Web3 Meta Limited — Interim / Quarterly Report 2023

Feb 14, 2023

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 2022

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 midsized 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 2022 (the “ Interim Results ”). This announcement, containing the full text of the interim report for the six months period ended 31 December 2022 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, 14 February 2023

As at the date hereof, the Board comprises Mr. Zhu Yongjun, Mr. Gan XiaoHua 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 Stock Exchange website at http://www.hkexnews.hk on the “Latest Listed 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

• 08 Unaudited Condensed Consolidated Statement of Cash Flow

• 09 Notes to The Unaudited Condensed Consolidated Financial Statements

• 27 Management Discussion and Analysis

• 38 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 2022 (UNAUDITED) 截至二零二二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 hereby announces the unaudited condensed consolidated results of the Company and its subsidiaries (the “ Group ”) for the six months ended 31 December 2022, together with the unaudited comparative figures for the corresponding period in 2021 as follows:

萬星控股有限公司董事會（「 董事會 」）謹此 宣佈本公司及其附屬公司（「 本集團 」）截至 二零二二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二零二一年同期 之未經審核比較數字如下：

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

未經審核簡明綜合損益及其他全面 收益表

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Three months ended 31 December Six months ended 31 December
截至十二月三十一日止三個月 截至十二月三十一日止六個月
2022 2021 2022 2021
二零二二年 二零二一年 二零二二年 二零二一年
Notes HK$’000 HK$’000 HK$’000 HK$’000
附註 千港元 千港元 千港元 千港元
(unaudited) (unaudited) (unaudited) (unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）
REVENUE 收入 2 6,849 22,674 6,894 45,050
Cost of sales 銷售成本 (7,035) (21,042) (7,059) (41,381)
Gross profit 毛利 (186) 1,632 (165) 3,669
Other income, gains and losses, net 其他收入、收益及虧損淨額 3 7 1,034 109 11,650
Selling and distribution expenses 銷售及分銷開支 (317) (156) (367) (260)
Administrative expenses 行政開支 (6,778) (15,190) (13,739) (22,712)
Impairment loss on amount due from 應收一間聯營公司款項、
an associate, trade and other receivables 貿易及其他應收款項
減值虧損 – (19,203) – (19,203)
Loss from operations 經營虧損 (7,274) (31,883) (14,162) (26,856)
Finance costs 財務成本 4 (2) (26) (38) (76)
Share of results of associates 應佔聯營公司業績 – – – –
Loss before tax 除稅前虧損 5 (7,276) (31,909) (14,200) (26,932)
Income tax expense 所得稅開支 6 (1) – (1) –
Loss for the period attributable 本公司擁有人應佔
to owners of the Company 期內虧損 (7,277) (31,909) (14,201) (26,932)
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03

2022/2023 中期報告[•] 萬星控股有限公司

INTERIM RESULTS 中期業績

FOR THE SIX MONTHS ENDED 31 DECEMBER 2022 (UNAUDITED) 截至二零二二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
2022 2021
二零二二年 二零二一年
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 換算境外業務之
translation of foreign operations 匯兌差額 730 279
Other comprehensive income for 期內其他全面收益
the period 730 279
Total comprehensive 期內全面開支總額
expense for
the period (13,471) (26,653)
2022 2021
二零二二年 二零二一年
HK Cents HK Cents
港仙 港仙
Loss per share 本公司擁有人
attributable to owners of 應佔每股
the Company 虧損 7
Basic 基本 (0.03) (0.06)
Diluted 攤薄 N/A N/A
不適用 不適用
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04 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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

AS AT 31 DECEMBER 2022 於二零二二年十二月三十一日

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31 December 30 June
2022 2022
二零二二年 二零二二年
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 6,494 4,740
Right-of-use assets 使用權資產 308 469
Prepayment 預付款項 5,330 –
Total non-current assets 非流動資產總值 12,132 5,209
Current assets 流動資產
Trade receivables 貿易應收款項 9 1,320 –
Deposits, prepayments and 按金、預付款項及
other receivables 其他應收款項 85,023 71,577
Cryptocurrency 加密貨幣 10 10
Bank and cash balances 銀行及現金結餘 3,726 19,907
Total current assets 流動資產總值 90,079 91,494
Current liabilities 流動負債
Trade payables 貿易應付款項 10 6,089 6,572
Accruals and other payables 應計費用及其他
應付款項 31,992 10,963
Amount due to a director 應付一名董事款項 1,510 –
Borrowings 借貸 11 6,040 9,326
Loan from a director 來自一名董事貸款 – 604
Lease liabilities 租賃負債 189 286
Current tax liabilities 當期稅項負債 2,255 2,255
Total current liabilities 流動負債總額 48,075 30,006
Net current assets 流動資產淨值 42,004 61,488
Total assets less current liabilities 總資產減流動負債 54,136 66,697
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2022/2023 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 2022 於二零二二年十二月三十一日

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31 December 30 June
2022 2022
二零二二年 二零二二年
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 14,740 13,768
Lease liabilities 租賃負債 115 177
Total non-current liabilities 非流動負債總額 14,855 13,945
NET ASSETS 資產淨值 39,281 52,752
Capital and reserves 資本及儲備
Share capital 股本 4,880 4,880
Reserves 儲備 34,401 47,872
TOTAL EQUITY 權益總額 39,281 52,752
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06 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 2022 截至二零二二年十二月三十一日止六個月

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Attributable to owners of the Company
本公司擁有人應佔
Exchange
Share Share Statutory fluctuation Retained
capital premium reserve reserve earnings Total
匯兌波動
股本 股份溢價 法定儲備 儲備 保留盈利 總計
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
At 30 June 2021 and 1 July 2021 於二零二一年六月三十日及
(audited) 二零二一年七月一日（經審核） 4,200 44,582 1,806 (6,231) 87,413 131,770
Loss for the period (unaudited) 期內虧損（未經審核） – – – – (26,932) (26,932)
Other comprehensive income for 期內其他全面收益
the period (unaudited) （未經審核） – – – 279 – 279
Total comprehensive (expense)/income for 期內全面（開支）╱收益總額
the period (unaudited) （未經審核） – – – 279 (26,932) (26,653)
Issue of shares 發行股份 680 16,320 – – – 17,000
At 31 December 2021 (unaudited) 於二零二一年十二月三十一日
（未經審核） 4,880 60,902 1,806 (5,952) 60,481 122,117
At 30 June 2022 and 1 July 2022 於二零二二年六月三十日及
(audited) 二零二二年七月一日（經審核） 4,880 60,902 1,806 (2,756) (12,080) 52,752
Loss for the period (unaudited) 期內虧損（未經審核） – – – – (14,201) (14,201)
Other comprehensive (expense)/income for 期內其他全面（開支）╱收益
the period (unaudited) （未經審核） – – – 730 – 730
Total comprehensive (expense)/income for 期內全面（開支）╱收益總額
the period (unaudited) （未經審核） – – – 730 (14,201) (13,471)
Issue of shares 發行股份 – – – – – –
At 31 December 2022 (unaudited) 於二零二二年十二月三十一日
（未經審核） 4,880 60,902 1,806 (2,026) (26,281) 39,281
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Note:

附註：

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.

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%。

2022/2023 中期報告[•] 萬星控股有限公司 07

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 2022 截至二零二二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
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
Net cash (used in)/generated from 經營活動（所用）╱產生之
operating activities 現金淨額 (15,392) 14,208
Net cash used in investing 投資活動所用之
activities 現金淨額 – (28,197)
Net cash generated from 融資活動產生之
financing activities 現金淨額 – 19,517
Net (decrease)/increase in cash 現金及現金等價物
and cash equivalents （減少）╱增加淨額 (15,392) 5,528
Effect on foreign exchange rate 對外幣匯率變動之淨影響
changes, net (789) (25)
Cash and cash equivalents at 期初之現金及現金等價物
beginning of the period 19,917 1,446
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
and cash equivalents 等價物列示 3,736 6,949
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08 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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

1. GENERAL INFORMATION, BASIS OF PREPARATION AND ACCOUNTING POLICIES

The trading of Shares of the Company suspended on the Stock Exchange as from 4 October 2021 and resumed trading on 26 September 2022.

1. 一般資料、編製基準及會計政 策

本公司股份已自二零二一年十月四 日起於聯交所暫停買賣，並於二零 二二年九月二十六日恢復買賣。

The unaudited condensed consolidated financial statements for the six months ended 31 December 2022 have been prepared on the historical cost basis.

截至二零二二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 unaudited condensed consolidated financial statements are presented in Hong Kong dollars (“ HK$ ”), which is also the functional currency of the Company, unless otherwise stated.

未經審核簡明綜合財務報表以港元 （「 港元 」）呈列，除另有說明外，港 元亦為本公司之功能貨幣。

2022/2023 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. GENERAL INFORMATION, BASIS OF PREPARATION AND ACCOUNTING POLICIES (Continued)

The unaudited condensed consolidated financial statements for the six months ended 31 December 2022 have been prepared in accordance with the accounting principles generally accepted in Hong Kong and comply with Hong Kong Financial Reporting Standards (“ HKFRSs ”) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) and the applicable disclosures by the GEM Listing Rules.

1. 一般資料、編製基準及會計政 策（續）

截至二零二二年十二月三十一日止 六個月的未經審核簡明綜合財務報 表乃根據香港公認會計原則以及遵 照香港會計師公會（「 香港會計師公 會 」）頒佈的香港財務報告準則（「 香 港財務報告準則 」）及 GEM 上市規則 規定的適用披露條文編製。

The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements for the six months ended 31 December 2022 are consistent with those adopted in the annual report for the year ended 30 June 2022 except for the adoption of the new and revised Hong Kong Financial Reporting Standards (the “ New and Revised HKFRSs ”) (which include all HKFRSs, Hong Kong Accounting Standards (“ HKASs ”) and Interpretations) issued by the HKICPA that are adopted for the first time for the current periods financial statements.

編製截至二零二二年十二月三十一 日止六個月的未經審核簡明綜合財 務報表所用的會計政策及計算方法 與截至二零二二年六月三十日止年 度的年報所採用者貫徹一致，惟採 納本期間財務報表首次採納由香港 會計師公會頒佈的新訂及經修訂香 港財務報告準則（「 新訂及經修訂香 港財務報告準則 」，包括所有香港財 務報告準則、香港會計準則（「 香港 會計準則 」）及詮釋）則除外。

10 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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

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

In the current period, the Group has applied the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2022 for the preparation of the consolidated financial statements:

1. 一般資料、編製基準及會計政 策（續）

於本期間，本集團已首次應用香港 會計師公會（「 香港會計師公會 」）頒 佈並於二零二二年一月一日或之後 開始之年度期間強制生效之以下經 修訂香港財務報告準則，以編製綜 合財務報表：

Amendments to HKFRS 3 Reference to the Conceptual Framework Amendments to HKFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 Amendments to HKAS 16 Property, Plant and Equipment – Proceeds before Intended Use Amendments to HKAS 37 Onerous Contracts – Cost of Fulfilling a Contract Amendments to HKFRSs Annual Improvements to HKFRSs 2018–2020

香港財務報告準則 概念框架之提述 第 3 號（修訂本） 香港財務報告準則 二零二一年六月三十日 第 16 號（修訂本） 之後 Covid-19 相關 租金寬減 香港會計準則 物業、廠房及設備[—] 第 16 號（修訂本） 擬定用途前之所得 款項 香港會計準則 虧損性合約[—] 履行 第 37 號（修訂本） 合約之成本 香港財務報告準則 二零一八年至二零二零 （修訂本） 年香港財務報告準則 之年度改進

The application of the amendments to HKFRSs in the current period has had no material impact on the Group’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.

本期間應用經修訂香港財務報告準 則對本集團於本期間及過往期間之 財務狀況及表現及╱或載於該等簡 明綜合財務報表之披露並無重大影 響。

2022/2023 中期報告[•] 萬星控股有限公司 11

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

2. REVENUE AND OPERATING SEGMENT INFORMATION

Revenue mainly represents income from provision of internet advertising agency services and digitalization empowerment platform business.

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 務及數字化產業賦能平台業務收入。

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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
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
Internet advertising agency service 互聯網廣告代理服務 5,122 39,636
Digital assets business 數字資產業務 – 5,414
Digitalization empowerment 數字化產業賦能
platform business 平台業務 1,772 –
6,894 45,050
----- End of picture text -----

Segment revenue and results

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.

分部收入及業績 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。

12 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 2. 收入及經營分部資料（續） INFORMATION (Continued) Segment revenue and results (Continued) 分部收入及業績（續） Geographical information (Continued) 地域資料（續）

Revenue from external customers

來自外部客戶的收入

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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
2022 2021
二零二二年 二零二一年
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） 6,894 250
Hong Kong 香港 – 44,800
Canada 加拿大 – –
6,894 45,050
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2022/2023 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) Geographical information (Continued)

Non-current assets

2. 收入及經營分部資料（續）

分部收入及業績（續）

地域資料（續）

非流動資產

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

As at As at
31 December 30 June
2022 2022
於二零二二年 於二零二二年
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 4,488 245
Hong Kong 香港 308 469
Kazakhstan 哈薩克斯坦 7,336 4,495
12,132 5,209
----- End of picture text -----

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

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Six months ended 31 December
截至十二月三十一日止六個月
2022 2021
二零二二年 二零二一年
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 51 –
Interest income 利息收入 73 423
Gain on disposal of 出售無形資產
intangible assets 的收益 – 1,981
Gain on disposal of 出售聯營公司權益
interests in associates 的收益 – 8,264
Others 其他 (15) 982
109 11,650
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14 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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

4. FINANCE COSTS

4. 財務成本

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

For the six months ended
31 December
截至十二月三十一日止六個月
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
Interest on other borrowings 其他借貸利息 38 72
Interest on lease liabilities 租賃負債利息 – 4
38 76
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5. LOSS BEFORE TAX

The Group’s (loss)/profit before tax is arrived at after charging:

5. 除稅前虧損

本集團的除稅前（虧損）╱溢利乃經 扣除下列各項後達致：

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Six months ended 31 December
截至十二月三十一日止六個月
2022 2021
二零二二年 二零二一年
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, bonus and [—] 薪金、花紅及津貼
allowances 3,033 3,776
— Pension scheme [—] 退休金計劃供款
contributions 558 326
Total staff costs 總員工成本 3,591 4,102
Depreciation of right-of-use 使用權資產折舊
assets 161 436
Depreciation of property, 物業、廠房及設備折舊
plant and equipment 597 5,483
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2022/2023 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

6. INCOME TAX EXPENSE

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

6. 所得稅開支

根據開曼群島及英屬處女群島的規 則及規例，本集團毋須就兩個期間 繳納開曼群島及英屬處女群島任何 所得稅。

Hong Kong Profits Tax has been provided at a rate of 16.5% (2021: 16.5%) on the estimated assessable profit for the six months period ended 31 December 2022. No provision has been made for Hong Kong Profits Tax as the Group has no profits assessable to tax for both of the periods presented.

香港利得稅乃就截至二零二二年 十二月三十一日止六個月期間的估 計應課稅溢利按 16.5%（二零二一 年：16.5%）之稅率計提撥備。由於 本集團於兩個呈列期間均無應課稅 溢利，因此並無計提香港利得稅撥 備。

PRC enterprise income tax (“ EIT ”) has been provided at a rate of 25% (2021: 25%). No provision for PRC EIT has been made in the condensed consolidated financial statements as the Group has no profit for both of the periods presented that are assessable to PRC EIT.

中國企業所得稅（「 企業所得稅 」）按 25%（二零二一年：25%）之稅率計 提撥備。由於本集團於兩個期間均 無呈列應按中國企業所得稅課稅之 溢利，因此並無於簡明綜合財務報 表內計提中國企業所得稅撥備。

16 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 2021 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. The Company’s subsidiaries, 霍爾果斯思凡信息科技有限公司 (Horgos Sifan Information Technology Limited), 霍爾果斯香蕉超人信息科技有限公司 (Horgos Xiangjiao Chaoren Information Technology Limited) and 霍爾果斯東潤網絡科技有限公司 (Horgos Dongrun Network Technology Limited), are exempted from income tax from calendar years 2017 to 2021 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二零二一年 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。本公司附屬公司霍爾果斯 思凡信息科技有限公司、霍爾果斯 香蕉超人信息科技有限公司及霍爾 果斯東潤網絡科技有限公司於二零 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 二一年期間獲豁免繳納所得稅。

2022/2023 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

7. LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY

The calculation of the basic loss per share is based on the following data:

7. 本公司擁有人應佔每股虧損

每股基本虧損乃根據下列數據計算：

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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
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元
(unaudited) (unaudited)
（未經審核） （未經審核）
Loss for the purpose of 用於計算每股基本
calculating basic loss 虧損之虧損
per share
Loss for the six months 本公司擁有人應佔
periods attributable to 六個月期間虧損
owners of the Company (14,201) (26,932)
2022 2021
二零二二年 二零二一年
’000 ’000
千股 千股
Weighted average number of 用於計算每股基本
ordinary shares for the 虧損之普通股
purpose of basic loss 加權平均數
per share 484,600 477,800
----- End of picture text -----

No diluted loss per share for both of the periods ended 31 December 2022 and 31 December 2021 were presented as there were no potential ordinary shares in issue for both of the periods.

由於本公司於截至二零二二年十二 月三十一日及二零二一年十二月 三十一日止兩個期間並無任何已發 行潛在普通股，故於兩個期間並無 呈列每股攤薄虧損。

18 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 Board does not recommend the payment of a dividend for the six months ended 31 December 2022 (2021: nil).

8. 股息 董事會不建議就截至二零二二年 十二月三十一日止六個月派付股息

（二零二一年：無）。

9. TRADE RECEIVABLES

Majority of the Group’s sales are made with credit terms ranged from 0 to 60 days (30 June 2021: 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

• （二零二一年六月三十日：0至60天） 的信貸期結算。

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As at As at
31 December 30 June
2022 2022
於二零二二年 於二零二二年
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 1,320 23,257
Less: Allowance for doubtful 減：呆賬撥備
debts – (23,257)
Trade receivables — net 貿易應收款項 － 淨額 1,320 –
----- End of picture text -----

2022/2023 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

9. TRADE RECEIVABLES (Continued)

The ageing analysis of trade receivables, based on dates on which revenue was recognised, and net of allowance is as follows:

9. 貿易應收款項（續）

按收入確認日期的貿易應收款項（扣 除撥備）之賬齡分析如下：

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As at As at
31 December 30 June
2022 2022
於二零二二年 於二零二二年
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 – –
31 to 60 days 31 至 60 天 – –
61 to 90 days 61 至 90 天 – –
91 to 180 days 91 至 180 天 1,320 –
181 to 365 days 181 至 365 天 – –
Over 365 days 超過 365 天 – –
1,320 –
----- End of picture text -----

10. TRADE PAYABLES

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

10. 貿易應付款項

下表載列按發票日期呈列的貿易應 付款項賬齡分析。

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As at As at
31 December 30 June
2022 2022
於二零二二年 於二零二二年
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 – –
31 to 60 days 31 至 60 天 – –
61 to 90 days 61 至 90 天 – –
Over 90 days 超過 90 天 6,089 6,572
6,089 6,572
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20 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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

11. BORROWINGS

As at 31 December 2022, interest-bearing

borrowings were payable as follows:

11. 借貸 於二零二二年十二月三十一日，應 付的計息借貸如下：

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

As at As at
31 December 30 June
2022 2022
於二零二二年 於二零二二年
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）
Loan from third party 第三方貸款 [—] 無抵押
— unsecured 20,780 23,094
----- End of picture text -----

The borrowings are repayable as follows:

借貸之還款期如下：

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

As at As at
31 December 30 June
2022 2022
於二零二二年 於二零二二年
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 6,040 9,326
More than one year, but not 超過一年，
exceeding two years 但不超過兩年 14,740 13,768
20,780 23,094
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) 6,040 9,326
Amount due for settlement 12 個月後到期清償之
after 12 months 金額 14,740 13,768
----- End of picture text -----

21

2022/2023 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

11. BORROWINGS (Continued)

As at 31 December 2022, included in other borrowings are amounts due to third parties of HK$14,583,000 and an entity of HK$6,197,000. T h e a m o u n t d u e t o t h i r d p a r t i e s o f HK$14,583,000 are unsecured, bearing a fixed interest rate at 3% to 4.5%. The amount due to the entity of HK$6,197,000 is unsecured and interest free.

11. 借貸（續）

於二零二二年十二月三十一日，計 入其他借貸為應付第三方款項 14,583,000 港元及應付一間實體款 項 6,197,000 港元，應付第三方款項 14,583,000 港元為無抵押，按固定 利率 3% 至 4.5% 計息，應付實體款 項 6,197,000 港元為無抵押免息。

As at 30 June 2022, included in other borrowings are amounts due to third parties of HK$14,583,000 and an entity of HK$8,511,000. The amounts due to third parties of HK$14,583,000 are unsecured, bearing a fixed interest rate at 3% to 4.5% per annum. The amount due to the entity of HK$8,511,000 is unsecured and interest free and the entity is controlled and beneficially owned by a management personnel of a subsidiary of the Company.

於二零二二年六月三十日，計入其 他借貸為應付第三方款項 14,583,000 港元及應付一間實體款 項 8,511,000 港元。應付第三方款項 14,583,000 港元為無抵押、按固定 年利率 3% 至 4.5% 計息。應付實體 款項 8,511,000 港元為無抵押、免 息，且該實體由本公司一間附屬公 司之一名管理人員所控制及實益擁 有。

22 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 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:

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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
2022 2021
二零二二年 二零二一年
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 570 854
Pension scheme contributions 退休金計劃供款 – –
----- End of picture text -----

2022/2023 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

13. USE OF PROCEEDS

On 28 April 2021, the Company entered into two subscription agreements (the “ Subscription Agreements ”) with two subscribers (the “ Subscribers ”) pursuant to which the Subscribers have conditionally agreed to s ub s c ri b e fo r , a n d t he C o mp a n y h a s conditionally agreed to allot and issue 84,000,000 shares of the Company at the subscription price of HK$0.25 per share. On 1 July 2021, the Company and Mr. Gan Xiaohua (the “ Subscriber B ”) entered into a second supplemental agreement pursuant to which the parties agreed, amongst other things, to reduce the number of subscription shares from 32,000,000 shares to 16,000,000 shares. The Subscription Agreements have been completed on 28 July 2021 and 68,000,000 shares have been allotted and issued to the Subscribers.

13. 所得款項用途

於二零二一年四月二十八日，本公 司與兩名認購人（「 認購人 」）訂立兩 份認購協議（「 認購協議 」），據此， 認購人已有條件同意認購，而本公 司已有條件同意配發及發行 84,000,000 股本公司股份，認購價 為每股 0.25 港元。於二零二一年七 月一日，本公司與甘曉華先生（「 認 購人 B 」）訂立第二份補充協議，據 此，訂約雙方同意（其中包括）將認 購股份數目由 32,000,000 股減少至 16,000,000 股。認購協議已於二零 二一年七月二十八日完成，且 68,000,000 股股份已配發及發行予 認購人。

Each of the gross proceeds and net proceeds from the issue of the shares is estimated to be H K $ 1 7 , 0 0 0 , 0 0 0 a n d a p p r o x i m a t e l y HK$16,955,000 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.

估計發行股份之所得款項總額及所 得款項淨額將分別為 17,000,000 港 元及約 16,955,000 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。

24 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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

13. USE OF PROCEEDS (Continued)

The table below gives out the details of the use of proceeds:

13. 所得款項用途（續） 下表載列所得款項用途詳情：

		Allocation of Net Proceeds 所得款項 淨額分配 HK$’000 千港元	Allocation of advance payments received from share subscription as at 31 December 2021 於二零二一年 十二月三十一日 股份認購所得 墊付款項分配 HK$’000 千港元	Amount Utilized as at 31 December 2021 於二零二一年 十二月三十一日 已動用金額 HK$’000 千港元	Remaining Balance of Net Proceeds as at 31 December 2022 於二零二二年 十二月三十一日 所得款項 淨額結餘 HK$’000 千港元
Issue of 68,000,000 shares	於二零二一年七月二十八日
on 28 July 2021	發行68,000,000股股份
Future business development,	未來業務發展，包括但不限
including but not limited to data	於數據中心及其他潛在
centre and other potential	業務發展
business development		10,000	10,000	10,000	0
Repayment of borrowing	償還借款	6,000	6,000	6,000	0
General working capital of the	本集團之一般營運資金
Group		955	955	955	0

2022/2023 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

14. EVENTS AFTER THE REPORTING PERIOD

• (a) On 11 January 2023, shareholders loan of RMB30,000,000 was granted to a subsidiary of the Company by a PRC entity owned by a director and shareholder of the Company for working capital purposes. The loan is unsecured, interest bearing at 4% per annum and is wholly repayable on 31 January 2024.

14. 報告期後事項

• (a) 於二零二三年一月十一日， 由本公司一名董事及股東擁 有之一間中國實體向本公司 一間附屬公司授出人民幣 30,000,000 元之股東貸款作 營運資金用途。該貸款為無 抵押、按年利率 4% 計息及 須於二零二四年一月三十一 日全數償還。

• (b) On 26 January 2023, the Company entered into a subscription agreement with Zhejiang Shihua Culture and Tourism Technology Group Co., Ltd. ( 浙江時華文旅科技集團有限公司 ) (“ Shihua* ”) pursuant to which Shihua had conditionally agreed to subscribe for, and the Company has conditionally agreed to allot and issue 97,000,000 s h a r e s o f t h e C o m p a n y a t t h e subscription price of HK$0.15 per share. Please refer to the announcements of the Company dated 26 January 2023 and 31 January 2023.

• (b) 於二零二三年一月二十六 日，本公司與浙江時華文旅 科技集團有限公司（「 時華 」） 訂立認購協議，據此，時華 已有條件同意認購，而本公 司有條件同意配發及發行 97,000,000 股本公司股份， 認購價為每股 0.15 港元。請 參閱本公司日期為二零二三 年一月二十六日及二零二三 年一月三十一日之公告。

• For identification purpose only

26 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 2022 (2021: nil).

中期股息

董事會不建議就截至二零二二年十二月 三十一日止六個月派付任何中期股息（二零 二一年：無）。

INTRODUCTION

The Group is an integrated group, which is principally engaged in internet advertising agency services, digital assets business and digitalization empowerment platform business during the year.

簡介

本集團為一間綜合集團，於年內主要從事 互聯網廣告代理服務、數字資產業務及數 字化產業賦能平台業務。

BUSINESS REVIEW

The Group and its subsidiaries are principally engaged in the internet advertising agency services, which included the provision of various services for customers, such as game promotion, big data support, integrated marketing solutions and localization support. During the second half of 2021, the Group expanded its overseas cryptocurrency business with the support of its team with expertise in the field of digital assets business. In March 2022, in response to the government policies in Mainland China, the Group made timely investment in the research and development and build-up of a digitalization empowerment platform, and upgraded the internet advertising empowerment system to provide government and enterprises with various services such as personalized advertising, creation and management of product sales channels, and customer loyalty enhancement.

業務回顧

本集團及附屬公司主要從事互聯網廣告代 理服務，包括為客戶提供遊戲推廣、大數 據支援、整合營銷方案、當地語系化支持 等服務。二零二一年下半年，集團依託自 身在數字資產業務領域擁有專業知識的團 隊，拓展海外加密貨幣業務。二零二二年 三月，為響應中國大陸政府政策，集團適 時投入數字化產業賦能平台的研發與建 設，升級互聯網廣告賦能系統，為政府和 企業提供個性化廣告賦能、產品銷售渠道 建設與管理、增強客戶粘性等服務。

2022/2023 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

Internet Advertising Agency Services

Million Stars Internet Media Limited (“ MSIM ”), a wholly-owned subsidiary of the Group, develops overseas internet advertising market. Through global mainstream online platforms, including Facebook and Google, MSIM provides customers with global advertising placement services, including the provision of game promotion, big data support, integrated marketing solutions, localization support and stable account services for its customers. Seizing the opportunity arising from the rapid development of the Internet, the Group will continue to step up investments in the internet advertising business in a bid to increase the streams of revenue from the Internet.

互聯網廣告代理服務

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，包括為其客戶提供遊 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。本集團 繼續抓住互聯網飛速發展的機會，調整對 互聯網廣告業務的投資力度，努力拓展互 聯網收入來源。

Digital Assets Business

The Company has access to the information on the market supply and demand as it has professional management members and teams in the field of digital assets business with professional knowledge in the structure, quality and operation of cryptocurrency mining hardware. The management of the Company closely monitors the movement and volatility of the prices of cryptocurrencies to set reasonable and competitive prices taking into consideration the status of the competitors.

數字資產業務

公司在數字資產業務領域擁有專業的管理 層及團隊，具備對加密貨幣礦機設備的構 造、質量、運營等的專業運營和專業知 識，掌握市場供求信息。公司管理層密切 關注加密貨幣價格的走勢及波動，並考慮 競爭者的情況制定合理且有競爭力的價格。

Digitalization Empowerment Platform

Following the rollout of the overseas internet advertising agency services, the Group timely launched the digitalization empowerment system to tap the advertising market in mainland China. The system incorporates online and offline functions. In particular, “Million Stars Promotion Machine” ( 萬星促銷機 ), an intelligent advertising device that comes with a product vending function, was a major breakthrough.

數字化產業賦能平台

在海外互聯網廣告代理業務基礎上，本集 團為拓展中國大陸廣告市場，適時推出數 字化產業賦能系統，該系統包括線上和線 下功能，其中自帶產品銷售功能的智能廣 告設備「萬星促銷機」為一重大突破。

“Million Stars Promotion Machine” can be installed indoors or outdoors, and is connected to various payment systems for customers’ convenience to pay on mobile phones. The product has been well received by the market since launch.

「萬星促銷機」可裝置於室內或室外，並對 接了各種支付系統，方便顧客以手機支 付，產品自推出後深受市場歡迎。

28 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

As of the end of December 2022, total operating income of the Group of approximately HK$6.9 million was achieved, in which revenue from internet advertising agency services amounted to HK$5.1 million and revenue from digitalization empowerment platform business amounted to HK$1.8 million during the reporting period.

截至二零二二年十二月底，本集團共實現 約 6.9 百萬港元的營業收入，其中互聯網廣 告代理服務收入實現 5.1 百萬港元，報告期 內數字化產業賦能平台業務實現 1.8 百萬港 元等。

OUTLOOK

The Internet advertising agency services undertaken by the Group will continue to grow steadily. Since the second half of 2021, the Group’s business focus has gradually expanded from the internet advertising agency services to the field of digital assets business. As the digital asset business holds promising prospect and potential for future development, the Group will continue to ramp up the investment and construction of a global supercomputing centre, and build up a computing ecosystem to provide customers around the world with the professional hosting of supercomputing servers, as well as cloud computing lease, sale and cloud storage services by leveraging its current competitive advantages as well as its professional technology, operation, and marketing teams. In addition to continue investing in the procurement of cryptocurrency servers in future, the Group will endeavour to expand the global trading and channeling of supercomputing servers. The Group and its whollyowned subsidiaries will also continue to look for new business opportunities. In March 2022, the Group successfully seized the opportunities arising from the new rural areas as well as new retail and new consumption patterns in Mainland China by expanding the digitalization empowerment platform to cover new businesses including offline mobile advertising, smart advertising terminals with auto-vending function, offline on-screen advertising, O2O platform advertising and in-app advertising. We will serve more enterprises and government authorities with the above advertising and sales services to create profits for the Company.

展望

本集團經營之互聯網廣告代理服務業務將 繼續穩步發展，由二零二一下半年開始， 業務重心逐步由互聯網廣告代理服務拓展 至數字資產業務領域。數字資產領域未來 的發展空間及潛力較大，集團將利用目前 的競爭優勢，依託專業的技術、運營、市 場團隊，繼續增加全球超算中心的投資建 設，搭建算力生態體系，為全球客戶提供 超算服務器的專業託管以及雲算力租售與 雲存儲服務。未來集團除繼續投入加密貨 幣服務器的採購以外，將努力拓展超算服 務器的全球貿易與管道。集團及附屬全資 公司亦致力尋找新的商機，二零二二年三 月，本集團成功抓住了中國大陸新農村， 新零售、新消費等的機遇，開拓數字化產 業賦能平台，新增業務包括：線下移動設 備廣告、帶自動售貨功能的智能終端廣 告、線下螢幕廣告、O2O 平台廣告、APP 廣告。我們會通過以上廣告與銷售業務， 服務更多的企業和政府單位，為公司帶來 收益。

2022/2023 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

PROFIT WARNING

Hit by the twists and turns of the COVID-19 pandemic in Mainland China and changes in digital asset policies, the Group’s revenue from overseas internet advertising fell significantly and no revenue was recorded from the digital assets business. Since the Group was still investing in the establishment of online and offline advertising channels in Mainland China and in the project involving the construction of multi-functional advertising equipment, no revenue was generated yet. It is expected that steady revenue will be generated starting from the third quarter.

盈利預警

受中國大陸新冠疫情反覆以及數字資產政 策變化的影響，本集團海外互聯網廣告業 務收入大幅下降及數字資產業務暫無錄得 收入。本集團中國大陸線上線下廣告渠道 的建設和多功能廣告設備的專案建設尚處 於投入期，尚未產生大量收入。預計三季 度開始會帶來可續性的穩定收入。

Mitigation Measures

Integrated with the digitalization empowered platform, the advertising & marketing system has generated stable operating income since November 2022 and a growing trend is observed. This business is fully operated by Junjing Business Management (Zhejiang) Co., Ltd. ( 雋景商業管理（浙江）有限公司 ) (“ Junjing Business ”), a wholly-owned subsidiary of the Group. Junjing Business, together with Zhejiang Dongri Agricultural Development Co., Ltd. ( 浙江東日農業發展 有限公司 ), a subsidiary of Zhejiang Dongri Co., Ltd. ( 浙 江東日股份有限公司 ) (listed on the Shanghai Stock Exchange, stock code: 600113.SH), and the People’s Government of Jixian County, Shanxi Province jointly establish a project company, Shanxi Jimei Agricultural Holding (Group) Co., Ltd. ( 山西吉美農控（集團）有限公 司 ). The company is principally engaged in the build-up and operation of a platform for the digitallyempowered agricultural industry and in the provision of services for the advertising and sales of agricultural products for Jixian County, and is a demonstrative project of Junjing Business. It has successively set up advertising equipment with sales function in Hangzhou, Wenzhou and Quzhou, Zhejiang Province. In particular, “Million Stars Promotion Machine” will market other products such as snacks and beverages, in addition to fresh fruits and vegetables, and will be made available in more outlets for consumers’ convenience, with the aim of generating sustainable income for the Group.

應對措施

結合了數字化產業賦能平台的廣告營銷系 統自二零二二年十一月開始已產生穩定的 營業收入且呈快速發展趨勢，該業務由本 集團全資附屬公司雋景商業管理（浙江）有 限公司（「 雋景商業 」）全面開展。雋景商業 與浙江東日農業發展有限公司（浙江東日股 份有限公司 ( 在上海證券交易所上市，股票 代碼 600113.SH) 的子公司）、山西省吉縣 人民政府共同成立了項目公司山西吉美農 控（集團）有限公司。該公司主營業務為建 設與運營數字化賦能農產業的平台，專門 為吉縣農產品的廣告宣傳與銷售服務，是 雋景商業的示範項目。同時在浙江省杭州 市、溫州市、衢州市陸續投放帶產品銷售 功能的廣告設備。其中「萬星促銷機」除新 鮮蔬果外，亦會拓展至其他產品如零食和 飲料，並積極增加網點，便利消費者，目 標是為集團帶來可持續收入。

30 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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 2022 amounted to approximately HK$6.9 million, representing a decrease of approximately 84.7% as compared with the corresponding period in the previous financial year.

財務回顧

概覽

本集團於截至二零二二年十二月三十一日 止六個月的收入約為 6.9 百萬港元，較上一 個財政年度同期減少約 84.7%。

The Group’s loss for the six months ended 31 December 2022 was approximately HK$0.2 million, significantly decreased by approximately 104.5% compared with the same period of last year.

本集團於截至二零二二年十二月三十一日 止六個月的虧損約為 0.2 百萬港元，較去年 同期大幅減少約 104.5%。

Loss attributable to equity holders of the Company for the six months ended 31 December 2022 amounted to approximately HK$14.2 million, representing a decrease of approximately 47.3% compared with the same period of last year.

本公司權益持有人於截至二零二二年十二 月三十一日止六個月應佔虧損約為 14.2 百 萬港元，較去年同期減少約 47.3%。

Revenue

The Group’s revenue principally represented income derived from provision of internet advertising agency services and income from digitalization empowerment platform business.

收入

本集團的收入主要指來自提供互聯網廣告 代理服務的收入及數字化產業賦能平台業 務收入。

The Group’s revenue for the six months ended 31 December 2022 was approximately HK$6.9 million, recorded a drop of approximately 84.7% from that of approximately HK$45.0 million for the six months ended 31 December 2021 mainly because the internet advertising agency services have not recovered due to the pandemic and the digitalization empowerment platform business has not generated substantial revenue as it has just started.

本集團於截至二零二二年十二月三十一日 止六個月的收入約為 6.9 百萬港元，較截至 二零二一年十二月三十一日止六個月約 45.0 百萬港元下跌約 84.7%，主要來自提 供互聯網廣告代理服務因為疫情業務還未 復甦及部分數字產業賦能平台業務剛剛起 步，尚未形成大量收入導致。

Cost of Sales and Gross Profit

Cost of sales mainly represents costs incurred for the provision of internet advertising agency services and the provision of the digitalization empowerment platform business 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 理服務及提供數字化產業賦能平台業務產 生的成本及勞工成本。

2022/2023 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 Group’s cost of sales amounted to approximately HK$7.1 million for the six months ended 31 December 2022. Cost of sales dropped by approximately 82.3% as compared with the cost of sales for the six months ended 31 December 2021, mainly due to the decrease in revenue during the period.

本集團截至二零二二年十二月三十一日止 六個月的銷售成本約為 7.1 百萬港元。銷售 成本較截至二零二一年十二月三十一日止 六個月的銷售成本下跌約 82.3%，主要由 於期內收入下降所致。

Gross profit margin of approximately –2.4% for the six months ended 31 December 2022 dropped by approximately 10.5% as compared with the gross profit margin of approximately 8.1% for the six months ended 31 December 2021, mainly due to the reduction of budgets by customers of internet advertising agency business and the preliminary costs of newly-invested internet games.

截至二零二二年十二月三十一日止六個月 的毛利率約為 -2.4%，較截至二零二一年 十二月三十一日止六個月的毛利率約 8.1% 下跌約 10.5%，主要由於互聯網廣告代理 業務客戶縮減廣告預算及新投入互聯網遊 戲前期成本所致。

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 exchange gains.

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 利息收入及匯兌收益。

Other income, gains and losses, net, amounted to net profits of approximately HK$0.1 million for the six months ended 31 December 2022 compared to net gains of approximately HK$117,000 with the six months ended 31 December 2021. It was mainly due to gain on disposal of intangible assets and gain on disposal of interests in associates in the previous year and no difference was made during the reporting period this year.

截至二零二二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溢利 約 0.1 百萬港元，而截至二零二一年十二月 三十一日止六個月則為淨收益約 11.7 萬港 元。其乃主要由於去年出售無形資產的收 益及出售聯營公司權益的收益而今年報告 期無產生差異所致。

Selling and Distribution Expenses

Selling and distribution expenses comprise mainly payroll expenses and social security expenses. The selling and distribution expenses for the six months ended 31 December 2022 and 2021 were approximately HK$0.4 million and HK$0.3 million respectively. The slight increase in selling and distribution expenses was mainly due to increase in the number of practising staff of the digitalization empowerment platform business in addition to the 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社會 保障費用。截至二零二二年及二零二一年 十二月三十一日止六個月的銷售及分銷開 支分別為約 0.4 百萬港元及 0.3 百萬港元。 銷售及分銷開支略微增加乃主要由於集團 在互聯網廣告代理業務基礎上加大投入數 字化產業賦能平台業務實施人員所致。

32 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Administrative Expenses

Administrative expenses comprised mainly payroll expenses, rent, depreciation, and third-party agency service fees as well as other office administrative expenses. Administrative expenses amounted to approximately HK$13.7 million for the six months ended 31 December 2022 and approximately HK$22.7 million for the six months ended 31 December 2021, representing a decrease of approximately 39.5%.

行政開支

行政開支主要包括薪金開支、租金、折舊 及第三方機構服務費以及其他辦公室行政 開支。行政開支於截至二零二二年十二月 三十一日止六個月約 13.7 百萬港元，而截 至二零二一年十二月三十一日止六個月約 22.7 百萬港元，降幅約為 39.5%。

The decrease in administrative expenses was mainly due to the decrease in staff and depreciation of a few cryptocurrency mining machines.

行政開支的減少主要由於人員減少及少量 加密貨幣礦機折舊所致。

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。

Loss for the Period

The Group recorded a loss for the period of approximately HK$14.2 million and HK$26.9 million for the six months ended 31 December 2022 and for the six months ended 31 December 2021, respectively. The decrease in loss for the period was due to a sharp decline in the business of provision of internet advertising agency services and a decrease in depreciation charges of non-current assets invested in this year.

期內虧損

本集團於截至二零二二年十二月三十一日 止六個月及截至二零二一年十二月三十一 日止六個月分別錄得期內虧損約 14.2 百萬 港元及 26.9 百萬港元。期內虧損的降低由 提供互聯網廣告代理服務的業務銳減和本 年投資的非流動資產折舊費用減少導致。

2022/2023 中期報告[•] 萬星控股有限公司 33

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Financial 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 2022, included in net current assets were cash and bank balances (including pledged bank deposits) totalling approximately HK$3.74 million (30 June 2022: HK$19.92 million), the decrease in which was mainly attributable to the sharp decrease in revenue from the Internet and preliminary investment in the digitalization empowerment platform.

於回顧期間內，本集團的資金維持於穩建 的財務資源水平。於二零二二年十二月 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 3.74 百萬港元（二零二二年六月三十 日：19.92 百萬港元），有關減少主要由於 互聯網收入銳減及前期投入數字產業賦能 平台所致。

The Group’s outstanding borrowings as at 31 December 2022 amounting to HK$20.8 million (30 June 2022: HK$23.1 million) were principally denominated in HKD 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 borrowings over the total equity was approximately 52.9% as at 31 December 2022 (30 June 2022: 43.8%).

於二零二二年十二月三十一日，本集團的 尚未償還借貸 20.8 百萬港元（二零二二年 六月三十日：23.1 百萬港元）主要以港元計 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。於二零二二年十二 月三十一日，本集團的債務總額對權益比 率（按借貸除以權益總額計算）約為 52.9% （二零二二年六月三十日：43.8%）。

As at 31 December 2022 and 30 June 2022, there was no seasonality as to the Group’s borrowing requirements and no committed borrowing facilities.

於二零二二年十二月三十一日及二零二二 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。

With the subsequent increase in operating income and inflow of working capital, the Company can ensure the development of the Group in the next year.

本公司隨着後期營運收入的增加及營運資 金的流入，可以確保集團下一年度的發展。

34 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Charge Over Assets of the Group

As at 31 December 2022, there are no pledged bank deposits of the Group to support the Group’s banking facilities (30 June 2022: nil).

本集團之資產質押

於二零二二年十二月三十一日，本集團概 無已抵押銀行存款擔保本集團之銀行融資 （二零二二年六月三十日：無）。

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 2022, no related hedges were made by the Group (30 June 2022: 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 零二二年十二月三十一日，本集團概無作 出相關對沖（二零二二年六月三十日：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 2022 was minimal and there was no significant adverse effect on normal operations.

截至二零二二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 2022, the Group did not have any significant capital commitment (30 June 2022: nil). As at 31 December 2022, the Group did not have any significant contingent liability (30 June 2022: nil).

資本承擔及或然負債

於二零二二年十二月三十一日，本集團並 無任何重大資本承擔（二零二二年六月三十 日：無）。於二零二二年十二月三十一日， 本集團並無任何重大或然負債（二零二二年 六月三十日：無）。

MATERIAL ACQUISITIONS AND DISPOSALS

During the six months ended 31 December 2022, the Group did not have any material acquisition and disposal.

重大收購及出售事項

截至二零二二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。

2022/2023 中期報告[•] 萬星控股有限公司 35

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

EMPLOYEES AND REMUNERATION POLICY

As at 31 December 2022, the Group had a workforce of 26 employees (30 June 2022: 28). Total staff cost for the six months ended 31 December 2022 was approximately HK$3.6 million, representing a decrease of approximately HK$0.5 million as compared to the staff cost for the six months ended 31 December 2021.

The emolument policy of the employees of the Group is formulated by the remuneration committee of the Company (“ Remuneration Committee ”) with reference to the duties, responsibilities, experience and competence of individual employees. The same policy also applies to the Directors. In addition to salaries and discretionary bonuses relating to the performance of the Group, employee benefits included pension scheme contributions. The emoluments of the Directors are reviewed annually by the Remuneration Committee.

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

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.

僱員及薪酬政策

於二零二二年十二月三十一日，本集團有 26 名僱員（二零二二年六月三十日：28 名）。截至二零二二年十二月三十一日止六 個月的總員工成本約為 3.6 百萬港元，較截 至二零二一年十二月三十一日止六個月的 員工成本減少約 0.5 百萬港元。

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

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

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。

36 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

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。

2022/2023 中期報告[•] 萬星控股有限公司 37

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 2022, 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

於二零二二年十二月三十一日，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 董事姓名 Mr. Zhu Yongjun	Capacity 身份 Beneficial owner	Interests in Shares 於股份之權益 38,398,786 (L)	Approximate Percentage of Issued Share Capital of the Company as at 31 December 2022 Note 佔本公司於 二零二二年 十二月三十一日 已發行股本的 概約百分比 附註 7.87%
朱勇軍先生	實益擁有人
Mr. Gan Xiaohua	Beneficial owner	8,005,000 (L)	1.64%
甘曉華先生	實益擁有人

Note:

附註：

1. As at 31 December 2022, the Company had 488,000,000 shares in issue.

2. 於二零二二年十二月三十一日，本公司有 488,000,000 股已發行股份。

Abbreviation: “L” stands for long position.

縮寫：「L」為好倉。

38

MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

OTHER INFORMATION 其他資料

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS

As at 31 December 2022, 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

於二零二二年十二月三十一日，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：

Name of Shareholders 股東名稱	Capacity 身份	Interests in Shares 於股份之權益	Approximate Percentage of Issued Share Capital of the Company as at 31 December 2022 佔本公司 於二零二二年 十二月三十一日之 已發行股本的 概約百分比	Note 附註
7Road Holdings Limited	Beneficial owner	54,000,000 (L)	11.07%
第七大道控股有限公司	實益擁有人
United Conquer Limited (“UCL”)	Beneficial owner	22,497,169 (L)	4.61%	2
United Conquer Limited（「UCL」）	實益擁有人
Shanghai Hutong Investments Centre	Interest of controlled corporation	50,000,000 (L)	10.25%	2
(Limited Partnership) (“SHIC*”)
上海胡桐投資中心（有限合夥） （「上海胡桐」）受控法團權益
Shanghai Angell Asset Management	Interest of controlled corporation	72,497,169 (L)	14.86%	3
Company Limited (“Shanghai Angell*”)
上海昂巨資產管理有限公司（「上海昂巨」）	受控法團權益
Jilin Province Investment Group	Interest of controlled corporation	72,497,169 (L)	14.86%	4
Company Limited
吉林省投資集團有限公司	受控法團權益
Yao Ligang	Interest of controlled corporation	72,497,169 (L)	14.86%	5
姚立剛	受控法團權益
Jiang Peijie	Beneficial owner	29,150,000 (L)	5.97%
蔣培潔	實益擁有人
Wang Fei	Beneficial owner	40,000,000 (L)	8.20%
王菲	實益擁有人

2022/2023 中期報告[•] 萬星控股有限公司 39

OTHER INFORMATION 其他資料

Name of Shareholders 股東名稱	Capacity 身份	Interests in Shares 於股份之權益	Approximate Percentage of Issued Share Capital of the Company as at 31 December 2022 佔本公司 於二零二二年 十二月三十一日之 已發行股本的 概約百分比	Note 附註
Jia Heng Tai Feng Co., Limited	Beneficial owner	52,000,000	10.66%
嘉恒泰豐有限公司	實益擁有人
Wu Zhongyi	Interest of controlled corporation	52,000,000	10.66%	7
鄔中一	受控法團權益
Li Wei Wei	Security interest	52,000,000	10.66%	8
李威威	擔保權益
Notes:		附註：

附註：

1. 於二零二二年十二月三十一日，本公司有 488,000,000 股已發行股份。

2. As at 31 December 2022, the Company had 488,000,000 Shares in issue.

3. 上述上海胡桐之視為股權乃透過其於 UCL 之 100% 股權持有。UCL 由上海胡桐全資擁有， 由吉林省投資集團有限公司間接擁有 32%。

4. SHIC’s deemed shareholdings stated above were held by virtue of its 100% shareholding interests in UCL. UCL is 100% owned by SHIC where as 32% indirectly owned by Jilin Province Investment Group Company Limited 吉林省投 資集團有限公司 .

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

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

7. 上述吉林省投資集團有限公司之視為股權乃 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。

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

9. 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。

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

11. 鄔中一先生於二零二二年五月十三日向並非 合資格貸款人之人士提供於股份之權益作為 擔保。

12. Mr. Wu Zhongyi provided an interest in the Shares as security to a person other them a qualified lender on 13 May 2022.

13. 李威威先生於二零二二年五月十三日獲取於 股份之擔保權益。

14. Mr. Li Wei Wei acquired a security interest in the Shares on 13 May 2022.

15. 縮寫： 「L」為好倉。

16. Abbreviation: “L“ stands for long position.

17. 僅供識別

* for identification purpose only

40 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

OTHER INFORMATION 其他資料

DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS IN COMPETING BUSINESS

During the six months ended 31 December 2022, 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 2022, 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 2022.

All the Directors except Mr. Gan Xiaohua 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 2022.

董事及控股股東於競爭業務之權益

截至二零二二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

於截至二零二二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 二零二二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（甘曉華先生除外）已確認，彼等 於截至二零二二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。

2022/2023 中期報告[•] 萬星控股有限公司 41

OTHER INFORMATION 其他資料

The Broad was informed by Mr. Xiaohua that be had made an on-market acquisition of 5,000 shares of the Company at an aggregate consideration of HK$3,000 on 28 September 2022 which was made during the blackout period for the annual results for the year ended 30 June 2022. The acquisition was made due to Mr. Gan’s inadvertent and unintentional oversight of the fact that the blackout period had commenced on 27 September 2022.

REPORT ON COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE

The Company has adopted the code provisions on Corporate Governance Code in force during the period ended 31 December 2022 as set out in Appendix 15 (version up to 31 December 2021) to the GEM Listing Rules.

The requirements under the new Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules (the “ New CG Code ”) which came into effect on 1 January 2022 shall apply to the Company’s corporate governance report for the financial year commencing on 1 January 2022 (i.e. year ending 30 June 2023).

董事會獲甘曉華先生通知，於截至二零 二二年六月三十日止年度全年業績之禁售 期內，彼於二零二二年九月二十八日以總 代價 3,000 港元於場內收購本公司 5,000 股 股份。本次收購乃由於甘先生無意及一時 疏忽，未察覺禁售期於二零二二年九月 二十七日開始所致。

遵守企業管治守則報告

本公司已採納 GEM 上市規則附錄十五（截 至二零二一年十二月三十一日之版本）所載 於截至二零二二年十二月三十一日止期間 內有效之企業管治守則的守則條文。

於二零二二年一月一日生效之 GEM 上市規 則附錄十五所載之新企業管治守則（「 新企 業管治守則 」）項下之規定將適用於本公司 於二零二二年一月一日開始之財政年度（即 截至二零二三年六月三十日止年度）的企業 管治報告。

42 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

OTHER INFORMATION 其他資料

During the six months ended 31 December 2022, 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:

截至二零二二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：

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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.1.1 (which The board should meet was rearranged regularly and board to code meetings should be held provision of at least four times a year C.5.1 of the at approximately New CG Code) quarterly intervals.

• A.1.1 董事會應定期舉行會

• （重列為新企業 議，而董事會會議應每 管治守則之守 年最少舉行四次，約每 則條文第 C.5.1 季一次。 條）

Due to the delay in the publication of the annual report for the year ended 30 June 2021 since 27 September 2021, the Board has not held four board meetings during the year.

自二零二一年九月 二十七日起，由於 延遲刊發截至二零 二一年六月三十日 止年度的年報，故 董事會於年內並無 舉行四次董事會會 議。

During the year, certain ad hoc Board Meeting were held by the Company. Some Company’s matters was dealt by Board by way of Board Resolutions instead of physical Board Meeting.

年內，本公司舉行若干臨時董事 會會議。董事會以董事會決議案 方式取代現場董事會會議，處理 部分本公司事宜。

2022/2023 中期報告[•] 萬星控股有限公司 43

OTHER INFORMATION 其他資料

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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

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

A.2.1

(which was rearranged to code provision C.2.1 of the New CG Code)

A.2.1 主席及行政總裁之角色 （重列為新企業 應有所區分，不應由同 管治守則之守 一人士擔任。 則條文第 C.2.1 條）

Mr. Zhu Yongjun, the Chairman and Executive Director, has been appointed as the CEO of the Company with effect from 11 November 2020.

主席兼執行董事朱 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。

The Board believes that the present arrangement enables the Company to make and implement decisions promptly, and thus achieve the Company’s objectives efficiently and effectively in response to the changing environment. The Board also believes that the Company already has a strong corporate governance structure in place to ensure effective oversight of management.

董事會相信現有安排令本公司能 及時作出及執行決策，因而高效 及有效地實現本公司目標，以應 對多變之環境。董事會亦相信本 公司已擁有強大之企業管治結 構，可確保有效監督管理層。

A.2.7 The chairman should at Due to the outbreak The chairman communicated with (which was least annually hold of Covid-19, the independent non-executive rearranged to meetings with the chairman did not Director individually instead of code provision independent nonhold physical holding physical meeting with C.2.7 of the executive directors meeting with the them. New CG Code) without the presence of independent other directors. non-executive 主席與獨立非執行董事單獨溝 A.2.7 Directors without the 通，並無與其舉行現場會議。 （重列為新企業 主席應最少每年與獨立 presence of other 管治守則之守 非執行董事舉行一次沒 directors. 則條文第 C.2.7 有其他董事出席的會議。 條） 由於爆發 Covid-19， 主席並無與獨立非 執行董事舉行沒有 其他董事出席的現 場會議。

44 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

OTHER INFORMATION 其他資料

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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	The management	The Board members of the
(which was	provide all members of	could not provide	Company were still informed by
rearranged to	the Board with monthly	the Directors with	the management of the Company
code provision	updates giving a	updated financial	by email, by WeChat or by phone
D.1.2 of the	balanced and	information of the	on the updated information of the
New CG Code)	understandable	Company each	Company’s performance and
	assessment of the	month due to the	future business plan from time to
C.1.2	Company’s	lockdown of certain	time.
（重列為新企業	performance, position	cities in China during
管治守則之守	and prospects in	the outbreak of	本公司董事會成員仍由本公司管
則條文第D.1.2	sufficient detail to	Covid-19.	理層不時經電郵、微信或電話告
條）	enable the Board as a		知有關本公司的表現及未來業務
	whole and each Director	由於爆發Covid-19	計劃的最新資訊。
	to discharge their duties	期間中國若干城市
	under Rule 5.01 and	封鎖，管理層無法
	Chapter 17 of the GEM	每月向董事提供本
	Listing Rules.	公司的更新財務資
		料。

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。

2022/2023 中期報告[•] 萬星控股有限公司 45

OTHER INFORMATION 其他資料

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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 The Board should During the period, oversee the issuer’s risk the Company failed management and to have effective risk internal control systems management and on an ongoing basis, internal control ensure that a review of systems within the suggestions to improve the the effectiveness of the Group, i.e. issuer’s and its deficiencies in subsidiaries’ risk internal control over Group. management and compliance matters.

C.2.1 (which The Board should During the period, The Company had engaged was oversee the issuer’s risk the Company failed external consultants to review its rearranged to management and to have effective risk certain existing internal control code internal control systems management and measures on the areas agreed by provision on an ongoing basis, internal control the Board of Directors and provide D.2.1 of the ensure that a review of systems within the suggestions to improve the New CG the effectiveness of the Group, i.e. internal control systems and risk Code) issuer’s and its deficiencies in management systems of the subsidiaries’ risk internal control over Group. C.2.1 management and compliance matters. （重列為新企業 internal control systems RSM Consulting (Hong Kong) 管治守則之守 has been conducted at 於期內，本公司未 Limited issued the Internal Control 則條文第 D.2.1 least annually and report 能於本集團內設立 Review Report and Risk 條） to shareholders that it 有效的風險管理及 Management Review Report in has done so in its 內部監控系統，即 July 2022. Corporate Governance 有關合規事宜的內 Report. The review 部監控存在缺陷。 The management has taken steps should cover all material to set up and improve the risk controls, including management and internal control financial, operational systems as recommended by the and compliance controls. external consultant.

The Company had engaged external consultants to review its certain existing internal control measures on the areas agreed by the Board of Directors and provide suggestions to improve the internal control systems and risk management systems of the Group.

RSM Consulting (Hong Kong) Limited issued the Internal Control Review Report and Risk Management Review Report in July 2022.

董事會應持續監管發行 本公司已委聘外部顧問，以對董 人的風險管理及內部監 事會協定的領域檢討其若干現有 控系統，確保至少每年 內部監控措施及提供改善本集團 檢討一次發行人及其附 內部監控系統及風險管理系統的 屬公司的風險管理及內 建議。 部監控系統的有效性， 並在其企業管治報告中 於二零二二年七月，羅申美諮詢 向股東匯報已完成有關 顧問有限公司發出內部控制審閱 檢討。該檢討應涵蓋所 報告及風險管理審閱報告。 有重大控制，包括財 務、營運及合規監控。 管理層已按外部顧問建議採取措 施設立及改進風險管理及內部監 控系統。

46 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023

OTHER INFORMATION 其他資料

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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 The chairman of the The Company did Board should attend the not hold the annual annual general meeting. general meeting in The chairman should 2021.

E.1.2 The chairman of the (which was Board should attend the rearranged to annual general meeting. code provision The chairman should of F.2.2 of the also invite the chairmen New CG Code) of the audit, remuneration and E.1.2 nomination committees （重列為新企業 to attend. 管治守則之守 則條文第 F.2.2 董事會主席應出席股東 條） 週年大會。主席亦須邀 請審核、薪酬及提名委 員會主席出席。

As no annual general meeting was held in 2021, the Directors are unable to comment as to whether the Company has complied with the said code provision in Appendix 15 of Listing Rules.

本公司於二零二一 年未舉行股東週年 大會。

由於二零二一年未舉行股東週年 大會，董事無法就本公司是否已 遵守上述上市規則附錄十五的守 則條文發表意見。

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.

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。

2022/2023 中期報告[•] 萬星控股有限公司 47

OTHER INFORMATION 其他資料

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 2022, prior to recommending them to the Board for approval.

The consolidated results of the Group for the six months ended 31 December 2022 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, 14 February 2023

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

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 團截至二零二二年十二月三十一日止六個 月之未經審核綜合業績）。

本集團截至二零二二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，二零二三年二月十四日

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

48 MILLION STARS HOLDINGS LIMITED[•] INTERIM REPORT 2022/2023