WH Group Limited — Interim / Quarterly Report 2015

Oct 29, 2014

China Gamma Group Limited 中國伽瑪集團有限公司

(Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號:164

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Interim Report
中期報告
2014
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Condensed Consolidated Income Statement 簡明綜合收益表

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

INTERIM RESULTS

The board of directors (the “Board”) of China Gamma Group Limited (the “Company”) hereby announces the unaudited condensed consolidated interim results of the Company and its subsidiaries (together, the “Group”) for the six months ended 30 September 2014 together with the comparative figures for the corresponding period in 2013. The unaudited condensed consolidated interim results have been reviewed by the Company’s audit committee.

中期業績

中國伽瑪集團有限公司（「本公司」）董事會（「董事會」） 謹此宣布本公司及其附屬公司（統稱「本集團」）截至 二零一四年九月三十日止六個月之未經審核簡明綜合 中期業績，連同二零一三年同期之比較數字。未經審核 簡明綜合中期業績已由本公司之審核委員會審閱。

Notes 附註

Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元 14,253 17,789 1,440 446 15,693 18,235 (3,828) (16,793) 9,557 (862) 1,998 (1,370) (29,071) (19,192) (22,699) – (28,350) (19,982) (9,412) (26,598) (37,762) (46,580) 21 564 (37,741) (46,016) (37,805) (44,466) 64 (1,550) (37,741) (46,016) (0.82) cent仙 (1.17) cents仙

Turnover 營業額 4 Other revenue and gains, net 其他收入及收益，淨額 4 Cost of sales 銷售成本 Net unrealised gains/(losses) on financial assets at fair value through profit or loss 按公平值計入損益之金融資產之 未變現收益╱（虧損）淨額 Net realised gains/(losses) on financial assets at fair value through profit or loss 按公平值計入損益之金融資產之 已變現收益╱（虧損）淨額 Administrative expenses 行政費用 Impairment loss on assets classified as held for sale 分類為持作出售之資產之 減值虧損 12 Loss from operations 營運虧損 5 Finance costs 融資成本 Loss before taxation 除稅前虧損 Taxation 稅項 6 Loss for the period 本期間虧損 Attributable to: 以下人士應佔： Equity shareholders of the Company 本公司權益股東 Non-controlling interests 非控股權益 Loss per share for loss attributable to the equity shareholders of the Company during the period 期內本公司權益股東 應佔虧損之 每股虧損 7 – Basic and diluted －基本及攤薄

14,253 1,440 15,693 (3,828) 9,557 1,998 (29,071) (22,699) (28,350) (9,412) (37,762) 21 (37,741) (37,805) 64 (37,741) (0.82) cent仙

中國伽瑪集團有限公司 • 2014 中期報告

1

Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元 (37,741) (46,016) 1,473 11,090 (36,268) (34,926) (36,759) (36,758) 491 1,832 (36,268) (34,926)

Loss for the period 本期間虧損 Other comprehensive income: 其他全面收入： Item that may be reclassified subsequently to profit or loss: 其後可能重新分類至 損益之項目： Exchange differences arising from translation of financial statements of foreign operations 換算海外業務財務報表產生之 匯兌差額 Total comprehensive expenses for the period 本期間全面支出總額 Attributable to: 以下人士應佔： Equity shareholders of the Company 本公司權益股東 Non-controlling interests 非控股權益 Total comprehensive expenses for the period 本期間全面支出總額

(37,741) 1,473 (36,268) (36,759) 491 (36,268)

2

China Gamma Group Limited • Interim Report 2014

Condensed Consolidated Balance Sheet 簡明綜合資產負債表

At 30 September 2014 於二零一四年九月三十日

Notes 附註	At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 22,146 11,436 23,592 – 57,174 – 56,862 19,604 33,453 109,919 758,175 868,094 29,221 10,063 101,272 513,292 21 653,869 214,225 271,399 21,839 52,044 1,337 75,220 196,179 42,987 (25,035) 17,952 178,227 196,179
Non-current Assets 非流動資產 Property, plant and equipment 物業、廠房及設備 Land use rights 土地使用權 Goodwill 商譽 Available-for-sales financial asset 可供出售金融資產 Current Assets 流動資產 Inventories 存貨 Trade and other receivables 應收貿易及其他賬項 8 Financial assets at fair value through profit or loss 按公平值計入損益之 金融資產 9 Cash and cash equivalents 現金及現金等額項目 Assets classified as held for sale 分類為持作出售之資產 12 Current Liabilities 流動負債 Trade and other payables 應付貿易及其他賬項 10 Bank and other borrowings 銀行及其他借貸 11 Convertible note 可換股票據 Liabilities directly associated with the assets classified as held for sale 與分類為持作出售之資產 直接相關之負債 12 Current taxation 本期稅項 Net Current Assets 流動資產淨值 Total Assets less Current Liabilities 總資產減流動負債 Non-current Liabilities 非流動負債 Amount due to a non-controlling shareholder of a subsidiary 應付附屬公司 非控股股東款項 Bank and other borrowings 銀行及其他借貸 11 Deferred taxation 遞延稅項 Net Assets 資產淨值 Equity 權益 Capital and reserves attributable to the equity shareholders of the Company: 本公司權益股東 應佔資本及儲備： Share capital 股本 13 Reserves 儲備 Non-controlling interests 非控股權益 Total Equity 權益總額	20,021 11,216 23,592 9,300 64,129 2,514 64,852 67,314 105,124 239,804 715,363 955,167 39,985 – 104,666 449,421 – 594,072 361,095 425,224 22,209 62,223 1,340 85,772 339,452 66,620 94,114 160,734 178,718 339,452

中國伽瑪集團有限公司 • 2014 中期報告 3

Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

				Attributabl	e to equity shareholders of the 本公司權益股東應佔	e to equity shareholders of the 本公司權益股東應佔	Company			Total 總額 HK$’000 千港元	Non- controlling interests 非控股權益 HK$’000 千港元	Total 總額 HK$’000 千港元
	Share capital 股本 HK$’000 千港元	Share premium account 股份溢價賬 HK$’000 千港元	Capital redemption reserve 資本贖回 儲備 HK$’000 千港元	Convertible note reserve 可換股票據 儲備 HK$’000 千港元	Share options reserve 購股權儲備 HK$’000 千港元	Exchange reserve 匯兌儲備 HK$’000 千港元	Special reserve 特別儲備 HK$’000 千港元	Contributed surplus 繳入盈餘 HK$’000 千港元	Accumulated losses 累計虧損 HK$’000 千港元
At 1 April 2013 於二零一三年四月一日 Exchange difference arising from translation of foreign operations recognised directly in equity 直接於權益中確認換算海外 業務產生之匯兌差額 Loss for the period 本期間虧損 Total comprehensive income (expenses) for the period ended 30 September 2013 截至二零一三年九月三十日 止期間之全面收入（支出） 總額 Issue of shares 發行股份 At 30 September 2013 於二零一三年九月三十日 At 1 April 2014 於二零一四年四月一日 Exchange difference arising from translation of foreign operations recognised directly in equity 直接於權益中確認 換算海外業務產生之 匯兌差額 Loss for the period 本期間虧損 Total comprehensive income (expenses) for the period ended 30 September 2014 截至二零一四年九月三十日 止期間之全面收入（支出） 總額 Share options granted 授出購股權 Exercise of share options 行使購股權 Transfer on lapse of share options 購股權失效時轉撥 Issue of shares under rights issue 根據供股發行股份 At 30 September 2014 於二零一四年九月三十日	37,987 – – – 5,000 42,987 42,987 – – – – 1,645 – 21,988 66,620	692,636 – – – 44,866 737,502 737,502 – – – – 28,373 – 124,515 890,390	13,878 – – – – 13,878 13,878 – – – – – – – 13,878	18,352 – – – – 18,352 18,352 – – – – – – – 18,352	4,532 – – – – 4,532 4,532 – – – 6,421 (3,401) (2,953) – 4,599	9,215 7,708 – 7,708 – 16,923 16,822 1,046 – 1,046 – – – – 17,868	78,176 – – – – 78,176 78,176 – – – – – – – 78,176	684,966 – – – – 684,966 684,966 – – – – – – – 684,966	(1,527,792) – (44,466) (44,466) – (1,572,258) (1,579,263) – (37,805) (37,805) – – 2,953 – (1,614,115)	11,950 7,708 (44,466) (36,758) 49,866 25,058 17,952 1,046 (37,805) (36,759) 6,421 26,617 – 146,503 160,734	178,604 3,382 (1,550) 1,832 – 180,436 178,227 427 64 491 – – – – 178,718	190,554 11,090 (46,016)
												(34,926) 49,866
												205,494
												196,179 1,473 (37,741)
												(36,268) 6,421 26,617 – 146,503
												339,452

4

China Gamma Group Limited • Interim Report 2014

Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元 (41,870) (9,847) (8,410) 402 122,030 (14,504) 71,750 (23,949) 33,526 56,638 10 56 105,286 32,745

Net cash used in operating activities 經營活動所用現金淨額 Net cash (used in)/generated from investing activities 投資活動（所用）╱所得現金淨額 Net cash generated from/(used in) financing activities 融資活動所得╱（所用）現金淨額 Increase/(decrease) in cash and cash equivalents 現金及現金等額項目增加╱（減少） Cash and cash equivalents at beginning of the period 期初之現金及現金等額項目 Effect of foreign exchange rate changes 匯率變動之影響 Cash and cash equivalents at end of the period 期終之現金及現金等額項目

(41,870) (8,410) 122,030 71,750 33,526 10 105,286

中國伽瑪集團有限公司 • 2014 中期報告 5

Notes to the Unaudited Condensed Consolidated Interim Financial Statements 未經審核簡明綜合中期財務報表附註

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

1. BASIS OF PREPARATION

The unaudited condensed consolidated interim financial statements have been prepared in accordance with applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and with the Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The unaudited condensed consolidated interim financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities which are carried at fair value.

1. 編製基準 未經審核簡明綜合中期財務報表乃按照香港聯合 交易所有限公司證券上市規則（「上市規則」）附 錄16之適用披露規定及由香港會計師公會（「香 港會計師公會」）頒布之香港會計準則（「香港會 計準則」）第34號「中期財務報告」而編製。除若 干金融資產及金融負債乃按公平值入賬外，未經 審核簡明綜合中期財務報表已按歷史成本法編 製。

2. PRINCIPAL ACCOUNTING POLICIES

The accounting policies used in the condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 March 2014 except for the adoption of new and revised standard and interpretation with effect from 1 April 2014.

1. 主要會計政策 簡明綜合財務報表所採用之會計政策與編製本 集團截至二零一四年三月三十一日止年度之年 度財務報表所用者貫徹一致，惟自二零一四年四 月一日起採納新訂及經修訂準則及詮釋除外。

In the current interim period, the Group has applied, for the first time, the following new and revised standards, amendments and interpretations issued by the HKICPA, which are effective for the Group’s financial period beginning on 1 April 2014.

在本中期期間，本集團首次應用以下由香港會計 師公會頒布之新訂及經修訂準則、修訂本及詮 釋，並於本集團二零一四年四月一日開始之財政 期間生效。

HKAS 32 (Amendments) Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities HKAS 36 (Amendments) Recoverable Amount Disclosures for Non Financial Assets HKAS 39 (Amendments) Novation of Derivatives and Continuation of Hedge Accounting HKFRS 10, HKFRS 12 and Investment Entities HKAS 27 (2011) (Amendments) HK (IFRIC) – Int 21 Levies

香港會計準則第32號 金融工具： （修訂本） 呈列－抵銷金融資產 及金融負債 香港會計準則 非金融資產之可收回 第36號（修訂本） 金額披露 香港會計準則 更新衍生工具及延續 第39號（修訂本） 對沖會計 香港財務報告準則第10號、 投資實體 香港財務報告準則第12號及 香港會計準則第27號 （二零一一年）（修訂本） 香港（國際財務報告詮釋 徵稅 委員會）－詮釋第21號

6 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

1. PRINCIPAL ACCOUNTING POLICIES (continued)

The adoption of the new or revised Hong Kong Financial Reporting Standards (“HKFRS”) had no material effect on how the results and financial position for the current or prior accounting periods have been prepared and presented.

1. 主要會計政策 （續） 採納新訂或經修訂香港財務報告準則（「香港財 務報告準則」）對本會計期間或過往會計期間之 業績及財務狀況之編製及呈列方式並無重大影 響。

The Group has not early adopted the following new or revised standards and amendments that have been issued but are not yet effective.

本集團並無提早採納下列已頒布但尚未生效之 新訂或經修訂準則及修訂本。

HKFRS 7 and Disclosures – Mandatory Effective Date of HKFRS 9 HKFRS 9 and Transition Disclosures[4] (Amendments) HKAS 9 Financial Instruments[4] HKFRS 11 Accounting for Acquisitions of interests in (Amendments) Joint Operations[2] HKAS 16 and Clarification of Acceptable Methods of HKAS 38 Depreciation and Amortisation[2] (Amendments) HKAS 15 Revenue from Contracts with Customers[3] HKAS 19 Employee Benefits – Defined Benefit Plans: (Amendments) Employee Contribution[1] HKFRS Annual Improvements to Amendments HKFRSs 2010-2012 Cycle[1]

HKFRS Annual Improvements to Amendments HKFRSs 2011-2013 Cycle[1]

香港財務報告準則第7號及 披露－香港財務報告準則 香港財務報告準則第9號 第9號之強制生效日期及 （修訂本） 過渡性披露[4] 香港會計準則第9號 金融工具[4] 香港財務報告準則第11號 收購合營業務權益之 （修訂本） 會計處理[2] 香港會計準則第16號及 澄清可接受之折舊及 香港會計準則第38號 攤銷方法[2] （修訂本） 香港會計準則第15號 客戶合約收益[3] 香港會計準則第19號 僱員福利－定額福利計劃： （修訂本） 僱員供款[1] 香港財務報告準則 二零一零年至二零一二年 （修訂本） 週期之香港財務報告 準則年度改進[1] 香港財務報告準則 二零一一年至二零一三年 （修訂本） 週期之香港財務報告 準則年度改進[1]

• 1 Effective for annual periods beginning on or after 1 July 2014

• 2 Effective for annual periods beginning on or after 1 January 2016

• 3 Effective for annual periods beginning on or after 1 January 2017

• 4 No mandatory effective date yet determined but is available for early adoption

• 1 於二零一四年七月一日或以後開始之年度期間 生效

• 2 於二零一六年一月一日或以後開始之年度期間 生效

• 3 於二零一七年一月一日或以後開始之年度期間 生效

• 4 尚未訂出強制生效日期，惟可供提早採納

The directors of the Company (the “Directors”) are currently assessing the impact of these new HKFRSs but are not yet in a position to state whether they would have material financial impact on the Group’s result of operations and financial position.

本公司之董事（「董事」）現正評估該等新訂香港 財務報告準則之影響，惟於現階段尚未能確定該 等香港財務報告準則會否對本集團之營運業績 及財務狀況造成重大財務影響。

中國伽瑪集團有限公司 • 2014 中期報告 7

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

3. SEGMENT INFORMATION

For management purpose, the Group has four (2013: three) principal lines of businesses namely (1) entertainment and gaming business, (2) property business (including property development, trading of building materials and provision of renovation services); (3) gamma ray irradiation services; and (4) resources business which, together with other operation – securities trading and investment, are the basis on which the Group reports its segment information.

3. 分部資料

就管理而言，本集團經營四類（二零一三年：三 類）主要業務，分別為(1)娛樂及博彩業務；(2)物 業業務（包括物業發展、建築材料貿易及提供 裝修服務）；(3)伽瑪射線照射服務；及(4)資源業 務，連同其他業務－證券買賣及投資。本集團按 此等劃分呈報分部資料。

An analysis of the Group’s turnover, contribution to operating results and segment assets and liabilities by business segments is presented as follows:

按業務分部劃分之本集團營業額、經營業績貢 獻、分部資產及負債分析如下：

Segment results

For the six months ended 30 September 2014

分部業績

截至二零一四年九月三十日止六個月

	Entertainment and gaming business 娛樂及 博彩業務 (Unaudited) （未經審核） HK$’000 千港元	Property business 物業業務 (Unaudited) （未經審核） HK$’000 千港元	Gamma ray irradiation services 伽瑪射線 照射服務 (Unaudited) （未經審核） HK$’000 千港元	Resources business 資源業務 (Unaudited) （未經審核） HK$’000 千港元	Other operation – securities trading and investment 其他業務－ 證券買賣 及投資 (Unaudited) （未經審核） HK$’000 千港元	Total 總計 (Unaudited) （未經審核） HK$’000 千港元 14,253 (15,363) 1 (12,988) (28,350) (9,412) (37,762) 21 (37,741)
INCOME STATEMENT 收益表 REVENUE 收益 Turnover 營業額 Segment results 分部業績 Unallocated other operating income 未分配其他營運收入 Unallocated corporate expenses 未分配公司開支 Loss from operations 營運虧損 Finance costs 融資成本 Loss before taxation 除稅前虧損 Taxation 稅項 Loss before non-controlling interests 扣除非控股權益前虧損	11,075 (3,623)	14 (666)	3,164 (967)	– (22,567)	– 12,460

8 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

3.	3. 分部資料（續） 分部資產及負債 於二零一四年九月三十日 SEGMENT INFORMATION(continued) Segment assets and liabilities As at 30 September 2014 Entertainment and gaming business Property business Gamma ray irradiation services Resources business Other operation – securities trading and investment 娛樂及 博彩業務 物業業務 伽瑪射線 照射服務 資源業務 其他業務－ 證券買賣 及投資 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元	Total 總計 (Unaudited) （未經審核） HK$’000 千港元 164,552 715,363 139,381 1,019,296 182,117 449,421 48,306 679,844
	BALANCE SHEET 資產負債表 ASSETS 資產 Segment assets 分部資產 26,751 12,791 57,696 – 67,314 Assets classified as held for sale (note 12) 分類為持作出售之資產 （附註12） – – – 715,363 – Unallocated corporate assets 未分配公司資產 Consolidated total assets 綜合資產總值 LIABILITIES 負債 Segment liabilities 分部負債 8,588 24,480 10,217 138,281 551 Liabilities classified as held for sale (note 12) 分類為持作出售之負債 （附註12） – – – 449,421 – Unallocated corporate liabilities 未分配公司負債 Consolidated total liabilities 綜合負債總額

中國伽瑪集團有限公司 • 2014 中期報告 9

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

3.	SEGMENT INFORMATION(continued) Segment results For the six months ended 30 September 2013	3. 分部資料（續） 分部業績 截至二零一三年九月三十日止六個月 Property business Gamma ray irradiation services Resources business Other operation – securities trading and investment Total 物業業務 伽瑪射線 照射服務 資源業務 其他業務－ 證券買賣 及投資 總計 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 998 2,838 13,953 – 17,789 (1,404) (1,363) (2,448) (1,806) (7,021) 1 (12,962) (19,982) (26,598) (46,580) 564 (46,016)	3. 分部資料（續） 分部業績 截至二零一三年九月三十日止六個月 Property business Gamma ray irradiation services Resources business Other operation – securities trading and investment Total 物業業務 伽瑪射線 照射服務 資源業務 其他業務－ 證券買賣 及投資 總計 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 998 2,838 13,953 – 17,789 (1,404) (1,363) (2,448) (1,806) (7,021) 1 (12,962) (19,982) (26,598) (46,580) 564 (46,016)	3. 分部資料（續） 分部業績 截至二零一三年九月三十日止六個月 Property business Gamma ray irradiation services Resources business Other operation – securities trading and investment Total 物業業務 伽瑪射線 照射服務 資源業務 其他業務－ 證券買賣 及投資 總計 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 998 2,838 13,953 – 17,789 (1,404) (1,363) (2,448) (1,806) (7,021) 1 (12,962) (19,982) (26,598) (46,580) 564 (46,016)	3. 分部資料（續） 分部業績 截至二零一三年九月三十日止六個月 Property business Gamma ray irradiation services Resources business Other operation – securities trading and investment Total 物業業務 伽瑪射線 照射服務 資源業務 其他業務－ 證券買賣 及投資 總計 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） （未經審核） HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 998 2,838 13,953 – 17,789 (1,404) (1,363) (2,448) (1,806) (7,021) 1 (12,962) (19,982) (26,598) (46,580) 564 (46,016)
	INCOME STATEMENT 收益表 REVENUE 收益 Turnover 營業額 Segment results 分部業績 Unallocated other operating income 未分配其他營運收入 Unallocated corporate expenses 未分配公司開支 Loss from operations 營運虧損 Finance costs 融資成本 Loss before taxation 除稅前虧損 Taxation 稅項 Loss before non-controlling interests 扣除非控股權益前虧損	998 (1,404)	2,838 (1,363)	13,953 (2,448)	– (1,806)

10 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

1. SEGMENT INFORMATION (continued) Segment assets and liabilities As at 31 March 2014

2. 分部資料 （續） 分部資產及負債 於二零一四年三月三十一日

Property business Gamma ray irradiation services Resources business Other operation – securities trading and investment 物業業務 伽瑪射線 照射服務 資源業務 其他業務－ 證券買賣 及投資 (Audited) (Audited) (Audited) (Audited) （經審核） （經審核） （經審核） （經審核） HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元

Total 總計 (Audited) （經審核） HK$’000 千港元 88,549 758,175 78,544 925,268 171,717 513,292 44,080 729,089

BALANCE SHEET 資產負債表 ASSETS 資產 Segment assets 分部資產 9,765 59,179 – 19,605 Assets classified as held for sale (note 12) 分類為持作出售之資產 （附註12） – – 758,175 – Unallocated corporate assets 未分配公司資產 Consolidated total assets 綜合資產總值 LIABILITIES 負債 Segment liabilities 分部負債 25,184 10,335 134,929 1,269 Liabilities classified as held for sale (note 12) 分類為持作出售之負債 （附註12） – – 513,292 – Unallocated corporate liabilities 未分配公司負債 Consolidated total liabilities 綜合負債總額

Revenue reported above represents revenue generated from external customers. There were no inter-segment sales during the period (2013: HK$Nil).

上文所呈報之收益指來自外部客戶之收益。於本 期間並無分部間銷售（二零一三年：零港元）。

Segment results represents the profit/(loss) earned or incurred by each segment without allocation of central administration costs including directors’ salaries, investment and other income, finance costs, and income tax expense. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.

分部業績指在未分配中央行政費用（包括董事薪 金、投資及其他收入、融資成本及所得稅開支） 前，由各分部所賺取或產生之溢利╱（虧損）。此 為向主要經營決策者呈報以作資源分配及評估 分部表現之方法。

中國伽瑪集團有限公司 • 2014 中期報告 11

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

1. TURNOVER, OTHER REVENUE AND GAINS, NET Turnover represents the aggregate of the net amounts received and receivable from third parties during the period. An analysis of the Group’s turnover, other revenue and gains, net is as follows:

2. 營業額、其他收入及收益，淨額 營業額指期內自第三方已收及應收款項淨額之 總數。本集團之營業額、其他收入及收益，淨額 分析如下：

	Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元 11,075 – 14 998 3,164 2,838 – 13,953 14,253 17,789 1,440 446 15,693 18,235
Turnover 營業額 Entertainment and gaming business 娛樂及博彩業務 Property business 物業業務 Gamma ray irradiation services 伽瑪射線照射服務 Resources business 資源業務 Other revenue and gains, net 其他收入及收益，淨額 Other income 其他收入	11,075 14 3,164 – 14,253 1,440 15,693

5. LOSS FROM OPERATIONS 5. 營運虧損

		Six months	ended
		30 September
		截至九月三十日止六個月
		2014	2013
		二零一四年	二零一三年
		(Unaudited)	(Unaudited)
		（未經審核）	（未經審核）
		HK$’000	HK$’000
		千港元	千港元
Amortisation of land use rights	土地使用權攤銷	248	246
Cost of sales#	銷售成本#	3,828	16,793
Depreciation of property, plant and equipment#	物業、廠房及設備折舊#	2,206	2,911
Loss on disposal of property, plant and equipment	出售物業、廠房及設備之虧損	–	50
Interest income	利息收入	(7)	(3)

12 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

5. LOSS FROM OPERATIONS (continued)

• Cost of sales includes HK$2,025,000 (2013: HK$2,105,000) relating to depreciation expenses, which amount is also included in the respective total amounts disclosed separately above.

5. 營運虧損 （續）

• 銷售成本包括與折舊開支有關之2,025,000港元 （二零一三年：2,105,000港元），該款項亦計入 於上文個別披露之各項總額。

6. TAXATION

No provision for Hong Kong Profits Tax has been made in the financial statements as the Company and its subsidiaries in Hong Kong have no assessable profits for the six months ended 30 September 2014 and 2013 respectively. Taxation on overseas profits has been calculated on the estimated assessable profits for the period at the rate of taxation prevailing in the countries in which the Group operates.

6. 稅項

由於本公司及其香港附屬公司於截至二零一四年 及二零一三年九月三十日止六個月均無應課稅 溢利，故並無於財務報表作出香港利得稅撥備。 海外溢利之稅項乃根據本集團營運所在國家之 現行稅率按本期間之估計應課稅溢利計算。

The amount of income tax expense in the condensed consolidated income statement represents:

簡明綜合收益表中所得稅開支之金額指：

	Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元 (21) 71 – (635) (21) (564)
Current taxation 本期稅項 Overseas Tax 海外稅項 – Provision for the period －本期間撥備 Deferred taxation 遞延稅項 – Origination and reversal of temporary differences －暫時差異之產生及撥回 Income tax credit 所得稅抵免	(21) – (21)

中國伽瑪集團有限公司 • 2014 中期報告 13

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

7. LOSS PER SHARE

The calculation of basic loss per share for the six months ended 30 September 2014 is based on the loss for the period attributable to the equity shareholders of the Company of approximately HK$37,805,000 (2013: HK$44,466,000) and on the weighted average number of 4,587,306,161 shares (2013: 3,809,610,452 shares) in issue during the period.

7. 每股虧損

截至二零一四年九月三十日止六個月之每股基 本虧損乃根據本公司權益股東應佔期內虧損約 37,805,000港元（二零一三年：44,466,000港元） 及期內已發行股份之加權平均數4,587,306,161 股（二零一三年：3,809,610,452股）計算。

The calculation of diluted loss per share for the six months ended 30 September 2014 and 30 September 2013 has not included the potential effect of share options outstanding and the deemed conversion of the convertible note into ordinary shares as they have an anti-dilutive effect on the basic loss per share for the respective period.

計算截至二零一四年九月三十日及二零一三年 九月三十日止六個月之每股攤薄虧損時，並無計 及未行使購股權及可換股票據被視作轉換為普 通股之潛在影響，原因為其對各期間之每股基本 虧損具反攤薄影響。

8. TRADE AND OTHER RECEIVABLES

8. 應收貿易及其他賬項

	At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 255 56,607 56,862
Trade receivables 應收貿易賬項 Other receivables and prepayments 其他應收賬項及預付款項	11,131 53,721 64,852

In the opinion of the Directors, all of the above trade and other receivables are expected to be recovered or recognised as expense within one year.

董事認為，上述所有應收貿易及其他賬項預計可 於一年內收回或確認為開支。

The Directors consider that the carrying amounts of trade and other receivables approximate to their fair values.

董事認為應收貿易及其他賬項之賬面值與其公 平值相若。

14 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

8. TRADE AND OTHER RECEIVABLES (continued)

• The Group allows an average credit period of 60 days to 90 days to its trade customers. The following is an analysis of trade receivables by age, presented based on the invoice date. The analysis below includes those classified as part of the assets classified as held for sale, net of allowance for doubtful debts:

• 應收貿易及其他賬項 （續） 本集團給予其貿易客戶平均介乎60日至90日之 信貸期。以下為基於發票日期呈列之應收貿易賬 項賬齡分析。以下分析包括歸入分類為持作出售 之資產類別（已扣除呆賬撥備）一部份者：

9.		At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元

中國伽瑪集團有限公司 • 2014 中期報告 15

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

10. TRADE AND OTHER PAYABLES

10. 應付貿易及其他賬項

	At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 3 29,218 29,221
Trade payables 應付貿易賬項 Other payables and accruals 其他應付賬項及應計款項	4,286 35,699 39,985

In the opinion of the Directors, all of the trade and other payables are expected to be settled or recognised as income within one year or are repayable on demand.

董事認為，所有應付貿易及其他賬項預計可於一 年內支付或確認為收入或應要求償還。

The Directors consider that the carrying amounts of trade and other payables approximate to their fair values.

董事認為應付貿易及其他賬項之賬面值與其公 平值相若。

The following is an analysis of trade payables by age based on the invoice date. The analysis below includes those classified as part of the liabilities classified as held for sale:

以下為基於發票日期之應付貿易賬項賬齡分析。 以下分析包括歸入分類為持作出售之負債類別 一部份者：

	At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 20,987 3 38,654 59,644
Up to 30 days 30日內 31 to 90 days 31至90日 Over 90 days 超過90日	4,286 – 41,021 45,307

16 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

11. BANK AND OTHER BORROWINGS

11. 銀行及其他借貸

	At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 10,063 – 33,500 18,544 52,044 62,107 10,063 – 10,063 33,500 18,544 62,107
Current 流動 Bank borrowing – secured (Note a) 銀行借貸－有抵押（附註a） Non-current 非流動 Bank borrowing – secured (Note a) 銀行借貸－有抵押（附註a） Other borrowing – unsecured 其他借貸－無抵押 – Loan from a company controlled by a substantial shareholder (Note b) －一名主要股東控制之 公司提供之貸款（附註b） Placing notes (Note c) 配售票據（附註c） Total bank and other borrowings 銀行及其他借貸總額 Bank borrowing repayable 應於下列期間償還之銀行借貸 Within one year 一年內 In the second year 第二年 Other borrowings repayable 應於下列期間償還之其他借貸 In the second year 第二年 After 5 years 五年後 Total bank and other borrowings 銀行及其他借貸總額	– 10,088 33,500 18,635 62,223 62,223 – 10,088 10,088 33,500 18,635 62,223

中國伽瑪集團有限公司 • 2014 中期報告 17

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

11. BANK AND OTHER BORROWINGS (continued)

Notes:

11. 銀行及其他借貸 （續） 附註：

• (a) At 30 September 2014 and 31 March 2014, the bank borrowing is secured by certain leasehold buildings and land use rights of the Group.

• (a) 於二零一四年九月三十日及二零一四年三月 三十一日，銀行借貸以本集團若干租賃樓宇及 土地使用權作抵押。

• (b) The loan is interest free, unsecured and has no fixed terms of repayment. The Directors are of the opinion that this loan is not repayable in the next twelve months from the balance sheet date and is therefore shown as non-current.

• (b) 該筆貸款屬免息、無抵押及無固定還款期。董事 認為該筆貸款無須於結算日起計未來十二個月 內償還，因此列為非流動。

• (c) On 20 August 2013, the Company entered into a placing agreement (the “Original Placing Agreement”) with a placing agent (the “Placing Agent”), pursuant to which the Company agreed to place, through the Placing Agent, on a best effort basis, the notes up to an aggregate amount of HK$300,000,000 to be issued by the Company in the denomination of HK$2,000,000 each (the “Placing Notes”) to independent third parties (the “Placing”). Pursuant to the Original Placing Agreement, the Placing Notes carry interest at 5% per annum and are to be redeemed on the seventh anniversary from the respective issue dates of the Placing Notes. The Company may early redeem in whole the Placing Notes at a redemption price equal to the principal amount together with accrued interest after the third anniversary from the respective issue dates of the Placing Notes. Details of the Placing were set out in the Company’s announcement dated 20 August 2013.

• (c) 於二零一三年八月二十日，本公司與一名配 售代理（「配售代理」）訂立配售協議（「原配 售協議」），據此，本公司同意透過配售代理按 盡力基準配售本公司將予發行本金總額最多 300,000,000港元及每份面值2,000,000港元之 票據（「配售票據」）予獨立第三方（「配售事 項」）。根據原配售協議，配售票據按年利率5厘 計息，並將於每份配售票據之發行日期起計第 七週年贖回。本公司可於每份配售票據之發行 日期起計第三週年後以相等於本金額連同應計 利息之贖回價提前悉數贖回配售票據。有關配 售事項之詳情載於本公司日期為二零一三年八 月二十日之公布內。

The Original Placing Agreement expired on 19 August 2014. On 15 August 2014, the Company and the Placing Agent entered into a new placing agreement to renew the placing period for placing of the Placing Notes (the “2014 Placing Agreement”).

原配售協議已於二零一四年八月十九日屆滿。 於二零一四年八月十五日，本公司與配售代理 訂立新配售協議，以重續配售配售票據之配售 期（「二零一四年配售協議」）。

The principal terms and conditions of the completion notes to be issued under the 2014 Placing Agreement will be substantially the same as those of the completion notes issued under the Original Placing Agreement. Details of the 2014 Placing Agreement were set out in the Company’s announcement dated 15 August 2014.

根據二零一四年配售協議將予發行之完成票據 之主要條款及條件將與根據原配售協議已發行 之該等完成票據大致相同。有關二零一四年配 售協議之詳情載於本公司日期為二零一四年八 月十五日之公布內。

12. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE

At 31 March 2014, the Group had considered the possibilities of restructuring the rare earth refinery and processing business if the assets value would be better reflected by such a sale transaction rather than through continuing use. The Group made a plan to sell a group of subsidiaries that engaged in the rare earth refinery and processing business which is mainly conducted through 冕寧縣茂源稀土科技有限 公司 (Mianning Mao Yuan Rare Earth Technology Company Limited*) (“Mianning Mao Yuan”), a 54% owned subsidiary of the Group.

12. 分類為持作出售之資產╱負債

• 於二零一四年三月三十一日，本集團考慮在出 售交易較持續使用能更佳地反映資產值之情況 下，重組稀土深加工業務之可能性。本集團計劃 出售該等從事稀土深加工業務之附屬公司。稀土 深加工業務主要透過冕寧縣茂源稀土科技有限 公司（「冕寧茂源」）（本集團擁有54%權益之附 屬公司）進行。

18

China Gamma Group Limited • Interim Report 2014

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

12. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE (continued)

On 25 June 2014, a letter of intent has been entered into between a subsidiary of the Group and the potential buyer. Currently a due diligence review is being conducted by the potential buyer and the possible sales are still subject to further negotiation and satisfaction of certain conditions. Therefore, the assets and liabilities of the subsidiaries continued to be classified as assets and liabilities held for sale.

12. 分類為持作出售之資產╱負債 （續）

於二零一四年六月二十五日，本集團一間附屬公 司與一名有意買家訂立意向書。有意買家現正進 行盡職調查，而可能出售事項有待進一步磋商及 達成若干條件。因此，該等附屬公司之資產及負 債繼續分類為持作出售之資產及負債。

The results of the assets/liabilities classified as held for sale (i.e. rare earth refinery and processing business) that are included in the consolidated income statement and the consolidated statement of cash flows are shown as below:

計入綜合收益表及綜合現金流量表之分類為持 作出售之資產╱負債（即稀土深加工業務）業績 如下：

	Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元 – 13,953 524 – – (13,146) (22,699) – (392) (2,874) (22,567) (2,067) – 635 (22,567) (1,432)
Loss for the period from rare earth refinery and processing business: 稀土深加工業務本期間虧損： Turnover 營業額 Other income 其他收入 Cost of sales 銷售成本 Impairment loss on goodwill (Note a) 商譽減值虧損（附註a） Administrative expenses 行政費用 Loss before taxation 除稅前虧損 Taxation 稅項 Loss for the period 本期間虧損	– 524 – (22,699) (392) (22,567) – (22,567)

In accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations, when a non-current asset is classified as held for sale or included within a disposal group that is classified as held for sale, it is not depreciated or amortised.

根據香港財務報告準則第5號「持作出售之非流 動資產及已終止經營業務」，當非流動資產被分 類為持作出售或計入被分類為持作出售之出售 組別內，即不予折舊或攤銷。

Cash flows from rare earth refinery and 稀土深加工業務之 processing business: 現金流量： Net cash inflows/(outflows) from operating activities 經營活動之現金流入╱（流出）淨額 89 (54) Net cash inflows/(outflows) 現金流入╱（流出）淨額 89 (54)

中國伽瑪集團有限公司 • 2014 中期報告 19

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

12. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE 12. 分類為持作出售之資產╱負債 （續） (continued)

The major classes of assets and liabilities classified as held for sale as at period end are as follows:

於期末，分類為持作出售之資產及負債之主要類 別如下：

	At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 114,073 409,314 5,441 174,989 22,585 31,700 73 758,175 (186,907) (325,002) (1,383) (513,292) 244,883 10,947
Property, plant and equipment 物業、廠房及設備 Intangible asset 無形資產 Land use rights 土地使用權 Goodwill (Note a) 商譽（附註a） Inventories 存貨 Trade and other receivables 應收貿易及其他賬項 Cash and cash equivalents 現金及現金等額項目 Assets classified as held for sale 分類為持作出售之資產 Trade and other payables 應付貿易及其他賬項 Other borrowings (Note b) 其他借貸（附註b） Deferred taxation 遞延稅項 Liabilities directly associated with the assets classified as held for sale 與分類為持作出售之資產直接相關 之負債 Net assets directly associated with the assets classified as held for sale 與分類為持作出售之資產直接相關 之淨資產 Cumulative income recognised in other comprehensive income relating to the assets/liabilities classified as held for sale: 於其他全面收入確認有關分類為 持作出售之資產╱負債之 累計收入： Foreign exchange translation adjustments 外匯換算調整	114,361 410,347 5,455 152,731 22,642 9,665 162 715,363 (168,690) (279,345) (1,386) (449,421) 265,942 12,346

20 China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

12. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE (continued)

Notes:

12. 分類為持作出售之資產╱負債 （續）

附註：

• (a) The business valuations of Mianning Mao Yuan as at 30 September 2014 and 31 March 2014 respectively were performed by Roma Appraisals Limited, who is an independent valuer with appropriate qualifications and recent experiences in valuing similar businesses. The Group’s management has discussed with the valuer on the valuation assumptions and valuation results when the valuations were performed. The market value of Mianning Mao Yuan as at 30 September 2014 has been determined under discounted cash flow method based on a projection of the future cash flows provided by the management covering a 5-year (31 March 2014: 5-year) period. The discount rate applied to the valuation is 23.02% (31 March 2014: 22.01%) and cash flows beyond the 5-year (31 March 2014: 5-year) period are extrapolated using a steady growth rate of 3.12% (31 March 2014: 3.12%) per annum. Other key assumptions for the discounted cash flow method related to the estimation of cash inflows/outflows which include budgeted sales and gross margin. Such estimations are based on past performance and management’s expectations for the market development.

• (a) 冕寧茂源之業務估值已分別於二零一四年九月 三十日及二零一四年三月三十一日由獨立估值 師羅馬國際評估有限公司進行，該公司擁有合適 資格及為類似業務進行估值之近期經驗。本集 團管理層已於進行估值時，與估值師討論估值 假設及估值結果。冕寧茂源於二零一四年九月 三十日之市值乃根據折現現金流量法釐定，折 現現金流量法利用由管理層提供涵蓋五年（二 零一四年三月三十一日：五年）期間之未來現金 流量預測。估值所用之折現率為23.02%（二零 一四年三月三十一日：22.01% ），而超過五年

• （二零一四年三月三十一日：五年）期間之現金 流量乃使用穩定年增長率3.12%（二零一四年 三月三十一日：3.12% ）推算。折現現金流量法 其他主要假設與現金流入╱流出估計有關，包 括預算銷售及毛利率。有關估計乃根據過往表 現及管理層對市場發展之預期作出。

Global economic growth remained slow and persistent weak downstream demand continued to adversely impact the rare earth industry and prices of most rare earth products. Due to drop of the prices of the rare earth products and postponement of the rare earth oxides production plan, the Group recognised an impairment loss of HK$22,699,000 after taking into the account of the business valuation as at 30 September 2014.

全球經濟增長仍然緩慢，加上下游需求持續低 企，令稀土行業及大部份稀土產品價格繼續受 到負面影響。由於稀土產品價格下跌及稀土氧 化物生產計劃推遲，因此，本集團於考慮於二零 一四年九月三十日之業務估值後，確認減值虧 損22,699,000港元。

• (b) Other borrowings include two loans (“Loan A” and “Loan B”) obtained by a wholly-owned subsidiary of the Company from Hondex Investments Limited and an independent third party respectively. Both Loan A and Loan B are guaranteed by the Company. Lender of Loan A has the right to demand the Company to transfer a maximum of 25% equity interest in Mianning Mao Yuan to the lender in the event of a default to repay the loan by the subsidiary or the Company on due date.

• (b) 其他借貸包括本公司一間全資附屬公司分別從 Hondex Investments Limited及獨立第三方取得 之兩筆貸款（「貸款甲」及「貸款乙」），均由本公 司擔保。倘該附屬公司或本公司未能於貸款到 期日償還貸款，則貸款甲之貸款人有權要求本 公司向其轉讓冕寧茂源最多25%股權。

During the period ended 30 September 2014, the Group had repaid the outstanding interest amount of HK$50,327,000.

截至二零一四年九月三十日止期間，本集團已 償還未償還利息為數50,327,000港元。

The Directors consider that the Loan A and Loan B together with interest accrued thereon would be included in the negotiations for the sale of the rare earth refinery and processing business as such these borrowings and interest payable were reclassified to liabilities directly associated with assets classified as held for sale accordingly.

董事認為，磋商出售稀土深加工業務時會計入 貸款甲及貸款乙連同應計利息，因此，該等借貸 及應付利息已相應重新分類為與分類為持作出 售之資產直接相關之負債。

中國伽瑪集團有限公司 • 2014 中期報告 21

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

13. SHARE CAPITAL

13. 股本

	Number of Shares 股份數目	Amount 金額 HK$’000 千港元
Ordinary shares of HK$0.01 each of the Company (the “Shares”): 本公司每股面值0.01港元之普通股 （「股份」）： Authorised: 法定： At 31 March 2014 and 30 September 2014 於二零一四年三月三十一日及 二零一四年九月三十日 Issued and fully paid: 已發行及繳足： At 31 March 2014 於二零一四年三月三十一日 Exercise of share options (Note a) 行使購股權（附註a） Issue of Shares under rights issue (Note b) 根據供股發行股份（附註b） At 30 September 2014 於二零一四年九月三十日	15,000,000,000 4,298,681,490 164,500,000 2,198,840,745 6,662,022,235	150,000
		42,987 1,645 21,988
		66,620

Notes:

附註：

• (a) During the period ended 30 September 2014, options were exercised to subscribe for 164,500,000 Shares at the aggregate consideration of HK$26,617,000 of which HK$1,645,000 was credited to share capital and the balance of HK$24,972,000 was credited to the share premium account together with a transfer of HK$3,401,000 from the share options reserve to the share premium account.

• (a) 於截至二零一四年九月三十日止期間，因購股 權獲行使而認購164,500,000股股份之代價合 共26,617,000港元，其中1,645,000港元計入股 本，而餘額24,972,000港元則計入股份溢價賬， 並自購股權儲備轉撥3,401,000港元至股份溢價 賬。

• (b) On 11 September 2014, the Company has completed to issue 2,198,840,745 Shares at the subscription price HK$0.068 per Share on the basis of one rights share for every two existing Shares held on the record date by the qualifying shareholders of the Company as defined in the Company’s rights issue prospectus dated 19 August 2014 (the “Rights Issue Prospectus”). Details of which are set out in the Rights Issue Prospectus and announcements of the Company dated 13 July 2014 and 10 September 2014 respectively.

• (b) 於二零一四年九月十一日，本公司已完成按認 購價每股股份0.068港元發行2,198,840,745股 股份，基準為本公司合資格股東於記錄日期每 持有兩股現有股份獲發一股供股股份（相關定 義見本公司日期為二零一四年八月十九日之供 股章程（「供股章程」））。有關詳情載於供股章 程及本公司日期分別為二零一四年七月十三日 及二零一四年九月十日之公布內。

22

China Gamma Group Limited • Interim Report 2014

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

14. CONTINGENT LIABILITIES

• (a) At 30 September 2014, the Company had given guarantees to two lenders in relation to other borrowings utilised by a subsidiary to the extent of HK$279,345,000 (31 March 2014: HK$325,002,000). The Directors do not consider it probable that a claim will be made against the Company under any of the guarantees. The maximum liability of the Company at 30 September 2014 under the guarantees by the Company is the aggregate amount of the borrowings drawn down by the subsidiary and the outstanding interests payable. In the opinion of the Directors, the fair value of these guarantees is not significant.

• (b) The Company had contingent liabilities in respect of financial support given to certain subsidiaries which have capital deficiencies to allow them to continue as a going concern and to meet their liabilities as and when they fall due.

• (c) Other than those mentioned as above, the Group had no other significant contingent liabilities as at both balance sheet dates.

• CAPITAL COMMITMENTS At 30 September 2014, the Group had capital commitments contracted for but not provided for in the consolidated financial statements in respect of the purchase of plant and machinery amounting to approximately HK$353,000 (31 March 2014: approximately HK$352,000).

The Company had no significant capital commitments at both balance sheet dates.

16. OPERATING LEASE COMMITMENTS

The Group made minimum lease payments of approximately HK$1,556,000 (2013: approximately HK$2,037,000) under operating leases during the period.

At the balance sheet date, the Group had commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

14. 或然負債

• (a) 於二零一四年九月三十日，本公司就一 間附屬公司動用之其他借貸向兩名貸方 作出279,345,000港元（二零一四年三月 三十一日：325,002,000港元）之擔保。董 事認為，根據任何該等擔保向本公司作出 索償之可能性不大。於二零一四年九月 三十日，本公司根據有關擔保之最高負債 為該附屬公司提取之借貸總額及應付未付 利息。董事認為，此等擔保之公平值並不 重大。

• (b) 本公司向若干資金短缺之附屬公司提供財 務援助，以使該等附屬公司能持續經營及 償還到期之負債，本公司因而須承擔或然 負債。

• (c) 除上文所述者外，於兩個結算日，本集團 並無其他重大或然負債。

• 資本承擔 於二零一四年九月三十日，本集團就購買廠房及 機器於綜合財務報表內有已訂約但未撥備之資 本承擔約353,000港元（二零一四年三月三十一 日：約352,000港元）。

於兩個結算日，本公司並無重大資本承擔。

16. 經營租約承擔

• 本集團期內根據經營租約作出最低租賃付款 約1,556,000港元（二零一三年：約2,037,000港 元）。

於結算日，本集團須按不可撤銷經營租約承擔未 來最低租賃付款，租約屆滿年期如下：

		At	At
		30 September	31 March
		2014	2014
		於二零一四年	於二零一四年
		九月三十日	三月三十一日
		(Unaudited)	(Audited)
		（未經審核）	（經審核）
		HK$’000	HK$’000
		千港元	千港元
Within one year	一年內	493	452

Operating lease payments represent rentals payable by the Group for certain of its office premises, staff quarter, warehouses and motor vehicle. Leases are negotiated and fixed for an average term of one to two years.

經營租賃付款指本集團就其若干寫字樓物業、員 工宿舍、倉庫及汽車應付之租金。租約年期平均 協定為一至兩年。

23

中國伽瑪集團有限公司 • 2014 中期報告

Notes to the Unaudited Condensed Consolidated Interim Financial Statements (continued) 未經審核簡明綜合中期財務報表附註（續）

For the six months ended 30 September 2014 截至二零一四年九月三十日止六個月

17. TRANSACTIONS AND BALANCES WITH RELATED PARTIES

During the period, the Group had significant transactions with the following related parties, together with balances with them as at the balance sheet date, details of which are as follows:

17. 與關連人士之交易及結餘

期內，本集團與以下關連人士進行重大交易，連 同於結算日與彼等之結餘，詳情如下︰

Six months ended 30 September 截至九月三十日止六個月 2014 2013 二零一四年 二零一三年 (Unaudited) (Unaudited) （未經審核） （未經審核） HK$’000 HK$’000 千港元 千港元

Key management compensation of the Group: 本集團主要管理人員薪酬： Fees, salaries and other short-term employee benefits 袍金、薪金及其他 短期僱員福利 Pension scheme contributions 退休計劃供款 Substantial shareholders: 主要股東： Interest on convertible note 可換股票據之利息 Interest on other borrowing 其他借貸之利息	584 9 593 522 4,422 At 30 September 2014 於二零一四年 九月三十日 (Unaudited) （未經審核） HK$’000 千港元	570 8 578 522 14,942 At 31 March 2014 於二零一四年 三月三十一日 (Audited) （經審核） HK$’000 千港元 105,000 226,742 33,500
Substantial shareholders: 主要股東： Convertible note 可換股票據 Other borrowing 其他借貸 A company controlled by a substantial shareholder: 由主要股東控制之公司： Other borrowing 其他借貸	105,000 180,838 33,500

Save as disclosed above, there were no other significant transactions with related parties during the period or significant balances with them at the end of the period.

除上文所披露者外，期內並無與關連人士進行其 他重大交易，且於期末亦無與彼等之重大結餘。

24 China Gamma Group Limited • Interim Report 2014

Management Discussion and Analysis 管理層討論及分析

KEY CORPORATE DEVELOPMENT

Amid optimistic outlook for the tourism, leisure, entertainment and gaming industries in the region, the Group has achieved another major milestone and is pleased to have a brand new business division – Entertainment and Gaming Division being established during the period under review. The Group has also established an experienced and dedicated team of specialists to oversee the operation of this new division and we are pleased that Mr. Lee Kuang Yeu, who has extensive experience in the entertainment and gaming industry, recently joined the Company as an executive Director.

Our first initiative in this division is cruise ship business. Through the Group’s investment in Star Sail Investments Limited (the “JV Company”), we have completed the acquisition of a 10% interest of a cruise ship and have been appointed as the manager for certain management functions and core operation of the cruise ship. After the completion of the acquisition, the cruise ship was renamed as “REX Fortune” and the Group has taken over the management of REX Fortune shortly afterwards. REX Fortune is a nine-deck cruise ship, and features with over 200 passenger rooms which can accommodate over 600 passengers. It provides various entertainment and gaming facilities and on-board activities, services and amenities such as restaurants, lounge, beauty salons and retail shopping.

In order to better reflect the future business development of the Group, the Board proposed to change the Company name from “China Gamma Group Limited” to “REX Global Entertainment Holdings Limited” and to adopt the Chinese name “御濠娛樂控股有限公司” as the secondary name of the Company, which are subject to the passing of a special resolution by the shareholders at a special general meeting to be held on 29 October 2014 and the approval of the proposed new English name and the proposed new secondary name by the Registrar of Companies in Bermuda.

During the period under review, the Group’s operating results have shown marked improvement. Loss from operations before impairment loss on assets classified as held for sale was reduced to HK$5,651,000 from HK$19,982,000 in the corresponding period last year. A positive gain from the securities trading and investment business, and a reduction of losses from property and gamma ray irradiation services contributed to the improvement. Although the cruise ship business only commenced its operation in late August, the operation has been ramping up smoothly and has started to make meaningful contribution to the Group’s revenue during the period under review. While the cruise ship business sustained a loss of HK$3,623,000 for the period under review mainly due to the startup costs, we are confident that its operation results will gradually improve as it reaches full operation scale and will make significant contribution to the Group in the future.

重要企業發展

於回顧期間，本集團鑑於區內之旅遊、休閒、娛樂及博彩 業前景欣欣向榮，故落實另一重要里程，成立全新業務部 門－娛樂及博彩部。此外，本集團亦已建立一支由專業人 員組成之資深專責團隊，監督新部門運營，並欣然邀請到 於娛樂及博彩業饒富經驗之李匡宇先生加盟本公司，出 任執行董事之職。

此部門之首項業務為郵輪業務。本集團透過其於Star Sail Investments Limited（「合營公司」）之投資，完成收購一艘 郵輪之10%權益，並獲委任為郵輪若干管理職能及核心 營運之管理人。於收購完成後，該郵輪已重新命名為「御 濠郵輪」，而本集團已於隨後不久接掌御濠郵輪之管理工 作。御濠郵輪為一艘九層高郵輪，設有逾二百個客艙，可 載客六百餘位。該郵輪提供多種娛樂及博彩設施，以及多 種船上活動、服務及設施，例如餐廳、酒吧、美容護髮及 零售商店。

為更適當反映本集團之未來業務發展，董事會建議將本 公司名稱由「China Gamma Group Limited 」更改為「REX Global Entertainment Holdings Limited 」，並採納中文名稱 「御濠娛樂控股有限公司」為本公司之第二名稱，有待股 東將於二零一四年十月二十九日舉行之股東特別大會上 通過特別決議案批准，以及百慕達公司註冊處批准建議 新英文名稱及建議新第二名稱。

於回顧期間，本集團營運業績顯著改善。扣除分類為持 作出售之資產之減值虧損前之營運虧損由去年同期之 19,982,000港元減少至5,651,000港元。營運業績改善乃 由於證券買賣及投資業務之正收益以及物業及伽瑪射線 照射服務虧損減少。儘管郵輪業務在八月底方始營運，惟 運作暢順，漸上軌道，於回顧期間已開始為本集團收入帶 來可觀貢獻。雖然郵輪業務主要因啟動成本而於回顧期 間錄得虧損3,623,000港元，惟本集團深信當郵輪業務全 面運作之時，其營運業績將逐步改善，並將於日後為本集 團帶來可觀貢獻。

中國伽瑪集團有限公司 • 2014 中期報告 25

Management Discussion and Analysis (continued) 管理層討論及分析（續）

In order to further strengthen the Group’s financial position in preparing for new business development and future growth, the Group has launched and completed a rights issue program during the period under review. The program has received overwhelming support from shareholders and has successfully raised net proceeds of approximately HK$146,503,000 (after deduction of related expenses). As a result, the Group’s gearing ratio has been substantially reduced to 49% as at 30 September 2014 from 83% as at 31 March 2014.

Looking forward, the Group will continue to eye on new opportunities and to diversify into businesses which provide steady income stream with high growth potential on the one hand, and on the other hand to rationalise its resources through continuous evaluation and review of its business operations. All these initiatives show our determination to further improve the company’s long term profitability.

BUSINESS REVIEW

During the period under review, the Group is mainly engaged in entertainment and gaming business, property business, gamma ray irradiation services and resources business.

Entertainment and Gaming Business

As underpinned in the Company’s 2014 annual report, the Group has been pursuing opportunities to diversify into businesses providing steady income stream in order to enhance shareholders’ return in the long run. The Group has set up the Entertainment and Gaming Division to explore opportunities in leisure, hospitality, tourism, entertainment and gaming related areas. Our first initiative in this division is the cruise ship business. As disclosed in the Company’s announcement dated 2 July 2014, the Group formed the JV Company with Norvest Global Limited to acquire a cruise ship at a consideration of HK$93 million, and the JV Company was held as to 90% by Norvest Global Limited and as to 10% by the Group. After completion of the acquisition, the cruise ship was renamed as “REX Fortune”. The Group has been appointed as the manager of REX Fortune for certain management functions and core operation of the cruise ship and the Group has taken over the management of REX Fortune shortly after completion of the acquisition.

Since the commencement of the cruise ship business in late August, turnover generated from the division was HK$11,075,000 (2013: HK$Nil). The segment sustained a loss of approximately HK$3,623,000 (2013: HK$Nil) for the period under review mainly due to the start-up costs. The operation of the cruise ship is ramping up and its profitability is expected to improve when it reaches full scale of operation.

為進一步加強本集團之財務狀況以配合新業務發展及未 來增長，本集團於回顧期間進行及完成一項供股活動，並 獲股東鼎力支持，成功籌集所得款項淨額約146,503,000 港元（扣除相關開支後）。因此，本集團之資產負債比率 由二零一四年三月三十一日之83%大幅減低至二零一四 年九月三十日之49%。

展望未來，本集團將繼續注視新機遇，並將業務多元化發 展至具有穩定收入來源及高增長潛力之業務，同時透過 持續評估及檢討其業務營運，精簡資源運用。此等舉措盡 顯本集團銳意進一步提升公司長遠盈利能力之決心。

業務回顧

於回顧期間，本集團主要從事娛樂及博彩業務、物業業 務、伽瑪射線照射服務及資源業務。

娛樂及博彩業務

誠如本公司二零一四年年報所指出，本集團一直尋求機會 多元化發展至具有穩定收入來源之業務，藉以長遠為股 東帶來回報。本集團已設立娛樂及博彩部門，發掘休閒、 款客、旅遊、娛樂及博彩相關範疇之機遇。此部門之首項 業務為郵輪業務。誠如本公司於二零一四年七月二日之 公布所披露，本集團聯同Norvest Global Limited成立合營 公司，以代價93,000,000港元收購一艘郵輪，並由Norvest Global Limited及本集團分別持有90%及10%權益。於收 購完成後，該郵輪已重新命名為「御濠郵輪」。本集團已 獲委任為御濠郵輪若干管理職能及核心營運之管理人， 並於收購完成不久即接掌御濠郵輪之管理工作。

自於八月底開展郵輪業務以來，此部門產生之營業額為 11,075,000港元（二零一三年：零港元）。此分部主要因 啟動成本而於回顧期間錄得虧損約3,623,000港元（二零 一三年：零港元）。該郵輪之運作暢順，漸上軌道，預期於 全面運作時盈利能力將有所提升。

26 China Gamma Group Limited • Interim Report 2014

Management Discussion and Analysis (continued) 管理層討論及分析（續）

Property Business

The Group’s property business includes property development, trading of building materials and provision of renovation services. During the period under review, the Group has not launched new property projects for sale and turnover of property business was HK$14,000 (2013: HK$998,000). Segment loss narrowed down to HK$666,000 (2013: HK$1,404,000) as a result of implementation of cost reduction initiatives during the period. Looking forward, the Group will continue to focus on exploring mixed use property development and investment opportunities in China and in other regions.

Gamma Ray Irradiation Services

The Group’s gamma ray irradiation business is conducted through 淄 博利源高科輻照技術有限公司 (Zibo Liyuan Gamma Ray Technologies Co. Limited*), a 80% owned subsidiary of the Group which is licensed by Ministry of Environmental Protection of the PRC for the provision of irradiation services by utilising gamma ray technologies. Although global economic recovery remained slow during the period under review, demand for food irradiation and sterilisation of medical devices using gamma ray technologies had shown signs of stabilisation. The Group’s marketing effort in strengthening business relation with existing and new customers had borne some fruits. Turnover generated from the gamma ray irradiation services for the period under review grew 11% to HK$3,164,000 (2013: HK$2,838,000). Segment loss was reduced to HK$967,000 (2013: HK$1,363,000).

Resources Business

The resources division’s first project of rare earth refinery and processing business in China is conducted through 冕寧縣茂源稀土科技有限公司 (Mianning Mao Yuan Rare Earth Technology Company Limited*), a 54% owned subsidiary of the Group. It operates a major rare earth refinery and processing plant situated in Mianning, Sichuan province.

The Group started to rationalise the resources business in 2013 by considering the possibilities of restructuring the rare earth refinery and processing business, and made a plan to sell a group of subsidiaries that engaged in the rare earth refinery and processing business if the assets value would be better reflected by such a sale transaction rather than through continuing use. As discussed in the Company’s 2014 annual report, a potential buyer, who is an independent third party, had been identified and negotiation for the sale was in progress. On 25 June 2014, a letter of intent was entered into between the potential buyer and a subsidiary of the Company. The potential buyer is currently conducting due diligence review of the said business and the possible sale will be subject to further negotiation, satisfaction of certain conditions and relevant approvals. Currently no binding agreements have been reached between the parties.

物業業務

本集團之物業業務包括物業發展、建築材料貿易及提 供裝修服務。於回顧期間，本集團並無開售任何新物業 項目，物業業務之營業額為14,000港元（二零一三年： 998,000港元）。分部虧損收窄至666,000港元（二零一三 年：1,404,000港元），乃由於期內推行減省成本措施所 致。展望未來，本集團將繼續專注於發掘中國及其他地區 之綜合物業發展及投資機會。

伽瑪射線照射服務

本集團之伽瑪射線照射業務乃透過本集團擁有80%權益 之附屬公司淄博利源高科輻照技術有限公司進行，該公 司已獲中國環境保護部發出許可證，可應用伽瑪射線技 術提供照射服務。儘管全球經濟復甦於回顧期間仍然緩 慢，然而，利用伽瑪射線技術為食品照射及醫療器材消毒 之需求已現穩定跡象。本集團在加強與現有及新客戶業務 關係所進行之營銷工作已取得一定成果。於回顧期間，伽 瑪射線照射服務之營業額增長11%至3,164,000港元（二 零一三年：2,838,000港元）。分部虧損減少至967,000港 元（二零一三年：1,363,000港元）。

資源業務

資源部門於中國開展之首個稀土深加工業務項目乃透過 本集團擁有54%權益之附屬公司冕寧縣茂源稀土科技有 限公司進行，該公司於四川省冕寧縣經營一家大型稀土 深加工廠。

於二零一三年，本集團開始考慮重組稀土深加工業務之 可能性，以期精簡資源業務，並計劃在出售交易較持續使 用能更佳地反映資產值之情況下，出售該等從事稀土深 加工業務之附屬公司。誠如本公司二零一四年年報所論 述，本集團已物色一名有意買家（為獨立第三方），並就 有關出售事宜進行磋商。於二零一四年六月二十五日，該 名有意買家與本公司一間附屬公司訂立意向書。有意買 家現正對上述業務進行盡職調查，而可能出售事項有待 進一步磋商、達成若干條件及取得相關批准。各方現時並 無達成具約束力之協議。

中國伽瑪集團有限公司 • 2014 中期報告 27

Management Discussion and Analysis (continued) 管理層討論及分析（續）

During the period under review, global economic growth remained slow and persistent weak downstream demand continued to adversely impact the rare earth industry and prices of most rare earth products. For example, prices of products such as lanthanum oxide and samariumeuropium-gadolinium concentrate have slid by more than 20% since April 2014 while cost of rare earth concentrates, the major raw material, have been relatively stable during the period. In view of the challenging business environment, the Group has decided to halt its rare earth oxides production temporarily in order to reduce losses incurred by the business. The Group also reviewed the net asset value of the rare earth refinery and processing business and recognised an impairment loss on assets classified as held for sale which amounted to HK$22,699,000 (2013: HK$Nil).

於回顧期間，全球經濟增長仍然緩慢，加上下游需求持續 低企，令稀土行業及大部份稀土產品價格繼續受到負面 影響。例如，氧化鑭及釤銪釓富集物產品之價格自二零 一四年四月以來已下跌超過20%，而稀土富集物（主要原 材料）之成本於期內相對穩定。鑑於營商環境滿佈挑戰， 本集團已決定暫時停產稀土氧化物，以減低該業務之虧 損。本集團亦已審閱稀土深加工業務之資產淨值，並確認 分類為持作出售之資產之減值虧損22,699,000港元（二零 一三年：零港元）。

Meanwhile, the Chinese government continued to promote consolidation of domestic large rare earth enterprises and the rare earth industry. It has also recently launched the program of hoarding up rare earth resources. The Group believes that these measures should restore the order of the industry in longer term.

同時，中國政府一直推動國內大型稀土企業及稀土業整 合，近期亦推行稀土收儲計劃。本集團相信，此等措施應 可於較長線恢復行業秩序。

During the period under review, turnover from the segment was HK$Nil (2013: HK$13,953,000). The segment reported a loss of approximately HK$22,567,000 (2013: HK$2,448,000) after the recognition of an impairment loss as mentioned above.

於回顧期間，來自此分部之營業額為零港元（二零一三 年：13,953,000港元）。於確認上述減值虧損後，此分部 錄得虧損約22,567,000港元（二零一三年：2,448,000港 元）。

Other Operation

During the period under review, Hong Kong stock markets improved along with other markets in Asia. Both unrealised and realised gains on equity investments held for trading contributed to a reported gain of HK$12,460,000 to the securities trading and investment business division (2013: a loss of HK$1,806,000).

其他業務

於回顧期間，香港股票市場伴隨亞洲其他市場一同改善。 持作買賣股權投資產生未變現及已變現收益，為證券買 賣及投資業務部門帶來呈報收益12,460,000港元（二零 一三年：虧損1,806,000港元）。

PROSPECT

With the commencement of the cruise ship business under Entertainment and Gaming Division, the Group is highly confident of the prospect and the long term development of this new business. As the number of government mooring buoys is fixed in Hong Kong, this poses entry barriers to new industry players. In addition, as cruises become a popular type of leisure activity and offer alternative hospitality, our cruise ship business should benefit from continued growth of tourist arrivals in Hong Kong.

前景

隨着娛樂及博彩部門旗下之郵輪業務開始運作，本集團 對此新業務之前景及長遠發展均充滿信心。由於香港的 政府繫泊浮標數目已固定，對新競爭者加入競爭構成門 檻。此外，由於郵輪現時為熱門休閒活動，並提供不同款 客體驗，本集團之郵輪業務應能受惠於訪港旅客之持續 增長。

28 China Gamma Group Limited • Interim Report 2014

Management Discussion and Analysis (continued) 管理層討論及分析（續）

The Group believes that this new business will enable the Group to tap into tourism, leisure, entertainment and gaming industries which are rapidly growing in Asia on the back of an increase in consumption power in the region. Robust economic growth in Asia continues to create a large and growing middle class with rising disposable income. China in particular has seen its outbound tourism accelerating with rising consumption power of the Chinese tourists on different sorts of leisure activities. The Group is optimistic on continued resilient economic growth in China and in the region in the long term despite short-term volatilities. As such, the Group will focus on exploration of opportunities in investment in and operation of other cruise ships, hotel and gaming related businesses in the region and elsewhere. The Group believes that these developments will provide a stable recurring revenue stream to the Group, and hence will create longterm returns to its shareholders.

本集團相信，亞洲區消費力不斷上升，此新業務將有助本 集團進軍區內增長迅速之旅遊、休閒、娛樂及博彩行業。 亞洲經濟增長蓬勃令人數龐大之中產階級不斷湧現，可 支配收入亦持續上升。中國尤其顯著，中國旅客在不同休 閒活動之消費力一直有增無減，境外旅遊市道欣欣向榮。 儘管不時出現短期波動，本集團對中國及區內經濟之長 遠持續增長，抱持樂觀態度。因此，本集團將專注於區內 及其他地區尋求機會，投資及經營其他郵輪、酒店及博彩 相關業務。本集團相信，此等發展將為本集團提供穩定之 經常性收入來源，為其股東創造長遠回報。

As for property business, the Group will continue to focus on mixed use property development and investment in China to cater for endusers’ demand for high quality residential and commercial properties as urbanisation continues to drive demand for property in China. The Group will continue to devote resources to land bank acquisitions and seek to identify premium land sites at the right opportunity. The Group will also explore opportunities in property development and investment in other regions to support the development of our other businesses.

物業業務方面，由於城市化繼續推動中國對物業之需求， 本集團將繼續專注於中國之綜合物業發展及投資，以迎 合最終用家對優質住宅及商用物業之需求。本集團將繼 續投放資源收購土地儲備，尋求於適當時機物色黃金地 段。本集團亦將於其他地區發掘物業發展及投資機會，以 支持其他業務發展。

In regards to gamma ray irradiation business, as application of gamma ray technologies in food irradiation has increased in recent years with increasing awareness of domestic food safety and hygiene standard, the Group will endeavor in ongoing services innovation, expansion of its services to new products with high margins, and sourcing of new clients. The Group will also strive to improve the productivity and efficiency of its production facilities.

伽瑪射線照射業務方面，由於國內食品安全及衛生標準 日漸受到關注，近年應用伽瑪射線技術於食品照射方面 正在增加，故此，本集團將堅持不斷創新服務，將服務擴 展至高利潤之新產品，開闢新客源。此外，本集團將致力 提升其生產設施之產能及效率。

As for resources business, the Group has been continually exploring into different opportunities in the whole value chain in the industry. Current downturn in the resources industry may provide opportunities to the Group to invest in potential resources projects at attractive valuation.

FINANCIAL REVIEW

For the six months ended 30 September 2014, the Group took several initiatives to further improve the Group’s liquidity and strengthen its financial base.

資源業務方面，本集團一直持續在整條產業鏈探索不同 機會。目前資源行業之低迷情況可為本集團投資於估值 吸引之潛在資源項目帶來機會。

財務回顧

截至二零一四年九月三十日止六個月，本集團進行多項 計劃，以進一步改善本集團之流動資金並加強其財務基 礎。

In September 2014, the Company has successfully completed the rights issue of 2,198,840,745 rights shares at the subscription price of HK$0.068 per rights share on the basis of one rights share for every two existing Shares held on the record date by the qualifying shareholders of the Company as defined in the Rights Issue Prospectus (the “Rights Issue”), and raised a gross proceeds of approximately HK$149,521,000 (net proceeds of approximately HK$146,503,000 after deduction of related expenses).

於二零一四年九月，本公司成功完成涉及2,198,840,745 股供股股份之供股，認購價為每股供股股份0.068港元， 基準為本公司合資格股東（定義見供股章程）於記錄日期 每持有兩股現有股份獲發一股供股股份（「供股」），籌集 所得款項總額約149,521,000港元（扣除相關開支後之所 得款項淨額約為146,503,000港元）。

中國伽瑪集團有限公司 • 2014 中期報告 29

Management Discussion and Analysis (continued) 管理層討論及分析（續）

In August 2014, the Company entered into a placing agreement to renew the placing period for the placing of 7-year 5% unsecured notes up to 31 August 2015, as the original placing agreement had expired. Under the original placing agreement, the placing notes with aggregate principal amount of up to HK$300,000,000 could be issued. As the issued notes in the aggregate principal amount of HK$20,000,000 have been issued by the Company, the Company proposed to further issue the placing notes in the remaining principal amount of up to HK$280,000,000.

As at 30 September 2014, the Group has utilised the net proceeds from the Rights Issue as to approximately 14% to finance the investment and working capital requirement for the cruise ship business and approximately 14% for general working capital of the Group’s operation. As the convertible note in the principal amount of HK$105,000,000 were fully converted into issued shares on 13 October 2014, none of the remaining proceeds from the Rights Issue would be applied to settle the redemption amount for the convertible note. Thus the Group plans to apply the remaining proceeds for development of and investment in entertainment and gaming business and other new business opportunities, as well as for the reduction of the Group’s debt and liabilities.

In addition, the Group negotiated with the lenders of other borrowings last year and successfully lowered their respective interest rates effective from October 2013. Such arrangements have reduced the Group’s financing costs substantially, thereby strengthening the financial position of the Group for its continuous development of its business.

During the period under review, the Group recorded a turnover of HK$14,253,000 (2013: HK$17,789,000), representing a decrease of 20% compared with previous corresponding period. The decline was mainly attributable to a temporary halt of the Group’s rare earth oxides production and hence no contribution from the resources business during the period. Meanwhile, the entertainment and gaming business has started to make meaningful contribution to the Group’s revenue since the commencement of the cruise ship operation in late August.

Loss from operations for the period amounted to HK$28,350,000 (2013: HK$19,982,000). Net loss attributable to equity shareholders of the Company for the period improved and reduced to HK$37,805,000 (2013: HK$44,466,000), which was mainly attributable to a positive gain from the securities trading and investment business and a reduction of finance costs. As at 30 September 2014, the total assets and net assets of the Group were HK$1,019,296,000 and HK$339,452,000 (31 March 2014: HK$925,268,000 and HK$196,179,000) respectively. The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2014.

由於原配售協議已屆滿，於二零一四年八月，本公司訂立 配售協議，將配售7年期5厘無抵押票據之配售期重續至 二零一五年八月三十一日。根據原配售協議，本金總額最 高為300,000,000港元之配售票據可予發行。由於本公司 已發行本金總額為20,000,000港元之已發行票據，本公司 建議進一步發行剩餘本金額最高為280,000,000港元之配 售票據。

於二零一四年九月三十日，本集團已動用供股所得款 項淨額，其中約14%用於郵輪業務投資及其營運資金， 而約14%用作本集團業務之一般營運資金。由於本金額 105,000,000港元之可換股票據已於二零一四年十月十三 日獲全數轉換為已發行股份，供股餘下所得款項將無需 用於清償可換股票據之贖回金額。因此，本集團計劃將該 筆餘下所得款項用於發展及投資娛樂及博彩業務以及其 他新商機，並用於減低本集團債務及負債。

此外，本集團於去年與其他借貸之貸方磋商，並成功由二 零一三年十月起調低其借貸利率。該等安排大幅減低本 集團之融資成本，進而鞏固本集團之財務狀況，以繼續發 展其業務。

於回顧期間，本集團錄得營業額14,253,000港元（二零 一三年：17,789,000港元），較去年同期減少20%，主要由 於本集團暫時停產稀土氧化物，導致資源業務於期內並 無錄得貢獻所致。與此同時，自郵輪業務於八月底投入運 作以來，娛樂及博彩業務已開始為本集團收入帶來可觀 貢獻。

本期間之營運虧損為28,350,000港元（二零一三年： 19,982,000港元）。本期間之本公司權益股東應佔虧損 淨額有所改善，並降至37,805,000港元（二零一三年： 44,466,000港元），主要是由於證券買賣及投資業務之 正收益及減省融資成本所致。於二零一四年九月三十 日，本集團之總資產及淨資產分別為1,019,296,000 港元及339,452,000港元（二零一四年三月三十一日： 925,268,000港元及196,179,000港元）。董事會不建議就 截至二零一四年九月三十日止六個月派付任何中期股息。

30 China Gamma Group Limited • Interim Report 2014

Management Discussion and Analysis (continued) 管理層討論及分析（續）

Liquidity and Financial Resources

As at 30 September 2014, the Group has raised net proceeds of approximately HK$146,503,000 from the Rights Issue for financing of the investment and working capital requirement for the cruise ship business and for general working capital of the Group’s operation. As at 30 September 2014, the Group had cash and cash equivalents of HK$105,124,000 (31 March 2014: HK$33,453,000). Short term bank borrowing, long term bank and other borrowings and liability component of the convertible note as at 30 September 2014 were HK$Nil (31 March 2014: HK$10,063,000), HK$62,223,000 (31 March 2014: HK$52,044,000) and HK$104,666,000 (31 March 2014: HK$101,272,000) respectively. The gearing ratio, being the ratio of the sum of total borrowings and convertible note to total equity, was 49% as at 30 September 2014 (31 March 2014: 83%). The liquidity ratio, being the ratio of current assets over current liabilities, was 161% as at 30 September 2014 (31 March 2014: 133%). The improvement in the gearing ratio was mainly due to the successful completion of the Rights Issue. In order to further improve the Group’s liquidity and to increase its working capital, the Company has been considering different fund raising and capital restructuring options so as to strengthen the Group’s financial base.

流動資金及財務資源

於二零一四年九月三十日，本集團已從供股籌集所得 款項淨額約146,503,000港元，用於郵輪業務投資及 其營運資金，以及用作本集團業務之一般營運資金。 於二零一四年九月三十日，本集團擁有現金及現金等 額項目105,124,000港元（二零一四年三月三十一日： 33,453,000港元）。於二零一四年九月三十日，短期銀行 借貸、長期銀行及其他借貸以及可換股票據之負債部份 分別為零港元（二零一四年三月三十一日：10,063,000 港元）、62,223,000港元（二零一四年三月三十一日： 52,044,000港元）及104,666,000港元（二零一四年三月 三十一日：101,272,000港元）。於二零一四年九月三十 日，資產負債比率（即總借貸及可換股票據之總額相對 權益總額之比率）為49%（二零一四年三月三十一日： 83% ）。於二零一四年九月三十日之流動資金比率（即流 動資產除以流動負債之比率）為161%（二零一四年三月 三十一日：133% ）。資產負債比率改善主要由於成功完 成供股所致。為進一步改善本集團之流動資金，並增加其 營運資金，本公司一直考慮不同集資及資本重組方案，以 加強本集團之財務基礎。

Property, Plant and Equipment

During the period under review, there were additions of HK$26,000 (2013: HK$51,000) to property, plant and equipment to expand the Group’s operations.

物業、廠房及設備

於回顧期間，本集團添置物業、廠房及設備26,000港元 （二零一三年：51,000港元）以擴充營運。

Capital Commitments

Details of significant capital commitments of the Group and the Company are set out in note 15 to the financial statements.

資本承擔

有關本集團及本公司重大資本承擔之詳情載於財務報表 附註15。

Pledge of Assets

At 30 September 2014, the Group’s land use rights and certain property, plant and equipment with carrying amount of approximately HK$17,529,000 (31 March 2014: HK$17,928,000) were pledged to a bank to secure the bank borrowing granted to the Group.

資產抵押

於二零一四年九月三十日，本集團賬面值約17,529,000港 元（二零一四年三月三十一日：17,928,000港元）之土地 使用權以及若干物業、廠房及設備已抵押予一間銀行，以 取得其授予本集團之銀行借貸。

Contingent Liabilities

Details of contingent liabilities of the Group and the Company are set out in note 14 to the financial statements.

或然負債

有關本集團及本公司或然負債之詳情載於財務報表附註 14。

Exposure to Exchange Rate Risk and Interest Rate Risk

The Group’s transactions are denominated in Hong Kong dollars and Renminbi. The Group did not enter into any foreign exchange forward contracts to hedge against exchange rates fluctuations. Foreign exchange risk arising from the normal course of operations is considered to be minimal and the management will closely monitor the fluctuation in the currency and take appropriate actions when condition arises.

匯率風險及利率風險

本集團之交易以港元及人民幣計值。本集團並無訂立任 何遠期外匯合約以對沖匯率波動。本集團認為來自正常 營運過程之外匯風險甚微，且管理層將密切監察貨幣波 動情況，並在必要時採取恰當措施應對。

中國伽瑪集團有限公司 • 2014 中期報告 31

Management Discussion and Analysis (continued) 管理層討論及分析（續）

In terms of the interest rate risk exposures, the Group does not have any significant interest rate risk as both the borrowings of the Group and the interest rates currently remain at low levels.

Share Capital

164,500,000 new Shares were issued and allotted during the period under review upon exercise of share options granted by the Company.

As a result of the Rights Issue being completed on 11 September 2014, 2,198,840,745 new Shares were allotted and issued to qualifying shareholders of the Company as defined in the Company’s Rights Issue Prospectus. Details of which are set out in the Rights Issue Prospectus and announcements of the Company dated 13 July 2014 and 10 September 2014 respectively.

As at 30 September 2014, the total number of issued shares of the Company was 6,662,022,235. Save as the above, there was no change in the share capital structure of the Company during the period under review.

Convertible Note

In October 2011, the Company issued a convertible note to Mega Market Assets Limited (“Mega Market”) with principal amount of HK$105,000,000 with a term of 3 years (the “Convertible Note”). The Convertible Note bear interest at the rate of 1% per annum payable semiannually in arrears. Each Convertible Note will be convertible into fully paid ordinary Shares at the conversion price of HK$0.2158 per Share of the Company (as adjusted by completion of subscription of new shares by way of capitalisation of loan on 27 September 2013), subject to adjustment in accordance with the terms and conditions of the Convertible Note. As a result of the issuance of Shares under the Rights Issue, the conversion price of the Convertible Note has been adjusted from HK$0.2158 per Share to HK$0.1439 per Share (the “Adjusted Conversion Price”).

As at 30 September 2014, the principal amount of the Convertible Note outstanding was HK$105,000,000 (31 March 2014: HK$105,000,000). Each Convertible Note will be convertible into fully paid Shares at the Adjusted Conversion Price of HK$0.1439 per Share upon conversion.

Subsequent to the end of the reporting period, Mega Market has transferred the Convertible Note in the principal amount of HK$105,000,000 to certain independent third parties. Thereafter, the Convertible Note in the principal amount of HK$105,000,000 has been fully exercised by the relevant noteholders, and an aggregate of 729,673,382 Shares have been issued and allotted accordingly.

利率風險方面，由於目前本集團之借貸及利率仍處於低 水平，故本集團並無任何重大利率風險。

股本

於回顧期間，本公司已於其授出之購股權獲行使後發行 及配發164,500,000股新股份。

由於供股於二零一四年九月十一日完成，因此，本公司 向本公司合資格股東配發及發行2,198,840,745股新股份 （相關定義見本公司之供股章程）。有關詳情載於供股章程 及本公司日期分別為二零一四年七月十三日及二零一四 年九月十日之公布內。

於二零一四年九月三十日，本公司已發行股份總數為 6,662,022,235股。除上述者外，本公司於回顧期間之股本 結構並無變動。

可換股票據

於二零一一年十月，本公司向Mega Market Assets Limited （「Mega Market 」）發行本金額為105,000,000港元之三年 期可換股票據（「可換股票據」）。可換股票據按年利率1% 計息，利息每半年於期末支付。每份可換股票據將可按換 股價每股本公司股份0.2158港元（經本公司於二零一三 年九月二十七日完成透過資本化貸款方式認購新股份予 以調整）兌換為繳足股款之普通股，惟須根據可換股票據 之條款及條件予以調整。由於根據供股發行股份，因此， 可換股票據之換股價已由每股股份0.2158港元調整為每 股股份0.1439港元（「經調整換股價」）。

於二零一四年九月三十日，未行使可換股票據之本金 額為105,000,000港元（二零一四年三月三十一日： 105,000,000港元）。每份可換股票據將於兌換時按經調 整換股價每股股份0.1439港元兌換為繳足股款股份。

於報告期末後，Mega Market已向若干獨立第三方轉讓本 金額為105,000,000港元之可換股票據。此後，相關票據 持有人已悉數行使本金額為105,000,000港元之可換股票 據，本公司已因而發行及配發合共729,673,382股股份。

32 China Gamma Group Limited • Interim Report 2014

Management Discussion and Analysis (continued) 管理層討論及分析（續）

Material Acquisitions and Disposals of Subsidiaries

As disclosed in the Company’s announcement dated 2 July 2014, the Group formed the JV Company with Norvest Global Limited to acquire a cruise ship at a consideration of HK$93 million, and the JV Company was held as to 90% by Norvest Global Limited and as to 10% by the Group.

附屬公司之重大收購及出售

誠如本公司日期為二零一四年七月二日之公布所披露，本 集團聯同Norvest Global Limited組建合營公司，以按代價 93,000,000港元收購一艘郵輪，合營公司由Norvest Global Limited及本集團分別持有90%及10%權益。

Save as disclosed herein, the Group had no material acquisition and disposal of subsidiaries during the six months ended 30 September 2014.

除本文所披露者外，本集團於截至二零一四年九月三十 日止六個月內並無附屬公司之重大收購及出售。

Litigations

On 24 October 2007, Silver Wind International Limited (“Silver Wind”), a wholly-owned subsidiary of the Company, entered into a conditional agreement (the “Acquisition Agreement”) with Stronway Development Limited (“Stronway Development”), pursuant to which Silver Wind agreed to acquire from Stronway Development the entire equity interest in Winmax Asia Investment Limited (“Winmax Asia”). Under the arrangement, Winmax Asia would in turn acquire the entire equity interest in Beijing Jianxing Real Estate Development Co. (“Jianxing”) along with Jianxing’s standalone villas development project in Beijing known as “新星花園”. The aggregate consideration payable for the acquisition was RMB433,000,000 which was to be settled in cash, and two villas. In December 2007, RMB20,000,000 was paid under the Acquisition Agreement to Stronway Development by Silver Wind as deposit (the “Deposit”). Details of the acquisition are set out in the Company’s circular dated 14 December 2007.

訴訟

於二零零七年十月二十四日，本公司之全資附屬公司Silver Wind International Limited（「Silver Wind 」）與Stronway Development Limited（「Stronway Development 」）訂立 有條件協議（「收購協議」），據此，Silver Wind同意向 Stronway Development收購凱成亞太投資有限公司（「凱 成亞太」）之全部股權。根據有關安排，凱成亞太將會 收購北京建興房地產開發有限公司（「建興」）之全部股 權，連同建興位於北京、名為「新星花園」之獨立別墅 發展項目。就該收購事項應付之總代價已以現金人民幣 433,000,000元及兩座別墅支付。於二零零七年十二月， Silver Wind已根據收購協議向Stronway Development支付 人民幣20,000,000元作為按金（「該按金」）。收購事項詳 情載於本公司日期為二零零七年十二月十四日之通函內。

In April 2008, on the grounds, amongst other things, that the subject matter under the Acquisition Agreement was frustrated, Silver Wind decided to terminate the Acquisition Agreement and, through its legal representative has served a notice of termination to Stronway Development. In order to protect the position of Silver Wind and to recover, amongst other things, the Deposit from Stronway Development, the legal proceedings were instigated against Stronway Development on this matter in the High Court of Hong Kong on 15 April 2008.

於二零零八年四月，基於（其中包括）收購協議之標的事 項受挫失效，Silver Wind決定終止收購協議，並透過其法 律代表向Stronway Development送達終止通知書。為保障 Silver Wind之利益及向Stronway Development追討（其中 包括）該按金，Silver Wind於二零零八年四月十五日就此 事於香港高等法院向Stronway Development展開法律程 序。

As at the date hereof, the legal proceedings against Stronway Development are still pending and there is no significant development.

於本報告日期，針對Stronway Development之法律程序仍 然待決，且並無重大進展。

Employee and Emolument Policy

As at 30 September 2014, the Group employed 382 employees (2013: 153).

僱員及薪酬政策

於二零一四年九月三十日，本集團聘用382名僱員（二零 一三年：153名）。

Remuneration packages are generally structured by reference to market terms and individual merits. Salaries are reviewed periodically based on performance appraisal and other relevant factors. Staff benefits plans maintained by the Group include medical insurance, hospitalisation scheme, mandatory provident fund and share option scheme. Employees in the PRC are remunerated according to the prevailing market conditions in the locations of their employments.

薪酬待遇一般參考市場條款及個人表現釐定。薪金乃根 據表現評核及其他有關因素定期作出檢討。本集團推行 之員工福利計劃包括醫療保險、住院計劃、強制性公積金 及購股權計劃。中國僱員之薪酬待遇根據其聘用地區之 現行市況釐定。

中國伽瑪集團有限公司 • 2014 中期報告 33

Other Information 其他資料

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES

As at 30 September 2014, the interests or short positions of the Directors and chief executives in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)) as recorded in the register maintained by the Company pursuant to Section 352 of the SFO or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) were as follows:

董事及主要行政人員之權益

於二零一四年九月三十日，董事及主要行政人員於本公 司或其任何相聯法團（定義見證券及期貨條例（「證券及 期貨條例」）第XV部）之股份、相關股份或債券中擁有記 錄在本公司根據證券及期貨條例第352條存置之登記冊 上之權益或淡倉，或根據上市發行人董事進行證券交易 的標準守則（「標準守則」）須知會本公司及香港聯合交易 所有限公司（「聯交所」）之權益或淡倉如下：

Long position in ordinary shares of HK$0.01 each (“Shares”) in the Company

於本公司每股面值 0.01 港元普通股（「股份」）之好倉

		Number of	Percentage of
Name of Director	Nature of interest	Shares held	issued share capital
董事姓名	權益性質	所持有股份數目	佔已發行股本百分比
Wong King Shiu, Daniel	Beneficial owner	1,802,039	0.03%
黃景兆	實益擁有人
Ma Kwok Hung, Warren	Beneficial owner	750,000	0.01%
馬國雄	實益擁有人
Chow Siu Ngor	Beneficial owner	3,750,000	0.06%
鄒小岳	實益擁有人
Chan Chi Yuen	Beneficial owner	3,750,000	0.06%
陳志遠	實益擁有人

34 China Gamma Group Limited • Interim Report 2014

Other Information (continued) 其他資料（續）

Long position in share options in the Company

於本公司購股權之好倉

		Number of	Percentage of
Name of Director	Nature of interest	share options held	issued share capital
董事姓名	權益性質	所持有購股權數目	佔已發行股本百分比
Wong King Shiu, Daniel	Beneficial owner	3,000,000	0.05%
黃景兆	實益擁有人
Lee Kuang Yeu	Beneficial owner	3,000,000	0.05%
李匡宇	實益擁有人
Ma Kwok Hung, Warren	Beneficial owner	1,000,000	0.02%
馬國雄	實益擁有人
Chow Siu Ngor	Beneficial owner	1,000,000	0.02%
鄒小岳	實益擁有人
Wong Hoi Kuen	Beneficial owner	1,000,000	0.02%
黃海權	實益擁有人
Chan Chi Yuen	Beneficial owner	1,000,000	0.02%
陳志遠	實益擁有人
Hung Hing Man	Beneficial owner	1,000,000	0.02%
孔慶文	實益擁有人

Save as disclosed above, as at 30 September 2014, none of the Directors or chief executives had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

除上文所披露者外，於二零一四年九月三十日，董事或主 要行政人員概無於本公司或其任何相聯法團（定義見證 券及期貨條例第XV部）之股份、相關股份或債券中擁有記 錄在根據證券及期貨條例第352條須存置之登記冊上之 任何權益或淡倉，或根據標準守則須知會本公司及聯交 所之任何權益或淡倉。

中國伽瑪集團有限公司 • 2014 中期報告 35

Other Information (continued) 其他資料（續）

SHARE OPTIONS

The movements in the share options granted under the share option scheme adopted by the Company on 22 August 2011 (the “2011 Scheme”) during the six months ended 30 September 2014 are shown below:

購股權

截至二零一四年九月三十日止六個月，根據本公司於二 零一一年八月二十二日採納之購股權計劃（「二零一一年 計劃」）已授出購股權之變動列示如下：

Category of participant 參與人類別		Number of options 購股權數目	Number of options 購股權數目	Number of options 購股權數目	At 30 September 2014 Date of grant Exercise price per Share Exercisable period Weighted average closing price of the Shares immediately before the respective exercise date 於 二零一四年 九月三十日 授出日期每股行使價 可行使期間 緊接各自之 行使日期前股份之 加權平均收市價 (HK$) (HK$) （港元） （港元） 3,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 3,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 1,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 1,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 1,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 1,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 1,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 – 27/07/2012 0.163 27/07/2012-26/07/2014 0.168 112,500,000 23/09/2014 0.160 23/09/2014-22/09/2016 0.160 – 27/07/2012 0.163 27/07/2012-26/07/2014 N/A 不適用 42,000,000 23/09/2014 0.160 23/09/2014-22/09/2016 N/A 不適用 165,500,000
	At 31 March 2014 於 二零一四年 三月三十一日	Granted during the period 期內授出	Exercised during the period 期內行使	Lapsed during the period 期內失效
Directors 董事 Wong King Shiu, Daniel 黃景兆 Lee Kuang Yeu 李匡宇 Ma Kwok Hung, Warren 馬國雄 Chow Siu Ngor 鄒小岳 Wong Hoi Kuen 黃海權 Chan Chi Yuen 陳志遠 Hung Hing Man 孔慶文 Employees 僱員 Other eligible participants 其他合資格參與人 Total總計	– – – – – – – 99,000,000 – 185,000,000 – 284,000,000	3,000,000 3,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 – 178,000,000 – 42,000,000 231,000,000	– – – – – – – (99,000,000) (65,500,000) – – (164,500,000)	– – – – – – – – – (185,000,000) – (185,000,000)

Save as disclosed above, as at 30 September 2014, no Directors had any interests in options to subscribe for shares of the Company.

除上文所披露者外，於二零一四年九月三十日，董事概無 於可認購本公司股份之購股權中擁有任何權益。

36

China Gamma Group Limited • Interim Report 2014

Other Information (continued) 其他資料（續）

During the six months ended 30 September 2014, 231,000,000 number of share options were granted under the 2011 Scheme. The closing price of the Shares on 22 September 2014, being the trading date immediately before the date of offer to grant of such options was HK$0.168.

截至二零一四年九月三十日止六個月已根據二零一一年計 劃授出231,000,000份購股權。於二零一四年九月二十二 日（即緊接提呈授出該等購股權日期前之交易日）之股份 收市價為0.168港元。

The fair value of options granted during the period as determined by using the Black-Scholes Option Pricing Model was approximately HK$6,421,000. Key assumptions used in the valuation of the options granted on 23 September 2014 include an expected volatility of share price of 45.40% per annum, and a risk-free rate of interest of 0.09% per annum on the date of grant. The expected volatility is based on the historical volatility of the Company’s share price over the previous year.

期內授出之購股權之公平值以柏力克－舒爾斯期權定價模 式釐定，約為6,421,000港元。於二零一四年九月二十三日 就已授出購股權之估值所用之主要假設，包括預期股價波 幅每年45.40%及於授出日期之無風險利率每年0.09%。 預期波幅乃根據對上年度本公司股價之歷史波幅釐定。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS

At 30 September 2014, the interests or short positions of the following parties (other than a Director or chief executive of the Company) in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO were as follows:

主要股東之權益

於二零一四年九月三十日，按本公司根據證券及期貨條 例第336條規定須存置之登記冊所記錄，下列人士（除本 公司董事或主要行政人員外）於本公司股份及相關股份 中擁有之權益或淡倉如下：

Long position in the Shares and underlying Shares in the Company

於本公司股份及相關股份之好倉

		Number of	Number of		Percentage of
		issued	underlying		issued share
Name of shareholder	Type of interest	Shares held	Shares held	Total	capital
		所持有已發行	所持有相關		佔已發行股本
股東名稱╱姓名	權益性質	股份數目	股份數目	總計	百分比
Chan How Chung, Victor	Beneficial owner/interest of	1,549,704,564	729,673,384	2,279,377,948	34.21%
陳孝聰	controlled corporation			(Note 1)
	實益擁有人╱受控法團權益			（附註1）
Mega Market Assets Limited	Beneficial owner	997,646,377	729,673,384	1,727,319,761	25.93%
	實益擁有人			(Note 2)
				（附註2）
Li Wing Sang	Beneficial owner/interest of	900,000,000	–	900,000,000	13.51%
李永生	controlled corporation			(Note 3)
	實益擁有人╱受控法團權益			（附註3）
Wong Ngai	Deemed	900,000,000	–	900,000,000	13.51%
王巍	視作擁有權益			(Note 4)
				（附註4）
Hondex Investments Limited	Beneficial owner	750,000,000	–	750,000,000	11.26%
	實益擁有人			(Note 5)
				（附註5）

中國伽瑪集團有限公司 • 2014 中期報告 37

Other Information (continued) 其他資料（續）

Notes:

1. Mr. Chan How Chung, Victor has a personal interest in 408,808,187 Shares, and is taken to be interested in (i) 997,646,377 Shares and 729,673,384 underlying Shares held by Mega Market Assets Limited; and (ii) 143,250,000 Shares held by Kingly Profits Corporation. Kingly Profits Corporation is wholly owned by Smart Ease Corporation, which in turn, is wholly owned by Mr. Chan.

2. Mega Market Assets Limited is interested in 997,646,377 Shares and 729,673,384 underlying Shares derived from the convertible note in the principal amount of HK$105,000,000 issued by the Company at the Adjusted Conversion Price of HK$0.1439 per Share. Mega Market Assets Limited is beneficially wholly owned by Mr. Chan How Chung, Victor. These interests have been included in the interests held by Mr. Chan disclosed in this section.

3. Mr. Li Wing Sang has a personal interest in 150,000,000 Shares, and is taken to be interested in 750,000,000 Shares held by Hondex Investments Limited. Hondex Investments Limited is beneficially wholly owned by Mr. Li.

4. Ms. Wong Ngai is the spouse of Mr. Li Wing Sang, a substantial shareholder of the Company, and therefore is deemed to be interested in the 900,000,000 Shares which are beneficially owned by Mr. Li. These interests have been included in the interests held by Mr. Li disclosed in this section.

5. Hondex Investments Limited is beneficially wholly owned by Mr. Li Wing Sang. These interests have been included in the interests held by Mr. Li disclosed in this section.

Save as disclosed above, the register required to be kept under Section 336 of the SFO shows that as at 30 September 2014, the Company had not been notified of any other person who had an interest or short position in the shares and underlying shares of the Company.

INTERIM DIVIDEND

The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2014 (2013: HK$Nil).

附註：

1. 陳孝聰先生於408,808,187股股份中擁有個人權益， 並被視為於(i) Mega Market Assets Limited所持有之 997,646,377股股份及729,673,384股相關股份；及 (ii) Kingly Profits Corporation所持有之143,250,000股股份 中擁有權益。Kingly Profits Corporation由Smart Ease Corporation全資擁有，而Smart Ease Corporation則由陳先 生全資擁有。

2. Mega Market Assets Limited於997,646,377股股份及 729,673,384股相關股份（根據本公司所發行本金額 105,000,000港元之可換股票據按經調整換股價每股股 份0.1439港元而產生）中擁有權益。Mega Market Assets Limited由陳孝聰先生實益全資擁有。此等權益已計入本節 所披露由陳先生持有之權益內。

3. 李永生先生於150,000,000股股份中擁有個人權益，並被 視為於Hondex Investments Limited所持有之750,000,000 股股份中擁有權益。Hondex Investments Limited由李先生 實益全資擁有。

4. 王巍女士為本公司主要股東李永生先生之配偶，故被視為 於李先生實益擁有之900,000,000股股份中擁有權益。此 等權益已計入本節所披露由李先生持有之權益內。

5. Hondex Investments Limited由李永生先生實益全資擁有。 此等權益已計入本節所披露由李先生持有之權益內。

除上文所披露者外，按根據證券及期貨條例第336條須存 置之登記冊記錄，於二零一四年九月三十日，本公司未曾 接獲任何其他人士通知其於本公司之股份及相關股份中 擁有權益或淡倉。

中期股息

董事會不建議就截至二零一四年九月三十日止六個月派 付任何中期股息（二零一三年：零港元）。

38 China Gamma Group Limited • Interim Report 2014

Other Information (continued) 其他資料（續）

CORPORATE GOVERNANCE

None of the Directors is aware of any information which would reasonably indicate that the Company is not, or was not, throughout the period, in compliance with the code provisions (the “Code Provision(s)”) under the Corporate Governance Code as set out in Appendix 14 to the Listing Rules, except the following deviations:

Under the Code Provision A.2.1, the roles of the chairman and the chief executive should be separate and should not be performed by the same individual. The division of responsibilities between the chairman and chief executive should be clearly established and set out in writing. The Company does not at present have a Chairman nor a Chief Executive. Nevertheless, the main duties and responsibilities of a Chairman and a Chief Executive are currently held by separate individuals with written guidelines for the division of responsibilities with a view to maintain an effective segregation of duties between the management of the Board and the day-to-day management of the Group’s business and operations. The Company will continue to review the effectiveness of the Group’s corporate governance structure and consider the appointment of a Chairman of the Board and a Chief Executive if candidates with suitable leadership, knowledge, skills and experience can be identified within or outside the Group.

Under the Code Provision A.4.1, non-executive directors should be appointed for a specific term, subject to re-election. Currently, the nonexecutive Directors are not appointed for a specific term, but are subject to retirement by rotation at the Company’s annual general meeting as specified in the Company’s bye-laws.

CHANGE OF AUDITOR

By a resolution passed at the annual general meeting of the Company held on 12 September 2014, Ting Ho Kwan & Chan CPA Limited has been appointed as the auditor of the Company to fill the vacancy arising from the retirement of Messrs. Ting Ho Kwan & Chan as a result of their internal corporate structure reorganisation. Details of the change of auditor are, among other things, set out in the Company’s circular dated 7 July 2014 and the Company’s announcements dated 27 June 2014 and 12 September 2014 respectively.

AUDIT COMMITTEE

The audit committee of the Company has reviewed with the management the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters including the review of the unaudited interim financial statements for the six months ended 30 September 2014.

企業管治

董事概不知悉有任何資料合理顯示，本公司現時或曾於 期內並無遵守上市規則附錄14所載企業管治守則之守則 條文（「守則條文」），惟下列偏離者除外：

根據守則條文第A.2.1條，主席與行政總裁之角色應有區 分及不應由一人同時兼任。主席與行政總裁之間的職責 分配須清晰訂明並以書面形式列載。本公司目前並無主 席或行政總裁。然而，主席及行政總裁之主要職務及職責 目前按照職責分配之書面指引由不同個別人士負責，以 有效劃分董事會管理與本集團業務及營運之日常管理之 職務。本公司將繼續檢討本集團企業管治架構之成效，倘 能夠於本集團內部或外間物色到具備合適領導才能、知 識、技能及經驗之人選，將會考慮委任董事會主席及行政 總裁。

根據守則條文第A.4.1條，非執行董事應按指定任期委任， 並須接受重選。目前，非執行董事並非按指定任期委任， 惟彼等須按照本公司之公司細則於本公司之股東週年大 會上輪值告退。

更換核數師

根據本公司於二零一四年九月十二日舉行之股東週年大 會上通過之決議案，丁何關陳會計師事務所有限公司已 獲委任為本公司之核數師，以填補丁何關陳會計師行因 內部企業架構重組而退任所產生之空缺。更換核數師之 詳情載於（其中包括）本公司日期為二零一四年七月七日 之通函以及本公司日期分別為二零一四年六月二十七日 及二零一四年九月十二日之公布內。

審核委員會

本公司審核委員會已聯同管理層審閱本集團所採納之會 計原則及慣例，以及討論內部監控及財務申報事宜，包括 審閱截至二零一四年九月三十日止六個月之未經審核中 期財務報表。

中國伽瑪集團有限公司 • 2014 中期報告 39

Other Information (continued) 其他資料（續）

PROPOSED CHANGE OF COMPANY NAME

The Board proposed that the name of the Company be changed from “China Gamma Group Limited” to “REX Global Entertainment Holdings Limited” and the adoption of the Chinese name “御濠娛樂控股有限公司” as the secondary name of the Company in place of the existing secondary name of the Company “中國伽瑪集團有限公司”, which are subject to the passing of a special resolution by the shareholders at a special general meeting to be held on 29 October 2014 and the approval of the proposed new English name and the proposed new secondary name by the Registrar of Companies in Bermuda.

Details of the proposed change of Company name are, among other things, set out in the Company’s circular dated 3 October 2014 and the Company’s announcement dated 11 September 2014.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules. Specific enquiry has been made to all the Directors and the Directors have confirmed that they have complied with the Model Code throughout the six months ended 30 September 2014.

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

During the six months ended 30 September 2014, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

By order of the Board China Gamma Group Limited

Wong King Shiu, Daniel

Executive Director

Hong Kong, 21 October 2014

• The English translation of Chinese names or words are for information purpose only, and should not be regarded as the official English translation of such Chinese names or words.

建議更改公司名稱

董事會建議將本公司名稱由「China Gamma Group Limited 」更改為「REX Global Entertainment Holdings Limited 」，並採納中文名稱「御濠娛樂控股有限公司」作 為本公司之第二名稱以取代本公司現有之第二名稱「中 國伽瑪集團有限公司」。建議更改公司名稱須待股東將於 二零一四年十月二十九日舉行之股東特別大會通過特別 決議案，以及建議之新英文名稱及建議之新第二名稱獲 百慕達公司註冊處批准後，方可作實。

建議更改本公司名稱之詳情載於（其中包括）本公司日期 為二零一四年十月三日之通函及本公司日期為二零一四 年九月十一日之公布內。

董事進行證券交易之標準守則

本公司已採納上市規則附錄10所載之標準守則。本公司 已向全體董事作出具體查詢，董事確認彼等於截至二零 一四年九月三十日止六個月一直遵守標準守則。

購買、出售或贖回本公司之上市證券

截至二零一四年九月三十日止六個月，本公司或其任何 附屬公司概無購買、出售或贖回本公司任何上市證券。

承董事會命

中國伽瑪集團有限公司

執行董事

黃景兆

香港，二零一四年十月二十一日

• 中文名稱或詞彙之英文翻譯僅供參考，不應視為該等中文 名稱或詞彙之正式英文譯名。

40 China Gamma Group Limited • Interim Report 2014

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