Web3 Meta Limited — Interim / Quarterly Report 2021

Feb 10, 2021

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 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 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 2020 (the “ Interim Results ”). This announcement, containing the full text of the 2020/2021 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 and Chief Executive Officer

Hong Kong, 10 February 2021

As at the date hereof, the Board comprises Mr. Zhu Yongjun and Ms. Tian Yuan as executive Directors; and Mr. Chen Ce, Ms. Jiang Ying and Ms. Zhu Minli 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

• 03 Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

• 05 Unaudited Condensed Consolidated Statement of Financial Position

• 07 Unaudited Condensed Consolidated Statement of Changes in Equity

• 09 Unaudited Condensed Consolidated Statement of Cash Flow

• 10 Notes to The Unaudited Condensed Consolidated Financial Statements

• 24 Management Discussion and Analysis

• 33 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 2020 (UNAUDITED) 截至二零二零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 2020, together with the unaudited comparative figures for the corresponding period in 2019 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 二零二零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二零一九年同期 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
2020 2019
二零二零年 二零一九年
Notes HK$’000 HK$’000
附註 千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
REVENUE 收入 2 147,362 274,149
Cost of sales 銷售成本 (122,152) (265,432)
Gross profit 毛利 25,210 8,717
Other income, gains and 其他收入、收益及
losses, net 虧損淨額 3 35 (583)
Selling and distribution expenses 銷售及分銷開支 (1,030) (2,510)
Administrative expenses 行政開支 (11,305) (18,519)
Reversal of impairment losses on 撥回無形資產減值
intangible assets 虧損 3,982 –
Reversal of impairment losses on 撥回應收一間聯營公司
amount due from an associate, 款項、貿易及其他應
trade and other receivables 收款項減值虧損 4,833 41,238
Profit from operations 經營溢利 21,725 28,343
Finance costs 財務成本 4 (590) (2,904)
Share of results of associates 應佔聯營公司業績 (603) (5)
Profit before tax 除稅前溢利 5 20,532 25,434
Income tax expense 所得稅開支 6 – (102)
Profit for the period 期內溢利 20,532 25,332
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2020/2021 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 2020 (UNAUDITED) 截至二零二零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
2020 2019
二零二零年 二零一九年
Notes HK$’000 HK$’000
附註 千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
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 arising on translation 換算境外業務之
of foreign operations 匯兌差額 7,567 (3,174)
Share of exchange differences of associates 應佔聯營公司匯兌差額 3,431 155
Other comprehensive income for the period 期內其他全面收益 10,998 (3,019)
Total comprehensive income 期內全面收益總額
for the period 31,530 22,313
Earnings per share attributable to 本公司擁有人應佔
owners of the Company 每股盈利 7
Basic and diluted 基本及攤薄 HK4.89 cents 港仙 HK6.03 cents 港仙
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04

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

AS AT 31 DECEMBER 2020 於二零二零年十二月三十一日

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31 December 30 June
2020 2020
二零二零年 二零二零年
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 6,516 2,285
Right-of-use assets 使用權資產 1,411 8,147
Intangible assets 無形資產 31,082 32,993
Interest in associates 於聯營公司之權益 42,378 39,550
Goodwill 商譽 2,541 2,336
Total non-current assets 非流動資產總值 83,928 85,311
Current assets 流動資產
Trade receivables 貿易應收款項 9 13,058 38,069
Deposits, prepayments and 按金、預付款項及
other receivables 其他應收款項 157,474 84,371
Amount due from an associate 應收一間聯營公司
款項 – 4,939
Bank and cash balances 銀行及現金結餘 4,146 49,895
Pledged deposits 已抵押存款 – 5,857
Total current assets 流動資產總值 174,678 183,131
Current liabilities 流動負債
Trade payables 貿易應付款項 10 23,274 26,119
Accruals and other payables 應計費用及其他
應付款項 11,863 19,772
Contract liabilities 合約負債 12,397 12,408
Amount due to a shareholder 應付一名股東款項 354 352
Amount due to a director 應付一名董事款項 654 –
Borrowings 借貸 11 7,500 30,792
Lease liabilities 租賃負債 1,200 5,128
Current tax liabilities 當期稅項負債 5,000 5,505
Total current liabilities 流動負債總額 62,242 100,076
Net current assets 流動資產淨值 112,436 83,055
Total assets less current liabilities 總資產減流動負債 196,364 168,366
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2020/2021 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 2020 於二零二零年十二月三十一日

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31 December 30 June
2020 2020
二零二零年 二零二零年
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
Lease liabilities 租賃負債 – 3,532
– 3,532
NET ASSETS 資產淨值 196,364 164,834
Capital and reserves 資本及儲備
Share capital 股本 4,200 4,200
Reserves 儲備 192,164 160,634
TOTAL EQUITY 權益總額 196,364 164,834
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06 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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 2020 截至二零二零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 2020 (audited) 於二零二零年七月一日 （經審核） Profit for the period (unaudited) 期內溢利（未經審核） Other comprehensive income for the period (unaudited) 期內其他全面收益 （未經審核） Total comprehensive income for the period (unaudited) 期內全面收益總額 （未經審核） At 31 December 2020 (unaudited) 於二零二零年十二月三十一日 （未經審核） 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） Other comprehensive income for the period (unaudited) 期內其他全面收益 （未經審核） Total comprehensive income for the period (unaudited) 期內全面收益總額 （未經審核） 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	(17,297)	–	131,543	164,834
	–	–	–	–	–	20,532	20,532
	–	–	–	10,998	–	–	10,998
	–	–	–	10,998	–	20,532	31,530
	4,200	44,582	1,806	(6,299)	–	152,075	196,364
	4,000 200 – – –	39,782 4,800 – – –	1,806 – – – –	(11,305) – – (3,019) (3,019)	– – – – –	175,582 – 25,332 – 25,332	209,865 5,000 25,332 (3,019) 22,313
	4,200	44,582	1,806	(14,324)	–	200,914	237,178

2020/2021 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 2020 截至二零二零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 2020/2021

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 2020 截至二零二零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
2020 2019
二零二零年 二零一九年
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 (31,165) (35,784)
Net cash generated from/(used in) 投資活動產生╱（所用）之
investing activities 現金淨額 9,442 (73,534)
Net cash (used in)/generated from 融資活動（所用）╱產生之
financing activities 現金淨額 (30,632) 103,172
Net decrease in cash 現金及現金等價物
and cash equivalents 減少淨額 (52,355) (6,146)
Effect on foreign exchange rate 對外幣匯率變動之淨影響
changes, net 6,606 (2,525)
Cash and cash equivalents at 期初之現金及現金等價物
beginning of the period 49,895 19,564
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） 4,146 10,893
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2020/2021 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

• This unaudited condensed consolidated financial information for the six months ended 31 December 2019 and 31 December 2020 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 2020.

1. 編製基準

截至二零一九年十二月三十一日及 二零二零年十二月三十一日止六個 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，故應與本公司截至二零二 零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 2020 have been prepared on the historical cost basis.

截至二零二零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。

10

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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 (Continued) Amendments to standards adopted by the Group

The following amendments to standards have been adopted by the Group for the first time for the financial year beginning on 1 January 2020:

1. 編製基準（續） 本集團採納之準則修訂本

本集團已於二零二零年一月一日開 始之財政年度首次採納下列準則修 訂本：

Amendments to Definition of material IAS 1 and IAS 8

Amendments to Definition of a business IFRS 3 Conceptual Framework Revised Conceptual Framework for Financial Reporting

Amendments to Interest Rate Benchmark IFRS 9, IAS 39 Reform and IFRS 7

國際會計準則 重大之定義 第 1 號及國際會計 準則第 8 號 （修訂本） 國際財務報告準則 業務之定義 第 3 號（修訂本） 概念框架 財務報告之 經修訂概念 框架 國際財務報告準則 利率基準改革 第 9 號、國際會計 準則第 39 號及國際 財務報告準則 第 7 號（修訂本）

The adoption of these amended standards does not have significant impact on the consolidated financial statements of the Group.

採納該等經修訂準則並無對本集團 之綜合財務報表構成重大影響。

2020/2021 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

1. BASIS OF PREPARATION (Continued) New standards and amendments to standards issued but not effective

The following new standards and amendments to standards have not come into effect for the financial year beginning 1 January 2020 and have not been early adopted by the Group in preparing the consolidated financial statements.

1. 編製基準（續） 已頒佈但尚未生效之新訂準則及準 則修訂本

下列新訂準則及準則修訂本於二零 二零年一月一日開始之財政年度尚 未生效，而本集團亦無於編製綜合 財務報表時提早採納。

None of these is expected to have a significant effect on the consolidated financial statements of the Group.

預期該等新訂準則及準則修訂本將 不會對本集團之綜合財務報表構成 重大影響。

Amendments to Sale or contribution of assets IAS 28 and between an investor and IFRS 10 its associate or joint venture[1]

IFRS 17 Insurance contracts[2]

國際會計準則 投資者與其 第 28 號及國際 聯營公司或 財務報告準則 合營企業 第 10 號（修訂本） 之間之資產 出售或注資[1] 國際財務報告準則 保險合約[2] 第 17 號

1. Effective for annual periods beginning on or after a date to be determined

2. 於待定日期或之後開始之年度期間 生效

3. Effective for annual periods beginning on or after 1 January 2021

4. 於二零二一年一月一日或之後開始 之年度期間生效

12 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

2. REVENUE AND OPERATING SEGMENT INFORMATION

Revenue mainly represents income from provision of internet advertising agency services.

2. 收入及經營分部資料

收入主要指提供互聯網廣告代理服 務的收入。

Segment revenue and results

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

分部收入及業績

• (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
2020 2019
二零二零年 二零一九年
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 132,486
Customer B 客戶 B * 106,332
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。

2020/2021 中期報告[•] 萬星控股有限公司 13

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

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

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

2. 收入及經營分部資料（續）

分部收入及業績（續）

(b) 地域資料（續） 來自外部客戶的收入

==> picture [291 x 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
2020 2019
二零二零年 二零一九年
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） 10,083 267,775
United States of America 美利堅合眾國 – 3,899
Hong Kong 香港 135,291 1,650
Canada 加拿大 1,988 825
147,362 274,149
----- End of picture text -----

Non-current assets

非流動資產

==> picture [291 x 169] intentionally omitted <==

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

As at As at
31 December 30 June
2020 2020
於二零二零年 於二零二零年
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 82,875 83,728
Hong Kong 香港 1,053 1,573
United States of America 美利堅合眾國 – 10
83,928 85,311
----- End of picture text -----

14

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

3. OTHER INCOME, GAINS AND LOSSES, 3. 其他收入、收益及虧損淨額 NET

==> picture [313 x 230] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
2020 2019
二零二零年 二零一九年
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 (4) 1
Interest income 利息收入 3 34
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
Additional input value-added 額外授出的進項增值稅
tax granted 32 –
Others 其他 4 29
35 (583)
Note: This is the one-off subsidy received for participation 附註： 此乃因參加設計活動獲授的一次性
in design event. 補貼。
----- End of picture text -----

4. FINANCE COSTS

4. 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
2020 2019
二零二零年 二零一九年
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 190 398
Interest on other borrowings 其他借貸利息 196 1,977
Interest on lease liabilities 租賃負債利息 204 529
590 2,904
----- End of picture text -----

15

2020/2021 中期報告[•] 萬星控股有限公司

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

5. PROFIT BEFORE TAX

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

5. 除稅前溢利

本集團的除稅前溢利乃經扣除下列 各項後達致：

==> picture [313 x 332] intentionally omitted <==

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

Six months ended 31 December
截至十二月三十一日止六個月
2020 2019
二零二零年 二零一九年
HK$’000 HK$’000
千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
Amortisation of intangible 無形資產攤銷
assets 1,712 130
Staff costs (including 員工成本（包括董事
directors’ remuneration): 薪酬）：
— Salaries, bonus and [—] 薪金、花紅及津貼
allowances 3,404 9,036
— Pension scheme [—] 退休金計劃供款
contributions 276 1,797
Total staff costs 總員工成本 3,680 10,833
Depreciation of right-of-use 使用權資產折舊
assets 1,774 3,941
Depreciation of property, 物業、廠房及設備折舊
plant and equipment 715 739
Reversal of impairment losses 撥回應收一間聯營公司
on amount due from 款項、貿易及其他
an associate, trade and 應收款項的減值虧損
other receivables (4,833) (41,238)
Reversal of impairment losses 撥回無形資產減值虧損
on intangible assets (3,982) –
----- End of picture text -----

16

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

6. INCOME TAX EXPENSE

Pursuant to the rules and regulations of the Cayman Islands and the Republic of Seychelles, the Group is not subject to any income tax in the Cayman Islands and the Seychelles for both years.

6. 所得稅開支

根據開曼群島及塞舌爾共和國的規 則及規例，本集團於兩個年度毋須 繳納開曼群島及塞舌爾的任何所得 稅。

Hong Kong Profits Tax has been provided at a rate of 16.5% (2019: 16.5%) on the estimated assessable profit for the year ended 30 June 2020. No provision has been made for Hong Kong Profits Tax as there are no assessable profits generated for the year ended 30 June 2020.

香港利得稅乃就截至二零二零年六 月三十日止年度的估計應課稅溢利 按 16.5%（二零一九年：16.5%）之 稅率計提撥備。由於截至二零二零 年六月三十日止年度內並無產生應 課稅溢利，因此並無計提香港利得 稅撥備。

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%.

《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 2,000,000 港元應 課稅溢利之稅率為 8.25%，而超過 2,000,000 港元之溢利將仍按 16.5% 之稅率繳稅。

The provision for PRC EIT is based on the respective applicable rates on the estimated assessable profit of the Company’s subsidiaries in the PRC as determined in accordance with the relevant income tax rules and regulations of the PRC for both years. PRC EIT has been provided at a rate of 25% (2019: 25%).

兩個年度的中國企業所得稅撥備乃 按照根據中國相關所得稅規則及規 例釐定的本公司中國附屬公司的估 計應課稅溢利的各適用稅率計算。 中國企業所得稅按 25%（二零一九 年：25%）之稅率計提撥備。

2020/2021 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

6. INCOME TAX EXPENSE (Continued) 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.

6. 所得稅開支（續）

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。

18

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

6. 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.

6. 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
2020 2019
二零二零年 二零一九年
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
Income tax expense 期內所得稅支出
for the period – 102
----- End of picture text -----

7. 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 (2019: 420,000,000) shares (the “ Shares ”) in issue during the periods.

7. 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（二零一九 年：420,000,000 股）計算。

The diluted earnings per Share for the six months ended 31 December 2020 and 2019 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，截至二零二零年及二 零一九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。

2020/2021 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

8. DIVIDENDS

The Company has not declared or paid any dividends during the period ended 31 December 2020 and 2019.

8. 股息

截至二零二零年及二零一九年十二 月三十一日止期間，本公司並無宣 派或派付任何股息。

9. TRADE RECEIVABLES

Majority of the Group’s sales are made with credit terms ranged from 0 to 60 days (30 June 2020: 0 to 60 days).

9. 貿易應收款項

本集團大部分銷售按介乎 0 至 60 天 （二零二零年六月三十日：0至60天） 的信貸期結算。

==> picture [313 x 131] intentionally omitted <==

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

As at As at
31 December 30 June
2020 2020
於二零二零年 於二零二零年
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 23,669 48,577
Allowance for doubtful debts 呆賬撥備 (10,611) (10,508)
13,058 38,069
----- End of picture text -----

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。

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

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

As at As at
31 December 30 June
2020 2020
於二零二零年 於二零二零年
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 241 17,197
31 to 60 days 31 至 60 天 12,687 691
61 to 90 days 61 至 90 天 – 4,979
91 to 180 days 91 至 180 天 38 15,004
181 to 365 days 181 至 365 天 92 198
Over 365 days 超過 365 天 – –
13,058 38,069
----- End of picture text -----

20

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

TRADE PAYABLES 10. 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.

10. TRADE PAYABLES

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

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

As at As at
31 December 30 June
2020 2020
於二零二零年 於二零二零年
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 20,491 8,876
31 to 60 days 31 至 60 天 – 1,297
61 to 90 days 61 至 90 天 – 393
Over 90 days 超過 90 天 2,783 15,553
23,274 26,119
----- End of picture text -----

11. INTEREST-BEARING BORROWINGS

As at 31 December 2020, interest-bearing borrowings were payable as follows:

11. 計息借貸 於二零二零年十二月三十一日，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 2020
於二零一九年 於二零二零年
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 – 28,292
Loan from third party 第三方貸款 [—] 無抵押
— unsecured 7,500 2,500
7,500 30,792
----- End of picture text -----

2020/2021 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

11. INTEREST-BEARING BORROWINGS (Continued)

The borrowings are repayable as follows:

11. 計息借貸（續）

借貸之還款期如下：

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

As at As at
31 December 30 June
2020 2020
於二零二零年 於二零二零年
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 7,500 30,792
More than one year, but not 超過一年，
exceeding two years 但不超過兩年 – –
7,500 30,792
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) (7,500) (30,792)
Amount due for settlement 12 個月後到期清償之
after 12 months 金額 – –
----- End of picture text -----

As at 31 December 2020, the Group borrowed unsecured loan from third party in principal amount of HK$7,500,000. The loan bears fixed rate at 3%–12% per annum.

於二零二零年十二月三十一日，本 集團向第三方借取本金額為 7,500,000 港元的無抵押貸款。該貸 款按固定年利率 3%–12% 計息。

22

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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

12. RELATED PARTY TRANSACTIONS

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

12. 關聯方交易 本集團已與關聯方訂立下列交易。

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

董事（為本集團主要管理層）於期內 之薪酬披露如下：

==> picture [313 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
2020 2019
二零二零年 二零一九年
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 270 420
Pension scheme contributions 退休金計劃供款 – 2
----- End of picture text -----

2020/2021 中期報告[•] 萬星控股有限公司 23

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 2020 (2019: nil).

中期股息

董事會不建議就截至二零二零年十二月 三十一日止六個月派付任何中期股息（二零 一九年：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 Hong Kong and mainland China. As a result of the sudden outbreak of the COVID-19 pandemic in 2020, substantially most of the industries in the world were adversely impacted, and for the purpose of the Group, our customers from the internet advertising services started to squeeze their advertising budgets. In response to the above circumstance, the Group proactively makes optimisation through strengthening the selection of customers to ensure that the business needs of our quality customers are prioritised, while exiting cooperation with certain low gross profit customers. During the second half of 2020, the Group’s sales decreased by approximately 46.2% as compared to that of the corresponding period of last year.

業務回顧

互聯網廣告代理服務

本集團主要於香港及中國大陸地區為不同 客戶提供互聯網廣告投放服務。二零二零 年突如其來的 COVID-19 疫情爆發對全球絕 大部分行業造成惡劣影響，對本集團而 言，互聯網廣告業務客戶均開始陸續壓縮 廣告預算，針對上述情況，本集團積極做 出調整，加強了對客戶的篩選，優先保障 優質客戶的業務需求，放棄部分低毛利的 客戶。在二零二零年下半年，本集團的銷 售規模較去年同期減少約 46.2%。

24 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Million Stars Internet Media Limited (“ MSIM ”), a wholly-owned subsidiary of the Group, develops the overseas internet advertising market. Through a global mainstream online platform, including Facebook and Google, MSIM provides its customers with access to global advertising, including the provision of game promotion, big data support, integrated marketing solutions, local language support and account stabilisation services for its customers. 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 ”), Dongrun Network provides internet advertising agency services in the PRC, the services of which covering streaming advertising, search engine advertising, applied marketing and navigation advertising. During the period, operating income of the Group of approximately HK$147.4 million was achieved.

本集團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、Google 等為其客戶提供覆蓋全 球的廣告投放服務，包括為其客戶提供游 戲推廣、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。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 」），東潤網絡在國內提供互聯網 廣告代理服務。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。期內本集團共實 現約 147.4 百萬港元的營業收入。

OUTLOOK

Looking ahead, the Group will seize the opportunities in the development of the 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。

The outbreak of the Epidemic has caused disruptions to most industries in the PRC as well as other countries and regions. Despite the challenges, governments and international organisations have implemented a series of measures to contain the Epidemic. The Group will closely monitor the development of the Epidemic and assess its adverse impact on its operations.

疫情的爆發對中國以及其他國家及地區的 絕大部分行業造成影響。儘管面臨挑戰， 政府及國際組織已實施一系列措施遏制疫 情。本集團將密切監察疫情發展及評估其 對業務產生的負面影響。

• For identification purpose only

• 僅供識別

2020/2021 中期報告[•] 萬星控股有限公司 25

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

FINANCIAL REVIEW

Overview

Revenue of the Group for the six months ended 31 December 2020 amounted to approximately HK$147.4 million, representing a decrease of approximately 46.2% as compared to the corresponding period in the previous financial year.

財務回顧

概覽

本集團於截至二零二零年十二月三十一日 止六個月的收入約為 147.4 百萬港元，較 上一個財政年度同期減少約 46.2%。

The Group’s gross profit for the six months ended 31 December 2020 was approximately HK$25.2 million, significant increased by approximately 189.2% compared with the same period of last year.

本集團於截至二零二零年十二月三十一日 止六個月的毛利約為 25.2 百萬港元，較去 年同期大幅增加約 189.2%。

Profit attributable to equity holders of the Company for the six months ended 31 December 2020 amounted to approximately HK$20.5 million, representing a decrease of approximately 18.9% compared with the same period of last year.

本公司權益持有人於截至二零二零年十二 月三十一日止六個月應佔溢利約為 20.5 百 萬港元，較去年同期減少約 18.9%。

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 代理服務的收入。

The Group’s revenue for the six months ended 31 December 2020 was approximately HK$147.4 million, recorded a drop of approximately 46.2% from that of approximately HK$274.1 million for the six months ended 31 December 2019 mainly attributable to the provision of internet advertising agency services.

本集團於截至二零二零年十二月三十一日 止六個月的收入約為 147.4 百萬港元，較 截至二零一九年十二月三十一日止六個月 約 274.1 百萬港元下跌約 46.2%，主要來 自提供互聯網廣告代理服務。

26 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Cost of Sales and Gross Profit

Cost of sales mainly represents costs incurred for the provision of internet advertising agency services 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$122.2 million for the six months ended 31 December 2020. Cost of sales dropped by about 54.0% as compared with the cost of sales for the six months ended 31 December 2019, mainly due to the decrease in revenue during the period.

本集團截至二零二零年十二月三十一日止 六個月的銷售成本約為 122.2 百萬港元。 銷售成本較截至二零一九年十二月三十一 日止六個月的銷售成本下跌約 54.0%，主 要由於期內收入下降所致。

Gross profit margin of about 17.1% for the six months ended 31 December 2020 was higher comparing to the gross profit margin of about 3.2% for the six months ended 31 December 2019, mainly due to the Group proactively adjusts its business through strengthening the selection of customers to ensure that quality customers are best served.

截至二零二零年十二月三十一日止六個月 的毛利率約為 17.1%，較截至二零一九年 十二月三十一日止六個月的毛利率約 3.2% 為高，主要由於本集團透過加強客戶篩選 確保為優質客戶提供最佳服務，積極調整 其業務。

Other Income, Gains and Losses, Net

Other income and gains and losses, net, mainly represents sundry income or (losses) incidental to our business, principally including interest income and additional input value-added tax granted.

其他收入、收益及虧損淨額

其他收入及收益及虧損淨額主要指與我們 業務相關的雜項收入或（虧損），主要包括 利息收入及額外授出的進項增值稅。

Other income, gains and losses, net, amounted to net gains of approximately HK$35,000 for the six months ended 31 December 2020 compared to net losses of approximately HK$583,000 with the six months ended 31 December 2019. It was mainly due to a loss on disposal of property, plant and equipment incurred in same period of last year.

截至二零二零年十二月三十一日止六個 月，其他收入、收益及虧損淨額為淨收益 約 35,000 港元，而截至二零一九年十二月 三十一日止六個月則為淨虧損約 583,000 港元。其乃主要由於去年同期內發生的出 售物業、廠房及設備之虧損。

2020/2021 中期報告[•] 萬星控股有限公司 27

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Selling and Distribution Expenses

Selling and distribution expenses comprise mainly payroll expenses and marketing expenses. The selling and distribution expenses for the six months ended 31 December 2019 and 2020 were approximately HK$2.5 million and HK$1.0 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薪金費用及營銷 開支。截至二零一九年及二零二零年十二 月三十一日止六個月的銷售及分銷開支分 別為約 2.5 百萬港元及 1.0 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$18.5 million for the six months ended 31 December 2019 to approximately HK$11.3 million for the six months ended 31 December 2020, representing a decrease of approximately 39.0%.

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 至二零一九年十二月三十一日止六個月的 約 18.5 百萬港元減少至截至二零二零年 十二月三十一日止六個月的約 11.3 百萬港 元，減幅約為 39.0%。

The lower administrative expenses for the six months ended 31 December 2020 were recorded mainly due to the decrease in depreciation of right-of-use assets of approximately HK$2.2 million and decrease in services fee of approximately HK$1.1 million during the period.

截至二零二零年十二月三十一日止六個月 錄得較低行政開支，乃主要由於期內使用 權資產折舊減少約 2.2 百萬港元及服務費減 少約 1.1 百萬港元。

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 subsidiaries in the PRC. Some subsidiaries of the Company, which are incorporated in the Horgos Economic Development Zone and engaged in industries particularly encouraged by the local government, 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。

28 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Profit for the Period

The Group recorded a profit for the period of approximately HK$20.5 million and HK$25.3 million for the six months ended 31 December 2020 and for the six months ended 31 December 2019, respectively. The profit for the period was a result of higher profit margin of provision of internet advertising agency services.

期內溢利

本集團於截至二零二零年十二月三十一日 止六個月及截至二零一九年十二月三十一 日止六個月分別錄得期內溢利約 20.5 百萬 港元及 25.3 百萬港元。期內溢利乃由於提 供互聯網廣告代理服務的溢利率較高所致。

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 2020, included in net current assets were cash and bank balances (including pledged bank deposits) totalling approximately HK$4.1 million (30 June 2020: HK$55.8 million), the decrease in which was mainly attributable to the repayment of borrowings and increase in deposit, prepayments and other receivables.

於回顧期間內，本集團的資金維持於穩建 的財務資源水平。於二零二零年十二月 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4.1百萬港元（二零二零年六月三十日： 55.8 百萬港元），有關減少乃主要由於償還 借貸以及按金、預付款項及其他應收款項 增加所致。

The Group’s outstanding borrowings as at 31 December 2020 amounting to HK$7.5 million (30 June 2020: HK$30.8 million) were principally denominated in HKD and carried at fixed interest rates (30 June 2020: USD, variable 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 3.82% as at 31 December 2020 (30 June 2020: 18.7%).

於二零二零年十二月三十一日，本集團的 尚未償還借貸 7.5 百萬港元（二零二零年六 月三十日：30.8 百萬港元）主要以港元計 值，並以固定利率計息（二零二零年六月 三十日：美元，浮動利率）。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。於二零二零年 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 3.82%（二零二零年六月三十日： 18.7%）。

2020/2021 中期報告[•] 萬星控股有限公司 29

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

As at 31 December 2020 and 30 June 2020, there was no seasonality as to the Group’s borrowing requirements and no committed borrowing facilities.

於二零二零年十二月三十一日及二零二零 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 2020, there is no pledged bank deposits of the Group to support the Group’s banking facilities (30 June 2020: HK$5.9 million).

本集團之資產質押

於二零二零年十二月三十一日，本集團概 無已抵押銀行存款擔保本集團之銀行融資 （二零二零年六月三十日：5.9 百萬港元）。

Financial Management Policies

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

財務管理政策

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

Cash is generally deposited at banks in Hong Kong and Mainland China and denominated mostly in Hong Kong dollar, United States dollar and Renminbi. As at 31 December 2020, no related hedges were made by the Group (30 June 2020: nil).

現金一般存放於香港及中國內地之銀行且 大部分以港元、美元及人民幣計值。於二 零二零年十二月三十一日，本集團概無作 出相關對沖（二零二零年六月三十日：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 2020 was minimal and there was no significant adverse effect on normal operations.

截至二零二零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 2020, the Group did not have any significant capital commitment (30 June 2020: nil). As at 31 December 2020, the Group did not have any significant contingent liability (30 June 2020: nil).

資本承擔及或然負債

於二零二零年十二月三十一日，本集團並 無任何重大資本承擔（二零二零年六月三十 日：無）。於二零二零年十二月三十一日， 本集團並無任何重大或然負債（二零二零年 六月三十日：無）。

30 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

MATERIAL ACQUISITIONS AND DISPOSALS

During the six months ended 31 December 2020, the Group did not have any material acquisition and disposal.

重大收購及出售事項

截至二零二零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 2020, the Group had a workforce of 13 employees (30 June 2020: 60). Total staff cost for the six months ended 31 December 2020 was about HK$3.7 million, representing a decrease of about HK$7.1 million as compared to the staff cost for the six months ended 31 December 2019.

僱員及薪酬政策

於二零二零年十二月三十一日，本集團有 13 名僱員（二零二零年六月三十日：60 名）。截至二零二零年十二月三十一日止六 個月的總員工成本約為 3.7 百萬港元，較截 至二零一九年十二月三十一日止六個月的 員工成本減少約 7.1 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。

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。

2020/2021 中期報告[•] 萬星控股有限公司 31

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

The employees in Hong Kong are enrolled in the Mandatory Provident Fund under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Monthly contributions are made by the Group which are 5% of the monthly income of the employees as stipulated under the relevant requirements (if applicable), with the maximum contributions of HK$1,500 monthly.

香港僱員根據香港強制性公積金計劃條例 加入強制性公積金。本集團按月作出供 款，供款額為根據相關規定（如適用）所訂 明之僱員月收入之 5%，每月最高供款額 為 1,500 港元。

Pursuant to the regulations of the relevant authorities in the PRC, the employees in PRC shall be enrolled in the respective government retirement benefit schemes (the “ Schemes ”) whereby the Group is required to contribute to the Schemes to fund the retirement benefits of the eligible employees. Contributions made to the Schemes are calculated based on certain percentages of the applicable payroll costs as stipulated under the requirements in the PRC. The relevant authorities of the PRC are responsible for the entire pension obligations payable to the retired employees. The only obligation of the Group with respect to the Schemes is to pay the ongoing required contributions under the Schemes.

根據中國有關當局規例，中國僱員須加入 有關政府退休福利計劃（「 計劃 」），而本集 團須向計劃作出供款，以支付合資格僱員 之退休福利。向計劃作出之供款乃根據中 國之規定所訂明之適用薪金成本之若干百 分比計算。中國有關當局對應付退休僱員 的全部退休金責任負責。本集團有關計劃 之唯一責任乃持續支付計劃的規定供款。

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。

32 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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 2020, 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

於二零二零年十二月三十一日，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

Name of Director Capacity 董事姓名 身份 Mr. Zhu Yongjun Beneficial owner 朱勇軍先生 實益擁有人 Note:	Name of Director Capacity 董事姓名 身份 Mr. Zhu Yongjun Beneficial owner 朱勇軍先生 實益擁有人 Note:	Interests in Shares Approximate Percentage of Issued Share Capital of the Company as at 31 December 2020 Note 於股份之權益 佔本公司於 二零二零年 十二月三十一日 已發行股本的 概約百分比 附註 38,398,786 (L) 9.14% 附註：	Interests in Shares Approximate Percentage of Issued Share Capital of the Company as at 31 December 2020 Note 於股份之權益 佔本公司於 二零二零年 十二月三十一日 已發行股本的 概約百分比 附註 38,398,786 (L) 9.14% 附註：
1.	As at 31 December 2020, the Company had 420,000,000	1.	於二零二零年十二月三十一日，本公司有
	shares in issue.		420,000,000股已發行股份。

Abbreviation: “L” stands for long position.

縮寫：「L」為好倉。

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OTHER INFORMATION 其他資料

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS

As at 31 December 2020, 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:

主要股東及其他人士的權益及淡倉

於二零二零年十二月三十一日，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：

==> picture [335 x 283] intentionally omitted <==

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

Approximate
Percentage of
Issued Share
Interests in Capital of
Name of Shareholders Capacity Shares the Company Note
佔本公司
已發行股本的
股東名稱 身份 於股份之權益 概約百分比 附註
7Road 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 Beneficial owner 22,497,169 (L) 5.36%
實益擁有人
Shanghai Hutong Investments Centre Beneficial owner 50,000,000 (L) 11.9%
(Limited Partnership) 實益擁有人
(“ SHIC ”) Interest of controlled corporation 22,497,169 (L) 5.36% 2
上海胡桐投資中心（有限合夥） 受控法團權益
（「 上海胡桐 」）
BOC-HFT-BOC-Overseas Investment manager 50,000,000 (L) 11.9% 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 72,497,169 (L) 17.26% 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 」）
----- End of picture text -----

34

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

OTHER INFORMATION 其他資料

==> picture [335 x 191] intentionally omitted <==

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

Approximate
Percentage of
Issued Share
Interests in Capital of
Name of Shareholders Capacity Shares the Company Note
佔本公司
已發行股本的
股東名稱 身份 於股份之權益 概約百分比 附註
Jilin Province Investment Group Interest of controlled corporation 72,497,169 (L) 17.26% 5
吉林省投資集團 受控法團權益
Yao Ligang Interest of controlled corporation 72,497,169 (L) 17.26% 6
姚立剛 受控法團權益
Jiang Peijie Beneficial owner 29,150,000 (L) 6.94%
蔣培潔 實益擁有人
Wang Fei Beneficial owner 40,000,000 (L) 9.52%
王菲 實益擁有人
Sino Splendid Holdings Limited Security interest 40,000,000(L) 9.52%
中國華泰瑞銀控股有限公司 保證權益
----- End of picture text -----

Notes:

附註：

1. As at 31 December 2020, the Company had 420,000,000 Shares in issue.

2. 於二零二零年十二月三十一日，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. 上述上海胡桐之視為股權乃透過其於 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為股權乃持作全權信 託受託人，而上海胡桐為該全權信託創始人。

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

9. Jilin Province Investment Group’s deemed shareholdings stated above were held by virtue of its 37.03% capital commitment in SHIC’s contribution through limited partnership.

10. 上述吉林省投資集團之視為股權乃根據其透 過有限合夥關係於上海胡桐供款之 37.03% 資本承擔持有。

11. Yao Ligang’s deemed shareholdings stated above were held by virtue of its 43.20% capital commitment in SHIC’s contribution through limited partnership.

12. 上述姚立剛之視為股權乃根據其透過有限合 夥關係於上海胡桐供款之 43.20% 資本承擔 持有。

Abbreviation: “L“ stands for long position.

縮寫： 「L」為好倉。

* for identification purpose only

• 僅供識別

2020/2021 中期報告[•] 萬星控股有限公司 35

OTHER INFORMATION 其他資料

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS IN

董事及控股股東於競爭業務之權益

COMPETING BUSINESS

During the six months ended 31 December 2020, 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 2020, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted a code of conduct for securities transactions and dealing (the “ Code of Conduct ”) by Directors on terms no less exacting than the required standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules (the “ Model Code ”). The Company has made specific enquiry of all Directors as to whether they have complied with the required standards set out in the Model Code and the Code of Conduct during the six months ended 31 December 2020.

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 2020.

截至二零二零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

於截至二零二零年十二月三十一日止六個 月，本公司及其任何附屬公司概無購買、 出售或贖回本公司的任何上市證券。

進行證券交易的標準守則

本公司已就董事進行證券交易及買賣採納 一套行為守則（「 行為守則 」），其條款嚴格 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 二零二零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，彼等於截至二零二零年 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。

36 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

OTHER INFORMATION 其他資料

REPORT ON COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE

During the six months ended 31 December 2020, the Group was in compliance with the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules, except the deviations disclosed herein:

遵守企業管治守則報告

截至二零二零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，惟本中報所披 露之偏離情況除外：

==> picture [335 x 32] intentionally omitted <==

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

Considered Reason
Code Provision Deviation for Deviation
守則條文 偏離情況 就偏離情況已闡明之原因
----- End of picture text -----

A.2.1 The roles of chairman and chief executive officer should be separated and should not be performed by the same individual.

主席及行政總裁之角色應有所 區分，不應由同一人士擔任。

Mr. Zhu Yongjun, the Chairman of the Company, took up the role of Chief Executive Officer (“ CEO ”) of the Company since 11 November 2020.

自二零二零年十一月 十一日起，本公司主席 朱勇軍先生擔任本公司 行政總裁（「 行政總裁 」） 之角色。

The Board has evaluated the current situation of the Group and taken into account of the experience and past performance of Mr. Zhu Yongjun, the Board was of the opinion that it was appropriate and in the best interest of the Company at the present stage for vesting the roles of the Chairman and the CEO of the Company in the same person as it helps to facilitate the execution of the Group’s business strategies and maximise the effectiveness of its operation. The Board will nevertheless review this structure from time to time and will consider the segregation of the two roles at the appropriate time.

董事會已評估本集團之目前狀況， 並考慮到朱勇軍先生之經驗及過往 表現，董事會認為本公司主席與行 政總裁之角色由同一人同時兼任實 屬恰當及於現階段符合本公司之最 佳利益，原因為其有利於執行本集 團之業務策略及發揮其最高營運效 益，惟董事會將不時檢討此架構， 並將於適當時候考慮將兩個角色分 開。

2020/2021 中期報告[•] 萬星控股有限公司 37

OTHER INFORMATION 其他資料

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

Considered Reason
Code Provision Deviation for Deviation
守則條文 偏離情況 就偏離情況已闡明之原因
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C.1.2	Management should provide all	The management could	The Board members of the Company
	members of the Board with	not provide the Directors	were still informed by the management
	monthly updates giving a	with updated financial	of the Company by email, by WeChat
	balanced and understandable	information of the	or by phone on the updated
	assessment of the Company’s	Company every month.	information of the Company’s
	performance, position and		performance and future business plan
	prospects in sufficient detail to	管理層無法每月向董事	from time to time.
	enable the Board as a whole and	提供本公司的更新財務
	each Director to discharge their	資料。	本公司董事會成員仍由本公司管理層
	duties under Rule 5.01 and		不時經電郵、微信或電話告知有關本
	Chapter 17 of the GEM Listing		公司的表現及未來業務計劃的最新資
	Rules.		訊。
	管理層應每月向董事會全體成
	員提供更新資料，載列有關本公
	司的表現、狀況及前景的公正及
	易於理解的評估，內容足以讓整
	個董事會及各董事履行GEM上
	市規則第5.01條及第十七章所
	規定的職責。
C.2.1	The Board should oversee the	During the period, the	The Company would engage an
	Company’s risk management	Board identified certain	external consultant to further review its
	and internal control systems on	deficiencies in internal	certain existing internal control
	an ongoing basis, ensure that a	control systems over its	measures on the areas agreed by the
	review of the effectiveness of the	compliance matters.	Board and provide suggestions and
	Group’s risk management and		recommendations to improve its
	internal control systems has been	於期內，董事會已識別	internal control systems and risk
	conducted at least annually and	有關合規事宜的內部監	management system to the Group.
	report to Shareholders that it has	控系統存在的若干缺陷。
	done so in its Corporate		本公司將委聘外部顧問，以進一步對
	Governance Report. The review		董事會協定的領域檢討其若干現有內
	should cover all material controls,		部監控措施及就改善本集團的內部監
	including financial, operational		控系統及風險管理系統提供建議及推
	and compliance controls.		薦意見。
	董事會應持續監管本公司的風
	險管理及內部監控系統，確保至
	少每年檢討一次本集團的風險
	管理及內部監控系統的有效性，
	並在其企業管治報告中向股東
	匯報已完成有關檢討。該檢討應
	涵蓋所有重大控制，包括財務、
	營運及合規監控。

38

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021

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：

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

Directors Change of particulars
董事 資料變更
----- End of picture text -----

Mr. Zhu Yongjun	Appointed as Chief Executive Officer of the Company with effect
	from 11 November 2020
朱勇軍先生	獲委任為本公司行政總裁，自二零二零年十一月十一日起生效
Mr. Gao Shuo	Retired as an Independent Non-executive Director, the chairman of
	nomination committee and a member of each of the audit
	committee, remuneration committee and corporate governance
	committee of the Company with effect from 11 December 2020
高碩先生	退任本公司獨立非執行董事、提名委員會之主席及審核委員會、
	薪酬委員會及企業管治委員會之成員，自二零二零年十二月十一日
	起生效
Ms. Ji Fang	Retired as an Independent Non-executive Director, the chairlady of
	remuneration committee and a member of each of the audit
	committee, nomination committee and corporate governance
	committee of the Company with effect from 11 December 2020
計芳女士	退任本公司獨立非執行董事、薪酬委員會之主席及審核委員會、
	提名委員會及企業管治委員會之成員，自二零二零年十二月十一日
	起生效
Ms. Zhu Minli	Appointed as an Independent Non-executive Director, member of
	Audit Committee and Corporate Governance Committee and the
	chairlady of Remuneration Committee and Nomination Committee
	of the Company with effect from 11 December 2020
朱敏麗女士	獲委任為本公司獨立非執行董事、審核委員會及企業管治委員會
	成員以及薪酬委員會及提名委員會主席，自二零二零年十二月十一日
	起生效
Ms. Jiang Ying	Appointed as an Independent Non-executive Director, member of
	Audit Committee, Remuneration Committee, Nomination Committee
	and Corporate Governance Committee of the Company with effect
	from 11 December 2020
江穎女士	獲委任為本公司獨立非執行董事、審核委員會、薪酬委員會、提名
	委員會及企業管治委員會成員，自二零二零年十二月十一日起生效

39

2020/2021 中期報告[•] 萬星控股有限公司

OTHER INFORMATION 其他資料

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. Jiang Ying and Ms. Zhu Minli, all of them are independent nonexecutive 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 2020, prior to recommending them to the Board for approval.

The consolidated results of the Group for the six months ended 31 December 2020 have not been audited by the auditors of the Company.

By Order of the Board Million Stars Holdings Limited Zhu Yongjun Chairman and Chief Executive Officer

Hong Kong, 10 February 2021

As at the date hereof, the Board comprises Mr. Zhu Yongjun and Ms. Tian Yuan as executive Directors; and Mr. Chen Ce, Ms. Jiang Ying and Ms. Zhu Minli 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）、江穎女士及朱敏麗女士組成， 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 團截至二零二零年十二月三十一日止六個 月之未經審核綜合業績）。

本集團截至二零二零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 主席兼行政總裁 朱勇軍

香港，二零二一年二月十日

於本報告日期，董事會包括：執行董事朱 勇軍先生及田園女士；及獨立非執行董事 陳策先生、江穎女士及朱敏麗女士。

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MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2020/2021