Web3 Meta Limited — Interim / Quarterly Report 2019

Nov 12, 2018

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MILLION STARS HOLDINGS LIMITED 萬星控股有限公司

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

Stock Code 股份代號：8093

1st Quarterly Report 第一季度報告

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)

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

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

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

香港聯合交易所有限公司（「聯交所」）GEM 特色

GEM 的地位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的 市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資 決定。

由於 GEM 上市公司一般為中小型公司，在 GEM 買賣的證券可能會較於主板買賣之證券承受較大的市 場波動風險，同時無法保證在 GEM 買賣的證券會有高流通量的市場。

本報告的資料乃遵照《聯交所GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提供有關萬星控股 有限公司（「本公司」）的資料；本公司的董事（「董事」）願就本報告的資料共同及個別地承擔全部責任。 各董事在作出一切合理查詢後，確認就其所知及所信，本報告所載資料在各重要方面均屬準確完備， 沒有誤導或欺詐成分，且並無遺漏任何其他事項，足以令致本報告所載任何陳述或本報告產生誤導。

CONTENTS 目錄

• 03 Unaudited Condensed Consolidated Statement of 未經審核簡明綜合損益及其他全面收益表 Profit or Loss and Other Comprehensive Income

• 04 Unaudited Condensed Consolidated Statement of Changes in Equity

• 未經審核簡明綜合權益變動表

• 06 Notes to The Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

• 未經審核簡明綜合損益及其他 全面收益表附註

• 12 Management Discussion and Analysis

管理層討論及分析

• 19 Other Information

其他資料

QUARTERLY RESULTS 季度業績

FOR THE PERIOD ENDED 30 SEPTEMBER 2018 (UNAUDITED) 截至二零一八年九月三十日止期間（未經審核）

The board of Directors (the “Board”) of the Company is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the “Group”) for the three months ended 30 September 2018, together with the unaudited comparative figures for the corresponding period in 2017 as follows:

本公司董事會（「董事會」）欣然宣佈本公司 及其附屬公司（「本集團」）截至二零一八年 九月三十日止三個月之未經審核簡明綜合 業績連同二零一七年同期之未經審核比較 數字如下：

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

未經審核簡明綜合損益及其他全面 收益表

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` Three months ended
30 September
截至九月三十日止三個月
2018 2017
二零一八年 二零一七年
Notes HK$’000 HK$’000
附註 千港元 千港元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
REVENUE 收入 2 94,398 62,627
Cost of sales 銷售成本 (80,490) (39,458)
Gross profit 毛利 13,908 23,169
Other income (losses)/gains 其他收入（虧損）╱
收益 652 71
Selling and distribution expenses 銷售及分銷開支 (2,359) (2,563)
Administrative expenses 行政開支 (14,682) (9,316)
(Loss)/profit from operations 經營（虧損）╱溢利 3 (2,481) 11,361
Finance costs 財務成本 4 (6) –
(Loss)/profit before tax 除稅前（虧損）╱溢利 (2,487) 11,361
Income tax expense 所得稅開支 5 (240) (1,751)
(Loss)/profit for the period 本公司擁有人應佔
attributable to owners of the 期內（虧損）╱溢利
Company (2,727) 9,610
Other comprehensive income 其他全面收益
Items that may be reclassified 其後可能重新分類
subsequently to profit or loss: 至損益的項目：
Exchange differences on translation 換算境外業務之
of foreign operations 匯兌差額 (8,594) 350
Other comprehensive income 期內其他全面收益
for the period (8,594) 350
Total comprehensive income 本公司擁有人應佔
for the period attributable 期內全面收益總額
to owners of the Company (11,321) 9,960
(Loss)/earnings per Share attributable 本公司擁有人應佔
to owners of the Company 每股（虧損）╱盈利
Basic and Diluted (HK cents) 基本及攤薄（港仙） 6 (0.68) 2.40
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2018/2019 第一季度報告[•] 萬星控股有限公司 03

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 未經審核簡明綜合權益變動表

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2018 截至二零一八年九月三十日止三個月

			Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company	Attributable to owners of the Company
			本公司擁有人應佔
	Share capital	Share premium	Statutory reserve	Exchange fluctuation reserve	Other reserve	Retained earnings	Total
	股本	股份溢價	法定儲備	匯兌波動 儲備	其他儲備	保留盈利	總計
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元
			(note i)	(note ii)	(note iii)
			（附註i）	（附註ii）	（附註iii）
As at 1 July 2018 (audited) 於二零一八年七月一日 （經審核） 4,000 Loss for the period (unaudited) 期內虧損（未經審核） – Other comprehensive income for the period (unaudited) 期內其他全面收益 （未經審核） – Total comprehensive income for the period (unaudited) 期內全面收益總額 （未經審核） – As at 30 September 2018 (unaudited) 於二零一八年九月三十日 （未經審核） 4,000 As at 1 July 2017 (audited) 於二零一七年七月一日 （經審核） 4,000 Profit for the period (unaudited) 期內溢利（未經審核） – Other comprehensive income for the period (unaudited) 期內其他全面收益 （未經審核） – Total comprehensive income for the period (unaudited) 期內全面收益總額 （未經審核） – As at 30 September 2017 (unaudited) 於二零一七年九月三十日 （未經審核） 4,000
	4,000	39,782	2,014	(2,239)	100	217,520	261,177
	–	–	–	–	–	(2,727)	(2,727)
	–	–	–	(8,594)	–	–	(8,594)
	–	–	–	(8,594)	–	(2,727)	(11,321)
		39,782	2,014	(10,833)	100	214,793	249,856
	4,000	39,782	208	757	100	14,746	59,593
	– –	– –	– –	– 350	– –	9,610 –	9,610 350
	–	–	–	350	–	9,610	9,960
		39,782	208	1,107	100	24,356	69,553

04 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 未經審核簡明綜合權益變動表

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2018 截至二零一八年九月三十日止三個月

Notes:

附註：

(i) STATUTORY RESERVE

Pursuant to the relevant laws and regulations for business enterprises in the PRC, a portion of the profits of the entities which are registered in the PRC have been transferred to the statutory reserve which is restricted as to use. When the balance of such reserve reaches 50% of the capital of that entity, any further appropriation is optional. The statutory reserve can be utilised, upon approval of the relevant authority, to offset prior years’ losses or to increase capital. However, the balance of the statutory reserve must be maintained at a minimum 25% of capital after such usage.

• (i) 法定儲備

• 根據中國的相關企業法律及法規，於中國註 冊之實體之部分溢利已轉撥至有限定用途之 法定儲備。當該等儲備結餘達該實體資本之 50% 時，可選擇是否作出任何進一步劃撥。 法定儲備在獲得相關部門批准後方可動用， 以抵銷過往年度之虧損或增資。然而，運用 法定儲備後之結餘須維持在資本之最低 25%。

(ii) EXCHANGE FLUCTUATION RESERVE

• Exchange fluctuation reserve represents exchange differences relating to the translation of the net assets of foreign operations of the Group from their functional currencies to the Group’s presentation currency (i.e. Hong Kong dollar) that are recognised directly in other comprehensive income and accumulated in the exchange fluctuation reserve. Such exchange differences accumulated in the exchange fluctuation reserve are reclassified to profit or loss on the disposal of the foreign operations.

• (ii) 匯兌波動儲備 匯兌波動儲備指有關本集團海外業務之資產 淨值由其功能貨幣換算為本集團之呈列貨幣

• （即港元）產生之匯兌差額，其直接於其他全 面收益中確認及於匯兌波動儲備中累計。該 等於匯兌波動儲備累計之匯兌差額於出售海 外業務時重新分類至損益。

(iii) OTHER RESERVE

Other reserve represents the difference between the nominal value of the shares issued by the Company in exchange for the nominal value of the share capital of its subsidiary arising from the Reorganisation.

(iii) 其他儲備

• 其他儲備指本公司為換取因重組而產生之其 附屬公司的股本面值而發行之股份面值間之 差額。

2018/2019 第一季度報告[•] 萬星控股有限公司 05

NOTES 附註

1. GENERAL INFORMATION, BASIS OF PREPARATION AND ACCOUNTING POLICIES

The unaudited condensed consolidated financial statements for the three months ended 30 September 2018 have been prepared in accordance with the accounting principles generally accepted in Hong Kong and comply with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and the applicable disclosures by the GEM Listing Rules.

The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements for the three months ended 30 September 2018 are consistent with those adopted in the annual report for the year ended 30 June 2018 except for the adoption of the new and revised Hong Kong Financial Reporting Standards (the “New and Revised HKFRSs”) (which include all HKFRSs, Hong Kong Accounting Standards (“HKASs”) and Interpretations) issued by the HKICPA that are adopted for the first time for the current periods financial statements.

The adoption of the New and Revised HKFRSs has had no significant effect on the unaudited condensed consolidated financial statements for the three months ended 30 September 2018 and there have been no significant changes to the accounting policies applied in these unaudited condensed consolidated financial statements for the three months ended 30 September 2018.

1. 一般資料、編製基準及會計政 策

截至二零一八年九月三十日止三個 月的未經審核簡明綜合財務報表乃 根據香港公認會計原則以及遵照香 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」）及 GEM 上市規則規定 的適用披露條文編製。

編製截至二零一八年九月三十日止 三個月的未經審核簡明綜合財務報 表所用的會計政策及計算方法與截 至二零一八年六月三十日止年度的 年報所採用者貫徹一致，惟採納本 期間財務報表首次採納由香港會計 師公會頒佈的新訂及經修訂香港財 務報告準則（「新訂及經修訂香港財 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）則除外。

採納新訂及經修訂香港財務報告準 則對截至二零一八年九月三十日止 三個月的未經審核簡明綜合財務報 表並無重大影響，而該等截至二零 一八年九月三十日止三個月的未經 審核簡明綜合財務報表所採用的會 計政策亦無重大變動。

06 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

NOTES 附註

1. GENERAL INFORMATION, BASIS OF PREPARATION AND ACCOUNTING POLICIES (Continued)

The Group has not applied any new and revised standards, amendments or interpretations that have been issued but are not yet effective. The Group is currently assessing the impact of the adoption of such new and revised standards, amendments or interpretations to the Group but is yet to be in a position to state whether they would have any material financial impact on the Group’s results of operations and financial position.

The unaudited condensed consolidated financial statements for the three months ended 30 September 2018 have been prepared on the historical cost basis.

The unaudited condensed consolidated financial statements have not been audited by the Company’s auditors, but have been reviewed by the audit committee of the Company.

1. 一般資料、編製基準及會計政 策（續）

本集團並未採用已頒佈但尚未生效 的任何新訂及經修訂準則、修訂本 或詮釋。本集團現正評估採納該等 新訂及經修訂準則、修訂本或詮釋 對本集團的影響，惟尚未能確定其 會否對本集團的經營業績及財務狀 況造成任何重大財務影響。

截至二零一八年九月三十日止三個 月的未經審核簡明綜合財務報表乃 按歷史成本基準編製。

本未經審核簡明綜合財務報表尚未 經本公司核數師審核，惟已由本公 司審核委員會審閱。

2018/2019 第一季度報告[•] 萬星控股有限公司 07

NOTES 附註

2. REVENUE

Revenue represents the aggregate of income from provision of internet advertising agency services, mobile payment technical support services and the net invoiced value of leather products sold, after allowances for returns.

2. 收入

收入指提供互聯網廣告代理服務、 移動支付技術支持服務以及已售皮 革產品發票淨值（經扣除退貨撥備） 所得總額。

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Three months ended
30 September
截至九月三十日止三個月
2018 2017
二零一八年 二零一七年
HK$’000 HK$’000
千港元 千港元
Internet advertising agency services 互聯網廣告代理服務 73,403 37,944
Mobile payment technical support 移動支付技術支持服務
services – 6,243
Leather business 皮革業務 20,995 18,440
94,398 62,627
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3. PROFIT BEFORE TAXATION

The Group’s profit before taxation is arrived at after charging:

3. 除稅前溢利

本集團的除稅前溢利乃經扣除下列 各項後達致：

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Three months ended
30 September
截至九月三十日止三個月
2018 2017
二零一八年 二零一七年
HK$’000 HK$’000
千港元 千港元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Depreciation of property, 物業、廠房及設備
plant and equipment 折舊 386 91
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08 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

NOTES 附註

4. FINANCE COSTS

4. 財務成本

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Three months ended
30 September
截至九月三十日止三個月
2018 2017
二零一八年 二零一七年
HK$’000 HK$’000
千港元 千港元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Finance lease charge 融資租賃開支 6 –
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5. INCOME TAX EXPENSE

Hong Kong Profits Tax is calculated at the rate of 16.5% (2017: 16.5%) on the estimated assessable profit for the period.

5. 所得稅開支

香港利得稅乃就有關期間的估計應 課稅溢利按 16.5%（二零一七年： 16.5%）之稅率計算。

On 21 March 2018, the Hong Kong Legislative C o u n c i l p a s s e d T h e I n l a n d R e v e n u e (Amendment) (No.7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rate regime. The Bill was signed into law on 28 March 2018 and was gazette on the following day.

於二零一八年三月二十一日，香港 立法會通過《二零一七年稅務（修訂） （第 7 號）條例草案》（「條例草案」）， 引入利得稅兩級制。條例草案於二 零一八年三月二十八日獲簽署成為 法律，並於翌日在憲報刊登。

Under the two-tiered profit tax rate regime, the first HK$2 million of assessable profits of qualifying corporations will be taxed at 8.25%, and assessable profits above HK$2 million will be taxed at 16.5%.

根據利得稅兩級制，合資格公司首 筆 2,000,000 港元應課稅溢利之稅率 為 8.25%，而超過 2,000,000 港元應 課稅溢利之稅率為 16.5%。

2018/2019 第一季度報告[•] 萬星控股有限公司 09

NOTES 附註

5. INCOME TAX EXPENSE (Continued)

The rate of the Corporate Income Tax of the People’s Republic of China (the “PRC”) of the Group’s subsidiary operating in the PRC during the period was 25% (2016: 25%) on its assessable profits. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries on jurisdictions in which the Group operates for the periods.

5. 所得稅開支（續）

期內本集團於中華人民共和國（「中 國」）經營之附屬公司之中國企業所 得稅稅率為其應課稅溢利之25%（二 零一六年：25%）。於其他地區的應 課稅溢利已按本集團於有關期間營 運所在的國家或司法權區的現行稅 率計算稅項。

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Three months ended
30 September
截至九月三十日止三個月
2018 2017
二零一八年 二零一七年
HK$’000 HK$’000
千港元 千港元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Current income tax: 當期所得稅：
Hong Kong Profits Tax 香港利得稅 45 723
PRC Enterprise Income Tax 中國企業所得稅 195 1,028
Total income tax expense 期間所得稅開支總額
for the period 240 1,751
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10 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

NOTES 附註

6. (LOSS)/EARNING PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY

The calculation of the basic earnings per Share attributable to owners of the Company was based on (i) the (loss) attributable to owners of the Company for the period of approximately HK$2,727,000 (2017: profit of HK$9,610,000) and (ii) the number of 400,000,000 (2016: 400,000,000) shares in issue during the period.

The diluted earnings per Share for the three months ended 30 September 2018 and 2017 are equal to the basic earnings per Share as there were no dilutive potential ordinary shares in issue during the period.

INTERIM DIVIDEND

The Board does not recommend the payment of any interim dividend for the three months ended 30 September 2018 (2017: nil).

6. 本公司擁有人應佔每股（虧 損）╱盈利

本公司擁有人應佔每股基本盈利乃 根據 (i) 本公司擁有人應佔有關期間 虧損約2,727,000港元（二零一七年： 溢利 9,610,000 港元）及 (ii) 期內已發 行股份數目為 400,000,000 股（二零 一六年：400,000,000 股）已發行股 份計算。

由於期內概無已發行之具攤薄效應 的潛在普通股，截至二零一八年及 二零一七年九月三十日止三個月之 每股攤薄盈利與每股基本盈利相同。

中期股息

董事會不建議就截至二零一八年九月三十 日止三個月派付任何中期股息（二零一七 年：無）。

2018/2019 第一季度報告[•] 萬星控股有限公司 11

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

INTRODUCTION

The Group is an integrated company specialising in (i) the internet advertising agency business; and (ii) the manufacture and sales of leather products for its customers.

簡介

本集團為一間綜合公司，專門從事 (i) 互聯 網廣告代理服務；及 (ii) 為客戶生產及銷售 皮革產品。

BUSINESS REVIEW

Internet Advertising Agency Services

The Group provides the internet advertising agency services through its wholly-owned subsidiary, Horgos Dongrun Network Technology Company Limited* （霍 爾果斯東潤網絡科技有限公司） (“Horgos Dongrun”) in the PRC. Horgos Dongrun, an internet advertising service provider empowered by its self-developed DSP system, is committed to providing advertisers with accurate programmatic advertising services through marketing planning, media agency and programmatic purchase and data analysis. Focusing on internet advertising services, the company acquires media resources and services through purchase or exchange, and offers integrated and optimised media resources to advertisers to meet their marketing needs. Its internetfocused customer base includes Tencent, Jinri Toutiao （今日頭條）, Dianping.com （大眾點評）, among other well-known names, in a wide range of segments such as e-commerce, online tourism, game, video, dating and automobile. During the period, Horgos Dongrun achieved an operating income of approximately HK$66 million.

業務回顧

互聯網廣告代理服務

本集團通過全資附屬公司霍爾果斯東潤網 絡科技有限公司（「霍爾果斯東潤」），在國 內提供互聯網廣告代理服務。霍爾果斯東 潤是一家擁有自主開發的 DSP 系統的互聯 網廣告服務商，通過營銷策劃，媒介代理 和程式化購買與數據分析，致力於為廣告 主提供精準化、程式化的廣告投放。公司 以經營互聯網廣告為核心業務，通過購買 或者交換的模式獲得媒體資源和服務，並 將獲取的媒體資源經過整合、優化提供給 廣告主以滿足其營銷需求。公司的客戶以 互聯網行業為主，覆蓋電子商務、在綫旅 遊、遊戲、視頻、交友、汽車等行業，主 要客戶包括騰訊、今日頭條、大眾點評等 知名企業，期內霍爾果斯東潤實現約 66,000,000 港元的營業收入。

The Group extended its presence in the mobile internet advertising market through its wholly-owned subsidiaries, Shenzhen Ai Wan Yue Technology Company Limited （深圳愛玩悅科技有限公司） and Horgos Sifan Information Technology Company Limited （霍爾果斯思凡信息科技有限公司） (collectively, referred as “Ai Wan Yue”). Due to changes in the legal environment of the PRC, in order to avoid policy risks, the Group has substantially reduced the business of Ai Wan Yue. During the period, Ai Wan Yue recorded an operating income of approximately HK$656,000.

本集團通過全資附屬公司深圳愛玩悅科技 有限公司及霍爾果斯思凡信息科技有限公 司（以下合稱「愛玩悅」）發展移動互聯網廣 告市場。由於國內法律環境的變化，為規 避政策風險，集團大幅減少了愛玩悅的業 務，於期內愛玩悅錄得約 656,000 港元的 營業收入。

12 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

During the period, the Group developed its overseas internet advertising market through its wholly-owned subsidiary, Million Stars Internet Media Limited (“MSIM”). Through its proprietary internet advertising platform as well as global mainstream online platforms such as Facebook and Yahoo, MSIM provides customers with access to global advertising, including big data support, integrated marketing solutions, localisation support and account stabilisation services. During the period, MSIM recorded an operating income of approximately HK$5 million.

本集團通過全資附屬公司萬星網絡傳媒有 限公司（「萬星網絡」）發展海外互聯網廣告 市場。萬星網絡通過其自有的互聯網廣告 平台和全球主流網絡平台 Facebook 以及雅 虎為客戶提供覆蓋全球的廣告投放服務， 包括為客戶提供大數據支援、整合營銷方 案、本地化支持、穩定賬號等服務。期內 萬星網絡錄得約 5,000,000 港元的營業收 入。

Mobile Payment Technical Support Services

Due to the introduction of new laws and regulations in the PRC, the government has implemented more stringent management of mobile payment. In order to avoid possible operational risks, the Group decided to suspend the mobile payment technical support services.

移動支付技術支援服務

由於國家新的法律法規的出台，政府對移 動支付領域的管理變得更加嚴格，為規避 可能的經營風險，本集團決定暫停移動支 付的技術支援業務。

Leather Business

The Group is engaged in manufacturing and sales of leather products through its wholly-owned subsidiaries, Perline Company Limited （柏麗發展有限公司） and Foshan Nanhai Shengli Leather Garment Co. Ltd.* （佛 山市南海盛麗皮衣有限公司）, and most of its major customers are middle to high-end leather fashion brands. During the period, the sales revenue from leather products amounted to approximately HK$21 million.

皮革業務

本集團通過全資附屬公司柏麗發展有限公 司及佛山市南海盛麗皮衣有限公司從事生 產及銷售皮革產品業務，其主要客戶大部 分為中高端價格的皮革服飾時裝品牌。期 內錄得皮革產品的銷售收入約 21,000,000 港元。

OUTLOOK

Looking ahead, the Group will seize the opportunities in the booming internet advertising sector to step up investments in internet advertising, seeking to tap on new customers and business for delivering better returns to its shareholders.

展望

本集團未來會抓住互聯網廣告行業飛速發 展的機會，加大在互聯網廣告市場的投資 力度，努力拓展新的客戶與業務，為股東 帶來更高回報。

* for identification only

2018/2019 第一季度報告[•] 萬星控股有限公司 13

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

FINANCIAL REVIEW

Overview

Revenue of the Group for the three months ended 30 September 2018 amounted to approximately HK$94 million, representing a significant increase of approximately 51% as compared to the corresponding period in the previous financial year.

財務回顧

概覽

本集團於截至二零一八年九月三十日止三 個月的收入約為 94,000,000 港元，較上一 個財政年同期大幅增加約 51%。

The Group’s gross profit for the three months ended 30 September 2018 was approximately HK$14 million, decreased by approximately HK$9 million compared with the same period of last year.

本集團於截至二零一八年九月三十日止三 個月的毛利約為 14,000,000 港元，較去年 同期減少約 9,000,000 港元。

Loss attributable to equity holders of the Company for the three months ended 30 September 2018 amounted to approximately HK$3 million, which represented an decrease in profit of approximately HK$12 million compared with the three months ended 30 September 2017.

本公司權益持有人於截至二零一八年九月 三十日止三個月應佔虧損約為 3,000,000 港 元，較截至二零一七年九月三十日止三個 月的溢利減少約 12,000,000 港元。

Revenue

The Group’s revenue principally represented income derived from (i) provision of internet advertising agency services; and (ii) the manufacturing and sales of leather products to high-end fashion brand customers for this period.

收入

於本期間，本集團的收入主要指 (i) 提供互 聯網廣告代理服務；及 (ii) 生產及向高檔時 裝品牌客戶銷售皮革服飾產品所產生的收 入。

The Group’s revenue for the three months ended 30 September 2018 was approximately HK$94 million, recorded a rise of approximately 51% from that of approximately HK$63 million for the three months ended 30 September 2017 mainly attributable to the provision of internet advertising agency services.

本集團於截至二零一八年九月三十日止三 個月的收入約為 94,000,000 港元，較截至 二零一七年九月三十日止三個月約 63,000,000 港元增加約 51%，主要來自提 供互聯網廣告代理服務。

14

MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Cost of Sales and Gross Profit

Cost of sales mainly represents costs incurred for the provision of internet advertising agency services, costs of raw materials, costs of accessories, labour costs, and other manufacturing overheads for this period.

銷售成本及毛利

於本期間，銷售成本主要指提供互聯網廣 告代理服務、原材料成本、配件成本、勞 工成本和其他製造費用。

The Group’s cost of sales for the three months ended 30 September 2018 was approximately HK$80 million, representing an increase of approximately HK$41 million from that for the three months ended 30 September 2017 mainly due to the cost incurred for internet advertising agency services.

本集團於截至二零一八年九月三十日止三 個月的銷售成本約為 80,000,000 港元，較 截至二零一七年九月三十日止三個月上升 約 41,000,000 港元，主要由於互聯網廣告 代理服務所產生的成本所致。

Other Income, (Losses)/Gains

Other income and (losses)/gains, mainly represents sundry income incidental to our business, principally including interest income, income from sales of scrap materials and net exchange differences.

其他收入、（虧損）╱收益

其他收入及（虧損）╱收益主要指與我們業 務相關的雜項收入，主要包括利息收入、 來自銷售廢料的收入及淨匯兌差額。

Other income, (losses)/gains, amounted to net gains of approximately HK$652,000 for the three months ended 30 September 2018 compared to net gains of approximately HK$71,000 with the three months ended 30 September 2017. The increase was mainly due to a subsidy received of approximately HK$521,000 for participation in design event.

截至二零一八年九月三十日止三個月，其 他收入、（虧損）╱收益為淨收益約 652,000 港元，而截至二零一七年九月三十日止三 個月則為淨收益約 71,000 港元。增加乃主 要由於參加設計活動獲授補貼約 521,000 港元。

Selling and Distribution Expenses

Selling and distribution expenses comprised mainly logistic expenses and marketing expenses. The selling and distribution expenses for the three months ended 30 September 2018 were approximately HK$2 million (2017: HK$3 million). The slight decline in selling and distribution expenses was mainly due to the tight cost control exercised for internet advertising agency business.

銷售及分銷開支

銷售及分銷開支主要包括物流費用及營銷 開支。截至二零一八年九月三十日止三個 月的銷售及分銷開支約為 2,000,000 港元 （二零一七年：3,000,000 港元）。銷售及分 銷開支略微減少乃主要由於就互聯網廣告 代理業務實施嚴格的成本控制所致。

2018/2019 第一季度報告[•] 萬星控股有限公司 15

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Administrative Expenses

Administrative expenses comprised mainly payroll expenses, rent and rates and other office administrative expenses. Administrative expenses were increased from approximately HK$9 million for the three months ended 30 September 2017 to approximately HK$15 million for the three months ended 30 September 2018, representing an increase of approximately 58%.

行政開支

行政開支主要包括薪金開支、租金及差餉 以及其他辦公室行政開支。行政開支由截 至二零一七年九月三十日止三個月的約 9,000,000 港元增加至截至二零一八年九月 三十日止三個月的約 15,000,000 港元，增 幅約為 58%。

The higher administrative expenses for the three months ended 30 September 2018 were recorded mainly due to the increase in salaries and wages and office administrative expenses.

截至二零一八年九月三十日止三個月錄得 較高行政開支，乃主要由於薪金及工資及 辦公室行政開支上漲所致。

Taxation

Income tax represents Hong Kong Profits Tax at 16.5% for the Company’s subsidiaries in Hong Kong and the PRC Corporate Income Tax at 25% for the Company’s subsidiaries in the PRC. Some subsidiaries of the Company, which are incorporated in the Horgos Economic Development Zone and engaged in industries particularly encouraged by the local government, are entitled to a preferential tax treatment of five years exemption from enterprise income tax.

稅項

所得稅指本公司香港附屬公司按 16.5% 的 稅率繳納之香港利得稅及本公司中國附屬 公司按 25% 的稅率繳納的中國企業所得 稅。本公司多間附屬公司註冊於霍爾果斯 巿經濟開發區，主營業務屬於當地重點鼓 勵發展的產業，享受五年內免徵企業所得 稅的稅收優惠政策。

Loss for the Period

The Group recorded loss for the period of approximately HK$3 million for the three months ended 30 September 2018 and profit of approximately HK$10 million for the three months ended 30 September 2017, respectively. The loss for the period was a result of narrow profit margin of provision of internet advertising agency services and a decrease in the revenue and net profit arising from mobile payment technical support services.

期內虧損

本集團於截至二零一八年九月三十日止三 個月及截至二零一七年九月三十日止三個 月分別錄得期內虧損約 3,000,000 港元及溢 利約 10,000,000 港元。期內虧損乃由於提 供互聯網廣告代理服務的溢利率降低及移 動支付技術支持服務產生的收入及純利減 少。

16 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Financial Position, Liquidity and Financial Resources

The Group adopts a prudent cash and financial management policy. In order to achieve better cost control and minimise the cost of funds, the Group’s treasury activities are centralised and cash is generally deposited with banks in Hong Kong and the Mainland China.

財務狀況、流動資金及財務資源

本集團採取審慎的現金及財務管理政策。 為求能夠更好地控制成本及盡量降低資金 成本，本集團的財資活動均為集中管理， 而現金一般會存放於香港和中國內地的銀 行。

The Group has maintained its funds at a sound and healthy financial resource level during the period under review. As at 30 September 2018, included in net current assets were cash and bank balances (including pledged bank deposits) totally approximately HK$60 million (30 June 2018: HK$114 million), the decrease in which was attributable to the repayment of shareholder’s loan.

於回顧期間內，本集團維持穩建的財務資 源水平。於二零一八年九月三十日，計入 流動資產淨值的銀行及現金結餘（包括已抵 押銀行存款）總額約為 60,000,000 港元（二 零一八年六月三十日：114,000,000 港 元），有關減少乃主要由於償還股東貸款所 致。

The Group’s outstanding finance lease obligation as at 30 September 2018 amounting to HK$0.4 million (30 June 2018: HK$0.5 million) were principally denominated in RMB and carried at fixed interest rates. The Group monitored capital using gearing ratio, which is total debt of the Group divided by total equity of the Group. Total debt to equity ratio of the Group expressed as a percentage of interest bearing borrowings over the total equity was approximately 0.18% as at 30 September 2018 (30 June 2018: 0.19%).

於二零一八年九月三十日，本集團的尚未 償還融資租賃承擔 400,000 港元（二零一八 年六月三十日：500,000 港元）主要以人民 幣計值，並以固定利率計息。本集團採用 資本負債比率（按本集團債務總額除以本集 團權益總額計算）監控資本。於二零一八年 九月三十日，本集團的債務總額對權益比 率（按計息借貸除以權益總額計算）約為 0.18%（二零一八年六月三十日：0.19%）。

As at 30 September 2018 and 30 June 2018, there was no seasonality as to the Group’s borrowing requirements and no committed borrowing facilities.

於二零一八年九月三十日及二零一八年六 月三十日，本集團的借貸需求無季節性， 本集團亦無承擔借貸融資。

The Company has adequate internal financial resource to support the development of the Group in the coming year.

本公司擁有的內部財務資源足以支援本集 團於下一年度的發展。

2018/2019 第一季度報告[•] 萬星控股有限公司 17

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Financial Management Policies

The Group in its ordinary course of business is exposed to market risks such as foreign currency risk and interest rate risk. The Group’s risk management strategy aims to minimise the adverse effects of these risks on its financial performance.

財務管理政策

本集團於其一般業務過程中面臨外幣風險 及利率風險等市場風險。本集團的風險管 理政策旨在將該等風險對其財務表現的不 利影響降至最低。

Cash is generally deposited at banks in Hong Kong and Mainland China and denominated mostly in Hong Kong dollar, United States dollar and Renminbi. As at 30 September 2018, no related hedges were made by the Group (30 June 2018: nil).

現金一般存放於香港及中國內地之銀行且 大部分以港元、美元及人民幣計值。於二 零一八年九月三十日，本集團概無作出相 關對沖（二零一八年六月三十日：無）。

As most of the Group’s trading transactions, monetary assets and liabilities are denominated in United States dollar, Renminbi and Hong Kong dollar, the impact of foreign exchange exposure to the Group during the three months ended 30 September 2018 was minimal and there was no significant adverse effect on normal operations.

截至二零一八年九月三十日止三個月，由 於本集團的大部分買賣交易、貨幣資產及 負債以美元、人民幣及港元計值，故外匯 風險對本集團所構成之影響甚微，對日常 營運亦無任何重大不利影響。

Charge Over Assets of the Group

As at 30 September 2018, the Group’s banking facilities were supported by pledged bank deposits of the Group of approximately HK$1.0 million (30 June 2018: HK$1.0 million).

本集團之資產質押

本集團於二零一八年九月三十日的銀行融 資由本集團之已抵押銀行存款約 1,000,000 港元（二零一八年六月三十日：1,000,000 港元）提供擔保。

Capital Commitments and Contingent Liabilities

As at 30 September 2018, the Group did not have any significant capital commitment (30 June 2018: nil) and any significant contingent liability (30 June 2018: nil).

資本承擔及或然負債

於二零一八年九月三十日，本集團並無任 何重大資本承擔（二零一八年六月三十日： 無）及任何重大或然負債（二零一八年六月 三十日：無）。

MATERIAL ACQUISITION AND DISPOSAL

During the three months ended 30 September 2018, the Group did not have any material acquisition and disposal.

重大收購及出售事項

截至二零一八年九月三十日止三個月，本 集團並無任何重大收購及出售事項。

18

MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

OTHER INFORMATION 其他資料

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

As at 30 September 2018, the interests and short positions of the Directors and chief executive in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”)) which were notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO), or which were recorded in the register required to be kept by the Company under Section 352 of the SFO, or which were, pursuant to Rules 5.46 to 5.67 of the GEM Listing Rules, required to be notified to the Company and the Stock Exchange, were as follows:

董事及主要行政人員於股份、相關 股份及債券中的權益及淡倉

於二零一八年九月三十日，董事及主要行 政人員於本公司或其任何相聯法團（定義見 香港法例第 571 章證券及期貨條例（「證券 及期貨條例」）第 XV 部）的股份、相關股份 及債券中，擁有須根據證券及期貨條例第 XV 部第 7 及 8 分部知會本公司及聯交所的 權益及淡倉（包括彼等根據證券及期貨條例 的該等條文被當作或視作擁有的權益或淡 倉），或登記於本公司根據證券及期貨條例 第 352 條須予存置之登記冊內的權益及淡 倉，或根據 GEM 上市規則第 5.46 至 5.67 條 須知會本公司及聯交所的權益及淡倉如下：

(a) Interests in Shares of the Company

(a) 於本公司股份的權益

==> picture [312 x 146] intentionally omitted <==

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

Approximate
Percentage of
Issued Share
Interests in Capital of
Name of Director Capacity Shares the Company Note
佔本公司已發行
股本的
董事姓名 身份 於股份之權益 概約百分比 附註
Mr. Zhu Yongjun Interest of controlled corporation 181,995,955 (L) 45.49% 2
朱勇軍先生 受控法團權益
Ms. Wang Fei Beneficial owner 40,000,000 (L) 10.00%
王菲女士 實益擁有人
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2018/2019 第一季度報告[•] 萬星控股有限公司 19

OTHER INFORMATION 其他資料

Notes:

附註：

1. As at 30 September 2018, the Company had 400,000,000 shares (“Shares”) in issue.

2. 於二零一八年九月三十日，本公司有 400,000,000股已發行股份（「股份」）。

3. As at 30 September 2018, Power View Group Limited (“PVG”) had 100 shares in issue. PVG was a holding company of the Company. PVG held 181,995,955 Shares, representing 45.49% of the total issued shares of the Company. PVG was 70% owned by United Conquer Limited (“UCL”) and 30% owned by Mr. Zhu Yongjun.

4. 於二零一八年九月三十日，威景集 團有限公司（「威景」）有 100 股已發 行股份。威景為本公司控股公司。 威景持有 181,995,955 股股份，佔本 公司已發行股份總數之 45.49%。 威景由 United Conquer Limited

（「UCL」）及朱勇軍先生分別擁有 70% 及 30% 權益。

Abbreviation: “L” stands for long position.

縮寫： 「L」為好倉。

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS

As at 30 September 2018, so far as is known to the Directors of the Company, persons (other than the Directors or chief executive of the Company) who had interests or short positions in the Shares or underlying Shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO were as follows:

主要股東的權益及淡倉

於二零一八年九月三十日，就本公司董事 所知，除本公司董事或主要行政人員外， 下列人士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 3 分部 之條文須向本公司及聯交所披露或登記於 本公司根據證券及期貨條例第 336 條須予 存置之登記冊內的權益或淡倉：

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Approximate
Percentage of
Issued Share
Interests in Capital of
Name of Shareholders Capacity Shares the Company Note
佔本公司已
發行股本的
股東名稱 身份 於股份之權益 概約百分比 附註
Power View Group Limited Beneficial owner 181,995,955 (L) 45.49%
威景集團有限公司 實益擁有人
United Conquer Limited Interest of controlled corporation 181,995,955 (L) 45.49% 2
受控法團權益
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20 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

OTHER INFORMATION 其他資料

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Approximate
Percentage of
Issued Share
Interests in Capital of
Name of Shareholders Capacity Shares the Company Note
佔本公司已
發行股本的
股東名稱 身份 於股份之權益 概約百分比 附註
Shanghai Hutong Investments Centre Beneficial owner 50,000,000 (L) 12.50%
(Limited Partnership) 實益擁有人
(“SHIC”) Interest of controlled corporation 181,995,955 (L) 45.49% 3
上海胡桐投資中心（有限合夥） 受控法團權益
（「上海胡桐」）
BOC-HFT-BOC-Overseas Investment manager 50,000,000 (L) 12.50% 4
No.1 QDII Segregated Account
(“BOC Account”)
海富通 [—] 中國銀行海外 1 號 QDII 投資經理
資產管理計劃（「中銀管理計劃」）
Shanghai Angell Asset Management Interest of controlled corporation 231,995,955 (L) 57.99% 5
Company Limited
(“Shanghai Angell”)
上海昂巨資產管理有限公司 受控法團權益
（「上海昂巨」）
Zhongtian Urban Development Group Interest of controlled corporation 231,995,955 (L) 57.99% 6
Shanghai Equity Investment Fund
Partnership (Limited Partnership)
(“Zhongtian Partnership”)
中天城投集團上海股權投資基金 受控法團權益
合夥企業（有限合夥）
（「中天合夥企業」）
Shanghai Tiger Platinum Equity Interest of controlled corporation 231,995,955 (L) 57.99% 7
Investment Fund Management
Partnership (Limited Partnership)
(“Shanghai Tiger Platinum”)
上海虎鉑股權投資基金管理 受控法團權益
合夥企業（有限合夥）
（「上海虎鉑」）
Guiyang Jinrong Konggu Company Interest of controlled corporation 231,995,955 (L) 57.99% 8
Limited (“Guiyang”)
貴陽金融控股有限公司（「貴陽」） 受控法團權益
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2018/2019 第一季度報告[•] 萬星控股有限公司 21

OTHER INFORMATION 其他資料

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Approximate
Percentage of
Issued Share
Interests in Capital of
Name of Shareholders Capacity Shares the Company Note
佔本公司已
發行股本的
股東名稱 身份 於股份之權益 概約百分比 附註
Zhongtian Urban Development Interest of controlled corporation 231.995,955 (L) 57.99% 9
Group Limited
(“Zhongtian Group”)
中天城投集團股份有限公司 受控法團權益
（「中天集團」）
Jin Shiqi Guoji Holdings Company Interest of controlled corporation 231,995,955 (L) 57.99% 10
Limited (“Jin Shiqi”)
金世旗國際控股股份有限公司 受控法團權益
（「金世旗」）
Mason Resources Finance Limited Person having a security 221,995,955 (L) 55.50%
interest in shares
茂宸資源財務有限公司 於股份中擁有抵押
權益的人士
Mason Group Holdings Limited Interest of controlled corporation 221,995,955 (L) 55.50% 11
(“MGH”)
茂宸集團控股有限公司 受控法團權益
（「茂宸集團控股」）
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Notes:

附註：

1. As at 30 September 2018, the Company had 400,000,000 Shares in issue.

2. 於二零一八年九月三十日，本公司有 400,000,000 股已發行股份。

3. UCL’s deemed shareholdings stated above were held by virtue of its 70% shareholding interests in PVG.

4. 上述 UCL 之視為股權乃透過其於威景之 70% 股權持有。

5. SHIC’s deemed shareholdings stated above were held by virtue of its 100% shareholding interests in UCL.

6. 上述上海胡桐之視為股權乃透過其於 UCL 之 100% 股權持有。

7. BOC Account’s deemed shareholdings stated above were held as a trustee of a discretionary trust of which SHIC was the founder.

8. 上述中銀管理計劃之視為股權乃持作全權信 託受託人，而上海胡桐為該全權信託創始人。

22

MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

OTHER INFORMATION 其他資料

1. Shanghai Angell’s deemed shareholdings stated above were held by virtue of its 1% capital commitment in SHIC’s contribution through general partnership.

2. Zhongtian Partnership’s deemed shareholdings stated above were held by virtue of its 49.5% capital commitment in SHIC’s contribution with Shanghai Angell through partnership.

3. Shanghai Tiger Platinum’s deemed shareholdings stated above were held by virtue of its approximately 0.05% capital commitment in Zhongtian Partnership’s contribution through general partnership.

4. Guiyang’s deemed shareholdings stated above were held by virtue of its 80% capital commitment in Shanghai Tiger Platinum’s contribution through limited partnership.

5. Zhongtian Group’s deemed shareholdings stated above were held by virtue of its 100% shareholding interests in Guiyang.

6. Jin Shiqi’s deemed shareholdings stated above were held by virtue of its 44.87% shareholding interests in Zhongtian Group.

7. MGH’s deemed shareholdings stated above were held through its wholly-owned subsidiaries.

Abbreviation: “L“ stands for long position

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTEREST IN COMPETING BUSINESS

During the three months ended 30 September 2018, the Directors are not aware of any business or interest of the Directors, the controlling shareholders of the Company and their respective associates (as defined under the GEM Listing Rules) that competes or may compete with the business of the Group and any other conflicts of interests which any such person has or may have with the Group.

1. 上述上海昂巨之視為股權乃根據其透過普通 合夥關係於上海胡桐供款之 1% 資本承擔持 有。

2. 上述中天合夥企業之視為股權乃根據其透過 合夥關係於上海胡桐向上海昂巨供款之 49.5% 資本承擔持有。

3. 上述上海虎鉑之視為股權乃其透過普通合夥 關係於中天合夥企業供款之約 0.05% 資本承 擔持有。

4. 上述貴陽之視為股權乃根據其透過有限合夥 關係於上海虎鉑供款之 80% 資本承擔持有。

5. 上述中天集團之視為股權乃透過其於貴陽之 100% 股權持有。

6. 上述金世旗之視為股權乃透過其於中天集團 之 44.87% 股權持有。

7. 上述茂宸集團控股之視為股權乃透過其全資 附屬公司持有。

8. 縮寫： 「L」為好倉

董事及控股股東於競爭業務的權益

截至二零一八年九月三十日止三個月，董 事並無知悉董事、本公司控股股東及其各 自聯繫人（定義見 GEM 上市規則）擁有與本 集團業務構成競爭或可能構成競爭的任何 業務或於其中擁有權益，亦不知悉任何有 關人士與或可能與本集團存在任何其他利 益衝突。

2018/2019 第一季度報告[•] 萬星控股有限公司 23

OTHER INFORMATION 其他資料

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

During the three months ended 30 September 2018, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

AUDIT COMMITTEE AND REVIEW OF

購買、出售或贖回本公司的上市證 券

截至二零一八年九月三十日止三個月，本 公司及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。

審核委員會及審閱財務報表

FINANCIAL STATEMENTS

The Audit Committee has been established in accordance with the GEM Listing Rules and comprises Mr. Chen Ce (Chairman), Ms. Chen Feng and Mr. Gao Shuo, all of them being independent non-executive Directors.

The Audit Committee has reviewed with the management this quarterly results report, including the unaudited consolidated results for the three months ended 30 September 2018, prior to recommending them to the Board for approval.

The consolidated results for the three months ended 30 September 2018 have not been audited by the Company’s auditor.

By Order of the Board

Million Stars Holdings Limited Zhu Yongjun Chairman

Hong Kong, 12 November 2018

As at the date hereof, the Board comprises Mr. Zhu Yongjun, Ms. Wang Fei and Ms. Tian Yuan as executive Directors; Mr. Chong Ka Yee as non-executive Director; and Mr. Chen Ce, Ms. Chen Feng and Mr. Gao Shuo as independent non-executive Directors.

審核委員會已根據 GEM 上市規則成立，成 員包括陳策先生（主席）、陳楓女士及高碩 先生，彼等均為獨立非執行董事。

於向董事會作出建議以供批准前，審核委 員會已與管理層審閱本季度業績報告（包括 截至二零一八年九月三十日止三個月未經 審核綜合業績）。

截至二零一八年九月三十日止三個月的綜 合業績未經本公司核數師審核。

承董事會命 萬星控股有限公司 主席 朱勇軍

香港，二零一八年十一月十二日

於本報告日期，董事會包括：執行董事朱 勇軍先生、王菲女士及田園女士；非執行 董事莊嘉誼先生；及獨立非執行董事陳策 先生、陳楓女士及高碩先生。

24 MILLION STARS HOLDINGS LIMITED[•] FIRST QUARTERLY REPORT 2018/2019

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MILLION STARS HOLDINGS LIMITED 萬星控股有限公司