ZO Future Group — Interim / Quarterly Report 2010

Dec 23, 2009

Executive Directors

Mr. Yeung Ka Sing, Carson Mr. Hui Ho Luek, Vico Mr. Steven McManaman Mr. Lee Yiu Tung Mr. Ip Wing Lun Ms. Wong Po Ling, Pauline

Non-executive Directors

Mr. Christian Lali Karembeu Mr. Chan Wai Keung

Independent Non-executive Directors

Mr. Chang Kin Man Mr. Yau Yan Ming, Raymond Mr. Zhou Han Ping

COMPANY SECRETARY

Mr. Ip Wing Lun

AUDIT COMMITTEE

Mr. Chang Kin Man Mr. Yau Yan Ming, Raymond Mr. Zhou Han Ping

NOMINATION COMMITTEE AND REMUNERATION COMMITTEE

Mr. Chang Kin Man Mr. Yau Yan Ming, Raymond Mr. Zhou Han Ping

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 3008, 30/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong

公司資料 董事會

執行董事

楊家誠先生 許浩略先生 Steven McManaman先生 李耀東先生 葉泳倫先生 王寶玲女士

非執行董事

Christian Lali Karembeu先生 陳偉強先生

獨立非執行董事

鄭健民先生 邱恩明先生 周漢平先生

公司秘書

葉泳倫先生

審核委員會

鄭健民先生 邱恩明先生 周漢平先生

提名委員會及薪酬委員會

鄭健民先生 邱恩明先生 周漢平先生

香港主要營業地點

香港 干諾道中168-200號 信德中心 西座 30樓3008室

REGISTERED OFFICE

Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands

SHARE REGISTRAR

Principal share registrar and transfer office

HSBC Trustee (Cayman) Limited P.O. Box 484, HSBC House, 68 West Bay Road, Grand Cayman, KY1-1106, Cayman Islands

Hong Kong Branch share registrar

Tricor Tengis Limited 26/F., Tesbury Centre, 28 Queen's Road East, Wanchai, Hong Kong

COMPANY WEBSITE

http://www.irasia.com/listco/hk/grandtop/index.htm

AUDITOR

BDO Limited

LEGAL ADVISERS TO THE COMPANY

As to Hong Kong law Robertsons Solicitors & Notaries ONC Lawyers

As to Cayman Islands law Conyers Dill & Pearman, Cayman

PRINCIPAL BANKERS

Wing Lung Bank Limited

STOCK CODE

2309

註冊辦事處

Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands

股份登記處

股份過戶登記總處

HSBC Trustee (Cayman) Limited P.O. Box 484, HSBC House, 68 West Bay Road, Grand Cayman, KY1-1106, Cayman Islands

股份過戶登記香港分處

卓佳登捷時有限公司 香港灣仔 皇后大道東28號 金鐘匯中心26樓

公司網站

http://www.irasia.com/listco/hk/grandtop/ index.htm

核數師 德豪會計師事務所有限公司

本公司之法律顧問

有關香港法律 羅拔臣律師事務所 柯伍陳律師事務所

有關開曼群島法律 Conyers Dill & Pearman, Cayman

主要往來銀行 永隆銀行有限公司

股份代號 2309

2 GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓鋒國際控股有限公司 ( PROPOSED NEW COMPANY NAME : BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED ) ( 建議新公司名稱:伯明翰環球控股有限公司 )

UNAUDITED INTERIM RESULTS

The Board of Directors (the "Board") of Grandtop International Holdings Limited (the "Company") hereby presents the unaudited condensed consolidated financial results of the Company and its subsidiaries (the "Group") for the six months ended 30 September 2009 (the "Interim Period") together with comparative figures as follows. These interim financial statements have not been audited, but have been reviewed by the Company's Audit Committee.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

未經審核中期業績

泓鋒國際控股有限公司(「本公司」)董事會 (「董事會」)謹此提呈本公司及其附屬公司 (「本集團」)截至二零零九年九月三十日止六 個月(「中期期間」)之未經審核簡明綜合財務 業績連同比較數字如下。此等中期財務報表 並未經審核,惟已由本公司之審核委員會審 閱。

簡明綜合全面收益表

For the six months ended 30 September 2009

截至二零零九年九月三十日止六個月

			Unaudited six months ended 30 September 未經審核 截至九月三十日止六個月
		Notes 附註	2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元
Turnover	營業額	3	2,079	2,338
Cost of sales	銷售成本		(1,979)	(1,162)
Gross profit Other revenue Change in fair value of convertible	毛利 其他收益 可換股票據之公平值變動		100 —	1,176 3
notes			—	1,738
Impairment loss on available-for sale financial assets	可供出售金融資產之減值 虧損		—	(12,161)
Selling expenses Administrative expenses Gain on disposal of subsidiaries	銷售開支 行政開支 出售附屬公司之收益	4	— (10,410) 17,311	(70) (8,641) —
Gain/(Loss) from operations	經營收益╱(虧損)	5	7,001	(17,955)
Finance costs	融資成本	6	(10,908)	(1,190)
Loss before taxation	除稅前虧損		(3,907)	(19,145)
Taxation	稅項	7	—	—
Loss and total comprehensive loss for the period attributable to equity holders of the Company	本公司股權持有人應佔 本期間虧損及全面 虧損總額		(3,907)	(19,145)
Dividend	股息	8	—	—
Loss per share Basic	每股虧損 基本	9	(0.34 cents仙)	(2.49 cents仙)
Diluted	攤薄		N/A 不適用	N/A 不適用

CONDENSED CONSOLIDATED FINANCIAL POSITION

簡明綜合財務狀況表

At 30 September 2009

於二零零九年九月三十日

		Notes 附註	As at 30 September 2009 於二零零九年 九月三十日 (Unaudited) (未經審核) HK\$'000 千港元	As at 31 March 2009 於二零零九年 三月三十一日 (Audited) (經審核) HK\$'000 千港元
Non-current assets	非流動資產
Property, plant and equipment Available-for-sale financial	物業、廠房及設備 可供出售金融資產	10	1,177	2,992
assets Investment property	投資物業	11 12	286,516 —	60,419 1,060
			287,693	64,471
Current assets Deposits, prepayments and other receivables Deposit for acquisition Temporary receivable Cash and cash equivalents	流動資產 按金、預付款項及 其他應收款項 收購按金 暫時應收款項 現金及現金等值項目	13	4,754 46,446 690,000 1,404	1,190 — — 2,968
			742,604	4,158
Current liabilities Accruals and other payables Taxation payable Temporary loan Amounts due to directors	流動負債 應計款項及其他 應付款項 應付稅項 暫時貸款 應付董事款項	14 13 15	9,524 418 700,889 52,275	5,880 20,337 — 5,378
			763,106	31,595
Net current liabilities	流動負債淨值		(20,502)	(27,437)
Total assets less current liabilities	資產總值減流動 負債		267,191	37,034
Non-current liabilities Amounts due to directors Deferred tax liabilities Convertible notes	非流動負債 應付董事款項 遞延稅項負債 可換股票據	15 16	47,913 — —	97,982 167 4,108
			47,913	102,257
NET ASSETS/(LIABILITIES)	資產╱(負債)淨值		219,278	(65,223)
CAPITAL AND RESERVES	資本及儲備
Share capital Reserves	股本 儲備	17	12,261 207,017	9,852 (75,075)
TOTAL EQUITY	權益總值		219,278	(65,223)

4 GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓鋒國際控股有限公司 ( PROPOSED NEW COMPANY NAME : BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED ) ( 建議新公司名稱:伯明翰環球控股有限公司 )

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

簡明綜合權益變動表

For the six months ended 30 September 2009 Group

截至二零零九年九月三十日止六個月

本集團

					Unaudited 未經審核
		Share capital 股本 HK\$'000 千港元	Contributed surplus 繳入盈餘 HK\$'000 千港元	Share premium account 股份 溢價賬 HK\$'000 千港元	Share options reserve 購股權儲備 HK\$'000 千港元	Assets revaluation reserve 資產重估儲備 HK\$'000 千港元	(Accumulated losses)/ retained profit (累計虧損)╱ 保留溢利 HK\$'000 千港元	Total 總計 HK\$'000 千港元
Balance at 1 April 2008	於二零零八年四月一日 之結餘	7,603	(85)	183,121	7,372	—	(185,365)	12,646
Cancellation of share options	註銷購股權	—	—	—	(5,875)	—	5,875	—
Conversion of convertible notes	兌換可換股票據	996	—	7,504	—	—	—	8,500
Loss for the period	本期間虧損	—	—	—	—	—	(19,145)	(19,145)
Balance at 30 September 2008	於二零零八年九月三十日 之結餘	8,599	(85)	190,625	1,497	—	(198,635)	2,001
Balance at 1 April 2009	於二零零九年四月一日 之結餘	9,852	(85)	194,680	1,497	—	(271,167)	(65,223)
Placing of Shares	配售股份	1,500	—	56,684	—	—	—	58,184
Conversion of convertible notes	兌換可換股票據	909	—	3,218	—	—	—	4,127
Change in fair value of available-for-sale financial	可供出售金融資產之公平 值變動
assets Disposal of subsidiaries	出售附屬公司	— —	— 85	— —	— —	226,097 —	— (85)	226,097 —
Loss for the period	本期間虧損	—	—	—	—	—	(3,907)	(3,907)
Balance at 30 September 2009	於二零零九年九月三十日 之結餘	12,261	—	254,582	1,497	226,097	(275,159)	219,278

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

簡明綜合現金流量表

For the six months ended 30 September 2009

截至二零零九年九月三十日止六個月

		Unaudited six months ended 30 September 未經審核 截至九月三十日止六個月
		2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元
Net cash outflow from operating activities	經營活動之現金流出淨額	(3,588)	(10,032)
Net cash outflow from investing activities	投資活動之現金流出淨額	(63,877)	(3,407)
Net cash inflow from financing activities	融資活動之現金流入淨額	65,901	13,051
Decrease in cash and cash equivalents	現金及現金等值項目減少	(1,564)	(388)
Cash and cash equivalents at beginning of the period	期初之現金及現金等值項目	2,968	7,055
Cash and cash equivalents at end of the period	期終之現金及現金等值項目	1,404	6,667
Analysis of the balances of cash and cash equivalents	現金及現金等值項目 結餘分析
— Cash and bank balances	— 現金及銀行結餘	1,404	6,667

6 GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓鋒國際控股有限公司 ( PROPOSED NEW COMPANY NAME : BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED ) ( 建議新公司名稱:伯明翰環球控股有限公司 )

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 September 2009

1. Basis of preparation

The unaudited condensed consolidated interim financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and with the Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). These unaudited condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2009 other than the adoption of certain new or revised Hong Kong Financial Reporting Standard ("HKFRSs") in 2009 as set out below.

2. Significant accounting policies

The following new standards, amendments and interpretations are effective in 2009 and considered to be relevant to the Group.

• HKAS 1 (Revised) Presentation of financial statements
• HKAS 16 (Amendment) Property, plant and equipment
• HKAS 23 (Revised) Borrowing costs
• HK AS 28 (Amendment) Investments in associates
• HKAS 32 (Amendment) Financial instruments: presentation
• HKAS 36 (Amendment) Impairment of assets
• HKAS 39 (Amendment) Financial instruments: Recognition and measurement
• HKAS 40 (Amendment) Investment property
• HKFRS 7 (Amendment) Financial instruments: disclosures
• HKFRS 8 Operating segments
• HK (IFRIC) Interpretation 13 Customer loyalty programmes

未經審核簡明綜合財務報表附註

截至二零零九年九月三十日止六個月

1. 編製基準

本未經審核簡明綜合中期財務報表乃根據 香港聯合交易所有限公司(「聯交所」)證券 上市規則(「上市規則」)附錄16之適用披 露規定及香港會計師公會(「香港會計師公 會」)所頒佈之香港會計準則(「香港會計準 則」)第34號「中期財務報告」而編製。除於 二零零九年採納下文所載之若干新訂及經 修訂香港財務報告準則(「香港財務報告準 則」)外,此等未經審核簡明綜合中期財務 報表須與截至二零零九年三月三十一日止 年度之全年財務報表一併閱讀。

2. 主要會計政策

以下新訂準則、修訂及詮釋於二零零九年 生效,被視為與本集團有關。

• 香港會計準則第1號(經修訂)— 財 務報表之呈列
• 香港會計準則第16號(修訂本) 物業、廠房及設備
• 香港會計準則第23號(經修訂) 借貸成本
• 香港會計準則第28號(修訂本) 於聯營公司之投資
• 香港會計準則第32號(修訂本) 金融工具:呈列
• 香港會計準則第36號(修訂本) 資產減值
• 香港會計準則第39號(修訂本) 金融工具:確認及計量
• 香港會計準則第40號(修訂本) 投資物業
• 香港財務報告準則第7號(修訂本) — 金融工具:披露
• 香港財務報告準則第8號 營運分 部
• 香港(國際財務報告詮釋委員會)— 詮釋第13號 — 客戶忠誠計劃

2. Significant accounting policies (Continued)

Adoption of the above standards did not have significant impact on the financial statements except as stated below.

Under HKAS 1(Revised), entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income).

The Group has elected to present one performance statement (the statement of comprehensive income). The interim financial statements have been prepared under these revised requirements.

HKFRS 8, "Operating segments", replaces HKAS 14, "Segment reporting". It requires a "management approach" under which segment information is presented on the same basis as that used for internal reporting purposes. Adoption of this standard did not have any effect on the Group's results of operation or financial position. The Group has determined that its operating segments are substantially the same as the business segments previously identified under HKAS 14. Operating segments are reported in a manner consistent with the internal reporting provided to the Group's executive committee.

2. 主要會計政策(續)

除下文所述者外,採納上述準則並無對財 務報表構成重大影響。

根據香港會計準則第1號(經修訂),實體可 選擇呈列一份業績報表(全面收益表)或兩 份報表(損益表及全面收益表)。

本集團已選擇呈列一份業績報表(全面收益 表)。中期財務報表乃根據該等經修訂規定 編製。

香港財務報告準則第8號「營運分部」取代香 港會計準則第14號「分部報告」。該項準則 要求採用「管理方法」,據此,分部資料按 內部申報所採用之相同基準呈列。採納該 項準則並無對本集團之營運業績或財務狀 況構成任何影響。本集團確定其營運分部 與過往根據香港會計準則第14號所識別之 業務分部大致相同。營運分部之報告方式 與向本集團執行委員會提供之內部申報者 貫徹一致。

3. Segment information

The principal activity of the Company is investment holding. The principal activities of its subsidiaries are provision of (i) apparel sourcing, (ii) apparel trading, (iii) entertainment services and (iv) investment holding.

An analysis of the Group's turnover and operating results by segments during the period is shown as follows:

(i) Business segments

3. 分類資料

本公司之主要業務為投資控股。其附屬公 司之主要業務為提供(i)服飾採購、(ii)服飾貿 易、(iii)娛樂服務及(iv)投資控股。

本集團於期內按分類之營業額及經營業績 之分析如下:

(i) 業務分類

							Unaudited 未經審核
		Apparel sourcing six months ended 30 September 服飾採購 截至九月三十日 止六個月		Apparel trading six months ended 30 September 服飾貿易 截至九月三十日 止六個月		Entertainment services six months ended 30 September 娛樂服務 截至九月三十日 止六個月		Investment holding six months ended 30 September 投資控股 截至九月三十日 止六個月			Consolidated six months ended 30 September 綜合 截至九月三十日 止六個月
		2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元	2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元	2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元	2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元	2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元
Segment revenue	分類收益	—	1,113	—	1,225	2,079	—	—	—	2,079	2,338
Segment results	分類業績	—	1,113	—	63	100	—	—	—	100	1,176
Other revenue Gain on disposal of subsidiaries Change in fair value of convertible notes Impairment loss on available-for-sale financial assets Unallocated expenses 未分配開支 Finance costs	其他收益 出售附屬公司 之收益 可換股票據之公平 值變動 可供出售金融資產 之減值虧損 融資成本	—	—	—	—	—	—	— 17,311 —	3 — (12,161)	— 17,311 — — (10,410) (10,908)	3 — 1,738 (12,161) (8,711) (1,190)
Loss before taxation 除稅前虧損										(3,907)	(19,145)
Taxation Loss and total comprehensive loss for the period	稅項 本公司股權持有人 應佔本期間虧損 及全面虧損總額									—	—
attributable to equity holders of the Company										(3,907)	(19,145)

3. Segment information (Continued)
---------------------------------------	--

3. 分類資料(續)

(ii)	Geographical segments	(ii)	地區分類
------	-----------------------	------	------

			Unaudited 未經審核
			Turnover 營業額 six months ended 30 September 截至九月三十日 止六個月		Operating results 經營業績
					six months ended 30 September
					截至九月三十日 止六個月
		2009 二零零九年	2008 二零零八年	2009 二零零九年	2008 二零零八年
		HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
Hong Kong	香港	2,079	—	100	—
United Kingdom	英國	— 2,079	2,338 2,338	— 100	1,176 1,176

4. Gain on disposal of subsidiaries

On 29 July 2009, the Company entered into a disposal agreement with China Man Investment Limited to dispose Fanlink Far East Limited, Sun Ace Group Limited, East Step Trading Limited, Gala Consultants Group Limited and Sun Tai Hing Garment Making Company Limited, the subsidiaries of the Group. The disposal was completed on 29 July 2009.

4. 出售附屬公司之收益

於二零零九年七月二十九日,本公司與 China Man Investment Limited訂立出售協 議,以出售本集團之附屬公司Fanlink Far East Limited、Sun Ace Group Limited、東 毅貿易有限公司、Gala Consultants Group Limited及新大興製衣有限公司。出售於二 零零九年七月二十九日完成。

4. Gain on disposal of subsidiaries (Continued)

4. 出售附屬公司之收益(續)

The net liabilities of those disposed subsidiaries at the date of disposal were as follows:

該等所出售附屬公司於出售日期之負債淨 值如下:

		2009 二零零九年 HK\$'000 千港元 (Unaudited) (未經審核)
Net liabilities disposed of:	所出售之負債淨值:
Properties, plant and equipment Non-current assets held for sales Cash and bank balances Trade and other payables Tax payable Deferred tax liabilities	物業、廠房及設備 持作出售之非流動資產 現金及銀行結餘 應付貿易賬款及其他應付款項 應付稅項 遞延稅項負債	1,718 1,060 16 (20) (19,918) (167)
Gain on disposal of subsidiaries	出售附屬公司之收益	(17,311)
Total cash consideration	總現金代價	—
Net cash outflow arising on disposal: Total cash consideration Bank balances and cash acquired	出售產生之現金流出淨額: 總現金代價 所收購之銀行結餘及現金	— (16)
		(16)

5. Gain/(Loss) from operations

The Group's gain/(loss) from operations is arrived at after charging:

5. 經營收益╱(虧損)

本集團之經營收益╱(虧損)乃扣除以下各 項後達致:

		Unaudited six months ended 30 September 未經審核 截至九月三十日 止六個月
		2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元
Cost of sales	銷售成本	1,979	1,162
Depreciation of owned property, plant and equipment	自置物業、廠房及設備之 折舊	201	203
Amortisation of leasehold land	租賃土地之攤銷	—	216
Operating leases in respect of land and buildings Impairment loss on available-for-sale financial	土地及樓宇之經營租約	—	582
assets	可供出售金融資產之減值 虧損	—	12,161
Employee benefit expenses (including directors' remuneration)	僱員福利開支(包括董事 酬金)
Salaries and other staff benefits	工資及其他僱員福利	3,732	3,936
Pension fund contributions	退休金供款	71	66
		3,803	4,002

6. Finance costs

6. 融資成本

			Unaudited six months ended 30 September 未經審核 截至九月三十日止六個月
		2009 二零零九年 HK\$'000 千港元	2008 二零零八年 HK\$'000 千港元
Interest expenses Imputed interest expense on convertible notes	利息支出 可換股票據之 應歸利息支出	10,889 19	— 1,190
		10,908	1,190

7. Taxation

No provision for Hong Kong profits tax has been made for the six months ended 30 September 2009 as the Group either incurred taxation loss or had no assessable profit for the period (six months ended 30 September 2008: Nil).

8. Dividend

The Board does not recommend the payment of interim dividend for the six months ended 30 September 2009 (six months ended 30 September 2008: Nil).

9. Loss per share

The calculation of basic loss per share is based on the unaudited condensed consolidated loss from ordinary activities attributable to shareholders for the six months ended 30 September 2009 of HK\$3,907,077 (2008: loss of HK\$19,145,565) and the weighted average of 1,151,543,460 (2008: 768,344,345) shares in issue during the period.

Diluted loss per share for the period ended 30 September 2009 and 2008 have not been presented as the effect of any dilution is anti-dilutive.

7. 稅項

由於本集團於期內並無產生稅務虧損或應 課稅溢利,故並無就截至二零零九年九月 三十日止六個月之香港利得稅作出撥備(截 至二零零八年九月三十日止六個月:無)。

8. 股息

董事會並不建議派發截至二零零九年九月 三十日止六個月之中期股息(截至二零零八 年九月三十日止六個月:無)。

9. 每股虧損

每股基本虧損乃按截至二零零九年九月 三十日止六個月之未經審核簡明綜合股東 應佔日常業務虧損3,907,077港元(二零零 八年:虧損19,145,565港元)及期內已發行 股份之加權平均數1,151,543,460股(二零 零八年:768,344,345股)計算。

由於任何攤薄之影響均屬反攤薄,故並無 呈列截至二零零九年及二零零八年九月 三十日止期間之每股攤薄虧損。

10. Capital expenditure

10. 資本開支

		Property, plant and equipment 物業、廠房 及設備 HK\$'000 千港元	Prepaid land lease expenses 預付土地 租金開支 HK\$'000 千港元	Total 總計 HK\$'000 千港元
Net book amount	於二零零九年四月一日之
as at 1 April 2009	賬面淨值	2,992	—	2,992
Additions	添置	104	—	104
Depreciation and amortisation	折舊及攤銷	(201)	—	(201)
Disposal of subsidiaries	出售附屬公司	(1,718)	—	(1,718)
Net book amount	於二零零九年九月三十日
as at 30 September 2009	之賬面淨值	1,177	—	1,177
Net book amount	於二零零八年四月一日之
as at 1 April 2008	賬面淨值	2,780	289	3,069
Additions	添置	648	—	648
Depreciation and amortisation	折舊及攤銷	(436)	—	(436)
Release for the year	本年度解除	—	(289)	(289)
Net book amount	於二零零九年
as at 31 March 2009	三月三十一日
	之賬面淨值	2,992	—	2,992

11. Available-for-sale financial assets

11. 可供出售金融資產

		As at 30 September 2009 於二零零九年 九月三十日 (Unaudited) (未經審核) HK\$'000 千港元	As at 31 March 2009 於二零零九年 三月三十一日 (Audited) (經審核) HK\$'000 千港元
Equity securities listed in the United Kingdom Balance at 1 April 2009/1 April 2008	英國上市股本證券 按於二零零九年四月一日 ╱二零零八年四月一日
Revaluation gain/(Impairment loss) for the period/	之結餘 本期間╱本年度重估收益	60,419	134,364
year Balance at end of the period/year	╱(減值虧損) 期終╱年終之結餘	226,097 286,516	(73,945) 60,419

12. Investment property

12. 投資物業

	As at	As at
	30 September	31 March
	2009	2009
	於二零零九年	於二零零九年
	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
Balance at beginning of period/year	1,060	1,250
於期初╱年初之結餘 Fair value gain	—	(190)
公平值收益 Disposal of subsidiaries 出售附屬公司	(1,060)	—
Balance at end of period/year 於期終╱年終之結餘	—	1,060

The Group's investment property is located in Hong Kong and held under a medium term lease.

13. Temporary receivable / Temporary loan

On 13 August 2009, the Company entered into a loan facility agreement with Best China Limited for a loan of up to HK\$690,000,000 (the "Loan") and HK\$690,000,000 was drawn down under the facility in order for the Company to be in a position to pay the required amount to accepting Birmingham City Plc ("BCP") Shareholders under the general offer for the acquisition of BCP (the "Acquisition"). On the same date, the Company entered into an escrow agreement with Robertsons, BDO Stoy Hayward LLP and Best China Limited in relation to the Acquisition (the "Escrow"). The Loan amount was deposited in the Escrow account as at 30 September 2009. As at 30 September 2009, the Loan, including Loan interest, amounted HK\$700,888,767.

Upon the completion of the open offer of the Company, the proceeds of the open offer were used directly or indirectly to finance the Acquisition and/or repay the amount drawndown under the loan facility agreement. The Loan was repaid in October 2009.

14. Accruals and other payables

All accruals and other payables as at the balance sheet date are aged within 30 days.

本集團之投資物業位於香港,並以中期租 約持有。

13. 暫時應收款項╱暫時貸款

於二零零九年八月十三日,本公司與華 夏興業有限公司訂立貸款融資協議,以 取得最多為690,000,000港元之貸款(「貸 款」),而已根據融資提取690,000,000港 元,以便本公司可就收購Birmingham City Plc(「BCP」)(「收購」)根據全面要約向接納 BCP股東支付所需款項。同日,本公司與 Robertsons、BDO Stoy Hayward LLP及華 夏興業有限公司就收購訂立託管協議(「託 管 」)。於二零零九年九月三十日,貸款 存放於託管戶口。於二零零九年九月三十 日,貸款(包括貸款利息)為700,888,767港 元。

於本公司之公開發售完成後,公開發售之 所得款項直接或間接用作為收購提供資金 及╱或償還根據貸款融資協議提取之款 項。貸款已於二零零九年十月償還。

14. 應計款項及其他應付款項

所有應計款項及其他應付款項於結算日之 賬齡均為30天內。

15. Amounts due to directors

The amounts due to directors, included in current liabilities, are unsecured, interest free and repayable on demand.

The amounts due to directors who are ultimate shareholders of the Company, included in non-current liabilities, are unsecured and interest-free advances, out of which (i) an amount of HK\$45,000,000 has no fixed repayment term, and the director and ultimate shareholder of the Company has undertaken not to demand for the Group to repay this amount due until the Company and the Group are financially capable to do so. This interest-free advance is not repayable within twelve months from the balance sheet date and is considered in substance as a quasi-equity loan to finance the Group's long-term investments; and (ii) an amount of HK\$2,913,000 due to another director and ultimate shareholder of the Company is not repayable within twelve months after the balance sheet date.

16. Convertible notes

The Company entered into subscription agreement dated 7 May 2008 and supplemental agreement dated 4 June 2008 with Pacific Capital Investment Management Limited to issue convertible notes (the "Convertible Notes") by the Company for an aggregate principal amount of HK\$200,000,000.

On 28 July 2008 and 7 August 2008, the Convertible Notes in the principal amount of HK\$20,000,000 were issued.

On 6 April 2009 and 30 April 2009, conversion rights attaching to the Convertible Notes in the principal amounts of HK\$2,500,000 and HK\$2,500,000 were exercised respectively, resulting in the allotment and issue of 45,454,000 shares and 45,454,000 shares respectively.

15. 應付董事款項

應付董事款項計入流動負債,為無抵押、 免息及按要求償還。

應付董事(亦為本公司最終股東)款項計入 非流動負債,為無抵押及免息墊款,其中(i) 款項45,000,000港元並無固定還款期,本 公司董事兼最終股東已承諾不會要求本集 團償還此應付款項,直至本公司及本集團 有財政能力還款為止。此免息墊款毋須於 結算日起計十二個月內償還,且被視為實 質上屬撥付本集團長期投資之準股權性質 貸款;及(ii)應付另一名本公司董事兼最終 股東之款項2,913,000港元毋須於結算日起 計十二個月內償還。

16. 可換股票據

本公司分別於二零零八年五月七日及 二零零八年六月四日與Pacific Capital Investment Management Limited訂立認購 協議及補充協議,以由本公司發行本金總 額為200,000,000港元之可換股票據(「可換 股票據」)。

於二零零八年七月二十八日及二零零八年 八月七日,本金額為20,000,000港元之可 換股票據已獲發行。

於二零零九年四月六日及二零零九年四 月三十日,本金額分別為2,500,000港元 及2,500,000港元之可換股票據附帶之 兌換權已獲行使,導致分別配發及發行 45,454,000股股份及45,454,000股股份。

16. Convertible notes (Continued)

16. 可換股票據(續)

The Convertible Notes recognised on the balance sheet are calculated as follows:

於結算日已確認之可換股票據按下列方式 計算:

		30 September 2009 二零零九年 九月三十日 (Unaudited) (未經審核) HK\$'000 千港元	31 March 2009 二零零九年 三月三十一日 (Audited) (經審核) HK\$'000 千港元
Balance at beginning of the period/year Issuance of convertible notes of the Company Conversion to shares of the Company Transaction cost Imputed interest Fair value gain	於期初╱年初之結餘 發行本公司可換股票據 兌換為本公司股份 交易成本 應歸利息 公平值收益	4,108 — (4,127) — 19 —	— 20,000 (13,808) (1,750) 538 (872)
Balance at end of the period/year	於期終╱年終之結餘	—	4,108

17. Share capital

17. 股本

		As at 30 September 2009 於二零零九年九月三十日 (Unaudited) (未經審核)		As at 31 March 2009 於二零零九年三月三十一日 (Audited) (經審核)
Ordinary shares of HK\$0.01 each	每股面值0.01港元之普通股	Number of shares 股份數目	Amount 金額 HK\$'000 千港元	Number of shares 股份數目	Amount 金額 HK\$'000 千港元
Authorised capital:	法定股本:
At beginning and end of period/year	期初╱年初及期終╱年終	10,000,000,000	100,000	10,000,000,000	100,000
Issued and fully paid capital: At beginning of period/year Issue of shares of conversion of	已發行及繳足股本: 期初╱年初 因兌換可換股票據	985,151,000	9,852	760,320,000	7,603
convertible notes (Note (a)) Issue of shares by way of	而發行股份 (附註(a)) 透過配售發行股份	90,908,000	909	224,831,000	2,249
placements (Note (b))	(附註(b))	150,000,000	1,500	—	—
At end of period/year	期終╱年終	1,226,059,000	12,261	985,151,000	9,852

17. Share capital (Continued)

Notes:

• (a) On 6 April 2009 and 30 April 2009, conversion rights attaching to the convertible notes in the principal amounts of HK\$2,500,000 and HK\$2,500,000 were exercised respectively, resulting in the allotment and issue of 45,454,000 shares and 45,454,000 shares respectively.
• (b) On 19 June 2009, the Company raised approximately HK\$58,000,000, after expenses, by issuing 150,000,000 shares by placements at subscription prices HK\$0.40.

18. Share-based payments

The Company's existing share option scheme (the "Scheme") became effective on 22 October 2002. The major terms of the Scheme, in conjunction with the requirements of Chapter 17 of the Listing Rules, are set out as follows:

• (i) The purpose of the Scheme is providing incentives rewards to full-time employees and consultants of the Group in recognition of their contribution to the Group.
• (ii) Subject to the terms of the Scheme, the directors may, at their absolute discretion, invite full-time employees of the Group including executive directors of the Company or any of its subsidiaries and consultants (the "Eligible Persons") to take up options to subscribe for shares.
• (iii) The total number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Scheme of the Company must not exceed 30% of the total issued share capital of the Company from time to time.

17. 股本(續)

附註:

• (a) 於二零零九年四月六日及二零零 九 年 四 月三十日, 本金 額 分 別 為 2,500,000港元及2,500,000港元之 可換股票據附帶之兌換權已獲行使, 導致分別配發及發行45,454,000股 股份及45,454,000股股份。
• (b) 於二零零九年六月十九日,本公 司透過配售按0.40港元之認購價 發行150,000,000股股份,集資約 58,000,000港元(計及開支後)。

18. 以股份支付之款項

本公司之現有購股權計劃(「該計劃」)於二 零零二年十月二十二日生效。該計劃之主 要條款連同上市規則第17章之規定載列如 下:

• (i) 該計劃之目的在於表揚及回饋對本 集團作出貢獻之全職僱員及顧問。
• (ii) 董事可在該計劃條款之規限下,全 權酌情邀請本集團之全職僱員(包括 本公司或其任何附屬公司之執行董 事)及顧問(「合資格人士」)接納購 股權以認購股份。
• (iii) 根據本公司該計劃授出而有待行使 之所有尚未行使購股權獲行使而可 予發行之股份總數不得超過本公司 不時已發行股本總數30%。

18. Share-based payments (Continued)

• (iv) The total number of shares issued and to be issued on the exercise of options granted and to be granted (including both exercised and outstanding options) in any 12-month period up to the date of grant to each of the Eligible Persons shall not exceed 1% of the total issued share capital of the Company in issue unless (i) a shareholders' circular is dispatched to the shareholders; (ii) the shareholders approve the grant of the options in excess of the limit referred to herein; and (iii) the relevant Eligible Persons and their associates abstain from voting on the resolution.
• (v) An offer of the grant of an option shall be made to the Eligible Persons by letter in such form as the board of directors may from time to time determine and shall remain open for acceptance by the Eligible Persons concerned for a period of 28 days from the date upon which it is made, provided that no such offer shall be open for acceptance after the 10th anniversary of the adoption date or after the Scheme has been terminated.
• (vi) A non-refundable nominal consideration of HK\$1 is payable by the grantee upon acceptance of an option. An option shall be deemed to have been accepted when the duplicate letter comprising acceptance of the option duly signed by the Eligible Persons together with the said consideration of HK\$1 is received by the Company.
• (vii) The exercise price for shares under the scheme may be determined by the directors at its absolute discretion but in any event will not be less than the highest of:
• a. the closing price of the shares as stated in the daily quotations sheet of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on the date of grant, which must be a business day;
• b. the average closing price of the shares as stated in daily quotations sheet of the Stock Exchange for the five business days immediately preceding the date of grant; and
• c. nominal value of shares.

18 GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓鋒國際控股有限公司 ( PROPOSED NEW COMPANY NAME : BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED ) ( 建議新公司名稱:伯明翰環球控股有限公司 )

18. 以股份支付之款項(續)

• (iv) 截至向各合資格人士授出日期之任 何12個月期間,因已授出及將予授 出之購股權(包括已行使及尚未行使 購股權)獲行使而已發行及將予發行 之股份總數不得超過本公司已發行 股本總數1%,除非(i)已向股東寄 發股東通函;(ii)股東批准授出超過 本文所述限額之購股權;及(iii)有關 合資格人士及其聯繫人士就有關決 議案放棄投票。
• (v) 授出購股權之要約須按董事會可能 不時釐定之格式致函予合資格人士 後作出,而有關合資格人士可於作 出要約日期起計28日期間內接納, 惟不得於採納日期起計10週年後或 該計劃終止後接納要約。
• (vi) 接納購股權時,承授人應繳付1港 元之不可退還象徵式代價。倘本公 司接獲由合資格人士正式簽署之接 納購股權函件副本,連同上述1港 元代價,則購股權將被視為已獲接 納。
• (vii) 該計劃下股份之行使價可由董事全 權酌情釐定,惟於任何情況下不得 低於下列最高者 ︰
• a. 於授出日期(必須為營業日) 香港聯合交易所有限公司 (「聯交所」)每日報價表所列 股份之收市價;
• b. 緊接授出日期前五個營業日 聯交所每日報價表所列股份 之平均收市價;及

c. 股份面值。

18. Share-based payments (Continued)

Unless otherwise in the terms of the Scheme, an option may be exercised any time during the period commencing on the expiry of six calendar months after the date on which the option is deemed to be granted and accepted and expiring on a date to be determined and notified by the board of directors to each grantee, but in any event not later than 10 years from the date of grant of option but subject to the early termination of the scheme.

The following table shows the outstanding in the Company's share options during the period/year ended date and the Company's share options have no movement during the period.

18. 以股份支付之款項(續)

除非該計劃之條款另有規定,否則購股權 可於由購股權被視為已授出及獲接納之日 期後六個曆月屆滿起至董事會釐定及通知 各承授人之日期止期間內隨時行使,惟於 任何情況下不得遲於授出購股權日期起計 10年,惟該計劃可提早終止。

下表顯示本公司購股權於期末╱年末尚未 行使之數目,而本公司購股權於期內並無 變動。

		Outstanding as at 1 April 2009 and 30 September 2009 於二零零九年 四月一日及二零零九年	Exercise price
		九月三十日尚未行使	行使價
Director	董事	2,000,000	1.126
Employees	僱員	24,000,000	0.5
		26,000,000

The Group recognised the share-based payments in income statement for the period ended 30 September 2009 was nil (30 September 2008: nil).

19. Operating lease arrangements

As lessor

The Group leases out its investment property under an operating lease. At 30 September 2009, the Group had total future minimum lease receivables under a noncancellable operating lease with the tenant falling due as follows:

本集團於截至二零零九年九月三十日止期 間之損益表確認之以股份支付之款項為零 (二零零八年九月三十日:零)。

19. 經營租約安排

作為出租人

本集團根據經營租約出租其投資物業。於 二零零九年九月三十日,本集團根據與承 租人之不可撤銷經營租約擁有之未來應收 最低租金總額於以下期間到期:

		As at 30 September 2009 於二零零九年 九月三十日 (Unaudited) (未經審核) HK\$'000 千港元	As at 31 March 2009 於二零零九年 三月三十一日 (Audited) (經審核) HK\$'000 千港元
Within one year After one year but within five years	一年內 一年後但五年內	— —	37 —
		—	37

20. Contingent liabilities

A writ was filed against the Company in respect of a claim for reimbursement of expenses paid on behalf of the Group amounting to approximately HK\$3,000,000 on 26 July 2006. The Company was not aware of such alleged payments and had instructed lawyers to deal with the matter. Based on the written legal opinion from the legal counsel, it is considered that the claim is not justifiable and without merit.

On 5 October 2009, the Company received a writ of summons from Seymour Pierce Limited relating to fees alleged to be due to it in connection with the Company's acquisition of an interest in Birmingham City Plc. in 2007. The fees alleged amounts to £2.2 million. The Company has sought UK counsel's opinion on this matter and will defend this claim vigorously. A further announcement will be made as and when required.

21. Related party transactions

Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.

• (a) Details of the amounts due to directors are set out in Note 15 to the interim financial statements.
• (b) Included in the Company's and the Group's ac c r u a ls a nd oth e r paya b l e s a s at 3 0 September 2009 was an aggregate salaries and other allowances amount of approximately HK\$3,699,000 (31 March 2009: HK\$2,840,000) due to directors which is unsecured, interest free and repayable on demand.
• (c) The Group has remunerated to key management compensation amounting approximately HK\$2,389,000 for the six months ended 30 September 2009 (six months ended 30 September 2008: HK\$2,776,000).

22. Post Balance Sheet Events

On 13 October 2009, the Board proposed to change the English name of the Company from "Grandtop International Holdings Limited" to "Birmingham International Holdings Limited" and to adopt a new Chinese name "伯明翰環球控股有限公司" in place of the existing Chinese name "泓鋒國際控股有限公司" which is for identification purposes only. On 8 December 2009, the special resolution to approve change of company name was duly passed at the EGM by way of a vote taken on a poll by the shareholders.

20. 或然負債

於二零零六年七月二十六日,本公司被提 出令狀,申索付還代表本集團支付之開支 約3,000,000港元。本公司並不知悉該等 指稱之款項,並已委託律師處理此事。根 據法律顧問發出之書面法律意見,本公司 認為申索並無理由支持,且缺乏充分理 據。

於 二 零 零 九 年 十 月 五 日, 本 公 司 接 獲 Seymour Pierce Limited之傳訊令狀,內 容有關指稱就本公司於二零零七年收購 Birmingham City Plc.之權益而結欠該公司 之費用。指稱費用為數2,200,000英鎊。本 公司已尋求英國法律顧問對此事之意見, 並將對此申索極力抗辯。本公司將於有需 要時另作公佈。

21. 關連人士交易

本公司與其附屬公司(本公司之關連人士) 進行之交易已於綜合賬目時對銷,並無於 本附註披露。本集團與其他關連人士進行 之交易詳情於下文披露。

• (a) 應付董事款項詳情載於中期財務報 表附註15。
• (b) 計入本公司及本集團於二零零九年 九月三十日之應計款項及其他應付 款項之金額為應付董事之薪金及其 他津貼總額約3,699,000港元(二零 零九年三月三十一日:2,840,000 港元),乃無抵押、免息及須按要求 償還。
• (c) 截至二零零九年九月三十日止六個 月,本集團已向主要管理層支付之 補償約為2,389,000港 元(截 至 二 零零八年九月三十日止六個月: 2,776,000港元)。

22. 結算日後事項

於二零零九年十月十三日,董事會擬將本 公司之英文名稱由「Grandtop International Holdings Limited」更 改 為「Birmingham International Holdings Limited」,並採納新 中文名稱「伯明翰環球控股有限公司」以取 代現有僅供識別之中文名稱「泓鋒國際控股 有限公司」。於二零零九年十二月八日,批 准更改公司名稱之特別決議案於股東特別 大會上獲股東以投票表決方式正式通過。

22. Post Balance Sheet Events (Continued)

On 4 November 2009, Far Grow Investments Limited ("Purchaser"), a wholly-owned subsidiary of the Company entered into the agreement with independent third parties, Winning Top International Overseas Limited and Genuine Ocean International Trading Limited ("Vendors"), Mr. Meng Fai ("Guarantor") and Peace International Creation Limited ("Target Company"), pursuant to which the Vendors agreed to sell and the Purchaser agreed to purchase the entire issued share capital of the Target Company at a consideration of RMB800,000,000 (equivalent to approximately HK\$909,090,909), which will be satisfied by a combination of the allotment and issue of the consideration shares and issue of the convertible bonds to the Vendors (or their respective nominee(s)). Upon completion of the acquisition of the Target Company, the Target Company has completed the acquisition of the entire interest of the registered capital of the PRC company pursuant to the PRC acquisition agreement. The PRC company entered into the aviation cooperation agreement with Tianjin Airlines. Further details were set out in the Company's announcement dated 13 November 2009.

On 18 November 2009, the Company entered into the Cooperation Agreement with China Foundation for Disabled Persons(中國殘疾人福利基金會)whereby the Company has agreed to establish the Birmingham Charity Fund(伯明翰集善基金)under China Foundation for Disabled Persons and will, through a subsidiary to be established by the Company in the name of Birmingham (China) Company Limited(伯明翰(中國)有限責任公 司)in Mainland China, donate up to an aggregate amount of RMB50,000,000 (equivalent to approximately HK\$56,818,182) to the Birmingham Charity Fund during the 5-year period from the date of the Cooperation Agre e me nt of RMB10,0 0 0,0 0 0 ( e qui va l e nt to approximately HK\$11,363,636) each year.

On 4 December 2009, the Company entered into the Cooperation Agreement with the Joint Venture Partner in relation to the establishment of Birmingham China. Birmingham China will be owned as to 80% by the Company and as to 20% by the JV Partner and will be principally engaged in advertising, marketing and sponsorship businesses in the PRC. Following its establishment, Birmingham China will become a non-wholly owned subsidiary of the Company. The initial registered capital of Birmingham China shall be US\$1 million (equivalent to approximately HK\$7,800,000). Under the Cooperation Agreement, the Company and the JV Partner shall contribute in aggregate RMB50,000,000 (equivalent to approximately HK\$56,818,182) and RMB12,500,000 (equivalent to approximately HK\$14,204,545) respectively by way of loan to Birmingham China, within 3 years from the date of issue of the business licence of Birmingham China.

22. 結算日後事項(續)

於二零零九年十一月四日,本公司之全資 附屬公司遠茂投資有限公司(「買方」)與獨 立第三方榮駿國際海外有限公司及海陞國 際貿易有限公司(「賣方」)、孟飛先生(「擔 保人」)及太平國際創建有限公司(「目標公 司」)訂立協議,據此,賣方同意出售而買 方同意購買目標公司之全部已發行股本, 代價為人民幣800,000,000元(相 等 於 約 909,090,909港元),將以向賣方(或彼等各 自之代名人)配發及發行代價股份及發行可 換股債券結合支付。於收購目標公司完成 後,目標公司已根據中國收購協議完成收 購中國公司註冊資本之全部權益。中國公 司與天津航空訂立航空合作協議。進一步 詳情載於本公司於二零零九年十一月十三 日刊發之公佈。

於二零零九年十一月十八日,本公司與 中國殘疾人福利基金會訂立合作協議, 據此,本公司已同意成立隸屬於中國殘 疾人福利基金會之伯明翰集善基金,並將 透過本公司將於中國內地成立之附屬公司 伯明翰(中國)有限責任公司,於由合作 協議日期起計五年期間內每年向伯明翰集 善基金捐款人民幣10,000,000元(相等於 約11,363,636港元),捐款總額高達人民 幣50,000,000元(相 等 於 約56,818,182港 元)。

於二零零九年十二月四日,本公司與合 營夥伴訂立合作協議,內容有關成立伯 明翰中國。伯明翰中國將由本公司及合 營夥伴分別擁有80%及20%,將主要於 中國從事廣告、市場推廣及贊助業務。伯 明翰中國於成立後將成為本公司之非全資 附屬公司。伯明翰中國之初步註冊資本將 為1,000,000美 元(相 等 於 約7,800,000港 元)。根據合作協議,本公司及合營夥伴 將由伯明翰中國之營業執照發出日期起 計三年內,分別透過貸款向伯明翰中國 注資合共人民幣50,000,000元(相等於約 56,818,182港元)及人民幣12,500,000元 (相等於約14,204,545港元)。

M A N A G E M E N T D I S C U S S I O N A N D ANALYSIS

RESULTS

For the six months ended 30 September 2009, the Group recorded turnover of approximately HK\$2.1 million, representing a decrease of 8.7% compared to the turnover of approximately HK\$2.3 million in the corresponding period of 2008. Such decrease was due to the change of the Group's business focus from apparel sourcing and apparel trading to entertainment services.

During the period under review, the gross profit margin of the Group was 4.8% whereas that was 50.3% in the corresponding period of 2008. The significantly decrease in the gross profit margin was mainly due to low profit margin in entertainment services business.

The loss of the Group for the period ended 30 September 2009 was approximately HK\$3.9 million, representing a decrease of 79.6% compared to the Group's loss of approximately HK\$19.1 million in the corresponding period of 2008. Such decrease in the loss of the Group for this period was mainly due to an one off impairment loss on the investment in Birmingham City Plc. ("BCP") was made during the period ended 30 September 2008.

管理層討論及分析

業績

截至二零零九年九月三十日止六個月,本 集團錄得營業額約2,100,000港元,較二零 零八年同期之營業額約2,300,000港元下跌 8.7%。有關下跌乃由於本集團之業務重點由 服飾採購及服飾貿易轉至娛樂服務。

於回顧期間內,本集團之毛利率為4.8%, 而二零零八年同期則為50.3%。毛利率顯著 下跌主要由於娛樂服務業務之低邊際利潤所 致。

本集團截至二零零九年九月三十日止期間之 虧損約為3,900,000港元,較本集團於二零 零八年同期之虧損約19,100,000港元減少 79.6%。本集團於本期間之有關虧損減少主要 由於在截至二零零八年九月三十日止期間內 就Birmingham City Plc.(「BCP」)之投資作出 一次性減值虧損所致。

BUSINESS REVIEW AND PROSPECTS

The Company engages in investment holding. The principal activities of its subsidiaries are engaged in the provision of apparel sourcing and apparel trading and the provision of entertainment services. The Company acquired a 29.9 percent equity interest in BCP in 2007. The Board believes that the acquisition of a controlling interest in BCP would open up numerous opportunities for the Group to expanding and diversify its business and revenue stream, especially in the PRC market. For example, following completion of the Acquisition, the Group could distribute BCP products and apparel and the Group could in conjunction with this develop football schools in Asia, develop chainstore franchising, sports education, merchandising and media operations, all in line and in connection with the current businesses of the Group. The Directors believe that owning a United Kingdom Premier League football club can create unparalleled opportunities for the Group in the sports and related fields, especially in the PRC. This is expected to bring the Group a diversified range of income which would be beneficial to the Group and Shareholders as a whole.

The Group will endeavor to take every step to overcome the business challenge by formulating and implementing new business plans to expand revenue. The Group will also continue to explore and identify investment opportunities to add into the Group's investments in order to enhance the shareholders' value by its organic growth.

管理層討論及分析(續)

業務回顧及前景

本集團從事投資控股。其附屬公司之主要業 務為從事提供服飾採購及服飾貿易以及提供 娛樂服務。本公司於二零零七年收購BCP之 29.9%股 權。 董 事 會 相 信 收 購BCP之控制 性權益將為本集團開拓大量機會,以擴充及 多元化拓展其業務及收益來源(特別是於中 國市場)。例如,於收購完成後,本集團可 分銷BCP產品及服飾,本集團亦可同時在亞 洲發展足球學校、發展連鎖特許加盟、運動 教育、採購及媒體經營等,配合本集團之現 有業務。董事相信,擁有英國超級足球聯賽 球會將為本集團於運動及相關界別帶來難得 機會(特別是於中國)。收購預期將為本集團 帶來多元化之收入,對本集團及股東整體有 利。

本集團將盡力採取各種所需行動,透過制訂 及實行新業務計劃擴大收益,克服業務挑 戰。本集團亦將持續發掘及物色投資機會以 加入本集團之投資,務求透過內部增長提高 股東價值。

LIQUIDITY AND FINANCIAL RESOURCES

The current ratio of the Group as at 30 September 2009 was 97.3% (31 March 2009: 13.2%) and ratio of total liabilities to total assets of the Group as at 30 September 2009 was 78.7% (31 March 2009: 195.0%).

As at 30 September 2009, the cash and cash equivalents of the Group were approximately HK\$1.4 million, representing a decrease of 53.3% compared to the cash and cash equivalents of approximately HK\$3.0 million as at the last financial period end.

CAPITAL RAISING

On 6 April 2009 and 30 April 2009, conversion rights attaching to the convertible notes in the principal amounts of HK\$2,500,000 and HK\$2,500,000 were exercised respectively, resulting in the allotment and issue of 45,454,000 shares and 45,454,000 shares respectively.

On 7 June 2009, the Company, Mr. Yeung Ka Sing, Carson and Great Luck Management Limited (the "Vendors") and the placing agent entered into the topup placing and subscription agreement pursuant to which, the vendors agreed to place, through the placing agent, an aggregate of 150,000,000 existing shares, on a fully underwritten basis, to not fewer than six placees who and whose ultimate beneficial owners are to be parties independent of the Company and not connected persons (as defined in the Listing Rules) of the Company and its connected persons (as defined in the Listing Rules) and shall be independent of, and not acting in concert with, the vendors and their concert parties, at a price of HK\$0.40 per top-up placing share. Pursuant to the top-up placing and subscription agreement, the vendors conditionally agreed to subscribe for, following the completion of the top-up placing, an aggregate of 150,000,000 top-up subscription shares at a top-up subscription price of HK\$0.40 per top-up subscription share. It was completed on 19 June 2009.

管理層討論及分析(續)

流動資金及財務資源

於二零零九年九月三十日,本集團之流動 比率為97.3%(二零零九年三月三十一日: 13.2%),而本集團於二零零九年九月三十日 之負債總值對資產總值之比率為78.7%(二零 零九年三月三十一日:195.0%)。

於二零零九年九月三十日,本集團之現金及 現金等值項目約為1,400,000港元,較上個財 政期末日之現金及現金等值項目約3,000,000 港元減少53.3%。

資本籌集

於二零零九年四月六日及二零零九年四月 三 十 日, 本 金 額 分 別 為2,500,000港元及 2,500,000港元之可換股票據附帶之兌換權已 獲行使,導致分別配發及發行45,454,000股 股份及45,454,000股股份。

於二零零九年六月七日,本公司、楊家誠先 生及鴻祥管理有限公司(「賣方」)與配售代理 訂立先舊後新配售及認購協議,據此,賣方 同意透過配售代理按全數包銷基準按每股先 舊後新配售股份0.40港元之價格,向不少於 六名承配人配售合共150,000,000股現有股 份,而承配人及其最終實益擁有人將為獨立 於本公司之人士及並非本公司及其關連人士 (定義見上市規則)之關連人士(定義見上市規 則),且須獨立於賣方及其一致行動人士及並 非與彼等一致行動。根據先舊後新配售及認 購協議,賣方有條件同意於先舊後新配售事 項完成後,按每股先舊後新認購股份0.40港 元之先舊後新認購價,認購合共150,000,000 股先舊後新認購股份。其已於二零零九年六 月十九日完成。

CAPITAL RAISING (Continued)

Open offer of 1,961,694,400 offer shares, at a price of HK\$0.40 per offer share on the basis of eight offer shares for every five existing shares held on the record date (i.e. 29 September 2009) was proposed on 21 August 2009. On 29 September 2009, a resolution approving the open offer was duly passed by independent shareholders at the EGM. 1,961,694,400 offer shares were issued on 20 October 2009.

FOREIGN EXCHANGE EXPOSURE

The Group is exposed to currency risk primarily through its investment in quoted equity securities in Birmingham City Plc. with a carrying value of approximately HK\$286.5 million (31 March 2009: HK\$60.4 million) as at 30 September 2009 that are denominated in Pound Sterling ("£").

VERY SUBSTANTIAL ACQUISITION

On 21 August 2009, the Company gave the terms of an offer which is intended to be made by the Company for the entire issued share capital of BCP (the "General offer"). Under the terms of the General Offer, when made, BCP shareholders will receive, for each BCP share to which the offer relates 100 pence (approximately HK\$12.80) in cash.

管理層討論及分析(續)

資本籌集(續)

本公司於二零零九年八月二十一日建議按 於記錄日期(即二零零九年九月二十九日) 每持有五股現有股份獲發八股發售股份之 基準,按每股發售股份0.40港元之價格公 開發售1,961,694,400股發售股份。於二零 零九年九月二十九日,批准公開發售之決議 案於股東特別大會上獲獨立股東正式通過。 1,961,694,400股發售股份於二零零九年十月 二十日獲發行。

外匯風險

本集團主要透過其於Birmingham City Plc. 之上市股本證券之投資面臨貨幣風險。於二 零零九年九月三十日,該投資之賬面值約為 286,500,000港 元(二零零九年三月三十一 日:60,400,000港元),以英鎊(「英鎊」)為單 位。

非常重大收購

本公司擬提出要約,以收購BCP全部已發 行股本(「全面要約」),於二零零九年八月 二十一日,本公司提出有關要約之條款。根 據全面要約(倘提出)之條款,BCP股東將就 要約涉及之每股BCP股份以現金收取100便 士(約12.80港元)。

VERY SUBSTANTIAL ACQUISITION (Continued)

The acquisition of the BCP shares by the Company (excluding those already owned by the Company, i.e. 57,129,025 BCP shares) pursuant to the General Offer, if made, will constitute a very substantial acquisition for the Company under the Listing Rules. The payment of the Offer consideration (assuming that all holders of BCP shares to which the Offer relates accept the Offer) will require the payment by the Company of £57,129,025 (approximately HK\$731,251,520). The ordinary resolution to approve the General Offer including the escrow arrangement relating to the making of the General Offerrelated deposit was duly passed by way of a vote taken on a poll by the shareholders of the Company on 29 September 2009.

On 21 October 2009, the shareholders in BCP who accepted the Offer by the first closing date of the Offer have now had the Offer consideration to which they are entitled remitted to them by the Company and that accordingly the Acquisition has on that basis been completed.

CAPITAL COMMITMENT

The Group had no material commitment as at 30 September 2009.

管理層討論及分析(續)

非常重大收購(續)

根據上市規則,本公司按照全面要約(倘提 出)收購BCP股份(不包括本公司已擁有者, 即57,129,025股BCP股份)將構成本公司之 非常重大收購。本公司須支付57,129,025英 鎊(約731,251,520港元)作為要約代價(假設 所有要約涉及之BCP股份持有人接納要約)。 批准全面要約(包括有關作出全面要約相關按 金之託管安排)之普通決議案於二零零九年九 月二十九日獲本公司股東以投票表決方式正 式通過。

於二零零九年十月二十一日,本公司現已向 於要約之首個結束日期前接納要約之BCP股 東匯寄彼等應得之要約代價,故收購已按此 基準完成。

資本承擔

本集團於二零零九年九月三十日並無重大承 擔。

CONTINGENT LIABILITIES

Details of the contingent liabilities are set out in note 20 to the unaudited condensed consolidated financial statements.

POST BALANCE SHEET EVENTS

Details of post balance sheet events are set out in note 22 to the unaudited condensed consolidated financial statements.

EMPLOYEES

As at 30 September 2009, the Group had 50 full time employees in Hong Kong and overseas. The Group remunerated its employees mainly based on industrial practice, individual's performance and experience. Apart from the basic remuneration, discretionary bonus may be granted to eligible employees with reference to the Group's performance as well as the individual performance. In addition, share options may also be granted from time to time in accordance with the term of the Company's approved Share Option Scheme.

管理層討論及分析(續)

或然負債

或然負債之詳情載於未經審核簡明綜合財務 報表附註20。

結算日後事項

結算日後事項之詳情載於未經審核簡明綜合 財務報表附註22。

僱員

於二零零九年九月三十日,本集團於香港及 海外共聘用50名全職僱員。本集團主要根據 業內慣例、個別員工表現及經驗向其僱員支 付薪金。除基本酬金外,亦會參照本集團之 表現以及個別員工表現向合資格僱員授予酌 情花紅。此外,亦可根據本公司已獲批准之 購股權計劃之條款,不時授出購股權。

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SECURITIES

As at 30 September 2009, the interests and short positions of the Directors and Chief Executives and their associates in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance ("SFO")) which were 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 which they are taken or deemed to have under section 344 of the SFO) or which are required pursuant to section 352 of the SFO, to be entered in the register referred to therein, or which are required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies, were as follows:

董事及主要行政人員於證券之權 益

於二零零九年九月三十日,董事及主要行政 人員與彼等之聯繫人士於本公司或其相聯法 團(定義見證券及期貨條例(「證券及期貨條 例」)第XV部)之股份、相關股份及債券中擁 有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之權益及淡倉(包括根 據證券及期貨條例第344條被視為或當作擁有 之權益),或根據證券及期貨條例第352條須 載入該條例所指之登記冊之權益及淡倉,或 根據上市公司董事進行證券交易的標準守則 須知會本公司及聯交所之權益及淡倉如下:

(i) Shares

(i) 股份

Number of
Notes 附註	Nature of interest 權益性質	Name of directors
		董事姓名
(1)	Held by controlled corporation	Mr. Yeung Ka Sing, Carson
	以受控制公司持有	楊家誠先生
	Personal interest
	個人權益

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SECURITIES (Continued)

董事及主要行政人員於證券之權 益(續)

(i) 股份(續)

							Percentage of
					Number of		the issued
				issued ordinary		Long/Short	share capital
					shares held	position	of the Company
	Name of directors	Nature of interest	Notes	所持已發行		in shares	佔本公司已
董事姓名		權益性質	附註		普通股數目	股份之好╱淡倉	發行股本百分比
	Mr. Hui Ho Luek, Vico	Held by controlled corporation	(2)		63,000,000	Long position	5.14%
許浩略先生		以受控制公司持有				好倉
		Family interest	(3)		13,245,000	Long position	1.08%
		家族權益				好倉
					76,245,000		6.22%
Notes:					附註:
(1)	These Shares were held by Great Luck Management Limited, a company incorporated in the British Virgin Islands and wholly owned by Mr. Yeung Ka Sing, Carson.				(1)		該等股份由鴻祥管理有限公司持 有,該公司乃於英屬處女群島註冊 成立,並由楊家誠先生全資擁有。
(2)	Mr. Hui Ho Luek, Vico.	These Shares were held by Premier Rise Investments Limited, a company incorporated in the British Virgin Islands and wholly owned by			(2)		該等股份由致尊投資有限公司持 有,該公司乃於英屬處女群島註冊 成立,並由許浩略先生全資擁有。
(3)		These Shares were held by Ms. Leung Choi Fan, the spouse of Mr. Hui Ho Luek, Vico.			(3)	芬女士持有。	該等股份由許浩略先生之配偶梁彩
	Share options			(ii)	購股權
				Number of		Exercise price
	Name of director	Nature of interest		options held		per share	Expiry date
董事姓名		權益性質		所持購股權數目		每股行使價	屆滿日期
						HK\$
						港元
	Steven McManaman	Beneficial owner		2,000,000		1.126	20 August 2017
		實益擁有人					二零一七年八月二十日

(i) Shares (Continued)

DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SECURITIES (Continued)

Save as disclosed herein, as at 30 September 2009, none of the Directors and Chief Executives and their associates has any interests in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which were 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 which they are taken or deemed to have under section 344 of the SFO), or which are required, pursuant to section 352 of the SFO, to be entered in the register referred to therein, or which are required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies.

DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed under the heading "SHARE OPTION SCHEME" below, at no time during the past 6 months period was the Company, its holding company or its subsidiaries, a party to any arrangements to enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of the Company or any other body corporate. None of the directors, or their spouses or their children under the age of 18, had any right to subscribe for the shares of the Company, or had exercised any such right during the past 6 months period.

董事及主要行政人員於證券之權 益(續)

除本文所披露者外,於二零零九年九月三十 日,董事及主要行政人員與彼等之聯繫人士 並無於本公司或其相聯法團(定義見證券及期 貨條例第XV部)之股份、相關股份及債券中 擁有任何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之權益(包括根據 證券及期貨條例第344條被視為或當作擁有之 權益),或根據證券及期貨條例第352條須載 入該條例所指之登記冊之權益,或根據上市 公司董事進行證券交易的標準守則須知會本 公司及聯交所之權益。

董事認購股份或債券之權利

除下文「購股權計劃」所披露者外,本公司、 其控股公司或其附屬公司於過去六個月期間 內任何時間並無參與任何安排,致使本公司 之董事藉購入本公司或任何其他法團之股份 或債券而獲取利益。董事或彼等之配偶或未 滿十八歲之子女於過去六個月期間內概無擁 有認購本公司股份之任何權利或已行使任何 有關權利。

SHARE OPTION SCHEME

Under the old share option scheme and new share option scheme adopted by the Company on 22 October 2002 and 30 July 2007 respectively, the board of directors of the Company may, at its discretion, grant options to eligible participants to subscribe for share in the Company.

Details of share options granted under the old scheme and new scheme during the period are set out below:

購股權計劃

根據本公司分別於二零零二年十月二十二日 及於二零零七年七月三十日採納之舊購股權 計劃及新購股權計劃之條款,本公司董事會 可酌情向合資格參與者授出購股權,以認購 本公司股份。

本公司根據舊計劃及新計劃授出之購股權於 期內之詳情如下:

		Outstanding as at
		1 April 2009 and
		30 September 2009
		於二零零九年	Exercise
	Date of grant	四月一日及二零零九年	price
	授出日期	九月三十日尚未行使	行使價
Director:
董事:
Steven McManaman	21 August 2007	2,000,000	1.126
	二零零七年八月二十一日
Employees:
僱員:
	7 June 2007	24,000,000	0.5
	二零零七年六月七日
Grand total		26,000,000
總計

I N T E R E S T S O F S U B S T A N T I A L SHAREHOLDERS

As at 30 September 2009, to the best knowledge of the Directors, the following persons (other than a Director or Chief Executive of the Company disclosed under the section "Directors' and Chief Executives' Interest in Securities" above) who had interest or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 Part XV of the SFO, or which was recorded in the register required to be kept by the Company under Section 336 of the SFO were as follows:

主要股東之權益

於二零零九年九月三十日,就董事所知,下 列人士(上文「董事及主要行政人員於證券之 權益」一節所披露之本公司董事或主要行政人 員除外)於本公司之股份或相關股份中擁有根 據證券及期貨條例第XV部第2及3分部之條 文須向本公司及聯交所披露或本公司根據證 券及期貨條例第336條存置之登記冊所記錄之 權益或淡倉如下 ︰

Name of substantial shareholders 股東名稱	Notes 附註	Number of issued ordinary shares interested 擁有權益之已發行 普通股數目	Long/Short Position In shares 股份之好╱淡倉	Percentage of the issued share capital of the Company 佔本公司已發行 股本百分比
Chu Yuet Wah 李月華	(1)	1,554,537,600	Long Position 好倉	48.76%
Kingston Securities Limited 金利豐證券有限公司	(1)	1,554,537,600	Long Position 好倉	48.76%
Ma Siu Fong 馬少芳	(1)	1,554,537,600	Long Position 好倉	48.76%
Liu Xingcheng 劉星成		315,000,000	Long Position 好倉	9.68%
Zhou Xin 周欣		315,000,000	Long Position 好倉	9.68%
Huge Gain Development Limited	(2)	96,000,000	Long Position 好倉	7.83%
Nerine Trust Company Limited	(2)	96,000,000	Long Position 好倉	7.83%
SCGC Capital Holding Company Limited SCGC資本控股有限公司	(3)	80,000,000	Long Position 好倉	6.52%
Shenzhen Capital (Hong Kong) Company Limited 創新資本(香港)有限公司	(3)	80,000,000	Long Position 好倉	6.52%
Shenzhen Capital Group Co., Ltd. 深圳市創新投資集團有限公司	(3)	80,000,000	Long Position 好倉	6.52%
深圳市人民政府國有資產監督管理委員會	(3)	80,000,000	Long Position 好倉	6.52%

32 GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓鋒國際控股有限公司 ( PROPOSED NEW COMPANY NAME : BIRMINGHAM INTERNATIONAL HOLDINGS LIMITED ) ( 建議新公司名稱:伯明翰環球控股有限公司 )

I N T E R E S T S O F S U B S T A N T I A L SHAREHOLDERS (Continued)

Notes:

• (1) Kingston Finance Limited is owned as to 51% by Mrs. Chu Yuet Wah and as to 49% by Ms. Ma Siu Fong.
• (2) Huge Gain Development Limited is wholly owned by Nerine Trust Company Limited ("Nerine Trust"). Nerine Trust is the trustee of SB Unit Trust and holds properties for the benefit of holders of unites issued by SB Unit Trust. All the units issued by SB Unit Trust were held by the family members of Mr. Siu Ban, co-founder of the Group and the discretionary objects.
• (3) These Shares are held as to 80,000,000 by SCGC Capital Holding Company Limited and associates. The entire issued share capital of SCGC Capital Holding Company Limited is owned by Shenzhen Capital (Hong Kong) Company Limited. The entire issued share capital of Shenzhen Capital (Hong Kong) Company Limited is owned by Shenzhen Capital Group Co. Ltd. The 36.32% issued share capital of Shenzhen Capital Group Co.Ltd is owned by 深圳市人民政府國有資產監管理委員會.

Save as disclosed herein, there is no person known to the Directors or Chief Executive of the Company, no other person (other than a Director or Chief Executive of the Company), who, as at 30 September 2009, had an interest or short position in the shares and underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or which was recorded in the register required to be kept by the Company under section 336 of the SFO.

主要股東之權益(續)

附註:

• (1) 金利豐財務有限公司分別由李月華女士及 馬少芳女士擁有51%及49%。
• (2) Huge Gain Development Limited由Nerine Trust Company Limited(「Nerine Trust」) 全資擁有。Nerine Trust是SB Unit Trust之 受託人,並為SB Unit Trust所發行單位之 持有人之利益持有財產。SB Unit Trust所 發行之全部單位由本集團之共同創辦人蕭 彬先生之家族成員及全權信託之受益人持 有。
• (3) 此等股份由SCGC資本控股有限公司及聯 繫人士持有80,000,000。SCGC資本控股 有限公司之全部已發行股本由創新資本(香 港)有限公司擁有。創新資本(香港)有限公 司的全部已發行股本由深圳市創新投資集 團有限公司擁有。深圳市創新投資集團有 限公司之36.32%已發行股本由深圳市人民 政府國有資產監管理委員會擁有。

除本文所披露者外,於二零零九年九月三十 日,本公司董事或主要行政人員並無獲悉任 何其他人士(本公司董事或主要行政人員除 外)於本公司之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分部之條文須 向本公司及聯交所披露,或本公司根據證券 及期貨條例第336條存置之登記冊所記錄之權 益或淡倉。

PURCHASE, SALE OR REDEMPTION OF SECURITIES OF THE COMPANY

During the six months ended 30 September 2009, neither the Company, nor any of its subsidiaries has purchased, redeemed or sold any of the Company's listed securities.

CORPORATE GOVERNANCE

The Board believes that good corporate governance is crucial to improve the efficiency and performance of the Group and to safeguard the interests of the shareholders.

The Company has complied with the applicable code provisions of the Code on Corporate Governance Practices (the "Code") as set out in Appendix 14 of the Listing Rules throughout the six months ended 30 September 2009 except for the deviations as detailed in the Company's last annual report as follows:

(a) Code provision A4.1 stipulates that non-executive directors should be appointed for a specific term, subject to re-election. The Company deviates from the above code provision as one of non-executive Directors ("NEDs") and all independent nonexecutive Directors ("INEDs") are not appointed for specific terms. According to the provisions of the Company's Articles of Association, however, the NEDs and INEDs are subject to retirement and reelection. The reason for the deviation is that the Company believes that the Directors ought to be committed to representing the long term interest of the Company's shareholders.

購買、出售或贖回本公司證券

於截至二零零九年九月三十日止六個月內, 本公司或其任何附屬公司概無購買、贖回或 出售本公司任何上市證券。

企業管治

董事會相信良好企業管治對改善本集團效率 與表現以及保障股東利益至為重要。

本公司於截至二零零九年九月三十日止六個 月內一直遵守上市規則附錄十四所載之企業 管治常規守則(「守則」)之適用守則條文,惟 以下本公司上一份年報所詳述之偏離除外:

(a) 守則條文第A4.1條規定非執行董事之 委任應有指定任期,並須接受重選。 由於其中一位非執行董事(「非執行董 事」)及全部獨立非執行董事(「獨立非 執行董事」)之委任並無指定任期,故 本公司偏離上述守則條文。然而,根 據本公司之公司組織章程細則,非執 行董事及獨立非執行董事須退任及接 受重選。偏離原因乃本公司相信董事 須承諾代表本公司股東之長遠利益。

CORPORATE GOVERNANCE (Continued)

(b) Code provision A4.2 stipulates that all directors should be subject to retirement by rotation at least once every three years. Pursuant to the Company's Articles of Association, the chairman shall not be subject to retirement by rotation or be taken into account in determining the number of directors to retire in each year. In order to ensure the smooth running and continuous adhering to the strategic view of the Company, the Company believes that the position of chairman is more practical to be maintained and not to be subject to retirement by rotation.

M O D E L C O D E F O R S E C U R I T I E S TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules. Having made specific enquiry to all the directors of the Company, all Directors have confirmed that they have complied with the required standard set out in the Model Code throughout the six months ended 30 September 2009.

AUDIT COMMITTEE

The Audit Committee comprises three independent nonexecutive directors of the Company has reviewed with the management in the accounting principles and practices adopted by the Group and discussed auditing, internal control and financial reporting matters including review of the unaudited financial information and interim report for the six months ended 30 September 2009.

企業管治(續)

(b) 守則條文第A4.2條規定所有董事應 最少每三年輪值告退一次。根據本 公司之組織章程細則,主席毋須輪值 告退,而於釐定每年告退之董事人數 時,亦不會計入其中。為確保本公司 順利營運及持續堅守本公司之策略性 視野,本公司相信主席維持其職務及 毋須輪值告退更切實可行。

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十所載之上市發 行人董事進行證券交易的標準守則(「標準守 則」)。於向本公司董事作出特定查詢後,全 體董事均已確認彼等於截至二零零九年九月 三十日止六個月內一直遵守標準守則所載之 規定標準。

審核委員會

審核委員會由本公司三名獨立非執行董事組 成,其已與管理層審閱本集團所採納之會計 原則及慣例,並商討審核、內部監控及財務 申報事宜,包括審閱截至二零零九年九月 三十日止六個月之未經審核財務資料及中期 報告。

REMUNERATION COMMITTEE

The Remuneration Committee comprises three independent non-executive directors of the Company, is responsibility for reviewing and evaluating the remuneration policies of executive directors and senior management and making recommendations to the Board from time to time.

NOMINATION COMMITTEE

The Nomination Committee comprises three independent non-executive directors of the Company. The primary role is to ensure that there is a formal and transparent procedure adopted by the Company for the nomination of directors of the Company.

PUBLICATION OF THE INTERIM RESULTS AND REPORT ON THE WEBSITE OF THE STOCK EXCHANGE

This interim results announcement is published on the websites of the Company (http://www.irasia.com/listco/ hk/grandtop/index.htm) and Hong Kong Exchanges and Clearing Limited (http://www.hkex.com.hk). The interim report of the Company for 2009 containing all information required by the Listing Rules will be dispatch to Shareholders and made available on the above websites in due course.

By Order of the Board Grandtop International Holdings Limited Hui Ho Luek, Vico Executive Director and Chief Executive Officer

Hong Kong, 18 December 2009

薪酬委員會

薪酬委員會由本公司三名獨立非執行董事組 成,負責不時審閱及檢討執行董事及高級管 理層之薪酬政策,並向董事會提供建議。

提名委員會

提名委員會由本公司三名獨立非執行董事組 成,主要職責為確保本公司採納正式及具透 明度之程序以提名本公司之董事。

於聯交所網頁上公佈中期業績及 報告

本中期業績公佈於本公司網站(http://www. irasia.com/listco/hk/grandtop/index.htm)及 香港交易及結算所有限公司之網站(http:// www.hkex.com.hk)上公佈。載有上市規則 所規定全部資料之本公司二零零九年中期報 告,將於適當時間寄發予股東及於上述網站 上公佈。

承董事會命 泓鋒國際控股有限公司 執行董事兼首席執行官

許浩略

香港,二零零九年十二月十八日