Web3 Meta Limited — Interim / Quarterly Report 2019

Feb 13, 2019

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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MILLION STARS HOLDINGS LIMITED 萬星控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8093)

ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

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 announcement, 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 announcement 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 announcement misleading.

– 1 –

The board of Directors (the “ Board ”) of Million Stars Holdings Limited is pleased to announce the unaudited consolidated results of the Company and its subsidiaries for the six months ended 31 December 2018 (the “ Interim Results ”). This announcement, containing the full text of the 2018/2019 interim report of the Company, complies with the relevant disclosure requirements of the GEM Listing Rules in relation to the information to accompany preliminary announcement of the Interim Results.

By Order of the Board Million Stars Holdings Limited Zhu Yongjun Chairman

Hong Kong, 13 February 2019

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 a non-executive Director; and Mr. Chen Ce, Ms. Ji Fang and Mr. Gao Shuo as independent non-executive Directors.

This announcement will remain on the GEM website at http://www.hkgem.com on the “Latest Company Announcements” page for at least 7 days from the day of its publication and on the website of the Company at http://www.millionstars.hk.

– 2 –

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

• 3 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

• 5 Unaudited Condensed Consolidated Statement of Financial Position

• 未經審核簡明綜合財務狀況表

• 7 Unaudited Condensed Consolidated Statement of 未經審核簡明綜合權益變動表 Changes in Equity

• 9 Unaudited Condensed Consolidated Statement of 未經審核簡明綜合現金流量表 Cash Flow

• 10 Notes to The Unaudited Condensed Consolidated 未經審核簡明綜合財務報表附註 Financial Statements

• 28 Management Discussion and Analysis 管理層討論及分析 36 Other Information 其他資料

INTERIM RESULTS 中期業績

FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 (UNAUDITED) 截至二零一八年十二月三十一日止六個月（未經審核）

The board (the “ Board ”) of Directors of Million Stars Holdings Limited is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the “ Group ”) for the six months ended 31 December 2018, together with the unaudited comparative figures for the corresponding period in 2017 as follows:

萬星控股有限公司董事會（「 董事會 」）欣然 宣佈本公司及其附屬公司（「 本集團 」）截至 二零一八年十二月三十一日止六個月之未 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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Six months ended 31 December
截至十二月三十一日止六個月
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 2 189,366 195,431
Cost of sales 銷售成本 (158,901) (108,235)
Gross profit 毛利 30,465 87,196
Other revenue and other income 其他收入及
其他收益 3 2,505 289
Selling and distribution expenses 銷售及分銷開支 (4,967) (4,936)
Administrative expenses 行政開支 (31,699) (23,788)
(Loss)/profit from operations 經營（虧損）╱溢利 (3,696) 58,761
Finance costs 財務成本 (126) –
(Loss)/profit before tax 除稅前（虧損）╱
溢利 4 (3,822) 58,761
Income tax expense 所得稅開支 5 (63) (370)
(Loss)/profit for the period 期內（虧損）╱溢利 (3,885) 58,391
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 (8,208) 3,247
Other comprehensive income 期內其他全面收益
for the period (8,208) 3,247
Total comprehensive income 期內全面收益總額
for the period (12,093) 61,638
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03

2018/2019 中期報告[•] 萬星控股有限公司

INTERIM RESULTS 中期業績

FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 (UNAUDITED) 截至二零一八年十二月三十一日止六個月（未經審核）

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Six months ended 31 December
截至十二月三十一日止六個月
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）
(Loss)/profit for the period 以下人士應佔期內
attributable to: （虧損）╱溢利：
— Owners of the Company — 本公司擁有人 (3,885) 53,385
— Non-controlling interests — 非控制權益 – 5,006
(3,885) 58,391
Total comprehensive income for 以下人士應佔期內
the period attributable to: 全面收益總額：
— Owners of the Company — 本公司擁有人 (8,208) 56,535
— Non-controlling interests — 非控制權益 – 5,103
(12,093) 61,638
(Loss)/earnings per share 本公司擁有人應佔
attributable to owners 每股（虧損）╱
of the Company 盈利 6
Basic and diluted 基本及攤薄 HK0.97 cents 港仙 HK13.35 cents 港仙
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04 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 未經審核簡明綜合財務狀況表

AS AT 31 DECEMBER 2018 於二零一八年十二月三十一日

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31 December 30 June
2018 2018
二零一八年 二零一八年
十二月三十一日 六月三十日
Notes HK$’000 HK$’000
附註 千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 5,118 5,747
Goodwill 商譽 2,582 2,678
Total non-current assets 非流動資產總值 7,700 8,425
Current assets 流動資產
Inventories 存貨 5,227 8,809
Trade receivables 貿易應收款項 8 165,672 226,434
Deposits, prepayments and 按金、預付款項及
other receivables 其他應收款項 157,665 73,454
Bank and cash balances 銀行及現金結餘 31,414 113,435
Pledged deposits 已抵押存款 8,865 1,050
Total current assets 流動資產總值 368,843 423,182
Current liabilities 流動負債
Trade payables 貿易應付款項 9 71,075 79,651
Accruals, other payables and 應計費用、其他
trade deposits received 應付款項及
已收貿易按金 19,840 23,868
Amount due to a shareholder 應付一名股東款項 2,741 58,559
Finance lease payables 應付融資租賃款項 – 175
Current tax liabilities 當期稅項負債 8,179 7,841
Interest-bearing borrowings 計息借貸 10 25,619 –
Total current liabilities 流動負債總額 127,454 170,094
Net current assets 流動資產淨值 241,389 253,088
Total assets less current liabilities 總資產減流動負債 249,089 261,513
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2018/2019 中期報告[•] 萬星控股有限公司 05

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 未經審核簡明綜合財務狀況表

AS AT 31 DECEMBER 2018 於二零一八年十二月三十一日

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31 December 30 June
2018 2018
二零一八年 二零一八年
十二月三十一日 六月三十日
Notes HK$’000 HK$’000
附註 千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Non-current liabilities 非流動負債
Finance lease payables 應付融資租賃款項 – 331
Deferred tax liabilities 遞延稅項負債 5 5
5 336
NET ASSETS 資產淨值 249,084 261,177
Capital and reserves 資本及儲備
Share capital 股本 4,000 4,000
Reserves 儲備 245,084 257,177
TOTAL EQUITY 權益總額 249,084 261,177
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06 MILLION STARS HOLDINGS LIMITED[•] Interim 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 SIX MONTHS ENDED 31 DECEMBER 2018 截至二零一八年十二月三十一日止六個月

				Attributabl	e to owners of the Company	e 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	Non- controlling interests	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	非控制 權益	總計
	HK$’000		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元		千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
				(note i)	(note ii)	(note iii)
				（附註i）	（附註ii）	（附註iii）
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） – Exchange difference arising on translation of foreign operations (unaudited) 換算境外業務之匯兌差額 （未經審核） – Total comprehensive income for the period (unaudited) 期內全面收益總額 （未經審核） – At 31 December 2018 (unaudited) 於二零一八年十二月三十一日 （未經審核） 4,000 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） – Exchange difference arising on translation of foreign operations (unaudited) 換算境外業務之匯兌差額 （未經審核） – Total comprehensive income for the period (unaudited) 期內全面收益總額 （未經審核） – Transfer to statutory reserve 轉撥至法定儲備 – Acquisition of non-controlling interests 收購非控制權益 – Reserve released upon disposal of a subsidiary 出售一間附屬公司時 撥回的儲備 – Changes in equity for the period 期內權益變動 – At 31 December 2017 (unaudited) 於二零一七年十二月三十一日 （未經審核） 4,000
	4,000		39,782	2,014	(2,239)	100	217,520	261,177	–	261,177
		–	–	–	–	–	(3,885)	(3,885)	–	(3,885)
		–	–	–	(8,208)	–	–	(8,208)	–	(8,208)
	–		–	–	(8,208)	–	(3,885)	(12,093)	–	(12,093)
			39,782	2,014	(10,447)	100	213,635	249,084	–	249,084
	4,000 – – – – – –		39,782	208	757	100	14,746	59,593	–	59,593
		– –	– –	– –	– 3,150	– –	53,385 –	53,385 3,150	5,006 97	58,391 3,247
			– – – –	– 179 – –	3,150 – – 28	– – – –	53,385 (179) 5,103 –	56,535 – 5,103 28	5,103 – (5,103) –	61,638 – – 28
	–		–	179	3,178	–	58,309	61,666	–	61,666
			39,782	387	3,935	100	73,055	121,259	–	121,259

2018/2019 中期報告[•] 萬星控股有限公司 07

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

FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 截至二零一八年十二月三十一日止六個月

Notes:

附註：

(i) Statutory reserve

Pursuant to the relevant laws and regulations for business enterprises in the People’s Republic of China (the “PRC”), a portion of the profits of the entities which are registered in the PRC has 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

根據中華人民共和國（「中國」）的相關商業企 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 最低須維持在資本之 25%。

(ii) Exchange fluctuation reserve

Exchange fluctuation reserve represents exchange differences relating to the translation of the net assets of the Group’s foreign operations from their functional currencies to the Group’s presentation currency (i.e. Hong Kong dollars) 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，直接於其他全面 收益中確認及於匯兌波動儲備中累計。於匯 兌波動儲備累計之該等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 underwent for the preparation of the listing of the Company’s shares on GEM.

(iii) 其他儲備

其他儲備指本公司為換取因籌備本公司股份 於 GEM 上市而進行之重組所產生之其附屬公 司的股本面值而發行之股份面值間之差額。

08

MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW 未經審核簡明綜合現金流量表

FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 截至二零一八年十二月三十一日止六個月

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For the six months ended
31 December
截至十二月三十一日止六個月
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）
Net cash used in operating activities 經營活動所用之現金淨額 (35,148) (38,584)
Net cash (used in)/generated from 投資活動（所用）╱產生之
investing activities 現金淨額 (140) 3,872
Net cash (used in)/generated from 融資活動（所用）╱產生之
financing activities 現金淨額 (38,513) 44,999
Net (decrease)/increase in cash 現金及現金等價物
and cash equivalents （減少）╱增加淨額 (73,801) 10,287
Effect on foreign exchange rate 對外幣匯率變動之淨影響
changes, net (8,220) 3,210
Cash and cash equivalents at 期初之現金及現金等價物
beginning of the period 113,435 41,567
Cash and cash equivalents at end 期終之現金及現金等價物
of the period
— represented by bank balances [—] 以銀行結餘及現金等
and cash equivalents 價物列示（不包括
other than pledged deposits 已抵押存款） 31,414 55,064
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2018/2019 中期報告[•] 萬星控股有限公司 09

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

1. BASIS OF PREPARATION AND BASIS OF PRESENTATION

The unaudited condensed consolidated financial statements for the six months ended 31 December 2018 have been prepared in accordance with the accounting principles 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 disclosure provisions of Chapter 18 of the GEM Listing Rules.

1. 編製基準及呈列基準

截至二零一八年十二月三十一日止 六個月的未經審核簡明綜合財務報 表乃根據香港接納會計原則以及遵 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 第 18 章的適用披露條文編製。

The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements for the six months ended 31 December 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 period financial statements.

編製截至二零一八年十二月三十一 日止六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。

10

MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

1. BASIS OF PREPARATION AND BASIS OF PRESENTATION (Continued)

The adoption of the New and Revised HKFRSs has had no significant effect on the unaudited condensed consolidated financial statements for the six months ended 31 December 2018 and there have been no significant changes to the accounting policies applied in these unaudited condensed consolidated financial statements for the six months ended 31 December 2018.

1. 編製基準及呈列基準（續）

採納新訂及經修訂香港財務報告準 則對截至二零一八年十二月三十一 日止六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 二零一八年十二月三十一日止六個 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。

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.

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。

The unaudited condensed consolidated financial statements for the six months ended 31 December 2018 have been prepared on the historical cost basis.

截至二零一八年十二月三十一日止 六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。

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.

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 中期報告[•] 萬星控股有限公司 11

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION

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

2. 收入及經營分部資料

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。

An analysis of the Group’s revenue is as follows:

本集團收入分析如下：

==> picture [313 x 182] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
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）
Internet advertising 互聯網廣告代理服務
agency services 159,456 148,651
Mobile payment technical 移動支付技術支持服務
support services 99 19,237
Sales of leather products 銷售皮革產品 29,811 27,543
189,366 195,431
----- End of picture text -----

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MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION (Continued)

The Group has three operating segments as follows:

2. 收入及經營分部資料（續）

本集團有以下三個經營分部：

Internet advertising — providing internet advertising agency service agency services

• Mobile payment — providing mobile payment solution technical support and technical support services services

Leather business

• leather apparel products development, manufacturing and logistical services

— 互聯網廣告 提供互聯網廣告代理 代理服務 服務 — 移動支付技術 提供移動支付解決方案 支持服務 及技術支持服務 — 皮革業務 皮革服裝產品開發、 製造及物流服務

The Group’s reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies.

本集團的可申報分部為提供不同產 品及服務的戰略業務單位。由於每 項業務均需要不同技術及營銷策 略，故本集團分開管理該等分部。

No analysis of segment asset or segment liabilities is presented as such information is not regularly provided to the Directors.

由於董事未獲定期提供分部資產或 分部負債的資料，故並無呈列有關 分析。

The Group accounts for intersegment sales and transfers as if the sales or transfers were to third parties, i.e. at current market prices.

本集團入賬分部間銷售及轉讓時猶 如向第三方銷售或轉讓，即按現行 市價。

2018/2019 中期報告[•] 萬星控股有限公司 13

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION (Continued) Segment revenue and results

The following is an analysis of revenue and results by operating segment of the Group:

2. 收入及經營分部資料（續）

分部收入及業績

下表載列本集團經營分部的收入及 業績分析：

For the six months ended 31 December 2018 (unaudited)

截至二零一八年十二月三十一日止 六個月（未經審核）

==> picture [313 x 314] intentionally omitted <==

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

Mobile
Internet payment
advertising technical
agency support Leather
services services business Total
移動支付
互聯網廣告 技術支持
代理服務 服務 皮革業務 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Revenue 收入 159,456 99 29,811 189,366
Cost of sales 銷售成本 (139,364) – (19,537) (158,901)
Gross profit 毛利 20,092 99 10,274 30,465
Selling and distribution 銷售及分銷開支
expenses (3,447) (569) (951) (4,967)
Administrative expenses 行政開支 (8,829) (1,063) (11,484) (21,376)
Segment results 分部業績 7,816 (1,533) (2,161) 4,122
Other income, gain/(losses) 其他收入、
收益╱（虧損） 2,505
Unallocated corporate 未分配企業開支
expenses (10,323)
Finance cost 財務成本 (126)
Loss before tax 除稅前虧損 (3,822)
----- End of picture text -----

14

MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION (Continued) Segment revenue and results (continued) For the six months ended 31 December 2017 (unaudited)

2. 收入及經營分部資料（續）

分部收入及業績（續） 截至二零一七年十二月三十一日止 六個月（未經審核）

	Internet advertising agency services Mobile payment technical support services Leather business	Total
	互聯網廣告 代理服務 移動支付 技術支持 服務 皮革業務	總計
	HK$’000 HK$’000 HK$’000	HK$’000
	千港元 千港元 千港元	千港元
Revenue 收入 Cost of sales 銷售成本 Gross profit 毛利 Selling and distribution expenses 銷售及分銷開支 Administrative expenses 行政開支 Segment results 分部業績 Other income, gain/(losses) 其他收入、 收益╱（虧損） Unallocated corporate expenses 未分配企業開支 Profit before tax 除稅前溢利	148,651 19,237 27,543 (83,456) (6,174) (18,605)	195,431 (108,235)
	65,195 13,063 8,938 (3,320) (590) (1,026) (6,934) (1,104) (7,198)	87,196 (4,936) (15,236)
	54,941 11,369 714	67,024 289 (8,552)
		58,761

2018/2019 中期報告[•] 萬星控股有限公司 15

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION (Continued) Segment revenue and results (continued)

• (a) Information about major customers Revenues from customer contributing over 10% of the total revenue of the Group during the periods are as follows:

2. 收入及經營分部資料（續）

分部收入及業績（續）

• (a) 有關主要客戶的資料 於有關期間，來自客戶的收 入（佔本集團總收入超過 10%）如下：

==> picture [291 x 126] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
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）
Customer A 客戶 A * 32,845
Customer B 客戶 B 90,696
----- End of picture text -----*

• The corresponding revenue did not contribute over 10% of the total revenue of the Group for the respective period.

• 相關收入於相應期間並無佔 本集團收入總額的 10% 以 上。

(b) Geographical information

The following table sets out information about geographical location of (i) the Group’s revenue from external customers and (ii) the Group’s non-current assets. The geographical location of customers is based on the location to which the goods or services are delivered or rendered. The geographical location of non-current assets is based on the physical location of the assets.

(b) 地域資料

下表載列有關 (i) 本集團來自 外部客戶的收入及 (ii) 本集團 非流動資產的地域位置資 料。客戶地域位置乃以交付 貨品或提供服務的地點為依 據。非流動資產的地域位置 乃以資產實際地點為依據。

16 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION (Continued) Segment revenue and results (continued)

• (b) Geographical information (continued) Revenue from external customers

2. 收入及經營分部資料（續）

分部收入及業績（續）

(b) 地域資料（續） 來自外部客戶的收入

==> picture [291 x 255] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
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）
PRC 中國 137,228 135,172
United States of America 美利堅合眾國 34,430 18,649
Canada 加拿大 6,260 9,095
Australia 澳洲 3,137 5,251
Hong Kong 香港 2,966 7,778
Malaysia 馬來西亞 1,426 17,921
Taiwan 台灣 1,377 –
Switzerland 瑞士 956 605
Japan 日本 862 435
Netherlands 荷蘭 665 122
South Africa 南非 51 364
Others (note) 其他（附註） 8 39
189,366 195,431
----- End of picture text -----

Note: Other countries included France, New Zealand and the United Kingdom.

附註： 其他國家包括法國、新西蘭 及英國。

2018/2019 中期報告[•] 萬星控股有限公司 17

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

2. REVENUE AND OPERATING SEGMENT INFORMATION (Continued) Segment revenue and results (continued)

• (b) Geographical information (continued) Non-current assets

2. 收入及經營分部資料（續）

分部收入及業績（續）

(b) 地域資料（續） 非流動資產

==> picture [291 x 168] intentionally omitted <==

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

As at As at
31 December 30 June
2018 2018
於二零一八年 於二零一八年
十二月三十一日 六月三十日
HK$’000 HK$’000
千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
PRC 中國 7,174 7,775
Hong Kong 香港 498 650
United States of America 美利堅合眾國 28 –
7,700 8,425
----- End of picture text -----

18 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

3. OTHER REVENUE AND OTHER INCOME

3. 其他收入及其他收益

==> picture [313 x 250] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
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）
Exchange gains, net 匯兌收益，淨額 427 131
Interest income 利息收入 51 36
Gain on disposal of 出售附屬公司盈利
a subsidiary – 115
Reversal of allowance for 撥回呆賬撥備
doubtful debts 1,506 –
Sales of scrap materials 銷售廢料 – 4
Subsidy received (Note) 獲授補貼（附註） 517 –
Others 其他 4 3
2,505 289
Note: This is the one-off subsidy received for participation 附註： 此乃因參加設計活動獲授的一次性
in design event. 補貼。
----- End of picture text -----

Note: This is the one-off subsidy received for participation in design event.

2018/2019 中期報告[•] 萬星控股有限公司 19

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

4. (LOSS)/PROFIT BEFORE TAX

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

4. 除稅前（虧損）╱溢利

• 本集團的除稅前溢利乃經扣除下列 各項後達致：

==> picture [313 x 227] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
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）
Staff costs (including 員工成本（包括董事
directors’ remuneration): 薪酬）：
— Salaries and bonus [—] 薪金及花紅 21,050 12,064
— Pension scheme [—] 退休金計劃供款
contributions 2,094 1,319
Total staff costs 總員工成本 23,144 13,383
Cost of inventories sold 已售存貨成本 15,063 14,472
Depreciation of property, 物業、廠房及設備折舊
plant and equipment 905 281
----- End of picture text -----

20

MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

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 periods. The rate of the PRC Enterprise Income Tax of the Group’s subsidiary operating in the PRC during the periods was 25% (2017: 25%) on its assessable profits. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries or jurisdictions in which the Group operates for the periods.

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%）稅率計算。期內本集團於中 國經營的附屬公司中國企業所得稅 稅率為其應課稅溢利的 25%（二零 一七年：25%）。於其他地區的應課 稅溢利已按期內本集團營運所在國 家或司法權區的現行稅率計算稅項。

==> picture [313 x 172] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
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 – 130
PRC Enterprise Income Tax 中國企業所得稅 63 240
Income tax expense 期內所得稅支出
for the period 63 370
----- End of picture text -----

2018/2019 中期報告[•] 萬星控股有限公司 21

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

6. EARNING PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY

The calculations of the basic earnings per Share attributable to owners of the Company were based on (i) the profit attributable to owners of the Company for the periods; and (ii) the number of 400,000,000 (2017: 400,000,000) shares (the “Shares”) in issue during the periods.

6. 本公司擁有人應佔每股盈利

本公司擁有人應佔每股基本盈利乃 根據(i)本公司擁有人期內應佔溢利； 及 (ii) 期內已發行股份（「股份」）數目 400,000,000 股（二零一七年： 400,000,000 股）計算。

The diluted earnings per Share for the six months ended 31 December 2018 and 2017 are equal to the basic earnings per Share as there were no dilutive potential ordinary Shares in issue during the periods.

由於期內概無已發行具攤薄效應的 潛在普通股，截至二零一八年及二 零一七年十二月三十一日止六個月 的每股攤薄盈利與每股基本盈利相 同。

7. DIVIDENDS

The Company has not declared or paid any dividends during the period ended 31 December 2018 and 2017.

7. 股息

截至二零一八年及二零一七年十二 月三十一日止期間，本公司並無宣 派或派付任何股息。

8. TRADE RECEIVABLES

Majority of the Group’s sales are made with credit terms ranged from 7 to 180 days (30 June 2018: 7 to 80 days).

8. 貿易應收款項 本集團大部分銷售按介乎 7 至 180 天 （二零一八年六月三十日：7至80天） 的信貸期結算。

==> picture [313 x 158] intentionally omitted <==

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

As at As at
31 December 30 June
2018 2018
於二零一八年 於二零一八年
十二月三十一日 六月三十日
HK$’000 HK$’000
千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Trade receivables 貿易應收款項 168,655 231,091
Allowance for doubtful debts 呆賬撥備 (2,983) (4,657)
165,672 226,434
----- End of picture text -----

22 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

8. TRADE RECEIVABLES (Continued)

The following table sets out an ageing analysis of trade receivables of the Group, presented based on the invoice date.

8. 貿易應收款項（續） 下表載列本集團按發票日期呈列的 貿易應收款項賬齡分析。

==> picture [313 x 200] intentionally omitted <==

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

As at As at
31 December 30 June
2018 2018
於二零一八年 於二零一八年
十二月三十一日 六月三十日
HK$’000 HK$’000
千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Within 30 days 30 天以內 25,230 66,533
31 to 60 days 31 至 60 天 16,716 64,514
61 to 90 days 61 至 90 天 10,866 30,772
91 to 180 days 91 至 180 天 11,155 57,010
181 to 365 days 181 至 365 天 100,970 7,555
Over 365 days 超過 365 天 735 50
165,672 226,434
----- End of picture text -----

2018/2019 中期報告[•] 萬星控股有限公司 23

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

9. TRADE PAYABLES

The following table sets out an ageing analysis of the trade payables of the Group, presented based on invoice date.

9. 貿易應付款項

下表載列本集團按發票日期呈列的 貿易應付款項賬齡分析。

==> picture [313 x 179] intentionally omitted <==

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

As at As at
31 December 30 June
2018 2018
於二零一八年 於二零一八年
十二月三十一日 六月三十日
HK$’000 HK$’000
千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Within 30 days 30 天以內 18,254 38,224
31 to 60 days 31 至 60 天 21,240 25,171
61 to 90 days 61 至 90 天 1,479 3,392
Over 90 days 超過 90 天 30,102 12,864
71,075 79,651
----- End of picture text -----

24

MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

10. INTEREST-BEARING BORROWINGS

As at 31 December 2018, interest-bearing borrowings were payable as follows:

10. 計息借貸

於二零一八年十二月三十一日，應 付的計息借貸如下：

==> picture [313 x 169] intentionally omitted <==

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

As at As at
31 December 30 June
2018 2018
於二零一八年 於二零一八年
十二月三十一日 六月三十日
HK$’000 HK$’000
千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Within 1 year or on demand 一年內或按要求
Bank loan 銀行貸款 15,619 –
Loan from third party 第三方貸款 10,000 –
25,619 –
----- End of picture text -----

As at 31 December 2018, the Group borrowed unsecured loan from third party in principal amount of HK$10,000,000. The loan bears fixed rate at 3% per annum.

於二零一八年十二月三十一日，本 集團向第三方借取本金額為 10,000,000 港元的無抵押貸款。該 貸款按固定年利率 3% 計息。

2018/2019 中期報告[•] 萬星控股有限公司 25

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

11. LEASE COMMITMENTS

As at the end of the reporting periods, the Group had commitments for future minimum lease payments under non-cancellable operating leases in respect of premises which fall due as follows:

11. 租賃承擔

於報告期末，本集團於不可撤銷經 營租賃下有關物業的未來最低租賃 付款承擔的到期情況如下：

==> picture [313 x 168] intentionally omitted <==

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

As at As at
31 December 30 June
2018 2018
於二零一八年 於二零一八年
十二月三十一日 六月三十日
HK$’000 HK$’000
千港元 千港元
(unaudited) (audited)
（未經審核） （經審核）
Within one year 一年內 8,345 3,092
In the second to fifth years, 第二至第五年
inclusive （包括首尾兩年） 12,040 144
20,385 3,236
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26 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 未經審核簡明綜合財務報表附註

12. RELATED PARTY TRANSACTIONS

The Group has entered into the following transactions with related parties.

12. 關聯方交易 本集團已與關聯方訂立下列交易。

The remuneration of Directors, who are the key management of the Group, during the periods was disclosed as follows:

董事（為本集團主要管理層）於期內 之薪酬披露如下：

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

Six months ended 31 December
截至十二月三十一日止六個月
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）
Salaries, allowances and 薪金、津貼及實物福利
benefits in kind 2,160 3,040
Pension scheme 退休金計劃供款
contributions 9 23
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2018/2019 中期報告[•] 萬星控股有限公司 27

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

INTERIM DIVIDEND

The Board does not recommend the payment of any interim dividend for the six months ended 31 December 2018 (2017: nil).

中期股息

董事會不建議就截至二零一八年十二月 三十一日止六個月派付任何中期股息（二零 一七年：無）。

INTRODUCTION

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

簡介

本集團為一間綜合公司，於期內專門從事(i) 互聯網廣告代理服務；及 (ii) 為客戶生產及 銷售自有品牌的皮革產品。

BUSINESS REVIEW

Internet Advertising Agency Services

The Group provides the internet advertising agency services through its wholly-owned subsidiaries, Beijing Dongrun Hudong Technology Company Limited ( 北京 東潤互動科技有限公司 ) and Horgos Dongrun Network Technology Company Limited （霍爾果斯東潤網絡科 技有限公司） (collectively, referred as “ Dongrun Network ”) in the PRC. Dongrun Network, an internet advertising service provider empowered by its selfdeveloped 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 internet focused 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, Dongrun Network achieved an operating income of approximately HK$134 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北京東潤互動科 技有限公司及霍爾果斯東潤網絡科技有限 公司（以下合稱「 東潤網絡 」），在國內提供 互聯網廣告代理服務。東潤網絡是一家擁 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， 期內東潤網絡實現約 134,000,000 港元的 營業收入。

• For identification only

28 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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$1 million.

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 1,000,000 港元的 營業收入。

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$22 million.

期內，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 22,000,000 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.

移動支付技術支持服務

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 付的技術支持業務。

2018/2019 中期報告[•] 萬星控股有限公司 29

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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$30 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30,000,000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，加大互聯網廣告投資力度，努 力拓展新的客戶與業務，為股東帶來更高 回報。

FINANCIAL REVIEW

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 garment products to high-end fashion brand customers.

財務回顧

收入

本集團的收入主要指來自 (i) 提供互聯網廣 告代理服務；及 (ii) 生產及向高檔時裝品牌 客戶銷售皮革產品所產生的收益。

The Group has recorded a revenue of about HK$189 million for the six months ended 31 December 2018, representing a slightly decrease of about 3% as compared with about HK$195 million for the six months ended 31 December 2017.

本集團截至二零一八年十二月三十一日止 六個月錄得收入約 189,000,000 港元，較 截至二零一七年十二月三十一日止六個月 的約 195,000,000 港元略減約 3%。

The decrease in sales in the six months period ended 31 December 2018 is mainly due to suspension of provision of mobile payment technical support services in order to avoid any possible operation risks arising from the introduction of new laws and regulations in the PRC.

截至二零一八年十二月三十一日止六個月 期間的銷售減少主要由於暫停提供移動支 付技術支持服務，以規避引入中國新法律 法規可能產生的任何經營風險。

• for identification only

30 MILLION STARS HOLDINGS LIMITED[•] Interim 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

銷售成本主要指本期間提供互聯網廣告代 理服務產生的成本、原材料成本、配件成 本、勞工成本及其他製造費用。

The Group’s cost of sales amounted to about HK$159 million for the six months ended 31 December 2018. Cost of sales rose by about 47% as compared with the cost of sales for the six months ended 31 December 2017, mainly due to the costs incurred for internet advertising agency services.

本集團截至二零一八年十二月三十一日止 六個月的銷售成本約為159,000,000港元。 銷售成本較截至二零一七年十二月三十一 日止六個月的銷售成本上升約 47%，主要 由於互聯網廣告代理服務所產生的成本所 致。

Gross profit margin of about 16% for the six months ended 31 December 2018 was lower comparing to the gross profit margin of about 45% for the six months ended 31 December 2017, mainly due to narrow profit margins of provision of internet advertising agency services.

截至二零一八年十二月三十一日止六個月 的毛利率約為 16%，較截至二零一七年 十二月三十一日止六個月的毛利率約 45% 為低，主要由於提供互聯網廣告代理服務 所產生的溢利率降低所致。

Other Revenue and Other Income

Other revenue and other income mainly represents sundry income incidental to our business, principally including interest income, net exchange differences and reversal of allowance of doubtful debts. The total of other revenue and other income was amounted to about HK$0.3 million and HK$2.5 million for the six months ended 31 December 2017 and 2018, respectively. The increase was mainly due to the reversal of allowance for doubtful debts of approximately HK$1.5 million.

其他收入及其他收益

其他收入及其他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、淨匯 兌差額及撥回呆賬撥備。截至二零一七年 及二零一八年十二月三十一日止六個月， 其他收入及其他收益總額分別約為300,000 港元及 2,500,000 港元。有關增加主要由於 撥回呆賬撥備約 1,500,000 港元。

Selling and Distribution Expenses

Selling and distribution expenses comprise mainly logistic expenses and marketing expenses.

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。

The selling and distribution expenses for the six months e n d e d 3 1 D e c e m b e r 2 0 1 7 a n d 2 0 1 8 w e r e approximately HK$5 million and HK$5 million respectively.

截至二零一七年及二零一八年十二月 三十一日止六個月的銷售及分銷開支分別 為約 5,000,000 港元及 5,000,000 港元。

2018/2019 中期報告[•] 萬星控股有限公司 31

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Administrative Expenses

Administrative expenses comprise mainly payroll expenses, rent and rates and other office administrative expenses.

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。

Administrative expenses have increased from about HK$24 million for the six months ended 31 December 2017 to about HK$32 million for the six months ended 31 December 2018, representing an increase of about HK$8 million.

行政開支由截至二零一七年十二月三十一 日止六個月約 24,000,000 港元增加至截至 二零一八年十二月三十一日止六個月約 32,000,000 港元，即增加約 8,000,000 港 元。

The higher administrative expenses were mainly attributable to the increase in salaries and wages and office administrative expenses.

行政開支增加乃主要歸因於薪金及工資以 及辦公室行政開支上升。

Taxation

Income tax represents Hong Kong profits tax at 16.5% for the Company’s subsidiaries in Hong Kong and PRC Enterprise Income Tax at 25% for the Company’s subsidiary in Foshan, 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, is 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% 稅 率繳納的香港利得稅及本公司中國佛山附 屬公司按 25% 稅率繳納的中國企業所得 稅。本公司若干附屬公司於霍爾果斯巿經 濟開發區註冊成立，主營業務屬於當地政 府重點鼓勵發展的產業，可享受五年內免 徵企業所得稅的稅收優惠政策。

Loss for the Period

The Group recorded a loss for the period of approximately HK$4 million for the six months ended 31 December 2018 and profit of approximately HK$58 million for the six months ended 31 December 2017 respectively. The significant drop of approximately HK$62 million in profit for the period was a result of the narrow profit margin of the provision of internet advertising agent services and a decrease in net profit arising from the mobile payment technical support services.

期內虧損

本集團截至二零一八年十二月三十一日止 六個月及截至二零一七年十二月三十一日 止六個月分別錄得期內虧損約 4,000,000 港 元及溢利約 58,000,000 港元。期內溢利大 幅減少約 62,000,000 港元乃由於提供互聯 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純利減少。

32 MILLION STARS HOLDINGS LIMITED[•] Interim 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 costs of funds, the Group’s treasury activities are centralised and cash is generally deposited with banks in Hong Kong and the PRC.

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。 為求更有效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的銀行。

The Group has maintained its funds at a sound and healthy financial resource level during the period under review. As at 31 December 2018, included in net current assets were cash and bank balances (including pledged bank deposits) totalling approximately HK$40 million (30 June 2018: HK$114 million), the decrease in which was mainly due to the repayment of amount due to a shareholder.

於回顧期間內，本集團的資金維持於穩建 的財務資源水平。於二零一八年十二月 三十一日，本集團計入流動資產淨值的現 金及銀行結餘（包括已抵押銀行存款）總額 約為 40,000,000 港元（二零一八年六月 三十日：114,000,000 港元），有關減少乃 主要由於償還應付一名股東款項所致。

The Group was offered banking facilities amounting to HK$16 million (30 June 2018: Nil). As at 31 December 2018, the Group’s total bank borrowings were HK$16 million (30 June 2018: Nil). The Group has variable interest-rate bank loans which carry interest ranging from 5.48% to 5.62% per annum for the six months ended 31 December 2018 (six months ended 31 December 2017: Nil).

本集團獲得銀行融資 16,000,000 港元（二 零一八年六月三十日：無）。於二零一八年 十二月三十一日，本集團的銀行借貸總額 為 16,000,000 港元（二零一八年六月三十 日：無）。截至二零一八年十二月三十一日 止六個月，本集團的浮動利率銀行貸款按 年利率介乎 5.48% 至 5.62% 計息（截至二 零一七年十二月三十一日止六個月：無）。

The Group monitored capital using gearing ratio, which is total debt of the Group dividend by total equity of the Group.

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。

Total debt to equity ratio of the Group expressed as a percentage of interest bearing borrowings over the total equity was approximately 10% as at 31 December 2018 (30 June 2018: 0.19%).

於二零一八年十二月三十一日，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 10%（二零一八年六月三十 日：0.19%）。

As at both 31 December 2018 and 30 June 2018, there was no seasonality as to the Group’s borrowing requirements and no committed borrowing facilities.

於二零一八年十二月三十一日及二零一八 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。

2018/2019 中期報告[•] 萬星控股有限公司 33

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 currency risk and interest rate risk. The Group’s risk management policy 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貨幣風險 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 with banks in Hong Kong and the PRC, which are denominated mostly in United States dollars, Hong Kong dollars and Renminbi. Hong Kong dollars are pegged to United States dollars under the current policy of the Government of Hong Kong.

現金一般會存放於香港及中國的銀行，並 主要以美元、港元及人民幣計值。港元根 據香港政府現行的政策與美元掛鈎。

As most of the Group’s trading transactions, monetary assets and liabilities are denominated mainly in Hong Kong dollars (being the Group’s operating and reporting currencies), United States dollars (to which Hong Kong dollars were pegged) and Renminbi, the impact of foreign exchange exposure to the Group was minimal and the changes in foreign exchange rates did not have a significant adverse effect on normal operations during the reporting periods.

由於本集團的大部分買賣交易、貨幣資產 及負債主要以港元（本集團的營運及呈報貨 幣）、美元（與港元掛鈎）及人民幣計值，故 外匯風險對本集團的影響甚微，而外匯匯 率變動於報告期間對日常營運並無任何重 大不利影響。

With the current interest rates staying at relatively low levels, the Group has not entered into any interest rate hedging contracts or any other interest rate related derivative financial instrument. However, the Group continues to monitor its related interest rate exposure closely.

由於現行利率處於相對較低水平，故本集 團並無訂立任何利率對沖合約或任何其他 利率相關衍生金融工具。然而，本集團繼 續密切監察其所面對的相關利率風險。

Charge Over Assets of the Group

As at 31 December 2018, the Group’s banking facilities were supported by pledged bank deposits of approximately HK$9 million (30 June 2018: HK$1.0 million).

本集團的資產質押

於二零一八年十二月三十一日，本集團的 銀行融資由已抵押銀行存款約 9,000,000 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 31 December 2018, the Group did not have any significant capital commitment (30 June 2018: nil). As at 31 December 2018, the Group did not have any significant contingent liability (30 June 2018: nil).

資本承擔及或然負債

於二零一八年十二月三十一日，本集團並 無任何重大資本承擔（二零一八年六月三十 日：無）。於二零一八年十二月三十一日， 本集團並無任何重大或然負債（二零一八年 六月三十日：無）。

34 MILLION STARS HOLDINGS LIMITED[•]

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

MATERIAL ACQUISITIONS AND DISPOSALS

During the six months ended 31 December 2018, the Group did not have any material acquisition and disposal.

重大收購及出售事項

截至二零一八年十二月三十一日止六個 月，本集團並無任何重大收購及出售事項。

EMPLOYEES AND REMUNERATION POLICY

As at 31 December 2018, the Group had a workforce of 181 employees (30 June 2018: 188). Total staff cost for the six months ended 31 December 2018 was about HK$23 million, representing an increase of about HK$10 million as compared to the staff cost for the six months ended 31 December 2017.

僱員及薪酬政策

於二零一八年十二月三十一日，本集團有 181 名僱員（二零一八年六月三十日：188 名）。截至二零一八年十二月三十一日止六 個月的總員工成本約為 23,000,000 港元， 較截至二零一七年十二月三十一日止六個 月的員工成本增加約 10,000,000 港元。

The Group’s remuneration policy is formulated by the Remuneration Committee of the Board with reference to the duties, responsibilities, experience and competence of individual employees. The same policy also applies to the Directors. In addition to salaries and discretionary bonuses relating to the performance of the Group, employee benefits also include pension scheme contributions.

本集團的薪酬政策乃由董事會薪酬委員會 根據個別僱員的職務、責任、經驗及能力 而制定。此政策亦適用於董事。除本集團 履約的薪金及酌情花紅外，僱員福利亦包 括退休金計劃供款。

The Group provides various training to our employees to enhance their technical skills and awareness of responsibilities. The Group also provides its employees with quality control standards and work safety standards training to enhance their safety awareness.

本集團為其僱員提供各種培訓以提高彼等 的技術技能及僱員責任意識。本集團亦為 其僱員提供質素控制標準及安全生產標準 方面的培訓以提高彼等的安全意識。

During the period under review, the Group did not experience any strikes, work stoppages or significant labor disputes which affected its operations in the past and it did not experience any significant difficulties in recruiting and retaining qualified staff.

於回顧期間，本集團過去並無經歷任何影 響其營運的罷工、停工或重大勞資糾紛， 在聘用及挽留合資格員工方面亦無遇到任 何重大困難。

2018/2019 中期報告[•] 萬星控股有限公司 35

OTHER INFORMATION 其他資料

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

As at 31 December 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

於二零一八年十二月三十一日，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：

Interests in Shares of the Company

於本公司股份的權益

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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 181,995,000 (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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36 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

OTHER INFORMATION 其他資料

Notes:

1. As at 31 December 2018, the Company had 400,000,000 Shares in issue.

2. As at 31 December 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.

Abbreviation: “L“ stands for long position.

附註：

1. 於二零一八年十二月三十一日，本公司有 400,000,000 股已發行股份。

2. 於二零一八年十二月三十一日，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。

縮寫： 「L」為好倉。

2018/2019 中期報告[•] 萬星控股有限公司 37

OTHER INFORMATION 其他資料

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS

As at 31 December 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

於二零一八年十二月三十一日，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 規定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 Notes
佔本公司已發行
股本的
股東姓名╱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
Shanghai Hutong Investments Beneficial owner 50,000,000 (L) 12.50%
Centre (Limited Partnership) (“SHIC”) 實益擁有人
上海胡桐投資中心（有限合夥） Interest of controlled corporation 181,995,955 (L) 45.49% 3
（「上海胡桐」） 受控法團權益
BOC-HFT-BOC-Overseas No.1 QDII Investment manager 50,000,000 (L) 12.50% 4
Segregated Account (“BOC Account”) 投資經理
海富通 [—] 中國銀行海外 1 號
QDII 資產管理計劃
（「中銀管理計劃」）
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* for identification only

38 MILLION STARS HOLDINGS LIMITED[•] Interim 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 Notes
佔本公司已發行
股本的
股東姓名╱名稱 身份 於股份之權益 概約百分比 附註
Shanghai Angell Asset Management Interest of controlled corporation 231,995,955 (L) 57.99% 5
Company Limited (“Shanghai Angell”) 受控法團權益
上海昂巨資產管理有限公司
（「上海昂巨」）
Zhongtian Urban Development Group Interest of controlled corporation 231,995,955 (L) 57.99% 6
Shanghai Equity Investment Fund 受控法團權益
Partnership (Limited Partnership)
(“Zhongtian Partnership”)
中天城投集團上海股權投資
基金合夥企業（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 受控法團權益
Partnership (Limited Partnership)
(“Shanghai Tiger Platinum”)
上海虎鉑股權投資基金管理合夥
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”) 受控法團權益
貴陽金融控股有限公司（「貴陽」）
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* for identification only

2018/2019 中期報告[•] 萬星控股有限公司 39

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 Notes
佔本公司已發行
股本的
股東姓名╱名稱 身份 於股份之權益 概約百分比 附註
Zhongtian Financial Group Company Interest of controlled corporation 231,995,955 (L) 57.99% 9
Limited (“Zhongtian Group”) 受控法團權益
中天金融集團股份有限公司
（「中天集團」）
Jin Shiqi Guoji Holdings Company Interest of controlled corporation 231,995,955 (L) 57.99% 10
Limited (“Jin Shiqi”) 受控法團權益
金世旗國際控股股份有限公司
（「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 (“MGH”) Interest of controlled corporation 221,995,955 (L) 55.50% 11
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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* for identification only

40 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

OTHER INFORMATION 其他資料

Notes:

1. As at 31 December 2018, the Company had 400,000,000 Shares in issue.

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

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

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

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

6. 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.

7. 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.

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

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

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

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

Abbreviation: “L“ stands for long position

附註：

1. 於二零一八年十二月三十一日，本公司有 400,000,000 股已發行股份。

2. 上述 UCL 之視為股權乃透過其於威景之 70% 股權持有。

3. 上述上海胡桐之視為股權乃透過其於 UCL 之 100% 股權持有。

4. 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。

5. 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。

6. 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。

7. 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。

8. 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。

9. 上述中天集團之視為股權乃透過其於貴陽之 100% 股權持有。

10. 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。

11. 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。

12. 縮寫： 「L」為好倉。

2018/2019 中期報告[•] 萬星控股有限公司 41

OTHER INFORMATION 其他資料

DIRECTORS’ AND CONTROLLING

董事及控股股東於競爭業務的權益

SHAREHOLDERS’ INTEREST IN COMPETING

BUSINESS

For the six months ended 31 December 2018, the Directors are not aware of any business or interest of the Directors, the controlling shareholders of the Company or their respective close 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.

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

During the six months ended 31 December 2018, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted a code of conduct for securities transactions and dealing (the “ Code of Conduct ”) by Directors on terms no less exacting than the required standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules (the “ Model Code ”). The Company has made specific enquiry of all Directors as to whether they have complied with the required standards set out in the Model Code and the Code of Conduct during the six months ended 31 December 2018.

All the Directors have confirmed that they have complied with the required standards set out in the Model Code and the Code of Conduct throughout the six months ended 31 December 2018.

截至二零一八年十二月三十一日止六個 月，董事並無知悉任何董事、本公司控股 股東及彼等各自的緊密聯繫人（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 有任何權益，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。

購買、出售或贖回本公司的上市證券

截至二零一八年十二月三十一日止六個 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。

進行證券交易的標準守則

本公司已就董事進行證券交易及買賣採納 一套行為守則（「 行為守則 」），其條款不遜 於 GEM 上市規則第 5.48 條至第 5.67 條所載 規定標準（「 標準守則 」）。截至二零一八年 十二月三十一日止六個月，本公司已向全 體董事就彼等是否已遵守標準守則及行為 守則所載規定標準作出具體查詢。

全體董事已確認，彼等於截至二零一八年 十二月三十一日止六個月內一直遵守標準 守則及行為守則所載規定標準。

42 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019

OTHER INFORMATION 其他資料

REPORT ON COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE

During the six months ended 31 December 2018, the Group was in compliance with the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules.

遵守企業管治守則報告

截至二零一八年十二月三十一日止六個 月，本集團一直遵守 GEM 上市規則附錄 十五所載的企業管治守則。

CHANGES OF DIRECTORS’ INFORMATION

Upon specific enquiry by the Company and following confirmations from Directors, save as disclosed as follows, there is no change in the information of the Directors required to be disclosed pursuant to Rule 17.50A(1) of the GEM Listing Rules since the Company’s last published annual report.

董事資料變動

於本公司作出具體查詢及獲得董事的以下 確認後，除下文所披露者外，自本公司最 近刊發的年度報告以來，概無有關董事資 料的變動須根據 GEM 上市規則第 17.50A(1) 條作出披露。

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Directors Changes in Positions held with the Company
董事 於本公司擔任的職位變動
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Ji Fang	Appointed as an independent non-executive director (“INED”), the Chairlady of the
	Remuneration Committee and a member of each of the Audit Committee, Nomination
	Committee and Corporate Governance Committee with effect from 1 January 2019
計芳	獲委任為獨立非執行董事（「獨立非執行董事」）、薪酬委員會主席以及審核委員會、
	提名委員會及企業管治委員會各自的成員，自二零一九年一月一日起生效
Chen Feng	Resigned as an INED, the Chairlady of the Remuneration Committee and a member of
	each of the Audit Committee, Nomination Committee and Corporate Governance
	Committee with effect from 1 January 2019
陳楓	辭任獨立非執行董事、薪酬委員會主席以及審核委員會、提名委員會及企業管治委
	員會各自的成員，自二零一九年一月一日起生效

2018/2019 中期報告[•] 萬星控股有限公司 43

OTHER INFORMATION 其他資料

AUDIT COMMITTEE AND REVIEW OF FINANCIAL STATEMENTS

The Audit Committee has been established in accordance with the GEM Listing Rules. Members of the Audit Committee comprise Mr. Chen Ce (Chairman), Ms. Ji Fang (appointed on 1 January 2019) and Mr. Gao Shuo, all of them being INEDs. The Audit Committee has reviewed with the management this interim report, the accounting principles and practices adopted by the Group, financial reporting matters including a review of the unaudited consolidated results for the six months ended 31 December 2018 prior to recommending them to the Board for approval.

The consolidated interim financial statements for the six months ended 31 December 2018 have not been audited by the Company’s auditors.

By Order of the Board

Million Stars Holdings Limited Zhu Yongjun Chairman

Hong Kong, 13 February 2019

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 a non-executive Director; and Mr. Chen Ce, Ms. Ji Fang and Mr. Gao Shuo as independent non-executive Directors.

審核委員會及審閱財務報表

審核委員會已根據 GEM 上市規則成立。審 核委員會成員包括陳策先生（主席）、計芳 女士（於二零一九年一月一日獲委任）及高 碩先生，彼等均為獨立非執行董事。審核 委員會已與管理層審閱本中期報告、本集 團採納的會計原則及慣例、財務報告事宜 （包括審閱截至二零一八年十二月三十一日 止六個月未經審核綜合業績），審閱工作已 於向董事會提交上述資料以獲批准前完成。

截至二零一八年十二月三十一日止六個月 的綜合中期財務報表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，二零一九年二月十三日

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、計芳女士及高碩先生。

44 MILLION STARS HOLDINGS LIMITED[•] Interim Report 2018/2019