Web3 Meta Limited — Interim / Quarterly Report 2020

Feb 11, 2020

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 2019

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 2019 (the “ Interim Results ”). This announcement, containing the full text of the 2019/2020 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 Interim Results.

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.

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

• 5 Unaudited Condensed Consolidated Statement of Financial Position

• 7 Unaudited Condensed Consolidated Statement of Changes in Equity

• 9 Unaudited Condensed Consolidated Statement of Cash Flow

• 10 Notes to The Unaudited Condensed Consolidated Financial Statements

• 36 Management Discussion and Analysis

• 46 Other Information

未經審核簡明綜合損益及其他全面收益表

• 未經審核簡明綜合財務狀況表

• 未經審核簡明綜合權益變動表

未經審核簡明綜合現金流量表

• 未經審核簡明綜合財務報表附註

管理層討論及分析

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

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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
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 3 274,149 189,366
Cost of sales 銷售成本 (265,432) (158,901)
Gross profit 毛利 8,717 30,465
Other income, gains/(losses) 其他收入、
收益╱（虧損） 4 (583) 999
Selling and distribution expenses 銷售及分銷開支 (2,510) (4,967)
Administrative expenses 行政開支 (18,519) (31,699)
Reversal of impairment losses on 撥回貿易及其他應
trade and other receivables 收款項減值虧損 41,238 1,506
Profit/(loss) from operations 經營溢利╱（虧損） 28,343 (3,696)
Finance costs 財務成本 5 (2,904) (126)
Share of loss of an associate 應佔一間聯營公司
虧損 (5) –
Profit/(loss) before tax 除稅前溢利╱
（虧損） 6 25,434 (3,822)
Income tax expense 所得稅開支 7 (102) (63)
Profit/(loss) for the period 期內溢利╱（虧損） 25,332 (3,885)
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 (6,654) (8,208)
Other comprehensive income 期內其他全面收益
for the period (6,654) (8,208)
Total comprehensive income 期內全面收益總額
for the period 18,678 (12,093)
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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）

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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
Notes HK$’000 HK$’000
附註 千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
Profit/(loss) for the period 以下人士應佔期內
attributable to: 溢利╱（虧損）：
— Owners of the Company — 本公司擁有人 25,332 (3,885)
— Non-controlling interests — 非控制權益 – –
25,332 (3,885)
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 18,678 (12,093)
— Non-controlling interests — 非控制權益 – –
18,678 (12,093)
Earnings/(loss) per share 本公司擁有人應佔
attributable to owners 每股盈利╱
of the Company （虧損） 8
Basic and diluted 基本及攤薄 HK6.03 cents 港仙 HK(0.97) cents 港仙
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04 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

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

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31 December 30 June
2019 2019
二零一九年 二零一九年
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 2,507 3,631
Right-of-use assets 使用權資產 18,712 –
Intangible assets 無形資產 15,515 –
Interest in Associate 於聯營公司之權益 55,870 –
Goodwill 商譽 2,578 2,578
Total non-current assets 非流動資產總值 95,182 6,209
Current assets 流動資產
Trade receivables 貿易應收款項 10 151,896 113,508
Deposits, prepayments and 按金、預付款項及
other receivables 其他應收款項 223,080 145,465
Bank and cash balances 銀行及現金結餘 10,893 19,564
Pledged deposits 已抵押存款 5,857 3,905
Total current assets 流動資產總值 391,726 282,442
Current liabilities 流動負債
Trade payables 貿易應付款項 11 43,666 38,403
Accruals and other payables 應計費用及其他
應付款項 13,625 6,351
Contract liabilities 合約負債 43,317 9,963
Amount due to a shareholder 應付一名股東款項 247 247
Borrowings 借貸 12 120,419 14,522
Lease liabilities 租賃負債 7,742 –
Current tax liabilities 當期稅項負債 9,239 9,130
Total current liabilities 流動負債總額 238,255 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
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2019/2020 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 2019 於二零一九年十二月三十一日

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31 December 30 June
2019 2019
二零一九年 二零一九年
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
Borrowings 借貸 – 170
Lease liabilities 租賃負債 11,475 –
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
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06 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

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	Attributable to owners of the Company	Attributable to owners of the Company
			本公司擁有人應佔
	Share capital	Share premium	Statutory reserve	Exchange fluctuation reserve	Other reserve	Retained earnings	Total
	股本	股份溢價	法定儲備	匯兌波動 儲備	其他儲備	保留盈利	總計
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元
			(note i)	(note ii)	(note iii)
			（附註i）	（附註ii）	（附註iii）
At 1 July 2019 (audited) 於二零一九年七月一日 （經審核） Subscription of new shares 認購新股份 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） At 31 December 2019 (unaudited) 於二零一九年十二月三十一日 （未經審核） At 1 July 2018 (audited) 於二零一八年七月一日 （經審核） 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	39,782	1,806	(11,305)	–	175,582	209,865
	200	4,800	–	–	–	–	5,000
	–	–	–	–	–	25,332	25,332
	–	–	–	(3,019)	–	–	(3,019)
	–	–	–	(3,019)	–	25,332	18,678
	4,200	44,582	1,806	(14,324)	–	200,914	237,178
	4,000 – – –	39,782 – – –	2,014 – – –	(2,239) – (8,208) (8,208)	100 – – –	217,520 (3,885) – (3,885)	261,177 (3,885) (8,208) (12,093)
	4,000	39,782	2,014	(10,447)	100	213,635	249,084

2019/2020 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 2019 截至二零一九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) 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 2019/2020

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

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For the 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）
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 投資活動所用之
investing activities 現金淨額 (73,534) (140)
Net cash generated from/(used in) 融資活動產生╱（所用）之
financing activities 現金淨額 103,172 (38,513)
Net decrease in cash 現金及現金等價物
and cash equivalents 減少淨額 (6,146) (73,801)
Effect on foreign exchange rate 對外幣匯率變動之淨影響
changes, net (2,525) (8,220)
Cash and cash equivalents at 期初之現金及現金等價物
beginning of the period 19,564 113,435
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） 10,893 31,414
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2019/2020 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

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.

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。

The unaudited condensed consolidated financial statements for the six months ended 31 December 2019 have been prepared on the historical cost basis.

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。

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。

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.

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。

10

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

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) New and amended standards adopted by

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

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.

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。

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.

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. 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.

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）。

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

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。

2019/2020 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. 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.

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。

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 conditions of the contracts are subsequently changed.

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。

12 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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.

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。

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

已確認使用權資產與物業有 關。

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

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

2019/2020 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. 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.

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。

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.

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。

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.

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。

14 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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.

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。

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.

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。

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:

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：

— 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

— 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

2019/2020 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. 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.

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。

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

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。

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

• 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。

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

• 於首次應用日期計量 使用權資產時不包括 初始直接成本。

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

• 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。

16 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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。

==> picture [291 x 189] intentionally omitted <==

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

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

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%。

2019/2020 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. CHANGES IN ACCOUNTING POLICIES (Continued)

• (c) Impacts of financial statements (Continued)

Impact on transition (Continued)

2. 會計政策變動（續）

• (c) 對財務報表的影響（續）

過渡的影響（續）

==> picture [291 x 205] intentionally omitted <==

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

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

18 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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.

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。

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.

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。

2019/2020 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

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.

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。

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

本集團收入分析如下：

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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
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）
Internet advertising 互聯網廣告代理服務
agency services 274,149 159,456
Mobile payment technical 移動支付技術支持服務
support services – 99
Sales of leather products 銷售皮革產品 – 29,811
274,149 189,366
----- End of picture text -----

20

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

3. REVENUE AND OPERATING SEGMENT INFORMATION (Continued)

The Group has three operating segments as follows:

3. 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 (Discontinued) 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、 （已終止） 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。

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 市價進行銷售或轉讓。

2019/2020 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

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:

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：

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）

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

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 15,444
Share of loss of an associate 應佔一間聯營公司虧損 (5)
Profit before tax 除稅前溢利 25,434
----- End of picture text -----

22 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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）

	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 Finance cost 財務成本 Loss before tax 除稅前虧損	159,456 99 29,811 (139,364) – (19,537)	189,366 (158,901)
	20,092 99 10,274 (3,447) (569) (951) (8,829) (1,063) (11,484)	30,465 (4,967) (21,376)
	7,816 (1,533) (2,161)	4,122 2,505 (10,323) (126)
		(3,822)

2019/2020 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

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：

==> picture [291 x 137] intentionally omitted <==

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

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）
Customer A 客戶 A 106,332
Customer B 客戶 B * 90,696
Customer C 客戶 C 35,463
----- 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。

24 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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

(b) Geographical information (continued)

Revenue from external customers

3. 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
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
274,149 189,366
----- 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。

2019/2020 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

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

• (b) Geographical information (continued)

Non-current assets

3. 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
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
----- End of picture text -----

26

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

4. OTHER INCOME, GAINS/(LOSSES)

4. 其他收入、收益╱（虧損）

==> picture [313 x 184] intentionally omitted <==

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

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）
Exchange gains, net 匯兌收益，淨額 1 427
Interest income 利息收入 34 51
Loss on disposal of property, 出售物業、廠房及設備
plant and equipment 之虧損 (653) –
Subsidy received (Note) 獲授補貼（附註） 6 517
Others 其他 29 4
(583) 999
----- End of picture text -----

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。

5. FINANCE COSTS

5. 財務成本

==> picture [313 x 155] intentionally omitted <==

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

For the six months ended 30 June
截至六月三十日止六個月
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）
Interest on bank borrowings 銀行借貸利息 398 126
Interest on other borrowings 其他借貸利息 1,977 –
Interest on lease liabilities 租賃負債利息 529 –
2,904 126
----- End of picture text -----

2019/2020 中期報告[•] 萬星控股有限公司 27

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

6. PROFIT/(LOSS) BEFORE TAX

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

6. 除稅前溢利╱（虧損）

本集團的除稅前溢利乃經扣除下列 各項後達致：

==> picture [336 x 310] intentionally omitted <==

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

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）
Staff costs (including 員工成本（包括董事
directors’ remuneration): 薪酬）：
— Salaries and bonus [—] 薪金及花紅 9,036 21,050
— Pension scheme [—] 退休金計劃供款
contributions 1,797 2,094
Total staff costs 總員工成本 10,833 23,144
Cost of inventories sold 已售存貨成本 – 15,063
Depreciation of right-of-use 使用權資產折舊
assets 3,941 –
Depreciation of property, 物業、廠房及設備折舊
plant and equipment 739 905
7. INCOME TAX EXPENSE 7. 所得稅開支
Hong Kong Profits Tax has been provided at a 香港利得稅乃就截至二零一九年六
rate of 16.5% (2018: 16.5%) on the estimated 月三十日止年度的估計應課稅溢利
assessable profit for the year ended 30 June 按 16.5%（二零一八年：16.5%）之（二零一八年：16.5%）之16.5%）之）之
2019. 稅率計提撥備。
----- End of picture text -----

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（二零一八年：16.5%）之16.5%）之）之 稅率計提撥備。

28 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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%.

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。

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

中國企業所得稅按 25%（二零一八 年：25%）之稅率計提撥備。

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.

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。

2019/2020 中期報告[•] 萬星控股有限公司 29

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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。

==> picture [313 x 171] intentionally omitted <==

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

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）
Current income tax: 當期所得稅：
Hong Kong Profits Tax 香港利得稅 – –
PRC Enterprise Income Tax 中國企業所得稅 102 63
Income tax expense 期內所得稅支出
for the period 102 63
----- End of picture text -----

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.

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。

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.

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。

30 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

9. DIVIDENDS

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

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. 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).

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。

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

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

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）
Trade receivables 貿易應收款項 154,075 141,481
Allowance for doubtful debts 呆賬撥備 (2,179) (27,973)
151,896 113,508
----- End of picture text -----

2019/2020 中期報告[•] 萬星控股有限公司 31

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

10. TRADE RECEIVABLES (Continued) The following table sets out an ageing analysis of trade receivables of the Group, presented based on the invoice date.

10. 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 175] intentionally omitted <==

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

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
----- End of picture text -----

11. TRADE PAYABLES

11. 貿易應付款項

The following table sets out an ageing analysis 下表載列本集團按發票日期呈列的 of the trade payables of the Group, presented 貿易應付款項賬齡分析。 based on invoice date.

==> picture [313 x 163] intentionally omitted <==

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

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 19,908 9,001
31 to 60 days 31 至 60 天 2,799 1,457
61 to 90 days 61 至 90 天 848 1,326
Over 90 days 超過 90 天 20,111 26,619
43,666 38,403
----- End of picture text -----

32

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

12. INTEREST-BEARING BORROWINGS

As at 31 December 2019, interest-bearing

borrowings were payable as follows:

12. 計息借貸

於二零一九年十二月三十一日，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
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）
Bank loan — secured 銀行貸款 [—] 有抵押 28,519 8,122
Loan from third party 第三方貸款 [—] 無抵押
— unsecured 91,900 6,570
120,419 14,692
----- End of picture text -----

2019/2020 中期報告[•] 萬星控股有限公司 33

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

12. INTEREST-BEARING BORROWINGS 12. 計息借貸（續） (Continued)

The borrowings are repayable as follows:

借貸之還款期如下：

==> picture [313 x 296] intentionally omitted <==

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

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 one year 一年內 120,419 14,522
More than one year, but not 超過一年，
exceeding two years 但不超過兩年 – 170
120,419 14,692
Less: Amount due for 減：12 個月內到期清償
settlement within 12 之金額（於流動
months (shown under 負債項下列示）
current liabilities) 120,419 14,522
Amount due for settlement 12 個月後到期清償之
after 12 months 金額 – 170
As at 31 December 2019, the Group borrowed 於二零一九年十二月三十一日，本
unsecured loan from third party in principal 集團向第三方借取本金額為
amount of HK$91,900,000. The loan bears fixed 91,900,000 港元的無抵押貸款。該
rate at 3%–6% per annum. 貸款按固定年利率 3%–6% 計息。
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34

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

notes to tHe UnAUDIteD ConDenseD ConsoLIDAteD FInAnCIAL stAteMents 未經審核簡明綜合財務報表附註

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：

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

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 one year 一年內 – 4,959
In the second to fifth years, 第二至第五年
inclusive （包括首尾兩年） – 1,320
– 6,279
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RELATED PARTY TRANSACTIONS 14. 關聯方交易 The Group has entered into the following 本集團已與關聯方訂立下列交易。 transactions with related parties.

14. RELATED PARTY TRANSACTIONS

The remuneration of Directors, who are the key 董事（為本集團主要管理層）於期內 management of the Group, during the periods 之薪酬披露如下： was disclosed as follows:

==> picture [313 x 130] intentionally omitted <==

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

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）
Salaries, allowances and 薪金、津貼及實物福利
benefits in kind 420 2,160
Pension scheme 退休金計劃供款
contributions 2 9
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35

2019/2020 中期報告[•] 萬星控股有限公司

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 2019 (2018: nil).

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）。

INTRODUCTION

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

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。

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.

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%。

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.

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

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36

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

During the period, the Group developed its overseas internet advertising market through its wholly-owned subsidiary, Million Stars Internet Media Limited (“ MSIM ”). Through 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.

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。

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.

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。

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.

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%。

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.

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%。

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.

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%。

2019/2020 中期報告[•] 萬星控股有限公司 37

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Revenue

The Group’s revenue principally represented income derived from 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。

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.

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。

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.

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。

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.

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。

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.

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。

38 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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.

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。

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.

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。

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.

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。

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%.

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%。

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).

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）。

2019/2020 中期報告[•] 萬星控股有限公司 39

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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。

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.

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。

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 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.

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。

40 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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%).

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%）。

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.

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。

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

本公司擁有的內部財務資源足以支持本集 團於下一年度的發展。

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).

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。

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).

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）。

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.

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。

2019/2020 中期報告[•] 萬星控股有限公司 41

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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).

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）。

MATERIAL ACQUISITIONS AND DISPOSALS

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

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。

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.

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。

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.

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。

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.

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。

42 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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.

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。

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.

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。

2019/2020 中期報告[•] 萬星控股有限公司 43

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Subscription Price

The subscription price of HK$0.25 per share represents:

認購價

認購價每股 0.25 港元較：

• (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

• (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) 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.

• (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%。

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.

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。

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.

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。

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.

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。

44

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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.

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。

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

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	於二零一九年
on 9 December 2019	十二月九日發行
	20,000,000股股份
General Working Capital	一般營運資金及
and Future Development	未來業務發展
of Business	4,990	4,990	NIL無

2019/2020 中期報告[•] 萬星控股有限公司 45

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 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：

Interests in Shares of the Company

於本公司股份的權益

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Approximate
Percentage of
Issued Share
Capital of
the Company
as at
Interests in 31 December
Name of Director Capacity Shares 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 概約百分比 附註
Mr. Zhu Yongjun Beneficial owner 38,398,786 (L) 9.14%
朱勇軍先生 實益擁有人
Ms. Wang Fei Beneficial owner 40,000,000 (L) 9.52%
王菲女士 實益擁有人
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46 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

otHeR InFoRMAtIon 其他資料

Note:

附註：

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

2. 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。

Abbreviation: “L” stands for long position.

縮寫：「L」為好倉。

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:

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：

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Approximate
Percentage of
Issued Share
Capital of
the Company
as at
Interests in 31 December
Name of Shareholders Capacity Shares 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
股東名稱 身份 於股份之權益 概約百分比 附註
Jiang Peijie Beneficial owner 29,150,000 (L) 6.94%
蔣培潔 實益擁有人
7 Road Holdings Limited Beneficial owner 54,000,000 (L) 12.86%
第七大道控股有限公司 實益擁有人
United Conquer Limited (“UCL”) Beneficial owner 89,597,169 (L) 21.33%
United Conquer Limited（「UCL」） 實益擁有人
Shanghai Hutong Investments Centre Beneficial owner 50,000,000 (L) 11.90%
(Limited Partnership) 實益擁有人
(“SHIC”) Interest of controlled corporation 89,597,169 (L) 21.33% 2
上海胡桐投資中心（有限合夥） 受控法團權益
（「上海胡桐」）
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2019/2020 中期報告[•] 萬星控股有限公司 47

otHeR InFoRMAtIon 其他資料

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

Approximate
Percentage of
Issued Share
Capital of
the Company
as at
Interests in 31 December
Name of Shareholders Capacity Shares 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
股東名稱 身份 於股份之權益 概約百分比 附註
BOC-HFT-BOC-Overseas Investment manager 50,000,000 (L) 11.90% 3
No.1 QDII Segregated Account
(“BOC Account”)
海富通 [—] 中國銀行海外 1 號 QDII 投資經理
資產管理計劃（「中銀管理計劃」）
Shanghai Angell Asset Management Interest of controlled corporation 139,597,169 (L) 33.24% 4
Company Limited
(“Shanghai Angell”)
上海昂巨資產管理有限公司 受控法團權益
（「上海昂巨」）
Zhongtian Urban Development Group Interest of controlled corporation 139,597,169 (L) 33.24% 5
Shanghai Equity Investment Fund
Partnership (Limited Partnership)
(“Zhongtian Partnership”)
中天城投集團上海股權投資基金 受控法團權益
合夥企業（有限合夥）
（「中天合夥企業」）
Shanghai Tiger Platinum Equity Interest of controlled corporation 139,597,169 (L) 33.24% 6
Investment Fund Management
Partnership (Limited Partnership)
(“Shanghai Tiger Platinum”)
上海虎鉑股權投資基金管理 受控法團權益
合夥企業（有限合夥）
（「上海虎鉑」）
Guiyang Jinrong Konggu Company Interest of controlled corporation 139,597,169 (L) 33.24% 7
Limited (“Guiyang”)
貴陽金融控股有限公司（「貴陽」） 受控法團權益
Zhongtian Financial Group Interest of controlled corporation 139,597,169 (L) 33.24% 8
Company Limited
(“Zhongtian Group”)
中天金融集團股份有限公司 受控法團權益
（「中天集團」）
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48 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

otHeR InFoRMAtIon 其他資料

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

Approximate
Percentage of
Issued Share
Capital of
the Company
as at
Interests in 31 December
Name of Shareholders Capacity Shares 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
股東名稱 身份 於股份之權益 概約百分比 附註
Jin Shiqi Guoji Holdings Company Interest of controlled corporation 139,597,169 (L) 33.24% 9
Limited (“Jin Shiqi”)
金世旗國際控股股份有限公司 受控法團權益
（「金世旗」）
----- End of picture text -----*

Notes:

附註：

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

2. 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。

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

4. 上述上海胡桐之視作股權乃透過其於 UCL 之 100% 股權持有。

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

6. 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。

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

8. 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。

9. 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.

10. 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。

11. 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.

12. 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。

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

14. 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。

2019/2020 中期報告[•] 萬星控股有限公司 49

otHeR InFoRMAtIon 其他資料

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

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

3. The 50,000,000 shares held by SHIC and BOC Account represent the same block of shares.

4. The 89,597,169 shares held by UCL and SHIC represent the same block of shares.

5. 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。

2. 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。

3. 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。

4. UCL 及上海胡桐持有之 89,597,169 股股份指 同一批股份。

5. 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。

6. 縮寫： 「L」為好倉。

7. 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。

50

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020

otHeR InFoRMAtIon 其他資料

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。

2019/2020 中期報告[•] 萬星控股有限公司 51

otHeR InFoRMAtIon 其他資料

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.

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。

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.

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）。

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

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。

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

承董事會命 萬星控股有限公司 主席 朱勇軍

Hong Kong, 11 February 2020

香港，二零二零年二月十一日

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.

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。

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MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2019/2020