 行估值。用於評估無形資產公平值的 主要輸入資料載列如下：

		At the transaction date 於交易日期 2017 二零一七年
Discount rate	貼現率	19%
Budgeted revenue growth rate	預算收益增長率	200%

The discount rate was estimated by the weighted average cost of capital at the date of acquisition of the commercial resources, which reflects specific risks relating to the resources.

貼現率乃按收購商業資源當日的加權 平均資本成本估計，反映有關資源的 特定風險。

The basis used to determine the budgeted revenue growth rate is the average growth rate achieved in the year immediately before the budget year, increased for expected efficiency improvements, and expected market development.

用於釐定預算收益增長率的基準為緊 接預算年度前年度的平均增長率，就 預期效率改善及預期市場發展而增 加。

182 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

19. OTHER INTANGIBLE ASSETS (continued)

Notes: (continued)

19. 其他無形資產（續）

附註：（續）

• (b) Intangible assets recognised in 2018 were related to the software and customer relationship associated with the business combination of Shanghai ChiLe. On 12 March 2018, the Company issued 12,024,632 Class B ordinary shares to acquire a 100% equity interest in Shanghai ChiLe. The software of RMB6,000,000 was recognised, which is valued by an independent valuer using “excess profit” method of discounting the future expected net profits of Shanghai ChiLe generated from the software. The customer relationship of RMB25,000,000 was recognised, which is valued by an independent valuer using the “relief from royalty” method of discounting the future expected net profits of Shanghai ChiLe generated from the customer relationship. Key inputs used in valuing the fair value of the intangible assets are set forth below:

• (b) 於二零一八年確認的無形資產與上海 池樂業務合併有關的軟件及客戶關係 有關。於二零一八年三月十二日，本 公司發行12,024,632股B類普通股， 以收購上海池樂100%股權。軟件人 民幣6,000,000元獲確認，由獨立估 值師使用「超額溢利」法對軟件產生 的上海池樂未來預期純利進行貼現估 值。客戶關係人民幣25,000,000元獲 確認，由獨立估值師採用貼現來自客 戶關係產生的上海池樂未來預期純利 的「寬免專利費」法進行估值。用於評 估無形資產公平值的主要輸入資料載 列如下：

		At the transaction date 於交易日期 2018 二零一八年
Discount rate	貼現率	18%
Budgeted revenue growth rate	預算收益增長率	50%

The discount rate was estimated by the weighted average cost of capital at the date of acquisition of the software and customer relationship, which reflects specific risks relating to the assets.

貼現率乃按收購軟件及客戶關係當日 的加權平均資本成本估算，反映有關 資產的特定風險。

The basis used to determine the budgeted revenue growth rate is the historical data, management’s expectation of the future market and average growth rate achieved by comparable companies.

用以釐定預算收益增長率的基準為過 往數據，管理層對未來市場的預期及 可比較公司所達致的平均增長率。

二零二一年報 萬咖壹聯有限公司 183

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

20. INVESTMENTS IN ASSOCIATES

20. 於聯營公司的投資

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Interest in associates	於聯營公司的權益	6,226	5,265
Disposal of interest in associates	年內出售於聯營公司的權益
during the year		(378)	–
Share loss in associates	分佔聯營公司的虧損	(3,826)	(1,490)
		2,022	3,775

Particulars of the material associates are as follows: 重大聯營公司的詳情如下：

Name 名稱 Beijing Youbei Digital	Particulars of registered share capital 註冊股本詳情 RMB10,000,000	Place of incorporation and business 註冊成立 及業務地點 Beijing	Percentage of ownership interest attributable to the Group 本集團應佔 所有權百分比 2021 2020 二零二一年 二零二零年 – 40	Percentage of ownership interest attributable to the Group 本集團應佔 所有權百分比 2021 2020 二零二一年 二零二零年 – 40	Principal activity 主要業務 Research and development
Technology Co.,					in innovation through
Ltd. (Note 1)					technology
(“Beijing Youbei”)
北京游貝數字科技	人民幣	北京	–	40	研發創新技術
有限公司（附註1）	10,000,000元
（「北京游貝」）
Wanxin Chelian	RMB89,639,000	ShenZhen	49	49	Internet of innovation
Technology					of vehicle business
(Shen Zhen) Co.,
Limited (Note 2)
(“Wanxin Chelian”)
萬信車聯科技（深圳）	人民幣	深圳	49	49	汽車創新互聯網業務
有限公司	89,639,000元
（附註2）
（「萬信車聯」）

184 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

20. INVESTMENTS IN ASSOCIATES (continued)

20. 於聯營公司的投資（續）

==> picture [447 x 73] intentionally omitted <==

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

Summarised financial information 財務資料概要
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Year ended 31 December	截至十二月三十一日止年度
Aggregate amount of the Group’s share	本集團應佔該等聯營
of those associates:	公司的總額：
Beijing Youbei	北京游貝
– Loss from operations	－經營虧損	(160)	(336)
– Other comprehensive income	－其他全面收入	–	–
– Total comprehensive income	－全面收入總額	(160)	(336)
Wanxin Chelian	萬信車聯
– Loss from operations	－經營虧損	(3,666)	(1,154)
– Other comprehensive income	－其他全面收入	–	–
– Total comprehensive income	－全面收入總額	(3,666)	(1,154)

• Note 1: * During the year ended December 31, 2021, the Group disposed 100% of its shareholding in Beijing Youbei at a cash consideration of RMB380,000, resulting a gain on disposal of approximately RMB1,728.

• 附註1： * 截至二零二一年十二月三十一日 止年度，本集團出售其於北京游 貝的全部股權，現金代價為人民幣 380,000 元，產生出售收益約人民 幣1,728元。

• Note 2: During the year ended 31 December 2021, upon additional paid-up capital contribution being made by each shareholders of Wanxin Chelian, the paid-up capital was enlarged from RMB8,963,900 to RMB13,963,900 and the Group’s equity interest in Wanxin Chelian remained no change.

• 附註2： 截至二零二一年十二月三十一日止 年度，於萬信車聯各股東作出額 外注入繳足資本後，繳足資本由 人民幣8,963,900 元擴大至人民幣 13,963,900元，本集團於萬信車聯 的股權維持不變。

二零二一年報 萬咖壹聯有限公司 185

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

21. DEFERRED TAX

The movements of deferred tax assets and liabilities are as follows:

21. 遞延稅項

遞延稅項資產及負債的變動如下：

Deferred tax assets

遞延稅項資產

		Lease liabilities 租賃負債 RMB’000 人民幣千元	2021 二零二一年 Losses available for offsetting against future taxable profits Provision on accounts receivable 可抵銷未來 應課稅溢利 的虧損 應收賬款 撥備 RMB’000 RMB’000 人民幣千元 人民幣千元	2021 二零二一年 Losses available for offsetting against future taxable profits Provision on accounts receivable 可抵銷未來 應課稅溢利 的虧損 應收賬款 撥備 RMB’000 RMB’000 人民幣千元 人民幣千元	Total 總計 RMB’000 人民幣千元
At 1 January 2021	於二零二一年一月一日	1,042	306	4,182	5,530
Deferred tax credited/(charged) to	年內計入╱（扣除自）
profit or loss during the year	損益的遞延稅項	5,500	(306)	4,570	9,764
Gross deferred tax assets	於二零二一年
at 31 December 2021	十二月三十一日
	的遞延稅項資產總值	6,542	–	8,752	15,294

Deferred tax liabilities

遞延稅項負債

		Right-of-use assets 使用權資產 RMB’000 人民幣千元	2021 二零二一年 Fair value adjustment on acquisition of subsidiaries 收購附屬公司 的公平值調整 RMB’000 人民幣千元	Total 總計 RMB’000 人民幣千元
At 1 January 2021	於二零二一年一月一日	1,008	2,073	3,081
Deferred tax credited/(charged)	年內計入╱（扣除自）損益的
to profit or loss during the year	遞延稅項	5,699	(1,578)	4,121
Gross deferred tax liabilities	於二零二一年十二月三十一日的
at 31 December 2021	遞延稅項負債總額	6,707	495	7,202

186 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

21. DEFERRED TAX (continued) 21. 遞延稅項（續）

	Deferred tax assets			遞延稅項資產	遞延稅項資產
			Lease liabilities 租賃負債 RMB’000 人民幣千元	2020 二零二零年 Losses available for offsetting against future taxable profits Provision on accounts receivable 可抵銷未來 應課稅溢利 的虧損 應收賬款 撥備 RMB’000 RMB’000 人民幣千元 人民幣千元		Total 總計 RMB’000 人民幣千元
	At 1 January 2020	於二零二零年一月一日	1,300	3,286	1,284	5,870
	Deferred tax credited/(charged)	年內計入╱（扣除自）
	to profit or loss during the year	損益的遞延稅項	(258)	(2,980)	2,898	(340)
	Gross deferred tax assets	於二零二零年十二月
	at 31 December 2020	三十一日的遞延
		稅項資產總值	1,042	306	4,182	5,530
	Deferred tax liabilities			遞延稅項負債
				2020 二零二零年 Right-of-use assets Fair value adjustment on acquisition of subsidiaries 使用權 資產 收購附屬公司 的公平值調整 RMB’000 RMB’000 人民幣千元 人民幣千元		Total 總計 RMB’000 人民幣千元
	At 1 January 2020	於二零二零年一月一日		1,330	4,423	5,753
	Deferred tax credited/(charged)	年內計入╱（扣除自）損益的
	to profit or loss during the year	遞延稅項		(322)	(2,350)	(2,672)
	Gross deferred tax liabilities	於二零二零年十二月三十一日的
	at 31 December 2020	遞延稅項負債總額		1,008	2,073	3,081

二零二一年報 萬咖壹聯有限公司 187

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

21. DEFERRED TAX (continued)

Deferred tax liabilities (continued)

For presentation purposes, certain deferred tax assets and liabilities have been offset in the statement of financial position. The following is an analysis of the deferred tax balances of the Group for financial reporting purposes:

21. 遞延稅項（續）

遞延稅項負債（續）

就呈報而言，若干遞延稅項資產及負債 已於財務狀況表抵銷。下列為本集團遞 延稅項結餘分析，以作財務申報目的：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Net deferred tax assets recognised	於綜合財務狀況表
in the consolidated statement of	確認的遞延稅項
financial position	資產淨值	8,587	4,522
Net deferred tax liabilities recognised	於綜合財務狀況表
in the consolidated statement of	確認的遞延稅項
financial position	負債淨額	(495)	(2,073)
Net deferred tax assets	遞延稅項資產淨額	8,092	2,449

The Group has tax losses of RMB37,792,000 (2020: RMB32,765,000) that are available for offsetting against its future taxable profits as at 31 December 2021. All of these losses have arisen in Mainland China, and are available for offsetting against future taxable profits to a maximum period of five years of the companies in which the losses arose.

於二零二一年十二月三十一日，本集團 擁有可抵銷未來應課稅溢利的稅項虧損 人民幣37,792,000元（二零二零年：人 民幣32,765,000元）。所有該等虧損均 來自中國大陸，可抵銷錄得虧損的公司 最多五年期間的未來應課稅溢利。

Among which, tax losses of RMB37,792,000 (2020: RMB31,541,000) have not been recognised as at 31 December 2021 as they have arisen in subsidiaries that have been loss-making for some time and it is not considered probable that taxable profits will be available against which the tax losses can be utilised.

其中，於二零二一年十二月三十一日， 並無確認稅項虧損人民幣37,792,000元 （二零二零年：人民幣31,541,000元）， 因為該等虧損乃由已經持續錄得虧損一 段時間的附屬公司所產生，且不太可能 有應課稅溢利可用以抵銷稅項虧損。

Pursuant to the PRC Corporate Income Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Mainland China. The requirement has become effective from 1 January 2008 and applies to earnings after 31 December 2007. A lower withholding tax rate may be applied if there is a tax treaty between Mainland China and the jurisdiction of the foreign investors. For the Group, the applicable rate is 10%. The Group is therefore liable for withholding taxes on dividends distributed by those subsidiaries established in Mainland China in respect of earnings generated from 1 January 2008 if any.

根據中國企業所得稅法，於中國大陸成 立的外商投資企業向外國投資者宣派股 息須徵收10%預扣稅。有關規定自二 零零八年一月一日起生效並適用於二零 零七年十二月三十一日之後所產生的收 益。若中國大陸與外國投資者所在司法 權區之間訂有稅務條約，則可能適用較 低的預扣稅率。就本集團而言，適用稅 率為10%。因此，本集團須就該等於 中國大陸成立的附屬公司自二零零八年 一月一日起產生的盈利（如有）分派的 股息繳納預扣稅。

188 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

21. DEFERRED TAX (continued)

Deferred tax liabilities (continued)

At 31 December 2021, no deferred tax liabilities have been recognised for withholding taxes that would be payable on the unremitted earnings that are subject to withholding taxes of the Group’s subsidiaries established in Mainland China. In the opinion of the directors, it is not probable that these subsidiaries will distribute such earnings in the foreseeable future. The aggregate amount of temporary differences associated with investments in subsidiaries in Mainland China for which deferred tax liabilities have not been recognised totalled approximately RMB43,246,000 at 31 December 2021 (2020: RMB33,141,000).

21. 遞延稅項（續）

遞延稅項負債（續）

於二零二一年十二月三十一日，概無就 須繳納預扣稅的本集團於中國大陸成立 的附屬公司的未匯出盈利應付的預扣稅 而確認遞延稅項負債。董事認為，附屬 公司在可預見未來不大可能會分派該等 盈利。於二零二一年十二月三十一日， 尚未確認遞延稅項負債的於中國大陸附 屬公司投資的暫時差額合共約為人民 幣43,246,000元（二零二零年：人民幣 33,141,000元）。

22. ACCOUNTS RECEIVABLE

22. 應收賬款

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Accounts receivable	應收賬款	619,667	591,202
Loss allowance	虧損撥備	(38,319)	(20,036)
Total	總計	581,348	571,166

The Group’s trading terms with its customers are partially on credit, except for new customers, where payment in advance is normally required. For mobile advertising services, online video distribution services and game co-publishing services, the credit period generally ranges from three months for major customers.The Group seeks to maintain strict control over its outstanding receivables to minimise the credit risk. Overdue balance is reviewed regularly by the management. The Group does not hold any collateral and other credit enhancements over these balances. Accounts receivable are non-interest-bearing.

本集團以信貸形式與部分客戶進行交 易。除新客戶外，本公司一般要求其預 先支付款項。對於移動廣告服務、網絡 視頻產品分發服務及遊戲聯運服務，主 要客戶的信貸期一般介乎三個月不等。 本集團力求對其未償還應收款項維持嚴 格控制，以盡量降低信貸風險。管理層 會對逾期結餘進行定期審查。本集團並 無就該等結餘持有任何抵押品或其他信 貸強化措施。應收賬款並不計息。

二零二一年報 萬咖壹聯有限公司 189

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

22. ACCOUNTS RECEIVABLE (continued)

An ageing analysis of the accounts receivable as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

22. 應收賬款（續）

應收賬款（扣除虧損撥備）於報告期末 基於發票日期的賬齡分析如下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Within 3 months	3個月內	377,579	342,078
3 to 12 months	3至12個月	175,717	130,642
1 to 2 years	1至2年	28,052	98,446
		581,348	571,166

The ageing of accounts receivable that are not individually nor collectively considered to be impaired is as follows:

並非個別或共同被視為減值的應收賬款 的賬齡如下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Neither past due nor impaired	既無逾期亦無減值	378,143	342,255
Not more than 3 months past due	逾期不超過三個月	58,411	43,600
More than 3 months past due but less than	逾期超過三個月
12 months past due	但少於十二個月	124,970	113,762
More than 1 year past due but less than	逾期超過一年
2 years past due	但少於兩年	19,824	71,549
		581,348	571,166

Accounts receivable that were neither past due nor impaired relate to customers for whom there is no recent history of default.

未逾期亦未減值的應收賬款與近期並無 違約記錄的客戶有關。

Accounts receivable that were past due but not impaired relate to customers that have a good track record with the Group. Based on past experience, management is of the opinion that no provision for impairment is necessary for respect of these receivables as there has not been a significant change in credit quality and the credit risk is minimal.

已逾期但未減值的應收賬款與本集團擁 有良好往績記錄的客戶有關。根據過往 經驗，管理層認為毋須就該等應收款項 計提減值撥備，因為信貸質素並無重大 變動且信貸風險極微。

190 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

22. ACCOUNTS RECEIVABLE (continued) 22. 應收賬款（續） Information about the impairment of accounts receivable and the Group exposure to credit risk can be found in note 39(b). 風險的資料載於附註39(b)。

有關應收賬款減值及本集團面臨的信貸 風險的資料載於附註39(b)。

The movements in the loss allowance for impairment of accounts receivable are as follows:

應收賬款減值的虧損撥備的變動如下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
At beginning of year	年初	20,036	6,094
Receivable written off during the year	年內因不可收回撇銷應收
as uncollectible (note 9)	款項（附註9）	(19,118)	–
Impairment losses (note 9)	減值虧損（附註9）	37,401	13,942
At end of year	年末	38,319	20,036

23. PREPAYMENTS, DEPOSITS AND OTHER 23. 預付款項、按金及其他應收 RECEIVABLES 款項

==> picture [446 x 60] intentionally omitted <==

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Prepayments (note a)	預付款項（附註a）	493,319	466,980
Deposits paid (note b)	已付按金（附註b）	52,645	47,560
Other receivables (note b)	其他應收款項（附註b）	43,358	34,923
		589,322	549,463
Less: prepayments, non-current portion	減：預付款項非流動部分	(42,675)	(31,230)
Current portion	流動部分	546,647	518,233

二零二一年報 萬咖壹聯有限公司 191

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度

For the year ended 31 December 2021

23. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES (continued)

Notes:

• (a) As at 31 December 2021, prepayments comprised payment advance to the distribution channel suppliers for volume of the Group’s advertisement distribution of mobile advertising services amounting to RMB477,687,075 (2020: RMB436,996,742).

• (b) The above balances of deposits and other receivables as at 31 December 2021 and 2020 mainly represent the rental deposits and earnest money to suppliers as security for the due performance and observation of the Group’s obligation under the contracts entered into the Group and its suppliers. Where applicable, an impairment analysis is performed at each reporting period date by applying the general approach to providing for expected credit losses of deposits and other receivables prescribed by HKFRS 9. Impairment of deposits and other receivables is assessed based on 12-month expected credit losses, which are the portion of lifetime expected credit losses that result from the default events that are possible within the twelve months after the reporting date. When there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime expected credit losses. For measuring the expected credit losses, deposits and other receivable have been classified based on shared credit risk characteristics and the days past due. The expected credit losses are estimated by applying a loss rate approach with reference to the historical loss record of the Group. The loss rate is adjusted to reflect the current conditions and forecasts of future economic conditions, as appropriate. The expected credit loss rate for deposits and other receivables is minimal.

None of the above assets is either past due or impaired. The financial assets included in the above balances related to receivables, for which there was no recent history of default.

23. 預付款項、按金及其他應收 款項（續）

附註：

• (a) 於二零二一年十二月三十一日，預付 款項包括就本集團移動廣告服務的廣 告分銷金額人民幣477,687,075元（二 零二零年：人民幣436,996,742元）墊 款予分銷渠道供應商。

• (b) 上述於二零二一年及二零二零年十二 月三十一日的按金及其他應收款項結 餘主要指向供應商支付的租金按金及 誠意金，作為妥善履行及觀察本集團 及其供應商訂立的合約項下的責任的 抵押。在適用的情況下，於各報告期 進行減值分析，採用一般方法為香港 財務報告準則第9號規定的按金及其 他應收款項的預期信貸虧損作出撥 備。按金及其他應收款項的減值乃根 據因報告日期後十二個月內可能發生 的違約事件而導致的 12 個月預期信 貸虧損（全期預期信貸虧損的一部分） 進行評估。倘信貸風險自初始起有顯 著增加，則將根據全期預期信貸虧損 計提撥備。為計量預期信貸虧損，按 金及其他應收款項已根據共享信貸風 險特性及逾期天數進行分類。預期信 貸虧損乃參考本集團的過往虧損記錄 採用損失率法估計。調整損失率以反 映當前狀況及對未來經濟狀況的預測

• （如適用）。按金及其他應收款項的預 期信貸虧損率極為微小。

上述資產概無逾期或減值。上述結餘 所包括的金融資產與應收款項有關， 近期並無違約記錄。

192 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

24. CASH AND CASH EQUIVALENTS AND 24. 現金及現金等價物以及已抵 PLEDGED DEPOSITS 押存款

==> picture [447 x 60] intentionally omitted <==

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Cash and bank balances	現金及銀行結餘	444,883	240,352
Less: Restricted bank deposits:	減：受限制銀行存款：
Pledged for bank loans (note 28)	就銀行貸款抵押（附註28）	(42,096)	(44,369)
Bank deposits frozen for litigation	因訴訟凍結的銀行存款	(1,685)	–
		(43,781)	(44,639)
Cash and cash equivalents	現金及現金等價物	401,102	195,983
Denominated in:	以下列貨幣計值：
– RMB	－人民幣	347,897	151,188
– USD	－美元	27,331	35,891
– HKD	－港元	25,874	8,904
		401,102	195,983

RMB is not freely convertible into other currencies. However, under Mainland China’s prevailing rules and regulations over foreign exchange, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

人民幣無法自由轉換為其他貨幣。然 而，根據中國大陸針對外匯的現行規則 及法規，本集團可通過獲授權開展外匯 業務的銀行將人民幣兌換為其他貨幣。

Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits are made for varying periods of between seven days and one year depending on the immediate cash requirements of the Group, and earn interest at the respective short term time deposit rates. The bank balances are deposited with creditworthy banks with no recent history of default.

銀行存款按基於每日銀行存款利率的浮 動利率計息。短期定期存款視乎本集團 之實時現金需要，其期限介乎七天至一 年期間不等，按其相應之短期定期存款 利率計息。銀行結餘乃存放於聲譽卓著 且近期並無違約記錄的銀行內。

二零二一年報 萬咖壹聯有限公司 193

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

25. ACCOUNTS PAYABLE

An aged analysis of the Group’s accounts payable at the end of the reporting period, based on the invoice date, is as follows:

25. 應付賬款

本集團的應付賬款於報告期末基於發票 日期作出的賬齡分析如下：

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Within 1 year	1年內	45,579	17,387
1 to 2 years	1至2年	2,348	26,663
More than 2 years (Note)	2年以上（附註）	26,403	657
		74,330	44,707

The accounts payable are non-interest-bearing and are normally settled on terms of 60 to 90 days.

應付賬款不計息，並一般於為期60 至 90日內結算。

Note: The balance derived from an amount of approximately RMB20,965,000 which was under legal proceeding in relations to the business dispute between the Group and an independent third party.

附註：該結餘來自就本集團與一名獨立第三 方的業務糾紛而進行的法律程序的所 涉金額約人民幣20,965,000元。

26. OTHER PAYABLES AND ACCRUALS

26. 其他應付款項及應計款項

		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Payroll payable	應付薪資	3,231	3,786
Other payables and accruals	其他應付款項及應計款項	49,484	37,131
		52,715	40,917

Current portion of other payables and accruals are non-interest-bearing and have an average term of three months.

其他應付款項及應計款項的流動部分不 計息，有三個月的平均期限。

194 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

27. CONTRACT LIABILITIES

Details of contract liabilities are as follows

27. 合約負債

合約負債詳情如下

		31 December 2021 二零二一年 十二月三十一日 RMB’000 人民幣千元	31 December 2020 二零二零年 十二月三十一日 RMB’000 人民幣千元	1 January 2020 二零二零年 一月一日 RMB’000 人民幣千元
Contract liabilities arises from	合約負債產生自
Mobile advertising services	移動廣告服務	28,032	42,461	97,511
Online-video distribution services	網絡視頻產品分發服務	20	20	20
Game co-publishing services	遊戲聯運服務	1,792	2,763	2,100
Total contract liabilities	合約負債總額	29,844	45,244	99,631

The contract liabilities mainly relates to the advance 合約負債主要與從客戶收取的預付代價 consideration received from the customer. It has been 有關。由於收入確認時間的變動，已確 recognised as revenue from performance obligations satisfied 認為履約責任的收入。 due to the changes in the timing of revenue recognition.

Movements in contract liabilities		合約負債變動
Balance as at 1 January	於一月一日的結餘	2021 二零二一年 HK$’000 千港元 45,244	2020 二零二零年 HK$’000 千港元 99,631
Decrease in contract liabilities as a	因年內確認收入導致合約
result of recognising revenue during	負債減少（計入年初的
the year that was included in the	合約負債） （附註7）
contract liabilities at the beginning
of the year (note 7)		(45,244)	(99,631)
Increase in contract liabilities as a result	因客戶提前開票而增加
of billing in advance from customers	合約負債	29,844	45,244
Balance as at 31 December	於十二月三十一日的結餘	29,844	45,244

二零二一年報 萬咖壹聯有限公司 195

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

28. INTEREST-BEARING BANK BORROWINGS

Details of the Group’s interest-bearing bank borrowings as at 31 December 2021 and 31 December 2020 are as follows:

28. 計息銀行借款

本集團於二零二一年十二月三十一日和 二零二零年十二月三十一日的計息銀行 借款的詳情如下：

==> picture [447 x 551] intentionally omitted <==

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

As at 31 December 2021
於二零二一年十二月三十一日
Effective
contractual
interest
rate (%) Maturity RMB’000
實際訂約利率 (%) 到期日 人民幣千元
Current 即期
Bank loans – secured 銀行貸款－有抵押 3.050-4.350 2022 30,000
二零二二年
– unsecured －無抵押 3.850-5.000 2022 141,647
二零二二年
171,647
As at 31 December 2020
於二零二零年十二月三十一日
Effective
contractual
interest
rate (%) Maturity RMB’000
實際訂約利率(%) 到期日 人民幣千元
Current 即期
Bank loans – secured 銀行貸款－有抵押 3.500-4.350 2021 42,632
二零二一年
– unsecured －無抵押 3.850-5.220 2021 152,364
二零二一年
194,996
2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
Analysed into: 分析為：
Bank loans repayable: 應償還銀行貸款：
Within one year or on demand 一年內或按要求 171,647 194,996
----- End of picture text -----

196 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

28. INTEREST-BEARING BANK BORROWINGS (continued)

Notes:

• (a) As at 31 December 2021, the Group’s bank loans of

• (i) RMB30,000,000 was secured by pledged deposits of RMB30,000,000 and US$1,897,000 (equivalent to approximately RMB12,096,000) provided by a subsidiary of the Company, Wanka Holdings Limited;

• (ii) RMB5,000,000 was guaranteed by Mr. GAO Dinan (“Mr. Gao”) (Mr. Gao is an executive director of the Company), a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd. and an independent third party, Beijing Zhongguancun Sci-tech Financing Guaranty Co., Ltd., which was counter guaranteed by Mr. Gao and a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd.;

• (iii) RMB39,000,000 was guaranteed by Mr. Gao and a subsidiary of the Company, Wanka Huanju Culture Media (Beijing) Co., Ltd.;

• (iv) RMB90,000,000 was guaranteed by Mr. Gao and the Company; and

• (v) RMB5,000,000 was guaranteed by Mr. Gao, and a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd.

28. 計息銀行借款（續）

附註：

• (a) 於二零二一年十二月三十一日，本公 司的銀行貸款中

• (i) 人民幣 3 0 , 0 0 0 , 0 0 0 元由本 公司附屬公司玩咖控股有限 公司提供已抵押存款人民幣 30,000,000 元及 1,897,000 美元（相當於約人民幣 12,096,000元）提供擔保；

• (ii) 人民幣5,000,000 元由高弟男 先生（「高先生」）（高先生為本 公司執行董事）、本公司附屬 公司歡聚時代文化傳媒（北京） 有限公司及一名獨立第三方北 京中關村科技融資擔保有限公 司提供擔保，由高先生及本公 司附屬公司歡聚時代文化傳媒

• （北京）有限公司提供連帶責任 保證及擔保；

• (iii) 人民幣39,000,000元由高先生 及本公司附屬公司玩咖歡聚文 化傳媒（北京）有限公司提供擔 保；

• (iv) 人民幣90,000,000元由高先生 及本公司提供擔保；及

• (v) 人民幣5,000,000 元由高先生 及本公司附屬公司歡聚時代文 化傳媒（北京）有限公司提供擔 保。

二零二一年報 萬咖壹聯有限公司 197

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度

For the year ended 31 December 2021

28. INTEREST-BEARING BANK BORROWINGS

28. 計息銀行借款（續）

(continued)

Notes: (continued)

• (b) As at 31 December 2020, the Group’s bank loans of

• (i) RMB42,632,000 was secured by pledged deposits of US$6,800,000 (equivalent to approximately RMB44,369,000) provided by a subsidiary of the Company, Wanka Holdings Limited;

• (ii) RMB5,000,000 was guaranteed by Mr. Gao and a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd.;

• (iii) RMB10,000,000 was guaranteed by an independent third party, Beijing Haidian Tech-Enterprise Financing Guarantee Co. Ltd., which was counter guaranteed by Mr. Gao and a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd.;

• (iv) RMB5,000,000 was guaranteed by Mr. Gao and an independent third party, Beijing Capital Financing Guarantee Co. Ltd., which was counter guaranteed by Mr. Gao, his spouse and a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd.;

附註：（續）

• (b) 於二零二零年十二月三十一日，本公 司的銀行貸款中

• (i) 人民幣42,632,000元由本公司 附屬公司玩咖控股有限公司提 供已抵押存款6,800,000 美元

• （相當於約人民幣44,369,000 元）擔保；

• (ii) 人民幣5,000,000 元由高先生 及本公司附屬公司歡聚時代文 化傳媒（北京）有限公司擔保；

• (iii) 人民幣10,000,000元由獨立第 三方北京海淀科技企業融資擔 保有限公司提供擔保，由高先 生及本公司附屬公司歡聚時代 文化傳媒（北京）有限公司提供 連帶責任保證及擔保；

• (iv) 人民幣5,000,000 元由高先生 及獨立第三方北京首創融資擔 保有限公司擔保，該公司由高 先生、其配偶及本公司一家附 屬公司歡聚時代文化傳媒（北 京）有限公司提供連帶責任保 證及擔保；

198 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

28. INTEREST-BEARING BANK BORROWINGS

28. 計息銀行借款（續）

(continued)

Notes: (continued)

• (b) As at 31 December 2020, the Group’s bank loans of (continued)

• (v) RMB30,000,000 was guaranteed by Mr. Gao, his spouse and a subsidiary of the Company, Wanka Huanju Culture Media (Beijing) Co., Ltd.;

• (vi) RMB10,000,000 was guaranteed by Mr. Gao and a subsidiary of the Company, Wanka Huanju Culture Media (Beijing) Co., Ltd.;

• (vii) RMB15,000,000 was guaranteed by Mr. Gao;

• (viii) RMB60,000,000 was guaranteed by Mr. Gao and Mr. ZHENG Wei (“Mr. Zheng”) (Mr. Zheng is a non-executive director of the Company) and the Company;

• (ix) RMB10,000,000 was guaranteed by Mr. Gao, a senior management member of the Company and their spouses; and

• (x) RMB5,000,000 was guaranteed by Mr. Gao and an independent third party, Beijing Zhongguancun Scitech Financing Guaranty Co., Ltd., which was counter guaranteed by Mr. Gao, Mr. Zheng and a subsidiary of the Company, Huanju Times Culture Media (Beijing) Co., Ltd.

附註：（續）

• (b) 於二零二零年十二月三十一日，本公 司的銀行貸款中（續）

• (v) 人民幣 30,000,000 元由高先 生、其配偶及本公司附屬公司 玩咖歡聚文化傳媒（北京）有限 公司提供擔保；

• (vi) 人民幣10,000,000元由高先生 及本公司附屬公司玩咖歡聚文 化傳媒（北京）有限公司提供擔 保；

• (vii) 人民幣15,000,000元由高先生 擔保；

• (viii) 人民幣 60,000,000 元由高先 生、鄭煒先生（「鄭先生」）（鄭 先生為本公司非執行董事）及 本公司擔保；

• (ix) 人民幣 10,000,000 元由高先 生、本公司一名高級管理層及 其配偶擔保；及

• (x) 人民幣5,000,000 元由高先生 及一名獨立第三方北京中關村 科技融資擔保有限公司擔保， 由高先生、鄭先生及本公司附 屬公司歡聚時代文化傳媒（北 京）有限公司提供連帶責任保 證及擔保。

二零二一年報 萬咖壹聯有限公司 199

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

29. SHARE CAPITAL

29. 股本

	Issued
	發行
Company 本公司 Authorised number of shares	Number of ordinary shares Total par value of ordinary shares Number of treasury shares Total par value of treasury shares
法定股份數目	普通股數目 普通股 總面值 庫存股份 數目 庫存股份總 面值
’000	’000 RMB ’000 RMB
千股	千股 人民幣元 千股 人民幣元
As at 31 December 2020 於二零二零年 十二月三十一日 250,000,000	1,274,481 1,029 45,536 65
As at 31 December 2021 於二零二一年 十二月三十一日 250,000,000	1,427,695 1,029 57,968 74

A summary of the movements in the Company’s share capital was as follows:

本公司股本的變動概述如下：

		Number of ordinary shares in issue 已發行 普通股數目	Issued capital 已發行股本 RMB’000 人民幣千元	Share premium 股份溢價 RMB’000 人民幣千元	Total 總計 RMB’000 人民幣千元
At 1 January 2020	於二零二零年一月一日	1,210,716,350	1	1,543,850	1,543,851
Issuance of new shares (Note (a))	發行新股（附註(a)）	25,789,000	–*	43,366	43,366
Vested restricted share units	轉讓予僱員的已歸屬受
transferred to employees (Note (c))	限制股份單位（附註(c)）	37,975,767	–*	55,618	55,618
At 31 December 2020 and	於二零二零年十二月三十一日
1 January 2021	及二零二一年一月一日	1,274,481,117	1	1,642,834	1,642,835
Issuance of new shares (Note (b))	發行新股（附註(b)）	135,000,000	–*	156,635	156,635
Vested restricted share units	轉讓予僱員的已歸屬受限制
transferred to employees (Note (c))	股份單位（附註(c)）	18,214,000	–*	10,482	10,482
At 31 December 2021	於二零二一年
	十二月三十一日	1,427,695,117&	1	1,809,951	1,809,952

200 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

29. SHARE CAPITAL (continued)

The Company was incorporated as an exempted company with limited liability under the laws of Cayman Islands on 7 November 2014 with an authorised share capital of US$50,000 divided into 500,000,000 shares with a par value of US$0.0001 each. Pursuant to the shareholders’ resolution passed on 15 November 2017, each of the issued and unissued shares was subdivided into 50 shares of the Company with a par value of US$0.000002 each.

Notes:

• (a) On 7 January 2020, the Company and Xin Point Holdings Limited (the “Subscriber”), a Cayman Island company listed on the Main Board of the Stock Exchanges entered to a subscription agreement, pursuant to which, the Company has conditionally agreed to allot and issue, and the Subscriber has conditionally agreed to subscribe for, 25,789,000 ordinary shares of the Company at HK$1.90 per share (the “Subscription”). The Subscription was completed on 20 January 2020. The net proceeds after deducting the expenses incurred in the Subscription, amounted to approximately HK$48,999,000 (equivalent to approximately RMB43,366,000). For further details of the Subscription, please refer to the related announcements of the Company dated 7 January 2020 and 20 January 2020.

29. 股本（續）

本公司於二零一四年十一月七日根據開 曼群島法例註冊成立為獲豁免有限責 任公司，法定股本為50,000美元，分 為500,000,000股每股面值0.0001美元 的股份。根據於二零一七年十一月十五 日通過的股東決議案，每股已發行及未 發行股份分拆為本公司50 股每股面值 0.000002美元的股份。

附註：

• (a) 於二零二零年一月七日，本公司與信 邦控股有限公司（「認購人」，一家於 聯交所主板上市的開曼公司）訂立認 購協議，據此本公司有條件同意配 發及發行而認購人有條件同意認購 25,789,000股普通股，認購價為每股 股份1.90港元（「認購事項」）。認購事 項於二零二零年一月二十日完成。經 扣除認購事項所產生的開支後，所得 款項淨額約為48,999,000港元（相等 於約人民幣43,366,000元）。有關認 購事項的進一步詳情，請參閱本公司 日期為二零二零年一月七日及二零二 零年一月二十日的相關公告。

二零二一年報 萬咖壹聯有限公司 201

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

29. SHARE CAPITAL (continued)

Notes: (continued)

• (b) On 20 February 2021, the Company agreed to place new shares to 6 Placees, pursuant to the subscription agreement, the Company has conditionally agreed to allot and issue, and the Subscriber has conditionally agreed to subscribe for 135,000,000 ordinary shares of the Company at HK$1.45 per share (the “Subscription”). The Subscription was completed on 1 March 2021. The net proceeds after deducting the expenses incurred in the Subscription, amounted to approximately HK$189,588,000 (equivalent to approximately RMB156,635,000). For further details of the Subscription, please refer to the related announcements of the Company dated 20 February 2021 and 1 March 2021.

• (c) Certain employees of the Group exercised vested restricted share units during the year ended 31 December 2021. 18,214,000 (2020:37,975,767) issued shares underlying the restricted share units were transferred to such employees which the Company had allotted and issued to the trustee as fully paid up shares.

• The amount is less than RMB1,000.

• & Excluding 24,524,233 and 33,444,000 shares held by Wanka Alliance Limited and Wanka Legend Limited, respectively, as at 31 December 2021.

29. 股本（續）

附註：（續）

• (b) 於二零二一年二月二十日，本公司 同意向六名承配人配售新股份。根 據認購協議，本公司已有條件同意 配發及發行，而認購方已有條件同 意認購 135,000,000 股本公司普通 股，認購價為每股股份1.45港元（「認 購事項」）。認購事項於二零二一年 三月一日完成。經扣除認購事項所 產生的開支後，所得款項淨額約為 189,588,000 港元（相等於約人民幣 156,635,000元）。有關認購事項的進 一步詳情，請參閱本公司日期為二零 二一年二月二十日及二零二一年三月 一日的相關公告。

• (c) 截至二零二一年十二月三十一日止年 度，本集團若干僱員行使已歸屬之 受限制股份單位。受限制股份單位 涉及的18,214,000股（二零二零年： 37,975,767 股）已發行股份（本公司 向受託人配發及發行並列作繳足的股 份）已轉讓予該等僱員。

• 金額不足人民幣1,000元。

• & 不包括 Wanka Alliance Limited 及 Wanka Legend Limited 於二零二 一年十二月三十一日分別持有的 24,524,233股及33,444,000股股份。

202 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

30. SHARE-BASED PAYMENTS EXPENSES

2016 Share Incentive Scheme

The Group adopted the share incentive plan on 31 March 2016 (“2016 Share Incentive Scheme”), under which employees render service as consideration for equity instruments (RSUs) of the Company.

The Company operates the 2016 Share Incentive Scheme for the purpose of providing incentives and rewards to eligible participants. Eligible participants of the 2016 Share Incentive Scheme include the Company’s directors and certain employees of the Group. The 2016 Share Incentive Scheme became effective on 31 March 2016 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. On 24 May 2018, the 2016 Share Incentive Scheme was replaced by restricted share plan (“RSU Plan”) was made effect and the RSU Plan became effective from the date when the 2016 Share Incentive Scheme was adopted, that is 31 March 2016 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. Pursuant to the RSU Plan, the vesting condition has been revised as i) upon the completion of the Company’s IPO, and ii) fulfilment of a certain service period. Other than that, there is no significant change as compared with that of the 2016 Share Incentive Scheme.

RSUs do not confer rights on the holders to dividends or to vote at shareholders’ meetings.

The total number of shares which may be issued upon exercise of all RSUs to be granted under the 2016 Share Incentive Scheme of the Company shall not in aggregate exceed 10% of the total number of shares in issue on 31 March 2016. The maximum number of shares issuable under RSUs in aggregate is 125,000. On 15 November 2017, each of the issued and unissued shares was subdivided into 50 shares of the Company and accordingly, the number of shares issuable under the 2016 RSU Plan is enlarged to 6,250,000 and exercise price was decreased to US$0.000002. Following another share subdivision approved on 3 November 2018 as of 31 December 2018, the Company has reserved 62,500,000 Class B ordinary shares underlying all the grants under the RSU Plan.

30. 以股份為基礎的付款開支

二零一六年股份激勵計劃

本集團於二零一六年三月三十一日採納 股份激勵計劃（「二零一六年股份激勵 計劃」），據此，僱員提供服務作為獲取 本公司權益工具（受限制股份單位）的 代價。

本公司運作二零一六年股份激勵計劃， 旨在向合資格參與者提供激勵及獎勵。 二零一六年股份激勵計劃的合資格參與 者包括本公司的董事及本集團的若干僱 員。二零一六年股份激勵計劃於二零一 六年三月三十一日生效，且除非另外取 消或修訂，否則將自該日期起持續十年 有效。於二零一八年五月二十四日，二 零一六年股份激勵計劃被受限制股份計 劃（「受限制股份單位計劃」）代替，受 限制股份單位計劃自二零一六年股份激 勵計劃獲採納之日（即二零一六年三月 三十一日）起生效，除非另外取消或修 訂，否則將自該日期起持續十年有效。 根據受限制股份單位計劃，歸屬條件 已經修改為i）本公司首次公開發售完成 後；及ii）滿足若干服務期。除此之外， 與二零一六年股份激勵計劃相比並無重 大變動。

受限制股份單位並不賦予其持有人收取 股息或在股東大會上投票的權利。

根據本公司二零一六年股份激勵計劃將 予授出的全部受限制股份單位獲行使時 可予發行的股份總數合共不得超過二零 一六年三月三十一日已發行股份總數 的10%。根據受限制股份單位可予發 行的最高股份數目合共為125,000股。 於二零一七年十一月十五日，每股已 發行及未發行股份拆細為50 股本公司 股份，因此，二零一六年受限制股份 單位計劃所涉及可發行的股份數目擴 大至6,250,000股，而行使價則調減至 0.000002美元。截至二零一八年十二 月三十一日，繼於二零一八年十一月三 日批准另一項股份拆細後，本公司保留 62,500,000股根據受限制股份單位計 劃所有授予相關的B類普通股。

二零二一年報 萬咖壹聯有限公司 203

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

30. SHARE-BASED PAYMENTS EXPENSES (continued)

2016 Share Incentive Scheme (continued)

As at 31 December 2021, 18,079,202 (2020: 21,162,049) RSUs were vested and exercisable under the RSU Plan.

2019 Share Incentive Scheme

The Group adopted the share incentive plan on 29 August 2019 (“2019 Share Incentive Scheme”), under which employees render service as consideration for equity instruments (RSUs) of the Company.

The Company operates the 2019 RSU Plan for the purpose of providing incentives and rewards to directors, senior management and employees of the Group for their contribution to the Group, and to attract, motivate and retain skilled and experienced personnel to strive for the future development and expansion of the Group by providing them with the opportunity to own equity interests of the Company. Eligible participants of the 2019 Share Incentive Scheme include the Company’s directors and certain employees of the Group. The 2019 Share Incentive Scheme became effective on 29 August 2019 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The board of the Company can determine the vesting criteria, conditions and the schedule when the RSUs will vest.

As at 31 December 2021, 2,523,000 (2020: Nil) RSUs were vested and exercisable under the 2019 Share Incentive Scheme.

The fair value of the services received in exchange for the grant of the equity instruments (RSUs) is recognised as an expense on the consolidated statement of profit or loss with an increase in equity.

30. 以股份為基礎的付款開支 （續）

二零一六年股份激勵計劃（續）

於二零二一年十二月三十一日，受限制 股份單位計劃項下有18,079,202（二零 二零年：21,162,049）個受限制股份單 位已歸屬並可予行使。

二零一九年股份激勵計劃

本集團於二零一九年八月二十九日採納 股份激勵計劃（「二零一九年股份激勵 計劃」），據此，僱員提供服務作為獲取 本公司權益工具（受限制股份單位）的 代價。

本公司經營二零一九年受限制股份單位 計劃旨在向本集團董事、高級管理層及 僱員提供激勵及獎勵，以表揚彼等對本 集團作出的貢獻，以及透過提供擁有本 公司股權的機會吸引、激勵及挽留技術 熟練與經驗豐富的人員為本集團的未來 發展及擴張而努力。二零一九年股份激 勵計劃的合資格參與者包括本公司董事 及本集團若干僱員。二零一九年股份激 勵計劃於二零一九年八月二十九日生 效，除非另行註銷或修訂，否則將自該 日起計十年內有效。本公司董事會可於 受限制股份單位歸屬時釐定歸屬標準、 條件及時間表。

於二零二一年十二月三十一日，二零一 九年股份激勵計劃項下有2,523,000（二 零二零年：零）個受限制股份單位已歸 屬並可予行使。

為授出權益工具（受限制股份單位）而 獲得服務的公平值於綜合損益表內確認 為開支，增加部分於權益內確認。

204 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

30. SHARE-BASED PAYMENTS EXPENSES (continued)

30. 以股份為基礎的付款開支 （續）

The following table shows the RSUs outstanding under the 下表列示截至二零二零年及二零二一年 2016 Share Incentive Scheme and 2019 RSUs during the 十二月三十一日止年度二零一六年股份 years ended 31 December 2020 and 2021, and their weighted 激勵計劃及二零一九年受限制股份單位 average exercise prices (“WAEP”): 項下尚未行使受限制股份單位及其加權 平均行使價（「加權平均行使價」）：

	Outstanding at 1 January	於一月一日尚未行使	2020 Number of RSU 二零二零年 受限制股份 單位數目 62,499,240	2020 WAEP US$ per RSU 二零二零年 加權平均 行使價 美元╱受限制 股份單位 0.0000002	2021 Number of RSU 二零二一年 受限制股份 單位數目 45,536,473	2021 WAEP US$ per RSU 二零二一年 加權平均 行使價 美元╱受限制 股份單位 0.0000002
	Granted during the year (Note)	年內已授出（附註）	21,013,000	0.0000002	36,639,597	0.0000002
	Vested restricted share units	轉讓予僱員的已歸屬受限
	transferred to employees	制股份單位	(37,975,767)	0.0000002	(18,214,000)	0.0000002
	Forfeiture during the year	於年內沒收	–	–	(6,269,837)	0.0000002
	RSU Withdrawal and transfer into	受限制股份單位提取
	treasury reverse for further grant	及轉至庫存儲備
		以供再次授出	–	–	276,000	0.0000002
	Outstanding at 31 December	於十二月三十一日尚未行使	45,536,473	0.0000002	57,968,233	0.0000002
	Exercisable at 31 December	於十二月三十一日可予行使	21,162,049	0.0000002	20,602,201	0.0000002

For 2016 RSU Scheme, the fair value of each granted RSU before IPO period determined by the Hull-White Enhanced ESO Valuation model at each grant date was US$9.7804, US$21.2634, US$1.0889 and US$6.48 as at 31 March 2016, 30 June 2017, 31 December 2017 and 22 June 2018, respectively. The fair value of remaining granted RSU after IPO period determined by the quoted price of the Company’s share at each grant date was HK$5.13 and HK$0.61 as at 22 March 2019 and 16 September 2021 respectively.

就二零一六年受限制股份單位計劃而 言，於首次公開發售期間前，於各授 出日期已授出的各受限制股份單位由 Hull-White增強ESO估值模型釐定的公 平值於二零一六年三月三十一日、二零 一七年六月三十日、二零一七年十二 月三十一日及二零一八年六月二十二 日分別為9.7804美元、21.2634美元、 1.0889美元及6.48美元。於首次公開 發售期間後，於各授出日期已授出的餘 下受限制股份單位由本公司股份報價釐 定的公平值於二零一九年三月二十二 日及二零二一年九月十六日分別為5.13 港元及0.61港元。

二零二一年報 萬咖壹聯有限公司 205

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

30. SHARE-BASED PAYMENTS EXPENSES (continued)

Based on the fair value of the underlying RSU, the Group has adopted the Hull-White Enhanced ESO Valuation model to determine the fair value of the RSUs as of the grant date before IPO period. Key assumptions are as follows:

30. 以股份為基礎的付款開支 （續）

基於相關受限制股份單位的公平值， 本集團已於首次公開發售期間前採用 Hull-White增強ESO估值模型釐定受限 制股份單位截至授出日期的公平值。關 鍵假設載列如下：

		31 March 2016 二零一六年 三月三十一日	As at 於 30 June 2017 31 December 2017 二零一七年 六月三十日 二零一七年 十二月三十一日	As at 於 30 June 2017 31 December 2017 二零一七年 六月三十日 二零一七年 十二月三十一日	22 June 2018 二零一八年 六月二十二日
Dividend yield (%)	股息收益率(%)	–	–	–	–
Expected volatility (%)	預期波動率(%)	60.11	56.35	56.57	56.1
Risk-free interest rate (%)	無風險利率(%)	1.78	2.31	3.92	2.9
Expected forfeiture rate (%)	預期沒收率(%)	0-2	0-2	0-2	0-2

The expected life of the RSUs is based on the best estimation of management of the Company and is not necessarily indicative of the exercise patterns that may occur. The expected forfeiture rate and volatility reflects the assumption that the historical forfeiture rate and volatility of companies in the same industry is indicative of future trends, which may also not necessarily be the actual outcome.

受限制股份單位的預期期限乃基於本公 司管理層的最佳估計而得出，且未必可 反映可能出現的行使模式。預期沒收率 及波動率反映一項假設，即同行業公司 的過往沒收率及波動率可反映未來趨 勢，但其未必等同於實際結果。

For 2019 RSU Scheme, the fair value of shares determined by the quoted price of the Company’s shares at each grant date was HK$0.63 and HK$0.94 as at 24 April 2020 and 11 May 2021 respectively.

就二零一九年受限制股份單位計劃而 言，於二零二零年四月二十四日及二零 二一年五月十一日按本公司股份於各授 出日期報價釐定的股份公平值分別為 0.63港元及0.94港元。

206 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

30. SHARE-BASED PAYMENTS EXPENSES (continued)

No other feature of the RSUs granted was incorporated into the measurement of fair value.

As 31 December 2021, The Company has reserved 62,500,000 shares under the 2016 Share Incentive Scheme and had 24,524,233 RSUs outstanding as at 31 December 2021 under the 2016 Share Incentive Scheme. The exercise in full of the outstanding RSUs would, under the present capital structure of the Company, result in a transfer of 62,500,000 ordinary shares of the Company from Wanka Alliance Limited to the employees of the Group.

As 31 December 2021, the Company has reserved 51,658,000 shares under the 2019 Share Incentive Scheme and had 33,444,000 RSUs outstanding as at 31 December 2021 under the 2019 Share Incentive Scheme. The exercise in full of the outstanding RSUs would, under the present capital structure of the Company, result in a transfer of 51,658,000 ordinary shares of the Company from Wanka Legend Limited to the employees of the Group.

On 3 November 2018, the Company adopted the post-IPO share option scheme to attract, retain and motivate employees, directors and other participants, and to provide a means of compensating them through the grant of options for their contribution to the growth and profits of the Group, and to allow such employees, directors and other persons to participate in the growth and profitability of the Group (the “Post-IPO Share Option Scheme”).

The Post-IPO Share Option Scheme will remain in force for a period of 10 years from 3 November 2018 and the options granted have a 10-year exercise period. The options may be vested over such period(s) as determined by the board of the Company in its absolute discretion subject to compliance with the requirements under any applicable laws, regulations or rules.

No share options have been granted or agreed to be granted under the Post-IPO Share Option Scheme during the six months ended 31 December 2021 (2020: Nil).

30. 以股份為基礎的付款開支 （續）

計量公平值時並無考慮已授出受限制股 份單位的其他特點。

於二零二一年十二月三十一日，本公 司在二零一六年股份激勵計劃下儲備 62,500,000股股份，於二零二一年十 二月三十一日，在二零一六年股份激勵 計劃下擁有24,524,233個尚未行使的 受限制股份單位。悉數行使尚未行使的 受限制股份單位（就本公司的現有資本 架構而言）將致使本公司62,500,000股 普通股由Wanka Alliance Limited轉讓 予本集團僱員。

於二零二一年十二月三十一日，本公 司於二零一九年股份激勵計劃下儲備 51,658,000股股份及於二零一九年股 份激勵計劃下擁有33,444,000個尚未 行使的受限制股份單位。悉數行使尚 未行使的受限制股份單位（就本公司 現時的資本架構而言）將致使本公司 51,658,000股普通股由Wanka Legend Limited轉讓予本集團僱員。

於二零一八年十一月三日，本公司採納 首次公開發售後購股權計劃，以吸引、 挽留及激勵僱員、董事及其他參與者， 並透過授出購股權酬謝彼等對本集團發 展及溢利所作出的貢獻，以及令該等僱 員、董事及其他人士參與本集團發展及 盈利（「首次公開發售後購股權計劃」）。

首次公開發售後購股權計劃將於二零一 八年十一月三日起計十年內有效，及已 授出購股權行使期為十年。購股權可於 本公司董事會全權酌情釐定的期間歸 屬，惟須遵守任何適用法律、規例或法 規的規定。

截至二零二一年十二月三十一日止六個 月，概無根據首次公開發售後購股權計 劃授出或同意授出任何購股權（二零二 零年：無）。

二零二一年報 萬咖壹聯有限公司 207

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

31. RESERVES

The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity on pages 99 to 100 of the financial statements.

Pursuant to the relevant laws and regulations in the PRC, the Company’s subsidiaries which are registered in the PRC shall appropriate a certain percentage of profit for the year (after offsetting any prior years’ losses) calculated under the accounting principles generally applicable to the PRC enterprises to reserve funds which are restricted as to use.

32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

(a) Major non-cash transactions

• (i) During the year ended 31 December 2021, the Group had non-cash additions to right-of-use assets and lease liabilities of RMB28,253,000 in respect of lease arrangements for plant and equipment (2020: RMB2,876,000).

31. 儲備

本集團於本年度及過往年度之儲備金數 額及有關變動於財務報表第99 頁至第 100頁之綜合權益變動表呈列。

根據中國相關的法律及法規，本公司於 中國註冊的附屬公司須轉撥根據普遍適 用於中國企業的會計原則計算的年度利 潤（抵銷過往年度任何虧損後）的若干 百分比至儲備金，而該儲備金的用途受 到限制。

32. 綜合現金流量表附註

(a) 重大非現金交易

• (i) 截至二零二一年十二月三 十一日止年度，本集團就 廠房及設備的租賃安排擁 有使用權資產及租賃負 債非現金添置為人民幣 28,253,000 元（二零二零 年：人民幣2,876,000元）。

208 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

32. NOTES TO THE CONSOLIDATED

32. 綜合現金流量表附註（續）

STATEMENT OF CASH FLOWS (continued)

(b) Changes in liabilities arising from financing activities

The reconciliation between the opening and closing balances in the consolidated statement of financial position for liabilities arising from financing activities, which provides the information included in the consolidated statement of cash flows, is as follows:

(b) 融資活動所引致負債的變動

綜合財務狀況表內融資活動所引 致負債的期初及期末結餘對賬 （提供綜合現金流量表所載列的資 料）如下：

==> picture [424 x 73] intentionally omitted <==

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

Interest Lease Interest-bearing
payable liabilities bank borrowings
應付利息 租賃負債 計息銀行借款
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
----- End of picture text -----

At 1 January 2021	於二零二一年一月一日	636	4,170	194,996
Changes from financing cash flows:	融資現金流量變動：
Drawdown of banks	銀行提取	–	–	249,647
Repayment of bank loans	償還銀行貸款	–	–	(272,996)
New leases	新增租賃	–	28,253	–
Principal portion of lease payments	租賃付款的本金部分	–	(6,241)	–
Interest expenses paid	已付利息開支	(6,962)	–	–
Other changes:	其他變動：
Interest expense on bank borrowing	銀行借款利息開支	7,008	–	–
Interest on lease liabilities	租賃負債利息	–	541	–
Derecognition of lease	租賃終止確認	–	(399)	–
Exchange realignment	匯兌調整	–	(7)	–
At 31 December 2021	於二零二一年
	十二月三十一日	682*	26,317	171,647

• The interest payable is included in “Other payables and * 應付利息計入綜合財務狀況表 accruals” in the consolidated statement of financial 「其他應付款項及應計款項」。 positions.

二零二一年報 萬咖壹聯有限公司 209

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

32. NOTES TO THE CONSOLIDATED

32. 綜合現金流量表附註（續）

STATEMENT OF CASH FLOWS (continued)

(b) Changes in liabilities arising from financing activities (continued)

(b) 融資活動所引致負債的變動 （續）

==> picture [424 x 73] intentionally omitted <==

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

Interest Lease Interest-bearing
payable liabilities bank borrowings
應付利息 租賃負債 計息銀行借款
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
----- End of picture text -----

At 1 January 2020	於二零二零年一月一日	–*	5,202	235,958
Changes from financing cash flows:	融資現金流量變動：
Drawdown of banks	銀行提取	–	–	301,506
Repayment of bank loans	償還銀行貸款	–	–	(342,468)
New leases	新增租賃	–	2,876	–
Principal portion of lease payments	租賃付款的本金部分	–	(4,216)	–
Interest expenses paid	已付利息開支	(9,081)	–	–
Other changes:	其他變動：
Interest expense on bank borrowing	銀行借款利息開支	9,717	–	–
Interest on lease liabilities	租賃負債利息	–	455	–
Derecognition of lease	租賃終止確認	–	(147)	–
At 31 December 2020	於二零二零年
	十二月三十一日	636*	4,170	194,996

• The interest payable is included in “Other payables and accruals” in the consolidated statement of financial positions.

• 應付利息計入綜合財務狀況表 「其他應付款項及應計款項」。

33. CONTINGENT LIABILITIES

At the end of the reporting period, the Group did not have any significant contingent liabilities (2020:Nil).

33. 或然負債

於報告期末，本集團並無任何重大或然 負債（二零二零年：無）。

34. PLEDGE OF ASSETS

Details of the Group’s assets pledged for the Group’s bank loans are included in notes 24 and 28 to the financial statements.

34. 資產抵押

本集團就本集團銀行貸款抵押的資產詳 情載於財務報表附註24及28。

35. COMMITMENTS

At the end of the reporting period, the Group did not have any significant capital commitments (2020: Nil).

35. 承擔

於報告期末，本集團並無任何重大資本 承擔（二零二零年：無）。

210 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

36. RELATED PARTY TRANSACTIONS 36. 關聯方交易

• (a) There were no related party transactions during the year ended 31 December 2021 except for certain borrowings were guaranteed by Mr. Gao and Mr. Zheng stated in note 28.

• (a) 於截至二零二一年十二月三十一 日止年度並無訂立關聯方交易， 惟附註28所述高先生及鄭先生提 供擔保的若干借款除外。

• (b) Compensation of key management personnel of the (b) 本集團主要管理人員的薪酬 Group

			2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
	Short-term employee benefits	短期僱員福利	6,097	7,123
	Equity-settled share option expenses	以權益結算的購股權開支	–	376
	Pension scheme contributions	退休金計劃供款	1,034	553
	Total compensation paid to key	向主要管理人員支付的
	management personnel	薪酬總額	7,131	8,052

Further details of directors’ and the chief executive’s emoluments are included in note 11 to the financial statements.

有關董事及主要行政人員薪酬的 進一步詳情載於財務報表附註 11。

二零二一年報 萬咖壹聯有限公司 211

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

37. FINANCIAL INSTRUMENTS BY CATEGORY

The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows:

37. 按類別劃分的金融工具

各類金融工具於報告期末的賬面值如 下：

Financial assets		金融資產
		2021 二零二一年 RMB’000 人民幣千元	2020 二零二零年 RMB’000 人民幣千元
Financial assets at amortised cost	按攤銷成本計量的金融資產
Accounts receivable	應收賬款	581,348	571,166
Financial assets included in	計入按金及其他
deposits and other receivables	應收款項的金融資產	58,961	56,350
Restricted bank deposit	受限制銀行存款	43,781	44,369
Cash and cash equivalents	現金及現金等價物	401,102	195,983
		1,085,192	867,868
Financial liabilities		金融負債
Financial liabilities at amortised cost	2021 二零二一年 RMB’000 人民幣千元 按攤銷成本計量的金融負債		2020 二零二零年 RMB’000 人民幣千元
Accounts payable	應付賬款	74,330	44,707
Financial liabilities included in other	計入其他應付款項及
payables and accruals	應計費用的金融負債	5,302	5,802
Interest-bearing bank borrowings	計息銀行借款	171,647	194,996
Lease liabilities	租賃負債	26,317	4,170
		277,596	249,675

212 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

38. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

The carrying amounts and fair values of the Group’s financial instruments not measured at fair value at the end of the reporting period, other than those with carrying amounts that reasonably approximate to fair values largely due to the short term maturities of these instruments, are as follows:

38. 金融工具的公平值及公平值 層級

本集團並非按公平值計量的金融工具 （因到期期限較短而賬面值與公平值合 理相若的該等工具除外）於報告期末的 賬面值及公平值如下：

Financial liabilities		金融負債
		Carrying amounts 賬面值 2021 2020 二零二一年 二零二零年 RMB’000 RMB’000 人民幣千元 人民幣千元
Financial liabilities included in other payables	計入其他應付款項的金融負債
– non-current portion	－非即期部分	–	–
– current portion	－即期部分	500	500
		500	500
Financial liabilities included in other payables	Fair values 公平值 2021 2020 二零二一年 二零二零年 RMB’000 RMB’000 人民幣千元 人民幣千元 計入其他應付款項的金融負債
– non-current portion	－非即期部分	–	–
– current portion	－即期部分	500	500
		500	500

二零二一年報 萬咖壹聯有限公司 213

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

38. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)

Financial liabilities (continued)

Management has assessed that the fair values of restricted bank deposits, cash and cash equivalents, accounts receivable, accounts payable, financial assets included in deposits and other receivables, financial liabilities included in other payables and accruals and interest-bearing bank borrowings approximate to their carrying amounts largely due to the short term maturities of these instruments.

The Group’s finance department is responsible for determining the policies and procedures for the fair value measurement of financial instruments. At each reporting date, the finance department analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

The fair values of the non-current portion of financial liabilities included in other payables have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities (level 2).

There were no assets and liabilities measured at fair value as at 31 December 2021 and 2020.

38. 金融工具的公平值及公平值 層級（續）

金融負債（續）

管理層在評估後認為，受限制銀行存 款、現金及現金等價物、應收賬款、應 付賬款、計入按金及其他應收款項的金 融資產、計入其他應付款項及應計費用 的金融負債及計息銀行借款的公平值主 要因其到期期限較短而與其賬面值相 若。

本集團的財務部門負責制定金融工具公 平值計量的政策及程序。於各報告日 期，財務部門均會分析金融工具的價值 變動，並確定估值時所用的關鍵輸入數 據。估值由首席財務官審核及批准。

金融資產及負債的公平值按自願雙方當 前交易（強制或清算銷售除外）可換取 的金額入賬。

估計公平值時已採用下列方法及假設：

計入其他應付款項的金融負債非即期部 分的公平值乃通過使用具有類似條款、 信貸風險及剩餘期限的工具（第二層 級）目前適用的比率貼現預期未來現金 流量而計算得出。

於二零二一年及二零二零年十二月三十 一日，概無按公平值計量的資產及負 債。

214 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s principal financial instruments comprise cash and cash equivalents, restricted bank deposits and interest-bearing bank borrowings. The main purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various other financial assets and liabilities such as accounts receivable and accounts payable, which arise directly from its operations.

The main risks arising from the Group’s financial instruments are foreign currency risk, credit risk and liquidity risk. The Group’s overall risk management programme focuses on minimising potential adverse effects of these risks, with material impact, on the Group’s financial performance. The board of directors reviews and agrees policies for managing each of these risks and they are summarised below.

(a) Foreign currency risk

The Group mainly operates in Mainland China with most of the Group’s monetary assets, liabilities and transactions principally denominated in Renminbi and United States dollars. The Group has not used any derivative to hedge its exposure to foreign currency risk.

39. 金融風險管理目標及政策

本集團的主要金融工具包括現金及現金 等價物、受限制銀行存款及計息銀行借 款。該等金融工具的主要目的為本集團 籌集營運所需資金。本集團亦有各種因 其業務營運而直接引致的其他金融資產 及負債，例如應收賬款及應付賬款。

本集團金融工具所帶來的主要風險為外 匯風險、信貸風險及流動性風險。本集 團的整體風險管理計劃專注於盡量降低 該等具有重大影響的風險對本集團財務 表現的潛在不利影響。董事會會審查並 批准管理各項風險的政策並概述如下。

(a) 外匯風險

本集團主要在中國大陸開展業務 營運，且其大部分貨幣資產、負 債及交易均主要以人民幣及美元 計值。本集團並無使用任何衍生 工具對沖其所面對的外匯風險。

二零二一年報 萬咖壹聯有限公司 215

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(a) Foreign currency risk (continued)

The following table indicates the approximate change in the Group’s loss before tax and the Group’s equity in response to reasonably possible changes in the foreign exchange rates to which the Group has significant exposure at the end of the reporting period with all other variables held constant:

39. 金融風險管理目標及政策 （續）

(a) 外匯風險（續）

下表列示在所有其他變量保持不變 的情況下本集團於報告期末承受重 大風險的外匯匯率所合理可能出現 的變動會給本集團除稅前虧損及本 集團權益帶來的概約變動：

31 December 2021

二零二一年十二月三十一日

	Change in exchange rate 匯率變動 % %	Increase/ (decrease) in profit before tax 除稅前溢利 增加╱（減少） RMB’000 人民幣千元	Increase/ (decrease) in equity 權益增加 ╱（減少） RMB’000 人民幣千元
If the Renminbi Yuan weakens against	若人民幣兌美元貶值
the United States dollar	(5)	(2,856)	(4,441)
If the Renminbi Yuan strengthens against	若人民幣兌美元升值
the United States dollar	5	2,856	4,441
If the Renminbi Yuan weakens against	若人民幣兌港元貶值
the Hong Kong dollar	(5)	(1,294)	–
If the Renminbi Yuan strengthens against	若人民幣兌港元升值
the Hong Kong dollar	5	1,294	–
31 December 2020	二零二零年十二月三十一日
	Change in exchange rate 匯率變動 % %	Increase/ (decrease) in profit before tax 除稅前溢利 增加╱（減少） RMB’000 人民幣千元	Increase/ (decrease) in equity 權益增加 ╱（減少） RMB’000 人民幣千元
If the Renminbi Yuan weakens against	若人民幣兌美元貶值
the United States dollar	(5)	(14,424)	(1,469)
If the Renminbi Yuan strengthens against	若人民幣兌美元升值
the United States dollar	5	14,424	1,469
If the Renminbi Yuan weakens against	若人民幣兌港元貶值
the Hong Kong dollar	(5)	(152)	–
If the Renminbi Yuan strengthens against	若人民幣兌港元升值
the Hong Kong dollar	5	152	–

216 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(b) Credit risk

The Group’s credit risk is primarily attributable to accounts receivables, deposits and other receivables and bank balances with the restricted bank deposits. The Group’s maximum exposure to credit risk, which will cause a financial loss to the Group due to failure to discharge the obligations by counterparties is arising from the carrying amount of the respective recognised financial assets as stated in the combined statements of financial position at the end of eachreporting period.

Due to the unprecedented nature of the COVID-19 pandemic, its effect on the Group’s customers and their ability to meet their financial obligations to the Group is difficult to predict. As a result, the Group’s judgments and associated estimates of expected credit losses may ultimately prove, with the benefit of hindsight, to be incorrect.

Accounts receivable

The Group’s exposure to credit risk arising from accounts receivable in connection with mobile advertising services, game co-publishing services and online-video distribution services. In order to minimise the credit risk, the management of the Group has delegated a team responsible for the determination of credit limits and credit approvals. Before accepting any new customer, the Group assesses the potential customer’s credit quality, assign an internal credit rating and defines credit limits by customer. Limits and scoring attributed to customers are reviewed on a periodic basis. Other monitoring procedures are in place to ensure that follow-up action is taken to recover overdue debts. In addition, the Group performs impairment assessment. Before application of HKFRS 9, the Group performs impairment assessment under incurred loss model on trade balances. In this regard, the directors of the Company consider that the Group’s credit risk is significantly reduced.

39. 金融風險管理目標及政策 （續）

(b) 信貸風險

本集團的信貸風險主要來自應收 賬款、按金及其他應收款項以 及附有受限制銀行存款的銀行結 餘。本集團面臨的最大信貸風險 （乃因對手方未能履行責任而將導 致本集團蒙受財務損失）為各報 告期末合併財務狀況表所述的有 關已確認財務資產的賬面值。

由於 COVID-19 疫情的空前性 質，故難以預測其對本集團客戶 的影響及彼等履行對本集團財務 責任的能力。因此，本集團的判 斷及預期信貸虧損的相關估計可 能最終被證實（事後看來）不正 確。

應收賬款

本集團面臨與移動廣告服務、遊 戲聯運服務及網絡視頻產品分發 服務有關的應收賬款產生的信貸 風險。為盡量減低信貸風險，本 集團管理層已委派團隊負責釐定 信貸限額及信貸審批。於接納任 何新客戶前，本集團會評估潛在 客戶的信貸質素，分配內部信貸 評級及界定客戶的信貸限額。客 戶的限額及評分會定期檢討。已 制定其他監察程序，確保採取跟 進行動收回逾期債務。此外，本 集團進行減值評估。於應用香港 財務報告準則第9 號前，本集團 根據貿易結餘的已產生虧損模式 進行減值評估。就此而言，本公 司董事認為本集團的信貸風險已 大幅降低。

二零二一年報 萬咖壹聯有限公司 217

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(b) Credit risk (continued)

Accounts receivable (continued)

In respect of account receivables relating to the provision of individual credit, evaluations are performed on the customers requiring credit over a certain amount. These evaluations focus on the customer’s history of making payments when due and current ability to pay and take into account information specific to the customer. Typically, the Group does not obtain collateral from customers, except for the deposits received in advance.

The credit risk of the Group’s other financial assets, which mainly comprise of deposits and other receivables, cash and cash equivalents and restricted bank deposits, arises from potential default of the counterparties, with a maximum exposure equal to the carrying amounts of these instruments. Credit risk in cash and cash equivalents and restricted bank deposits are mitigated as cash is deposited in the bank with a high credit rating.

The Group’s customers are reputable corporations and thus credit risk is considered to be low. Credit risk on deposits and other receivables is minimal as the Group performs ongoing credit evaluation on the financial condition of its debtors and tightly monitors the ageing of the receivable balances. Follow up action is taken in case of overdue balances. In addition, management reviews the recoverable amount of the receivables individually and collectively at each reporting date to ensure that adequate impairment losses are made for irrecoverable amounts. The credit policies have been followed by the Group during the reporting period and are considered to have been effective in limiting the Group’s exposure to credit risk to a desirable level. None of the Group’s financial assets is secured by collateral or other credit enhancements.

39. 金融風險管理目標及政策 （續）

(b) 信貸風險（續）

應收賬款（續） 就有關提供個別信貸的應收賬款 而言，須對要求信貸超過若干金 額的客戶進行評估。該等評估集 中於客戶的到期付款記錄及現時 付款能力，並考慮客戶的特定資 料。一般而言，除預先收取的按 金外，本集團並無向客戶取得抵 押品。

本集團其他金融資產（主要包括 按金及其他應收款項、現金及 現金等價物及受限制銀行存款） 的信貸風險來自對手方的潛在違 約，最高風險相等於該等工具的 賬面值。現金及現金等價物以及 受限制銀行存款的信貸風險因現 金存入信貸評級高的銀行而得以 減輕。

本集團之客戶為具聲譽的公司， 故認為信貸風險不高。由於本集 團持續對其債務人之財務狀況進 行信貸評估，並密切監察應收結 餘之賬齡，故按金及其他應收款 項之信貸風險極微。本集團會對 逾期款項採取跟進行動。此外， 管理層於各報告日期對應收款項 之可收回金額進行個別及整體審 閱，確保就不可收回金額作出足 夠的減值虧損。於報告期內，本 集團一直遵從有關信貸政策，並 認為有關政策有效地將本集團所 面對之信貸風險限制至合宜水 平。本集團之金融資產概無以抵 押品或其他信貸提升措施作為抵 押。

218 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(b) Credit risk (continued)

Accounts receivable (continued)

The Group measures loss allowances for accounts receivable at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significantly different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases.

39. 金融風險管理目標及政策 （續）

(b) 信貸風險（續）

應收賬款（續）

本集團計量應收賬款的虧損撥 備，金額相等於全期預期信貸虧 損（使用撥備矩陣計算）。由於本 集團的歷史信貸虧損經驗並無顯 示不同客戶類別的虧損模式有顯 著差異，故根據逾期情況作出的 虧損撥備並無進一步區分本集團 的不同客戶基礎。

The following table provides information about the Group’s exposure to credit risk and ECLs for accounts receivable:

下表載列有關本集團面臨的信貸 風險及應收賬款預期信貸虧損的 資料：

For mobile advertising services and game co-publishing services

就移動廣告服務及遊戲聯運服務 而言

2021	二零二一年	Expected loss rate 預期虧損率 (%) (%)	Gross carrying amount Loss allowance 總賬面值 虧損撥備 (RMB’000) (RMB’000) （人民幣千元）（人民幣千元）	Gross carrying amount Loss allowance 總賬面值 虧損撥備 (RMB’000) (RMB’000) （人民幣千元）（人民幣千元）
Current (not past due)	即期（未逾期）	0.96%	358,277	3,435
Within 3 months past due	逾期3個月內	0.96%	58,976	565
3 to 12 months past due	逾期3至12個月	0.96%	126,180	1,210
1 to 2 years past due	逾期1至2年	19.70%	24,686	4,862
Over two years past due	逾期2年以上	100%	20,432	20,432
			588,551	30,504
2020	二零二零年	Expected loss rate 預期虧損率 (%) (%)	Gross carrying amount Loss allowance 總賬面值 虧損撥備 (RMB’000) (RMB’000) （人民幣千元）（人民幣千元）
Current (not past due)	即期（未逾期）	0.40%	320,582	1,282
Within 3 months past due	逾期3個月內	0.40%	43,775	175
3 to 12 months past due	逾期3至12個月	0.40%	106,553	426
1 to 2 years past due	逾期1至2年	8.03%	57,006	4,577
Over two years past due	逾期2年以上	100.00%	5,303	5,303
			533,219	11,763

二零二一年報 萬咖壹聯有限公司 219

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(b) Credit risk (continued)

Accounts receivable (continued)

The following table provides information about the Group’s exposure to credit risk and ECLs for accounts receivable:

39. 金融風險管理目標及政策 （續）

(b) 信貸風險（續）

應收賬款（續）

下表載列有關本集團面臨的信貸 風險及應收賬款預期信貸虧損的 資料：

For online-video distribution services

就網絡視頻產品分發服務而言

	2021	二零二一年	Expected loss rate 預期虧損率 (%) (%)	Gross carrying amount Loss allowance 總賬面值 虧損撥備 (RMB’000) (RMB’000) （人民幣千元）（人民幣千元）	Gross carrying amount Loss allowance 總賬面值 虧損撥備 (RMB’000) (RMB’000) （人民幣千元）（人民幣千元）
	Current (not past due)	即期（未逾期）	4.090%	24,295	994
	Within 3 months past due	逾期3個月內	4.090%	–	–
	3 to 12 months past due	逾期3至12個月	4.090%	–	–
	1 to 2 years past due	逾期1至2年	27.805%	–	–
	Over two years past due	逾期2年以上	100%	6,821	6,821
				31,116	7,815
	2020	二零二零年	Expected loss rate 預期虧損率 (%) (%)	Gross carrying amount Loss allowance 總賬面值 虧損撥備 (RMB’000) (RMB’000) （人民幣千元）（人民幣千元）
	Current (not past due)	即期（未逾期）	3.266%	23,729	775
	Within 3 months past due	逾期3個月內	–	–	–
	3 to 12 months past due	逾期3至12個月	3.266%	7,893	258
	1 to 2 years past due	逾期1至2年	19.253%	23,680	4,559
	Over two years past due	逾期2年以上	100.00%	2,681	2,681
				57,983	8,273

Expected loss rates are based on actual loss experience over the past 5 years. These rates are adjusted to reflect differences between economic conditions during the period over which the historic data has been collected, current conditions and the group’s view of economic conditions over the expected lives of the receivables.

預期虧損率乃基於過往五年的實 際虧損經驗。該等比率已予調 整，以反映已收集歷史數據期間 的經濟狀況、現況及本集團對應 收款項預計年期的經濟狀況的看 法間的差異。

220 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(c) Liquidity risk

The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial instruments and financial assets (e.g., accounts receivable) and projected cash flows from operations.

39. 金融風險管理目標及政策 （續）

• (c) 流動資金風險 本集團通過使用經常性流動資金 計劃工具監視資金短缺的風險。 該工具考慮金融工具及金融資產

• （例如應收賬款）的到期日及經營 現金流量預測。

The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, is as follows:

本集團金融負債於報告期末的到 期期限（基於已訂約未貼現付款） 如下：

31 December 2021

二零二一年十二月三十一日

			Carrying amount 賬面值 RMB’000 人民幣千元	Total contractual undiscounted cash flow Within 1 year or on demand 合約未貼現 現金流總額1年內或按要求 RMB’000 RMB’000 人民幣千元 人民幣千元	Total contractual undiscounted cash flow Within 1 year or on demand 合約未貼現 現金流總額1年內或按要求 RMB’000 RMB’000 人民幣千元 人民幣千元	1 to 2 years 1至2年 RMB’000 人民幣千元	2 to 5 years 2至5年 RMB’000 人民幣千元
	Accounts payable	應付賬款	74,330	74,330	74,330	–	–
	Financial liabilities	計入其他應付款
	included in other	項及應計費用
	payables and accruals	的金融負債	52,715	52,715	52,715	–	–
	Interest-bearing bank	計息銀行借款
	borrowings		171,647	171,647	171,647	–	–
	Lease liabilities	租賃負債	26,317	29,007	8,226	8,425	12,356
			325,009	327,699	306,918	8,425	12,356

二零二一年報 萬咖壹聯有限公司 221

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

• (c) Liquidity risk (continued)

31 December 2020

39. 金融風險管理目標及政策 （續）

(c) 流動資金風險（續） 二零二零年十二月三十一日

			Carrying amount 賬面值 RMB’000 人民幣千元	Total contractual undiscounted cash flow Within 1 year or on demand 合約未貼現 現金流總額1年內或按要求 RMB’000 RMB’000 人民幣千元 人民幣千元	Total contractual undiscounted cash flow Within 1 year or on demand 合約未貼現 現金流總額1年內或按要求 RMB’000 RMB’000 人民幣千元 人民幣千元	1 to 2 years 1至2年 RMB’000 人民幣千元	2 to 5 years 2至5年 RMB’000 人民幣千元
	Accounts payable	應付賬款	44,707	44,707	44,707	–	–
	Financial liabilities	計入其他應付款
	included in other	項及應計費用
	payables and accruals	的金融負債	40,917	40,917	40,917	–	–
	Interest-bearing bank	計息銀行借款
	borrowings		194,996	194,996	194,996	–	–
	Lease liabilities	租賃負債	4,170	4,338	2,926	1,059	353
			284,790	284,958	283,546	1,059	353

(d) Capital management

The Group’s primary objectives for managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain healthy capital ratio in order to support its business and maximise shareholders’ value.

(d) 資本管理

本集團管理資本的主要目標為保 障本集團的持續經營能力，並維 持穩健的資本比率，以支撐業務 發展及最大化股東價值。

The Group sets the amount of capital in proportion to risk. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares or sell assets to reduce debts. In the opinion of the directors of the Company, the Group’s capital risk is low. No change was made in the objectives, policies or processes for managing capital during the year.

本集團按風險比例設定資本金 額。本集團會管理其資本架構並 根據經濟狀況變化及相關資產的 風險特徵對其作出調整。為維持 或調整資本架構，本集團可能會 將資本退回予股東、發行新股或 通過出售資產而減債。本公司董 事認為，本集團的資本風險較 低。於年內，資本管理的目標、 政策或程序概無發生變化。

222 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

(d) Capital management (continued)

The Group monitors capital using current ratio, which is total current assets divided by total current liabilities, and gearing ratio, which is total liabilities divided by total assets. The current ratios and gearing ratios at the end of each of the reporting periods are as follows:

39. 金融風險管理目標及政策 （續）

(d) 資本管理（續）

本集團通過使用流動比率（以流 動資產總值除以流動負債總額） 及資本負債比率（以總負債除以 總資產）監察資本。於各報告期 末的流動比率及資本負債比率如 下：

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

Total current assets	流動資產總值	1,572,878	1,329,751
Total non-current assets	非流動資產總值	272,485	241,869
Total current liabilities	流動負債總額	434,628	411,382
Total non-current liabilities	非流動負債總額	19,822	3,440
Current ratio	流動比率	3.62	3.23
Gearing ratio	資本負債比率	25%	26%

二零二一年報 萬咖壹聯有限公司 223

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

40. STATEMENT OF FINANCIAL POSITION OF 40. 本公司財務狀況表 THE COMPANY

Information about the statement of financial position of the Company at the end of the reporting period is as follows:

本公司於報告期末財務狀況表的資料如 下：

==> picture [447 x 60] intentionally omitted <==

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

2021 2020
二零二一年 二零二零年
RMB’000 RMB’000
人民幣千元 人民幣千元
----- End of picture text -----

NON-CURRENT ASSETS	非流動資產
Investment in a subsidiary	於一間附屬公司的投資	721,149	721,149
Total non-current assets	非流動資產總額	721,149	721,149
CURRENT ASSETS	流動資產
Cash and bank equivalents	現金及銀行等價物	820	5,909
Due from subsidiaries	應收附屬公司款項	327,108	178,146
Prepayments, other receivables	預付款項、其他應收款項
and other assets	及其他資產	171	175
Total current assets	流動資產總額	328,099	184,230
CURRENT LIABILITIES	流動負債
Other payables and accruals	其他應付款項及應計費用	7,712	7,727
Total current liabilities	流動負債總額	7,712	7,727
NET CURRENT ASSETS	流動資產淨額	320,387	176,503
TOTAL ASSETS LESS CURRENT LIABILITIES	總資產減流動負債	1,041,536	897,652
Net assets	資產淨額	1,041,536	897,652
EQUITY	股權
Issued capital	已發行股本	1	1
Treasury shares	庫存股份	–*	–*
Other reserves (note)	其他儲備（附註）	1,041,535	897,651
Total equity	總權益	1,041,536	897,652

• The amount is less than RMB1,000. * 金額不足人民幣1,000元。

224 Wanka Online Inc. Annual Report 2021

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

40. STATEMENT OF FINANCIAL POSITION OF THE COMPANY (continued)

Note:

41. 本公司財務狀況表（續）

附註：

A summary to the Company’s reserve is as follows:

本公司之儲備概要載列如下：

			Share premium 股份溢價 RMB’000 人民幣千元 (Note 29) （附註29）	Capital reserve 資本儲備 RMB’000 人民幣千元	Employee share-based compensation reserve 以股份為基礎的 僱員薪酬儲備 RMB’000 人民幣千元 (Note 30) （附註30）	Exchange fluctuation reserve 外匯波動 儲備 RMB’000 人民幣千元	Accumulated losses 累計虧損 RMB’000 人民幣千元	Total 總計 RMB’000 人民幣千元
	At 1 January 2020	於二零二零年一月一日	1,543,850	–	90,035	(31,720)	(732,461)	869,704
	Loss for the year	年內虧損	–	–	–	–	(23,889)	(23,889)
	Other comprehensive loss	年內其他全面虧損：
	for the year:
	Exchange differences	匯兌差額	–	–	–	(11,753)	–	(11,753)
	Total comprehensive loss	年內全面虧損總額
	for the year		–	–	–	(11,753)	(23,889)	(35,642)
	Issue of shares	發行股份	43,366	–	–	–	–	43,366
	Vested restricted share units	轉讓予僱員的已歸屬
	transferred to employee	受限制股份單位	55,618	–	(55,618)	–	–	–
	Equity-settled share option	以權益結算的
	arrangements	購股權安排	–	–	20,224	–	–	20,224
	At 31 December 2020	於二零二零年十二月三十一日	1,642,834	–	54,641	(43,473)	(756,350)	897,652
			Share premium 股份溢價 RMB’000 人民幣千元 (Note 29) （附註29）	Capital reserve 資本儲備 RMB’000 人民幣千元	Employee share-based compensation reserve 以股份為基礎的 僱員薪酬儲備 RMB’000 人民幣千元 (Note 30) （附註30）	Exchange fluctuation reserve 外匯波動 儲備 RMB’000 人民幣千元	Accumulated losses 累計虧損 RMB’000 人民幣千元	Total 總計 RMB’000 人民幣千元
	At 31 December 2020 and	於二零二零年十二月三十一日
	1 January 2021	及二零二一年一月一日	1,642,834	–	54,641	(43,473)	(756,350)	897,652
	Loss for the year	年內虧損	–	–	–	–	(24,538)	(24,538)
	Other comprehensive loss	年內其他全面虧損：
	for the year:
	Exchange differences	匯兌差額	–	–	–	(6,374)	–	(6,374)
	Total comprehensive loss	年內全面虧損總額
	for the year		–	–	–	(6,374)	(24,538)	(30,912)
	Issue of shares	發行股份	156,635	–	–	–	–	156,635
	Vested restricted share units	轉讓予僱員的已歸屬受
	transferred to employee	限制股份單位	10,482	–	(10,482)	–	–	–
	Equity-settled share option	以權益結算的
	arrangements	購股權安排	–	–	18,160	–	–	18,160
	At 31 December 2021	於二零二一年十二月三十一日	1,809,951	–	62,319	(49,847)	(780,888)	1,041,535

225

二零二一年報 萬咖壹聯有限公司

Notes to the Financial Statements 財務報表附註

截至二零二一年十二月三十一日止年度 For the year ended 31 December 2021

40. STATEMENT OF FINANCIAL POSITION OF THE COMPANY (continued)

Employee share-based compensation reserve comprises the fair value of RSUs granted which are yet to be exercised, as further explained in the accounting policy for share-based payments in note 4 to the financial statements. The amount will either be transferred to the share premium account when the related options are exercised, or be transferred to accumulated loss should the related options expire or be forfeited.

41. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the board of directors on 25 March 2022.

40. 本公司財務狀況表（續）

以股份為基礎的僱員薪酬儲備包括已授 出惟未行使的受限制股份單位公平值， 誠如財務報表附註4以股份為基礎的付 款會計政策進一步闡釋。該款項將於行 使相關購股權時轉撥至股份溢價賬，或 相關購股權到期或被沒收時轉撥至累計 虧損。

41. 批准財務報表

於二零二二年三月二十五日，董事會已 批准並授權刊發財務報表。

226 Wanka Online Inc. Annual Report 2021

Definitions 釋義

“AGM” or

“Annual General Meeting”

「股東週年大會」

指

“Articles of Association”

「組織章程細則」

指

“associate(s)”

「聯繫人」

指

“Audit Committee” 「審核委員會」 指

“Auditor” 「核數師」 指

“Beijing JinChi”

「北京金池」 指

“Board” or “Board of Directors” 「董事會」 指

“CG Code”

「企業管治守則」 指

“ChiLe Consolidated Affiliated Entities” 「池樂合併聯屬實體」 指

“China” or “PRC”

指

「中國」

the forthcoming 2021 annual general meeting of the Company to be held on 2 June 2022

本公司將於二零二二年六月二日舉行的應屆二零二一年年度股東週年大會

the amended articles of association of the Company adopted on 3 November 2018 and effective on 21 December 2018 and as amended from time to time

本公司於二零一八年十一月三日所採納及於二零一八年十二月二十一日生效 並經不時修訂的經修訂組織章程細則

has the meaning ascribed to it under the Listing Rules 具有上市規則賦予該詞的涵義

the audit committee of the Company 本公司審核委員會

BDO Limited, the auditor of the Company 本公司核數師香港立信德豪會計師事務所有限公司

Beijing Jinchi Guangxin Technology Co., Ltd. (北京金池廣信科技股份有 限公司), a company incorporated under the laws of the PRC with limited liability on 13 May 2009, which holds 49% of the equity interests in Shanghai ChiLe

北京金池廣信科技股份有限公司，一家於二零零九年五月十三日根據中國法 律註冊成立的有限公司，持有上海池樂 49%股權

the board of directors of our Company

本公司董事會

the Corporate Governance Code set out in Appendix 14 to the Listing Rules

上市規則附錄十四所載的企業管治守則

Shanghai ChiLe and its subsidiaries

上海池樂及其附屬公司

the People’s Republic of China and, except where the context requires and only for the purpose of this annual report, references in this annual report to the PRC or China do not include Taiwan, Hong Kong or Macau 中華人民共和國，除文義另有所指及僅就本年報而言，本年報內所指的中國 並不包括台灣、香港或澳門

二零二一年報 萬咖壹聯有限公司 227

Definitions 釋義

Wanka Online Inc. (萬咖壹聯有限公司*), an exempted company with limited liability incorporated under the laws of the Cayman Islands on 7 November 2014 and the Shares of which are listed on the Main Board of the Stock Exchange (stock code: 1762)

“Company”, “our Company”, “the Company”

「本公司」 指 Wanka Online Inc(. 萬咖壹聯有限公司)，一家於二零一四年十一月七日根 據開曼群島法律註冊成立的獲豁免有限公司，其股份於聯交所主板上市(股 份代號：1762) “connected person(s)” has the meaning ascribed to it under the Listing Rules 「關連人士」 指 具有上市規則賦予該詞的涵義 “connected transaction(s)”* has the meaning ascribed to it under the Listing Rules 「關連交易」 指 具有上市規則賦予該詞的涵義

“connected person(s)” has the meaning ascribed to it under the Listing Rules 「關連人士」 指 具有上市規則賦予該詞的涵義 “connected transaction(s)” has the meaning ascribed to it under the Listing Rules 「關連交易」 指 具有上市規則賦予該詞的涵義 “Consolidated the entity we control through the Contractual Arrangements, namely Affiliated Entities” Shanghai ChiLe and Huanju Times, and their respective subsidiaries 「合併聯屬實體」 指 我們透過合約安排控制的實體，即上海池樂及歡聚時代，及其各自附屬公司 “Contractual Arrangements” the series of contractual arrangements entered into by, among others

the series of contractual arrangements entered into by, among others Shanghai ChiLe and Huanju Times, our Consolidated Affiliated Entities and its shareholders, details of which are described in the section headed “Report of the Directors – Connected Transactions – Contractual Arrangements”

• 指 由(其中包括)上海池樂及歡聚時代(我們的合併聯屬實體及其股東)訂立的一 系列合約安排，有關詳情載述於「董事會報告－關連交易－合約安排」一節

「合約安排」

“Controlling Shareholders”

has the meaning ascribed to it under the Listing Rules and, in the context of this annual report, refers to Mr. Gao, Mr. Zheng, Wanka Media Limited and Countryside Tech Inc.

「控股股東」

「控股股東」 指 具有上市規則賦予該詞的涵義及，於本年報，乃指高先生、鄭先生、Wanka Media Limited 及 Countryside Tech Inc. “Director(s)” the director(s) of our Company 「董事」 指 本公司董事

“Group”, “our Group”, the Company, its subsidiaries and the Consolidated Affiliated Entities (the “the Group”, “we”, financial results of which have been consolidated and accounted for as “us”, or “our” a subsidiary of our Company by virtue of the Contractual Arrangements) from time to time 「本集團」或「我們」 指 本公司，其不時之附屬公司及合併聯屬實體(其財務業績已因合約安排綜合 入賬列作本公司附屬公司)

• 僅供識別

• For identification purposes only

228 Wanka Online Inc. Annual Report 2021

Definitions 釋義

“HKFRS” Hong Kong Financial Reporting Standards 「香港財務報告準則」 指 香港財務報告準則 “Hong Kong” the Hong Kong Special Administrative Region of the PRC 「香港」 指 中國香港特別行政區 “Hong Kong dollars” or Hong Kong dollars, the lawful currency of Hong Kong “HK dollars” or “HK$” 「港元」 指 港元，香港法定貨幣 “Huanju Times” Huanju Shidai Culture Media (Beijing) Co., Ltd. (歡聚時代文化傳媒(北京) 有限公司), a company established in the PRC on March 7, 2014, owned by Mr. Gao and Mr. Zheng as to 72% and 28% of its share capital, respectively 「歡聚時代」 指 歡聚時代文化傳媒(北京)有限公司，一家於二零一四年三月七日在中國成立 的公司，高先生及鄭先生分別擁有其 72%及 28%股本 “Listing Date” 21 December 2018, being the date the Shares were listed on the Stock Exchange 「上市日期」 指 二零一八年十二月二十一日，即股份於聯交所上市的日期 “Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time) 「上市規則」 指 香港聯合交易所有限公司《證券上市規則》(經不時修訂) “Main Board” the stock exchange (excluding the option market) operated by the Stock Exchange which is independent from and operates in parallel with the Growth Enterprise Market of the Stock Exchange 「主板」 指 聯交所運營的證券交易所(不包括期權市場)，獨立於聯交所 GEM 並與其並 行運作 “MHA” Mobile Hardcore Alliance, a network of seven Android smartphone manufacturers in China, namely Huawei, OPPO, vivo, Coolpad, Lenovo, Meizu and nubia 「硬核聯盟」 指 硬核聯盟，為中國七家安卓智能手機製造商網絡，即華為、OPPO、vivo、 酷派、聯想、魅族及努比亞 “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules 「標準守則」 指 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》 “Mr. Gao” Mr. GAO Dinan (高弟男), our chairman of the Board, executive Director, chief executive officer and one of our Controlling shareholders 「高先生」 指 高弟男先生，我們的董事會主席、執行董事、首席執行官及我們的其中一名 控股股東

二零二一年報 萬咖壹聯有限公司 229

Definitions 釋義

“Mr. Zheng” Mr. ZHENG Wei (鄭煒), our non-executive Director and one of our Controlling shareholders 「鄭先生」 指 鄭煒先生，我們的非執行董事及我們的其中一名控股股東 “Nomination Committee” nomination committee of the Company 「提名委員會」 指 本公司提名委員會 “Post-IPO Share Option the share option scheme adopted by our Company on 3 November 2018, Scheme” the principal terms of which are set out in the section headed “Report of the Directors – Post-IPO Share Option Scheme” 「首次公開發售後購股權計劃」 指 本公司於二零一八年十一月三日採納的購股權計劃，其主要條款載述於「董 事會報告－首次公開發售後購股權計劃」一節 “Prospectus” the prospectus of the Company dated 11 December 2018 relating to its initial public offering 「招股章程」 指 本公司日期為二零一八年十二月十一日有關其首次公開發售的招股章程 “Quick App(s)” mobile apps that allow instant usage without having to visit any app store or download anything, and are easier to develop than traditional mobile apps 「快應用」 指 允許即時使用的移動應用程序，無需訪問任何應用商店或下載任何內容，且 比傳統移動應用程序更易於開發 “Remuneration Committee” the remuneration committee of the Company 「薪酬委員會」 指 本公司薪酬委員會 “Reporting Period” the year ended 31 December 2021 「報告期」 指 截至二零二一年十二月三十一日止年度 “RMB” Renminbi, the lawful currency of PRC 「人民幣」 指 人民幣，中國法定貨幣 “RSU(s)” restricted share units granted pursuant to the 2016 Share Incentive Scheme 「受限制股份單位」 指 根據二零一六年股份激勵計劃授出的受限制股份單位 “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time 「證券及期貨條例」 指 香港法例第571章《證券及期貨條例》(經不時修訂、補充或以其他方式修改) “Shanghai ChiLe” Shanghai Chile Information Technology Co., Ltd. (上海池樂信息科技有 限公司), a company incorporated under the laws of the PRC with limited liability on 18 June 2014, owned by Mr. Gao and Beijing JinChi as to 51.0% and 49.0% of its share capital, respectively 「上海池樂」 指 上海池樂信息科技有限公司，一家於二零一四年六月十八日根據中國法律註 冊成立的有限公司，由高先生及北京金池分別擁有其 51.0%及 49.0%股本

230 Wanka Online Inc. Annual Report 2021

Definitions 釋義

“Share(s)”

「股份」 指

“Shareholder(s)”

「股東」 指

“Stock Exchange”

「聯交所」 指

“subsidiary(ies)” 「附屬公司」 指 “substantial shareholder” 「主要股東」 指

“United States,” “U.S.” or “US”

「美國」 指 “US$” 「美元」 指

“Wanka Hong Kong”

「玩咖香港」 指

“Wanka Huanju” or “WFOE”

「玩咖歡聚」或「外商獨資企業」 指

“%”

「 % 」 指

“2016 Share Incentive Scheme”

「二零一六年股份激勵計劃」

指

ordinary share(s) in the share capital of our Company with a par value of US$0.0000002 each

本公司股本中每股面值 0.0000002 美元的普通股

holder(s) of Share(s)

股份持有人

The Stock Exchange of Hong Kong Limited 香港聯合交易所有限公司

has the meaning ascribed to it under the Listing Rules

具有上市規則賦予該詞的涵義

has the meaning ascribed to it under the Listing Rules 具有上市規則賦予該詞的涵義

the United States of America, its territories, its possessions and all areas subject to its jurisdiction

美利堅合眾國，其領土、屬地及受其司法管轄的所有地區

United States dollars, the lawful currency of the United States 美元，美國法定貨幣

Wanka Holdings Limited (玩咖控股有限公司), a limited liability company incorporated in Hong Kong on 6 June 2014, and our directly wholly – owned subsidiary

玩咖控股有限公司，一家於二零一四年六月六日在香港註冊成立的有限公 司，為我們的直接全資附屬公司

Wanka Huanju Culture Media (Beijing) Co., Ltd. (玩咖歡聚文化傳媒(北京) 有限公司), a company established in the PRC on 10 October 2014, and our wholly-owned subsidiary

玩咖歡聚文化傳媒(北京)有限公司，一家於二零一四年十月十日在中國成立 的公司，為我們的全資附屬公司

per centum

百分比

the share incentive scheme adopted by the Company on 6 January 2016 which was amended, restated and replaced in its entirety by a restricted share unit scheme on 24 May 2018, the principal terms of which are set out in the section headed “Report of the Directors – 2016 Share Incentive Scheme”

本公司於二零一六年一月六日採納的股份激勵計劃，於二零一八年五月二十 四日以受限制股份單位計劃經全面修訂、重列及替換，其主要條款載於「董 事會報告－二零一六年股份激勵計劃」一節

二零二一年報 萬咖壹聯有限公司 231

Definitions 釋義

“2019 Share Incentive Scheme”

「二零一九年股份激勵計劃」

指

the share incentive scheme adopted by the Company on 29 August 2019, the principal terms of which are set out in the section headed “Report of the Directors－2019 Share Incentive Scheme”

本公司於二零一九年八月二十九日採納的股份激勵計劃，其主要條款載於 「董事會報告－二零一九年股份激勵計劃」一節

• for identification purposes only

* 僅供識別

The English names of the PRC entities, PRC laws or regulations, and the PRC governmental authorities referred to in this annual report are translations from their Chinese names and are for identification purposes. If there is any inconsistency, the Chinese names shall prevail.

本年報所載中國實體、中國法律或法規以及 中國政府機關的英文譯名均譯自中文名稱， 以供識別。如有歧義，概以中文名稱為準。

Certain amounts and percentage figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures preceding them and figures rounded to the nearest thousand, million or billion may not be identical to figures that have been rounded differently to them.

本年報所載若干金額及百分比數字已約整。 因此，若干表格所列總數未必等於其上數額 的算術總和，約整至最接近千、百萬或十億 的數字未必與按不同方式約整的數字相等。

232 Wanka Online Inc. Annual Report 2021

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