WS-SK Target Group Limited — Interim / Quarterly Report 2021

Apr 14, 2021

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CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate small & midsized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.

Given that the companies listed on the GEM are generally small & mid-sized companies, there is a risk that securities traded on the GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on the GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors (the “ Directors ”) of SK Target Group Limited (the “ Company ”) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of the Stock Exchange (the “ GEM Listing Rules ”) for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief, the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

香港聯合交易所有限公司（「聯交所」） GEM 的特色

GEM的定位乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個 上市的市場。有意投資的人士應了解投資該等公司的潛在風險，並應經過審慎周詳的考慮 後方作出投資決定。

由於在GEM上市之公司一般為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣 的證券承受較大的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量的市場。

香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。

本報告乃遵照聯交所GEM證券上市規則（「 GEM上市規則 」）的規定而提供有關瑞強集團有限 公司（「 本公司 」）的資料。本公司各董事（「 董事 」）對此共同及個別地承擔全部責任。董事 在作出一切合理查詢後確認，就彼等深知及確信，本報告所載資料在各重大方面均為準確 及完整，且並無誤導或欺詐成分，亦無遺漏其他事項致使本報告或其所載任何陳述有所誤 導。

Corporate Information 公司資料

REGISTERED OFFICE IN CAYMAN ISLANDS

P.O. Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands

HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN MALAYSIA

18, Jalan LP 2A/2, Taman Lestari Perdana, 43300 Seri Kembangan, Selangor, Darul Ehsan, Malaysia

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Room 1406-08, 14/F, Austin Tower, 22-26 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong

EXECUTIVE DIRECTORS

Mr. Loh Swee Keong (Chairman and Chief Executive Officer)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Yau Ka Hei Mr. Chu Kin Ming Mr. Ma, She Shing Albert

COMPANY SECRETARY

Mr. Leung Tze Wai, CPA

COMPLIANCE OFFICER

Mr. Loh Swee Keong

開曼群島註冊辦事處

P.O. Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands

總部及馬來西亞主要營業地點

18, Jalan LP 2A/2, Taman Lestari Perdana, 43300 Seri Kembangan, Selangor, Darul Ehsan, Malaysia

香港主要營業地點

香港九龍尖沙咀 柯士甸路22-26號 好兆年行 14樓1406-08室

執行董事

Loh Swee Keong先生 （主席兼行政總裁）

獨立非執行董事

邱家禧先生 朱健明先生 馬希聖先生

公司秘書

梁子煒先生，註冊會計師

合規主任

Loh Swee Keong先生

2

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Corporate Information 公司資料

AUDIT COMMITTEE

Mr. Chu Kin Ming (Chairman) Mr. Yau Ka Hei Mr. Ma, She Shing Albert

REMUNERATION COMMITTEE

Mr. Yau Ka Hei (Chairman) Mr. Chu Kin Ming Mr. Loh Swee Keong

NOMINATION COMMITTEE

Mr. Loh Swee Keong (Chairman) Mr. Yau Ka Hei Mr. Ma, She Shing Albert

AUTHORIZED REPRESENTATIVE

Mr. Loh Swee Keong Mr. Leung Tze Wai, CPA

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE

Tricor Investor Services Limited Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong

PRINCIPAL BANKER

CIMB Bank Berhad Public Bank Berhad

審核委員會

朱健明先生（主席） 邱家禧先生 馬希聖先生

薪酬委員會

邱家禧先生（主席） 朱健明先生 Loh Swee Keong 先生

提名委員會

Loh Swee Keong 先生（主席） 邱家禧先生 馬希聖先生

授權代表

Loh Swee Keong 先生 梁子煒先生，註冊會計師

開曼群島股份過戶登記總處

Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

香港股份過戶登記分處

卓佳證券登記有限公司 香港 皇后大道東183 號 合和中心54 樓

主要往來銀行

CIMB Bank Berhad Public Bank Berhad

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第三季度業績報告 2020 • 瑞強集團有限公司

Corporate Information 公司資料

AUDITORS

Deloitte PLT (LLP0010145-LCA) Chartered Accountants (AF0080) (resigned on 29 May 2020) Crowe (HK) CPA Limited (appointed on 1 June 2020)

LEGAL ADVISERS

TC & Co. (As to Hong Kong Law) David Lai & Tan (As to Malaysian Law) Appleby (As to Cayman Islands Law)

COMPANY’S WEBSITE ADDRESS

www.targetprecast.com

STOCK CODE

8427

核數師

Deloitte PLT (LLP0010145-LCA) 特許會計師(AF0080)

（於二零二零年五月二十九日辭任） 國富浩華（香港）會計師事務所有限公司 （於二零二零年六月一日獲委任）

法律顧問

崔曾律師事務所（有關香港法律） David Lai & Tan（有關馬來西亞法律） 毅柏律師事務所（有關開曼群島法律）

公司網址

www.targetprecast.com

股份代號

8427

4

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) 簡明綜合損益及其他全面收益表（未經審核）

本公司董事會（「 董事會 」）欣然提呈 以下本公司及其附屬公司（統稱「 本 集團 」）截至二零二一年二月二十八 日止九個月的未經審核簡明綜合業績 以及二零二零年同期未經審核比較數 字：

The board of Directors (the” Board ”) of the 本公司董事會（「 董事會 Company is pleased to present the unaudited 以下本公司及其附屬公司（統稱「 condensed consolidated results of the Company 集團 」）截至二零二一年二月二十八 and its subsidiaries (collectively referred to 日止九個月的未經審核簡明綜合業績 as the “ Group ”) for the nine months ended 以及二零二零年同期未經審核比較數 28 February 2021 together with the unaudited 字： comparative figures for the corresponding period in 2020 as follows: For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

Note 附註 Revenue 收入 3 Cost of sales 銷售成本 Gross profit 毛利 Other income 其他收入 Administrative expenses 行政開支 Selling and distribution expenses 銷售及分銷開支 Finance costs 融資成本 4 Loss before taxation 除稅前虧損 Taxation 稅項 5 Loss for the period 期內虧損 6	For the three months ended For the nine months ended 截至以下日期止三個月 截至以下日期止九個月 28 February 2021 29 February 2020 28 February 2021 29 February 2020 二零二一年 二月二十八日 二零二零年 二月二十九日 二零二一年 二月二十八日 二零二零年 二月二十九日 RM’000 RM’000 RM’000 RM’000 千令吉 千令吉 千令吉 千令吉 (unaudited) (unaudited) (unaudited) (unaudited) （未經審核） （未經審核） （未經審核） （未經審核） 4,701 6,378 15,682 20,032 (3,846) (4,724) (11,761) (14,018)
	[•••] [•••] 855 1,654 3,921 6,014 77 84 593 533 (865) (1,941) (4,611) (7,013) (241) (273) (690) (806) (12) (21) (65) (134)
	[•••] [•••] (186) (497) (852) (1,406) (56) (126) (428) (657)
	[•••] [•••] (242) (623) (1,280) (2,063)

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第三季度業績報告 2020 • 瑞強集團有限公司

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) 簡明綜合損益及其他全面收益表（未經審核）

Note 附註 Other comprehensive income items that will not be reclassified to profit or loss: 將不會重新分類至 損益的其他全面 收入項目： Exchange differences arising on translation from functional currency to presentation currency 由功能貨幣換算為 呈列貨幣產生的 匯兌差額 Total comprehensive loss for the period 期內全面 虧損總額	For the three months ended For the nine months ended 截至以下日期止三個月 截至以下日期止九個月 28 February 2021 29 February 2020 28 February 2021 29 February 2020 二零二一年 二月二十八日 二零二零年 二月二十九日 二零二一年 二月二十八日 二零二零年 二月二十九日 RM’000 RM’000 RM’000 RM’000 千令吉 千令吉 千令吉 千令吉 (unaudited) (unaudited) (unaudited) (unaudited) （未經審核） （未經審核） （未經審核） （未經審核） (44) 80 (459) 66
	[•••] [•••] (286) (543) (1,739) (1,997)
Loss/Earnings per share 每股虧損╱盈利 — Basic (RM cents) －基本（仙令吉） 8	[•••] [•••] (0.04) (0.10) (0.19) (0.33)

6

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Condensed Consolidated Statement of Changes in Equity (Unaudited) 簡明綜合權益變動表（未經審核）

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

At 31 May 2019 (audited) 於二零一九年 五月三十一日 （經審核） Loss for the period 期內虧損 Exchange differences arising on translation from functional currency to presentation currency 由功能貨幣換算為 呈列貨幣產生的 匯兌差額 Total comprehensive loss for the period 期內全面虧損總額 At 29 February 2020 (unaudited) 於二零二零年 二月二十九日 （未經審核） At 31 May 2020 (audited) 於二零二零年 五月三十一日 （經審核） Loss for the period 期內虧損 Exchange differences arising on translation from functional currency to presentation currency 由功能貨幣換算為 呈列貨幣產生的 匯兌差額 Total comprehensive loss for the period 期內全面虧損總額 At 28 February 2021 (unaudited) 於二零二一年 二月二十八日 （未經審核）	Share capital Share premium Other reserve Translation reserve Accumulated losses Total 股本 股份溢價 其他儲備 匯兌儲備 累計虧損 總計 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 千令吉 千令吉 千令吉 千令吉 千令吉 千令吉 3,382 19,891 8,579 (583) 4,165 35,434
	– – – – (2,063) (2,063) – – – 66 – 66
	– – – 66 (2,063) (1,997)
	3,382 19,891 8,579 (517) 2,102 33,437 3,765 24,290 8,579 (263) (263) 36,108
	– – – – (1,280) (1,280) – – – (459) – (459)
	– – – (459) (1,280) (1,739)
	[•••] [•••] [•••] [•••] [•••] [•••] 3,765 24,290 8,579 (722) (1,543) 34,369

7

第三季度業績報告 2020 • 瑞強集團有限公司

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

1. GENERAL INFORMATION

SK Target Group Limited (the “ Company ”) was incorporated in the Cayman Islands with limited liability on 28 October 2016. The addresses of the registered office and the principal place of business are P.O. Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands and 18, Jalan LP 2A/2, Taman Lestari Perdana, 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia, respectively.

1. 一般資料 瑞強集團有限公司（「 本公 司 」）於二零一六年十月二十八 日於開曼群島註冊成立為有 限公司。註冊辦事處地址以 及主要營業地點分別為P.O. Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands 及18, Jalan LP 2A/2, Taman Lestari Perdana, 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia。

Merchant World Investments Limited (” Merchant World ”), a limited company incorporated in the British Virgin Islands (” BVI ”), is the immediate and ultimate holding company of the Company. Merchant World is the ultimate controlling party of the Company who wholly owns Merchant World.

Merchant World Investments L i m i t e d（「 M e r c h a n t World 」，在英屬處女群島 （「 英屬處女群島 」）註冊成立 的有限公司）是本公司的直接 及最終控股公司。Merchant World為本公司（全資擁有 Merchant World）的最終控股 方。

The Company is an investment holding company and the principal activities of the Group are manufacturing and trading of precast concrete junction boxes, trading of accessories and pipes and provision of mobile crane rental and ancillary services in Malaysia, Japanese catering service in Hong Kong and sourcing service of materials in Hong Kong.

本公司是投資控股公司，而本 集團的主要業務為於馬來西亞 從事預製混凝土接線盒製造和 貿易、配件及管道貿易以及提 供移動式起重機租賃及配套服 務，於香港從事日本餐廳服務 以及於香港提供物料採購服務。

The unaudited condensed consolidated financial statements are presented in Malaysian Ringgit (” RM ”), which is also the functional currency of the Company. All values are rounded to nearest thousands (RM’000), unless otherwise stated.

未經審核簡明綜合財務報表乃 以馬來西亞令吉（「 令吉 」）呈 列，其亦為本公司的功能貨 幣。除另有說明外，所有數值 均約整至最接近千位數（千令 吉）。

8

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

2. BASIS OF PREPARATION AND PRESENTATION

The unaudited condensed consolidated financial statements of the Group for the nine months ended 28 February 2021 have been prepared in accordance with the International Financial Reporting Standards (” IFRSs ”) issued by the International Accounting Standards Board (” IASB ”) and the applicable disclosure requirements of the GEM Listing Rules.

2. 編製及呈列基準

本集團截至二零二一年二月 二十八日止九個月的未經審核 簡明綜合財務報表已根據國際 會計準則理事會（「 國際會計準 則理事會 」）頒佈的國際財務報 告準則（「 國際財務報告準則 」） 以及GEM上市規則的適用披露 規定編製。

The unaudited condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

除若干金融工具按各報告期末 的公平值計量外，未經審核簡 明綜合財務報表已按歷史成本 法編製。歷史成本一般按交換 貨品及服務時給予代價的公平 值計量。

The basis of preparation and accounting policies applied in the preparation of the unaudited condensed consolidated financial statements are consistent with those adopted in the annual report for the year ended 31 May 2020, except for the new and revised IFRSs. The condensed consolidated financial statements are unaudited, but have been reviewed by the Audit Committee of the Company.

編製未經審核簡明綜合財務報 表所應用的編製基準及會計 政策與截至二零二零年五月 三十一日止年度的年報所應用 者一致，惟新訂及經修訂國際 財務報告準則除外。簡明綜合 財務報表乃未經審核，但已由 本公司審核委員會審閱。

9

第三季度業績報告 2020 • 瑞強集團有限公司

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

2. BASIS OF PREPARATION AND PRESENTATION (CONTINUED) Application of new and amendments to IFRSs

During the period, the Group has adopted all the new and revised IFRSs issued by the IASB that are relevant to its operations and effective for its accounting period beginning on 1 June 2020. The adoption of these new and revised IFRSs did not result in significant changes to the Group’s accounting policies, presentation of the Group’s unaudited condensed consolidated financial statements and amounts reported for the current and prior accounting periods.

2. 編製及呈列基準（續）

應用新訂及經修訂國際財務 報告準則

於本期間，本集團已採納由國 際會計準則理事會頒佈與其營 運相關且於二零二零年六月一 日開始的會計期間生效的所有 新訂及經修訂國際財務報告準 則。採納該等新訂及經修訂國 際財務報告準則並無導致本集 團於當前及過往會計期間的會 計政策、本集團未經審核簡明 綜合財務報表的呈列方式及所 呈報金額出現重大變動。

The Group has not early applied new and revised IFRSs that have been issued but are not yet effective for the financial period beginning 1 June 2020. The Directors anticipate that the new and revised IFRSs will be adopted in the Group’s unaudited condensed consolidated financial statements when they become effective.

本集團並無提早採納已頒佈但 尚未於二零二零年六月一日開 始的財政期間生效的新訂及經 修訂國際財務報告準則。董事 預期新訂及經修訂國際財務報 告準則將於生效後於本集團未 經審核簡明綜合財務報表採納。

The Group is in the process of assessing, where applicable, the potential effect of all new and revised IFRSs that will be effective in future periods but is not yet in a position to state whether these new and revised IFRSs would have a material impact on its results of operations and financial position.

本集團正評估（倘適用）所有將 於未來期間生效的新訂及經修 訂國際財務報告準則的潛在影 響，但尚無法確定此等新訂及 經修訂國際財務報告準則會否 對其經營業績及財務狀況構成 重大影響。

10

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

3. REVENUE

Revenue represents the invoiced values of goods sold during the reporting periods.

3. 收入 收入指報告期間已售貨品的發 票價值。

Manufacturing and trading 製造及貿易 Other building materials and services 其他建築材料及服務 Japanese catering services 日本餐廳服務 Sourcing Services 採購服務	For the three months ended For the nine months ended 截至以下日期止三個月 截至以下日期止九個月 28 February 2021 29 February 2020 28 February 2021 29 February 2020 二零二一年 二月二十八日 二零二零年 二月二十九日 二零二一年 二月二十八日 二零二零年 二月二十九日 RM’000 RM’000 RM’000 RM’000 千令吉 千令吉 千令吉 千令吉 (unaudited) (unaudited) (unaudited) (unaudited) （未經審核） （未經審核） （未經審核） （未經審核） 4,031 4,689 12,039 14,770 524 1,021 2,533 2,983 144 665 1,087 2,191 2 3 23 88
	[•••] [•••] 4,701 6,378 15,682 20,032

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第三季度業績報告 2020 • 瑞強集團有限公司

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

4. FINANCE COSTS

4. 融資成本

		For	the			For	the
		three months		ended		nine months ended
		截至以下日期止三個月				截至以下日期止九個月
		28 February	29	February		28 February	29	February
		2021		2020		2021		2020
		二零二一年	二零二零年			二零二一年	二零二零年
		二月二十八日	二月二十九日			二月二十八日	二月二十九日
		RM’000		RM’000		RM’000		RM’000
		千令吉		千令吉		千令吉		千令吉
		(unaudited)	(unaudited)			(unaudited)	(unaudited)
		（未經審核）	（未經審核）			（未經審核）	（未經審核）
Interest expense on:	下列各項的利息開支：
Other facilities	其他設施	–		–		–		1
Commitment fees	承諾費	2		2		7		7
Lease liabilities interest	租賃負債利息	10		19		58		126
		[•••]			[•••]
		12		21		65		134

12

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

5. TAXATION

5. 稅項

TAXATION		5.		稅項
		For	the			For	the
		three months		ended		nine months ended
		截至以下日期止三個月				截至以下日期止九個月
		28 February	29	February		28 February	29 February
		2021		2020		2021	2020
		二零二一年	二零二零年			二零二一年	二零二零年
		二月二十八日	二月二十九日			二月二十八日	二月二十九日
		RM’000		RM’000		RM’000	RM’000
		千令吉		千令吉		千令吉	千令吉
		(unaudited)	(unaudited)			(unaudited)	(unaudited)
		（未經審核）	（未經審核）			（未經審核）	（未經審核）
Malaysia corporate income tax:	馬來西亞企業所得稅：
Current period	本期間	56		126		428	657
Deferred tax	遞延稅項	–		–		–	–
		[•••]			[•••]
		56		126		428	657

Malaysia corporate income tax is calculated at the statutory tax rate of 24% (2020: 24%) on the estimated assessable profits for each of the assessable period.

馬來西亞企業所得稅就各應課 稅期間的估計應課稅溢利按 法定稅率24%（二零二零年： 24%）計算。

Hong Kong Profit Tax is calculated at rate of 16.5% (2020: 16.5%) of the estimated assessable profits each of the assessable period. Hong Kong tax has not been provided for both periods as there is no assessable profits for both periods.

香港利得稅就各應課稅期間的 估計應課稅溢利按稅率16.5% （二零二零年：16.5%）計算。 由於兩個期間均未產生應課稅 溢利，故並無於該兩個期間計 提香港稅。

13

第三季度業績報告 2020 • 瑞強集團有限公司

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

6. LOSS FOR THE PERIOD

Loss for the period has been arrived at after charging (crediting):

6. 期內虧損

期內虧損於扣除（計入）以下各 項後達致：

Auditor remuneration 核數師薪酬 Cost of inventories recognised as an expense 確認為開支的存貨 成本 Staff costs, excluding directors’ remuneration: 員工成本，不包括 董事薪酬： – Salaries, wages and other benefits －薪金、工資及 其他褔利 – Contribution to EPF －僱員公積金供款 Minimum lease payments on: 以下各項的最低租賃 付款： Factory 工廠 Crane 起重機 Shop 店鋪 Staff accommodation 員工宿舍 Office equipment 辦公室設備 Depreciation on: 以下各項折舊： Property, plant and equipment 物業、廠房及設備 Investment property 投資物業 Amortisation of right of use assets 使用權資產攤銷 Unrealised loss/(gain) on foreign exchange 未變現匯兌 虧損╱（收益） Interest income 利息收入	For the three months ended For the nine months ended 截至以下日期止三個月 截至以下日期止九個月 28 February 2021 29 February 2020 28 February 2021 29 February 2020 二零二一年 二月二十八日 二零二零年 二月二十九日 二零二一年 二月二十八日 二零二零年 二月二十九日 RM’000 RM’000 RM’000 RM’000 千令吉 千令吉 千令吉 千令吉 (unaudited) (unaudited) (unaudited) (unaudited) （未經審核） （未經審核） （未經審核） （未經審核） 170 178 389 534 2,445 3,557 8,325 10,482
	795 676 2,519 3,208 69 70 192 219
	864 746 2,711 3,427 – – – – 2 2 12 3 147 – 411 – – 5 – 14 – 2 6 8 185 234 527 693 3 3 8 8 159 341 929 1,778 (15) 141 (874) 217 (87) (103) (258) (312)

14

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

7. DIVIDEND

The Board does not recommend the payment of dividend for the nine months ended 28 February 2021 (2020: Nil).

7. 股息

截至二零二一年二月二十八日 止九個月，董事會並無建議派 付股息（二零二零年：無）。

8.

LOSS PER SHARE 8. 每股虧損

每股基本虧損乃根據下列數據 計算：

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

		For	the		For	the
		three months		ended	nine months ended
		截至以下日期止三個月			截至以下日期止九個月
		28 February	29	February	28 February	29	February
		2021		2020	2021		2020
		二零二一年	二零二零年		二零二一年	二零二零年
		二月二十八日	二月二十九日		二月二十八日	二月二十九日
		RM’000		RM’000	RM’000		RM’000
		千令吉		千令吉	千令吉		千令吉
		(unaudited)	(unaudited)		(unaudited)	(unaudited)
		（未經審核）	（未經審核）		（未經審核）	（未經審核）
Loss for the purpose of	用於計算擁有人應佔
calculating basic loss per	期內虧損
share loss for the period	每股基本
attributable to the owners	虧損的虧損	(242)		(623)	(1,280)		(2,063)
		Number		Number	Number		Number
		share		share	share		share
		股份數目		股份數目	股份數目		股份數目
Weighted average number	用於計算每股基本
of ordinary shares for the	（虧損）╱盈利的
purpose of calculating basic	普通股加權平均數
(loss)/earnings per share		688,200,000	620,000,000		688,200,000	620,000,000

15

第三季度業績報告 2020 • 瑞強集團有限公司

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

8. LOSS PER SHARE (CONTINUED)

No diluted loss per share information has been presented for the period ended 29 February 2020 and 28 February 2021 as the Company has no potential ordinary shares outstanding during both periods.

8. 每股虧損（續）

由於本公司於截至二零二零年 二月二十九日及二零二一年二 月二十八日止期間並無發行在 外的潛在普通股，故並無呈列 當中任何一段期間的每股攤薄 虧損資料。

9. EVENTS AFTER REPORTING PERIOD

Reference is made to the announcements d a t e d o n 4 M a r c h 2021, 7 M a r c h 2021 and 11 March 2021, on 4 March 2021, the Company entered into the Subscription Agreements with the each of the Subscribers, pursuant to which the Company will allot and issue, and the Subscribers will subscribe for, an aggregate of 96,000,000 Subscription Shares at the price of HK$0.052 per share (the “ Subscription Share ”) and the net subscription price per Subscription Share was approximately HK$0.0517. The aggregate nominal value of the Subscription Shares was HK$960,000. The Subscription Shares have been issued pursuant to the general mandate to allot and issue up to a maximum of 137,640,000 shares granted to the Directors of the Company by a resolution of the shareholders passed at the Company’s annual general meeting held on 25 November 2020. The subscription completed on 11 March 2021. The net proceeds of approximately HK$4,967,000 was intended to be used as general working capital of the Group.

9. 報告期後事項

茲提述日期分別為二零二一年 三月四日、二零二一年三月 七日及二零二一年三月十一 日之公佈，於二零二一年三月 四日，本集團與各認購人訂立 認購協議，據此，本公司將配 發及發行且認購人將認購合共 96,000,000股每股價格0.052港 元的認購股份（「 認購股份 」）， 且每股認購股份的認購價淨額 約為0.0517港元。認購股份的 總面值為960,000港元。認購股 份已根據本公司於二零二零年 十一月二十五日舉行股東週年 大會通過的一項股東決議案所 授予本公司董事的一般授權以 配發及發行最多137,640,000股 股份而獲發行。該認購事項於 二零二一年三月十一日完成。 所得款項淨額約4,967,000港元 擬用於本集團的一般營運資金 用途。

16

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註

For the nine months ended 28 February 2021 截至二零二一年二月二十八日止九個月

9. EVENTS AFTER REPORTING PERIOD (CONTINUED)

• Reference is made to the announcement dated on 7 April 2021, Gallant Empire Limited (the “ Purchaser ”), a wholly owned subsidiary of the Company, has entered into a non-legal binding memorandum of understanding (the “ MOU ”) with third party vendors (the “ Vendors ”), which are independent of and not connected with the Company and its connected persons. Pursuant to the MOU, the Purchaser has the intention to acquire and the Vendors have the intention to sell 51% of the issued share capital of 深圳市麥田公寓 管理有限公司 (the “ Target Company ”), which is principally engaged in property management and leasing business in Shenzhen.

9. 報告期後事項（續）

茲提述日期為二零二一年四月 七日的公佈。本公司的全資附 屬公司Gallant Empire Limited （「 買方 」）與第三方賣方（「 賣 方 」）訂立無法律約束力的諒解 備忘錄（「 諒解備忘錄 」），該 等賣方為獨立於本公司及其關 連人士且與其並無關連之第三 方。根據諒解備忘錄，買方有 意收購而賣方有意出售深圳市 麥田公寓管理有限公司（「 目標 公司 」）的51%已發行股本，該 公司主要於深圳從事物業管理 及租賃業務。

Save for disclosed above, there are no significant events which have taken place subsequent to 28 February 2021 and up to the date of this report.

除上文所披露者外，於二零 二一年二月二十八日之後及截 至本報告日期概無發生重大事 項。

17

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

BUSINESS REVIEW AND OUTLOOK

The Group manufactures and sells precast concrete telecommunication junction boxes and precast concrete electrical junction boxes under the brand of “Target” in Malaysia (the “ Manufacturing and Trading Business ”). The Group’s precast concrete junction boxes are used in (i) telecommunication and electrical infrastructures upgrade and expansion works; and (ii) construction projects in Malaysia. They are buried underground to deter tampering and are used to house and protect a junction with telecommunication and electrical utility connection and distribution access points from weather, changing elevation underground and provide easy access for maintenance.

The Group has been a registered supplier or approved supplier of various notable telecommunication companies such as Celcom Axiata Berhad and Telekom Malaysia since 2008 and a registered supplier of Tenaga National Bhd. (” TNB ”), the only electric utility company in Malaysia since 2012. Hence, the Group’s precast concrete junction boxes can be used in infrastructure or construction projects involving these telecommunication companies and TNB.

For the nine months ended 28 February 2021, the revenue of the Group decreased by approximately 21.72% due to decrease in the revenue generated from manufacturing and trading of precast concrete junction boxes business affected by the continuous outbreak of the COVID-19 and slowdown of economy in Malaysia.

業務回顧及展望

本集團於馬來西亞製造及銷售 「Target」品牌的預製混凝土電信接線 盒及預製混凝土電力接線盒（「 製造及 貿易業務 」）。本集團的預製混凝土接 線盒用於馬來西亞的(i)電信及電力基 建升級及擴建工程；及(ii)建築項目。 該等接線盒埋藏於地下以防止損害， 以及用作放置及保護與電信及電力設 施連接的接線點以及分佈式接入點， 免受天氣及地下高標轉變的影響，並 提供通道方便維修。

本集團自二零零八年起為多家知名電 信公司（如Celcom Axiata Berhad及 Telekom Malaysia）的註冊供應商或 認可供應商，以及自二零一二年起為 Tenaga National Bhd.（「 TNB 」，馬來 西亞唯一的電力公用事業公司）的註 冊供應商。因此，本集團的預製混凝 土接線盒可用於涉及該等電信公司及 TNB的基建或建築項目。

截至二零二一年二月二十八日止九個 月，本集團收入減少約21.72%，乃由 於受COVID-19持續爆發及馬來西亞經 濟放緩的影響，預製混凝土接線盒的 製造及貿易業務之收入減少所致。

18

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

Moreover, other factors which include labour shortage, dependency on foreign workers, the rising production and transportation costs and the outbreak of the COVID-19 epidemic may exert extreme pressure on the Group’s operations. It is expected that the operating results for 2021 will be adversely affected, though we are not yet able to reasonably quantify the potential magnitude of such impact on our financial performance at the time of this report. However, the management is confident that we will be able to continue to provide the best services and support to our customers during this difficult time. The Group will also strive its best endeavours to obtain new business and to diversify its portfolio to maintain a stable return to the shareholders. The Group remains cautiously optimistic about the overall business prospect in the long run.

此外，勞工短缺、倚賴外勞、生產及 運輸成本上升以及COVID-19疫情等其 他因素可能對本集團的業務經營施加 壓力。儘管我們於本報告時間仍無法 合理量化對我們財務表現造成影響的 潛在大小，預計將對二零二一年的經 營業績造成不利影響。然而，管理層 相信我們能在此困難時期繼續為我們 的客戶提供最優質的服務和支持。本 集團亦將竭盡全力獲取新的業務機會 並多元化其組合以保持為股東帶來穩 定回報。本集團仍對長期的整體業務 前景持審慎樂觀態度。

FINANCIAL REVIEW Revenue

The revenue decreased from approximately RM20.0 million for the nine months ended 29 February 2020 to approximately RM15.7 million for the nine months ended 28 February 2021, representing a decrease of approximately 21.72%. Such decrease was mainly due to the decrease in the revenue generated from manufacturing and trading of precast concrete junction boxes business.

財務回顧

收入

收入由截至二零二零年二月二十九日 止九個月約20.0百萬令吉減少至截至 二零二一年二月二十八日止九個月約 15.7百萬令吉，減幅約21.72%。有關 減少主要由於預製混凝土接線盒的製 造及貿易業務之收入減少所致。

For the manufacturing and trading of precast concrete junctions boxes business, the revenue decreased by approximately 18.49%, from approximately RM14.8 million for the period ended 29 February 2020 to approximately RM12.0 million for the period ended 28 February 2021.

就預製混凝土接線盒的製造及貿易業 務而言，收入由截至二零二零年二月 二十九日止期間的約14.8百萬令吉減 少約18.49%至截至二零二一年二月 二十八日止期間的約12.0百萬令吉。

19

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

For the trading of accessories and pipes and the provision of mobile crane rental and ancillary services business, the revenue decreased by approximately 15.09%, from approximately RM3.0 million for the period ended 29 February 2020 to approximately RM2.5 million for the period ended 28 February 2021. The decrease was mainly caused by the decrease in sales of scrap iron.

For the Japanese catering services, the revenue slightly decreased by approximately 50.39%, from approximately RM2.2 million for the period ended 29 February 2020 to approximately RM1.1 million for the period ended 28 February 2021. The decrease is mainly due to the effect of COVID-19.

The sourcing services of materials has contributed a small portion to the Group’s revenue.

Cost of sales and Gross Profit

Costs of sales mainly consists of (i) cost of raw materials and trading products; (ii) manufacturing overheads; (iii) direct labour; (iv) crane hiring costs and (v) food costs. The cost of sales decreased from approximately RM14.0 million for the nine months ended 29 February 2020 to approximately RM11.8 million for the nine months ended 28 February 2021, representing a decrease of approximately 16.10%. Such change was mainly attributable to the decrease in sales of manufacturing and trading of precast concrete junction boxes business for the nine months ended 28 February 2021.

The Gross Profit decreased from approximately RM6.0 million for the nine months ended 29 February 2020 to approximately RM3.9 million for the nine months ended 28 February 2021.

就配件及管道貿易以及提供移動式起 重機租賃及配套服務業務而言，收入 由截至二零二零年二月二十九日止期 間的約3.0百萬令吉減少約15.09%至 截至二零二一年二月二十八日止期間 的約2.5百萬令吉。有關減少乃主要 由於廢鐵銷售下降所致。

就日本餐廳服務而言，收入由截至二 零二零年二月二十九日止期間的約 2.2百萬令吉輕微減少約50.39%至截 至二零二一年二月二十八日止期間的 約1.1百萬令吉。有關減少乃主要由 於COVID-19影響所致。

物料採購服務構成本集團收入的一小 部分。

銷售成本及毛利

銷售成本主要包括(i)原材料及貿易 產品成本；(ii)製造費用；(iii)直接勞 動；(iv)起重機租用成本；及(v)食品 成本。銷售成本由截至二零二零年二 月二十九日止九個月約14.0百萬令吉 減少至截至二零二一年二月二十八 日止九個月約11.8百萬令吉，減幅約 16.10%。有關變動乃主要由於截至二 零二一年二月二十八日止九個月的預 製混凝土接線盒的製造及貿易業務銷 售額減少。

毛利由截至二零二零年二月二十九日 止九個月約6.0百萬令吉減少至截至 二零二一年二月二十八日止九個月約 3.9百萬令吉。

20

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

Administrative expenses

Administrative expenses of the Group decreased by approximately RM2.4 million or approximately 34.25% from approximately RM7.0 million for the nine months ended 29 February 2020 to approximately RM4.6 million for the nine months ended 28 February 2021.

The Group’s administrative expenses mainly consisted of salaries, welfare and other benefits, rent and rates, general office expenses, amortisation, depreciation and professional service fees. The decrease was mainly attributable to tighter control on expenses.

Selling and distribution expenses

Selling and distribution expenses of the Group decreased by approximately RM116,000 or 14.39% from approximately RM806,000 for the nine months ended 29 February 2020 to approximately RM690,000 for the nine months ended 28 February 2021.

The Group’s selling and distribution expenses mainly consisted of salaries, welfare and other benefits for sales and marketing staff and travelling and entertainment expenses. The decrease of selling and distribution expenses was mainly due to decrease in staff cost.

Loss for the period

The Group recorded a net loss of approximately RM1.3 million for the nine months ended 28 February 2021 due to the decrease in revenue of the Group for the nine months ended 28 February 2021.

SIGNIFICANT INVESTMENTS HELD

During the nine months ended 28 February 2021, the Company did not have any significant investments held.

行政開支

本集團的行政開支由截至二零二零年 二月二十九日止九個月約7.0百萬令 吉減少約2.4百萬令吉或約34.25%至 截至二零二一年二月二十八日止九個 月約4.6百萬令吉。

本集團的行政開支主要包括薪金、福 利及其他福利、租金及差餉、一般辦 公室開支、攤銷、折舊及專業服務 費。有關減少乃主要由於對開支的嚴 格控制。

銷售及分銷開支

本集團的銷售及分銷開支由截至二 零二零年二月二十九日止九個月約 806,000令吉減少約116,000令吉或 14.39%至截至二零二一年二月二十八 日止九個月約690,000令吉。

本集團的銷售及分銷開支主要包括銷 售及市場推廣員工的薪金、福利及其 他福利以及差旅及娛樂開支。銷售及 分銷開支減少乃主要由於員工成本減 少。

期內虧損

本集團於截至二零二一年二月二十八 日止九個月錄得淨虧損約1.3百萬 令吉，乃由於截至二零二一年二月 二十八日止九個月本集團收入減少。

持有之重大投資

於截至二零二一年二月二十八日止九 個月，本公司概無持有任何重大投 資。

21

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

MATERIAL INVESTMENTS, ACQUISITIONS AND DISPOSALS, AND PLAN FOR MATERIAL INVESTMENT OR CAPITAL ASSETS

There were no material acquisitions and disposals of subsidiaries and affiliated companies during the nine months ended 28 February 2021. Save for disclosed in this report, there is no specific future plan for material investments or capital assets as at the date of this report.

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ASSOCIATED CORPORATIONS

As at 28 February 2021, the interests and short positions of the Directors and chief executive of the Company 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 & Futures Ordinance (the “ SFO ”) (i) as required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and/or short positions which they are taken or deemed to have under such provisions of the SFO), or (ii) as required to be recorded in the register required to be kept by the Company pursuant to Sections 352 of the SFO, or (iii) as otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by directors of listed issuers as referred to in Rule 5.46 of the GEM Listing Rules were as follows:

重大投資、收購及出售以及重 大投資或資本資產計劃

於截至二零二一年二月二十八日止九 個月，概無附屬公司及聯屬公司的重 大收購及出售事項。除本報告所披露 者外，於本報告日期，概無涉及重大 投資或資本資產的未來具體計劃。

董事及主要行政人員於本公司 及相聯法團的股份、相關股份 及債權證的權益及淡倉

於二零二一年二月二十八日，本公司 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）的股 份、相關股份或債權證中，擁有(i)根 據證券及期貨條例第XV部第7及8分部 須知會本公司及聯交所的權益及淡倉 （包括根據證券及期貨條例有關條文 彼等被當作或視為擁有的權益及╱或 淡倉），或(ii)須記錄於本公司根據證 券及期貨條例第352條存置的登記冊 的權益及淡倉，或(iii)根據GEM上市 規則第5.46條所述上市發行人董事進 行交易的規定標準須知會本公司及聯 交所的權益及淡倉如下：

22

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

Ordinary Shares of the Company

本公司普通股

			Percentage of
			the Company’s
			issued share
		Number of	capital as at
Name of Director/		Shares	28 February
Chief Executive	Capacity/Nature of Interest	interested	2021
			佔本公司於
			二零二一年
			二月二十八日
			已發行股本
董事╱主要行政人員姓名	身份╱權益性質	權益股份數目	百分比
Mr. Loh Swee Keong (Note 2)	Interest in controlled corporation	238,620,000 (L)	34.67%
		(Note 1)
Loh Swee Keong先生（附註2）	受控制法團權益	（附註1）

Notes:

附註：

• (1) The letter (L) denotes the person’s long interest in the Shares.

• (1) 英文字母(L)表示該人士於股份的好 倉。

• (2) Merchant World Investments Limited is a company incorporated in the BVI and is whollyowned by Mr. Loh Swee Keong. Mr. Loh Swee Keong is deemed to be interested in all the Shares held by Merchant World Investments Limited for the purpose of the SFO.

• (2) Merchant World Investments Limited為於英屬處女群島註冊成 立的公司，由Loh Swee Keong先 生全資擁有。根據證券及期貨條 例，Loh Swee Keong先生被視為 於由Merchant World Investments Limited持有的全部股份中擁有權 益。

23

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

Save for disclosed above, as at 28 February 2021, none of the Directors and chief executive of the Company had any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO (i) as required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and/or short positions which they are taken or deemed to have under such provision of the SFO), or (ii) as required to be recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or (iii) as otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by Directors of the Company as referred to in Rule 5.46 of the GEM Listing Rules.

除上文所披露者外，於二零二一年二 月二十八日，概無董事及本公司主要 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第XV部）的 任何股份、相關股份或債權證中，擁 有(i)根據證券及期貨條例第XV部第7 及8分部須知會本公司及聯交所的任 何權益或淡倉（包括根據證券及期貨 條例有關條文彼等被當作或視為擁有 的權益及╱或淡倉），或(ii)須記錄於 本公司根據證券及期貨條例第352條 存置的登記冊的任何權益或淡倉，或 (iii)根據GEM上市規則第5.46條所述本 公司董事進行交易的規定標準須知會 本公司及聯交所的任何權益或淡倉。

24

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY

As at 28 February 2021, the following persons (other than the Directors or chief executive of the Company) had interests and/or short positions in the shares and underlying shares of the Company which would fall to be disclosed of the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or as required to be recorded in the register required to be kept under Section 336 and SFO were as follows:

主要股東及其他人士於本公司 股份及相關股份的權益及淡倉

於二零二一年二月二十八日，以下 人士（董事或本公司主要行政人員除 外）於本公司股份及相關股份中擁有 根據證券及期貨條例第XV部第2及3分 部條文須向本公司披露的權益及╱或 淡倉，或須記錄於根據證券及期貨條 例第336條須予存置的登記冊的權益 及╱或淡倉如下：

Ordinary Shares of the Company

本公司普通股

			Percentage of
			the Company’s
			issued share
		Number	capital as at
	Capacity/	of Shares	28 February
Name	Nature of Interest	interested	2021
			佔本公司
			於二零二一年
			二月二十八日
			已發行
姓名╱名稱	身份╱權益性質	權益股份數目	股本百分比
Merchant World Investments Limited	Beneficial owner	238,620,000 (L)	34.67%
		(Note 1)
Merchant World Investments Limited	實益擁有人	（附註1）
Ms. Woon Sow Sum (Note 2)	Interest of spouse	238,620,000 (L)	34.67%
Woon Sow Sum女士（附註2）	配偶權益
Greater Elite Holdings Limited	Beneficial owner	108,980,000 (L)	15.84%
Greater Elite Holdings Limited	實益擁有人

25

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

			Percentage of
			the Company’s
			issued share
		Number	capital as at
	Capacity/	of Shares	28 February
Name	Nature of Interest	interested	2021
			佔本公司
			於二零二一年
			二月二十八日
			已發行
姓名╱名稱	身份╱權益性質	權益股份數目	股本百分比
Mr. Law Fung Yuen, Paul (Note 3)	Interest in controlled corporation	108,980,000 (L)	15.84%
羅鳳原先生（附註3）	受控制法團權益
Ms. Cheng Lai Wah, Christina (Note 4)	Interest of spouse	108,980,000 (L)	15.84%
鄭麗華女士（附註4）	配偶權益
Mr. Fung Tak, Andrew (Note 5)	Beneficial owner and joint interest	99,872,000 (L)	14.51%
馮達先生（附註5）	實益擁有人及共同權益
Mr. Fung Hong, Albert (Note 6)	Beneficial owner and joint interest	99,872,000 (L)	14.51%
馮康先生（附註6）	實益擁有人及共同權益
Ms. Lo Pui Chu, Amy (Note 7)	Interest of spouse	99,872,000 (L)	14.51%
盧佩珠女士（附註7）	配偶權益
Ms. Cho Ka Lai (Note 8)	Interest of spouse	99,872,000 (L)	14.51%
左嘉麗女士（附註8）	配偶權益

26 SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

Notes:

• (1) The letter (L) denotes the person’s long interest in the Shares.

• (2) Ms. Woon Sow Sum is the spouse of Mr. Loh Swee Keong and is deemed, or taken to be interested in all Shares in which Mr. Loh Swee Keong has interest under the SFO.

• (3) Greater Elite Holdings Limited is a company incorporated in the BVI and is wholly-owned by Mr. Law Fung Yuen, Paul. Mr. Law Fung Yuen, Paul is deemed to be interested in all the Shares held by Greater Elite Holdings Limited for the purpose of the SFO.

• (4) Ms. Cheng Lai Wah, Christina is the spouse of Mr. Law Fung Yuen, Paul and is deemed, or taken to be interested in all Shares in which Mr. Law Fung Yuen, Paul has interest under the SFO.

• (5) Mr. Fung Tak, Andrew is interested in 99,872,000 shares jointly with Mr. Fung Hong, Albert.

• (6) Mr. Fung Hong, Albert is interested in 99,872,000 shares jointly with Mr. Fung Tak, Andrew.

• (7) Ms. Lo Pui Chu, Amy is the spouse of Mr. Fung Tak, Andrew and is deemed, or taken to be interested in all the Shares in which Mr. Fung Tak, Andrew has interest under the SFO.

• (8) Ms. Cho Ka Lai is the spouse of Mr. Fung Hong, Albert and is deemed, or taken to be interested in all the Shares in which Mr. Fung Hong, Albert has interest under the SFO.

附註：

• (1) 英文字母(L)表示該人士於股份的好 倉。

• (2) Woon Sow Sum女士為Loh Swee Keong先生的配偶，根據證券及 期貨條例，彼被視為或當作於Loh Swee Keong先生擁有權益的所有 股份中擁有權益。

• (3) Greater Elite Holdings Limited為於 英屬處女群島註冊成立的公司，由 羅鳳原先生全資擁有。根據證券及 期貨條例，羅鳳原先生被視為於由 Greater Elite Holdings Limited持有 的全部股份中擁有權益。

• (4) 鄭麗華女士為羅鳳原先生的配偶， 根據證券及期貨條例，彼被視為或 當作於羅鳳原先生擁有權益的所有 股份中擁有權益。

• (5) 馮達先生與馮康先生於99,872,000 股股份中擁有共同權益。

• (6) 馮康先生與馮達先生於99,872,000 股股份中擁有共同權益。

• (7) 盧佩珠女士為馮達先生的配偶，根 據證券及期貨條例，彼被視為或當 作於馮達先生擁有權益的所有股份 中擁有權益。

• (8) 左嘉麗女士為馮康先生的配偶，根 據證券及期貨條例，彼被視為或當 作於馮康先生擁有權益的所有股份 中擁有權益。

27

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

Save for disclosed above, as at 28 February 2021, the Company has not been notified by any person (other than the Directors or the chief executive of the Company) who had, or was deemed to have, interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under provisions of Division 2 and 3 of Part XV of the SFO or as required to be recorded in the register required to be kept by the Company under Section 336 of the SFO.

除上文所披露者外，於二零二一年二 月二十八日，本公司並無得悉任何人 士（本公司董事或主要行政人員除外） 於本公司股份或相關股份中，擁有或 視為擁有根據證券及期貨條例第XV部 第2及3分部條文須向本公司及聯交所 披露的權益或淡倉，或須記錄於本公 司根據證券及期貨條例第336條須存 置的登記冊的權益或淡倉。

CHARGE ON GROUP’S ASSETS

The Group did not have any charge on its assets as at 28 February 2021 (29 February 2020: Nil).

本集團資產之抵押

於二零二一年二月二十八日，本集團 並無抵押其任何資產（二零二零年二 月二十九日：無）。

FOREIGN CURRENCY RISK

As most of the Group’s transactions are denominated in Malaysian Ringgit and Hong Kong dollars, the Directors believe that the Group’s exposure to exchange fluctuation was immaterial and the Group has not implemented any formal hedging or other alternative policies to deal with such exposure.

外幣風險

由於本集團之大多數交易乃以馬來西 亞令吉及港元計值，董事相信本集團 面對之匯兌波動的風險並不重大，本 集團亦無實施任何正式對沖或其他可 替代政策應對有關風險。

However, the Directors will continue to monitor the related foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise.

然而，董事將持續監察相關匯兌風 險，並會在有需要時考慮對沖重大外 幣風險。

28

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

FUND RAISING EXERCISE OF THE COMPANY DURING THE PAST TWELVE MONTHS

本公司於過去十二個月內的集 資活動

Date of announcement

公佈日期

Fund raising activity

集資活動

Net proceeds to be raised

Actual use of

to be raised Proposed use Actual use of (approximately) of net proceeds net proceeds 集資所得款項 所得款項淨額擬定 所得款項淨額 淨額（約整） 用途 實際用途

• 17 April 2020, 20 April Subscription of news 2020 and 29 April 2020 Shares under (completed on general mandate 8 May 2020) granted on 25 November 2019

• 二零二零年四月十七日、 根據於二零一九年 二零二零年四月二十日及 十一月二十五日 二零二零年四月二十九日 授出的一般授權

• （於二零二零年五月八日 認購新股份 完成）

• Used as intended

HK$8,500,000

For general working capital of the Group

• 8,500,000港元 用作本集團一般營 用作擬定用途 運資金

CONTINGENT LIABILITIES

The Group had no contingent liabilities as at 28 February 2021 (29 February 2020: Nil).

或然負債

本集團於二零二一年二月二十八日概 無或然負債（二零二零年二月二十九 日：無）。

29

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

CORPORATE GOVERNANCE PRACTICES

Under the code provision A.2.1 of the Corporate Governance Code (the “ CG Code ”) and Corporate Governance Report as set out in Appendix 15 to the GEM Listing Rules, the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. The division of responsibilities between the chairman and chief executive officer should be clearly established.

Mr. Loh Swee Keong (” Mr. Loh ”) is the Chairman of the Board and the Chief Executive Officer of the Company. In view of Mr. Loh has been operating and managing the operating subsidiaries of the Group since 1993, the Board believes that it is in the best interest of the Group to have Mr. Loh taking up both roles for effective management and business development. Therefore, the Directors consider that the deviation from the CG Code provision A.2.1 is appropriate in such circumstances.

Save as disclosed above, for the nine months ended 28 February 2021, in the opinion of the Directors, the Group has complied with the code provision of the CG Code.

企業管治常規

根據GEM上市規則附錄15所載的企業 管治守則（「 企業管治守則 」）及企業 管治報告守則條文A.2.1，主席及行政 總裁的職務應予區分，並不應由同一 人士擔任。主席與行政總裁之間職務 的分工應予清晰界定。

Loh Swee Keong先生（「 Loh先生 」） 為本公司董事會主席兼行政總裁。鑒 於Loh先生自一九九三年起一直經營 及管理本集團的營運附屬公司，故 董事會相信，由Loh先生兼任兩個職 位以達致有效的管理及業務發展乃符 合本集團的最佳利益。因此，董事認 為，偏離企業管治守則條文A.2.1在該 情況下乃屬合適。

除上文所披露者外，截至二零二一年 二月二十八日止九個月，董事認為， 本集團一直遵守企業管治守則的守則 條文。

30

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

SHARE OPTION SCHEME

The purpose of a share option scheme is to attract and retain the best available personnel, to provide additional incentive to employees (full time and part time), or any member of the Group, including any Executive, Non-executive Directors and Independent Non-executive Directors, advisors, consultants of the Group.

The Company conditionally adopted a share option scheme (” Share Option Scheme ”) on 27 June 2017 whereby the Board is authorised, at its absolute discretion and subject to the terms of the Share Option Scheme, to grant options to the Eligible Participants to subscribe for the shares of the Company. The Share Option Scheme will be valid and effective for a period of ten years from the date of the grant of option.

The maximum number of shares in respect of which options may be granted under the Share Option Scheme and any other share option schemes of the Company must not in aggregate exceed 10% of the total number of shares in issue upon the date of the shares of the Company listed on the GEM, being 62,000,000 shares (or such numbers of shares as shall result from a subdivision or a consolidation of such 62,000,000 from time to time) (the “ Scheme Limit ”). Subject to shareholders’ approval in general meeting, the Board may (i) renew this limit at any time to 10% of the shares in issue as at the date of the approval by the share holders in general meeting; and/or (ii) grant options beyond the Scheme Limit to Eligible Participants specifically identified by the Board.

購股權計劃

購股權計劃旨在吸引及留聘最優秀的 人員，以及向本集團全職及兼職僱員 或任何成員（包括本集團任何執行董 事、非執行董事、獨立非執行董事、 顧問及諮詢人）提供額外獎勵。

於二零一七年六月二十七日，本公司 有條件採納一項購股權計劃（「 購股權 計劃 」），據此，董事會獲授權按其絕 對酌情權，依照購股權計劃的條款， 向合資格參與人士授出可認購本公司 股份的購股權。購股權計劃將由授 出購股權當日起計十年期間有效及生 效。

根據購股權計劃及本公司任何其他購 股權計劃可能授出的購股權所涉及的 最高股份數目合共不得超過本公司股 份於GEM上市日期後已發行股份總 數的10%，即62,000,000股股份（或 因不時拆細或合併該62,000,000股股 份而產生的有關股份數目）（「 計劃上 限 」）。待於股東大會上取得股東批准 後，董事會可(i)隨時將此上限更新至 於股東在股東大會上批准當日已發行 股份的10%；及╱或(ii)向董事會特別 選定的合資格參與人士授出超過計劃 上限的購股權。

31

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

The number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Share Option Scheme and any other share option scheme of the Company at any time shall not exceed 30% of the shares in issue from time to time. No options shall be granted under any schemes of the Company (including the Share Option Scheme) if this will result in the limit being exceeded.

因根據購股權計劃及本公司任何其他 購股權計劃已授出及尚未行使的所有 尚未行使購股權獲行使而可能發行的 股份數目，於任何時候不得超過不時 已發行股份的30%。倘根據本公司的 任何計劃（包括購股權計劃）授出購 股權將導致超出上限，則不得授出購 股權。

The total number of shares issuable upon exercise of the options granted under the Share Option Scheme and any other share option schemes of the Company to each Participants in any twelve months period shall not exceed 1% of the shares in issue. Any further grant of options is subject to shareholders’ approval in general meeting with such Eligible Participants and his associates abstaining from voting.

於任何12個月期間，因根據購股權計 劃及本公司任何其他購股權計劃向各 參與人士授出的購股權獲行使而可予 發行的股份總數不得超過已發行股份 的1%。任何額外授出購股權須於股 東大會上獲股東批准，而有關合資格 參與人士及其聯繫人須放棄投票。

An option may be exercised in accordance with the terms of the Share Option Scheme at any time during a period as the Board may determine which shall not exceed ten years from the date of grant to the provisions of early termination thereof.

購股權可於董事會可能釐定而不得超 過授出日期起計十年的期間內，在有 關提前終止條文的規限下，隨時根據 購股權計劃的條款行使。

An offer for the grant must be accepted not less than five business days from the date on which the Option is granted. The amount payable by the grantee of an option to the Company on acceptance of the offer for the grant of an options is HK$1.

授出購股權的要約必須於授出購股權 當日起計不少於五個營業日獲接納。 購股權承授人於接納授出購股權的要 約時應向本公司支付1港元。

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SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

Pursuant to the Share Option Scheme, the participants may subscribe for the shares of the Company on exercise of an option at the price determined by the Board provided that it shall be at least the highest of: (i) the closing price of the shares as stated in the Stock Exchange’s daily quotation sheet on the date of grant, which must be a trading day; (ii) the average of the closing prices of the shares as stated in the Stock Exchange’s daily quotation sheets for the five trading days immediately preceding the date of grant; and (iii) the nominal value of the share.

根據購股權計劃，參與人士可按董事 會釐定的價格行使購股權認購本公司 股份，惟該價格不得低於下列最高 者：(i)於授出當日（該日須為交易日） 的聯交所每日報價表所列股份的收市 價；(ii)於緊接授出日期前五個交易日 的聯交所每日報價表所列股份的平均 收市價；及(iii)股份面值。

During the nine months ended 28 February 2021, other than the share option scheme set out above, the Company did not enter into the other equity-linked agreement, nor did any other equity-linked agreement exist during the period under review.

截至二零二一年二月二十八日止九個 月，除上述所載購股權計劃外，本公 司並未訂立其他權益相關協議，於回 顧期內，亦不存在任何其他權益相關 協議。

As at 28 February 2021, no share option has been granted, exercised, lapsed or cancelled under the Share Option Scheme of the Company.

於二零二一年二月二十八日，本公司 根據購股權計劃並未授出、行使、失 效或註銷任何購股權。

33

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

DIRECTORS’ RIGHT TO ACQUIRE SHARES OR DEBENTURES

Other than as disclosed under the section “Share Option Scheme” and “Directors’ and chief executives’ interests and short positions in shares, underlying shares and debentures of the Company and associated corporations”, at no time during the period was the Company, its or any of its holding companies or any of its subsidiaries a party to any arrangement to enable the Directors and the Chief Executives (including their spouses and children under 18 years of age) to hold any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO).

DIRECTOR’S SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding securities transactions by the Directors on terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules. The Company had also made specific enquiries of all the Directors and all Directors confirmed that they have complied with the required standards of dealings regarding securities transactions by the Directors during the nine months ended 28 February 2021 and up to the date of this report.

董事收購股份或債權證的權利

除於「購股權計劃」一節及「董事及 主要行政人員於本公司及相聯法團的 股份、相關股份及債權證的權益及淡 倉」一節所披露者外，於期內任何時 間，本公司、其任何控股公司或其任 何附屬公司並無訂立任何安排，致使 董事及主要行政人員（包括彼等的配 偶及18歲以下的子女）於本公司或其 相聯法團（定義見證券及期貨條例第 XV部）的股份、相關股份或債權證中 持有任何權益或淡倉。

董事進行證券交易

本公司已採納有關董事進行證券交易 的行為守則，其條款不遜於GEM上市 規則第5.48至5.67條所載規定交易準 則。本公司亦已向全體董事作出具體 查詢，而全體董事確認彼等於截至二 零二一年二月二十八日止九個月及截 至本報告日期止一直遵守有關董事進 行證券交易的規定交易準則。

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SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

Management Discussion and Analysis 管理層討論及分析

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the nine months ended 28 February 2021.

DIRECTOR’S AND CONTROLLING SHAREHOLDERS’ INTEREST OF COMPETING BUSINESS

The Directors confirm that none of the controlling shareholders or Directors and their respective close associates (as defined in the GEM Listing Rules) is interested in any business apart from the business operated by the Group which competes or is likely to compete, directly or indirectly, with the Group’s business, as required to be disclosed under Rule 11.04 of the GEM Listing Rules.

購買、出售或贖回上市證券

截至二零二一年二月二十八日止九個 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。

董事及控股股東於競爭業務的 權益

董事確認，除本集團營運的業務外， 概無控股股東或董事及彼等各自的緊 密聯繫人（定義見GEM上市規則）在 對本集團業務直接或間接構成或可能 構成競爭的任何業務中擁有任何須根 據GEM上市規則第11.04條披露的權 益。

35

第三季度業績報告 2020 • 瑞強集團有限公司

Management Discussion and Analysis 管理層討論及分析

AUDIT COMMITTEE

The Group has established an Audit Committee with written terms of reference in compliance with Rules 5.28 to 5.33 of the GEM Listing Rules and paragraph C.3 of the CG Code as set out in Appendix 15 to the GEM Listing Rules. The duties of the Audit Committee are to primary review financial statements of the Company and oversee internal control procedures of the Company.

The Audit Committee currently consists of three members namely, Mr. Yau Ka Hei, Mr. Chu Kin Ming and Mr. Ma She Shing, Albert. The chairman of the Audit Committee is Mr. Chu Kin Ming.

The Audit Committee has reviewed the accounting principles and policies adopted by the Group, the unaudited condensed consolidated financial statements of the Group for the nine months ended 28 February 2021 and this report and is of the opinion that such statements and this report complied with applicable standards, the GEM Listing Rules and that adequate disclosure had been made.

By Order of the Board SK Target Group Limited Loh Swee Keong Chairman

Hong Kong, 14 April 2021

As at the date of this report, the Executive Director is Mr. Loh Swee Keong; and the Independent Non-executive Directors are Mr. Yau Ka Hei, Mr. Chu Kin Ming and Mr. Ma She Shing, Albert.

審核委員會

本集團已成立審核委員會，並遵照 GEM上市規則第5.28至5.33條及GEM 上市規則附錄15所載的企業管治守 則第C.3段，制定其書面職權範圍。 審核委員會職責主要為審閱本公司的 財務報表及監管本公司的內部監控程 序。

審核委員會目前由三名成員組成，即 邱家禧先生、朱健明先生及馬希聖先 生。審核委員會主席為朱健明先生。

審核委員會已審閱本集團採納的會計 原則及政策、本集團截至二零二一年 二月二十八日止九個月的未經審核簡 明綜合財務報表以及本報告，並認 為該等報表及本報告符合適用準則及 GEM上市規則，且已作出足夠披露。

承董事會命 瑞強集團有限公司 主席 Loh Swee Keong

香港，二零二一年四月十四日

於本報告日期，執行董事為Loh Swee Keong先生及獨立非執行董事為邱家 禧先生、朱健明先生及馬希聖先生。

36

SK TARGET GROUP LIMITED • THIRD QUARTERLY REPORT 2020

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