Web3 Meta Limited — Interim / Quarterly Report 2020

Feb 11, 2020

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可能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 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
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 Changes in Equity	未經審核簡明綜合權益變動表
9	Unaudited Condensed Consolidated Statement of Cash Flow	未經審核簡明綜合現金流量表
10	Notes to The Unaudited Condensed Consolidated Financial Statements	未經審核簡明綜合財務報表附註
36	Management Discussion and Analysis	管理層討論及分析
46	Other Information	其他資料

INTERIM RESULTS 中期業績

FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 (UNAUDITED) 截至二零一九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 2019, together with the unaudited comparative figures for the corresponding period in 2018 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 二零一九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二零一八年同期 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

			Six months ended 31 December 截至十二月三十一日止六個月
		Notes 附註	2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
REVENUE Cost of sales	收入 銷售成本	3	274,149 (265,432)	189,366 (158,901)
Gross profit Other income, gains/(losses)	毛利 其他收入、 收益╱(虧損)	4	8,717 (583)	30,465 999
Selling and distribution expenses Administrative expenses Reversal of impairment losses on trade and other receivables	銷售及分銷開支 行政開支 撥回貿易及其他應 收款項減值虧損		(2,510) (18,519) 41,238	(4,967) (31,699) 1,506
Profit/(loss) from operations Finance costs Share of loss of an associate	經營溢利╱(虧損) 財務成本 應佔一間聯營公司	5	28,343 (2,904)	(3,696) (126)
	虧損		(5)	–
Profit/(loss) before tax Income tax expense	除稅前溢利╱ (虧損) 所得稅開支	6 7	25,434 (102)	(3,822) (63)
Profit/(loss) for the period	期內溢利╱(虧損)		25,332	(3,885)
Other comprehensive income Items that may be reclassified subsequently to profit or loss: Exchange differences on translation	其他全面收益 其後可能重新分類 至損益的項目 : 換算境外業務之
of foreign operations	匯兌差額		(6,654)	(8,208)
Other comprehensive income for the period	期內其他全面收益		(6,654)	(8,208)
Total comprehensive income for the period	期內全面收益總額		18,678	(12,093)

2019/2020中期報告 • 萬星控股有限公司 03

INTERIM RESULTS 中期業績

FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 (UNAUDITED) 截至二零一九年十二月三十一日止六個月(未經審核)

				Six months ended 31 December 截至十二月三十一日止六個月
		Notes 附註	2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Profit/(loss) for the period attributable to: — Owners of the Company — Non-controlling interests	以下人士應佔期內 溢利╱(虧損): — 本公司擁有人 — 非控制權益		25,332 –	(3,885) –
			25,332	(3,885)
Total comprehensive income for the period attributable to: — Owners of the Company — Non-controlling interests	以下人士應佔期內 全面收益總額: — 本公司擁有人 — 非控制權益		18,678 –	(12,093) –
			18,678	(12,093)
Earnings/(loss) per share attributable to owners of the Company Basic and diluted	本公司擁有人應佔 每股盈利╱ (虧損) 基本及攤薄	8	HK6.03 cents港仙	HK(0.97) cents港仙

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

AS AT 31 DECEMBER 2019 於二零一九年十二月三十一日

		Notes 附註	31 December 2019 二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	30 June 2019 二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Non-current assets Property, plant and equipment Right-of-use assets Intangible assets Interest in Associate Goodwill	非流動資產 物業、廠房及設備 使用權資產 無形資產 於聯營公司之權益 商譽		2,507 18,712 15,515 55,870 2,578	3,631 – – – 2,578
Total non-current assets	非流動資產總值		95,182	6,209
Current assets Trade receivables Deposits, prepayments and other receivables Bank and cash balances Pledged deposits	流動資產 貿易應收款項 按金、預付款項及 其他應收款項 銀行及現金結餘 已抵押存款	10	151,896 223,080 10,893 5,857	113,508 145,465 19,564 3,905
Total current assets	流動資產總值		391,726	282,442
Current liabilities Trade payables Accruals and other payables	流動負債 貿易應付款項 應計費用及其他 應付款項	11	43,666 13,625	38,403 6,351
Contract liabilities Amount due to a shareholder Borrowings Lease liabilities	合約負債 應付一名股東款項 借貸 租賃負債	12	43,317 247 120,419 7,742	9,963 247 14,522 –
Current tax liabilities Total current liabilities	當期稅項負債 流動負債總額		9,239 238,255	9,130 78,616
Net current assets	流動資產淨值		153,471	203,826
Total assets less current liabilities	總資產減流動負債		248,653	210,035

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

AS AT 31 DECEMBER 2019 於二零一九年十二月三十一日

	Notes 附註	31 December 2019 二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	30 June 2019 二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Non-current liabilities Borrowings Lease liabilities	非流動負債 借貸 租賃負債	– 11,475	170 –
		11,475	170
NET ASSETS	資產淨值	237,178	209,865
Capital and reserves	資本及儲備
Share capital	股本	4,200	4,000
Reserves	儲備	232,978	205,865
TOTAL EQUITY	權益總額	237,178	209,865

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 2019 截至二零一九年十二月三十一日止六個月

					Attributable to owners of the Company 本公司擁有人應佔
		Share capital	Share premium	Statutory reserve	Exchange fluctuation reserve 匯兌波動	Other reserve	Retained earnings	Total
		股本 HK\$'000 千港元	股份溢價 HK\$'000 千港元	法定儲備 HK\$'000 千港元 (note i) (附註i)	儲備 HK\$'000 千港元 (note ii) (附註ii)	其他儲備 HK\$'000 千港元 (note iii) (附註iii)	保留盈利 HK\$'000 千港元	總計 HK\$'000 千港元
At 1 July 2019 (audited)	於二零一九年七月一日 (經審核)	4,000	39,782	1,806	(11,305)	–	175,582	209,865
Subscription of new shares Profit for the period (unaudited) Exchange difference arising on translation of foreign	認購新股份 期內溢利(未經審核) 換算境外業務之匯兌差額 (未經審核)	200 –	4,800 –	– –	– –	– –	– 25,332	5,000 25,332
operations (unaudited) Total comprehensive income for the period (unaudited)	期內全面收益總額 (未經審核)	– –	– –	– –	(3,019) (3,019)	– –	– 25,332	(3,019) 18,678
At 31 December 2019 (unaudited)	於二零一九年十二月三十一日 (未經審核)	4,200	44,582	1,806	(14,324)	–	200,914	237,178
At 1 July 2018 (audited)	於二零一八年七月一日 (經審核)	4,000	39,782	2,014	(2,239)	100	217,520	261,177
Loss for the period (unaudited) Exchange difference arising on translation of foreign operations (unaudited)	期內虧損(未經審核) 換算境外業務之匯兌差額 (未經審核)	– –	– –	– –	– (8,208)	– –	(3,885) –	(3,885) (8,208)
Total comprehensive income for the period (unaudited)	期內全面收益總額 (未經審核)	–	–	–	(8,208)	–	(3,885)	(12,093)
At 31 December 2018 (unaudited)	於二零一八年十二月三十一日 (未經審核)	4,000	39,782	2,014	(10,447)	100	213,635	249,084

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 2019 截至二零一九年十二月三十一日止六個月

Notes:

(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.

(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.

(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.

附註:

(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) 匯兌波動儲備

匯兌波動儲備指有關本集團境外業務之資產 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境外 業務時重新分類至損益。

(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。

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 2019 截至二零一九年十二月三十一日止六個月

		For the six months ended 31 December
		截至十二月三十一日止六個月 2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Net cash used in operating activities	經營活動所用之現金淨額	(35,784)	(35,148)
Net cash used in investing activities	投資活動所用之 現金淨額	(73,534)	(140)
Net cash generated from/(used in) financing activities	融資活動產生╱(所用)之 現金淨額	103,172	(38,513)
Net decrease in cash and cash equivalents	現金及現金等價物 減少淨額	(6,146)	(73,801)
Effect on foreign exchange rate changes, net	對外幣匯率變動之淨影響	(2,525)	(8,220)
Cash and cash equivalents at beginning of the period	期初之現金及現金等價物	19,564	113,435
Cash and cash equivalents at end of the period — represented by bank balances	期終之現金及現金等價物 — 以銀行結餘及現金等
and cash equivalents other than pledged deposits	價物列示(不包括 已抵押存款)	10,893	31,414

1. BASIS OF PREPARATION AND BASIS OF PRESENTATION

This unaudited condensed consolidated financial information for the three months and six months ended 31 December 2019 has been prepared in accordance with Hong Kong Accounting Standards ("HKAS") 34, "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules"). The unaudited condensed consolidated financial information does not include all information and disclosures as required in the annual financial statements and should be read in conjunction with the Company's annual report for the year ended 30 June 2019.

The unaudited condensed consolidated financial statements for the six months ended 31 December 2019 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.

The accounting policies adopted for this unaudited condensed consolidated financial information are consistent with those of the previous financial year, except for the adoption of new and amended standards as set out below.

1. 編製基準及呈列基準

截至二零一九年十二月三十一日止 三個月及六個月的本未經審核簡明 綜合財務資料乃根據香港會計師公 會頒佈的香港會計準則(「香港會計 準則」)第34號「中期財務報告」以 及香港公司條例及聯交所GEM證券 上市規則(「GEM上市規則」)的適用 披露規定編製。未經審核簡明綜合 財務資料並無載入年度財務報表所 規定的所有資料及披露,故應與本 公司截至二零一九年六月三十日止 年度的年報一併閱讀。

截至二零一九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。

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。

除採用下列新訂及經修訂準則外, 本未經審核簡明綜合財務資料採用 的會計政策與上一個財政年度所用 者一致。

1. BASIS OF PREPARATION AND BASIS OF PRESENTATION (Continued) New and amended standards adopted by the Group

A number of new or amended standards became applicable for the current reporting period, and the Group had to change its accounting policies as a result of adopting Hong Kong Financial Reporting Standard (the "HKFRS") 16 "Leases". The impact of the adoption of the leasing standard and the new accounting policies are disclosed in note 2 below.

The Group has not applied any new and revised HKFRSs that are not yet effective for the current period. There are no other standards that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

2. CHANGES IN ACCOUNTING POLICIES

The Group has applied HKFRS 16 for the first time in the current interim period. HKFRS 16 superseded HKAS 17 Leases ("HKAS 17"), and the related interpretations. HKFRS 16 introduces a single on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments.

The Group applied HKFRS 16 using the simplified transition approach and did not restate comparative amounts for the year prior to first adoption.

1. 編製基準及呈列基準(續)

本集團採用的新訂及經修訂準則

若干新訂或經修訂準則適用於本報 告期間,且本集團因採用香港財務 報告準則(「香港財務報告準則」)第 16號「租賃」須變更其會計政策。採 用租賃準則及新會計政策的影響披 露於下文附註2。

本集團並無應用任何於本期間尚未 生效的新訂及經修訂香港財務報告 準則。並無其他尚未生效且預計於 當前或未來報告期間將對本集團及 可預見未來交易產生重大影響的準 則。

2. 會計政策變動

本集團於本中期期間首次應用香港 財務報告準則第16號。香港財務報 告準則第16號取代香港會計準則第 17號租賃(「香港會計準則第17號」) 及相關詮釋。香港財務報告準則第 16號就承租人引入資產負債表內單 一會計處理模式。因此,本集團作 為承租人已確認使用權資產(即其使 用相關資產的權利)及租賃負債(即 其作出租賃付款的責任)。

本集團採用簡化過渡法應用香港財 務報告準則第16號,並無重列首次 採納前一年的比較金額。

2. CHANGES IN ACCOUNTING POLICIES (Continued)

(a) Definition of a lease

Previously, the Group determined at c o n t r a c t i n c e p t i o n w h e t h e r a n arrangement was or contained a lease under IFRIC 4 Determining Whether an Arrangement contains a Lease. The Group now assesses whether a contract is or contains a lease based on the new definition of a lease. Under HKFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.

On transition to HKFRS 16, the Group elected to apply the practical expedient to grandfather the assessment of which transactions are leases. It applied HKFRS 16 only to contracts that were previously identified as leases. Contracts that were not identified as leases under HKAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under HKFRS 16 has been applied only to contracts entered into or changed on or after 1 July 2019. Such contracts will be reassessed unless the terms and c o n d i t i o n s o f t h e c o n t r a c t s a r e subsequently changed.

2. 會計政策變動(續)

(a) 租賃定義 此前,本集團於合約開始時 根據國際財務報告詮釋委員 會第4號釐定安排是否為租 賃或包含租賃。本集團現根 據租賃新定義評估合約是否 為租賃或包含租賃。根據香 港財務報告準則第16號,倘 合約為換取代價而給予在一 段時間內控制可識別資產使 用的權利,則該合約為租賃 或包含租賃。

於過渡至香港財務報告準則 第16號時,本集團選擇應用 實際權宜方法繼續沿用交易 為租賃之評估。其僅將香港 財務報告準則第16號應用於 先前識別為租賃的合約。根 據香港會計準則第17號及國 際財務報告詮釋委員會第4 號未識別為租賃的合約並無 予以重新評估。因此,香港 財務報告準則第16號項下的 租賃定義僅適用於二零一九 年七月一日或之後訂立或變 更的合約。除非合約的條款 及條件隨後出現變動,否則 此類合約將予以重新評估。

2. CHANGES IN ACCOUNTING POLICIES (Continued)

(b) As a lessee

The Group leases office and equipment. As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of w h e t h e r t h e l e a s e t r a n s f e r r e d substantially all of the risks and rewards of ownership. Under HKFRS 16, the Group recognises right-of-use assets and lease liabilities for most leases.

The recognised right-of-use assets relate to the properties.

2. 會計政策變動(續)

(b) 作為承租人 本集團租賃辦公室及設備。 作為承租人,本集團先前根 據其對租賃是否已轉讓所有 權的絕大部分風險及回報作 出的評估,將租賃分類為經 營或融資租賃。根據香港財 務報告準則第16號,本集團 就大部分租賃確認使用權資 產及租賃負債。

已確認使用權資產與物業有 關。

		As 31 December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元
Properties Equipment	物業 設備	18,666 46
Total right-of-use-assets	使用權資產總值	18,712

2. CHANGES IN ACCOUNTING POLICIES (Continued)

(b) As a lessee (Continued) Significant accounting policies

The Group recognises a right-of-use assets and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and s u b s e q u e n t l y a t c o s t l e s s a n y a c c u m u l a t e d d e p r e c i a t i o n a n d impairment losses, and adjusted for certain remeasurements of the lease liability. The right-of-use assets is depreciated on a straight-line basis over the shorter of the asset's useful life and the lease term.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.

2. 會計政策變動(續)

(b) 作為承租人(續) 主要會計政策 本集團於租賃開始日期確認 一項使用權資產及一項租賃 負債。使用權資產初步按成 本及其後按成本減任何累計 折舊及減值虧損計量,並就 租賃負債若干重新計量作出 調整。使用權資產乃按直線 法於資產可使用年期與租期 (以較短者為準)內折舊。

租賃負債初步按租賃開始日 期時尚未支付的租賃付款的 現值計量,並使用租賃內含 利率貼現,或倘利率無法確 定,則使用本集團的增量借 貸利率計算。一般而言,本 集團使用其增量借貸利率作 為貼現率。

租賃負債其後按租賃負債的 利息成本增加及按已支付租 賃付款減少。當由指數或利 率變動引起的未來租賃付款 變動、剩餘價值擔保項下預 期應付金額估計變動、對購 買或延期權是否合理確定行 使或終止權是否合理確定不 予 行 使 的 評 估 變 動( 如 適 用),本集團會重新計量租賃 負債。

2. CHANGES IN ACCOUNTING POLICIES (Continued)

(b) As a lessee (Continued) Significant accounting policies (Continued)

The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and rightof-use assets recognised.

Transition

Previously, the Group classified office and equipment leases as operating leases under HKAS 17. These include office premises and staff quarters. The leases typically run for a period of one to five years.

At transition, for leases classified as operating leases under HKAS 17, lease liabilities were measured at the present value of the remaining lease payments, discounted at the Group's incremental borrowing rate as at 1 July 2019. Rightof-use assets are measured at either:

— their carrying amount as if HKFRS 16 had been applied since the commencement date, discounted using the lessee's incremental borrowing rate at the date of initial application — the Group applied this approach to its largest property lease; or

2. 會計政策變動(續)

(b) 作為承租人(續) 主要會計政策(續)

本集團已運用判斷釐定其為 承租人的部分租賃合約(包含 重續權)的租賃期。對本集團 是否合理確定行使有關選擇 權的評估會影響租賃期,其 對已確認的租賃負債及使用 權資產金額亦有重大影響。

過渡

本集團過往根據香港會計準 則第17號將辦公室及設備租 賃分類為經營租賃。其包括 辦公室物業及員工宿舍。租 賃通常為期一至五年。

於過渡時,就根據香港會計 準則第17號分類為經營租賃 的租賃而言,租賃負債按餘 下租賃付款的現值計量,並 根據本集團於二零一九年七 月 一 日 的 增 量 借 貸 利 率 貼 現。使用權資產會按以下其 中一種方式計量:

— 按其賬面值計量,猶 如香港財務報告準則 第16號自開始日期起 已獲應用,並使用承 租人於初次應用日期 的增量借貸利率貼現 — 本集團為其最大物 業租賃應用此方法; 或

2. CHANGES IN ACCOUNTING POLICIES (Continued)

• (b) As a lessee (Continued) Significant accounting policies (Continued) Transition (Continued)
• an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments — the Group applied this approach to all other leases.

The Group used the following practical expedients when applying HKFRS 16 to leases previously classified as operating leases under HKAS 17.

— Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term.

• Excluded initial direct costs from measuring the right-of-use asset at the date of initial application.

• Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

• 2. 會計政策變動(續)

• (b) 作為承租人(續) 主要會計政策(續)

過渡(續)

— 按相等於租賃負債的 金額計量,並根據任 何預付或應計租賃付 款的金額進行調整 — 本集團對所有其他租 賃應用此方法。

本集團應用香港財務報告準 則第16號於過往根據香港會 計準則第17號分類為經營租 賃的租賃時使用以下實際權 宜方法。

• 對於租賃期少於12個 月的租賃,應用豁免 不確認使用權資產及 負債。
• 於首次應用日期計量 使用權資產時不包括 初始直接成本。
• 倘合約包含延長或終 止租賃的選擇權,則 於事後釐定租賃期。

2. CHANGES IN ACCOUNTING POLICIES (Continued)

(c) Impacts of financial statements Impact on transition

On transition to HKFRS 16, the Group recognised additional right-of-use assets and additional lease liabilities, recognising the difference in retained earnings. The change in accounting policy affected the following items on the condensed consolidated statement of financial position (increase/(decrease)) as at 1 July 2019 is summarised below.

2. 會計政策變動(續)

(c) 對財務報表的影響 過渡的影響 於過渡至香港財務報告準則 第16號時,本集團確認額外 使 用 權 資 產 及 額 外 租 賃 負 債, 並 於 保 留 盈 利 確 認 差 額。會計政策變動對於二零 一九年七月一日簡明綜合財 務 狀 況 表 的 下 列 項 目( 增 加╱(減少))的影響概述如 下。

		1 July 2019 二零一九年 七月一日 HK\$'000 千港元 (Unaudited) (未經審核)
Assets Right-of-use asset	資產 使用權資產	22,725
Total assets	資產總值	22,725
Liabilities Lease liabilities	負債 租賃負債	22,725
Total liabilities	負債總額	22,725

When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments using its incremental borrowing rate at 1 July 2019. The weighted-average rate applied is 5%.

於計量分類為經營租賃的租 賃的租賃負債時,本集團以 二零一九年七月一日的增量 借貸利率貼現租賃付款。所 應 用 的 加 權 平 均 貼 現 率 為 5%。

2. CHANGES IN ACCOUNTING POLICIES (Continued)

2. 會計政策變動(續)

(c) Impacts of financial statements (Continued) Impact on transition (Continued)

(c) 對財務報表的影響(續)

過渡的影響(續)

	HK\$'000 千港元
所披露於二零一九年六月 Operating lease commitments disclosed 三十日的經營租賃承擔 as at 30 June 2019 按增量借貸利率貼現的 Lease liabilities discounted at	6,279
租賃負債 incremental borrowing rate Less: short-term leases recognised on 減:以直線法確認為開支 的短期租賃 a straight-line basis as expense	23,216 (491)
於二零一九年七月一日 Lease liabilities recognised as at 1 July 2019 確認的租賃負債	22,725
其中: of which are: 流動租賃負債 Current lease liabilities 非流動租賃負債 Non-current lease liabilities	6,559 16,166
	22,725

2. CHANGES IN ACCOUNTING POLICIES (Continued)

(c) Impacts of financial statements (Continued)

Impacts for the period

As a result of initially applying HKFRS 16, in relation to the leases that were previously classified as operating leases, the Group recognised HK\$18,712,000 of right-of-use assets and HK\$19,217,000 of lease liabilities as at 31 December 2019.

Also, in relation to those leases under HKFRS 16, the Group has recognised depreciation and finance costs, instead of operating lease expense. During the six months ended 31 December 2019, the Group recognised HK\$3,941,000 of depreciation charges and HK\$529,000 of finance costs from these leases.

2. 會計政策變動(續)

(c) 對財務報表的影響(續)

期內影響

由於首次應用香港財務報告 準則第16號,就先前分類為 經營租賃的租賃而言,本集 團 於 二 零 一 九 年 十 二 月 三 十 一 日 確 認 使 用 權 資 產 18,712,000港元及租賃負債 19,217,000港元。

此外,就香港財務報告準則 第16號項下的租賃而言,本 集 團 已 確 認 折 舊 及 財 務 成 本,而非經營租賃開支。於 截 至 二 零 一 九 年 十 二 月 三十一日止六個月,本集團 自 該 等 租 賃 確 認 折 舊 費 用 3,941,000港 元 及 財 務 成 本 529,000港元。

3. 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.

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

3. 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。

本集團收入分析如下:

		Six months ended 31 December 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Internet advertising agency services Mobile payment technical support services	互聯網廣告代理服務 移動支付技術支持服務	274,149 –	159,456 99
Sales of leather products	銷售皮革產品	–	29,811
		274,149	189,366

3. 收入及經營分部資料(續) 本集團有以下三個經營分部: 3. REVENUE AND OPERATING SEGMENT INFORMATION (Continued)

The Group has three operating segments as follows:

Internet advertising agency service	— providing internet advertising agency services	互聯網廣告 代理服務	— 提供互聯網廣告代理 服務
Mobile payment technical support services	— providing mobile payment solution and technical support services	移動支付技術 支持服務	— 提供移動支付解決方案 及技術支持服務
Leather business (Discontinued)	leather apparel products — development, manufacturing and logistical services	皮革業務 (已終止)	— 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.

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

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。

由於董事未定期獲提供分部資產或 分部負債的資料,故並無呈列有關 分析。

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 市價進行銷售或轉讓。

3. 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:

For the six months ended 31 December 2019 (unaudited)

3. 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:

截至二零一九年十二月三十一日止 六個月(未經審核)

		Internet advertising agency services 互聯網廣告 代理服務 HK\$'000 千港元
Revenue	收入	274,149
Cost of sales	銷售成本	(265,432)
Gross profit	毛利	8,717
Selling and distribution expenses	銷售及分銷開支	(2,510)
Administrative expenses	行政開支	(10,129)
Reversal of impairment losses on	撥回貿易應收款項減值虧損
trade receivables		25,794
Segment results	分部業績	21,872
Other income, gain/(losses)	其他收入、收益╱(虧損)	(583)
Unallocated corporate expenses	未分配企業開支	(8,390)
Finance cost	財務成本	(2,904)
Reversal of impairment losses on	撥回其他應收款項減值虧損
other receivables	應佔一間聯營公司虧損	15,444
Share of loss of an associate		(5)
Profit before tax	除稅前溢利	25,434

3. REVENUE AND OPERATING SEGMENT INFORMATION (Continued) Segment revenue and results (continued) For the six months ended 31 December 2018 (unaudited)

3. 收入及經營分部資料(續)

分部收入及業績(續) 截至二零一八年十二月三十一日止 六個月(未經審核)

			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)

3. 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:

3. 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:

		Six months ended 31 December 截至十二月三十一日止六個月
	2019	2018
	二零一九年	二零一八年
	HK\$'000	HK\$'000
	千港元	千港元
	(unaudited)	(unaudited)
	(未經審核)	(未經審核)
客戶A Customer A	106,332	*
客戶B Customer B	*	90,696
Customer C 客戶C	35,463	*

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

(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.

* 相關收入於相應期間並無佔 本集團收入總額的10%以 上。

(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。

3. REVENUE AND OPERATING SEGMENT INFORMATION (Continued)

3. 收入及經營分部資料(續)

Segment revenue and results (continued)

• (b) Geographical information (continued) Revenue from external customers
• 分部收入及業績(續)
• (b) 地域資料(續) 來自外部客戶的收入

		Six months ended 31 December 截至十二月三十一日止六個月
		2019	2018
		二零一九年	二零一八年
		HK\$'000	HK\$'000
		千港元	千港元
		(unaudited)	(unaudited)
		(未經審核)	(未經審核)
PRC (excluded Hong Kong)	中國(除香港外)	267,775	137,228
United States of America	美利堅合眾國	3,899	34,430
Hong Kong	香港	1,650	2,966
Canada	加拿大	825	6,260
Australia	澳洲	–	3,137
Malaysia	馬來西亞	–	1,426
Taiwan	台灣	–	1,377
Switzerland	瑞士	–	956
Japan	日本	–	862
Netherlands	荷蘭	–	665
South Africa	南非	–	51
Others (note)	其他(附註)	–	8

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。

274,149 189,366

3. REVENUE AND OPERATING SEGMENT INFORMATION (Continued)

3. 收入及經營分部資料(續)

• Segment revenue and results (continued)
• 分部收入及業績(續)
• (b) Geographical information (continued) Non-current assets
• (b) 地域資料(續) 非流動資產

		As at	As at
		31 December	30 June
		2019	2019
		於二零一九年	於二零一九年
		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	92,827	5,937
Hong Kong	香港	2,333	239
United States of America	美利堅合眾國	22	33
		95,182	6,209

4. OTHER INCOME, GAINS/(LOSSES)

4. 其他收入、收益╱(虧損)

		Six months ended 31 December 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Exchange gains, net Interest income Loss on disposal of property, plant and equipment	匯兌收益,淨額 利息收入 出售物業、廠房及設備 之虧損	1 34 (653)	427 51 –
Subsidy received (Note) Others	獲授補貼(附註) 其他	6 29	517 4
		(583)	999

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

附註: 此乃因參加設計活動獲授的一次性 補貼。

5. FINANCE COSTS

5. 財務成本

		For the six months ended 30 June 截至六月三十日止六個月
		2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Interest on bank borrowings Interest on other borrowings Interest on lease liabilities	銀行借貸利息 其他借貸利息 租賃負債利息	398 1,977 529	126 – –
		2,904	126

6.	PROFIT/(LOSS) BEFORE TAX 6. The Group's profit before tax is arrived at after charging:		除稅前溢利╱(虧損) 各項後達致:	本集團的除稅前溢利乃經扣除下列
			Six months ended 31 December 截至十二月三十一日止六個月
			2019 二零一九年 HK\$'000 千港元 (unaudited)	2018 二零一八年 HK\$'000 千港元 (unaudited)
			(未經審核)	(未經審核)
	Staff costs (including directors' remuneration): — Salaries and bonus	員工成本(包括董事 薪酬): — 薪金及花紅	9,036	21,050
	— Pension scheme contributions	— 退休金計劃供款	1,797	2,094
	Total staff costs	總員工成本	10,833	23,144
	Cost of inventories sold Depreciation of right-of-use	已售存貨成本 使用權資產折舊	–	15,063
	assets Depreciation of property, plant and equipment	物業、廠房及設備折舊	3,941 739	– 905

7. INCOME TAX EXPENSE

7. 所得稅開支

Hong Kong Profits Tax has been provided at a rate of 16.5% (2018: 16.5%) on the estimated assessable profit for the year ended 30 June 2019.

香港利得稅乃就截至二零一九年六 月三十日止年度的估計應課稅溢利 按16.5%(二零一八年:16.5%)之 稅率計提撥備。

7. INCOME TAX EXPENSE (Continued)

On 21 March 2018, the Inland Revenue (Amendment) (No. 7) Bill 2017, which introduces a two-tiered profits tax regime, was substantively enacted. Under the two-tiered profits tax regime, the first HK\$2 million of assessable profits of qualifying corporations will be taxed at 8.25% with effect from the year assessment 2018/2019. Profits above HK\$2 million will continue to be subject to the tax rate of 16.5%.

PRC Enterprise Income Tax has been provided at a rate of 25% (2018: 25%).

Pursuant to the Notice of the Ministry of Finance and the State Administration of Taxation on Enterprise Income Tax Policies for Xinjiang Uygur Autonomous Region and Xinjiang Kashgar Autonomous Region (《財政部、國家稅務總局 關於新疆喀什霍爾果斯兩個特殊經濟開發區企 業所得稅優惠政策的通知》) promulgated by the State Council on 29 November 2011, if a corporate enterprise is newly established within calendar years 2010 to 2020 in two specific regions with business fallen in the scope of the Catalogue of Preferred Enterprise Income Tax for Key Encouraged Industries in Poor Areas of Xinjiang (《新疆困難地區重點鼓勵發展產業企 業所得稅優惠目錄》), the corporate enterprise can enjoy a preferential treatment of 5-year exemption from the first year when the entity begins to generate revenue. 霍爾果斯思凡信息 科 技 有 限 公 司 (Horgos Sifan Information Technology Limited ("Horgos Sifan")), 霍爾果斯 香蕉超人信息科技有限公司 (Horgos Xiangjiao Chaoren Information Technology Limited ("Horgos Xiangjiao")) and 霍爾果斯東潤網絡科 技 有 限 公 司 (Horgos Dongrun Network Technology Limited ("Horgos Dongrun")) are exempted from income tax from calendar years 2017 to 2020 upon approval by the State Taxation Bureau of the Xinjiang Uygur Autonomous Region in 2017.

7. 所得稅開支(續)

《二零一七年稅務(修訂)(第7號)條 例草案》於二零一八年三月二十一日 實質上制定,並據此引入利得稅兩 級制。根據利得稅兩級制,由二零 一八年╱二零一九年課稅年度開 始,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港元應課稅溢利仍須按 16.5%之稅率繳稅。

中國企業所得稅按25%(二零一八 年:25%)之稅率計提撥備。

根據國務院於二零一一年十一月 二十九日頒佈的《財政部、國家稅務 總局關於新疆喀什霍爾果斯兩個特 殊經濟開發區企業所得稅優惠政策 的通知》,倘公司企業於兩個特定地 區於曆年二零一零年至二零二零年 新近成立,且業務屬《新疆困難地區 重點鼓勵發展產業企業所得稅優惠 目錄》範圍,則公司企業可於實體開 始產生收入的第一年起享有5年免 稅優惠。霍爾果斯思凡信息科技有 限公司(「霍爾果斯思凡」)、霍爾果 斯香蕉超人信息科技有限公司(「霍 爾果斯香蕉」)及霍爾果斯東潤網絡 科技有限公司(「霍爾果斯東潤」)於 二零一七年獲新疆維吾爾自治區國 稅局批准後,自曆年二零一七年至 二零二零年期間獲豁免繳納所得稅。

7. INCOME TAX EXPENSE (Continued) Tax charge on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates, based on existing legislation, interpretation and practices in respect thereof.

7. 所得稅開支(續)

於其他地區的應課稅溢利已根據本 集團營運所在國家的現有法例、詮 釋及慣例,按當地的現行稅率計算 稅項支出。

		Six months ended 31 December 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Current income tax: Hong Kong Profits Tax PRC Enterprise Income Tax	當期所得稅: 香港利得稅 中國企業所得稅	– 102	– 63
Income tax expense for the period	期內所得稅支出	102	63

8. 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 420,000,000 (2018: 400,000,000) shares (the "Shares") in issue during the periods.

The diluted earnings per Share for the six months ended 31 December 2019 and 2018 are equal to the basic earnings per Share as there were no dilutive potential ordinary Shares in issue during the periods.

8. 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420,000,000股(二零一八年: 400,000,000股)計算。

由於期內概無已發行具攤薄效應的 潛在普通股,截至二零一九年及二 零一八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。

9. DIVIDENDS

The Company has not declared or paid any dividends during the period ended 31 December 2019 and 2018.

10. TRADE RECEIVABLES

Majority of the Group's sales are made with credit terms ranged from 0 to 60 days (30 June 2019: 0 to 60 days).

9. 股息

截至二零一九年及二零一八年十二 月三十一日止期間,本公司並無宣 派或派付任何股息。

10. 貿易應收款項

本集團大部分銷售按介乎0至60天 (二零一九年六月三十日:0至60天) 的信貸期結算。

		As at 31 December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	As at 30 June 2019 於二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Trade receivables Allowance for doubtful debts	貿易應收款項 呆賬撥備	154,075 (2,179) 151,896	141,481 (27,973) 113,508

10. TRADE RECEIVABLES (Continued)

10. 貿易應收款項(續)

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

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。

		As at	As at
		31 December	30 June
		2019	2019
		於二零一九年	於二零一九年
		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	88,715	14,131
31 to 60 days	31至60天	20,195	7,974
61 to 90 days	61至90天	5,676	5,166
91 to 180 days	91至180天	19,461	12,831
181 to 365 days	181至365天	3,341	14,648
Over 365 days	超過365天	14,508	58,758
		151,896	113,508

11. TRADE PAYABLES

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

11. 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。

		As at 31 December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	As at 30 June 2019 於二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Within 30 days 31 to 60 days 61 to 90 days Over 90 days	30天以內 31至60天 61至90天 超過90天	19,908 2,799 848 20,111	9,001 1,457 1,326 26,619
		43,666	38,403

12. INTEREST-BEARING BORROWINGS

12. 計息借貸

As at 31 December 2019, interest-bearing borrowings were payable as follows:

於二零一九年十二月三十一日,應 付的計息借貸如下:

		As at 31 December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	As at 30 June 2019 於二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Bank loan — secured Loan from third party — unsecured	— 有抵押 銀行貸款 第三方貸款 — 無抵押	28,519 91,900	8,122 6,570
		120,419	14,692

12. INTEREST-BEARING BORROWINGS (Continued)

12. 計息借貸(續)

The borrowings are repayable as follows:

借貸之還款期如下:

		As at 31 December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	As at 30 June 2019 於二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Within one year More than one year, but not exceeding two years	一年內 超過一年, 但不超過兩年	120,419 –	14,522 170
Less: Amount due for settlement within 12 months (shown under	減:12個月內到期清償 之金額(於流動 負債項下列示)	120,419	14,692
current liabilities)		120,419	14,522
Amount due for settlement after 12 months	12個月後到期清償之 金額	–	170

As at 31 December 2019, the Group borrowed unsecured loan from third party in principal amount of HK\$91,900,000. The loan bears fixed rate at 3%–6% per annum.

於二零一九年十二月三十一日,本 集 團 向 第 三 方 借 取 本 金 額 為 91,900,000港元的無抵押貸款。該 貸款按固定年利率3%–6%計息。

13. 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:

13. 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:

		As at 31 December 2019 於二零一九年 十二月三十一日 HK\$'000 千港元 (unaudited) (未經審核)	As at 30 June 2019 於二零一九年 六月三十日 HK\$'000 千港元 (audited) (經審核)
Within one year In the second to fifth years, inclusive	一年內 第二至第五年 (包括首尾兩年)	– –	4,959 1,320
		–	6,279

14. RELATED PARTY TRANSACTIONS

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

14. 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:

		Six months ended 31 December 截至十二月三十一日止六個月
		2019 二零一九年 HK\$'000 千港元 (unaudited) (未經審核)	2018 二零一八年 HK\$'000 千港元 (unaudited) (未經審核)
Salaries, allowances and benefits in kind Pension scheme contributions	薪金、津貼及實物福利 退休金計劃供款	420 2	2,160 9

INTERIM DIVIDEND

The Board does not recommend the payment of any interim dividend for the six months ended 31 December 2019 (2018: nil).

INTRODUCTION

The Group is an integrated group specialising in internet advertising agency services.

BUSINESS REVIEW

Internet Advertising Agency Services

The Group principally provides internet advertising services to different customers in mainland, China. Affected by the macroeconomic environment deterioration of China in 2019 and the slowdown of games copyright issuance, internet advertising industry's competition increases, industrial concentration improves and the profit space of small and medium-sized independent advertising operators is squeezed. In order to expand business scale, the Group adopts a series of promotion measures including the increase of rebates to attract and develop customers base. During the second half of 2019, the Group's sales scale increased approximately 44.8% as compared to that of the corresponding period of last year.

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, respectively. Dongrun Network provides internet advertising agency services covering streaming advertising, search engine advertising, and applied marketing and navigation advertising. After nearly two years' efforts, Dongrun Network has currently become the exclusive advertising agent of All Football APP* (懂 球 帝) gaming industry, core advertising agent of Cheetah Mobile, Yidian Zixun* (一點資訊) and WiFi Master Key, and advertising agent of Jinri Toutiao* (今日頭條). Dongrun Network, whose customers are principally engaged in the internet industry, covering industries such as e-commerce, online tourism, game, video, dating and automobiles. During the period, Dongrun Network achieved its operating income of approximately HK\$266 million.

中期股息

董事會不建議就截至二零一九年十二月 三十一日止六個月派付任何中期股息(二零 一八年:無)。

簡介

本集團是一間專門從事互聯網廣告代理服 務的綜合集團。

業務回顧

互聯網廣告代理服務

本集團主要於中國大陸地區為不同客戶提 供互聯網廣告投放服務。由於受2019年中 國宏觀經濟環境惡化及遊戲版號發放放緩 的影響,互聯網廣告行業競爭激烈,行業 集中度提高,中小獨立廣告運營商的利潤 空間受到擠壓。為拓展業務規模,本集團 採取了包括增加返點在內的一系列促銷措 施,以吸引和發展客戶。在二零一九年下 半年,集團的銷售規模較去年同期增加約 44.8%。

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。東潤網絡提供的互 聯網廣告代理服務涵蓋資訊流廣告、搜尋 引擎廣告、應用行銷和導航廣告等類別。 經過近兩年的努力,東潤網絡目前已成為 懂球帝遊戲行業廣告獨家代理商、獵豹移 動廣告核心代理商、一點資訊廣告核心代 理商、WiFi萬能鑰匙廣告核心代理商、今 日頭條廣告代理商。東潤網絡的客戶以互 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。期 內東潤網絡實現約266百萬港元的營業收 入。

* For identification purpose only * 僅供識別

During the period, the Group developed its overseas internet advertising market through its wholly-owned subsidiary, Million Stars Internet Media Limited ("MSIM"). Through a global mainstream online platform, namely Facebook, MSIM provides its customers with access to global advertising, including big data support, integrated marketing solutions, local language support and account stabilisation services. During the period, MSIM recorded an operating income of approximately HK\$6 million.

OUTLOOK

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

FINANCIAL REVIEW

Overview

Revenue of the Group for the six months ended 31 December 2019 amounted to approximately HK\$274 million, representing a significant increase of approximately 45% as compared to the corresponding period in the previous financial year.

The Group's gross profit for the six months ended 31 December 2019 was approximately HK\$9 million, decreased by approximately 71% compared with the same period of last year.

Profit attributable to equity holders of the Company for the six months ended 31 December 2019 amounted to approximately HK\$25 million, representing a significant increase of approximately 752% compared with the same period of last year.

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。萬星網絡通過全球主流網絡 平台Facebook為其客戶提供覆蓋全球的廣 告投放服務,包括為其客戶提供大數據支 援、整合營銷方案、當地語系化支持、穩 定賬號等服務。期內萬星網絡錄得約6百 萬港元的營業收入。

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、業務與收入來 源,為股東帶來更高回報。

財務回顧 概覽

本集團於截至二零一九年十二月三十一日 止六個月的收入約為274百萬港元,較上 一個財政年同期大幅增加約45%。

本集團於截至二零一九年十二月三十一日 止六個月的毛利約為9百萬港元,較去年 同期減少約71%。

本公司權益持有人於截至二零一九年十二 月三十一日止六個月應佔溢利約為25百萬 港元,較去年同期大幅增加約752%。

Revenue

The Group's revenue principally represented income derived from provision of internet advertising agency services.

The Group's revenue for the six months ended 31 December 2019 was approximately HK\$274 million, recorded a rise of approximately 45% from that of approximately HK\$189 million for the six months ended 31 December 2018 mainly attributable to the provision of internet advertising agency services.

Cost of Sales and Gross Profit

Cost of sales mainly represents costs incurred for the provision of internet advertising agency services and labour costs for this period.

The Group's cost of sales amounted to about HK\$265 million for the six months ended 31 December 2019. Cost of sales rose by about 67% as compared with the cost of sales for the six months ended 31 December 2018, mainly due to the costs incurred for internet advertising agency services.

Gross profit margin of about 3% for the six months ended 31 December 2019 was lower comparing to the gross profit margin of about 16% for the six months ended 31 December 2018, mainly due to narrow profit margins of provision of internet advertising agency services.

收入

本集團的收入主要指來自提供互聯網廣告 代理服務。

本集團於截至二零一九年十二月三十一日 止六個月的收入約為274百萬港元,較截 至二零一八年十二月三十一日止六個月約 189百萬港元增加約45%,主要來自提供 互聯網廣告代理服務。

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 理服務產生的成本及勞工成本。

本集團截至二零一九年十二月三十一日止 六個月的銷售成本約為265百萬港元。銷 售成本較截至二零一八年十二月三十一日 止六個月的銷售成本上升約67%,主要由 於互聯網廣告代理服務所產生的成本所致。

截至二零一九年十二月三十一日止六個月 的毛利率約為3%,較截至二零一八年十二 月三十一日止六個月的毛利率約16%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 Income, Gains/(Losses)

Other income and gains/(losses), mainly represents sundry income or (losses) incidental to our business, principally including interest income and loss on disposal of property, plant and equipment.

Other income, gains/(losses), amounted to net losses of approximately HK\$1 million for the six months ended 31 December 2019 compared to net gains of approximately HK\$1 million with the six months ended 31 December 2018. It was mainly due to decrease in a subsidy received and loss on property, plant and equipment during this period.

Selling and Distribution Expenses

Selling and distribution expenses comprise mainly logistic expenses and marketing expenses. The selling and distribution expenses for the six months ended 31 December 2018 and 2019 were approximately HK\$5 million and HK\$3 million respectively. The slight decline in selling and distribution expenses was mainly due to the tight cost control exercised for internet advertising agency business.

Administrative Expenses

Administrative expenses comprised mainly payroll expenses, rent and rates and other office administrative expenses. Administrative expenses were decreased from approximately HK\$32 million for the six months ended 31 December 2018 to approximately HK\$19 million for the six months ended 31 December 2019, representing an decrease of approximately 41%.

The lower administrative expenses for the six months ended 31 December 2019 were recorded mainly due to the disposal of a subsidiary which contributed approximately HK\$11 million of administrative expenses for the six months period ended 31 December 2018 (2019: Nil).

其他收入、收益╱(虧損)

其他收入及收益╱(虧損)主要指與我們業 務相關的雜項收入或(虧損),主要包括利 息收入及出售物業、廠房及設備之虧損。

截至二零一九年十二月三十一日止六個 月,其他收入、收益╱(虧損)為淨虧損約 1百萬港元,而截至二零一八年十二月 三十一日止六個月則為淨收益約1百萬港 元。其乃主要由於本期間內獲授補貼減少 及物業、廠房及設備之虧損。

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。截至二零一八年及二零一九年十二 月三十一日止六個月的銷售及分銷開支分 別為約5百萬港元及3百萬港元。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。

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 至二零一八年十二月三十一日止六個月的 約32百萬港元減少至截至二零一九年十二 月三十一日止六個月的約19百萬港元,減 幅約為41%。

截至二零一九年十二月三十一日止六個月 錄得較低行政開支,乃主要由於出售了的 附屬公司在截至二零一八年十二月三十一 日止六個月期間有約11百萬港元行政開支 (二零一九年:無)。

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.

Profit/(Loss) for the Period

The Group recorded profit for the period of approximately HK\$25 million and loss for the period of approximately HK\$4 million for the six months ended 31 December 2019 and for the six months ended 31 December 2018, respectively. The profit for the period was mainly attributable to the reversal of impairment losses on trade and other receivables.

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.

The Group has maintained its funds at a sound and healthy financial resource level during the period under review. As at 31 December 2019, included in net current assets were cash and bank balances (including pledged bank deposits) totalling approximately HK\$17 million (30 June 2019: HK\$23 million), the decrease in which was mainly due to purchase of intangible assets of approximately HK\$16 million, increase in trade and other receivables of approximately HK\$116 million, increase in contract liabilities of approximately HK\$33 million and increase in borrowings of approximately HK\$106 million.

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。

期內溢利╱(虧損)

本集團於截至二零一九年十二月三十一日 止六個月及截至二零一八年十二月三十一 日止六個月分別錄得期內溢利約25百萬港 元及期內虧損約4百萬港元。期內溢利乃 主要由於撥回貿易及其他應收款項減值虧 損所致。

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。

於回顧期間內,本集團的資金維持於穩建 的財務資源水平。於二零一九年十二月 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17百萬港元(二零一九年六月三十日: 23百萬港元),有關減少乃主要由於購買 無形資產約16百萬港元、貿易及其他應收 款項增加約116百萬港元、合約負債增加 約33百萬港元及借貸增加約106百萬港元。

The Group's outstanding borrowings as at 31 December 2019 amounting to HK\$120 million (30 June 2019: HK\$15 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 51% as at 31 December 2019 (30 June 2019: 7%).

As at 31 December 2019 and 30 June 2019, there was no seasonality as to the Group's borrowing requirements and no committed borrowing facilities.

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

Charge Over Assets of the Group

As at 31 December 2019, the Group's banking facilities were supported by pledged bank deposits of the Group of approximately HK\$6 million (30 June 2019: HK\$4 million).

Financial Management Policies

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 31 December 2019, no related hedges were made by the Group (30 June 2019: nil).

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 six months ended 31 December 2019 was minimal and there was no significant adverse effect on normal operations.

於二零一九年十二月三十一日,本集團的 尚未償還借貸120百萬港元(二零一九年六 月三十日:15百萬港元)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。於二零一九年十二 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 51%(二零一九年六月三十日:7%)。

於二零一九年十二月三十一日及二零一九 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。

本公司擁有的內部財務資源足以支持本集 團於下一年度的發展。

本集團之資產質押

於二零一九年十二月三十一日,本集團之 銀行融資由本集團之已抵押銀行存款約6 百萬港元(二零一九年六月三十日:4百萬 港元)擔保。

財務管理政策

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 零一九年十二月三十一日,本集團概無作 出相關對沖(二零一九年六月三十日:無)。

截至二零一九年十二月三十一日止六個 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。

Capital Commitments and Contingent Liabilities As at 31 December 2019, the Group did not have any significant capital commitment (30 June 2019: nil). As at 31 December 2019, the Group did not have any significant contingent liability (30 June 2019: nil).

MATERIAL ACQUISITIONS AND DISPOSALS

During the six months ended 31 December 2019, the Group did not have any material acquisition and disposal.

EMPLOYEES AND REMUNERATION POLICY

As at 31 December 2019, the Group had a workforce of 109 employees (30 June 2019: 109). Total staff cost for the six months ended 31 December 2019 was about HK\$11 million, representing a decrease of about HK\$12 million as compared to the staff cost for the six months ended 31 December 2018.

The emolument policy of the employees of the Group is formulated by the remuneration committee of the Company ("Remuneration Committee") 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 included pension scheme contributions. The emoluments of the Directors are reviewed annually by the Remuneration Committee.

As incentives and rewards for their contributions to the Group, the employees of the Group and all the Directors (including the independent non-executive Directors) may also be granted share options by the Company from time to time pursuant to the share option scheme of the Company adopted on 28 January 2015.

資本承擔及或然負債

於二零一九年十二月三十一日,本集團並 無任何重大資本承擔(二零一九年六月三十 日:無)。於二零一九年十二月三十一日, 本集團並無任何重大或然負債(二零一九年 六月三十日:無)。

重大收購及出售事項

截至二零一九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。

僱員及薪酬政策

於二零一九年十二月三十一日,本集團有 109名僱員(二零一九年六月三十日:109 名)。截至二零一九年十二月三十一日止六 個月的總員工成本約為11百萬港元,較截 至二零一八年十二月三十一日止六個月的 員工成本減少約12百萬港元。

本集團之僱員薪酬政策乃由本公司薪酬委 員會(「薪酬委員會」)參考各僱員的責任、 職責、經驗及能力制定。相同政策亦適用 於董事。除薪金及有關本集團表現之酌情 花紅外,僱員福利亦包括退休金計劃供 款。董事酬金由薪酬委員會每年審閱。

本集團僱員及全體董事(包括獨立非執行董 事)亦可獲授本公司根據於二零一五年一月 二十八日採納之本公司購股權計劃不時授 出之購股權,作為對彼等為本集團作出貢 獻之鼓勵及獎勵。

The Group provides various training to its employees to enhance their technical skills and knowledge relevant to the employees' responsibilities. The Group also provides its employees with quality control standards and work safety standards training to enhance their safety awareness.

During the period under review, the Group did not experience any strikes, work stoppages or significant labour disputes which affected its operations in the past and it did not experience any significant difficulties in recruiting and retaining qualified staff. The Directors consider that the Group has maintained good working relationship with its employees.

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相關的知識。本 集團亦為其僱員提供質素監控標準及工作 安全標準方面的培訓以提高彼等的安全意 識。

於回顧期間內,本集團過往並無經歷任何 影響其營運的罷工、停工或重大勞資糾 紛,本集團在聘用及挽留合資格員工方面 亦無遇到任何重大困難。董事認為,本集 團已與其僱員維持良好工作關係。

ISSUE OF SHARES

On 22 November 2019, the Company entered into the subscription agreement (the "Subscription Agreement") with Zhong Baomei (the "Subscriber"), an independent third party, pursuant to which the Subscriber conditionally agreed to subscribe for (the "Subscription"), and the Company conditionally agreed to allot and issue, 20,000,000 ordinary shares at the subscription price of HK\$0.25 per share in accordance with the terms and conditions as set out in the Subscription Agreement. The Subscription was completed on 9 December 2019. The total subscription price of HK\$5,000,000 was paid by the Subscriber in cash at the completion of the Subscription.

發行股份

於二零一九年十一月二十二日,本公司與 獨立第三方鍾寶美(「認購人」)訂立認購協 議(「認購協議」),據此,根據認購協議所 載條款及條件,認購人有條件同意認購 (「認購事項」),而本公司有條件同意配發 及發行20,000,000股普通股,認購價為每 股0.25港元。認購事項於二零一九年十二 月九日完成。於完成認購事項時,認購人 以現金支付總認購價5,000,000港元。

Subscription Price

The subscription price of HK\$0.25 per share represents:

• (i) a discount of approximately 18.03% to the closing price of HK\$0.305 per share as quoted on the Stock Exchange on the date of the Subscription Agreement; and
• (ii) a discount of approximately 18.03% to the average closing price of approximately HK\$0.305 per share as quoted on the Stock Exchange for the last five (5) trading days immediately prior to the date of the Subscription Agreement.

The price was determined after arm's length negotiation between the Company and the Subscriber with reference to the prevailing market conditions and the recent share price performance and liquidity of the shares.

Reasons for and Benefit of the Subscription

The Directors consider that the Subscription represents an opportunity to raise additional funding for the Group's business operation. The Subscription will also strengthen the capital base and financial position for the Group's future business developments and broaden the shareholder base of the Company.

The Directors consider that the terms of the Subscription Agreement (including the subscription price) and the transactions contemplated thereunder are fair and reasonable and in the interests of the Company and the shareholders as a whole.

認購價

認購價每股0.25港元較:

• (i) 股份於認購協議日期在聯交所所報 收 市 價 每 股0.305港 元 折 讓 約 18.03%;及
• (ii) 股份於緊接認購協議日期前最後五 (5)個交易日在聯交所所報平均收市 價約每股0.305港元折讓約18.03%。

該價格乃本公司與認購人經參考當前市場 狀況以及股份之近期股份價格表現及流通 量且公平磋商後釐定。

進行認購事項之理由及裨益

董事認為,認購事項為本集團業務營運帶 來籌集額外資金之機遇。此外,認購事項 將增強本集團未來業務發展之資本基礎及 財務狀況,並擴闊本公司之股東基礎。

董事認為,認購協議之條款(包括認購價) 及其項下擬進行之交易屬公平合理,且符 合本公司及股東之整體利益。

Use of Proceeds

Each of the gross proceeds and net proceeds from the issue of the shares is estimated to be approximately HK\$5,000,000 and HK\$4,990,000 respectively. The Company intends to use the net proceeds for general working capital of the Group and for the future development of the Group's business. The net price of each share is approximately HK\$0.25.

The table below gives out the details of the use of proceeds during the period under review:

所得款項用途

估計發行股份之所得款項總額及所得款項 淨額將分別約為5,000,000港元及4,990,000 港元。本公司擬將所得款項淨額用作本集 團之一般營運資金及用於本集團業務之未 來發展。每股股份之淨價約為0.25港元。

下表載列回顧期間內所得款項用途詳情:

		Allocation of Net Proceeds 所得款項 淨額分配 HK\$'000 千港元	Amount Utilized 已動用金額 HK\$'000 千港元	Remaining Balance of Net Proceeds as at 31 December 2019 於二零一九年 十二月 三十一日 所得款項 淨額結餘 HK\$'000 千港元
Issue of 20,000,000 shares on 9 December 2019 General Working Capital and Future Development of Business	於二零一九年 十二月九日發行 20,000,000股股份 一般營運資金及 未來業務發展	4,990	4,990	NIL無

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

As at 31 December 2019, 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

於二零一九年十二月三十一日,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:

			Approximate Percentage of Issued Share Capital of the Company as at
Name of Director	Capacity	Interests in Shares	31 December 2019 Note 佔本公司於 二零一九年 十二月三十一日 已發行股本的
董事姓名	身份	於股份之權益	附註 概約百分比
Mr. Zhu Yongjun 朱勇軍先生	Beneficial owner 實益擁有人	38,398,786 (L)	9.14%
Ms. Wang Fei 王菲女士	Beneficial owner 實益擁有人	40,000,000 (L)	9.52%

Interests in Shares of the Company

於本公司股份的權益

Note:

1. As at 31 December 2019, the Company had 420,000,000 shares in issue.

Abbreviation: "L" stands for long position.

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS

As at 31 December 2019, 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:

附註:

1. 於二零一九年十二月三十一日,本公司有 420,000,000股已發行股份。

縮寫:「L」為好倉。

主要股東的權益及淡倉

於二零一九年十二月三十一日,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 須予存置之登記冊內的權益或淡倉:

			Approximate Percentage of Issued Share
Name of Shareholders	Capacity	Interests in Shares	Capital of the Company as at 31 December 2019 佔本公司於 二零一九年 十二月三十一日 已發行股本的	Note
股東名稱	身份	於股份之權益	概約百分比	附註
Jiang Peijie 蔣培潔	Beneficial owner 實益擁有人	29,150,000 (L)	6.94%
7 Road Holdings Limited 第七大道控股有限公司	Beneficial owner 實益擁有人	54,000,000 (L)	12.86%
United Conquer Limited ("UCL") United Conquer Limited(「UCL」)	Beneficial owner 實益擁有人	89,597,169 (L)	21.33%
Shanghai Hutong Investments Centre (Limited Partnership)*	Beneficial owner 實益擁有人	50,000,000 (L)	11.90%
("SHIC") 上海胡桐投資中心(有限合夥) (「上海胡桐」)	Interest of controlled corporation 受控法團權益	89,597,169 (L)	21.33%	2

Name of Shareholders	Capacity	Interests in Shares	Approximate Percentage of Issued Share Capital of the Company as at 31 December 2019 佔本公司於 二零一九年 十二月三十一日	Note
股東名稱	身份	於股份之權益	已發行股本的 概約百分比	附註
BOC-HFT-BOC-Overseas No.1 QDII Segregated Account ("BOC Account")	Investment manager	50,000,000 (L)	11.90%	3
海富通 — 中國銀行海外1號QDII 資產管理計劃(「中銀管理計劃」)	投資經理
Shanghai Angell Asset Management Company Limited* ("Shanghai Angell")	Interest of controlled corporation	139,597,169 (L)	33.24%	4
上海昂巨資產管理有限公司 (「上海昂巨」)	受控法團權益
Zhongtian Urban Development Group Shanghai Equity Investment Fund Partnership (Limited Partnership)* ("Zhongtian Partnership")	Interest of controlled corporation	139,597,169 (L)	33.24%	5
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」)	受控法團權益
Shanghai Tiger Platinum Equity Investment Fund Management Partnership (Limited Partnership)* ("Shanghai Tiger Platinum")	Interest of controlled corporation	139,597,169 (L)	33.24%	6
上海虎鉑股權投資基金管理 合夥企業(有限合夥) (「上海虎鉑」)	受控法團權益
Guiyang Jinrong Konggu Company Limited* ("Guiyang")	Interest of controlled corporation	139,597,169 (L)	33.24%	7
貴陽金融控股有限公司(「貴陽」)	受控法團權益
Zhongtian Financial Group Company Limited* ("Zhongtian Group")	Interest of controlled corporation	139,597,169 (L)	33.24%	8
中天金融集團股份有限公司 (「中天集團」)	受控法團權益

	Name of Shareholders	Capacity		Interests in Shares	Approximate Percentage of Issued Share Capital of the Company as at 31 December 2019 佔本公司於 二零一九年 十二月三十一日 已發行股本的	Note
股東名稱		身份		於股份之權益	概約百分比	附註
Jin Shiqi Guoji Holdings Company Limited* ("Jin Shiqi")		Interest of controlled corporation		139,597,169 (L)	33.24%	9
	金世旗國際控股股份有限公司 (「金世旗」)	受控法團權益
Notes:			附註:
1.	1. As at 31 December 2019, the Company had 420,000,000 Shares in issue.			於二零一九年十二月三十一日,本公司有 420,000,000股已發行股份。
2.	SHIC's deemed shareholdings stated above were held by virtue of its 100% shareholding interests in UCL.		2.	上述上海胡桐之視作股權乃透過其於UCL之 100%股權持有。
3.	BOC Account's deemed shareholdings stated above were held as a trustee of a discretionary trust of which SHIC was the founder.		3.	上述中銀管理計劃之視作股權乃持作全權信 託受託人,而上海胡桐為該全權信託創始人。
4.	Shanghai Angell's deemed shareholdings stated above were held by virtue of its 1% capital commitment in SHIC's contribution through general partnership.		4.	上述上海昂巨之視作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。
5.	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.		5.	上述中天合夥企業之視作股權乃根據其透過 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。
6.	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.		6.	上述上海虎鉑之視作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。
7.	Guiyang's deemed shareholdings stated above were held by virtue of its 80% capital commitment in Shanghai Tiger Platinum's contribution through limited partnership.		7.		上述貴陽之視作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。

• 1. Zhongtian Group's deemed shareholdings stated above were held by virtue of its 100% shareholding interests in Guiyang.
• 1. Jin Shiqi's deemed shareholdings stated above were held by virtue of its 44.87% shareholding interests in Zhongtian Group.
• 1. The 50,000,000 shares held by SHIC and BOC Account represent the same block of shares.
• 1. The 89,597,169 shares held by UCL and SHIC represent the same block of shares.
• 1. The 139,597,169 shares held by Shanghai Angell, Zhongtian Partnership, Shanghai Tiger Platinum, Guiyang, Zhongtian Group and Jin Shiqi represent the same block of shares and are the aggregate of 50,000,000 shares and 89,597,169 shares as disclosed in notes 10 and 11.

Abbreviation: "L" stands for long position.

* for identification purpose only

DIRECTORS' AND CONTROLLING SHAREHOLDERS' INTERESTS IN COMPETING BUSINESS

During the six months ended 31 December 2019, the Directors are not aware of any business or interest of the Directors or the controlling shareholders of the Company that competes or may compete with the business of the Group and any other conflicts of interest which any such person has or may have with Group.

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

During the six months ended 31 December 2019, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities.

• 1. 上述中天集團之視作股權乃透過其於貴陽之 100%股權持有。
• 1. 上述金世旗之視作股權乃透過其於中天集團 之44.87%股權持有。
• 1. 上海胡桐及中銀管理計劃持有之50,000,000 股股份指同一批股份。
• 1. UCL及上海胡桐持有之89,597,169股股份指 同一批股份。
• 1. 上海昂巨、中天合夥企業、上海虎鉑、貴 陽、中天集團及金世旗持有之139,597,169 股股份指同一批股份,並為附註10及11所 披露之50,000,000股股份及89,597,169股股 份之合計。
• 縮寫: 「L」為好倉。
• * 僅供識別

董事及控股股東於競爭業務之權益

截至二零一九年十二月三十一日止六個 月,董事並不知悉董事或本公司控股股東 擁有與本集團業務構成競爭或可能構成競 爭之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。

購買、出售或贖回本公司的上市證 券

於截至二零一九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。

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 2019.

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 2019.

REPORT ON COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE

During the six months ended 31 December 2019, the Group was in compliance with the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules.

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」),其條款嚴格 程度不遜於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 二零一九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,彼等於截至二零一九年 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。

遵守企業管治守則報告

截至二零一九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。

CHANGE OF DIRECTORS' INFORMATION

Upon specific enquiry by the Company and following confirmations from the Directors, save as disclosed hereunder, there is no change in the information of the Directors required to be disclosed pursuant to GEM Listing Rules since the Company's last published annual report. The change of Directors' information is set out below:

董事資料變更

經本公司作出具體查詢後及據董事作出以 下確認,除下文所披露者外,自本公司上 一份刊發的年報以來,概無董事資料變更 須根據GEM上市規則的規定予以披露。董 事資料變更載列如下:

Directors 董事	Change of particulars 資料變更
Wang Fei	The salary of Wang Fei has changed to HK\$1 per annum with effect from 1 August 2019
王菲	王菲之薪金已變更為每年1港元,自二零一九年八月一日起生效

AUDIT COMMITTEE AND REVIEW OF FINANCIAL RESULTS

The audit committee of the Company ("Audit Committee") has been established in accordance with the GEM Listing Rules and comprises Mr. Chen Ce (chairman of the Audit Committee), Ms. Ji Fang and Mr. Gao Shuo, all of them are independent non-executive Directors.

The Audit Committee has reviewed with the management this interim report, including the unaudited consolidated results of the Group for the six months ended 31 December 2019, prior to recommending them to the Board for approval.

The consolidated results of the Group for the six months ended 31 December 2019 have not been audited by the auditors of the Company.

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

Hong Kong, 11 February 2020

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

審核委員會及財務業績之審閱

本公司審核委員會(「審核委員會」)已根據 GEM上市規則成立,由陳策先生(審核委 員會主席)、計芳女士及高碩先生組成,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中期報告(包括本集 團截至二零一九年十二月三十一日止六個 月之未經審核綜合業績)。

本集團截至二零一九年十二月三十一日止 六個月之綜合業績尚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,二零二零年二月十一日

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;及獨立 非執行董事陳策先生、計芳女士及高碩先 生。