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(Incorporated in Bermuda with limited liability)
(Stock code: 111)
SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO ANNUAL REPORT FOR THE YEAR ENDED
31 DECEMBER 2019
Reference is made to the annual report of Cinda International Holdings Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31 December 2019 (the "2019 Annual Report"). Capitalised terms used herein shall have the same meanings as defined in the 2019 Annual Report unless the context requires otherwise. In addition to the information provided in the 2019 Annual Report, the Board would like to provide further information and breakdown in relation to the other operating expenses and investment in an associate which is defined as significant investment of the Group for the year ended 31 December 2019:
OTHER OPERATING EXPENSES | 2019 | 2018 |
HK$'000 | HK$'000 | |
Advertising and promotion fee | 1,544 | 4,044 |
Advisory fee expenses | 71,416 | 36,802 |
Auditor's remuneration | 2,155 | 1,973 |
Bank charges | 831 | 1,331 |
Depreciation of property and equipment | 4,085 | 4,939 |
Depreciation of right-of-use assets | 22,752 | - |
Employee relation expenses | 1,233 | 861 |
Entertainment fee | 1,776 | 1,745 |
Equipment rental expenses | 7,842 | 7,184 |
Impairment loss reversal on: | ||
- debt instruments at fair value through other | ||
comprehensive income | (5,063) | (3,640) |
- loans receivable | (234) | (468) |
- trade and other receivables | (209) | (498) |
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OTHER OPERATING EXPENSES (continued) | 2019 | 2018 | |
HK$'000 | HK$'000 | ||
Insurance fee | 1,996 | 1,577 | |
Legal and professional fee | 7,886 | 1,966 | |
Printing and stationery fee | 838 | 1,015 | |
Repair and maintenance fee | 2,253 | 2,443 | |
Staff recruitment fee | 1,368 | 1,059 | |
Telecommunication fee | 2,491 | 2,494 | |
Travelling expenses | 2,314 | 2,398 | |
Others | 4,266 | 4,563 | |
131,540 | 71,788 | ||
SIGNIFICANT INVESTMENT | |||
As at 31 December 2019, the Group held 18,000,000 ordinary shares (2018: 18,000,000
ordinary shares), representing 27.6% (2018: 27.6%) equity interests in Sino-Rock Investment Management Company Limited ("Sino-Rock"), a private company incorporated in Hong Kong and is considered as an associate of the Group, principally engaged in investment holding and provision of capital management and consultancy services. The Company would like to supplement Sino-Rock as a significant investment of Group for the year ended 31 December 2019. The Group's share of net assets in Sino-Rock was HK$243,053,000 at 31 December 2019 (2018: HK$234,367,000), which accounted for approximately 12.14% (2018: 13.49%) of the total assets of the Group. The aggregate cost of investment in Sino-Rock was HK$107,014,000. The Group treats Sino-Rock as a long term investment and a business partner in its asset management business.
The above additional information does not affect other information contained in the 2019 Annual Report and save as disclosed above, all other information in the 2019 Annual Report remains unchanged.
By order of the Board
Cinda International Holdings Limited
Lau Mun Chung
Executive Director
Hong Kong, 14 August 2020
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As at the date hereof, the Board comprises:
Executive Directors: | Mr. Yu Fan | (Chairman) |
Mr. Gong Zhijian | (Deputy Chairman and Chief | |
Executive Officer) | ||
Mr. Lau Mun Chung (Deputy Chief Executive | ||
Officer) | ||
Non-executive Directors: | Mr. Chow Kwok Wai | |
Mr. Zhang Yi | ||
Independent non-executive | Mr. Hung Muk Ming | |
Directors: | Mr. Xia Zhidong | |
Mr. Liu Xiaofeng |
Website: http://www.cinda.com.hk
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Cinda International Holdings Limited published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2020 09:07:06 UTC