Global distribution network Όଢʱቖၣഖ
Hong Kong and Macau ࠰ಥʿዦژ
Mainland China ʕɽ Singapore อ̋ս
37 (38)
136 (154)
17 (17)
Bangladesh ֗̋ז Brunei ӡഺ Czech Republic ઠдձ Dominican Republic ε̵̋ձ India Ιܓ Indonesia Ι̵ Laos ϼዅ
Middle East* ʕ؇* Myanmar ᇚӳ Nepal ̵غဧ
Reunion Island व̵ࢥ Romania ᖯ৵̵ԭ Rwanda ጅ༺ Thailand इ Venezuela ։ʫז Vietnam ൳ی
1 (1)
1 (1)
2 (2)
370 (405)
234 (230)
1 (1)
4 (4)
0 (8)
19 (19)
0 (2)
2 (1)
4 (4)
* The Middle East includes Armenia, Bahrain, Jordan, Kuwait,
1 (1)
80 (80)
10 (6)
8 (8)
Lebanon, Oman, Qatar, Saudi Arabia and UAE ʕ؇ܼ̍ԭߕ̵ԭeˋ؍eߒ͇e߅۾तe ኇˋྲeڛਟe̔෫ဧeӍतڛזЬʿڛזЬᑌΥࠞڗ ( ) Figures at 30 June 2020 are shown in brackets ɚཧɚཧϋʬ˜ɧɤ˚ʘᅰο˸ܼڌͪ
Financial and operational highlights 財務及營運摘要
Financial performance ৌਕڌତ
62525%
Revenue ϗू Gross profit ˣл
Loss from operating activities ᐄ༶ุਕᑦฦ
Loss for the period attributable to owners# ኹϞɛᏐЦಂʫᑦฦ#
Basic loss per share# (HK cents) ӊٰਿ͉ᑦฦ€ಥ̀
Gross margin (%) ˣлଟ€ % Operating margin (%) ᐄ༶๐лଟ€ %
Net margin# (%) ଋ๐лଟ€ %
#
EBITDA ͊ࠇлࢹeධeұᔚʿᛅቖۃޮл
#
EBITDA margin (%) ͊ࠇлࢹeධeұᔚʿᛅቖۃޮлଟ€ %
Capital expenditure# ༟͉ක˕#
Key financial indicators# ˴ࠅৌਕܸᅺ#
Inventory turnover* (days) πմᔷಂ*€˂
Inventory level (HK$mn) π˥̻€ಥ࿆ϵຬʩ
Current ratio (times) ݴਗˢଟ€࠴
Time deposits, cash and bank balances (HK$mn)
֛ಂπಛձତږʿვБഐቱ€ಥ࿆ϵຬʩ
Net cash† (HK$mn) ତږଋᕘ† €ಥ࿆ϵຬʩ
Total liabilities to equity ratio (%) ᐼࠋව࿁ٰ؇ᛆूˢଟ€ %
30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
# | |
* | Inventory held at period/year end divided by annualised cost of sales times 365 days |
ಂŊϋഐ˚ʘπৰ˸ϋܓʷቖਯϓ͉࠱365˂ | |
† | Time deposits, cash and bank balances less bank borrowings |
֛ಂπಛձତږʿვБഐቱಯვБ൲ಛ |
Including continuing and discontinued operations ܼ̍ܵᚃᐄʿʊ˟ุਕ
31624%
(79)2%
(94)7%
(5.71)7%
51%
1% pt ࡈϵʱᓃ
-13%4% pts ࡈϵʱᓃ
-15%4% pts ࡈϵʱᓃ
25 4% 16
Change ᔷᜊ
123 210 1.49
20 days ˂
16%8%
176
41%
116
114%
175%
69% pts ࡈϵʱᓃ
31 December 2019 ɚཧɓɘϋ ɤɚ˜ɧɤɓ˚
123%5% pts ࡈϵʱᓃ
81%
Change ᔷᜊ
142 267 1.66
1 day ˂
34%17%
262
5%
232
7%
110%134% pts ࡈϵʱᓃ
Global distribution network Όଢʱቖၣഖ
Hong Kong and Macau ࠰ಥʿዦژ
Directly managed stores ٜટ၍ଣֳ⧕
Mainland China ʕɽ
Directly managed stores ٜટ၍ଣֳ⧕
Singapore อ̋ս
Directly managed stores ٜટ၍ଣֳ⧕
Other countries Չ˼
Export franchised stores ̈ɹतᐄֳ⧕
Taiwan^ ̨ᝄ^
Directly managed stores ٜટ၍ଣֳ⧕
Total Υ
Directly managed stores ٜટ၍ଣֳ⧕ Export franchised stores ̈ɹतᐄֳ⧕
30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
^
From discontinued operation
ԸІʊ˟ุਕ
Revenue by geographical market 按區域分類之收益
Six months ended 31 December 2020 截至二零二零年十二月三十一日止六個月
Hong Kong and Macau 香港及澳門 55% (66%)
Change ᔷᜊ
38
31 December 2019 ɚཧɓɘϋ ɤɚ˜ɧɤɓ˚
1
39
154
Change ᔷᜊ
18
180
17
0
17
773
36
799
-
0
209 773 982
193655
51
28797
79962
1,086
Singapore 新加坡10%(8%)
2
44
0
6251
159
Mainland China 中國大陸35% (26%)
( ) Figures for the six months ended 31 December 2019 are shown in brackets 截至二零一九年十二月三十一日止六個月之數字以括號表示
Regional retail performance indicators ήਜཧਯڌତܸᅺ
*
Same-store sales growth (%)*
Νֳቖਯᕘᄣڗ€ %*
Net retail floor area (sq. ft.)
ଋཧਯᅽࠦࠦጐ€̻˙ъ
Same-store sales growth is the comparison of sales of the same stores having full month operations in comparable periods
ΝֳቖਯᕘᄣڗމΝֳ⧕ˢ༰ಂʫҁ˜΅ʘቖਯᕘˢ༰
^
From discontinued operation
ԸІʊ˟ุਕ
CONTENTS
目 錄
FINANCIAL AND OPERATIONAL HIGHLIGHTS 財務及營運摘要
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
• OVERVIEW 概覽
• RESULTS OF CONTINUING OPERATIONS 持續經營業務業績
• DISTRIBUTION NETWORK 分銷網絡
• ANALYSIS BY MARKET 市場分析
• FINANCIAL POSITION 財務狀況
• OUTLOOK 未來展望
INTERIM DIVIDEND 中期股息
SUPPLEMENTARY INFORMATION 補充資料
FINANCIAL RESULTS 財務業績
• CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 簡明綜合損益及其他全面收益表
Inside Front Cover 封面內頁 >
1 2 4 5 8 10 11 12
> > > > > > > >
36
>
• CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表
• CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明綜合權益變動報表
• CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 簡明綜合現金流量表
• NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 簡明綜合中期財務報表附註
38 40 42 43
> > > >
MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW
Group revenue for the six months ended 31 December 2020 was HK$468 million (2019: HK$625 million) at a gross margin of 52% (2019: 51%). Table 1 provides details of the Group's results of continuing operations in core markets. Loss attributable to owners of the Company was HK$87 million (2019: HK$94 million), a decrease of 7% from 2019. The Group's same-store sales and same-store gross profit were down by 22% (2019: 10% decline) and 25% (2019: 15% decline), respectively. Net cash balance was HK$248 million (2019: HK$232 million) as of 31 December 2020.
၍ଣᄴীሞʿʱؓ ฿ᚎ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜d ͉ණྠϗूމಥ࿆4.68ᄂʩ€ɚཧɓɘϋjಥ ࿆6.25 ᄂʩdˣлଟމ 52%€ɚཧɓɘϋj 51%fڌɓމ͉ණྠࣨː̹ఙʘܵᚃᐄ ุਕุᐶ༉ઋf͉ʮ̡ኹϞɛᏐЦᑦฦމಥ ࿆8.7ɷຬʩ€ɚཧɓɘϋjಥ࿆9.4ɷຬʩd ༰ɚཧɓɘϋಯˇ7%f͉ණྠٙΝֳቖਯᕘ ʿΝֳˣлʱйɨൻ22%€ɚཧɓɘϋj10% ൻషʿ25%€ɚཧɓɘϋj15%ൻషfɚ ཧɚཧϋɤɚ˜ɧɤɓ˚dତږଋᕘഐቱމ ಥ࿆2.48ᄂʩ€ɚཧɓɘϋjಥ࿆2.32ᄂʩf
RESULTS OF CONTINUING OPERATIONS
Table 1: Group's results of continuing operations
ܵᚃᐄุਕุᐶ ڌɓj͉ණྠʘܵᚃᐄุਕุᐶ
For the six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
2019 ɚཧɓɘϋ
HK$mn ಥ࿆ ϵຬʩ
% to sales
HK$mn ಥ࿆ ϵຬʩ
% to sales
Change
Цቖਯᕘ ϵʱˢ
Цቖਯᕘ ϵʱˢ
ᔷᜊ
Hong Kong and Macau Mainland China Singapore
࠰ಥʿዦژ ʕɽ อ̋ս
255 165 48
55% 410
35% 162
10% 53
66% (38%)
26% 2%
8% (9%)
Group revenue
ණྠϗू
468
100% 625
100% (25%)
Gross profit
Total operating expenses
ˣл ᐼᐄ༶ක˕
Loss from operating activities ᐄ༶ุਕᑦฦ
Finance costs EBITDA
Loss attributable to owners
ፄ༟ϓ͉ ͊ࠇлࢹeධeұᔚ ʿᛅቖۃޮл ኹϞɛᏐЦᑦฦ
242 (344) (77) (7)
52% 316 (73%) (407)
(17%) (79)
(1%) (9)
(6) (87)
(1%) 25
(19%) (94)
51% (24%)
(65%) 16%
(13%) 2%
(1%) 26%
4% (123%)
(15%) 7%Group same-store sales growth*
Group same-store gross profit growth*
ණྠΝֳቖਯᕘᄣڗ*
ණྠΝֳˣлᄣڗ*
(22%) (10%)
(25%) (15%)Net cash at 31 December*
ɤɚ˜ɧɤɓ˚ ʘତږଋᕘ*
248 232 7%
31 December* Inventory turnover (days)Inventory level at
at 31 December*
ɤɚ˜ɧɤɓ˚ ʘπ˥̻* ɤɚ˜ɧɤɓ˚ ʘπմᔷಂ€˂*
177 267 (34%)
143 142
1
*
Including continuing and discontinued operations
* ܼ̍ܵᚃᐄʿʊ˟ุਕ
RESULTS OF CONTINUING OPERATIONS Revenue and gross profit
The pandemic of COVID-19 outbreak continued to adversely affect the local retail sectors and suppress many economic activities globally. During the period under review, the Group recorded revenue of HK$468 million (2019: HK$625 million), which fell by 25%. Gross profit decreased by 24% to HK$242 million (2019: HK$316 million), with gross margin increased by 1% point to 52%
(2019: 51%).
ܵᚃᐄุਕุᐶ ϗूʿˣл อۨڿًषݭޥઋᖑ೯ܵᚃ࿁͉ήཧਯุி ϓ ʔ л ᅂ ᚤdԨ ҵ Փ Ό ଢ ε ධ ݺ ਗfΫ ᚥಂʫd͉ණྠϗूಥ࿆ 4.68ᄂ ʩ€ɚ ཧɓɘϋjಥ࿆6.25ᄂʩdɨൻ25%fˣл ɨൻ24%Їಥ࿆2.42ᄂʩ€ɚཧɓɘϋjಥ࿆ 3.16 ᄂʩdˣлଟۆᄣ̋ 1ࡈϵʱᓃЇ52%
€ɚཧɓɘϋj51%f
Total operating expenses and loss from operating activities
The total operating expense to sales ratio increased to 73% (2019: 65%). The pandemic had a significant negative impact on the assessment of the Group's non-financial assets and impact on the results for the period under review. Consequently, the Group recognised non-cash impairment on non-financial assets of HK$30 million (2019: Nil) during the period under review.
ᐼᐄ༶ක˕ʿᐄ༶ุਕᑦฦ ᐼᐄ༶ක˕ЦቖਯᕘˢଟɪʺЇ73% €ɚཧ ɓɘϋj65%fޥઋ࿁͉ණྠٙڢږፄ༟ପ ൙ПிϓࠠɽࠋࠦᅂᚤdԨᅂᚤΫᚥಂʫٙ ุ ᐶfΪ Ϥd͉ ණ ྠ Ϋ ᚥ ಂ ʫ ᆽ Ⴉ ڢ ږ ፄ ༟ପʘڢତږಯ࠽ಥ࿆3.0 ɷຬʩ€ɚཧɓɘ ϋjೌf
Finance costs
Finance costs were HK$7 million (2019: HK$9 million), which comprised of interest on loan from immediate holding company and interest on lease liabilities. The interest on lease liabilities of HK$5 million (2019: HK$8 million) was due to the adoption of HKFRS 16, under which the Group (as lessee in numerous tenancy agreements) recognises the imputed interest expense accrued on the outstanding balance of the lease liabilities.
ፄ༟ϓ͉ ፄ༟ϓ͉މಥ࿆7 ϵຬʩ€ɚཧɓɘϋjಥ࿆ 9 ϵຬʩdՉʕܼٜ̍ટછٰʮ̡൲ಛʘл ࢹʿॡ༣ࠋවʘлࢹfॡ༣ࠋවʘлࢹމಥ ࿆5 ϵຬʩ€ɚཧɓɘϋjಥ࿆ 8ϵ ຬ ʩdɗ ͟મॶ࠰ಥৌਕිజۆୋ16ܝd͉ණ ྠ€Ъމεධॡ༣ᙄٙוॡɛᆽႩॡ༣ࠋ ව͊ᎵᒔഐቱᏐࠇٙПၑлࢹක˕f
Loss attributable to owners of the Company
Loss attributable to owners of the Company decreased by 7%, as shown in Table 1. Net margin was negative 19% (2019: negative 15%), an increase of 4% points. The preceding commentaries cite the reasons.
͉ʮ̡ኹϞɛᏐЦᑦฦ ༐νڌɓהͪd͉ʮ̡ኹϞɛᏐЦᑦฦಯˇ 7% fଋ๐лଟމࠋ 19% €ɚཧɓɘϋjࠋ 15%dɪ ʺ4ࡈϵʱᓃfɪ˖ʊΐᑘࡡΪf
DISTRIBUTION NETWORK
As of 31 December 2020, the Group had a presence in 25 countries and regions around the world, and had 927 (30 June 2020: 982) stores comprised of 190 (30 June 2020: 209) directly managed stores and 737 (30 June 2020: 773) franchised stores.
ʱቖၣഖ ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠุਕ ཁбΌଢ25 ࡈձήਜdֳ⧕ᅰͦމ 927 ග€ɚཧɚཧϋʬ˜ɧɤ˚j 982ගd̍ ܼ 190ග€ɚཧɚཧϋʬ˜ɧɤ˚j209ගٜટ ၍ଣֳ⧕ʿ737ග€ɚཧɚཧϋʬ˜ɧɤ˚j 773 ගतᐄֳ⧕f
Table 2: Store composition by type and geographical location
ڌɚjֳܲ⧕ᗳۨʿήਹྌʱʘֳ⧕ʱб
At 31 December 2020 | At 30 June 2020 |
ɚཧɚཧϋɤɚ˜ɧɤɓ˚ | ɚཧɚཧϋʬ˜ɧɤ˚ |
Directly | Directly |
managed Franchised | managed Franchised |
stores stores | stores stores |
ٜટ၍ଣֳ⧕ तᐄֳ⧕ | ٜટ၍ଣֳ⧕ तᐄֳ⧕ |
Hong Kong and Macau | ࠰ಥʿዦژ | 37 | - | 38 | - |
Mainland China | ʕɽ | 136 | - | 154 | - |
Singapore | อ̋ս | 17 | - | 17 | - |
Other countries | Չ˼ | - | 737 | - | 773 |
Total | ᐼࠇ | 190 | 737 | 209 | 773 |
ANALYSIS BY MARKET Hong Kong and Macau
The retail sector in Hong Kong continued to record a material decline since mid-2019. According to the statistics from the Census and Statistics Department of The Government of the Hong Kong Special Administrative Region, the wearing apparel retail sales value decreased by 26% on a period-on-period basis for the period from July 2020 to December 2020, and tourist arrivals plunged by 99.7% according to the statistics from the Hong Kong Tourism Board.
̹ఙʱؓ ࠰ಥʿዦژ ࠰ಥཧਯุІɚཧɓɘϋϋʕৎܵᚃ ࠠɽൻషf࣬ኽ࠰ಥतйБ݁ਜִ݁୕ࠇஈ ٙ୕ࠇᅰኽdɚཧɚཧϋɖ˜Їɚཧɚཧ ϋɤɚ˜ಂගdༀཧਯุٙቖਯᄆ࠽ܲಂ ɨൻ26%dϾ࣬ኽ࠰ಥ༷ࣚ೯࢝҅ٙᅰኽᜑ ͪdࣚ܄ɛᅰܢൻ99.7%f
The pandemic of COVID-19 has severely affected the retail consumption in Hong Kong and Macau. Travel restrictions and border control were in force, while a series of social-distancing measures were imposed, which consequentially impaired the consumer sentiment and stifled customer traffic. During the period under review, the third and fourth waves of local COVID-19 infections at alarming levels induced stricter social distancing measures, including but not limited to the banning of evening dine-in services, which sharply reduced shopping activities and foot traffic as a result.
อۨڿًषݭޥઋᘌࠠᅂᚤ࠰ಥʿዦژٙཧ ਯ ऊ ൬fྼ ݄ ࣚ ༷ ࠢ Փ ʿ ᗙ ྤ ၍ Փd̋ ɪ ɓ ӻΐٟٙʹ൷ᕎણ݄dѩۂࢮऊ൬จ૧ʿ䁌 ˇ ᚥ ܄ ݴ ඎf Ϋ ᚥ ಂ ʫd͉ ή อ ۨ ڿ ً ष ݭୋɧتʿୋ̬تชݑɛᅰ˿ɛᅊᅇdˏ೯ һᘌᄒٟٙʹ൷ᕎણ݄dܼ̍Шʔࠢຫ˟ ૉගੀਕdኬߧᒅيݺਗʿɛݴᜑഹಯ ˇf
During the period under review, revenue in Hong Kong and Macau including the retail and export franchising business was HK$255 million (2019: HK$410 million), representing a 38% decline. Same-store sales for directly managed stores fell 28% (2019: 14% decline) while same-store gross profit declined 33% (2019: 20% decline). Total net retail floor area decreased to 105,700 sq. ft. (2019: 111,000 sq. ft.), and sales per sq. ft. declined 26% to HK$4,500 (2019: HK$6,100). The number of directly managed stores was 37 (30 June 2020: 38). Segment result was HK$74 million loss (2019: HK$49 million loss).
Ϋᚥಂʫd࠰ಥʿዦژܼ̍ཧਯʿ̈ɹत ᐄุਕٙϗूމಥ࿆2.55ᄂʩ€ɚཧɓɘ ϋjಥ࿆4.10ᄂʩdൻషމ38%fٜટ၍ଣ ֳ⧕ٙΝֳቖਯᕘɨൻ28% €ɚཧɓɘϋj 14%ൻషdΝֳˣлۆɨൻ33%€ɚཧɓɘ ϋj20% ൻషfଋཧਯᅽࠦᐼࠦጐಯˇЇ 105,700 ̻˙ъ€ɚཧɓɘϋj 111,000 ̻˙ ъdӊ̻˙ъቖਯᕘɨࠥ 26%Їಥ࿆4,500 ʩ€ɚཧɓɘϋjಥ࿆6,100ʩfٜટ၍ଣֳ ⧕ᅰͦމ37 ග€ɚཧɚཧϋʬ˜ɧɤ˚j 38 ගfʱᗳุᐶމಥ࿆ 7.4 ɷຬʩᑦฦ€ɚཧ ɓɘϋjಥ࿆4.9 ɷຬʩᑦฦf
ANALYSIS BY MARKET Mainland China
In and out of lockdown ahead of many other countries, the economy in mainland China powered ahead while much of the world was still struggling. Although GDP expanded year-on-year in the fourth quarter of 2020, growth in retail sales towards end of year was less than expected. Our business in mainland China is currently under structural transformation, covering areas from product development, distribution channels to logistics. We are also focusing on off-season stock clearance and paving the way for the execution of our new product strategy in the near future.
Revenue in mainland China increased by 2% to HK$165 million (2019: HK$162 million). Same-store sales dropped 8% (2019: 5% decline) and same-store gross profit registered a 10% decline (2019: 11% decline). Sales per sq. ft. increased by 19% to HK$1,900 (2019: HK$1,600) while total net retail floor area decreased by 24% to 129,200 sq. ft. (2019: 170,000 sq. ft.). There was a total of 136 (30 June 2020: 154) directly managed stores in mainland China. Segment result was HK$16 million loss (2019: HK$33 million loss).
̹ఙʱؓ ʕɽ ʕɽˢεՉ˼һϘආɝԨ༆ৰ܆ ً۬࿒d͍Όଢɽʱٙஈᑙ ᗭًٙرʕdʕɽٙᄣڗۍჇჇჯ fᒱ್ɚཧɚཧϋୋ̬֙ܓٙʫ͛ପ ᐼ࠽ܲϋᄣ̋dШᑗڐϋֵٙཧਯቖਯᕘᄣ ڗჅཫಂfͦۃdҢࡁʕɽุٙਕ ͍ίආБഐᔷۨdᔷۨႊପۜ೯e ʱቖಬ༸ʿيݴഃჯਹfϤ̮dҢࡁ͍ਖ਼ء ஈଣཀ֙πdԨʔɮٙਗ਼ԸމੂБอପ ۜഄଫ༩f ʕɽ̹ఙٙϗूᄣ̋2%Їಥ࿆1.65ᄂʩ €ɚཧɓɘϋjಥ࿆1.62ᄂʩfΝֳቖਯᕘɨ ൻ8%€ɚཧɓɘϋj5% ൻషdΝֳˣлۆ 10% ൻష€ɚཧɓɘϋj 11%ൻ షfӊ ̻˙ъቖਯᕘᄣ̋19%Їಥ࿆1,900ʩ€ɚ ཧ ɓɘϋjಥ࿆1,600 ʩdϾଋཧਯᅽࠦᐼࠦ ጐಯˇ24%Ї129,200 ̻˙ъ€ɚཧɓɘϋj 170,000 ̻˙ъfʕɽ̹ఙٜٙટ၍ ଣֳ⧕ᐼᅰމ 136 ග€ɚཧɚཧϋʬ˜ɧɤ ˚j154ගfʱᗳุᐶމಥ࿆1.6ɷຬʩᑦฦ €ɚཧɓɘϋjಥ࿆3.3 ɷຬʩᑦฦf
ANALYSIS BY MARKET Singapore
The revenue of Singapore operation dropped by 9% to HK$48 million (2019: HK$53 million) during the period under review. Same-store sales registered a 6% decline (2019: 5% decline) compared to last period. Same-store gross profit recorded a 9% decline (2019: 5% decline). Total net retail floor area decreased by 6% to 22,200 sq. ft. (2019: 23,600 sq. ft.). Sales per sq. ft. decreased by 2% to HK$4,400 (2019: HK$4,500). The number of directly managed stores stood steady at 17 (30 June 2020: 17). The segment result was HK$7 million profit (2019: HK$7 million loss).
̹ఙʱؓ อ̋ս Ϋᚥಂʫdอ̋սุਕٙϗूމಥ࿆4.8ɷ ຬʩ€ɚཧɓɘϋjಥ࿆ 5.3 ɷຬʩdɨൻ 9%fΝֳቖਯᕘܲಂɨൻ6%€ɚཧɓɘϋj 5% ൻషdΝֳˣлۆ 9% ൻష€ɚཧ ɓɘϋj5% ൻషfଋཧਯᅽࠦᐼࠦጐಯˇ 6%Ї22,200 ̻˙ъ€ɚཧɓɘϋj 23,600̻ ˙ъdӊ̻˙ъቖਯᕘɨൻ2%Їಥ࿆4,400 ʩ€ɚཧɓɘϋjಥ࿆4,500ʩfٜટ၍ଣֳ ⧕ٙᅰͦމ17 ග€ɚཧɚཧϋʬ˜ɧɤ˚j 17 ගdڭ̻ܵᖢfʱᗳุᐶމಥ࿆ 7ϵຬʩ ๐л€ɚཧɓɘϋjಥ࿆ 7 ϵຬʩᑦฦf
Discontinued operation Taiwan
The Group had ceased its retail operation in Taiwan by end of June 2020. Taiwan commenced operation in 1992 and had a significant role in promoting the brand name of the Group in the Southeast Asia region, thus spearing ahead the Group's presence in the Greater China region. However, due to the continuing sluggish consumer market in Taiwan over the last two decades, the Taiwan segment has been loss making since the financial year of 2005/06. In the face of the challenging market conditions prevailing in Hong Kong and mainland China, the two main retailing divisions of the Group, the Group believes that it is in the best interests of the Company and its shareholders to cease the Taiwan operation so that the Group can better utilise its resources in its other core markets.
ʊ˟ุਕ ̨ᝄ ͉ණྠʊɚཧɚཧϋʬ˜ֵۃഐҼ̨ᝄ ٙཧਯุਕf̨ᝄุਕɓɘɘɚϋක ᐄ༶dߧɢ؇یԭήਜપᄿ͉ණྠۜd Ͼʺ͉ණྠɽʕശήਜٙٝΤܓf್ Ͼd̨͟ᝄٙऊ൬٫̹ఙཀ̘ɚɤϋܵ ᚃहࢮd̨ᝄʱІɚཧཧʞŊཧʬϋৌ݁ ϋܓৎɓٜᑦฦfࠦ࿁࠰ಥʿʕɽ €͉ණྠՇࡈ˴ࠅཧਯุਕʱᗳͦۃ̂တܿ ʘ ̹ رd͉ ණ ྠ Ⴉ މd ˟ ̨ ᝄ ุ ਕ Ϟ п ͉ණྠՉ˼ࣨː̹ఙһഛ͜༟๕dୌΥ͉ ʮ̡ʿՉٰ؇ٙ௰Գлूf
FINANCIAL POSITION
Liquidity and Financial Resources
As of 31 December 2020, the Group had cash and bank balances of HK$248 million (2019: HK$262 million) and net cash balance at HK$248 million (2019: HK$232 million). The current ratio was at 1.37 times (2019: 1.66 times) with a total liabilities to equity ratio at 244% (2019: 110%). As of 31 December 2019, bank borrowings of HK$30 million were recorded and the gearing ratio determined by bank borrowings divided by total equity was 5%.
The Group had investments and operations in countries that use currencies other than United States dollar and Hong Kong dollar, and therefore mitigated its foreign currency risk by entering into forward currency contracts to reduce exposure to exchange rate fluctuations in material transactions denominated in those currencies.
ৌਕًر ݴਗ༟ږʿৌ݁༟๕ ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ ତږʿვБഐቱމಥ࿆ 2.48 ᄂʩ€ɚཧɓɘ ϋjಥ ࿆2.62ᄂʩdϾତږଋᕘഐቱމಥ࿆ 2.48 ᄂʩ€ɚཧɓɘϋjಥ࿆ 2.32ᄂ ʩf͉ ණྠݴਗˢଟމ 1.37 ࠴€ɚཧɓɘϋj 1.66 ࠴dᐼࠋව࿁ٰ؇ᛆूˢଟމ 244%€ɚ ཧɓɘϋj 110% fɚཧɓɘϋɤɚ˜ ɧɤɓ˚d͉ණྠვБ൲ಛމಥ࿆ 3.0 ɷຬ ʩd༟ପࠋවˢଟމ5%dࠇၑਿމვБ൲ ಛৰ˸ᐼᛆूf ͉ණྠϞ߰ʍҳ༟ʿᐄ༶ίԴ͜ߕʩʿಥ࿆ ˸̮࿆ٙආБdΪϤʊீཀࠈͭჃಂ ࿆Υߒ˸ಯЭ༈ഃ࿆ࠇ࠽ʘࠠɽʹה ପ͛ʘ̮ිࠬᎈf
As of 31 December 2020, the Group's inventory turnover days# was 143 days, compared to 142 days in 2019. The return on equity ratio for the period under review was negative 87% (2019: negative 32%).
ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠπ մᔷಂ#މ143˂d࿁ˢɚཧɓɘϋٙ142˂f Ϋᚥಂʫd͉ණྠٰٙ؇ᛆूΫజଟމࠋ 87%€ɚཧɓɘϋjࠋ32%f
#
Inventory held at period end divided by annualised cost of sales times 365 days
# ಂഐ˚ʘπৰ˸ϋܓʷቖਯϓ͉࠱365˂
FINANCIAL POSITION Contingent Liabilities
During the period under review, the Group had no material changes in contingent liabilities since 30 June 2020.
ৌਕًر א್ࠋව Ϋᚥಂʫd͉ණྠІɚཧɚཧϋʬ˜ɧɤ ˚ৎʘא್ࠋවԨೌࠠɽᜊਗf
Human Capital
As of 31 December 2020, the Group employed 1,300 (30 June 2020: 1,500) full-time equivalent employees in Hong Kong and Macau, mainland China and Singapore.
The Group adhere to a policy of acquiring, nurturing and retaining talented employees. We treasure and promote the team spirit, and strive to cultivate a proactive and ever-improving culture. Workshops in effective management and certified programmes were offered for office and shop staff at all levels.
ɛɢ༟๕ ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ࠰ ಥʿዦژeʕɽʿอ̋ս໌͜ 1,300 Τ€ɚཧɚཧϋʬ˜ɧɤ˚j 1,500Τ Όᔖࡰʈf ͉ණྠߧɢіॶeԃʿၪᖩᎴӸࡰʈf ҢࡁࠠൖԨપਗྠඟၚग़dрɢቮጐආ ՟dʔ ᓙ ආ Ӊ ٙ ˖ ʷdމ ॴ ፬ ʮ ܃ ʿ ֳ ⧕ ࡰʈԶ၍ଣࣖଟձႩᗇሙf
We believe a vibrant and competent workforce is indispensable in driving business growth. We treasure knowledge sharing and life-long learning. We encourage employees to progress and excel every day through the "bossini e-academy", our e-platform which is devised to offer practical and experience-based knowledge and skills in customer service, retailing, products, and other latest marketing information.
Ңࡁڦ̂တݺɢʿঐٙʈЪྠඟุ݊ਕ ᄣڗٙࡡਗɢfҢࡁࠠൖٝᗆʱԮձԒኪ ୦fீཀ˜ఝᎲኪ৫™dҢࡁོᎸࡰʈӊ˚ ʔᓙආӉdၚूӋၚf˜ఝᎲኪ৫™݊Ңࡁ ٙၣɪኪ୦̨̻dί܄˒ਕeཧਯeପۜ ձՉ˼௰อٙᐄቖڦࢹഃ˙ࠦdމࡰʈԶ ྼ͜ձܔਿྼ᜕ٙٝᗆձҦঐf
We also continued to remunerate employees based on performance, including discretionary bonuses, share options and wide-ranging employee benefits such as insurance and retirement schemes.
Ңࡁ͵ᘱᚃમ͜ၾʈЪڌତન㢈ʘᑚཇዚ Փd̍ ܼ ڀ ߎeᒅ ٰ ᛆ ࠇ ྌ ʿ ɓ ӻ ΐ ࡰ ʈ ၅ лνڭᎈʿৗ;ࠇྌf
OUTLOOK
It is widely anticipated that COVID-19 will continue to impact consumer behaviour, economic activities and business environment globally for a certain period. The Group's performance is expected to remain under significant pressure for the remaining financial year with travel restrictions and social-distancing measures still largely in place. Nevertheless, we will continue to work towards a positive turnaround of our businesses with focus on our core markets and to closely monitor the market dynamics in order to timely adjust our plan.
͊Ը࢝ૐ ̹ఙ౷ཁཫಂdอۨڿًषݭ߰ʍಂගʫ ਗ਼ᘱᚃᅂᚤΌଢٙऊ൬٫Бމeݺਗʿ ᐄਠᐑྤf༷ࣚࠢ͟Փʿٟʹ൷ᕎણ݄ί ܘɽܓɪʥึᘱᚃྼ݄dཫಂ͉ණྠቱ ɨৌ݁ϋܓุٙᐶʥוաࠠɽᏀɢf್Ͼd Ңࡁਗ਼ᘱᚃߧɢ˿ุਕᔷᑦމޮdණʕ೯࢝ Ңࡁٙࣨː̹ఙdԨʲवจ̹ఙਗ࿒d˸ ʿࣛሜҢࡁٙࠇྌf
For the Hong Kong and Macau market, the Group does not anticipate a significant rebound of tourist arrivals or the retail environment to resume normal within a short period of time. We therefore intend to maintain a lean operational and administrative structure and to re-focus resources on this market. The overall shop rental expenses remained at a very unreasonable level with several landlords still unwilling to provide rent concessions, despite some landlords had already switched to pure turnover-rent arrangement. This will inevitably involve the closure of certain loss-making retail shops, as the Group aims to operate in an appropriate scale as a viable retail business and retain the Group's financial capacity. We will continue to renegotiate with landlords to seek rent relief and reduction. Where landlords are reluctant to respond reasonably to our requests, we will close those shops accordingly.
ఱ࠰ಥʿዦژ̹ఙϾԊd͉ණྠཫಂಂ ʫࣚ܄ɛᅰʔึɽషˀᅁאཧਯᐑྤᗭ˸ ܨూ͍੬fΪϤdҢࡁ͂ၑၪܵၚᔊٙᐄ༶ ʿ၍ଣݖdԨਗ਼༟๕ࠠอණʕவࡈ̹ఙ ɪfֳ⧕ॡږක˕ʥ್ၪܵίɓࡈڢ੬ ʔΥଣٙ˥̻dኋ၍Ϟ΅ุ˴ʊᔷމܲॱ ᐄุᕘࠇၑϗ՟ॡږdઓϞ΅ุ˴ʥʔᗴ จԶॡږᄱеf͉͟ණྠᏝܲቇٙ ᅼᐄ̙БٙཧਯุਕdԨၪ͉ܵණྠٙৌ ݁ྼɢdΪϤᗭеცࠅᗫௐ߰ʍᑦฦٙ ཧਯֳ⧕fҢࡁਗ਼ᘱᚃၾุ˴ࠠอਠীd˸ రӋॡږᄱеʿಯॡfࡊุ߰˴ʔᗴจఱҢ ࡁٙࠅӋЪ̈ΥଣΫᏐdҢࡁਗ਼ᗫௐᗫֳ ⧕f
OUTLOOK
Mainland China remains to be a market we have confidence in and has growth potential. The Group will continue to focus on business expansion and enlarge our footprint in this market in 2021, mainly focusing on opening directly managed stores in better shopping malls and reigniting franchised shops in various provinces and cities. The Group is also committed to further developing its e-commerce business and strengthening cooperation with various e-commerce platforms in mainland China, aiming to sustain the growth in e-commerce revenue with higher operational efficiency in this financial year.
͊Ը࢝ૐ ʕɽʥ್݊ҢࡁϞڦːԨՈϞᄣڗᆑ ɢ̹ٙఙf͉ණྠਗ਼ɚཧɚɓϋᘱᚃਖ਼ء ุਕן࢝dԨᓒɽҢࡁ༈̹ఙٙوྡd ˴ࠅණʕ༰Գٙᒅيʕːකணٜટ၍ଣֳ ⧕dԨʔΝ̹ࠠอකணतᐄֳ⧕f ͉ණྠ͵ߧɢආɓӉ೯࢝Չཥɿਠਕุਕd Ԩ̋੶ၾʕɽ၇ཥɿਠਕ̨̻ٙΥ ЪdਕӋ͉ৌ݁ϋܓၪܵཥɿਠਕϗूᄣ ڗʿ༺ߧһ৷ᐄ༶ࣖूf
Overall, the Group is formulating and implementing strategies ranging from brand re-positioning, product segmentation and pricing, distribution channels, production and supply chain management, marketing and promotion to IT infrastructure. We believe all of these would collaboratively equip us with a solid foundation and pave the way for our expansion and tap into market opportunities in the mid- to long-term.
ᐼϾԊd͉ණྠ͍ίՓ֛ʿྼ݄ۜࠠ͟ ෧eପۜྌʱʿ֛ᄆeʱቖಬ༸e͛ପʿԶ Ꮠ ᗡ ၍ ଣe̹ ఙ ᐄ ቖ ʿ ڮ ቖd˸ Ї ༟ ৃ ߅ Ҧ ਿ ᓾ ண ݄ ٙ ഄ ଫfҢ ࡁ ڦd༈ ഃ ણ ݄ ѩ Ϟ пҢࡁίʕڗಂʫܔͭᖢոਿᓾdމҢࡁٙ ᓒ࢝ணੰɽ༸dԨ̹ఙਠዚf
INTERIM DIVIDEND
The Board does not recommend payment of any interim dividend (2019: Nil) for the six months ended 31 December 2020.
ʕಂٰࢹ ԫึʔܔᙄݼ೯࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ʬࡈ˜ʕಂٰࢹ€ɚཧɓɘϋj ೌf
SUPPLEMENTARY INFORMATION DIRECTORS' PROFILES EXECUTIVE DIRECTORS
Mr. CHEUNG Chi, aged 54, was appointed as the Co-Chief Executive Officer in July 2020, is also a member of the Remuneration Committee and Nomination Committee of the Company. He is currently the chief financial officer and company secretary of Viva China Holdings Limited ("Viva China") (Stock code: 8032). Mr. Cheung is also a director of Dragon Leap Developments Limited ("Dragon Leap"), being the substantial shareholder of the Company (within the meaning of the Securities and Futures Ordinance). He has over 25 years' experience in financial management, corporate finance and administrative management. Mr. Cheung also possesses extensive experience in apparel business. He was an executive director and the chief financial officer of Win Hanverky Holdings Limited (Stock code: 3322), an integrated sportswear manufacturer, distributor and retailer for international sports and fashion brands, the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). He was the executive vice president and chief financial officer of Aspire Holdings Limited, which is a member of China Mobile Limited. Mr. Cheung was also the chief financial officer of eBIS Company Ltd. and NIT Education Group, the financial controller of Liuzhou ZF Machinery Co. Ltd. and a senior consultant of Arthur Andersen (Shanghai) Business Consulting Co. Ltd.
̂༟ࣘ ԫᔊʧ ੂБԫ ੵ౽͛dତϋ54๋dɚཧɚཧϋɖ˜ᐏ ։މᑌࢩБ݁ᐼd־͵މ͉ʮ̡ᑚཇ ։ࡰึʿΤ։ࡰึʘϓࡰf־ତڢɭʕ છٰϞࠢʮ̡€˜ڢɭʕ™€ٰ΅˾j 8032 ʘࢩৌਕ֜ʿʮ̡।ࣣfੵ͛͵ މ͉ʮ̡ʘ˴ࠅٰ؇€ܲᗇՎʿಂૢԷʘ ່Ꮂᚔ೯࢝Ϟࠢʮ̡€˜Ꮂᚔ™ʘԫf־ ৌਕ၍ଣeΆุፄ༟ʿБ݁၍ଣ˙ࠦጐଢ଼ གྷɚɤʞϋ᜕fੵ͛͵ༀБุኹϞ ᔮబ᜕f־ಀ͑ྗණྠછٰϞࠢʮ̡€ٰ ΅˾j 3322 ʘੂБԫʿࢩৌਕ֜d ༈ʮ̡ᐄყԃʿࣛༀۜʘၝΥ༶ਗ ͛ ପeʱ ቖ ʿ ཧ ਯ ุ ਕdՉ ٰ ΅ ࠰ ಥ ᑌ ΥʹהϞࠢʮ̡€˜ᑌʹה™˴ؐɪ̹f־ ͵ಀዄʕਗϞࠢʮ̡᙮ɨʘՙૐછٰ Ϟࠢʮ̡ʘੂБਓᐼʿࢩৌਕ֜fੵ ͛͵ಀމeBIS Company Ltd.ʿฌ㡯ԃණྠ ʘࢩৌਕ֜eݣψમࡾѿዚϞࠢʮ̡ʘ ৌਕᐼ္ʿτ༺ڦ€ɪऎΆุፔ༔Ϟࠢʮ̡ ʘ৷ॴᚥਪf
Mr. Cheung holds a Degree of Bachelor of Arts (Hons) in Accountancy from the City University of Hong Kong and a Degree
of Master of Business Administration from The Chinese University
of Hong Kong. He is a fellow member of the Hong Kong Institute
of Certified Public Accountants and the Association of Chartered
Certified Accountants.
ੵ͛ܵϞ࠰ಥ۬ឈɽኪึࠇኪᚑ˖ኪɻ ኪЗʿ࠰ಥʕ˖ɽኪʈਠ၍ଣ၂ɻኪЗdԨ މ࠰ಥึࠇࢪʮึʿतʮႩึࠇࢪʮึʘ ༟ଉึࡰf
DIRECTORS' PROFILES EXECUTIVE DIRECTORS
Mr. ZHAO Jianguo, aged 56, was appointed in July 2020. He has extensive experience in business operation and marketing and distribution of consumer products in mainland China and is the head of the consumables business of Viva China (Stock code: 8032). He is the founder and a director of ̏ԯ㛬ոҳ༟၍ଣϞࠢ ʮ̡ (Beijing Henggu Investment Management Co., Ltd.) which is principally engaged in investment and asset management since May 2008. Mr. Zhao was also a director of ̏ԯϼҳ༟ਿږ ၍ଣϞࠢʮ̡ (Beijing Eagles Fund Management Co., Ltd) from November 2015 to January 2019. This fund management company focuses on diversified technology investment, including mobile internet and technology, media, and telecom sectors. Mr. Zhao is the brother-in-law of Mr. LI Chun and Mr. LI Ning, both being substantial shareholders of the Company (within the meaning of the Securities and Futures Ordinance).
ԫᔊʧ ੂБԫ Ⴛܔ͛dତϋ56๋dɚཧɚཧϋɖ˜ ᐏ։f־ʕɽٙऊ൬ุۜਕᐄ༶ʿ ̹ఙᐄቖʿʱቖ˙ࠦኹϞᔮబ᜕d־ତ ڢɭʕ€ٰ΅˾j8032ʘऊ൬ุۜਕᐼ ္fІ ɚ ཧ ཧ ɞ ϋ ʞ ˜ ৎd־ މ ̏ ԯ 㛬 ո ҳ ༟၍ଣϞࠢʮ̡ʘ௴፬ɛʿԫd༈ʮ̡˴ ࠅԫҳ༟ʿ༟ପ၍ଣfႻ͛͵ಀɚཧ ɓʞϋɤɓ˜Їɚཧɓɘϋɓ˜ዄ̏ԯϼ ҳ༟ਿږ၍ଣϞࠢʮ̡ʘԫd༈ਿږ၍ ଣʮ̡ਖ਼ءεʩʷʘ߅Ҧҳ༟dܼ̍ਗ ʝ ᑌ ၣ ʿ ߅ Ҧeద ʿ ஷ ڦ ପ ุfႻ ͛ މ ͉ʮ̡˴ࠅٰ؇€ܲᗇՎʿಂૢԷהረʚ ʘ່ҽආ͛ʿҽྐྵ͛ʘ֊˃f
Mr. Zhao graduated from Tianjin University of Sport in 1987 with professional physical qualification. In 1985, he won the National Gymnastics Championship in mainland China.
Mr. CHAN Cheuk Him Paul, aged 50, was appointed as an Executive Director and the Director of Finance of the Group in August 2010. Mr. Chan graduated from the University of Toronto, Canada and the Hong Kong University of Science and Technology with a Master's Degree in Business Administration. He is also a member of the American Institute of Certified Public Accountants and a member of the Hong Kong Institute of Certified Public Accountants. He has over 26 years' experience in auditing and financial management with audit firm and various listed companies in Hong Kong.
Ⴛ͛ɓɘɞɖϋଭุ˂ݵԃኪ৫d ՟ ༶ ਗ ӻ ਖ਼ ߅ ༟ ࣸf ɓ ɘ ɞ ʞ ϋd־ ʕɽ՟ΌᎀᅺᒄΌঐڿࠏf ՙᑹ͛dତϋ50๋dɚཧɓཧϋɞ˜ ᐏ։މ͉ණྠʘੂБԫʿৌਕԫf ͛ଭุ̋ࣅɽεࡐεɽኪʿ࠰ಥ߅Ҧ ɽ ኪdܵ Ϟ ʈ ਠ ၍ ଣ ၂ ɻ ኪ Зf־ ͵ މ ߕ ึࠇࢪʮึʿ࠰ಥึࠇࢪʮึึࡰf͛ ᄲࠇࢪᅽʿ࠰ಥεගɪ̹ʮ̡dʊጐଢ଼གྷ ɚɤʬϋᄲࠇձৌਕ၍ଣ᜕ٙf
DIRECTORS' PROFILES NON-EXECUTIVE DIRECTORS
Mr. Victor HERRERO, aged 52, was appointed in July 2020 and is also the Chairman of the Nomination Committee. He has extensive experience in corporate management and business operations in the consumables industry. From 2015 to 2019, Mr. Herrero served as the chief executive officer and director of Guess Inc. (listed on the New York Stock Exchange), which is principally engaged in designing, marketing, distributing and licensing a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products around the world. Prior to joining Guess Inc., Mr. Herrero served as the head of Asia Pacific and managing director of Greater China of Industria de Diseño Textil, S.A. (Inditex Group), an international fashion retailer with brands including Zara, Massimo Dutti, Pull & Bear, Bershka and Stradivarius.
ԫᔊʧ ڢੂБԫ
Victor HERRERO ͛ dତ ϋ 52 ๋dɚཧ ɚཧϋɖ˜ᐏ։d͵މΤ։ࡰึ˴ࢩf ־ऊ൬ۜБุʘΆุ၍ଣʿุਕᐄ༶˙ ࠦኹϞᔮబ᜕f͟ɚཧɓʞϋЇɚཧɓɘ ϋdHerrero ͛ಀዄ Guess Inc. €ॲߒ ᗇՎʹהɪ̹ʘࢩੂБ֜ʿԫd༈ ʮ̡˴ࠅ˰ޢήԫ˾ུeˬ˺ ུe˓eഡ፶eቨᄵʿՉ˼ᗫऊ൬ۜʘ ͛ݺࣛ֠ӻΐʘணࠇeᐄቖeʱቖʿબᛆ ̙fHerrero͛̋ɝGuess Inc.ʘۃdಀዄ Industria de Diseño Textil, S.A€. Inditexණ ྠԭ˄ਜᐼ္ʿɽʕശਜԫᐼଣd༈ ණྠ݊ɓყࣛༀཧਯਠdɨܼۜ̍ ZaraeMassimo DuttiePull & BeareBershka ʿStradivariusf
Mr. Herrero is a board member of Global Fashion Group S.A., (e-commerce fashion site operator and owner of Zalora and The Iconic, the shares of which are listed on the Frankfurt Stock Exchange), G-III Apparel Group, Ltd (US manufacturer and distributor operating through a portfolio of brands, the shares of which are listed on NASDAQ), Gruppo Coppel (Mexican consumer finance and retail conglomerate) and Clarks (British based international shoe manufacturer and retailer). Mr. Herrero is a non-executive director of Viva China (Stock code: 8032). Prior to this appointment, Mr. Herrero was a senior advisor of Viva China.
Herrero͛݊Global Fashion Group S.A€. ཥ ɿਠਕࣛ֠ၣ१༶ᐄਠdኹϞ ZaloraʿThe IconicۜdՉٰ΅جᚆд၅ᗇՎʹהɪ ̹eG-III Apparel Group, Ltd€ஷཀۜଡ଼Υ ᐄʘߕႡிਠʿʱቖਠdՉٰ΅ॶ ༺дɪ̹e Gruppo Coppe€l ኈГࡩऊ൬٫ ږፄʿཧਯණྠʿ Clarks€ߵ ʘ ყ ቨ ᄵ Ⴁிਠʿཧਯਠʘԫึϓࡰf Herrero ͛ତމڢɭʕ€ٰ΅˾j8032ʘڢੂБ ԫfHerrero͛ί༈։ۃ͵ዄڢɭʕ ʘ৷ॴᚥਪf
Mr. Herrero graduated with a Master's Degree in Business Administration from Kellogg School of Management at Northwestern University in 2003. He obtained a Bachelor's Degree in Business Administration from ESCP Europe in Paris, France in 1992 and a Bachelor's Degree in Law from the University of Zaragoza in Spain in 1993. He was also awarded "Best CEO in the Sustainable Apparel Industry" in 2018 by the European CEO Magazine.
Herrero ͛ɚཧཧɧϋଭุߕГ̏ ɽኪ௱ݾࣸ၍ଣኪ৫dᐏʈਠ၍ଣ၂ɻኪ Зf־ɓɘɘɚϋᐏجˋኇٙESCP ᆄݲʈਠ၍ଣኪɻኪЗdԨɓɘɘɧϋᐏ Гफ˫ᔜזˑᔜɽኪجܛኪɻኪЗf־͵ ɚཧɓɞϋᐏEuropean CEO Magazine൙ ፯މ˜̙ܵᚃༀБุ௰ԳБ݁ᐼ™f
DIRECTORS' PROFILES NON-EXECUTIVE DIRECTORS
Mr. LAW Ching Kit Bosco, age 42, was appointed in July 2020. He is currently the deputy chairman and chief executive officer of Laws Fashion Group Limited (the "LAWSGROUP"), one of the global industry leader in garment manufacturing and fashion retailers. LAWSGROUP is also engaged in property development and investment in Hong Kong. Mr. Law is responsible for overseeing the LAWSGROUP's manufacturing operations, fashion retailing, property development and series of industrial building revitalization projects including D2 Place One and Two in Lai Chi Kok, Connaught Marina in Sheung Wan, East 350 in Kwun Tong and other property sites.
ԫᔊʧ ڢੂБԫ ᖯ͍؏͛dତϋ42๋dɚཧɚཧϋɖ˜ ᐏ։f־ତމᖯˤࣛༀණྠϞࠢʮ̡€˜ᖯ ˤණྠ™ਓ˴ࢩࡒБ݁ᐼdᖯˤණྠ݊ Όଢ५ᔌႡВʿࣛༀཧਯБุჯኬ٫ʘɓf ᖯˤණྠ͵࠰ಥԫيุ೯࢝ʿҳ༟fᖯ ͛ࠋப္ຖᖯˤණྠʘ͛ପᐄ༶eࣛༀཧ ਯeيุ೯࢝ʿεࡈݺʷʈขධͦdʕ̍ ܼট،ԉD2 Placeɓಂʿɚಂeɪᐑʍፕʕ ːeᝈ෨East 350ʿՉ˼يุධͦf
Mr. Law graduated from University of Toronto, Canada with major in Architecture and minor in Fine Art History and obtained Honours Bachelor of Arts in 2002. He is now the chairman of Hong Kong Woollen & Synthetic Knitting Manufacturers' Association Limited from 2019 to 2020 and has been the vice chairman of Textile Council of Hong Kong Limited since 2020.
ᖯ͛ଭุ̋ࣅɽεࡐεɽኪd˴ࡌܔጘ ʿਓࡌᖵஔዝ̦dԨɚཧཧɚϋᐏ༈ɽኪ ೯ᚑ˖ኪኪɻኪЗf־ତމ࠰ಥϺˣʷ ᜄ ০ ᔌ ุ ᅀ ਠ ึ Ϟ ࠢ ʮ ̡ ึ ڗ€͟ ɚ ཧ ɓ ɘ ϋ Ї ɚ ཧ ɚ ཧ ϋʿ І ɚ ཧ ɚ ཧ ϋ ৎ ዄ ࠰ ಥ५ᔌุᑌึϞࠢʮ̡ਓึڗf
Mr. Law is a director and sole shareholder of Keystar Limited,a 20% shareholder of Dragon Leap, being the substantial shareholder of the Company (within the meaning of the Securities and Futures Ordinance). He is also a director of Dragon Leap Developments Limited.
ᖯ͛ତމ Keystar Limited €ՉމኹϞᎲᚔ
€͉ʮ̡ʘ˴ࠅٰ؇€ܲᗇՎʿಂૢԷʘ ່20% ᛆूʘٰ؇ʘԫʿਬɓٰ؇f ־͵މᎲᚔ೯࢝Ϟࠢʮ̡ʘԫf
DIRECTORS' PROFILES
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. LEE Kwok Ming, aged 63, was appointed in July 2020, is also the Chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee of the Company. He holds a Higher Diploma in Accountancy from the Hong Kong Polytechnic and a Master of Science degree in Business Administration from the University of Bath, United Kingdom. Mr. Lee is currently an independent non-executive director of Want Want China Holdings Limited (Stock code: 151) and Lianhua Supermarket Holdings Co., Ltd. (Stock code: 980), the shares of which are listed on the Main Board of the Stock Exchange. From June 2007 to March 2020, he was the chief financial officer of Stella International Holdings Limited (Stock code: 1836), the shares of which are listed on the Main Board of the Stock Exchange. Mr. Lee has more than 30 years' financial management experience and extensive experience in corporate finance such as mergers and acquisitions. He assumed the position of chief financial officer in a number of listed companies in Hong Kong. Mr. Lee is a fellow member of the Hong Kong Institute of Certified Public Accountants and an associate member of the Chartered Institute of Management Accountants.
ԫᔊʧ ዹͭڢੂБԫ ҽ͛dତϋ63๋dɚཧɚཧϋɖ˜ ᐏ։f־͵މ͉ʮ̡ᄲࣨ։ࡰึʘ˴ࢩ˸ ʿᑚཇ։ࡰึʿΤ։ࡰึʘϓࡰf־ܵϞ ࠰ಥଣʈኪ৫બʘ৷ॴึࠇኪ˖ኯd˸ʿ ߵˋɽኪબʘʈਠ၍ଣ߅ኪ၂ɻኪ Зfҽ͛ତމʕછٰϞࠢʮ̡€ٰ΅ ˾j151 ʿᑌശ൴ٰ̹΅Ϟࠢʮ̡€ٰ΅ ˾j980 ʘዹͭڢੂБԫd༈ഃʮ̡ٙ ٰ΅ᑌʹה˴ؐɪ̹f־ಀɚཧཧɖϋ ʬ˜Їɚཧɚཧϋɧ˜ዄɘጳછٰϞࠢʮ ̡€ٰ΅˾j1836ʘࢩৌਕ֜d༈ʮ̡ ٰٙ΅ᑌʹה˴ؐɪ̹fҽ͛ৌਕ၍ ଣ˙ࠦኹϞགྷɧɤϋ᜕dԻᒅʿΆุፄ ༟˙ࠦ͵Ո௪ᄿع᜕f־ಀεග࠰ಥɪ ̹ʮ̡ዄࢩৌਕ֜ᔖЗfҽ͛ତމ࠰ ಥึࠇࢪʮึٙ༟ଉึࡰʿߵत၍ଣึ ࠇࢪʮึึࡰf
DIRECTORS' PROFILES
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. CHEONG Shin Keong, aged 64, was appointed in September 2017, is also a member of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company. Mr. Cheong is currently an executive director of Purapharm Corporation Limited, a company listed on the Stock Exchange (stock code: 1498). He was the general manager and an executive director of Television Broadcasts Limited (stock code: 511) from 1 January 2015 to 31 December 2019. Mr. Cheong has extensive experience in the advertising and marketing industry and contributes actively to the professional development of marketing in Hong Kong through leading marketing industry bodies. He is a Fellow and a deputy chairman of the Hong Kong Management Association as well as a Fellow and the former president of the Hong Kong Regional Board of the Chartered Institute of Marketing.
ԫᔊʧ ዹͭڢੂБԫ ቍഛ੶͛dତϋ64๋dɚཧɓɖϋɘ˜ ᐏ ։ d͵ މ ͉ ʮ ̡ ᄲ ࣨ ։ ࡰ ึeᑚ ཇ ։ ࡰ ึʿΤ։ࡰึϓࡰfቍ͛ତމɢછٰ Ϟࠢʮ̡€ᑌʹהɪ̹ʘʮ̡€ٰ΅˾j 1498 ʘੂБԫf־ɚཧɓʞϋɓ˜ɓ ˚Їɚཧɓɘϋɤɚ˜ɧɤɓ˚ಀዄཥൖ ᄿᅧϞࠢʮ̡€ٰ΅˾j 511 ʘᐼଣʿ ੂБԫfቍ͛࿁ᄿѓʿ̹ఙપᄿ९Ϟ ᜕d͵ீཀ˴ࠅ̹ఙุਕྠጐן͉࢝ಥ ̹ఙપᄿБุٙਖ਼ุ೯࢝f־ତމ࠰ಥ၍ଣ ਖ਼ุึ༟ଉึࡰࡒਓ˴ࢩ˸ʿߵत̹ ਕኪึ༟ଉึࡰࡒ࠰ಥʱึۃ˴ࢩf
Prof. SIN Yat Ming, aged 65, was appointed in October 2005, is also the Chairman of the Remuneration Committee and a member of the Audit Committee and the Nomination Committee of the Company. Prof. Sin holds a Doctor of Philosophy in Business Administration from the University of British Columbia, Canada, a Master of Business Administration from the University of Texas at Arlington and a Bachelor of Business Administration from the Chinese University of Hong Kong ("CUHK"). Prof. Sin had been a member of the Faculty of Business Administration of CUHK for over 35 years. He had also been a professor of Department of Marketing of CUHK and an associate director of CUHK's Center for Hospitality and Real Estate Research until July 2016 on his retirement. He is now the Honorary Institute Fellow of the Asia-Pacific Institute of Business and Adjunct Professor, CUHK Business School. He is serving as the advisor for the Hong Kong Institute of Marketing. He is an independent non-executive director of Hung Fook Tong Group Holdings Limited (stock code: 1446) listed on the Stock Exchange.
ᤑ˚બdତϋ65๋dɚཧཧʞϋɤ˜ ᐏ։d͵މ͉ʮ̡ᑚཇ։ࡰึʘ˴ࢩʿᄲ ࣨ։ࡰึʿΤ։ࡰึϓࡰfᤑબܵϞ̋ ࣅɽߵ᙮ࡩࡐˢԭɽኪʈਠ၍ଣࡪኪ௹ɻ ኪЗeᅃψɽኪڛᜳʱࣧʈਠ၍ଣ၂ɻኪ Зʿ࠰ಥʕ˖ɽኪ€˜ʕɽ™ʈਠ၍ଣኪɻ ኪЗfᤑબʕɽʈਠ၍ଣኪ৫ʈЪ൴ཀ ɧɤʞϋdಀމʕɽ̹ఙኪӻબʿʕɽৢ ֳe༷ࣚʿʔਗପӺʕːਓ˴ٜЇɚཧ ɓʬϋɖ˜ৗ;fତމ࠰ಥʕ˖ɽኪਠኪ৫ ʘԭ˄ʈਠӺהΤᚑኪɛʿ࠰ಥʕ˖ ɽኪਠኪ৫܄ࢭબf־މ࠰ಥ̹ਕኪึᚥ ਪf־ତމᒿ၅ੀණྠછٰϞࠢʮ̡€ٰ΅˾ j1446 €ᑌʹהɪ̹ʘʮ̡ʘዹͭڢ ੂБԫf
DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES As at 31 December 2020, the interests or short positions of each of the Directors and chief executive of the Company in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) which were (i) 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 short positions which he was taken or deemed to have under such provisions of SFO); (ii) required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or (iii) required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"), to be notified to the Company and the Stock Exchange were as follows:
ԫٰ΅ʿᗫٰ΅ʘᛆू ɚཧɚཧϋɤɚ˜ɧɤɓ˚dԫʿ͉ʮ ̡௰৷Б݁ɛࡰІ͉ʮ̡אՉᑌجྠ €ՈϞᗇՎʿಂૢԷ€˜ᗇՎʿಂૢԷ™ୋ XV הረʚʘٰ່ٙ΅eᗫٰ΅אව ᛆᗇʕኹϞ(i)࣬ኽᗇՎʿಂૢԷୋXVୋ 7ʿ8ʱٝึ͉ʮ̡ʿᑌʹהٙᛆूא૱ ࡑ€ܼ̍Չ࣬ኽᗇՎʿಂૢԷٙϞᗫૢ˖ ЪאൖމኹϞٙᛆूʿ૱ࡑi(ii)࣬ኽ ᗇՎʿಂૢԷୋ352ૢ֛ٙ༱ɝ༈ૢ ה ܸ ೮ া ̅ ʫ ٙ ᛆ ू א ૱ ࡑiא(iii)࣬ኽᑌʹ ה ᗇ Վ ɪ ̹ ۆ€˜ɪ ̹ ۆ™ڝ ɤ ה ༱ ɪ ̹೯БɛԫආБᗇՎʹٙᅺςۆ€˜ᅺ ςۆ™ٝึ͉ʮ̡ʿᑌʹהٙᛆूא૱ ࡑνɨj
DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES
Long positions in the shares and the underlying shares in associated corporations of the Company
(a)Interests in Viva China Holdings Limited ("Viva China"), the issued shares of which are listed on GEM of the Stock Exchange (stock code: 8032)
Name of Directors
ԫ֑Τ
Mr. CHEUNG Chi ੵ౽͛
Mr. ZHAO Jianguo
Ⴛܔ͛
Mr. CHAN Cheuk Him Paul ՙᑹ͛
Mr. Victor HERRERO Victor HERRERO͛
Capacity and nature of interest
Ԓ΅ʿᛆूሯ
Beneficial owner ྼूኹϞɛ
Beneficial owner ྼूኹϞɛ
Interest of controlled
corporation (note 1)
288,000,000 - 3.03%
12,963,200 - 0.14%
ԫٰ΅ʿᗫٰ΅ʘᛆू ͉ʮ̡ᑌجྠʘٰ΅ʿᗫٰ΅ʘλࡑ
(a)
Number of ordinary shares of Viva China held
ڢɭʕછٰϞࠢʮ̡€˜ڢɭʕ ™ʘᛆूdՉʊ೯Бٰ΅ᑌʹה GEM ɪ̹€ٰ΅˾j 8032
Approximate
Number of percentage of share options Viva China's of Viva China issued share held capital
ܵϞڢɭʕ ౷ஷٰᅰͦ
ܵϞڢɭʕ Цڢɭʕʊ೯Б
ᒅٰᛆᅰͦ
ٰ͉฿ߒϵʱˢ
(note 3) €ڝൗ3
200,000
60,000,000 0.63%
աછՓجྠᛆू€ڝൗ 1
Interest of spouse (note 2)
ৣਅᛆू€ڝൗ 2
Beneficial owner ྼूኹϞɛ
Beneficial owner ྼूኹϞɛ
-
700,000,000 7.37%
400,000 - 0.0042%
1,168,000 - 0.01%
DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES | ԫٰ΅ʿᗫٰ΅ʘᛆू |
Long positions in the shares and the underlying shares in | ͉ʮ̡ᑌجྠʘٰ΅ʿᗫٰ΅ʘλࡑ |
associated corporations of the Company | |
Notes: | ڝൗj |
(1) As at 31 December 2020, these 12,963,200 shares in Viva China were directly held by Double Essence Limited, which was in turn directly owned as to 50% by Mr. ZHAO Jianguo. Therefore, Mr. ZHAO Jianguo was deemed to be interested in the same number of shares in Viva China held by Double Essence Limited under Part XV of the SFO.
(1) ɚཧɚཧϋɤɚ˜ɧɤɓ˚d༈ഃ 12,963,200 ٰڢɭʕٰ΅͟ Double Essence Limited ٜટܵϞdϾ Double Essence Limited ͟Ⴛܔٜ͛ટܵϞ 50% ᛆूfΪϤd࣬ኽᗇՎʿಂૢԷ ୋ XV dႻܔ͛ൖމ Double Essence LimitedהܵϞΝᅰͦʘڢɭʕ ٰ΅ʕኹϞᛆूf
(2) As at 31 December 2020, Ms. LI Ying, the spouse of Mr. ZHAO Jianguo, was interested in 700,000,000 share options of Viva China. Therefore, Mr. ZHAO Jianguo was deemed to be interested in the same number of share options in Viva China held by his spouse, Ms. LI Ying, under Part XV of the SFO.
(2) ɚཧɚཧϋɤɚ˜ɧɤɓ˚dႻܔ ͛ʘৣਅҽڎɾɻܵϞ700,000,000΅ڢ ɭʕᒅٰᛆfΪϤd࣬ኽᗇՎʿಂૢ ԷୋXVdႻܔ͛ൖމՉৣਅҽ ڎɾɻהܵϞʘΝᅰͦڢɭʕᒅٰᛆ ʕኹϞᛆूf
(3) As at 31 December 2020, the total number of shares in issue of Viva China was 9,496,332,726 shares.
(3) ɚཧɚཧϋɤɚ˜ɧɤɓ˚dڢɭʕ ʘʊ೯Бٰ΅ᐼᅰމ9,496,332,726ٰf
DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES Long positions in the shares and the underlying shares in associated corporations of the Company
(b) Interests in Dragon Leap
Name of Director
ԫ֑Τ
Mr. LAW Ching Kit, Bosco
ᖯ͍؏͛
Capacity and nature of interest
Ԓ΅ʿᛆूሯ
ԫٰ΅ʿᗫٰ΅ʘᛆू ͉ʮ̡ᑌجྠʘٰ΅ʿᗫٰ΅ʘλࡑ
(b)
Interest of controlled corporation (note 1) աછՓجྠᛆू€ڝൗ 1
Ꮂᚔٙᛆू
Number of ordinary shares of Dragon Leap held
ܵϞᎲᚔ ౷ஷٰᅰͦ
20
Approximate percentage of Dragon Leap's issued share capital
ЦᎲᚔʊ೯Б ٰ͉฿ߒϵʱˢ
(note 2) €ڝൗ2
20%
Notes:
ڝൗj
(1) As at 31 December 2020, Dragon Leap was directly owned as to 20% by Keystar Limited, which was in turn directly wholly-owned by Mr. LAW Ching Kit, Bosco. Therefore, Mr. LAW Ching Kit, Bosco was deemed to be interested in the same number of shares in Dragon leap held by Keystar Limited under Part XV of the SFO.
(1) ɚཧɚཧϋɤɚ˜ɧɤɓ˚d Ꮂᚔ͟Keystar LimitedٜટܵϞ 20%ᛆूdϾKeystar Limited͟ ᖯ͍؏ٜ͛ટΌ༟ኹϞfΪ Ϥd࣬ኽᗇՎʿಂૢԷୋ XV dᖯ͍؏͛ൖމKeystar LimitedהܵϞΝᅰͦʘᎲᚔٰ ΅ʕኹϞᛆूf
(2) As at 31 December 2020, the total number of shares in issue of Dragon Leap was 100 shares.
(2) ɚཧɚཧϋɤɚ˜ɧɤɓ˚d Ꮂᚔʘʊ೯Бٰ΅ᐼᅰމ100ٰf
As at 31 December 2020 so far as is known to the Directors and chief executive of the Company, the following persons (other than the Directors or chief executive of the Company) had interests or long positions in the shares or the 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:
˴ࠅٰ؇͉ʮٰ̡΅ʿᗫٰ΅ʘᛆू
ɚཧɚཧϋɤɚ˜ɧɤɓ˚dኽԫʿ͉ ʮ̡௰৷Б݁ɛࡰהٝdɨΐɛɻ€ԫא͉ ʮ ̡ ௰ ৷ Б ݁ ɛ ࡰ ৰ ̮ ͉ ʮ ̡ ٰ ΅ א ᗫٰ΅ʕኹϞ࣬ኽᗇՎʿಂૢԷୋXVୋ 2ʿ3ʱૢ˖Σ͉ʮ̡ʿᑌʹהמᚣٙᛆ ूאλࡑj
Name
Capacity and nature of interest
Τ၈
Ԓ΅ʿᛆूሯ
Dragon Leap Development Limited Ꮂᚔ೯࢝Ϟࠢʮ̡
Viva China Holdings Limited ڢɭʕછٰϞࠢʮ̡
Beneficial owner (note 1)
ྼूኹϞɛ€ڝൗ 1
Interest of controlled corporation (note 1)
աછՓجྠᛆू€ڝൗ 1
Mr. LI Ning ҽྐྵ͛
Interest of controlled corporation (note 2)
աછՓجྠᛆू€ڝൗ 2
Mr. LI Chun ҽආ͛
Interest of controlled corporation (note 2)
աછՓجྠᛆू€ڝൗ 2
Number of shares held
ܵϞٰ΅ᅰͦ
Approximate percentage of the Company's issued share capital
Ц͉ʮ̡ʊ೯Б ٰ͉฿ߒϵʱˢ
(note 3) €ڝൗ3
1,093,839,246 66.54%
1,093,839,246 66.54%
1,093,839,246 66.54%
1,093,839,246 66.54%
˴ࠅٰ؇͉ʮٰ̡΅ʿᗫٰ΅ʘᛆू
Notes:
ڝൗj
(1) As at 31 December 2020, Dragon Leap was owned as to 80% by Viva China. Therefore, Viva China was deemed to be interested in the shares of the Company held by Dragon Leap under Part XV of the SFO.
(1) ɚཧɚཧϋɤɚ˜ɧɤɓ˚dᎲᚔ͟ڢ ɭʕܵϞ80%ᛆूfΪϤd࣬ኽᗇՎʿ ಂૢԷୋXVdڢɭʕൖމᎲᚔ הܵϞʘ͉ʮٰ̡΅ʕኹϞᛆूf
(2) As at 31 December 2020, Mr. LI Ning and Mr. LI Chun were deemed to be interested in the shares of Viva China through their interests in Lead Ahead Limited, Victory Mind Assets Limited and Dragon City Management (PTC) Limited, which held 2,132,420,382 shares, 1,680,022,769 shares and 2,000,000,000 shares in Viva China, respectively, representing approximately 22.46%, 17.69% and 21.06% and in aggregate 61.21% of the total issued share capital of Viva China as at 31 December 2020. Therefore, Mr. LI Ning and Mr. LI Chun were deemed to be interested in the shares of the Company held by Dragon Leap under Part XV of the SFO.
(2) ɚཧɚཧϋɤɚ˜ɧɤɓ˚dҽྐྵ ͛ʿҽආ͛ீཀ־ഃ Lead Ahead LimitedeVictory Mind Assets Limitedʿ Dragon City Management (PTC) Limited ʘᛆूൖމڢɭʕٰ΅ʕኹϞ ᛆूd Lead Ahead Limited e Victory Mind Assets Limited ʿ Dragon City Management (PTC) LimitedʱйܵϞڢɭ ʕʘ 2,132,420,382ٰe1,680,022,769 ٰʿ 2,000,000,000 ٰٰ΅dʱйЦڢ ɭʕɚཧɚཧϋɤɚ˜ɧɤɓ˚ʘ ʊ೯Бٰ͉ᐼᅰߒ 22.46%e17.69%ʿ 21.06%dʿΥЦ61.21%fΪϤd࣬ኽ ᗇՎʿಂૢԷୋXVdҽྐྵ͛ʿҽආ ͛ൖމᎲᚔהܵϞʘ͉ʮٰ̡΅ʕ ኹϞᛆूf
(3) As at 31 December 2020, the total number of shares of the Company in issue was 1,643,833,394 shares.
(3) ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ʮ̡ʊ ೯Бٰ΅ᐼᅰމ1,643,833,394f
Save as disclosed above and so far as is known to the Directors and chief executive of the Company, as at 31 December 2020, no person (other than the Directors or chief executive of the Company) had any interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or has, directly or indirectly, interested in 10% or more of the issued voting shares any other member of the Group.
ৰɪ˖המᚣ٫̮ʿኽԫʿ͉ʮ̡௰৷ Б݁ɛࡰהٝdɚཧɚཧϋɤɚ˜ɧɤɓ ˚d฿ೌɛɻ€ԫא͉ʮ̡௰৷Б݁ɛࡰৰ ̮͉ʮٰ̡΅אᗫٰ΅ʕኹϞ࣬ኽᗇ ՎʿಂૢԷୋXVୋ2ʿ3ʱૢ˖Σ͉ ʮ̡ʿᑌʹהמᚣٙОᛆूא૱ࡑdאٜ ટאගટኹϞ͉ණྠОՉ˼ϓࡰʮ̡ٙʊ ೯БՈҳୃᛆٰ΅ٙ10%א˸ɪٙᛆूf
DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES
Save as disclosed in the section "Directors' interests in shares and underlying shares" above and in the section "Share option scheme" below, at no time during the period were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any director or their respective spouse or minor children, or were any such rights exercised by them; or was the Company, or any of its subsidiaries a party to any arrangement to enable the directors to acquire such rights in any other body corporate.
ԫᒅ൯ٰ΅אවՎʘᛆл ৰɪ˖˜ԫٰ΅ʿᗫٰ΅ʘᛆू™ɓື ʿɨ˖˜ᒅٰᛆࠇྌ™ɓືהמᚣ٫̮d͉ʮ ̡ಂʫОࣛග฿ೌબʚОԫא־ഃ Іʘৣਅא͊ϓϋɿɾᔟϗᒅ͉ʮ̡ʘٰ ΅אවՎϾ՟лूʘᛆлdϾ־ഃ͵ೌБ ԴО༈ഃᛆлi͉ʮ̡אՉОڝ᙮ʮ̡ ಂʫ฿ೌਞၾࠈͭОτરdߧԴԫ̙ ОՉ˼جɛྠᐏϤഃᛆлf
DIRECTORS' INTERESTS IN CONTRACTS
No director had a material interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company or any of its subsidiaries was a party during the period.
ԫΥߒʕʘᛆू ಂʫ฿ೌԫί͉ʮ̡אՉОڝ᙮ʮ̡ᖦ ࠈϾ࿁͉ණྠุਕϞࠠɽᅂᚤʘОΥߒʕ ٜટאගટኹϞࠠɽᛆूf
SHARE OPTION SCHEME
Share options were granted to the directors and employees under the Share Option Scheme (the "Scheme") adopted by the Company on 12 November 2013. There was no change in any terms of the Scheme during the six months ended 31 December 2020. The details of the Scheme were disclosed in the 2019/20 annual report.
ᒅٰᛆࠇྌ ͉ʮ̡࣬ኽɚཧɓɧϋɤɓ˜ɤɚ˚મॶ ʘ ᒅ ٰ ᛆ ࠇ ྌ€˜ࠇ ྌ™બ ̈ ᒅ ٰ ᛆ ʚ ԫ ʿ ࡰʈf࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬ ࡈ ˜ ʫdϤ ࠇ ྌ ʘ ૢ ಛ Ԩ ೌ һ ҷfϤ ࠇ ྌ ʘ ༉ઋʊɚཧɓɘŊɚཧϋϋజʕמᚣf
SHARE OPTION SCHEME | ᒅٰᛆࠇྌ |
Movements in the share options of the Company outstanding | ಂʫ͉ʮ̡֠͊БԴʘᒅٰᛆᜊਗνɨj |
during the period are set out below: | |
Exercise |
Number of share options ᒅٰᛆᅰͦ
Name or category of participants
ਞၾɛɻ֑Τאᗳй
At 1 July 2020 ɚཧɚཧϋ ɖ˜ɓ˚
Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
Date of grant of share options
(note a)
ಂʫબ̈
Exercise period of share options
ಂʫБԴ
price of share options
(note b)
ಂʫӚϗ
બ̈ᒅٰᛆ˚ಂ €ڝൗa
ᒅٰᛆБԴಂ
ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ
Directors ԫ
Ms. TSIN Man Kuen
Bess ፺ਟࢇɾɻ
800,000
-
-
(800,000)
-
12 October 2010
12 October 2011 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
1,200,000
-
-
(1,200,000)
-
12 October 2010
12 October 2013 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
2,000,000
-
-
(2,000,000)
-
12 October 2010
12 October 2015 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓʞϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
1,750,000
-
-
(1,750,000)
-
2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚
(note d(i)) 0.570 (ڝൗd(i))
3,000,000
-
-
(3,000,000)
-
4 October 2016
4 October 2019 to 0.495
ɚཧɓʬϋɤ˜̬˚
3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚
8,750,000
-
-
(8,750,000)
-
SHARE OPTION SCHEME
Name or category of participants
ਞၾɛɻ֑Τאᗳй
Number of share options ᒅٰᛆᅰͦ
ᒅٰᛆࠇྌ
At 1 July 2020 ɚཧɚཧϋ ɖ˜ɓ˚
Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
Date of grant of share options
(note a)
ಂʫબ̈
Exercise period of share options
ಂʫБԴ
Exercise price of share options
(note b)
ಂʫӚϗ
બ̈ᒅٰᛆ˚ಂ €ڝൗa
ᒅٰᛆБԴಂ
ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ
Directors ԫ
Mr. MAK Tak Cheong
Edmund ᅃ͛
678,000
-
-
(678,000)
-
5 July 2010 ɚཧɓཧϋɖ˜ʞ˚
(note c(i)) 0.503 (ڝൗc(i))
2,800,000
-
-
(2,800,000)
-
12 October 2010
12 October 2011 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
4,200,000
-
-
(4,200,000)
-
12 October 2010
12 October 2013 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
7,000,000
-
-
(7,000,000)
-
12 October 2010
12 October 2015 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓʞϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
3,500,000
-
-
(3,500,000)
-
2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚
(note d(i)) 0.570 (ڝൗd(i))
5,000,000
-
-
(5,000,000)
-
4 October 2016
4 October 2019 to 0.495
ɚཧɓʬϋɤ˜̬˚
3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚
23,178,000
-
-
(23,178,000)
-
SHARE OPTION SCHEME
Name or category of participants
ਞၾɛɻ֑Τאᗳй
Number of share options ᒅٰᛆᅰͦ
ᒅٰᛆࠇྌ
At 1 July 2020 ɚཧɚཧϋ ɖ˜ɓ˚
Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
Date of grant of share options
(note a)
ಂʫબ̈
Exercise period of share options
ಂʫБԴ
Exercise price of share options
(note b)
ಂʫӚϗ
બ̈ᒅٰᛆ˚ಂ €ڝൗa
ᒅٰᛆБԴಂ
ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ
Directors ԫ
Mr. CHAN Cheuk Him
Paul ՙᑹ͛
210,000
-
-
(210,000)
-
5 July 2010 ɚཧɓཧϋɖ˜ʞ˚
(note c(i)) 0.503 (ڝൗc(i))
560,000
-
-
(560,000)
-
12 October 2010
12 October 2011 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
840,000
-
-
(840,000)
-
12 October 2010
12 October 2013 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
1,400,000
-
-
(1,400,000)
-
12 October 2010
12 October 2015 to 0.780
ɚཧɓཧϋɤ˜ɤɚ˚
11 October 2020 ɚཧɓʞϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
1,750,000
-
-
(1,750,000)
-
2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚
(note d(i)) 0.570 (ڝൗd(i))
3,000,000
-
-
(3,000,000)
-
4 October 2016
4 October 2019 to 0.495
ɚཧɓʬϋɤ˜̬˚
3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚
7,760,000
-
-
(7,760,000)
-
SHARE OPTION SCHEME
Name or category of participants
ਞၾɛɻ֑Τאᗳй
Other employees
Չ˼྇ࡰ
In aggregate
Υ
Number of share options ᒅٰᛆᅰͦ
ᒅٰᛆࠇྌ
At 1 July 2020 ɚཧɚཧϋ ɖ˜ɓ˚
Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
Date of grant of share options
(note a)
ಂʫબ̈
ಂʫБԴ
ಂʫӚϗ
બ̈ᒅٰᛆ˚ಂ €ڝൗa
Exercise period of share options
ᒅٰᛆБԴಂ
1,294,000
-
-
(1,294,000)
-
5 July 2010 ɚཧɓཧϋɖ˜ʞ˚
432,000
-
-
(432,000)
-
12 October 2010
ɚཧɓཧϋɤ˜ɤɚ˚
648,000
-
-
(648,000)
-
12 October 2010
ɚཧɓཧϋɤ˜ɤɚ˚
1,080,000
-
-
(1,080,000)
-
12 October 2010
ɚཧɓཧϋɤ˜ɤɚ˚
82,000
-
-
(82,000)
-
3 January 2011 ɚཧɓɓϋɓ˜ɧ˚
54,000
-
-
(54,000)
-
4 July 2011 ɚཧɓɓϋɖ˜̬˚
Exercise price of share options
(note b)
ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ
(note c(i)) 0.503 €ڝൗc(i))
12 October 2011 to 0.780
11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
12 October 2012 to 0.780
11 October 2020 ɚཧɓɚϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
12 October 2013 to 0.780
11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚
(note c(ii)) 0.922 €ڝൗc(ii))
(note c(iii)) 0.880 €ڝൗ c(iii))
SHARE OPTION SCHEME
Name or category of participants
ਞၾɛɻ֑Τאᗳй
Other employees
Չ˼྇ࡰ
In aggregate
Υ
At 1 July 2020 ɚཧɚཧϋ ɖ˜ɓ˚
9,624,000
124,000
398,000
19,860,000
620,000
816,000
Number of share options ᒅٰᛆᅰͦ
ᒅٰᛆࠇྌ
Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
Date of grant of share options
(note a)
ಂʫબ̈
ಂʫБԴ
ಂʫӚϗ
બ̈ᒅٰᛆ˚ಂ €ڝൗa
Exercise period of share options
ᒅٰᛆБԴಂ
-
-
(9,624,000)
-
2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚
-
-
(124,000)
-
2 January 2014 ɚཧɓ̬ϋɓ˜ɚ˚
-
-
(398,000)
-
2 July 2015 ɚཧɓʞϋɖ˜ɚ˚
-
-
(19,860,000)
-
4 October 2016
ɚཧɓʬϋɤ˜̬˚
-
-
(620,000)
-
1 June 2017
ɚཧɓɖϋʬ˜ɓ˚
-
-
(816,000)
-
3 October 2017
ɚཧɓɖϋɤ˜ɧ˚
(note d(i)) 0.570 €ڝൗd(i))
(note d(ii)) 0.570 €ڝൗd(ii))
(note d(iii)) 0.740 €ڝൗd(iii))
4 October 2019 to 0.495
3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚
28 November 2019 to 0.460
31 May 2027 ɚཧɓɘϋ ɤɓ˜ɚɤɞ˚Ї ɚཧɚɖϋʞ˜ɧɤɓ˚
4 October 2019 to 0.455
Exercise price of share options
(note b)
ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ
2 October 2027 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚɖϋɤ˜ɚ˚
SHARE OPTION SCHEME
Name or category of participants
ਞၾɛɻ֑Τאᗳй
Number of share options ᒅٰᛆᅰͦ
ᒅٰᛆࠇྌ
At 1 July 2020 ɚཧɚཧϋ ɖ˜ɓ˚
Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
Date of grant of share options
(note a)
ಂʫબ̈
Exercise period of share options
ಂʫБԴ
Exercise price of share options
(note b)
ಂʫӚϗ
બ̈ᒅٰᛆ˚ಂ €ڝൗa
ᒅٰᛆБԴಂ
ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ
Other employees
Չ˼྇ࡰ
In aggregate
Υ
620,000
-
-
(620,000)
-
3 July 2018
26 December 2020 to 0.352
ɚཧɓɞϋɖ˜ɧ˚
2 July 2028 ɚཧɚཧϋ ɤɚ˜ɚɤʬ˚Ї ɚཧɚɞϋɖ˜ɚ˚
2,500,000
-
(2,500,000)
-
-
2 January 2019
19 June 2021 to 0.275 1 January 2029
(note e)
ɚཧɓɘϋɓ˜ɚ˚
ɚཧɚɓϋʬ˜ɤɘ˚Ї ɚཧɚɘϋɓ˜ɓ˚ €ڝൗe
2,500,000
-
-
(2,500,000)
-
2 January 2019
9 July 2021 to 0.275
ɚཧɓɘϋɓ˜ɚ˚
1 January 2029 ɚཧɚɓϋɖ˜ɘ˚Ї ɚཧɚɘϋɓ˜ɓ˚
620,000
-
-
(620,000)
-
1 March 2019
1 March 2022 to 0.285
ɚཧɓɘϋɧ˜ɓ˚
28 February 2029 ɚཧɚɚϋɧ˜ɓ˚Ї ɚཧɚɘϋɚ˜ɚɤɞ˚
880,000
-
-
(880,000)
-
2 July 2019
10 December 2021 to 0.231
ɚཧɓɘϋɖ˜ɚ˚
1 July 2029 ɚཧɚɓϋɤɚ˜ɤ˚Ї ɚཧɚɘϋɖ˜ɓ˚
42,152,000
-
(2,500,000)
(39,652,000)
-
81,840,000
-
(2,500,000)
(79,340,000)
-
SHARE OPTION SCHEME
Notes:
(a) The vesting period of the share options is from the date of the grant until the commencement of the exercise period.
(b) The exercise price of the share options is subject to adjustment in the case of rights or bonus issues, or other similar changes in the Company's share capital.
(c) Vesting of the share options is conditional, subject to the individual performance of respective grantees and the achievement of 3-year corporate goals for the 3-year performance period ended 30 June 2013.
The exercise periods of share options are as follows:
(i) From the next business day of publication of the announcement of the audited consolidated results of the Group for the year ended 30 June 2013 to 4 July 2020.
(ii) From the next business day of publication of the announcement of the audited consolidated results of the Group for the year ended 30 June 2013 to 2 January 2021.
(iii) From the next business day of publication of the announcement of the audited consolidated results of the Group for the year ended 30 June 2013 to 3 July 2021.
ᒅٰᛆࠇྌ ڝൗj
(a) ᒅٰᛆᓥ᙮ಂމІબ̈˚ಂৎࠇٜЇБԴ ಂගකމ˟f
(b) ᒅٰᛆʘБԴᄆ̙࣬ኽԶٰא೯Бߎٰe א͉ʮٰ̡͉ʘՉ˼ᗳЧᜊਗϾʚ˸ሜ f
(c) ᒅٰᛆٙᓥ᙮աࡈйוબɛٙڌତʿ͉ණ ྠ࿚Їɚཧɓɧϋʬ˜ɧɤ˚˟ɧϋಂග ٙɧϋණྠͦᅺʘૢࠢf
ᒅٰᛆБԴಂνɨj
(i) ̊͟೮͉ණྠ࿚Їɚཧɓɧϋʬ ˜ɧɤ˚˟ϋܓʘᄲࣨၝΥ ุᐶʮбܝၡટٙᐄุ˚කБ ԴdЇɚཧɚཧϋɖ˜̬˚f
(ii) ̊͟೮͉ණྠ࿚Їɚཧɓɧϋʬ ˜ɧɤ˚˟ϋܓʘᄲࣨၝΥุ ᐶʮбܝၡટٙᐄุ˚කБ ԴdЇɚཧɚɓϋɓ˜ɚ˚f
(iii) ̊͟೮͉ණྠ࿚Їɚཧɓɧϋʬ ˜ɧɤ˚˟ϋܓʘᄲࣨၝΥุ ᐶʮбܝၡટٙᐄุ˚කБ ԴdЇɚཧɚɓϋɖ˜ɧ˚f
SHARE OPTION SCHEME
Notes: (continued)
(d) Vesting of the share options is conditional, subject to the individual performance of respective grantees and the achievement of 3-year corporate goals for the 3-year performance period ended 30 June 2016.
ᒅٰᛆࠇྌ ڝ ൗj€ᚃ
(d) ᒅٰᛆٙᓥ᙮աࡈйוબɛٙڌତʿ͉ණ ྠ࿚Їɚཧɓʬϋʬ˜ɧɤ˚˟ɧϋಂග ٙɧϋණྠͦᅺʘૢࠢf
The exercise periods of share options are as follows:
ᒅٰᛆБԴಂνɨj
(i) From 1 November 2016 to 1 December 2023.
(i) ͟ɚཧɓʬϋɤɓ˜ɓ˚ৎЇɚ ཧɚɧϋɤɚ˜ɓ˚f
(ii) From 1 November 2016 to 1 January 2024.
(ii) ͟ɚཧɓʬϋɤɓ˜ɓ˚ৎЇɚ ཧɚ̬ϋɓ˜ɓ˚f
(iii) From 1 November 2016 to 1 July 2025.
(iii) ͟ɚཧɓʬϋɤɓ˜ɓ˚ৎЇɚ ཧɚʞϋɖ˜ɓ˚f
(e) Pursuant to the terms of the Scheme, in the event a general offer is made to the shareholders of the Company, the share option holders may exercise the share options (to the extent not already exercised) to its full extent or to the extent specified in the notice to the Company in exercise of his or her share options at any time before the close of such offer (or any revised offer).
(e) ࣬ኽࠇྌʘૢಛdࡊΣ͉ʮٰ̡؇̈Ό ࠦࠅߒdۆίϞᗫࠅߒ€אОࡌࠈٙ ࠅߒ࿚˟ʘۃᒅٰᛆܵϞɛ̙ᎇࣛᅰ БԴᒅٰᛆ€˸Չ֠͊БԴ٫މࠢא˸Б ԴՉᒅٰᛆࣛΣ͉ʮ̡೯̈ٙஷٝʕהܸ ֛٫މࠢf
SHARE OPTION SCHEME
Subsequent to the end of the reporting period, on 5 January 2021, an aggregate of 90,000,000 share options was granted to the directors and certain employees of the Company in respect of their services to the Group in the forthcoming years. The share options have an exercise price of HK$0.460 per share. Each of the one-third of the share options is exercisable from 1 January 2022 to 31 December 2026, from 1 January 2023 to 31 December 2026 and from 1 January 2024 to 31 December 2026.
ᒅٰᛆࠇྌ జѓಂ͋ܝdɚཧɚɓϋɓ˜ʞ˚d͉ ʮ̡ԫʿ߰ʍ྇ࡰఱ־ഃ͊Ըϋܓމ͉ ණྠਕϾᐏબΥ90,000,000΅ ᒅ ٰ ᛆf ᒅٰᛆʘБԴᄆމӊٰಥ࿆ 0.460ʩfӊ ɧ ʱʘɓٙᒅٰᛆБԴಂމ͟ɚཧɚɚϋɓ˜ ɓ˚ৎЇɚཧɚʬϋɤɚ˜ɧɤɓ˚e͟ɚ ཧɚɧϋɓ˜ɓ˚ৎЇɚཧɚʬϋɤɚ˜ ɧɤɓ˚ʿ͟ɚཧɚ̬ϋɓ˜ɓ˚ৎЇɚཧ ɚʬϋɤɚ˜ɧɤɓ˚f
Name or category of participants ਞၾɛɻ֑Τאᗳй
Number of share options held
ܵϞᒅٰᛆᅰͦ
Mr. CHEUNG Chi | ੵ౽͛ | 16,000,000 |
Mr. CHAN Cheuk Him Paul | ՙᑹ͛ | 8,000,000 |
Mr. ZHAO Jianguo | Ⴛܔ͛ | 6,000,000 |
Mr. Victor HERRERO | Victor HERRERO͛ | 5,000,000 |
Mr. LAW Ching Kit, Bosco | ᖯ͍؏͛ | 3,000,000 |
Mr. LEE Kwok Ming | ҽ͛ | 800,000 |
Prof. SIN Yat Ming | ᤑ˚બ | 400,000 |
Mr. CHEONG Shin Keong | ቍഛ੶͛ | 400,000 |
Other employees | Չ˼྇ࡰ | 50,400,000 |
90,000,000 | ||
interim report 中期報告 2020/21 |
SHARE OPTION SCHEME
Share option do not confer rights on the holders to dividends or to vote at shareholders' meetings.
The fair values of equity-settled share options granted were estimated as at the date of grant using the trinomial option pricing model, taking into account the terms and conditions upon which the share options were granted.
ᒅٰᛆࠇྌ ᒅٰᛆԨೌረʚܵϞɛᐏݼٰࢹאٰ؇ɽ ึɪҳୃʘᛆлf બ̈ʘᛆूഐၑᒅٰᛆʘʮ̻࠽ɗબ̈˚ ಂПࠇdԨમ͜ɧධόಂᛆ֛ᄆᅼόdϽ ᅇהબ̈ᒅٰᛆʘૢಛʿૢܝϾࠇၑf
The values of share options calculated using the trinomial model are subject to certain fundamental limitations, due to the subjective nature of and uncertainty relating to a number of assumptions of the expected future performance input to the model, and certain inherent limitations of the model itself.
˸ɧධόᅼόࠇၑʘᒅٰᛆᄆ࠽ʘᆽɗ աՓ߰ʍΪ९dʕܼ̍މཫ͊Ըڌତ ϾЪٙεධணdהऒʿʘ˴ᝈкᓙʿʔٵ ֛Ϊ९d˸ʿࠇၑᅼόٙʫίࠢՓf
The value of a share option varies with different variables of certain subjective assumptions. Any change to the variables used may materially affect the estimation of the fair value of a share option.
At 31 December 2020, the Company had no share options outstanding under the Scheme.
ᒅٰᛆᄆ࠽ึ༧ᎇ߰ʍ˴ᝈணʘʔΝᜊᅰ ϾᜊਗfϞᗫᜊᅰʘОᜊਗאึ࿁ᒅٰᛆ ʘʮ̻П࠽ிϓࠠɽᅂᚤf ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ʮ̡ࠇ ྌධɨӚϞ֠͊БԴʘᒅٰᛆf
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES
Neither the Company, nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the period.
ᒅ൯ëਯאᛙΫ͉ʮ̡ʘɪ̹ᗇՎ
͉ʮ̡אՉОڝ᙮ʮ̡ಂʫ฿ೌᒅ൯e ̈ਯאᛙΫ͉ʮ̡Оɪ̹ᗇՎf
AUDIT COMMITTEE
The Company has an Audit Committee which was established in compliance with Rule 3.21 of the Listing Rules for the purpose of reviewing and providing supervision over the Group's financial reporting process and internal controls. It has formulated its written terms of reference in accordance with the provisions set out in Appendix 14 - Corporate Governance Code and Corporate Governance Report (the "CG Code") of the Listing Rules. The Audit Committee has reviewed the unaudited interim financial results for the six months ended 31 December 2020. The Audit Committee comprises three Independent Non-executive Directors of the Company, namely Mr. LEE Kwok Ming, Mr. CHEONG Shin Keong and Prof. SIN Yat Ming.
ᄲࣨ։ࡰึ ͉ʮ̡ணϞᄲࣨ։ࡰึd༈։ࡰึɗ፭ɪ ̹ۆୋ3.21ૢʘ֛Ͼணͭd˸ᄲቡʿ္ ၍͉ණྠʘৌਕ䁩జҏʿʫ္છfᄲࣨ ։ࡰึʊ࣬ኽɪ̹ۆڝɤ̬ÑΆุ၍ط ς ۆ ʿ Ά ุ ၍ ط జ ѓ€˜Ά ุ ၍ ط ς ۆ™ה ༱ ʘૢ˖Փ֛ࣣࠦᔖᛆᇍఖfᄲࣨ։ࡰึʊᄲ ቡ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜ ʘ͊ᄲࣨʕಂৌਕุᐶfᄲࣨ։ࡰึ͉͟ ʮ̡ɧΤዹͭڢੂБԫଡ଼ϓdʱйމҽ ͛eቍഛ੶͛ʿᤑ˚બf
CORPORATE GOVERNANCE
The Company was in compliance with the code provisions as set out in the CG Code for the six months ended 31 December 2020.
Άุ၍ط ͉ʮ̡࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ ʬࡈ˜ಂගʊ፭Άุ၍طςۆה༱ʘςۆ ૢ˖f
Currently, there are three Board committees, namely, Audit Committee, Remuneration Committee and Nomination Committee.
͉ʮ̡ତࣛணϞɧࡈԫ։ࡰึdуᄲࣨ։ ࡰึeᑚཇ։ࡰึʿΤ։ࡰึf
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code as set out in Appendix 10 of the Listing Rules as the Company's code of conduct for dealings in securities of the Company by the Directors. Based on specific enquiry with the Company's Directors, all the Directors have complied with the required standard set out in the Model Code, throughout the six months ended 31 December 2020.
ආБᗇՎʹʘᅺςۆ ͉ʮ̡ʊમॶɪ̹ۆڝɤה༱ٙᅺς ۆЪމ͉ʮ̡ԫ൯ርᗇՎʘςςۆf࣬ ኽ͉ʮ̡ΣԫЪ̈Ոݟ༔ܝdΌԫ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜ ಂගʫɓٜ፭ςᅺςۆה֛ʘᅺf
By Order of the Board
Victor HERRERO
Chairman
וԫึն ˴ࢩ
Victor HERRERO
Hong Kong, 25 February 2021
࠰ಥdɚཧɚɓϋɚ˜ɚɤʞ˚
FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
ৌਕุᐶ ᔊၝΥฦूʿՉ˼Όࠦϗूڌ
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Notes ڝൗ
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
Continuing operations Revenue
Cost of sales
Gross profit
Other income
Selling and distribution expenses Administrative expenses
Other operating expenses, net
Loss from operating activities Finance costs
Loss before tax from continuing operations
Income tax expense
Loss for the period from continuing operations
Discontinued operation Loss for the period from a discontinued operation
Loss for the period attributable to owners of the Company
ܵᚃᐄุਕ ϗू ቖਯϓ͉
ˣл
Չ˼ϗɝ ቖਯʿʱቖක˕ Б݁ක˕ Չ˼ᐄ༶ක˕dଋ࠽
ᐄ༶ุਕᑦฦ ፄ༟ϓ͉
ܵᚃᐄุਕʘৰۃᑦฦ הක˕
ܵᚃᐄุਕʘಂʫᑦฦ
ʊ˟ุਕ ʊ˟ุਕʘಂʫᑦฦ
͉ʮ̡ኹϞɛᏐЦಂʫᑦฦ
3
3
4
5 6
7
468,217 (226,133)
624,761 (308,305)
242,084 316,456
24,049 11,528
(203,402) (278,749)
(93,262) (106,741)
(46,926) (21,525)
(77,457) (79,031)
(6,608) (8,908)
(84,065) (87,939)
(2,673) (3,035)
(86,738) (90,974)
(391) (2,713)
(87,129) (93,687)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
ᔊၝΥฦूʿՉ˼Όࠦϗूڌ
Note ڝൗ
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
Other comprehensive income/(loss)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:
Change in fair value of a financial asset
Exchange differences on translation of foreign operations
Չ˼ΌࠦϗूŊ€ᑦฦ ֻܝಂග̙ঐึࠠอʱᗳ ЇฦूʘՉ˼ΌࠦϗूŊ € ᑦ ฦ j ږፄ༟ପʘʮ̻࠽ᜊਗ ౬ၑऎุ̮ਕʘг౬ࢨᕘ
Net other comprehensive income/(loss) Չ˼ΌࠦଋϗूŊ€ᑦฦ
Total comprehensive loss for the period attributable to owners of the Company
͉ʮ̡ኹϞɛᏐЦಂʫ Όࠦᑦฦᐼᕘ
Loss per share attributable to ordinary ͉ʮ̡౷ஷᛆूܵϞɛ
equity holders of the Company
Basic - For loss for the period - For loss from continuing operations
ᏐЦӊٰᑦฦ
ਿ͉ Ñಂʫᑦฦ Ñܵᚃᐄุਕʘᑦฦ
- 1,367
10,668 (7,184)
10,668 (5,817)
(76,461)
9
(99,504)
(HK5.30 cents ಥ̀) (HK5.28 cents ಥ̀)
(HK5.71 cents ಥ̀) (HK5.54 cents ಥ̀)Diluted - For loss for the period - For loss from continuing operations
ᛅᑛ Ñಂʫᑦฦ Ñܵᚃᐄุਕʘᑦฦ
(HK5.30 cents ಥ̀) (HK5.28 cents ಥ̀)
(HK5.71 cents ಥ̀) (HK5.54 cents ಥ̀)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ᔊၝΥৌਕًرڌ
At | At | |||
31 December 2020 | 30 June 2020 | |||
ɚཧɚཧϋ | ɚཧɚཧϋ | |||
ɤɚ˜ɧɤɓ˚ | ʬ˜ɧɤ˚ | |||
(Unaudited) | (Audited) | |||
€͊ᄲࣨ | €ᄲࣨ | |||
Notes | HK$'000 | HK$'000 | ||
ڝൗ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
Non-current assets | ڢݴਗ༟ପ | |||
Property, plant and equipment | يุeᅀגʿண௪ | 10 | 16,647 | 25,520 |
Investment property | ҳ༟يุ | 11 | 15,892 | 16,776 |
Right-of-use assets | Դ͜ᛆ༟ପ | 103,570 | 164,732 | |
Trademark | ਠᅺ | - | 1,164 | |
Deferred tax assets | ַධ༟ପ | 350 | 386 | |
Deposits | ܲږ | 27,852 | 35,766 | |
Total non-current assets | ڢݴਗ༟ପᐼ࠽ | 164,311 | 244,344 | |
Current assets | ݴਗ༟ପ | |||
Inventories | π | 177,385 | 209,679 | |
Debtors | Ꮠϗሪಛ | 12 | 40,460 | 48,441 |
Tax recoverable | ̙ϗΫධ | 4,484 | 4,484 | |
Prepayments, deposits and other | ཫ˹ಛධeܲږʿ | |||
receivables | Չ˼Ꮠϗሪධ | 73,300 | 90,141 | |
Financial assets at fair value through | ฦूሪܲʮ̻࠽ | |||
profit or loss | ΐሪʘږፄ༟ପ | 1,464 | 593 | |
Pledged bank deposit | ϞתץვБπಛ | 60 | 56 | |
Cash and cash equivalents | ତږʿତږഃ࠽ධͦ | 247,445 | 176,339 | |
Total current assets | ݴਗ༟ପᐼ࠽ | 544,598 | 529,733 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ᔊၝΥৌਕًرڌ
At | At | |||
31 December 2020 | 30 June 2020 | |||
ɚཧɚཧϋ | ɚཧɚཧϋ | |||
ɤɚ˜ɧɤɓ˚ | ʬ˜ɧɤ˚ | |||
(Unaudited) | (Audited) | |||
€͊ᄲࣨ | €ᄲࣨ | |||
Notes | HK$'000 | HK$'000 | ||
ڝൗ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
Current liabilities | ݴਗࠋව | |||
Trade creditors, other payables | Ꮠ˹ሪಛeՉ˼Ꮠ˹ಛධʿ | |||
and accruals | Ꮠࠇሪධ | 13 | 139,070 | 118,686 |
Contract liabilities | Υߒࠋව | 6,133 | 3,584 | |
Bills payable | Ꮠ˹ୃኽ | 24,465 | 12,277 | |
Tax payable | Ꮠᖮධ | 8,017 | 7,739 | |
Loan from immediate holding company | ٜટછٰʮ̡൲ಛ | 17 | 100,000 | - |
Due to immediate holding company | Ꮠ˹ٜટછٰʮ̡ಛධ | 17 | 199 | - |
Due to related companies | Ꮠ˹ᗫஹʮ̡ಛධ | 17 | - | 71 |
Lease liabilities | ॡ༣ࠋව | 119,497 | 154,068 | |
Financial liabilities at fair value through | ฦूሪܲʮ̻࠽ΐሪʘ | |||
profit or loss | ږፄࠋව | 456 | 7 | |
Interest-bearing bank borrowings | ࠇࢹვБ൲ಛ | 14 | - | 59,721 |
Total current liabilities | ݴਗࠋවᐼ࠽ | 397,837 | 356,153 | |
Net current assets | ݴਗ༟ପଋ࠽ | 146,761 | 173,580 | |
Total assets less current liabilities | ৰݴਗࠋවܝ༟ପᐼ࠽ | 311,072 | 417,924 | |
Non-current liabilities | ڢݴਗࠋව | |||
Deferred tax liabilities | ַධࠋව | 1,254 | 773 | |
Lease liabilities | ॡ༣ࠋව | 100,721 | 133,016 | |
Other payables | Չ˼Ꮠ˹ಛධ | 3,169 | 2,675 | |
Total non-current liabilities | ڢݴਗࠋවᐼ࠽ | 105,144 | 136,464 | |
Net assets | ༟ପଋ࠽ | 205,928 | 281,460 | |
Equity | ᛆू | |||
Issued capital | ʊ೯Бٰ͉ | 15 | 164,383 | 164,134 |
Reserves | Ꮇ௪ | 41,545 | 117,326 | |
Total equity | ᛆूᐼ࠽ | 205,928 | 281,460 | |
interim report 中期報告 2020/21 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ᔊၝΥᛆूᜊਗజڌ
Share | Share | Asset | Exchange | ||||||||
Issued | premium | option | Capital | Contributed | revaluation | fluctuation | Reserve | Retained | Total | ||
capital | account | reserve | reserve | surplus | reserve | reserve | funds | profits | equity | ||
ʊ೯Бٰ͉ | ٰ΅๐ᄆሪ | ᒅٰᛆᎷ௪ | ༟͉Ꮇ௪ | ᖮɝޮቱ | ༟ପࠠПᎷ௪ | ̮ිتਗᎷ௪ | Ꮇ௪ਿږ | ڭव๐л | ᛆूᐼ࠽ | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
€͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | €͊ᄲࣨ | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
At 1 July 2020 | ɚཧɚཧϋɖ˜ɓ˚ | 164,134 | 29,020 | 29,547 | (3,292) | 90,258 | 9,395 | (14,408) | 1,810 | (25,004) | 281,460 |
Loss for the period | ಂʫᑦฦ | - | - | - | - | - | - | - | - | (87,129) | (87,129) |
Other comprehensive income for the | ಂʫՉ˼Όࠦϗूj | ||||||||||
period: | |||||||||||
Exchange differences on translation of | ౬ၑऎุ̮ਕʘ | ||||||||||
foreign operations | г౬ࢨᕘ | - | - | - | - | - | - | 10,668 | - | - | 10,668 |
Total comprehensive loss for the period | ಂʫΌࠦᑦฦᐼᕘ | - | - | - | - | - | - | 10,668 | - | (87,129) | (76,461) |
Exercise of share options | БԴᒅٰᛆ | 249 | 603 | (164) | - | - | - | - | - | - | 688 |
Equity-settled share option arrangements | ᛆूഐၑᒅٰᛆτર | - | - | 241 | - | - | - | - | - | - | 241 |
Cancellation of share options | ൗቖᒅٰᛆ | - | - | (29,624) | - | - | - | - | - | 29,624 | - |
At 31 December 2020 | ɚཧɚཧϋ | ||||||||||
ɤɚ˜ɧɤɓ˚ | 164,383 | 29,623 | - | (3,292) | 90,258 | 9,395 | (3,740) | 1,810 | (82,509) | 205,928 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ᔊၝΥᛆूᜊਗజڌ
Issued capital ʊ೯Бٰ͉
Share premium account ٰ΅๐ᄆሪ
Share option reserve ᒅٰᛆᎷ௪
Capital reserve ༟͉Ꮇ௪
Contributed surplus ᖮɝޮቱ
Fair value reserveAsset revaluation reserveExchange fluctuation reserve
ʮ̻࠽Ꮇ௪ ༟ପࠠПᎷ௪ ̮ිتਗᎷ௪
Reserve funds Ꮇ௪ਿږ
Retained profits ڭव๐л
Total equity ᛆूᐼ࠽
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
€͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ €͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
At 1 July 2019
ɚཧɓɘϋɖ˜ɓ˚
Effect of adoption of HKFRS 16 મॶ࠰ಥৌਕිజۆ ୋ16ʘᅂᚤ
164,134
29,020
28,904
(3,292)
90,258
(1,367)
9,395
(2,189)
1,810
383,302 699,975
-
-
-
-
-
-
-
-
-
(20,547) (20,547)At 1 July 2019 (restated)
ɚཧɓɘϋɖ˜ɓ˚ €ࠠΐ
164,134
29,020
28,904
(3,292)
90,258
(1,367)
9,395
(2,189)
1,810
362,755 679,428
Loss for the period
Other comprehensive income/
(loss) for the period: Change in fair value of a financial asset Exchange differences on translation of foreign operations
ಂʫᑦฦ ಂʫՉ˼ΌࠦϗूŊ €ᑦฦ)j ږፄ༟ପʘ ʮ̻࠽ᜊਗ ౬ၑऎุ̮ਕʘ г౬ࢨᕘ
-
-
-
-
-
-
-
-
-
(93,687) (93,687)
-
-
-
-
-
1,367 - - - - 1,367
-
-
-
-
-
-
-
(7,184) - - (7,184)Total comprehensive loss for the period
ಂʫΌࠦᑦฦᐼᕘ
-
-
-
-
-
1,367
-
(7,184)
-
(93,687) (99,504)Equity-settled share option arrangements
Final 2019 dividend declared
ʊ܁ݼɚཧɓɘϋ ͋ಂٰࢹ ᛆूഐၑᒅٰᛆ τર
-
-
-
-
-
-
-
-
-
(20,024) (20,024)
-
-
344
-
-
-
-
-
-
-
344
At 31 December 2019
ɚཧɓɘϋ ɤɚ˜ɧɤɓ˚
164,134
29,020
29,248
(3,292)
90,258
-
9,395
(9,373)
1,810
249,044
560,244
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
ᔊၝΥତږݴඎڌ
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 | 2019 | ||
ɚཧɚཧϋ | ɚཧɓɘϋ | ||
(Unaudited) | (Unaudited) | ||
€͊ᄲࣨ | €͊ᄲࣨ | ||
HK$'000 | HK$'000 | ||
ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
Cash flows from operating activities | ᐄ༶ุਕʘତږݴඎ | ||
Loss before tax | ৰۃᑦฦ | ||
From continuing operations | ԸІܵᚃᐄุ務 | (84,065) | (87,939) |
From a discontinued operation | ԸІʊ˟ุਕ | (391) | (2,713) |
(84,456) | (90,652) | ||
Total non-cash adjustments | ڢତږʘሜᐼᕘ | 99,887 | 128,213 |
Total working capital changes | ᐄ༶༟͉ʘᜊਗᐼᕘ | 120,735 | (26,130) |
Cash generated from operations | ᐄ༶ุਕʘהତږ | 136,166 | 11,431 |
Interest portion of lease payments | ॡ༣˹ಛʘлࢹ΅ | (5,430) | (8,586) |
Interest paid | ʊ˹лࢹ | (979) | (489) |
Income tax refunded/(paid) | ʊৗΫŊ€ʊ˹ה | (1,878) | 2,278 |
Net cash flows from operating | ᐄ༶ุਕʘהତږ | ||
activities | ݴඎଋᕘ | 127,879 | 4,634 |
Net cash flows from/(used in) | ҳ༟ݺਗʘהŊ€הঃ | ||
investing activities | ତږݴඎଋᕘ | (2,818) | 218,326 |
Net cash flows used in financing | ፄ༟ݺਗʘהঃତږ | ||
activities | ݴඎଋᕘ | (59,986) | (121,438) |
Net increase in cash and cash | ତږʿତږഃ࠽ධͦ | ||
equivalents | ʘଋᄣ̋ | 65,075 | 101,522 |
Cash and cash equivalents at 1 July | ɖ˜ɓ˚ʘତږʿତږ | ||
ഃ࠽ධͦ | 176,339 | 160,975 | |
Effect of foreign exchange rate | ̮ිг౬ଟᜊਗʘᅂᚤd | ||
changes, net | ଋᕘ | 6,031 | (247) |
Cash and cash equivalents at | ɤɚ˜ɧɤɓ˚ʘତږ | ||
31 December | ʿତږഃ࠽ධͦ | 247,445 | 262,250 |
1.
BASIS OF PREPARATION AND ACCOUNTING POLICIES
These condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
1.
ᇜႡਿʿึࠇ݁ഄ
ϤᔊၝΥʕಂৌਕజڌɗܲ࠰ಥึ ࠇࢪʮึбʘ࠰ಥึࠇۆ€˜࠰ಥึ ࠇ ۆ™ୋ34 ˜ʕಂৌਕజѓ™ʿ࠰ ಥᑌΥʹהϞࠢʮ̡€˜ᑌʹה™ᗇՎ ɪ̹ۆڝ16ʘמᚣ֛ᇜႡf
The basis of preparation and accounting policies adopted in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 30 June 2020, except in relation to the following revised Hong Kong Financial Reporting Standards ("HKFRSs") (which also include HKASs and Interpretations) that affect the Group and are adopted for the first time for the current period's financial statements:
ৰϞᗫɨΐ࿁͉ණྠிϓᅂᚤԨ͉ಂ ගৌਕజڌϣમॶٙࡌࠈ࠰ಥৌਕ ිజۆ€˜࠰ಥৌਕිజۆ™€͵̍ ܼ࠰ಥึࠇۆʿ༕ᙑ̮dᇜႡ͉ʕ ಂৌਕజڌהમ͜ʘᇜႡਿʿึࠇ݁ ഄdၾᇜႡ࿚Їɚཧɚཧϋʬ˜ɧɤ˚ ˟ϋܓʘϋܓৌਕజڌהમ͜٫ɓߧj
HKAS 1 and HKAS 8 | Amendments to HKAS 1 and | ࠰ಥึࠇۆୋ | ࠰ಥึࠇۆୋ1 |
Amendments | HKAS 8 - Definition of | 1ʿ࠰ಥึ | ʿ࠰ಥึࠇۆୋ |
Material | ࠇۆୋ8 | 8 ʘࡌࠈÑࠠɽ | |
€ࡌࠈ | ʘ່֛ | ||
HKAS 39, HKFRS 7 and | Amendments to HKAS 39, HKFRS | ࠰ಥึࠇۆୋ | ࠰ಥึࠇۆୋ39 |
HKFRS 9 Amendments | 7 and HKFRS 9 - Interest Rate | 39e࠰ಥৌ | e࠰ಥৌਕිజ |
Benchmark Reform | ਕිజۆୋ | ۆୋ7ʿ࠰ಥ | |
7ʿ࠰ಥৌ | ৌਕිజۆୋ9 | ||
ਕිజۆୋ | ʘࡌࠈÑлଟਿ | ||
9€ ࡌ ࠈ | ҷࠧ | ||
HKFRS 3 Amendments | Amendments to HKFRS 3 - | ࠰ಥৌਕිజ | ࠰ಥৌਕිజۆୋ |
Definition of a Business | ۆୋ3€ ࡌ | 3 ʘࡌࠈÑุਕ | |
ࠈ | ʘ່֛ | ||
ɚཧɓɞϋৌਕ | ࡌࠈʘৌਕజѓ฿ | ||
జѓ฿ׂ࣪ݖ |
Conceptual Framework for Revised Conceptual Framework
Financial Reporting 2018 for Financial Reporting
ׂ࣪ݖ
The adoption of the above revised standards has had no significant financial effect on the interim financial information.
મॶɪࠑࡌࠈۆ࿁͉ʕಂৌਕ༟ࣘ Ԩೌࠠɽৌਕᅂᚤf
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES (continued)
The Group has not early applied any new and revised HKFRSs that have been issued but are not yet effective in the unaudited condensed consolidated interim financial statements. However, the Group is in the process of making an assessment of the impact of the new and revised HKFRSs upon initial application, but is not yet in a position to state whether these new and revised HKFRSs would have a significant impact on the Group's results of operations and financial position.
1. ᇜႡਿʿึࠇ݁ഄ€ᚃ
͉ණྠԨೌ͊ᄲࣨᔊၝΥʕಂৌ ਕజڌϘᏐ͜ОʊбШ֠͊͛ࣖ ʘอࠈʿࡌࠈ࠰ಥৌਕිజۆf್ Ͼd͉ණྠତ͍൙Пอࠈʿࡌࠈ࠰ಥ ৌਕිజۆڋϣᏐ͜ܝʘᅂᚤdઓ ତචݬೌج༱ࠑ༈ഃอࠈʿࡌࠈ࠰ಥ ৌਕිజۆ݊щึ࿁͉ණྠʘᐄุ ᐶʿৌਕًرிϓࠠɽᅂᚤf
2. OPERATING SEGMENT INFORMATION
For management purposes, the Group is organised into business units that offer products to customers located in different geographical areas and has three (2019: four) reportable operating segments as follows:
2. ᐄʱᗳ༟ࣘ
ఱ၍ଣϾԊd͉ණྠุਕఊЗʘଡ଼ϓɗ
࣬ኽΣʔΝήਹ܄˒ԶପۜЪʱᗳd
ኽϤϞ˸ɨɧᗳ€ɚཧɓɘϋj̬ᗳ̙
͡జᐄʱᗳj
(a) | Hong Kong and Macau | (a) | ࠰ಥʿዦژ |
(b) | Mainland China | (b) | ʕɽ |
(c) | Singapore | (c) | อ̋ս |
The Group has discontinued the business in Taiwan segment. | ͉ණྠʊ˟̨ᝄʱᗳʘุਕfΪϤd |
Accordingly, certain comparative segment information | ̨ᝄʱᗳʘ߰ʍ̙ˢ༰ʱᗳ༟ࣘᔊ |
related to the Taiwan segment is classified as "loss for the | ၝΥฦूʿՉ˼Όࠦϗूڌʕʱᗳމ |
period from a discontinued operation" in the condensed | ˜ʊ˟ุਕʘಂʫᑦฦ™fɪࠑ͉ණྠ |
consolidated statement of profit or loss and other | ࿚Їɚཧɓɘϋɤɚ˜ɧɤɓ˚˟ʬࡈ |
comprehensive income. The impact of the abovementioned | ˜ʘ̙͡జᐄʱᗳᜊਗʘᅂᚤʊ๑ |
changes in the Group's reportable operating segment for | ϽᅇdϾ͉ණྠʘᐄʱᗳ༟ࣘʊࠠ |
the six months ended 31 December 2019 is considered | ΐdν͉ණྠ༈ಂගʊࠠอʱৣ༟ |
retrospectively and the Group's operating segment | ๕f |
information is restated as if the Group had reallocated the | |
resources in that period. |
2.
OPERATING SEGMENT INFORMATION (continued)
Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/loss, which is a measure of adjusted loss before tax from continuing operations. The adjusted loss before tax from continuing operations is measured consistently with the Group's loss before tax from continuing operations except that interest income and non-lease-related finance costs are excluded from such measurement.
2.
ᐄʱᗳ༟ࣘ€ᚃ ၍ଣᄴࡈйዹ္ͭ࿀͉ණྠᐄʱᗳ ʘุᐶd˸Ъ̈Ϟᗫ༟๕ʱৣʿڌତ൙ ПʘӔ֛fʱᗳڌତɗ࣬ኽ̙͡జʱᗳ ๐лŊᑦฦ൙Пdуࠇඎܵᚃᐄุਕ ʘሜৰۃᑦฦfܵᚃᐄุਕʘ ሜৰۃᑦฦɗၾ͉ණྠܵᚃᐄ ุਕʘৰۃᑦฦ࿏ࠇඎdઓϞᗫࠇ ඎʔܼ̍лࢹϗɝʿڢॡ༣ᗫፄ༟ϓ ͉f
Segment assets exclude deferred tax assets and tax recoverable as these assets are managed on a group basis.
Segment liabilities exclude deferred tax liabilities, tax payable, interest-bearing bank borrowings, loan from immediate holding company and amount due to immediate holding company as these liabilities are managed on a group basis.
Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices.
ʱᗳ༟ପʔַܼ̍ධ༟ପʿ̙ϗΫ ධdϤɗ͟༈ഃ༟ପЪމ༟ପ ආБ၍ଣf ʱᗳࠋවʔַܼ̍ධࠋවeᏐᖮ ධeࠇࢹვБ൲ಛeٜટછٰʮ̡൲ಛ ʿᏐ˹ٜટછٰʮ̡ಛධdϤɗ͟༈ ഃࠋවЪމࠋවආБ၍ଣf ʱᗳගʘቖਯʿᔷᜫɗ̹ܲࣛఙᄆ ࣸቖਯʚୋɧ˙ʘቖਯᄆϾආБʹf
Geographical segments
An analysis of the Group's revenue and profit/loss by geographical segments for the six months ended 31 December 2020, together with the comparative figures for the corresponding period in 2019, is as follows:
ήਹʱᗳ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ ˜d͉ණྠܲήਹʱᗳʘϗूʿ๐лŊ ᑦฦʱؓdஹΝɚཧɓɘϋΝಂʘˢ༰ ᅰονɨj
2.
OPERATING SEGMENT INFORMATION (continued)
Geographical segments (continued)
Segment revenue
Sales to external customers from continuing operations
Other income from continuing operations
ʱᗳϗू ܵᚃᐄุਕʘቖਯʚ ̮ගᚥ܄ ܵᚃᐄุਕʘՉ˼ϗɝ
2.
ᐄʱᗳ༟ࣘ€ᚃ ήਹʱᗳ€ᚃ
2020 ɚཧɚཧϋ
Hong Kong and Macau ࠰ಥʿዦژ
2019 ɚཧɓɘϋ
Mainland China ʕɽ 2020
2019
Singapore อ̋ս 2020 ɚཧɚཧϋ
2019 ɚཧɓɘϋ
Consolidated ၝΥ 2020
2019
ɚཧɚཧϋ
ɚཧɓɘϋ
ɚཧɚཧϋ
ɚཧɓɘϋ
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
254,726
409,387
165,083
162,100
48,408
53,274
468,217 624,761
21,979
8,635
1,024
687
813
127
23,816 9,449
Total
ᐼࠇ
276,705
418,022
166,107
162,787
49,221
53,401
492,033 634,210
Segment results
ʱᗳุᐶ
(73,998)
(48,892)
(15,748)
(33,319)
6,626
(7,318)
(83,120) (89,529)Interest income
лࢹϗɝ
Loss from operating activities
ᐄ༶ุਕᑦฦ
Finance costs (other than interest on ፄ༟ϓ͉€ॡ༣ࠋවлࢹ
lease liabilities)Loss before tax from continuing operations
ৰ̮
ܵᚃᐄุਕʘৰۃᑦฦ
Income tax expense
הක˕
Loss for the period from continuing ܵᚃᐄุਕʘಂʫᑦฦoperations
233 2,079
(82,887) (87,450)
(1,178) (489)
(84,065) (87,939)
(2,673) (3,035)
(86,738) (90,974)
The revenue information above is based on the locations in which the sales originated.
ɪࠑϗू༟ࣘɗ࣬ኽቖਯପ͛הίήྌ ʱf
2.
OPERATING SEGMENT INFORMATION (continued)
Geographical segments (continued)
The following table presents certain asset and liability information for the Group's geographical segments at 31 December 2020, together with the comparative figures at 30 June 2020.
2.
ᐄʱᗳ༟ࣘ€ᚃ ήਹʱᗳ€ᚃ ɨڌяΐ͉ණྠɚཧɚཧϋɤɚ˜ ɧɤɓ˚ܲήਹʱᗳʘ߰ʍ༟ପʿࠋව ༟ࣘdஹΝɚཧɚཧϋʬ˜ɧɤ˚ʘ ˢ༰ᅰοf
Hong Kong and Macau ࠰ಥʿዦژ
Mainland China ʕɽ
Singapore อ̋ս
Consolidated ၝΥ
At 31 December 2020
At 30 June 2020
At
31 December 2020
At 30 June 2020
At
31 December 2020
At 30 June 2020
At
31 December 2020
At 30 June 2020
ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚
ɚཧɚཧϋ ʬ˜ ɧɤ˚
ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚
ɚཧɚཧϋ ʬ˜ ɧɤ˚
ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚
ɚཧɚཧϋ ʬ˜ ɧɤ˚
ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚
ɚཧɚཧϋ ʬ˜ ɧɤ˚
(Unaudited)
(Audited)
(Unaudited)
(Audited)
(Unaudited)
(Audited)
(Unaudited)
(Audited)
€͊ᄲࣨ
€ᄲࣨ
€͊ᄲࣨ
€ᄲࣨ
€͊ᄲࣨ
€ᄲࣨ
€͊ᄲࣨ
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
Segment assets
ʱᗳ༟ପ
395,590
437,783
244,061
252,738
63,968
63,067
703,619 753,588
Unallocated assets
Assets related to a discontinued operation
͊ʱৣ༟ପ ʊ˟ุਕᗫ༟ପ
4,834 4,870
456 15,619
Total assets
ᐼ༟ପ
708,909 774,077
Segment liabilities
ʱᗳࠋව
261,864
270,632
94,752
98,912
36,885
46,558
393,501 416,102
Unallocated liabilities
͊ʱৣࠋව
Liabilities related to a discontinued ʊ˟ุਕᗫࠋවoperation
109,470 68,233
10 8,282
Total liabilities
ᐼࠋව
502,981 492,617
3.
REVENUE AND OTHER INCOME
An analysis of the Group's revenue and other income from continuing operations is as follows:
3.
ϗूʿՉ˼ϗɝ ͉ණྠܵᚃᐄุਕʘϗूʿՉ˼ϗɝ ʱؓνɨj
Revenue from contracts with customers
Retailing and distribution of garments
ϓВཧਯʿʱቖ
Υߒ܄˒ϗू
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 | 2019 |
ɚཧɚཧϋ | ɚཧɓɘϋ |
(Unaudited) | (Unaudited) |
€͊ᄲࣨ | €͊ᄲࣨ |
HK$'000 | HK$'000 |
ಥ࿆ɷʩ | ಥ࿆ɷʩ |
(restated) | |
€ࠠΐ | |
468,217 | 624,761 |
3.
REVENUE AND OTHER INCOME (continued)
An analysis of the Group's revenue and other income from continuing operations is as follows: (continued)
Disaggregated revenue information
Geographical segments
An analysis of the Group's revenue by geographical segments for the six months ended 31 December 2020, together with the comparative figures for the corresponding period in 2019, is as follows:
3.
ϗूʿՉ˼ϗɝ€ᚃ ͉ණྠܵᚃᐄุਕʘϗूʿՉ˼ϗɝ ʱؓνɨj€ᚃ ϗूʱװ༟ࣘ ήਹʱᗳ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ ˜d͉ණྠܲήਹʱᗳʘϗूʱؓdஹ ΝɚཧɓɘϋΝಂʘˢ༰ᅰονɨj
Retailing and distribution of garments
ϓВཧਯʿʱቖ
Hong Kong and Macau ࠰ಥʿዦژ 2020
2019
Mainland China ʕɽ 2020
2019
Singapore อ̋ս 2020 ɚཧɚཧϋ
2019 ɚཧɓɘϋ
Consolidated ၝΥ 2020
2019
ɚཧɚཧϋ
ɚཧɓɘϋ
ɚཧɚཧϋ
ɚཧɓɘϋ
ɚཧɚཧϋ
ɚཧɓɘϋ
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
254,726
409,387
165,083
162,100
48,408
53,274
468,217
624,761
Performance obligations | ᄵߒப |
Retailing and distribution of garments | ϓВཧਯʿʱቖ |
The performance obligation is satisfied when the control of | ᄵߒபʹ˹ۜܝପۜછՓᛆᔷ |
the product is transferred to the customers upon delivery | ʚ܄˒ࣛᆽႩfৰତږʿڦ̔͜ቖਯ |
of goods. Other than cash and credit card sales, the Group | ̮d͉ණྠίɓছઋرɨબʚՉ൱܄ |
normally grants credit period of up to 60 days to its trade | ˒௰৷60˂ڦ൲ಂf |
customers. | |
interim report 中期報告 2020/21 |
3.
REVENUE AND OTHER INCOME (continued) Other income
3.
Interest income Royalty income Gross rental income Government grants (note) Others
лࢹϗɝ ਖ਼л൬ϗɝ ॡږϗɝˣᕘ ִ݁п€ڝൗ Չ˼
Note:
The amount for the six months ended 31 December 2020 mainly represented the subsidy granted by The Government of the Hong Kong Special Administrative Region under the Anti-Epidemic Fund.
ϗूʿՉ˼ϗɝ€ᚃ Չ˼ϗɝ
233 2,079
5,273 3,413
4,420 4,289
12,431 23
1,692 1,724
24,049 11,528
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
2019 ɚཧɓɘϋ
(Unaudited)
(Unaudited)
€͊ᄲࣨ
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
ڝൗj
࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜ಂ ගʘږᕘ˴ࠅމ࠰ಥतйБ݁ਜִ݁࣬ኽԣ ޥҤޥਿږ೯̈ʘпf
4.
FINANCE COSTS
Interest on lease liabilities
ॡ༣ࠋවʘлࢹ
Interest on loan from immediate holding ٜટછٰʮ̡൲ಛʘлࢹ company
Interest on bank loans
ვБ൲ಛʘлࢹ
4.
ፄ༟ϓ͉
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
5,430
976 202
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
8,419
- 489
6,608
8,908
5.
LOSS BEFORE TAX FROM CONTINUING OPERATIONS
The Group's loss before tax from continuing operations is arrived at after charging/(crediting):
5.
Cost of sales:
Cost of inventories sold
Write-back of provision for inventories
ቖਯϓ͉j ਯ̈πʘϓ͉ πᅡ௪ᅡΫ
ܵᚃᐄุਕʘৰۃᑦฦ ͉ණྠܵᚃᐄุਕʘৰۃᑦฦʊϔ ৰŊ€ࠇɝɨΐධͦj
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
234,078 (7,945)
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
312,108 (3,803)
226,133
308,305
5.
LOSS BEFORE TAX FROM CONTINUING OPERATIONS (continued)
The Group's loss before tax from continuing operations is arrived at after charging/(crediting): (continued)
5.
ܵᚃᐄุਕʘৰۃᑦฦ€ᚃ
͉ණྠܵᚃᐄุਕʘৰۃᑦฦʊϔ ৰ Ŋ€ࠇ ɝɨ ΐ ධ ͦj€ᚃ
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 | 2019 | ||
ɚཧɚཧϋ | ɚཧɓɘϋ | ||
(Unaudited) | (Unaudited) | ||
€͊ᄲࣨ | €͊ᄲࣨ | ||
HK$'000 | HK$'000 | ||
ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
(restated) | |||
€ࠠΐ | |||
Depreciation of right-of-use assets | Դ͜ᛆ༟ପʘұᔚ | 63,412 | 91,302 |
Depreciation of items of property, | يุeᅀגʿண௪ධͦʿҳ༟ | ||
plant and equipment and investment | يุʘұᔚ | ||
property | 8,412 | 15,138 | |
Impairment of right-of-use assets | Դ͜ᛆ༟ପʘಯ࠽ | 23,363 | - |
Impairment of items of property, plant | يุeᅀגʿண௪ධͦʘ | ||
and equipment | ಯ࠽ | 5,054 | - |
Impairment of trademark | ਠᅺʘಯ࠽ | 1,164 | - |
Impairment of debtors | Ꮠϗሪಛʘಯ࠽ | 413 | - |
Impairment of deposits and other | ܲږʿՉ˼Ꮠϗሪධʘಯ࠽ | ||
receivables | 1,069 | - | |
Lease payments not included in the | ʔܼ̍ॡ༣ࠋවࠇඎʘ | ||
measurement of lease liabilities | ॡ༣˹ಛj | 59,109 | 78,259 |
Less: Rent concessions related to | ಯjၾอۨڿًषݭޥઋ | ||
COVID-19 pandemic | ᗫʘॡږ寬減 | (9,664) | - |
49,445 | 78,259 | ||
Fair value gains, net on financial assets/ | ฦूሪܲʮ̻࠽ΐሪʘږፄ | ||
liabilities at fair value through profit or | ༟ପŊࠋවʘʮ̻࠽ | ||
loss | ଋϗू | ||
- transactions not qualifying as | ÑʔୌΥЪމ࿁әݺਗٙ | ||
hedges | ʹ | (422) | (776) |
Fair value loss on a financial asset | ږፄ༟ପʘʮ̻࠽ᑦฦ | - | 2,473 |
interim report 中期報告 2020/21 |
6.
INCOME TAX EXPENSE
Hong Kong profits tax has been provided at the rate of 16.5% (2019: 16.5%) on the estimated assessable profits arising in Hong Kong during the period. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries/jurisdictions in which the Group operates.
6.
Current - Hong Kong
Charge for the period Current - Elsewhere
Charge for the period Deferred
уಂÑ࠰ಥ ಂʫ˕̈ уಂÑՉ˼ήਜ ಂʫ˕̈ ַ
הක˕ ࠰ಥлʊܲಂʫ࠰ಥᒃ՟ʘП ࠇᏐሙ๐л˸ଟ16.5%€ɚ ཧ ɓ ɘ ϋj16.5% ᅡ௪fίՉ˼ήਜה Ꮠሙ๐лʘධdɗ࣬ኽ͉ණྠุ ਕᐄהίŊ̡جᛆਜʘତБଟ ࠇၑf
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
(restated)
€ࠠΐ
1,328 1,780
828 446
517 809
Total tax charge for the period from continuing operations
ܵᚃᐄุਕʘಂʫධ˕̈ ᐼᕘ
2,673 3,035
7.
DISCONTINUED OPERATION
On 2 March 2020, the Group announced a plan to wind down the Group's retail operation in Taiwan (the "Taiwan segment") considering that it was not optimistic about the near term prospect of the Taiwan segment and the cessation of Taiwan segment operation could enable the Group to better utilise its resources in its other segments. As at 31 December 2020, all retail shops in Taiwan had ceased operation. The Taiwan segment was thus classified as discontinued operation and no longer included in the note for operating segment information. Further details of the above were set out in the Company's announcement dated 2 March 2020.
7.
ʊ˟ุਕ ɚཧɚཧϋɧ˜ɚ˚d͉ණྠʮбᗫ ௐ͉ණྠ̨ᝄٙཧਯุਕ€˜̨ᝄʱ ᗳ™ʘࠇྌdϽᅇՑ͉ණྠ࿁̨ᝄʱᗳ ̙Ԉਗ਼Ըʘۃ౻͊ชᆀᝈd˸ʿ˟ ᐄ̨ᝄʱᗳϞп͉ණྠՉ˼ʱᗳһ ഛ͜༟๕fɚཧɚཧϋɤɚ˜ɧɤɓ ˚dהϞ̨ᝄٙཧਯֳ⧕ʊ˟ุਕf ΪϤ̨ᝄʱᗳʊʱᗳމʊ˟ุਕdԨ ʔΎܼ̍ᐄʱᗳ༟ࣘڝൗʫfϞᗫ ɪࠑԫධʘආɓӉ༉ઋʊ༱͉ʮ̡˚ ಂމɚཧɚཧϋɧ˜ɚ˚ʘʮбf
The results of the discontinued operation for the period are presented as below:
ʊ˟ุਕಂʫʘุᐶяΐνɨj
7.
DISCONTINUED OPERATION (continued)
7.
ʊ˟ุਕ€ᚃ
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 | 2019 | ||
ɚཧɚཧϋ | ɚཧɓɘϋ | ||
(Unaudited) | (Unaudited) | ||
€͊ᄲࣨ | €͊ᄲࣨ | ||
HK$'000 | HK$'000 | ||
ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
Revenue | ϗू | - | 74,653 |
Cost of sales | ቖਯϓ͉ | - | (35,351) |
Gross profit | ˣл | - | 39,302 |
Other income | Չ˼ϗɝ | 17 | 312 |
Selling and distribution expenses | ቖਯʿʱቖක˕ | - | (34,953) |
Administrative expenses | Б݁ක˕ | (408) | (9,753) |
Other operating income, net | Չ˼ᐄϗɝdଋ࠽ | - | 2,546 |
Loss from operating activities from a | ʊ˟ุਕʘᐄ༶ุਕᑦฦ | ||
discontinued operation | (391) | (2,546) | |
Finance costs | ፄ༟ϓ͉ | - | (167) |
Loss before tax from a discontinued | ʊ˟ุਕʘৰۃᑦฦ | ||
operation | (391) | (2,713) | |
Income tax expense | הක˕ | - | - |
Loss for the period from a discontinued | ʊ˟ุਕʘಂʫᑦฦ | ||
operation | (391) | (2,713) |
7.
DISCONTINUED OPERATION (continued)
The net cash flows incurred by the discontinued operation are as follows:
7.
ʊ˟ุਕ€ᚃ ʊ˟ุਕהପ͛ʘତږݴඎଋᕘ༱ΐ νɨj
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Operating activities Investing activities Financing activities
ᐄ༶ุਕ ҳ༟ݺਗ ፄ༟ݺਗ
(12,200)
141 -
3,052 681
(1,688)Net cash inflow/(outflow)
ଋତږݴɝŊ€ݴ̈
(12,059)
2,045
Loss per share:
Basic, from a discontinued operation Diluted, from a discontinued operation
ӊٰᑦฦj ਿ͉dԸІʊ˟ุਕ ᛅᑛdԸІʊ˟ุਕ
(HK0.02 cent ಥ̀) (HK0.02 cent ಥ̀)
(HK0.17 cent ಥ̀) (HK0.17 cent ಥ̀)
8. DIVIDEND
No interim dividend was declared for the six months ended
31 December 2020 and 2019.
8. ٰࢹ
࿚Їɚཧɚཧϋʿɚཧɓɘϋɤɚ˜ ɧɤɓ˚˟ʬࡈ˜Ԩೌ܁ݼʕಂٰࢹf
9. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY
The calculation of basic loss per share is based on the loss attributable to ordinary equity holders of the Company for the six months ended 31 December 2020 from continuing operations of HK$86,738,000 (2019 (restated): HK$90,974,000) and the loss from a discontinued operation of HK$391,000 (2019: HK$2,713,000), and the weighted average number of ordinary shares of 1,643,262,742 (2019: 1,641,333,394) in issue during the period.
9. ͉ʮ̡౷ஷᛆूܵϞɛᏐЦӊٰᑦฦ
ӊٰਿ͉ᑦฦɗ࣬ኽ࿚Їɚཧɚཧϋ ɤɚ˜ɧɤɓ˚˟ʬࡈ˜ʫܵᚃᐄ ุਕʘ͉ʮ̡౷ஷᛆूܵϞɛᏐЦᑦฦ ಥ࿆ 86,738,000 ʩ€ɚཧɓɘϋ€ࠠ ΐjಥ࿆90,974,000ʩʿʊ˟ุਕ ʘᑦฦಥ࿆ 391,000 ʩ€ɚཧɓɘϋj ಥ࿆2,713,000ʩʿಂʫʊ೯Б౷ஷٰ ̋ᛆ̻ѩᅰ1,643,262,742ٰ€ɚཧɓɘ ϋj1,641,333,394ٰࠇ ၑf
No adjustment has been made to the basic loss per share amounts presented for the periods ended 31 December 2020 and 2019 in respect of a dilution as the impact of the share options had an anti-dilutive effect on the basic loss per share amounts presented.
͟ᒅٰᛆ࿁הяΐʘӊٰਿ͉ᑦฦՈ
ˀᛅᑛЪ͜dΪϤ࿚Їɚཧɚཧϋʿ
ɚཧɓɘϋɤɚ˜ɧɤɓ˚˟ಂගԨೌ
ఱᛅᑛ࿁הяΐʘӊٰਿ͉ᑦฦЪ̈ሜ
f
10.
PROPERTY, PLANT AND EQUIPMENT
Opening net carrying amount Additions
Disposals/write-off Impairment
Depreciation provided during the period/year Exchange realignment
Closing net carrying amount
ಂڋሪࠦଋ࠽ ໄ ̈ਯŊቖ ಯ࠽ ಂʫŊϋʫұᔚᅡ௪ г౬ሜ
ಂ͋ሪࠦଋ࠽
10. | يุeᅀגʿண௪ |
Six months ended | Year ended |
31 December 2020 | 30 June 2020 |
࿚Їɚཧɚཧϋ | ࿚Їɚཧɚཧϋ |
ɤɚ˜ɧɤɓ˚ | ʬ˜ɧɤ˚ |
˟ʬࡈ˜ | ˟ϋܓ |
(Unaudited) | (Audited) |
€͊ᄲࣨ | €ᄲࣨ |
HK$'000 | HK$'000 |
ಥ࿆ɷʩ | ಥ࿆ɷʩ |
25,520 | 45,854 |
3,463 | 21,277 |
(239) | (1,981) |
(5,054) | (12,969) |
(7,528) | (27,588) |
485 | 927 |
16,647 | 25,520 |
10.
PROPERTY, PLANT AND EQUIPMENT (continued)
For the six months ended 31 December 2020, the directors considered that certain items of property, plant and equipment of the Group were subject to impairment because of the challenging retail markets due to the spread of COVID-19 worldwide.
10. يุeᅀגʿண௪€ᚃ
࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ
˜ಂගdԫႩމ͉ණྠ΅يุeᅀ
גʿண௪ධͦ̈ତಯ࠽dɗ͟อۨڿ
ًषݭΌଢᇶַ˿ཧਯ̹ఙ̂တܿ
f
The directors estimated the recoverable amounts of the cash-generating unit as follows:
ԫПࠇତږପ͛ఊЗʘ̙ϗΫږᕘν
ɨj
"bossini" products cash-generating units
The respective recoverable amounts of HK$16,647,000 of the "bossini" products cash-generating units have been determined based on a value in use calculation which was approved by senior management using cash flow projections based on financial budgets covering the remaining useful lives of the respective items of property, plant and equipment. The discount rates used for the value in use calculation as at 31 December 2020 ranged from 13% to 14%.
˜bossini ™ପۜତږପ͛ఊЗ ˜bossini™ପۜତږପ͛ఊЗ̙ϗΫږ ᕘಥ࿆16,647,000ʩԴ͜ତږݴඎཫ ࠇၑᐏ৷ॴ၍ଣᄴҭࡘʘԴ͜ᄆ࠽ආ Бdତږݴඎཫਿႊيุeᅀ גʿண௪ධͦቱɨ̙Դ͜ϋಂʘৌਕཫ ၑࠇၑfɚཧɚཧϋɤɚ˜ɧɤɓ˚ ࠇၑԴ͜ᄆ࠽הમ͜ʘ൨ତଟʧ˷13% Ї14%f
Impairment provision of HK$5,054,000 (2019: Nil) was recognised in profit or loss for continuing operations during the six months ended 31 December 2020.
࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ ˜ಂගdฦूʊᆽႩܵᚃᐄุਕʘ ಯ࠽ᅡ௪މಥ࿆5,054,000ʩ€ɚཧɓɘ ϋjೌf
11. INVESTMENT PROPERTY
11. ҳ༟يุ
Six months ended 31 December 2020
࿚Їɚཧɚཧϋ
ɤɚ˜ɧɤɓ˚
˟ʬࡈ˜
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Year ended
30 June 2020
࿚Їɚཧɚཧϋ ʬ˜ɧɤ˚ ˟ϋܓ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Opening net carrying amount Depreciation provided during the period/year
ಂڋሪࠦଋ࠽ ಂʫŊϋʫұᔚᅡ௪
16,776 18,543
(884) (1,767)Closing net carrying amount
ಂ͋ሪࠦଋ࠽
15,892 16,776
Ꮠϗሪಛ
Other than cash and credit card sales, the Group normally
ৰତږʿڦ̔͜ቖਯ̮d͉ණྠίɓছ
grants credit periods of up to 60 days to its trade customers.
ઋرɨબʚՉ൱܄˒௰৷ 60 ˂ڦ൲
Each trade customer has a maximum credit limit, except
ಂfৰอ൱܄˒ɓছཫ˹ಛධ̮d
for new trade customers, where payment in advance is
൱܄˒ѩணϞ௰৷ڦ൲ࠢᕘf͉ණ
normally required. The Group seeks to maintain strict
ྠߧɢ࿁͊ϗΫʘᏐϗሪಛၪܵᘌᔫ
control over its outstanding receivables. Overdue balances
છՓfགྷಂ˞ಛ͟৷ॴ၍ଣᄴ֛ಂЪ̈
are reviewed regularly by senior management. In view of
ᄲቡfᛠ˸ɪהࠑ˸ʿ͉ණྠʘ൱
the aforementioned and the fact that the Group's trade
܄˒ၾމᅰεʘεᗳۨ܄˒Ϟᗫd݂
customers relate to a large number of diversified customers,
͉ණྠԨೌ৷ܓණʕʘڦ൲ࠬᎈf͉ණ
there is no significant concentration of credit risk. The Group
ྠԨ͊ఱՉᏐϗሪಛഐቱܵϞОתץ
does not hold any collateral or other credit enhancements
ۜאՉ˼ڦ͜ʺପۜfᏐϗሪಛѩе
over its trade debtor balances. Debtors are non-interest-
ࢹdԨϔৰᑦฦᅡ௪ΐሪf
bearing and stated at net of loss allowance.
interim report 中期報告 2020/21
12.
12. DEBTORS
12. DEBTORS (continued)
An ageing analysis of debtors as at the end of the reporting
period, based on the invoice date and net of loss allowance,
is as follows:
12. Ꮠϗሪಛ€ᚃ ˸ɨމܲ೯ୃ˚ಂϔৰᑦฦᅡ௪ܝࠇᏐ ϗሪಛజѓಂ͋ʘሪᙧʱؓj
At 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
At 30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Within 1 month
1 to 2 months
2 to 3 months Over 3 months
ɓࡈ˜ʫ ɓЇՇࡈ˜ ՇЇɧࡈ˜ ൴ཀɧࡈ˜
13. TRADE CREDITORS, OTHER PAYABLES AND ACCRUALS
Included in trade creditors, other payables and accruals is a trade creditors balance of HK$41,802,000 (30 June 2020: HK$16,682,000).
37,192 39,607
2,227 3,714
405 565
636 4,555
40,460 48,441
13. Ꮠ˹ሪಛeՉ˼Ꮠ˹ಛධʿᏐࠇሪධ ίᏐ˹ሪಛeՉ˼Ꮠ˹ಛධʿᏐࠇ ሪධʫdʊܼ̍Ꮠ˹ሪಛഐቱಥ࿆ 41,802,000 ʩ€ɚཧɚཧϋʬ˜ɧɤ ˚jಥ࿆16,682,000ʩf
13.
TRADE CREDITORS, OTHER PAYABLES AND ACCRUALS (continued)
An ageing analysis of trade creditors as at the end of reporting period, based on the invoice date, is as follows:
13. Ꮠ˹ሪಛeՉ˼Ꮠ˹ಛධʿᏐࠇሪධ €ᚃ
˸ɨމܲ೯ୃ˚ಂࠇᏐ˹ሪಛజѓಂ
͋ʘሪᙧʱؓj
At 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
At 30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Within 1 month
1 to 2 months
2 to 3 months Over 3 months
ɓࡈ˜ʫ ɓЇՇࡈ˜ ՇЇɧࡈ˜ ൴ཀɧࡈ˜
The trade creditors are non-interest bearing and are normally settled on terms of 30 to 60 days.
25,043 3,319
15,624 10,715
811 1,314
324 1,334
41,082 16,682
Ꮠ˹ሪಛމеࢹʿɓছ30˂Ї60˂ʫ ˕˹f
14.
INTEREST-BEARING BANK BORROWINGS
14. ࠇࢹვБ൲ಛ
At 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
At 30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Bank loans repayable within one year or on demand
ɓϋʫאܲࠅӋᎵᒔʘ ვБ൲ಛ
-
59,721
At 30 June 2020, the bank loans were secured by the | ɚཧɚཧϋʬ˜ɧɤ˚dვБ൲ಛ͟ |
Company's corporate guarantee, denominated in Hong Kong | ͉ʮ̡ʘʮ̡ዄڭЪމתץd˸ಥʩࠇ |
Dollar and bore interest at 1.5%-5.0% per annum. | ࠽ʿܲϋлଟ1.5᩶Ї5.0᩶ࠇࢹf |
interim report 中期報告 2020/21 |
15.
ISSUED CAPITAL Shares
Authorised: 2,000,000,000 ordinary shares of
HK$0.10 each
Issued and fully paid: 1,643,833,394 (30 June 2020: 1,641,333,394) ordinary shares of HK$0.10 each
جٰ֛͉j
2,000,000,000ٰӊٰࠦ࠽ ಥ࿆0.10ʩʘ౷ஷٰ
15. ʊ೯Бٰ͉ ٰ΅
ʊ೯Бʿᖮԑٰ͉j 1,643,833,394ٰ €ɚཧɚཧϋʬ˜ɧɤ˚j 1,641,333,394ٰ ӊٰࠦ࠽ಥ࿆0.10ʩʘ ౷ஷٰ
At | At |
31 December | 30 June |
2020 | 2020 |
ɚཧɚཧϋ | ɚཧɚཧϋ |
ɤɚ˜ɧɤɓ˚ | ʬ˜ɧɤ˚ |
(Unaudited) | (Audited) |
€͊ᄲࣨ | €ᄲࣨ |
HK$'000 | HK$'000 |
ಥ࿆ɷʩ | ಥ࿆ɷʩ |
200,000 | 200,000 |
164,383 | 164,134 |
15.
ISSUED CAPITAL (continued)
During the period, the movement in issued capital was as follows:
15. ʊ೯Бٰ͉€ᚃ ಂʫʘʊ೯Бٰ͉ᜊਗ༱ΐνɨj
Number of shares in issue ʊ೯Бٰ΅ᅰͦ
Issued capital ʊ೯Бٰ͉
HK$'000 ಥ࿆ɷʩ
At 1 July 2019, 30 June 2020 and 1 July 2020
ɚཧɓɘϋɖ˜ɓ˚e ɚཧɚཧϋʬ˜ɧɤ˚ ʿɚཧɚཧϋɖ˜ɓ˚
Exercise of share options (note a) БԴᒅٰᛆ€ڝൗ a
1,641,333,394 2,500,000
164,134 249
At 31 December 2020
ɚཧɚཧϋɤɚ˜ɧɤɓ˚
1,643,833,394
164,383
Sharepremium account ٰ΅๐ᄆሪ
HK$'000 ಥ࿆ɷʩ
29,020 603
29,623
Total ᐼࠇ
HK$'000 ಥ࿆ɷʩ
193,154 852
194,006
Note:
ڝൗj
(a)The subscription rights attaching to 2,500,000 share options were exercised at the subscription price of HK$0.275 per share, resulting in the issue of 2,500,000 shares of HK$0.10 each for a total cash consideration, before expenses, of HK$688,000, and the related share option reserve of HK$164,000 was transferred to the share premium account upon the exercise of these share options.
(a)
2,500,000 ΅ᒅٰᛆᎇڝʘႩᒅᛆܲ Ⴉᒅᄆӊٰಥ࿆0.275ʩᐏБԴdߧԴ ೯Б2,500,000ٰӊٰࠦ࠽ಥ࿆0.10ʩ ʘٰ΅dᐼତږ˾ᄆމಥ࿆ 688,000 ʩ€͊ࠇක˕d༈ഃᒅٰᛆᐏБԴ ࣛdᗫᒅٰᛆᎷ௪ಥ࿆164,000ʩʊ ᔷᅡЇٰ΅๐ᄆሪʫf
16.
SHARE OPTION SCHEME
Share options are granted to certain directors and employees. The exercise price of the share options is determinable by the board of directors, but may not be less than the highest of (i) the Stock Exchange closing price of the Company's shares on the date of the grant of the share options; (ii) the average Stock Exchange closing price of the Company's shares for the 5 trading days immediately preceding the date of the grant; and (iii) the nominal value of the Company's shares.
16. ᒅٰᛆࠇྌ
ᒅٰᛆɗબʚ߰ʍԫʿ྇ࡰfᒅٰᛆ ʘБԴᄆ͟ԫึᔾࠈdઓʔЭ˸ ɨ ʘ ௰ ৷ ٫j(i)ᒅٰᛆબ̈˚ಂ͉ʮ ٰ̡΅ᑌʹהʘϗ̹ᄆi(ii)ၡટબ̈ ˚ಂۃ5ࡈʹ˚͉ʮٰ̡΅ᑌʹה ʘ̻ѩϗ̹ᄆiʿ(iii)͉ʮٰ̡΅ࠦ࠽f
The exercise period of the share options granted is determinable by the board of directors, and commences after a certain vesting period and ends on a date which is not later than 10 years from the date of the grant of the share options. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
ʊબ̈ᒅٰᛆʘБԴಂ͟ԫึᔾࠈd
ԨІ߰ʍᓥ᙮ಂගܝකʿᒅٰᛆબ
̈˚ಂৎࠇ10ϋʫ֣တf͉ණྠԨೌج
ܛאપ֛ப˸ତږᒅΫאഐၑᒅٰ
ᛆf
The expense recognised in the condensed consolidated statement of profit or loss and other comprehensive income for employee services received during the period is HK$241,000 (2019: HK$344,000).
ᔊၝΥฦूʿՉ˼Όࠦϗूڌʫ ఱ྇ࡰಂʫהԶਕהᆽႩʘක ˕މಥ࿆ 241,000 ʩ€ɚཧɓɘϋjಥ ࿆344,000ʩf
Following the close of the option offer, an aggregate of 8,826,000 share options, which had not been exercised or cancelled pursuant to the acceptance of the option offer, lapsed automatically on 14 August 2020. Further details of the above were set out in the Company's announcement dated 14 August 2020.
ᒅٰᛆࠅߒ࿚˟ܝd֠͊࣬ኽટॶᒅ ٰᛆࠅߒБԴאൗቖʘΥ8,826,000 ΅ᒅٰᛆʊɚཧɚཧϋɞ˜ɤ̬˚І ਗ̰ࣖfϞᗫɪࠑԫධʘආɓӉ༉ઋʊ ༱͉ʮ̡˚ಂމɚཧɚཧϋɞ˜ɤ̬ ˚ʘʮбf
At 31 December 2020, the Company had no outstanding share options under the Scheme.
ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ʮ̡ ฿ೌ༈ࠇྌɨ֠͊БԴʘᒅٰᛆf
17.
RELATED PARTY TRANSACTIONS
(a)Material transactions with related parties
In addition to the transactions and balances detailed elsewhere in the condensed consolidated interim financial statements, the Group had the following material transactions with related parties during the period:
17. ᗫஹɛɻʹ
(a)
ၾᗫஹɛɻʘࠠɽʹ ৰᔊၝΥʕಂৌਕజڌה༉ࠑ ʘʹʿഐቱ̮d͉ණྠಂʫ ၾᗫஹɛɻආБʘࠠɽʹνɨj
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 ɚཧɚཧϋ
(Unaudited)
€͊ᄲࣨ
Note ڝൗ
2019 ɚཧɓɘϋ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
Purchases of garments
Interest on loan from immediate holding company
મᒅϓВ ٜટછٰʮ̡൲ಛʘ лࢹ
(i)
934 976
1,947
-
Note:
ڝൗj
(i) | During the period, garments totalling HK$934,000 | ಂʫd͉ʮ̡Σ߰ʍᖯˤყ |
(2019: HK$1,947,000) were purchased from certain | ණྠϞࠢʮ̡€˜ᖯˤყ™ | |
wholly-owned subsidiaries of Laws International Group | Ό༟ڝ᙮ʮ̡મᒅΥಥ࿆ | |
Limited ("Laws International"). The purchases were | 934,000 ʩ€ɚཧɓɘϋjಥ࿆ | |
determined by reference to the prevailing market prices. | 1,947,000 ʩʘϓВfમᒅɗ | |
Laws International is wholly owned by the trustee of | ਞࣛʘ̹ᄆᔾࠈfᖯˤ | |
a discretionary trust set up by a relative of Mr. LAW | ყɗ͟ᖯ໋͛€˜ᖯ͛™ | |
Ka Sing ("Mr. Law") and Mr. LAW Ching Kit Bosco | ʿᖯ͍؏͛€˜ᖯ͍؏͛™ | |
("Mr. Bosco Law"), the latter of whom is an eligible | ʘፋ᙮הணͭʘΌᛆڦৄʘա | |
discretionary object. Ms. TSIN Man Kuen Bess, the | ৄɛΌ༟ኹϞdܝ٫މΥ༟ࣸ | |
spouse of Mr. Law, was an executive director and the | աूɛf፺ਟࢇɾɻމᖯ͛ | |
chairman of the Company and Mr. Bosco Law is a non- | ʘৣਅdಀމ͉ʮ̡ʘੂБ | |
executive director of the Company. | ԫࡒ˴ࢩdϾᖯ͍؏͛މ͉ | |
ʮ̡ʘڢੂБԫf | ||
interim report 中期報告 2020/21 |
(i)
17.
RELATED PARTY TRANSACTIONS (continued)
(b)Outstanding balances with related parties
17. ᗫஹɛɻʹ€ᚃ
(b)
ၾᗫஹɛɻʘ͊Ꮅᒔಛධഐቱ
31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
(Unaudited)
€͊ᄲࣨ
Notes ڝൗ
Loan from immediate holding company
Due to immediate holding company
Due to related companies
ٜટછٰʮ̡൲ಛ
Ꮠ˹ٜટછٰʮ̡ ಛධ Ꮠ˹ᗫஹʮ̡ಛධ
(i)
(ii) (iii)
At
At
30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
HK$'000 ಥ࿆ɷʩ
100,000
-
199 -
- 71
Notes:
ڝൗj
(i) | Loan from immediate holding company is unsecured, | (i) | ٜટછٰʮ̡൲ಛމೌתץe |
interest-bearing and repayable on demand. | ࠇࢹʿܲࠅӋࣛᎵᒔf | ||
(ii) | Amount due to immediate holding company is | (ii) | Ꮠ˹ٜટછٰʮ̡ಛධމೌת |
unsecured, interest-free and repayable on demand. | ץeеࢹʿܲࠅӋࣛᎵᒔf | ||
(iii) | Amounts due to related companies were unsecured, | (iii) | Ꮠ˹ᗫஹʮ̡ಛධމೌתץe |
interest-free and repayable within 45 days from the | еࢹʿ೯ୃ˚ಂৎࠇ45˂ | ||
invoice date. | ʫᎵᒔf |
17.
RELATED PARTY TRANSACTIONS (continued)
(c)Compensation of key management personnel
17. ᗫஹɛɻʹ€ᚃ
(c)
˴ࠅ၍ଣɛࡰʘᎵ
Six months ended 31 December
࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜
2020 | 2019 | ||
ɚཧɚཧϋ | ɚཧɓɘϋ | ||
(Unaudited) | (Unaudited) | ||
€͊ᄲࣨ | €͊ᄲࣨ | ||
HK$'000 | HK$'000 | ||
ಥ࿆ɷʩ | ಥ࿆ɷʩ | ||
Fees | சږ | 219 | - |
Short term employee benefits | ಂ྇ࡰ၅л | 6,952 | 9,655 |
Equity-settled share option expense | ᛆूഐၑᒅٰᛆක˕ | 135 | 203 |
Pension scheme contributions | ৗ;ږࠇྌԶಛ | 77 | 105 |
Total compensation paid to | ˕˹ʚ˴ࠅ၍ଣɛࡰʘ | ||
key management personnel | Ꮅᐼᕘ | 7,383 | 9,963 |
18. CAPITAL COMMITMENTS
18. ༟͉וዄ
At 31 December 2020 ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
At 30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Contracted, but not provided for:
Leasehold improvements
Furniture, fixtures and office equipment
ʊࠈߒШ͊ᅡ௪j ॡ༣يุༀࡌ ௧ᩬeༀໄʿ፬ʮ܃ண௪
290 442
404 311
694 753
א್ࠋව
During the period under review, the Group had no material
ίΫᚥಂʫd͉ණྠʘא್ࠋවІɚཧ
changes in contingent liabilities since 30 June 2020.
ɚཧϋʬ˜ɧɤ˚˸ԸԨೌࠠɽᜊਗf
interim report 中期報告 2020/21
19.
19. CONTINGENT LIABILITIES
20.
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
The financial assets/liabilities at fair value through profit or loss were carried at fair values at 31 December 2020. Management has assessed that the fair values of the cash and cash equivalents, pledged bank deposit, debtors, financial assets included in prepayments, deposits and other receivables, financial liabilities included in trade creditors, other payables and accruals, bills payable, lease liabilities, loan from immediate holding company and amount due to immediate holding company approximate to their carrying amounts largely due to the short term maturities of these instruments.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:
20. ږፄʈՈʘʮ̻࠽ʿʮ̻࠽ݖ
ɚཧɚཧϋɤɚ˜ɧɤɓ˚ʘฦू ሪܲʮ̻࠽ΐሪʘږፄ༟ପŊࠋවɗ ܲʮ̻࠽ΐሪf၍ଣᄴʊ൙Пତږʿତ ږഃ࠽ධͦeϞתץვБπಛeᏐϗሪ ಛeʊࠇɝཫ˹ಛධeܲږʿՉ˼Ꮠϗ ሪධʘږፄ༟ପeʊࠇɝᏐ˹ሪಛeՉ ˼Ꮠ˹ಛධʿᏐࠇሪධʘږፄࠋවeᏐ ˹ୃኽeॡ༣ࠋවeٜટછٰʮ̡൲ಛ ʿᏐ˹ٜટછٰʮ̡ಛධʘʮ̻࠽ၾ־ ഃʘሪࠦ࠽މ߰d˴ࠅ͟༈ഃʈՈ ɗಂʫՑಂf ږፄ༟ପʿࠋවʘʮ̻࠽ܲۃʹʕ ᕐ˙ІᗴආБϞᗫʈՈʘʹ౬ʘږᕘɝ ሪd੶Փאᆵ̈ਯৰ̮f͜ԸПࠇʮ ̻࠽ʘ˙جʿணνɨj
The fair values of non-current deposits, the non-current portion of other payables and the non-current portion of lease liabilities have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group's own non-performance risk for other payables as at 31 December 2020 was assessed to be insignificant.
ڢуಂܲږeՉ˼Ꮠ˹ಛධڢуಂ΅ ʿॡ༣ࠋවڢуಂ΅ʘʮ̻࠽ܲՈ ϞᗳЧૢಛeڦ൲ࠬᎈʿ௵ቱϋಂʘʈ ՈʘତБлଟұତཫಂ͊Ըତږݴඎ ࠇၑf͉ණྠఱɚཧɚཧϋɤɚ˜ ɧɤɓ˚ٙՉ˼Ꮠ˹ಛධʘʔᄵߒࠬᎈ ൙֛މʔࠠɽf
20.
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)
The Group enters into the financial assets/liabilities at fair value through profit or loss (i.e., forward currency contracts) with creditworthy financial institutions with credit ratings from A-1 to A-1+. Financial assets/liabilities at fair value through profit or loss, including forward currency contracts, are measured using valuation techniques similar to forward pricing, using present value calculations. The models incorporate various market observable inputs including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The carrying amounts of forward currency contracts are the same as their fair values.
20. ږፄʈՈʘʮ̻࠽ʿʮ̻࠽ݖ€ᚃ
͉ණྠၾڦ൲൙ॴމA-1ЇA-1+ʘڦᚑ Ԅλږፄዚࠈͭฦूሪܲʮ̻࠽ ΐሪʘږፄ༟ପ Ŋ ࠋව€уჃಂ࿆Υ ߒfฦूሪܲʮ̻࠽ΐሪʘږፄ༟ ପŊࠋවdܼ̍Ⴣಂ࿆Υߒdѩમ͜ ၾჃಂ֛ᄆЧٙП࠽Ҧஔdમ͜ତ࠽ ࠇၑجࠇඎf༈ഃᅼۨ̍ўεධ̹ఙ̙ ᝈ࿀ٙ፩ɝᅰኽdܼ̍ʹ࿁˙ٙڦ൲ ሯ९e̮ිٙуಂʿჃಂлଟʿлଟϜ ᇞfჃಂ࿆Υߒʘሪࠦ࠽ၾ־ഃʘʮ ̻࠽Νf
20.
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy
The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments:
20. ږፄʈՈʘʮ̻࠽ʿʮ̻࠽ݖ€ᚃ
ʮ̻࠽ݖ ɨڌႭ͉ණྠʘږፄʈՈʘʮ̻࠽ࠇ ඎݖj
Assets measured at fair value:
At 31 December 2020 ɚཧɚཧϋɤɚ˜ɧɤɓ˚
ܲʮ̻࠽ࠇඎʘ༟ପj
Fair value measurement using મ͜ʘʮ̻࠽ࠇඎ
Quoted prices in active markets
ݺᚔ̹ఙజᄆ
(Level 1)
€ୋɓᄴ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Significant observable inputs ࠠɽ̙ᝈ࿀ ፩ɝᅰኽ
(Level 2)
€ୋɚᄴ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Significant unobservable inputs ࠠɽʔ̙ᝈ࿀ ፩ɝᅰኽ
(Level 3)
€ୋɧᄴ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Total ᐼࠇ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Financial assets at fair value through profit or loss
ฦूሪܲʮ̻࠽ΐሪʘ ږፄ༟ପ
-
1,464
-
1,464
20.
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy (continued)
The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments: (continued)
20. ږፄʈՈʘʮ̻࠽ʿʮ̻࠽ݖ€ᚃ
ʮ̻࠽ݖ€ᚃ ɨڌႭ͉ණྠʘږፄʈՈʘʮ̻࠽ࠇ ඎ ݖ j€ᚃ
Assets measured at fair value: (continued)
At 30 June 2020 ɚཧɚཧϋʬ˜ɧɤ˚
ܲʮ̻࠽ࠇඎʘ༟ପj€ᚃ
Fair value measurement using મ͜ʘʮ̻࠽ࠇඎ
Quoted prices in active markets
ݺᚔ̹ఙజᄆ
(Level 1)
€ୋɓᄴ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Significant observable inputs ࠠɽ̙ᝈ࿀ ፩ɝᅰኽ
(Level 2)
€ୋɚᄴ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Significant unobservable inputs ࠠɽʔ̙ᝈ࿀ ፩ɝᅰኽ
(Level 3)
€ୋɧᄴ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Total ᐼࠇ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Financial assets at fair value through profit or loss
ฦूሪܲʮ̻࠽ΐሪʘ ږፄ༟ପ
-
593
-
593
20.
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy (continued)
The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments: (continued)
20. ږፄʈՈʘʮ̻࠽ʿʮ̻࠽ݖ€ᚃ
ʮ̻࠽ݖ€ᚃ ɨڌႭ͉ණྠʘږፄʈՈʘʮ̻࠽ࠇ ඎ ݖ j€ᚃ
Liabilities measured at fair value:
At 31 December 2020 ɚཧɚཧϋɤɚ˜ɧɤɓ˚
ܲʮ̻࠽ࠇඎʘࠋවj
Fair value measurement using મ͜ʘʮ̻࠽ࠇඎ
Quoted prices in active markets
ݺᚔ̹ఙజᄆ
(Level 1)
€ୋɓᄴ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Significant observable inputs ࠠɽ̙ᝈ࿀ ፩ɝᅰኽ
(Level 2)
€ୋɚᄴ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Significant unobservable inputs ࠠɽʔ̙ᝈ࿀ ፩ɝᅰኽ
(Level 3)
€ୋɧᄴ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Total ᐼࠇ
(Unaudited)
€͊ᄲࣨ
HK$'000 ಥ࿆ɷʩ
Financial liabilities at fair value through profit or loss
ฦूሪܲʮ̻࠽ΐሪʘ ږፄࠋව
-
456
-
456
20.
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy (continued)
The following tables illustrate the fair value measurement hierarchy of the Group's financial instruments: (continued)
20. ږፄʈՈʘʮ̻࠽ʿʮ̻࠽ݖ€ᚃ
ʮ̻࠽ݖ€ᚃ ɨڌႭ͉ණྠʘږፄʈՈʘʮ̻࠽ࠇ ඎ ݖ j€ᚃ
Liabilities measured at fair value: (continued)
At 30 June 2020 ɚཧɚཧϋʬ˜ɧɤ˚
Financial liabilities at fair value ฦूሪܲʮ̻࠽ΐሪʘ
through profit or lossQuoted prices in active markets
ݺᚔ̹ఙజᄆ
(Level 1)
€ୋɓᄴ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
ܲʮ̻࠽ࠇඎʘࠋවj€ᚃ
Fair value measurement using મ͜ʘʮ̻࠽ࠇඎ
Significant observable inputs ࠠɽ̙ᝈ࿀ ፩ɝᅰኽ
(Level 2)
€ୋɚᄴ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
ږፄࠋව
Significant unobservable inputs ࠠɽʔ̙ᝈ࿀ ፩ɝᅰኽ
(Level 3)
€ୋɧᄴ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
-
Total ᐼࠇ
(Audited)
€ᄲࣨ
HK$'000 ಥ࿆ɷʩ
7
-
7
During the period/year, there were no transfers of fair value | ಂŊϋʫdږፄ༟ପʿږፄࠋවʘୋ |
measurements between Level 1 and Level 2 and no transfers | ɓᄴၾୋɚᄴʘගԨೌʮ̻࠽ࠇඎʘᔷ |
into or out of Level 3 for both financial assets and financial | ᅡd͵ೌᔷɝאᔷ̈ୋɧᄴʘઋر€ɚ |
liabilities (30 June 2020: Nil). | ཧɚཧϋʬ˜ɧɤ˚jೌf |
interim report 中期報告 2020/21 |
21. COMPARATIVE AMOUNTS
The comparative condensed consolidated statement of
profit or loss and other comprehensive income has been re-
presented as if the Taiwan segment discontinued and other
segment resources reallocation during the current period had
been discontinued and reallocated at the beginning of the
comparative period (note 7).
22. EVENTS AFTER REPORTING PERIOD
21. ˢ༰ᅰο
ˢ༰ᔊၝΥฦूʿՉ˼Όࠦϗूڌ
ʊࠠอяΐdν͉ಂʫʊ˟ุਕ
ʘ̨ᝄʱᗳʿՉ˼ʱᗳ༟๕ࠠอʱৣʊ
ˢ༰ಂගකࣛʊ˟ʿࠠอʱৣ
€ڝൗ7f
22.
జѓಂܝԫධ
(a) | Grant of share options | બʚᒅٰᛆ |
On 5 January 2021, an aggregate of 90,000,000 | ɚཧɚɓϋɓ˜ʞ˚d͉ʮ̡ | |
share options was granted to the directors and certain | ԫʿ߰ʍ྇ࡰఱ־ഃ͊Ը | |
employees of the Company in respect of their services | ϋܓމ͉ණྠਕϾᐏબΥ | |
to the Group in the forthcoming years. The share | 90,000,000 ΅ᒅٰᛆfᒅٰᛆʘ | |
options have an exercise price of HK$0.460 per share. | БԴᄆމӊٰಥ࿆0.460ʩfӊɧ | |
Each of the one-third of the share options is exercisable | ʱʘɓٙᒅٰᛆБԴಂމ͟ɚཧ | |
from 1 January 2022 to 31 December 2026, from | ɚɚϋɓ˜ɓ˚ৎЇɚཧɚʬϋ | |
1 January 2023 to 31 December 2026 and from 1 | ɤɚ˜ɧɤɓ˚e͟ɚཧɚɧϋ | |
January 2024 to 31 December 2026. The price of the | ɓ˜ɓ˚ৎЇɚཧɚʬϋɤɚ˜ | |
Company's shares at the date of grant was HK$0.460 | ɧɤɓ˚ʿ͟ɚཧɚ̬ϋɓ˜ɓ | |
per share, which was the Stock Exchange closing price | ˚ৎЇɚཧɚʬϋɤɚ˜ɧɤɓ | |
on the trading day immediately prior to the date of | ˚f͉ʮٰ̡΅બ̈˚ಂʘᄆ | |
grant of the options. | ࣸމӊٰಥ࿆0.460ʩdуၡટᒅ | |
ٰᛆબ̈˚ಂۃʹ˚ίᑌʹה | ||
ʘϗ̹ᄆf | ||
Details of the above were set out in the Company's | Ϟᗫɪࠑԫධʘ༉ઋʊ༱͉ʮ | |
announcement dated 5 January 2021. | ̡˚ಂމɚཧɚɓϋɓ˜ʞ˚ʘ | |
ʮбf |
(a)
22. EVENTS AFTER REPORTING PERIOD (continued)
(b) Proposed rights issue
On 5 February 2021, the Company proposed to raise
gross proceeds of approximately HK$296 million before
expense by way of a rights issue of 821,916,697 rights
shares at a price of HK$0.360 per rights share on the
basis of one (1) rights share for every two (2) existing
shares held by the qualifying shareholders on the
record date.
Details of the above were set out in the Company's announcement dated 5 February 2021.
(c) Change of financial year end date
On 25 February 2021, the Company has resolved to
change the financial year end date of the Company
from 30 June to 31 December. Accordingly, the
forthcoming financial year end date of the Company
will be 31 December 2021 and the next audited
consolidated financial statements of the Company will
be for the period of 18 months from 1 July 2020 to 31
December 2021.
Details of the above were set out in the Company's announcement dated 25 February 2021.
23. APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
The condensed consolidated interim financial statements
were approved and authorised for issue by the board of
directors on 25 February 2021.
22. జѓಂܝԫධ€ᚃ
(b) ܔᙄԶٰ ɚཧɚɓϋɚ˜ʞ˚d͉ʮ̡ ܔᙄܲা˚ಂΥ༟ٰࣸ؇ӊ ܵϞՇ(2)ٰତϞٰ΅ᐏ೯ɓ(1)ٰ Զٰٰ΅ʘਿd˸Զٰ˙όܲ ӊٰԶٰٰ΅ಥ࿆0.360ʩʘᄆࣸ ೯Б821,916,697ٰԶٰٰ΅d˸ ᘪණߒಥ࿆2.96ᄂʩʘהಛධ ᐼᕘ€ϔৰක˕ۃf
Ϟᗫɪࠑԫධʘ༉ઋʊ༱͉ʮ
̡˚ಂމɚཧɚɓϋɚ˜ʞ˚ʘ
ʮбf
(c) һҷৌ݁ϋܓϋഐ˚ ɚཧɚɓϋɚ˜ɚɤʞ˚d͉ ʮ̡ʊᙄӔਗ਼Չৌ݁ϋܓϋഐ ˚͟ʬ˜ɧɤ˚һҷމɤɚ˜ ɧɤɓ˚fΪϤd͉ʮ̡ɨɓࡈ ৌ݁ϋܓϋഐ˚ਗ਼މɚཧɚɓϋ ɤɚ˜ɧɤɓ˚dϾ͉ʮ̡ɨɓ ΅ᄲࣨၝΥৌਕజڌਗ਼ႊІ ɚཧɚཧϋɖ˜ɓ˚ৎЇɚཧ ɚɓϋɤɚ˜ɧɤɓ˚˟ɤɞࡈ ˜ಂගf
Ϟᗫɪࠑԫධʘ༉ઋʊ༱͉ʮ
̡˚ಂމɚཧɚɓϋɚ˜ɚɤʞ
˚ʘʮбf
23.
ʕಂৌਕజڌʘҭࡘ ԫึʊɚཧɚɓϋɚ˜ɚɤʞ˚ҭ ࡘʿબᛆ೯б͉ᔊၝΥʕಂৌਕజ ڌf
(Incorporated in Bermuda with limited liability)
€ϵᅉ༺ൗ̅ϓͭʘϞࠢʮ̡
(Stock code ٰ΅˾: 592)
www.bossini.com
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Bossini International Holdings Limited published this content on 10 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2021 08:38:00 UTC.